Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | Crestwood Midstream Partners LP | |
Trading Symbol | CMLP | |
Entity Central Index Key | 1,304,464 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Limited Partner Units | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 188,309,552 | |
Preferred Units, Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 18,756,098 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 0.2 | $ 4.6 |
Accounts receivable | 227.4 | 241.8 |
Inventory | 12.8 | 8 |
Prepaid expenses and other current assets | 17.5 | 18.7 |
Total current assets | 257.9 | 273.1 |
Property, plant and equipment (Note 4) | 3,918.2 | 3,883.5 |
Less: accumulated depreciation and depletion | 431.1 | 365.4 |
Property, plant and equipment, net | 3,487.1 | 3,518.1 |
Intangible assets: | ||
Intangible assets (Note 4) | 1,012.4 | 1,013.2 |
Less: accumulated amortization | 174.1 | 137 |
Intangible assets, net | 838.3 | 876.2 |
Goodwill | 1,592.4 | 1,632.6 |
Investment in unconsolidated affiliates (Note 5) | 324.2 | 295.1 |
Other assets | 1.3 | 1.4 |
Total assets | 6,501.2 | 6,596.5 |
Current liabilities: | ||
Accounts payable | 109.8 | 132.4 |
Accrued expenses and other liabilities (Note 4) | 82.9 | 122 |
Current portion of long-term debt (Note 6) | 6 | 0.7 |
Total current liabilities | 198.7 | 255.1 |
Long-term debt, less current portion (Note 6) | 2,159.5 | 2,012.8 |
Other long-term liabilities | $ 30.9 | $ 31.2 |
Commitments and contingencies (Note 10) | ||
Partners’ capital (Note 8): | ||
Class A preferred units (18,756,098 and 17,917,870 units issued and outstanding at June 30, 2015 and December 31, 2014) | $ 464.4 | $ 447.7 |
Partners’ capital (188,301,322 and 187,965,105 limited partner units issued and outstanding at June 30, 2015 and December 31, 2014) | 3,468.5 | 3,678 |
Total Crestwood Midstream Partners LP partners’ capital | 3,932.9 | 4,125.7 |
Interest of non-controlling partners in subsidiary | 179.2 | 171.7 |
Total partners’ capital | 4,112.1 | 4,297.4 |
Total liabilities and partners’ capital | $ 6,501.2 | $ 6,596.5 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred units, issued | 18,756,098 | 17,917,870 |
Preferred units, outstanding | 18,756,098 | 17,917,870 |
Common units, issued | 188,301,322 | 187,965,105 |
Common units, outstanding | 188,301,322 | 187,965,105 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Gathering and processing | $ 73.3 | $ 82.7 | $ 150.6 | $ 161.3 |
Storage and transportation | 44 | 45.4 | 89.7 | 89.7 |
NGL and crude services | 356.1 | 543.5 | 683.6 | 953.4 |
Related party (Note 11) | 5 | 4.1 | 9.6 | 8.3 |
Revenues | 478.4 | 675.7 | 933.5 | 1,212.7 |
Costs of product/services sold: | ||||
Gathering and processing | 5.6 | 7.8 | 10 | 15.5 |
Storage and transportation | 3.4 | 3.8 | 6.7 | 7 |
NGL and crude services | 299.4 | 497.7 | 570 | 873.9 |
Related party (Note 11) | 7.7 | 9.8 | 16 | 20.8 |
Costs of product/services sold | 316.1 | 519.1 | 602.7 | 917.2 |
Expenses: | ||||
Operations and maintenance | 32.1 | 32.7 | 67.2 | 60.7 |
General and administrative | 26.2 | 21.3 | 50.4 | 45.4 |
Depreciation, amortization and accretion | 60.6 | 54.9 | 120.5 | 105.7 |
Costs and Expenses | 118.9 | 108.9 | ||
Total Expenses | 118.9 | 108.9 | 238.1 | 211.8 |
Other operating income (expense): | ||||
Gain (loss) on long-lived assets, net | (0.6) | 1.1 | (1.4) | 1.6 |
Loss on contingent consideration | 0 | (6.5) | 0 | (8.6) |
Operating income | 2.6 | 42.3 | 51.1 | 76.7 |
Earnings (loss) from unconsolidated affiliates, net | 5 | (1.5) | 8.4 | (1.6) |
Interest and debt expense, net | (32.6) | (29) | (62.5) | (57.1) |
Income (loss) before income taxes | (42.1) | 11.8 | (20.1) | 18 |
Provision for income taxes | 0.1 | 0.1 | 0.4 | 0.8 |
Net income (loss) | (42.2) | 11.7 | (20.5) | 17.2 |
Net income attributable to non-controlling partners | (5.7) | (3.7) | (11.3) | (6.8) |
Net income (loss) attributable to Crestwood Midstream Partners LP | (47.9) | 8 | (31.8) | 10.4 |
Net income attributable to Class A preferred units | (7.5) | (1.1) | (16.7) | (1.1) |
Net income (loss) attributable to partners | (55.4) | 6.9 | (48.5) | 9.3 |
Partners’ interest information: | ||||
General partner's interest in net income (loss) | 7.5 | 7.5 | 15 | 15 |
Limited partners’ interest in net income (loss) | $ (62.9) | $ (0.6) | $ (63.5) | $ (5.7) |
Net income (loss) per limited partner unit: | ||||
Basic (usd per unit) | $ (0.33) | $ 0 | $ (0.34) | $ (0.03) |
Diluted (usd per unit) | $ (0.33) | $ 0 | $ (0.34) | $ (0.03) |
Weighted-average limited partners’ units outstanding: | ||||
Basic (units) | 188,292 | 187,998 | 188,291 | 187,920 |
Diluted (units) | 188,292 | 187,998 | 188,291 | 187,920 |
Loss on modification/extinguishment of debt | $ (17.1) | $ 0 | $ (17.1) | $ 0 |
CONSOLIDATED STATEMENT OF PARTN
CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL - 6 months ended Jun. 30, 2015 - USD ($) $ in Millions | Total | Preferred Partner | Limited Partner | Non Controlling Partners | Partners' Capital |
Beginning Balance at Dec. 31, 2014 | $ 4,125.7 | $ 447.7 | $ 3,678 | $ 171.7 | $ 4,297.4 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Distributions to general partner | 20.9 | 0 | (20.9) | 0 | (20.9) |
Distributions to limited partners | (148.6) | 0 | (148.6) | 0 | (148.6) |
Unit-based compensation charges | 0 | 10.5 | 0 | 10.5 | |
Taxes paid for unit-based compensation vesting | 0 | (2.1) | 0 | (2.1) | |
Partners' Capital, Other | 0 | 0.1 | 0 | 0.1 | |
Net income (loss) | (20.5) | 16.7 | (48.5) | 11.3 | (20.5) |
Ending Balance at Jun. 30, 2015 | $ 3,932.9 | 464.4 | 3,468.5 | 179.2 | $ 4,112.1 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 0 | $ 0 | $ (3.8) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities | ||
Net income (loss) | $ (20.5) | $ 17.2 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 120.5 | 105.7 |
Amortization of debt-related deferred costs and premiums | 3.9 | 3.6 |
Unit-based compensation charges | 10.5 | 9.8 |
Goodwill impairment | 40.2 | 0 |
(Gain) loss on long-lived assets | 1.4 | (1.6) |
Loss on contingent consideration | 0 | 8.6 |
Loss on modification/extinguishment of debt | 17.1 | 0 |
(Earnings) loss from unconsolidated affiliates, net, adjusted for cash distributions | 2.1 | (1.6) |
(Earnings) loss from unconsolidated affiliates, net, adjusted for cash distributions | (8.4) | 1.6 |
Deferred income taxes | 0.3 | 0.5 |
Other | 0.2 | 0 |
Changes in operating assets and liabilities, net of effects from acquisitions | (23.6) | (34.3) |
Reimbursements of property, plant and equipment | 15.7 | |
Net cash provided by operating activities | 147.9 | 111.1 |
Investing activities | ||
Acquisitions, net of cash acquired (Note 3) | 0 | (19.5) |
Purchases of property, plant and equipment | (77.7) | (180.4) |
Investment in unconsolidated affiliates | (27.8) | (48.6) |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 1 | 0 |
Proceeds from sale of assets | 1.7 | 0 |
Net cash used in investing activities | (102.8) | (248.5) |
Financing activities | ||
Proceeds from the issuance of long-term debt | 1,865.1 | 860.6 |
Principal payments on long-term debt | (1,712.5) | (863.2) |
Payments on capital leases | (1.2) | (1.9) |
Payments for debt-related deferred costs | (11.7) | 0 |
Financing fees paid for early debt redemption | (13.6) | 0 |
Distributions to limited partners | (148.6) | (148.3) |
Distributions paid to non-controlling partners | (3.8) | 0 |
Distributions to general partner | (20.9) | (20.9) |
Net proceeds from issuance of preferred equity of subsidiary | 0 | 33.6 |
Net proceeds from the issuance of Class A preferred units | 293.7 | |
Taxes paid for unit-based compensation vesting | (2.1) | (1.5) |
Other | (0.2) | (0.1) |
Net cash provided by (used in) financing activities | (49.5) | 152 |
Net change in cash | (4.4) | 14.6 |
Cash at beginning of period | 4.6 | |
Cash at end of period | 0.2 | 17.3 |
Supplemental schedule of non-cash investing and financing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | (11.3) | 14.7 |
Preferred Units, Class A | ||
Financing activities | ||
Net proceeds from the issuance of Class A preferred units | $ 0 | $ 293.7 |
Business Description
Business Description | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description | Business Description Crestwood Midstream Partners LP (the Company or Crestwood) is a publicly-traded (NYSE: CMLP) Delaware limited partnership that provides midstream solutions to customers in the crude oil, natural gas liquids (NGLs) and natural gas sectors of the energy industry. We are engaged primarily in the gathering, processing, storage and transportation of natural gas and NGLs, and the gathering, storage, transportation and marketing of crude oil. Crestwood Equity Partners LP (CEQP), a publicly traded Delaware limited partnership, indirectly owns a non-economic general partnership interest in us and 100% of our incentive distribution rights (IDRs), which entitle CEQP to receive 50% of all distributions paid to our common unit holders in excess of our initial quarterly distribution of $0.37 per common unit. As of June 30, 2015 , CEQP directly owns approximately 4% of our common limited partnership units. CEQP is indirectly owned by Crestwood Holdings LLC (Crestwood Holdings), which owns approximately 11% of our common units as of June 30, 2015 . Crestwood Holdings is substantially owned and controlled by First Reserve Management, L.P. (First Reserve). On May 5, 2015, CEQP, the Company and certain of its affiliates entered into a definitive agreement under which we have agreed to merge with a wholly-owned subsidiary of CEQP, with the Company surviving as a wholly-owned subsidiary of CEQP (the Simplification Merger). As part of the merger consideration, our common unitholders will become unitholders of CEQP in a tax free exchange, with our common unitholders receiving 2.75 common units of CEQP for each common unit of the Company held upon completion of the merger. Upon completion of the Simplification Merger, our IDRs will be eliminated and our common units will cease to be listed on the New York Stock Exchange (NYSE). We expect to complete the Simplification Merger in the third quarter of 2015, subject to the approval by our unitholders and the satisfaction of customary closing conditions. For additional information about the Simplification Merger, see Note 14. Our financial statements reflect three operating and reporting segments, including: • Gathering and Processing : our gathering and processing (G&P) operations provide natural gas gathering, processing, treating, compression, transportation services and sales of natural gas and the delivery of NGLs to producers in unconventional shale plays and tight-gas plays in West Virginia, Wyoming, Texas, Arkansas, New Mexico and Louisiana. This segment primarily includes our rich gas gathering systems and processing plants in the Marcellus, Powder River Basin (PRB) Niobrara, Barnett, and Permian Shale plays, and our dry gas gathering systems in the Barnett, Fayetteville, and Haynesville Shale plays; • Storage and Transportation : our storage and transportation operations provide regulated natural gas storage and transportation services to producers, utilities and other customers. This segment primarily includes our natural gas storage facilities (Stagecoach, Thomas Corners, Steuben and Seneca Lake) and our natural gas transmission facilities (the North-South Facilities, the MARC I Pipeline and the East Pipeline) in New York and Pennsylvania; and • NGL and Crude Services : our NGL and crude services operations provide NGLs and crude oil gathering, storage, marketing and transportation services to producers, refiners, marketers and other customers in or near unconventional shale plays in North Dakota and New York. This segment primarily includes our integrated Bakken crude oil footprint in North Dakota, which consists of (i) the COLT Hub, a crude oil rail loading and storage terminal, (ii) the Arrow crude oil, natural gas and water gathering systems, and (iii) our fleet of over-the-road crude and produced water transportation assets. This segment also includes our solution-mining and salt production company (US Salt) and Bath storage facility in New York. Unless otherwise indicated, references in this report to “we,” “us,” “our,” “ours,” “our company,” the “partnership,” the “Company,” “CMLP,” “Crestwood” and similar terms refer to either Crestwood Midstream Partners LP itself or Crestwood Midstream Partners LP and its consolidated subsidiaries, as the context requires. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 The financial information as of June 30, 2015 , and for the three and six months ended June 30, 2015 and 2014 , is unaudited. The consolidated balance sheet as of December 31, 2014 , was derived from the audited balance sheet filed in our 2014 Annual Report on Form 10-K. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and include the accounts of all consolidated subsidiaries after the elimination of all intercompany accounts and transactions. In management’s opinion, all necessary adjustments to fairly present our results of operations, financial position and cash flows for the periods presented have been made and all such adjustments are of a normal and recurring nature. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Our consolidated financial statements for the prior period include reclassifications that were made to conform to the current period presentation. Cash inflows of $15.7 million related to reimbursements of capital expenditures from producers have been reclassified from investing activities to changes in operating assets and liabilities, net of effects from acquisitions under operating activities in our consolidated statements of cash flows for the six months ended June 30, 2014 to conform with the current period presentation. The reclassification was not significant to our previously reported consolidated financial statements. The accompanying consolidated financial statements and related notes should be read in conjunction with our 2014 Annual Report on Form 10-K filed with the SEC on February 27, 2015. Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2014 Annual Report on Form 10-K. Below is an update of our estimates related to goodwill. Goodwill Our goodwill represents the excess of the amount we paid for a business over the fair value of the net identifiable assets acquired. We evaluate goodwill for impairment annually on December 31, and whenever events indicate that it is more likely than not that the fair value of a reporting unit could be less than its carrying amount. This evaluation requires us to compare the fair value of each of our reporting units to its carrying value (including goodwill). If the fair value exceeds the carrying amount, goodwill of the reporting unit is not considered impaired. We estimate the fair value of our reporting units based on a number of factors, including discount rates, projected cash flows, enterprise value and the potential value we would receive if we sold the reporting unit. Estimating projected cash flows requires us to make certain assumptions as it relates to the future operating performance of each of our reporting units (which includes assumptions, among others, about estimating future operating margins, contracting efforts and the cost and timing of facility expansions) and assumptions related to our customers, such as their future capital and operating plans and their financial condition. When considering operating performance, various factors are considered such as current and changing economic conditions and the commodity price environment, among others. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. If the growth assumptions embodied in the projections prove inaccurate, we could incur a future impairment charge. Due to the significant, sustained decrease in the market price of our common units from January 1, 2015 to June 30, 2015, we evaluated our reporting units and determined it was more likely than not that the goodwill associated with our Fayetteville (G&P segment) and our Watkins Glen (NGL and Crude Services segment) reporting units was impaired as of June 30, 2015. As a result of further analysis of the fair value of goodwill at these reporting units, we recorded goodwill impairments of $8.3 million and $31.9 million related to our Fayetteville and Watkins Glen reporting units, respectively, during the three ended June 30, 2015. The impairment of our Fayetteville goodwill primarily resulted from increasing the discount rate utilized in determining the fair value of the reporting unit from 9% to 10% , considering the continued decrease in commodity prices and its impact on the midstream industry and our customers in the Fayetteville Shale. The impairment of our Watkins Glen goodwill primarily resulted from increasing the discount rate utilized in determining the fair value of the reporting unit from 10.5% to 13.3% and continued delays and uncertainties in the permitting of our proposed NGL storage facility. We have approximately $64.2 million and $34.3 million of goodwill remaining on the balance sheet as of June 30, 2015 related to our Fayetteville and Watkins Glen reporting units, respectively, which represents the fair value of the goodwill related to those reporting units at June 30, 2015, which is a Level 3 fair value measurement. We continue to monitor these goodwill amounts and the $1,493.9 million of goodwill associated with our other reporting units as of June 30, 2015, and continued increases in discount rates and/or declines in the projected future operating performance of our reporting units or sustained decreases in the market price of our common units could result in future goodwill impairments. New Accounting Pronouncements Issued But Not Yet Adopted As of June 30, 2015 , the following accounting standards had not yet been adopted by us. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. We expect to adopt the provisions of this standard effective January 1, 2018 and are currently evaluating the impact that this standard will have on our consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. We expect to adopt the provisions of this standard effective January 1, 2016 and are currently evaluating the impact, if any, that this standard may have on our consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30) , which requires deferred debt issuance costs to be classified as a reduction of the debt liability rather than as an asset in the balance sheet. We expect to adopt the provisions of this standard effective January 1, 2016, and do not currently anticipate it will have a significant impact on our consolidated financial statements. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Crude Transportation Acquisitions (Bakken) Red Rock. On March 21, 2014, we purchased substantially all of the trucking operations of Red Rock Transportation Inc. (Red Rock) for approximately $13.8 million , comprised of $12.1 million paid at closing plus deferred payments of $1.8 million . These operations are located in Watford City, North Dakota and provide crude oil and produced water hauling services to the oilfields of western North Dakota and eastern Montana. The acquired assets include a fleet of approximately 56 trailer tanks, 22 double bottom body tanks and 44 tractors with 28,000 barrels per day of transportation capacity. In the first quarter of 2014, we finalized the purchase price and allocated approximately $10.6 million of the purchase price to property, plant and equipment and intangible assets and approximately $3.2 million to goodwill. Goodwill recognized relates primarily to anticipated operating synergies between the assets acquired and our existing assets. These assets are included in our NGL and crude services segment. LT Enterprises . On May 9, 2014, we purchased substantially all of the operating assets of LT Enterprises, Inc. (LT Enterprises) for approximately $10.7 million , comprised of $9.0 million paid at closing plus deferred payments of $1.7 million . These operations are located in Watford City, North Dakota and 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, we acquired employee housing and 20 acres of greenfield real property located two miles south of Watford City. In the second quarter of 2014, we finalized the purchase price and allocated all of the purchase price to property, plant and equipment and intangible assets. These assets are included in our NGL and crude services segment. The acquisitions of Red Rock and LT Enterprises were not material to our NGL and crude services segment's results of operations for the three and six months ended June 30, 2014 . In addition, transaction costs related to these acquisitions were not material for the three and six months ended June 30, 2014 . |
Certain Balance Sheet Informati
Certain Balance Sheet Information | 6 Months Ended |
Jun. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Information | Certain Balance Sheet Information Property, Plant and Equipment Property, plant and equipment consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, Gathering systems and pipelines 1,282.8 1,276.6 Facilities and equipment 1,491.0 1,468.8 Buildings, land, rights-of-way, storage contracts and easements 810.1 806.4 Vehicles 13.6 13.6 Construction in process 156.0 153.7 Base gas 37.5 37.5 Salt deposits 120.5 120.5 Office furniture and fixtures 6.7 6.4 3,918.2 3,883.5 Less: accumulated depreciation and depletion 431.1 365.4 Total property, plant and equipment, net $ 3,487.1 $ 3,518.1 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 $2.3 million and $2.8 million included in property, plant and equipment, net at June 30, 2015 and December 31, 2014 . Intangible Assets Intangible assets consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, Customer accounts $ 483.2 $ 483.2 Covenants not to compete 5.6 5.6 Gas gathering, compression and processing contracts 427.3 431.4 Acquired storage contracts 29.0 29.0 Trademarks 9.6 9.7 Deferred financing costs 57.7 54.3 1,012.4 1,013.2 Less: accumulated amortization 174.1 137.0 Total intangible assets, net $ 838.3 $ 876.2 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, 2014 Accrued expenses $ 20.5 $ 23.7 Accrued property taxes 6.2 2.1 Accrued product purchases payable 1.0 0.7 Tax payable — 0.4 Interest payable 26.8 22.0 Accrued additions to property, plant and equipment 11.9 20.0 Commitments and contingent liabilities ( Note 10 ) — 40.0 Capital leases 0.9 1.3 Deferred revenue 15.6 11.6 Other — 0.2 Total accrued expenses and other liabilities $ 82.9 $ 122.0 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Net Investments and Earnings (Loss) Our net investments in and earnings (loss) from our unconsolidated affiliates are as follows ( in millions , unless otherwise stated ): Ownership Percentage Investment Earnings (Loss) from Unconsolidated Affiliates June 30, June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, 2015 2015 2014 2015 2014 2015 2014 Jackalope Gas Gathering Services, L.L.C. (1) 50.00 % (4) $ 249.9 $ 232.9 $ 1.1 $ (0.6 ) $ 3.6 $ (0.3 ) Tres Palacios Holdings LLC (2) 50.01 % 41.3 36.0 0.6 — 1.5 — Powder River Basin Industrial Complex, LLC (3) 50.01 % 33.0 26.2 3.3 (0.9 ) 3.3 (1.3 ) Total $ 324.2 $ 295.1 $ 5.0 $ (1.5 ) $ 8.4 $ (1.6 ) (1) As of June 30, 2015 , our investment balance exceeded our equity in the underlying net assets of Jackalope Gas Gathering Services, L.L.C. (Jackalope) by approximately $52.2 million . We amortize and generally assess the recoverability of this amount over 20 years, which represents the life of Jackalope’s gathering agreement with Chesapeake Energy Corporation and RKI Exploration and Production, LLC, and we reflect the amortization as a reduction of our earnings from unconsolidated affiliates. We recorded amortization of approximately 0.7 million for the three months ended June 30, 2015 and 2014 , and 1.5 million for the six months ended June 30, 2015 and 2014 . Our Jackalope investment is included in our gathering and processing segment. (2) In December 2014, one of our consolidated subsidiaries and an affiliate of Brookfield Infrastructure Group (Brookfield) formed the Tres Palacios Holdings LLC (Tres Holdings) joint venture. As of June 30, 2015 , our equity in the underlying net assets exceeded our investment balance in Tres Holdings by approximately $29.7 million . We amortize and generally assess the recoverability of this amount over the life of the Tres Palacios Gas Storage LLC (Tres Palacios) sublease agreement, and we reflect the amortization as an increase in our earnings from unconsolidated affiliates. We recorded amortization of approximately $0.3 million and $0.6 million for the three and six months ended June 30, 2015 . Our Tres Holdings investment is included in our storage and transportation segment. (3) As of June 30, 2015 , our investment balance approximated our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC). During the three and six months ended June 30, 2015, we recorded additional equity earnings of approximately $3.2 million related to a gain associated with the adjustment of our member's capital account by our equity investee. Our PRBIC investment is included in our NGL and crude services segment. (4) Excludes non-controlling interests related to our investment in Jackalope. See Note 8 for a further discussion of our non-controlling interest related to our investment in Jackalope. Distributions and Contributions Jackalope. Jackalope is required, within 30 days following the end of each quarter, to make quarterly distributions of its available cash to its members based on their respective ownership percentage. During the six months ended June 30, 2015 , we received a cash distribution of approximately $4.5 million from Jackalope. During the six months ended June 30, 2014 , Jackalope did not make any distributions to its members. In July 2015, we received a cash distribution of approximately $4.2 million from Jackalope. During the six months ended June 30, 2015 and 2014 , we contributed approximately $17.9 million and $45.8 million to Jackalope. Tres Holdings. Tres Holdings is required, within 30 days following the end of each quarter, to make quarterly distributions of its available cash (as defined in its limited liability company agreement) to its members based on their respective ownership percentage. During the six months ended June 30, 2015 , we received a cash distribution of approximately $2.1 million from Tres Holdings. In July 2015, we received a cash distribution of approximately $1.9 million from Tres Holdings. During the six months ended June 30, 2015 , we contributed approximately $5.7 million to Tres Holdings. PRBIC. PRBIC is required to make quarterly distributions of its available cash to its members based on their respective ownership percentage. During the six months ended June 30, 2015 , we received a cash distribution of approximately $0.7 million from PRBIC. During the six months ended June 30, 2014 , PRBIC did not make any distributions to its members. In July 2015, we received a cash distribution of approximately $0.6 million from PRBIC. During the six months ended June 30, 2015 and 2014 , we contributed approximately $4.2 million and $2.8 million to PRBIC. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Financial Instruments | Financial Instruments Fair Value We separate the fair values of our financial instruments into three levels (Levels 1, 2 and 3) based on our assessment of the availability of observable market data and the significance of non-observable data used to determine fair value. Our assessment and classification of an instrument within a level can change over time based on the maturity or liquidity of the instruments and would be reflected at the end of the period in which the change occurs. At June 30, 2015 and December 31, 2014 , there were no changes to the inputs and valuation techniques used to measure fair value, the types of instruments, or the levels in which they are classified. We enter into daily and short-term forward crude purchase and sale agreements in our NGL and crude services segment related to available capacity on our crude contracts and facilities associated with our operations located in the Bakken and PRB Niobrara Shale plays. As of June 30, 2015 , our outstanding positions and the related impact to our consolidated statement of operations associated with our risk management activities were not material. As of June 30, 2014 , we did not have any risk management activities. As of June 30, 2015 and December 31, 2014 , the carrying amounts of cash, accounts receivable and accounts payable represent fair value based on the short-term nature of these instruments. The fair value of the amount outstanding under our credit facility approximates its carrying amount as of June 30, 2015 and December 31, 2014 due primarily to the variable nature of the interest rate of the instrument, which is considered a Level 2 fair value measurement. We estimate the fair value of our senior notes primarily based on quoted market prices for the same or similar issuances (representing a Level 2 fair value measurement). The following table reflects the carrying value and fair value of our senior notes ( in millions ): June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value 2019 Senior Notes $ — $ — $ 351.0 $ 360.5 2020 Senior Notes $ 503.7 $ 517.5 $ 504.0 $ 481.6 2022 Senior Notes $ 600.0 $ 615.6 $ 600.0 $ 568.5 2023 Senior Notes $ 700.0 $ 729.8 $ — $ — Debt Long-term debt consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, Credit Facility $ 358.3 $ 555.0 2019 Senior Notes — 350.0 Premium on 2019 Senior Notes — 1.0 2020 Senior Notes 500.0 500.0 Fair value adjustment of 2020 Senior Notes 3.7 4.0 2022 Senior Notes 600.0 600.0 2023 Senior Notes 700.0 — Other 3.5 3.5 Total debt 2,165.5 2,013.5 Less: current portion 6.0 0.7 Total long-term debt $ 2,159.5 $ 2,012.8 Credit Facility We have a five -year $1.0 billion senior secured revolving credit facility (the Credit Facility), which expires in October 2018 and is available to fund acquisitions, working capital and internal growth projects and for general partnership purposes. The Credit Facility includes a sub-limit up to $25 million for same-day swing line advances and a sub-limit up to $250 million for letters of credit. Subject to limited exception, the Credit Facility is secured by substantially all of the equity interests and assets of our subsidiaries except for Crestwood Niobrara LLC (Crestwood Niobrara), PRBIC and Tres Holdings and their respective subsidiaries. At June 30, 2015 , we had $489.6 million of available capacity under the Credit Facility considering the most restrictive debt covenants in our credit agreement. At June 30, 2015 and December 31, 2014 , the balance outstanding under our Credit Facility was $358.3 million and $555.0 million and our outstanding standby letters of credit were $5.5 million and $15.1 million . Borrowings under our Credit Facility accrue interest at prime or LIBOR-based rates plus applicable spreads, which resulted in interest rates between 2.94% and 5.00% at June 30, 2015 and 2.66% and 4.75% at December 31, 2014 . The weighted-average interest rate as of June 30, 2015 and December 31, 2014 was 2.97% and 2.86% . We are required under our credit agreement to maintain a net debt to consolidated EBITDA ratio (as defined in our credit agreement) of not more than 5.00 to 1.0 (or, if applicable, 5.50 to 1.0 during certain periods immediately following a material acquisition by us) and a consolidated EBITDA to consolidated interest expense ratio (as defined in our credit agreement) of not less than 2.50 to 1.0 . As a result of our election to increase the permitted net debt to consolidated EBITDA ratio in conjunction with our 50.01% acquisition of Tres Holdings, the net debt to consolidated EBITDA ratio required by our credit agreement is 5.50 for a 270-day period commencing December 3, 2014. At June 30, 2015 , our net debt to consolidated EBITDA was approximately 4.48 to 1.0 and consolidated EBITDA to consolidated interest expense was approximately 4.17 to 1.0 . In conjunction with the Simplification Merger, we intend to enter into an amended and restated senior secured revolving credit facility under which up to $1.5 billion in aggregate principle amount of cash borrowings and letters of credit will be made available to us by a syndicate of lenders (see Note 14 for additional information). Senior Notes In March 2015, we issued $700.0 million of 6.25% unsecured Senior Notes due 2023 (the 2023 Senior Notes) in a private offering. The 2023 Senior Notes will mature on April 1, 2023, and interest is payable semiannually in arrears on April 1 and October 1 of each year, beginning October 1, 2015. The net proceeds from this offering of approximately $688.3 million were used to pay down borrowings under our Credit Facility and for our general partnership purposes. On April 8, 2015, we redeemed the 2019 Senior Notes for approximately $364.1 million , including accrued interest of $0.5 million and a call premium of $13.6 million . We utilized approximately $315 million of our Credit Facility to redeem all of the outstanding 2019 Senior Notes. In conjunction with the redemption of our 2019 Senior Notes, we recorded approximately $17.1 million of loss on extinguishment of debt during the second quarter of 2015. Our senior notes are guaranteed on a senior unsecured basis by all of our domestic restricted subsidiaries, subject to certain exceptions. At June 30, 2015 , we were in compliance with all of our debt covenants applicable to our Credit Facility and our senior notes. |
Earnings Per Limited Partner Un
Earnings Per Limited Partner Unit Earnings Per Limited Partner Unit | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Limited Partner Unit | Earnings Per Limited Partner Unit CEQP, through its wholly-owned subsidiaries, owns a non-economic general partner interest in us and 100% of our IDRs. We allocate net income attributable to CMLP to our limited partners after giving effect to the IDRs earned by CEQP and net income attributable to the Class A preferred units. Basic earnings per unit are calculated using the two-class method. Diluted earnings per unit are computed using the treasury stock method, which considers the impact to net income attributable to CMLP and limited partner units from the potential issuance of limited partner units as discussed below. The tables below show the (i) allocation of net income attributable to CMLP and the (ii) net income attributable to CMLP per limited partner unit based on the number of basic and diluted limited partner units outstanding for the three and six months ended June 30, 2015 and 2014 ( in millions ): Allocation of Net Income Attributable to CMLP Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income (loss) attributable to CMLP $ (47.9 ) $ 8.0 $ (31.8 ) $ 10.4 Class A preferred units’ interest in net income attributable to CMLP (7.5 ) (1.1 ) (16.7 ) (1.1 ) General partner’s incentive distributions (7.5 ) (7.5 ) (15.0 ) (15.0 ) Limited partners’ interest in net loss attributable to CMLP $ (62.9 ) $ (0.6 ) $ (63.5 ) $ (5.7 ) Earnings Per Limited Partner Unit Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Limited partners’ interest in net loss $ (62.9 ) $ (0.6 ) $ (63.5 ) $ (5.7 ) Weighted-average limited partner units - basic 188.3 188.0 188.3 187.9 Effect of diluted units — — — — Weighted-average limited partner units - diluted 188.3 188.0 188.3 187.9 Basic earnings per unit: Net income (loss) per limited partner $ (0.33 ) $ — $ (0.34 ) $ (0.03 ) Diluted earnings per unit: Net income (loss) per limited partner $ (0.33 ) $ — $ (0.34 ) $ (0.03 ) 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 CMLP per limited partner unit is anti-dilutive. During the three and six months ended June 30, 2015 , we excluded a weighted-average of 18,756,096 and 18,332,193 common units, representing Class A preferred units, and a weighted-average of 14,795,156 common units in both periods, representing Crestwood Niobrara's preferred units, from our diluted earnings per unit. During the three and six months ended June 30, 2014 , we excluded a weighted-average of 1,838,799 and 924,479 common units, representing Class A preferred units, and a weighted-average of 6,070,354 and 5,549,570 common units, representing Crestwood Niobrara's preferred units, from our diluted earnings per unit. See Note 8 for additional information regarding the potential conversion of these preferred units to common units. |
Partners' Capital
Partners' Capital | 6 Months Ended |
Jun. 30, 2015 | |
Partners' Capital [Abstract] | |
Partners' Capital | Partners’ Capital Class A Preferred Units On June 17, 2014, we 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, we have agreed to sell to the Class A Purchasers and the Class A Purchasers have agreed to purchase from us up to $500 million of Preferred Units at a fixed price of $25.10 per unit on or before September 30, 2015. Through December 31, 2014, the Class A Purchasers purchased 17,529,879 Preferred Units for a cash purchase price of $25.10 per unit resulting in gross proceeds to us of approximately $440.0 million (net proceeds of approximately $430.5 million after deducting transaction fees and offering expenses). During the three and six months ended June 30, 2015 and through the date of this filing, we did not sell any Preferred Units to the Class A Purchasers under these agreements. In conjunction with the Simplification Merger, (i) we will issue the remaining $60 million of Preferred Units available for purchase by the Class A Purchasers under their $500 million equity commitment; and (ii) the Preferred Units will, upon completion of the merger, be exchanged for new preferred units of CEQP with substantially similar terms and conditions to those of the Preferred Units (see Note 14 for additional information). Equity Distribution Agreement Effective May 8, 2015, we suspended the equity distribution program with certain financial institutions under which we were allowed to offer and sell, from time to time through one or more of these financial institutions, common units having an aggregate offering price of up to $300.0 million . Prior to our suspension of this program, we did not issue any common units through these financial institutions. Distributions Our partnership agreement requires us to distribute, within 45 days after the end of each quarter, all available cash (as defined in our partnership agreement) to our common unitholders of record on the applicable record date. The general partner is not entitled to distributions on its non-economic general partner interest. Distributions to General Partner During the six months ended June 30, 2015 and 2014 , we paid cash distributions to our general partner (representing IDRs and distributions related to common units held by the general partner) of approximately $20.9 million in each period. Distributions to Class A Preferred Unit Holders Our partnership agreement requires us to make quarterly distributions to our Class A Preferred Unit holders. The holders of our Class A Preferred Units (the Preferred Units) are entitled to receive fixed quarterly distributions of $0.5804 per unit. For the 12 quarters following the quarter ended June 30, 2014 (the Initial Distribution Period), distributions on our 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 $0.5804 per unit divided by the cash purchase price of $25.10 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 our 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 $0.7059 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 Class A Preferred Distribution (as defined in our partnership agreement), the amount of such unpaid distribution will accrue and accumulate from the last day of the quarter for which such distribution is due until paid in full, and any accrued and unpaid distributions will be increased at a rate of 2.8125% per quarter. During the six months ended June 30, 2015 , we issued 838,228 Class A Preferred Units to our preferred unitholders in lieu of paying a cash distribution. On July 23, 2015 , the board of directors of our general partner authorized the issuance of 433,707 Class A Preferred Units to our preferred unitholders for the quarter ended June 30, 2015 in lieu of paying a cash distribution. Distributions to Limited Partners The following table presents quarterly cash distributions paid to our limited partners (excluding distributions paid to our general partner on its common units held) during the six months ended June 30, 2015 and 2014 : Record Date Payment Date Per Unit Rate Cash Distribution (in millions) 2015 February 6, 2015 February 13, 2015 $ 0.41 $ 74.3 May 8, 2015 May 15, 2015 $ 0.41 74.3 $ 148.6 2014 February 7, 2014 February 14, 2014 $ 0.41 $ 74.1 May 8, 2014 May 15, 2014 $ 0.41 74.2 $ 148.3 On July 23, 2015 , we declared a distribution of $0.41 per limited partner unit to be paid on August 14, 2015 to unitholders of record on August 7, 2015 with respect to the second quarter of 2015 . Non-Controlling Partners Crestwood Niobrara issued a preferred interest to a subsidiary of General Electric Capital Corporation and GE Structured Finance, Inc. (collectively, GE) in conjunction with the acquisition of its investment in Jackalope, which is reflected as non-controlling interest in our consolidated financial statements. During the six months ended June 30, 2014 , GE made capital contributions of $33.6 million to Crestwood Niobrara in exchange for an equivalent number of preferred units. GE did not make capital contributions to Crestwood Niobrara during the six months ended June 30, 2015. In January 2015, Crestwood Niobrara issued 3,680,570 preferred units to GE in lieu of paying a cash distribution for the quarter ended December 31, 2014. Beginning in the first quarter of 2015, Crestwood Niobrara no longer had the option to pay distributions to GE by issuing additional preferred units in lieu of paying a cash distribution. During the six months ended June 30, 2015 , Crestwood Niobrara paid a cash distribution of $3.8 million to GE. During the three and six months ended June 30, 2014 , Crestwood Niobrara issued 2,536,010 and 4,746,304 preferred units to GE in lieu of paying a cash distributions. On July 30, 2015, Crestwood Niobrara paid a cash distribution of $3.8 million to GE for the quarter ended June 30, 2015 . |
Equity Plans (Notes)
Equity Plans (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Long-Term Incentive Plan | Equity Plans Long-term incentive awards are granted under the Crestwood Midstream Partners LP Long Term Incentive Plan (Crestwood LTIP) in order to align the economic interests of key employees and directors with those of Crestwood's common unitholders and to provide an incentive for continuous employment. Long-term incentive compensation consist of grants of restricted and phantom common units (which represent limited partner interests of Company) which vest based upon continued service. Under the terms of the Simplification Merger, the restricted and phantom common units granted under the Crestwood LTIP will be converted into 2.75 restricted units of CEQP. Crestwood LTIP The following table summarizes information regarding restricted and phantom unit activity during the six months ended June 30, 2015 : Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2015 834,796 $ 23.18 Vested - restricted units (449,667 ) $ 22.93 Vested - phantom units (21,578 ) $ 16.05 Granted - restricted units 522,328 $ 16.01 Granted - phantom units 165,501 $ 15.99 Forfeited (1) (70,522 ) $ 20.03 Unvested - June 30, 2015 980,858 $ 18.65 (1) We implemented a company-wide initiative to reduce operating costs in 2015 and beyond, which included a reduction in work force. As a result, 39,172 restricted units were forfeited during the six months ended June 30, 2015 . As of June 30, 2015 and December 31, 2014 , we had total unamortized compensation expense of approximately $12.4 million and $9.5 million related to restricted and phantom units, 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 $3.1 million and $3.3 million during the three months ended June 30, 2015 and 2014 and $6.1 million and $6.2 million during the six months ended June 30, 2015 and 2014 , which is included in general and administrative expenses on our consolidated statements of operations. An additional $2.2 million and $4.4 million of net compensation expense was allocated from CEQP to us during the three and six months ended June 30, 2015 and an additional $1.9 million and $3.6 million of net compensation expense was allocated from CEQP to us during the three and six months ended June 30, 2014 (see Note 11 ). We granted restricted and phantom units with a grant date fair value of approximately $8.4 million and $2.6 million during the six months ended June 30, 2015 . As of June 30, 2015 , we had 17,219,872 units available for issuance under the Crestwood LTIP. Restricted Units. Under the Crestwood LTIP, participants who have been granted restricted units may elect to have common units withheld to satisfy minimum statutory tax withholding obligations arising in connection with the vesting of non-vested common units. Any such common units withheld are returned to the Crestwood LTIP on the applicable vesting dates, which correspond to the times at which income is recognized by the employee. When we withhold these common units, we are required to remit to the appropriate taxing authorities the fair value of the units withheld as of the vesting date. The number of units withheld is determined based on the closing price per common unit as reported on the NYSE on such dates. During the three months ended June 30, 2015 and 2014 , we withheld 2,574 and 61,076 common units to satisfy employee tax withholding obligations and during the six months ended June 30, 2015 and 2014 , we withheld 137,165 and 68,532 common units. 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 CMLP granted pursuant to the Crestwood LTIP and a phantom unit award agreement (the Phantom Unit Agreement). The Phantom Unit Agreement provides for vesting to occur at the end of three years following the grant date or, if earlier, upon the named executive officer's termination without cause or due to death or disability or the named executive officer's resignation for employee cause (each, as defined in the Phantom Unit Agreement). In addition, the Phantom Unit Agreement provides for distribution equivalent rights with respect to each phantom unit which are paid in additional phantom units and settled in common units upon vesting of the underlying phantom units. Employee Unit Purchase Plan We have an employee unit purchase plan under which employees of the general partner may purchase our common units through payroll deductions up to a maximum of 10% of the employees' eligible compensation. Under the plan, we may purchase our common units on the open market for the benefit of participating employees based on their payroll deductions. In addition, we may contribute an additional 10% of participating employees' payroll deductions to purchase additional Crestwood common units for participating employees. Unless increased by the board of directors of our general partner, the maximum number of units that may be purchased under the plan is 200,000 . During the three and six months ended June 30, 2015 , there were 3,841 and 5,852 common units purchased through the employee unit purchase plan. Effective May 7, 2015, we suspended the employee unit purchase plan. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings Canadian Class Action Lawsuit. Prior to the completion of our acquisition of Arrow on November 8, 2013, a train transporting over 50,000 barrels of crude oil produced in North Dakota derailed in Lac Megantic, Quebec, Canada on July 6, 2013. The derailment resulted in the death of 47 people, injured numerous others, and caused severe damage to property and the environment. In October 2013, certain individuals suffering harm in the derailment filed a motion to certify a class action lawsuit in the Superior Court for the District of Megantic, Province of Quebec, Canada, on behalf of all persons suffering loss in the derailment (the Class Action Suit). In March 2014, the plaintiffs filed their fourth amended motion to name Arrow and numerous other energy companies as additional defendants in the class action lawsuit. The plaintiffs have named at least 53 defendants purportedly involved in the events leading up to the derailment, including the producers and sellers of the crude being transported, the midstream companies that transported the crude from the well head to the rail system, the manufacturers of the rail cars used to transport the crude, the railroad companies involved, the insurers of these companies, and the Canadian Attorney General. The plaintiffs allege, among other things, that Arrow (i) was a producer of the crude oil being transported on the derailed train, (ii) was negligent in failing to properly classify the crude delivered to the trucks that hauled the crude to the rail loading terminal, and (iii) owed a duty to the petitioners to ensure the safe transportation of the crude being transported. The motion to authorize the class action and motions in opposition were heard by the Court in June 2014. In June 2015, the Superior Court determined that the Class Action Suit proceeding should be allowed to proceed against certain respondents that have not contributed to the global settlement described below. Because Arrow is a contributing party to the global settlement, the Class Action Suit against Arrow has been stayed pending approval of the global settlement plan in the United States and Canadian bankruptcy proceedings described below. One of the defendants in the lawsuit, Montreal Main & Atlantic Railway (MM&A), filed bankruptcy actions in the U.S. Bankruptcy Court for the District of Maine and in the Canadian Bankruptcy Court. The bankruptcy trustees in the proceedings approached the respondents in the Class Action Suit (including Arrow) to contribute monetary damages to a global settlement for all claims, including any potential environmental damages, related to the Lac Megantic derailment. During the first quarter of 2015, we agreed to contribute to the global settlement in exchange for a release from all claims related to the derailment, including the Class Action Suit. In June 2015, the creditors in the Canadian bankruptcy proceeding voted unanimously in favor of the global settlement. The Canadian bankruptcy court approved the bankruptcy plan (including the global settlement) on July 13, 2015, which is under appeal, and the United States bankruptcy court may approve the bankruptcy plan (including the global settlement) in 2016. Our contribution to the global settlement, in addition to associated legal fees, is fully covered by insurance, and assuming the global settlement is approved by both bankruptcy courts as anticipated, Arrow should not be exposed to additional damages relating to the derailment. Additional lawsuits related to the derailment have been filed in United States courts, all of which have been or are expected to be stayed as a result of the automatic stay arising from MM&A's United States bankruptcy proceeding. Arrow has been named as a defendant in two of these additional lawsuits, including (i) Annick Roy, as special administrator of the Estate of Jean-Guy Veilleaux, deceased, vs. Rail World, Inc ., et. al. filed in the United States District Court for the District of Maine, and (ii) Samuel Audet, et. al. vs. Devlar Energy Marketing, LLC , et. al. filed in the District Court of Dallas County, Texas; however, we do not expect to be served due to the automatic stay arising from MM&A's United States bankruptcy proceeding. We will vigorously defend ourselves and, to the extent these actions proceed, we believe we have meritorious defenses to the claims. Moreover, based on the Company’s contribution to the global settlement and our expectation that the global settlement will be approved by both bankruptcy courts, we do not anticipate any material loss in this matter after considering insurance. Absent approval of the global settlement, we are not able to estimate our exposure to loss on this matter although we believe we have insurance to cover any reasonably possible exposure. Arrow Indemnification Action. When Arrow was served with the Class Action Suit, we notified the former owners of the Arrow system that the claims alleged in the Class Action Suit would, if true, result in breaches of certain representations and warranties made by the former sellers in the agreement under which we acquired Arrow. As part of the acquisition, we deposited 3,309,797 of our common units into an escrow account to cover potential indemnification claims made by us on or before December 31, 2014. Subject to indemnification claims paid out with escrowed units and any outstanding claims outstanding at year end, all common units remaining in the escrow account on January 1, 2015 were to be released to the former owners. In December 2014, we notified the escrow agent of our indemnification notices delivered to the former owners and instructed the escrow agent not to release any escrowed units to the former owners. On February 19, 2015, we received a summons for an action filed against us in the Supreme Court of the State of New York (County of New York), under which the former owners have asserted our indemnification notices regarding the Class Action Suit and our notice to the escrow agent breach the terms of the merger and escrow agreements and the implied covenant of good faith and fair dealing. The former owners have requested declaratory and injunctive relief, as well as monetary damages. In March 2015, the parties entered into a standstill agreement to facilitate settlement discussions. On June 30, 2015, the parties entered into a settlement agreement under which (i) we agreed to purchase an additional $25 million of insurance coverage underwritten specifically for claims associated with the Lac Megantic derailment; (ii) each party agreed to release the other party from all claims related to the Class Action Suit; (iii) we agreed to instruct the escrow agent to release all escrowed units to the former owners; and (iv) the former owners agreed to dismiss the lawsuit with prejudice. On July 1, 2015, we and the former owners gave irrevocable notice to the escrow agent for the release of all escrowed units, and the lawsuit was dismissed with prejudice on July 7, 2015. We did not incur material costs and expenses related to this lawsuit and settlement. Simplification Merger Lawsuits . On May 20, 2015, Lawrence G. Farber, a purported unitholder of the Company, filed a complaint in the Southern District of the United States, Houston Division, as a putative class action on behalf of our unitholders, entitled Lawrence G. Farber, individually and on behalf of all others similarly situated vs. Crestwood Midstream Partners LP, Crestwood Midstream GP LLC, Robert G. Phillips, Alvin Bledsoe, Michael G. France, Philip D. Gettig, Warren H. Gfeller, 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 our general partner breached its fiduciary duties, certain individual defendants have breached their fiduciary duties of loyalty and due care, and that other defendants have aided and abetted such breaches. The plaintiff seeks to enjoin the Simplification Merger unless and until such alleged breaches have been cured. On July 21, 2015, Isaac Aron, another purported unitholder of the Company, filed a complaint in the Southern District of the United States, Houston Division, as a putative class action on behalf of our 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 our general partner and certain individual defendants violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and Rule 14a-9 by filing an alleged incomplete and misleading Form S-4 Registration Statement with the Securities and Exchange Commission. The plaintiffs seek to enjoin the merger unless and until certain information is disclosed to our unitholders. While CEQP and the Company cannot predict the outcome of these lawsuits or any other lawsuits that may be filed subsequent to the filing of this Form 10-Q, nor can CEQP and the Company predict the amount of time and expense that will be required to resolve these lawsuits or any other lawsuits, CEQP, the Company and the other defendants named in this lawsuit intend to vigorously defend against this and any other actions. General. We are periodically involved in litigation proceedings. If we determine that a negative outcome is probable and the amount of loss is reasonably estimable, then we accrue the estimated amount. The results of litigation proceedings cannot be predicted with certainty. We could incur judgments, enter into settlements or revise our expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on our results of operations or cash flows in the period in which the amounts are paid and/or accrued. As of June 30, 2015 and December 31, 2014 , we had less than $0.1 million accrued for our outstanding legal matters. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures for which we can estimate will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Any loss estimates are inherently subjective, based on currently available information, and are subject to management's judgment and various assumptions. Due to the inherently subjective nature of these estimates and the uncertainty and unpredictability surrounding the outcome of legal proceedings, actual results may differ materially from any amounts that have been accrued. Regulatory Compliance In the ordinary course of our business, we are subject to various laws and regulations. In the opinion of our management, compliance with current laws and regulations will not have a material effect on our results of operations, cash flows or financial condition. Environmental Compliance During 2014, we experienced three releases totaling approximately 28,000 barrels of produced water on our Arrow water gathering system located on the Fort Berthold Indian Reservation in North Dakota. We immediately notified the National Response Center, the Three Affiliated Tribes and numerous other regulatory authorities, and thereafter contained and cleaned up the releases completely and placed the impacted segments of these water lines back into service. In May 2015, we experienced a release of approximately 5,200 barrels of produced water on our Arrow water gathering system, immediately notified numerous regulatory authorities and other third parties, and thereafter contained and cleaned up the releases. We will continue our remediation efforts to ensure the impacted lands are restored to their prior state. We believe these releases are insurable events under our policies, and we have notified our carriers of these events. We have not recorded an insurance receivable as of June 30, 2015 . We may potentially be subject to fines and penalties as a result of the water releases. In October 2014, we received data requests from the Environmental Protection Agency (EPA) related to the 2014 water releases, and we responded to the requests during the first half of 2015. In April 2015, the EPA issued a Notice of Potential Violation (NOPV) under the Clean Water Act relating to the 2014 water releases. We responded to the NOPV in May 2015, and have commenced settlement discussion with the EPA concerning the NOPV. On March 3, 2015, we received a grand jury subpoena from the United States Attorney’s Office in Bismarck, North Dakota, seeking documents and information relating to the largest of the three 2014 water releases, and we provided the requested information during the second quarter of 2015. We cannot predict what the outcome of these investigations will be, and we had no amounts accrued for fines or penalties as of June 30, 2015 . Our operations are subject to stringent and complex laws and regulations pertaining to health, safety, and the environment. We are subject to laws and regulations at the federal, state and local levels that relate to air and water quality, hazardous and solid waste management and disposal and other environmental matters. The cost of planning, designing, constructing and operating our facilities must incorporate compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures. At June 30, 2015 and December 31, 2014 , our accrual of approximately $0.3 million and $1.1 million was primarily related to the Arrow water releases described above, which is based on our undiscounted estimate of amounts we will spend on compliance with environmental and other regulations. We estimate that our potential liability for reasonably possible outcomes related to our environmental exposures (including the Arrow water releases described above) could range from approximately $0.3 million to $1.7 million . Contingent Consideration - Antero In connection with the acquisition of Antero Resources Appalachian Corporation (Antero), we agreed to pay Antero conditional consideration in the form of potential additional cash payments of up to $40.0 million , depending on the achievement of certain defined average annual production levels achieved during 2012, 2013 and 2014. In February 2015, we paid Antero $40.0 million to settle the liability under the earn-out provision. This amount is reflected in changes in operating assets and liabilities, net of effects from acquisitions under operating activities in our consolidated statements of cash flows. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We do not have any employees. We share common management, general and administrative and overhead costs with CEQP. We have an omnibus agreement with CEQP that requires us to reimburse CEQP for all shared costs incurred on our behalf, except for certain unit based compensation costs which are treated as capital transactions. Due to the nature of these shared costs, it is not practicable to estimate what the costs would have been on a stand-alone basis. Accordingly, the accompanying financial statements may not necessarily be indicative of the conditions that would have existed, or the results of operations that would have occurred, if we operated as a stand-alone entity. The following table shows revenues, costs of goods sold and general and administrative expenses from our affiliates for the three and six months ended June 30, 2015 and 2014 ( in millions ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Gathering and processing revenues $ 1.7 $ 0.7 $ 2.9 $ 1.6 NGL and crude services revenues $ 3.3 $ 3.4 $ 6.7 $ 6.7 Gathering and processing costs of product/services sold (1) $ 7.7 $ 9.8 $ 16.0 $ 20.8 General and administrative expenses (2) $ 14.4 $ 17.4 $ 31.8 $ 37.0 Reimbursement of operations and maintenance expenses $ 0.7 $ — $ 1.6 $ — (1) Represents natural gas purchases from Sabine Oil and Gas Corporation. (2) Included in general and administrative expenses is approximately $2.2 million and $4.4 million of net unit-based compensation charges allocated to us from CEQP for the three and six months ended June 30, 2015 and $1.9 million and $3.6 million of net unit-based compensation charges allocated to us from CEQP for the three and six months ended June 30, 2014 . The following table shows accounts receivable and accounts payable from our affiliates as of June 30, 2015 and December 31, 2014 ( in millions ): June 30, 2015 December 31, 2014 Accounts receivable $ 1.2 $ 0.3 Accounts payable $ 2.6 $ 6.3 |
Segments
Segments | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segments | Segments Financial Information We have three operating and reportable segments; (i) gathering and processing operations; (ii) storage and transportation operations; and (iii) NGL and crude services operations. Our gathering and processing operations engage in the gathering, processing, treating, compression, transportation and sales of natural gas and the delivery of NGLs. Our storage and transportation operations provide regulated natural gas storage and transportations services to producers, utilities and other customers. Our NGL and crude services operations provide NGLs and crude oil gathering, storage, marketing and transportation services to producers, refiners, marketers and other customers that effectively provide flow assurances to our customers, as well as the production and sale of salt products. Our corporate operations include all general and administrative expenses that are not allocated to the reportable segments. We assess the performance of our operating segments based on EBITDA, which is defined as income before income taxes, plus debt-related costs (net interest and debt expense and loss on modification/extinguishment of debt) and depreciation, amortization and accretion expense. Below is a reconciliation of net income to EBITDA ( in millions ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income (loss) $ (42.2 ) $ 11.7 $ (20.5 ) $ 17.2 Add: Interest and debt expense, net 32.6 29.0 62.5 57.1 Loss on modification/extinguishment of debt 17.1 — 17.1 — Provision for income taxes 0.1 0.1 0.4 0.8 Depreciation, amortization and accretion 60.6 54.9 120.5 105.7 EBITDA $ 68.2 $ 95.7 $ 180.0 $ 180.8 The following tables summarize the reportable segment data for the three and six months ended June 30, 2015 and 2014 ( in millions ). Three Months Ended June 30, 2015 Gathering and Processing Storage and Transportation NGL and Crude Services Corporate Total Revenues $ 75.0 $ 44.0 $ 359.4 $ — $ 478.4 Costs of product/services sold 13.3 3.4 299.4 — 316.1 Operations and maintenance expense 14.3 4.1 13.7 — 32.1 General and administrative expense — — — 26.2 26.2 Loss on long-lived assets — — (0.6 ) — (0.6 ) Goodwill impairment (8.3 ) — (31.9 ) — (40.2 ) Earnings from unconsolidated affiliates, net 1.1 0.6 3.3 — 5.0 EBITDA $ 40.2 $ 37.1 $ 17.1 $ (26.2 ) $ 68.2 Goodwill $ 72.7 $ 726.3 $ 793.4 $ — $ 1,592.4 Total assets $ 1,963.1 $ 1,961.0 $ 2,430.3 $ 146.8 $ 6,501.2 Purchases of property, plant and equipment $ 7.9 $ 3.0 $ 23.2 $ 0.3 $ 34.4 Three Months Ended June 30, 2014 Gathering and Processing Storage and Transportation NGL and Crude Services Corporate Total Revenues $ 83.4 $ 45.4 $ 546.9 $ — $ 675.7 Costs of product/services sold 17.6 3.8 497.7 — 519.1 Operations and maintenance expense 14.7 4.4 13.6 — 32.7 General and administrative expense — — — 21.3 21.3 Gain on long-lived assets 0.5 0.6 — — 1.1 Loss on contingent consideration (6.5 ) — — — (6.5 ) Loss from unconsolidated affiliates, net (0.6 ) — (0.9 ) — (1.5 ) EBITDA $ 44.5 $ 37.8 $ 34.7 $ (21.3 ) $ 95.7 Goodwill $ 99.6 $ 726.3 $ 855.5 $ — $ 1,681.4 Total assets $ 1,980.2 $ 1,960.6 $ 2,536.7 $ 158.1 $ 6,635.6 Purchases of property, plant and equipment $ 79.6 $ 1.3 $ 19.5 $ 2.7 $ 103.1 Six Months Ended June 30, 2015 Gathering and Processing Storage and Transportation NGL and Crude Services Corporate Total Revenues $ 153.5 $ 89.7 $ 690.3 $ — $ 933.5 Costs of product/services sold 26.0 6.7 570.0 — 602.7 Operations and maintenance expense 29.2 8.4 29.6 — 67.2 General and administrative expense — — — 50.4 50.4 Loss on long-lived assets (0.3 ) (0.5 ) (0.6 ) — (1.4 ) Goodwill impairment (8.3 ) — (31.9 ) — (40.2 ) Earnings from unconsolidated affiliates, net 3.6 1.5 3.3 — 8.4 EBITDA $ 93.3 $ 75.6 $ 61.5 $ (50.4 ) $ 180.0 Goodwill $ 72.7 $ 726.3 $ 793.4 $ — $ 1,592.4 Total assets $ 1,963.1 $ 1,961.0 $ 2,430.3 $ 146.8 $ 6,501.2 Purchases of property, plant and equipment $ 19.3 $ 5.7 $ 52.3 $ 0.4 $ 77.7 Six Months Ended June 30, 2014 Gathering and Processing Storage and Transportation NGL and Crude Services Corporate Total Revenues $ 162.9 $ 89.7 $ 960.1 $ — $ 1,212.7 Costs of product/services sold 36.3 7.0 873.9 — 917.2 Operations and maintenance expense 28.1 8.7 23.9 — 60.7 General and administrative expense — — — 45.4 45.4 Gain on long-lived assets 1.0 0.6 — — 1.6 Loss on contingent consideration (8.6 ) — — — (8.6 ) Loss from unconsolidated affiliates, net (0.3 ) — (1.3 ) — (1.6 ) EBITDA $ 90.6 $ 74.6 $ 61.0 $ (45.4 ) $ 180.8 Goodwill $ 99.6 $ 726.3 $ 855.5 $ — $ 1,681.4 Total assets $ 1,980.2 $ 1,960.6 $ 2,536.7 $ 158.1 $ 6,635.6 Purchases of property, plant and equipment $ 125.9 $ 2.5 $ 48.4 $ 3.6 $ 180.4 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Crestwood is a holding company and owns no operating assets and has no significant operations independent of our subsidiaries. Obligations under our Senior Notes and our Credit Facility are jointly and severally guaranteed by substantially all of our 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 our Senior Notes, is our 100% owned subsidiary and has no material assets, operations, revenues or cash flows other than those related to its service as co-issuer of our Senior Notes. As summarized in the table below, the condensed consolidating financial statements for the three and six months ended June 30, 2014 have been corrected for certain errors in presentation between the parent and guarantor subsidiaries. There was no impact to our consolidated statement of operations for the three and six months ended June 30, 2014 or our consolidated statement of cash flows for the six months ended June 30, 2014 . Condensed Consolidating Statements of Operations Three Months Ended June 30, 2014 (in millions) Parent Guarantor Eliminations As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported General and administrative expense $ 9.9 $ (0.9 ) $ 11.4 $ 22.2 $ — $ — Operating income (loss) (10.1 ) 0.7 52.4 41.6 — — Interest and debt expense, net (29.0 ) (29.2 ) — 0.2 — — Equity in net income (loss) of subsidiary 50.8 40.2 — — (50.8 ) (40.2 ) Income (loss) before income taxes 11.7 11.7 52.4 41.8 (50.8 ) (40.2 ) Net income (loss) 11.7 11.7 52.3 41.7 (50.8 ) (40.2 ) Net income (loss) attributable to Crestwood Midstream Partners LP 11.7 11.7 52.3 41.7 (50.8 ) (40.2 ) Net income (loss) attributable to partners 10.6 10.6 52.3 41.7 (50.8 ) (40.2 ) Condensed Consolidating Statements of Operations Six Months Ended June 30, 2014 (in millions) Parent Guarantor Eliminations As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported General and administrative expense $ 26.9 $ (3.0 ) $ 18.5 $ 48.4 $ — $ — Operating income (loss) (27.3 ) 2.6 104.0 74.1 — — Interest and debt expense, net (57.1 ) (57.3 ) — 0.2 — — Equity in net income (loss) of subsidiary 101.6 71.9 — — (101.6 ) (71.9 ) Income (loss) before income taxes 17.2 17.2 104.0 74.3 (101.6 ) (71.9 ) Net income (loss) 17.2 17.2 103.2 73.5 (101.6 ) (71.9 ) Net income (loss) attributable to Crestwood Midstream Partners LP 17.2 17.2 103.2 73.5 (101.6 ) (71.9 ) Net income (loss) attributable to partners 16.1 16.1 103.2 73.5 (101.6 ) (71.9 ) Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2014 (in millions) Parent Guarantor Non-Guarantor Eliminations As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported Cash flows from operating activities: $ (80.4 ) $ (16.7 ) $ 191.5 $ 112.1 $ — $ — $ — $ — Cash flows from investing activities: Investment in unconsolidated affiliates, net — — — (2.8 ) (48.6 ) (45.8 ) — — Capital contributions from consolidated affiliates (14.0 ) (11.2 ) — (2.8 ) — — 14.0 14.0 Other — (265.5 ) — — — — — 265.5 Net cash provided by (used in) investing activities (16.3 ) (279.0 ) (197.6 ) (187.5 ) (48.6 ) (45.8 ) 14.0 279.5 Cash flows from financing activities: Proceeds from the issuance of long-term debt 860.6 2.5 — 858.1 — — — — Principal payments on long-term debt (863.2 ) — — (863.2 ) — — — — Distributions paid (169.2 ) — — (169.2 ) — — — — Contributions from parent — — — 2.8 14.0 11.2 (14.0 ) (14.0 ) Change in intercompany balances (24.7 ) — 24.7 265.5 — — — (265.5 ) Net cash provided by (used in) financing activities 96.7 295.7 21.7 91.0 47.6 44.8 (14.0 ) (279.5 ) The tables below present condensed consolidating financial statements for us (parent) on a stand-alone, unconsolidated basis, and our combined guarantor and combined non-guarantor subsidiaries as of June 30, 2015 and December 31, 2014 , and for the three and six months ended June 30, 2015 and 2014 . The financial information may not necessarily be indicative of the results of operations, cash flows or financial position had the subsidiaries operated as independent entities. Condensed Consolidating Balance Sheet June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ — $ 0.2 $ — $ — $ 0.2 Accounts receivable 0.7 225.5 — — 226.2 Accounts receivable - related party — 0.4 0.8 — 1.2 Total accounts receivable 0.7 225.9 0.8 — 227.4 Inventory — 12.8 — — 12.8 Other current assets — 17.5 — — 17.5 Total current assets 0.7 256.4 0.8 — 257.9 Property, plant and equipment, net 7.3 3,479.8 — — 3,487.1 Goodwill and intangible assets, net 42.8 2,387.9 — — 2,430.7 Investment in consolidated affiliates 6,257.7 — — (6,257.7 ) — Investment in unconsolidated affiliates — — 324.2 — 324.2 Other assets — 1.3 — — 1.3 Total assets $ 6,308.5 $ 6,125.4 $ 325.0 $ (6,257.7 ) $ 6,501.2 Liabilities and partners' capital Current liabilities: Accounts payable $ 1.7 $ 105.5 $ — $ — $ 107.2 Accounts payable - related party 1.6 0.4 0.6 — 2.6 Total accounts payable 3.3 105.9 0.6 — 109.8 Other current liabilities 32.8 56.1 — — 88.9 Total current liabilities 36.1 162.0 0.6 — 198.7 Long-term liabilities: Long-term debt, less current portion 2,159.5 — — — 2,159.5 Other long-term liabilities 0.8 30.1 — — 30.9 Partners' capital 3,932.9 5,933.3 145.2 (6,078.5 ) 3,932.9 Interest of non-controlling partners in subsidiaries 179.2 — 179.2 (179.2 ) 179.2 Total partners' capital 4,112.1 5,933.3 324.4 (6,257.7 ) 4,112.1 Total liabilities and partners' capital $ 6,308.5 $ 6,125.4 $ 325.0 $ (6,257.7 ) $ 6,501.2 Condensed Consolidating Balance Sheet December 31, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ — $ 4.6 $ — $ — $ 4.6 Accounts receivable 1.2 240.3 — — 241.5 Accounts receivable - related party — — 0.3 — 0.3 Total accounts receivable 1.2 240.3 0.3 — 241.8 Inventory — 8.0 — — 8.0 Other current assets — 18.7 — — 18.7 Total current assets 1.2 271.6 0.3 — 273.1 Property, plant and equipment, net 7.9 3,510.2 — — 3,518.1 Goodwill and intangible assets, net 38.0 2,470.8 — — 2,508.8 Investment in consolidated affiliates 6,296.7 — — (6,296.7 ) — Investment in unconsolidated affiliates — — 295.1 — 295.1 Other assets — 1.4 — — 1.4 Total assets $ 6,343.8 $ 6,254.0 $ 295.4 $ (6,296.7 ) $ 6,596.5 Liabilities and partners' capital Current liabilities: Accounts payable $ 4.8 $ 121.3 $ — $ — $ 126.1 Accounts payable - related party 4.2 1.9 0.2 — 6.3 Total accounts payable 9.0 123.2 0.2 — 132.4 Other current liabilities 23.0 99.7 — — 122.7 Total current liabilities 32.0 222.9 0.2 — 255.1 Long-term liabilities: Long-term debt, less current portion 2,012.8 — — — 2,012.8 Other long-term liabilities 1.6 29.6 — — 31.2 Partners' capital 4,125.7 6,001.5 123.5 (6,125.0 ) 4,125.7 Interest of non-controlling partners in subsidiaries 171.7 — 171.7 (171.7 ) 171.7 Total partners' capital 4,297.4 6,001.5 295.2 (6,296.7 ) 4,297.4 Total liabilities and partners' capital $ 6,343.8 $ 6,254.0 $ 295.4 $ (6,296.7 ) $ 6,596.5 Condensed Consolidating Statements of Operations Three Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 478.4 $ — $ — $ 478.4 Costs of product/services sold — 316.1 — — 316.1 Expenses: Operations and maintenance — 32.1 — — 32.1 General and administrative 16.4 9.8 — — 26.2 Depreciation, amortization and accretion 0.9 59.7 — — 60.6 17.3 101.6 — — 118.9 Other operating expense: Loss on long-lived assets, net — (0.6 ) — — (0.6 ) Goodwill impairment — (40.2 ) — — (40.2 ) Operating income (loss) (17.3 ) 19.9 — — 2.6 Earnings from unconsolidated affiliates, net — — 5.0 — 5.0 Interest and debt expense, net (32.6 ) — — — (32.6 ) Loss on modification/extinguishment of debt (17.1 ) — — — (17.1 ) Equity in net income (loss) of subsidiary 24.8 — — (24.8 ) — Income (loss) before income taxes (42.2 ) 19.9 5.0 (24.8 ) (42.1 ) Provision for income taxes — 0.1 — — 0.1 Net income (loss) (42.2 ) 19.8 5.0 (24.8 ) (42.2 ) Net income attributable to non-controlling partners — — (5.7 ) — (5.7 ) Net income (loss) attributable to Crestwood Midstream Partners LP (42.2 ) 19.8 (0.7 ) (24.8 ) (47.9 ) Net income attributable to Class A preferred units (7.5 ) — — — (7.5 ) Net income (loss) attributable to partners $ (49.7 ) $ 19.8 $ (0.7 ) $ (24.8 ) $ (55.4 ) Condensed Consolidating Statements of Operations Three Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 675.7 $ — $ — $ 675.7 Costs of product/services sold — 519.1 — — 519.1 Expenses: Operations and maintenance — 32.7 — — 32.7 General and administrative 9.9 11.4 — — 21.3 Depreciation, amortization and accretion 0.2 54.7 — — 54.9 10.1 98.8 — — 108.9 Other operating income (expense): Gain on long-lived assets, net — 1.1 — — 1.1 Loss on contingent consideration — (6.5 ) — — (6.5 ) Operating income (loss) (10.1 ) 52.4 — — 42.3 Loss from unconsolidated affiliates, net — — (1.5 ) — (1.5 ) Interest and debt expense, net (29.0 ) — — — (29.0 ) Equity in net income (loss) of subsidiary 50.8 — — (50.8 ) — Income (loss) before income taxes 11.7 52.4 (1.5 ) (50.8 ) 11.8 Provision for income taxes — 0.1 — — 0.1 Net income (loss) 11.7 52.3 (1.5 ) (50.8 ) 11.7 Net income attributable to non-controlling partners — — (3.7 ) — (3.7 ) Net income (loss) attributable to Crestwood Midstream Partners LP 11.7 52.3 (5.2 ) (50.8 ) 8.0 Net income attributable to Class A preferred units (1.1 ) — — — (1.1 ) Net income (loss) attributable to partners $ 10.6 $ 52.3 $ (5.2 ) $ (50.8 ) $ 6.9 Condensed Consolidating Statements of Operations Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 933.5 $ — $ — $ 933.5 Costs of product/services sold — 602.7 — — 602.7 Expenses: Operations and maintenance — 67.2 — — 67.2 General and administrative 29.8 20.6 — — 50.4 Depreciation, amortization and accretion 1.1 119.4 — — 120.5 30.9 207.2 — — 238.1 Other operating expense: Loss on long-lived assets, net — (1.4 ) — — (1.4 ) Goodwill impairment — (40.2 ) — — (40.2 ) Operating income (loss) (30.9 ) 82.0 — — 51.1 Earnings from unconsolidated affiliates, net — — 8.4 — 8.4 Interest and debt expense, net (62.5 ) — — — (62.5 ) Loss on modification/extinguishment of debt (17.1 ) — — — (17.1 ) Equity in net income (loss) of subsidiary 90.0 — — (90.0 ) — Income (loss) before income taxes (20.5 ) 82.0 8.4 (90.0 ) (20.1 ) Provision for income taxes — 0.4 — — 0.4 Net income (loss) (20.5 ) 81.6 8.4 (90.0 ) (20.5 ) Net income attributable to non-controlling partners — — (11.3 ) — (11.3 ) Net income (loss) attributable to Crestwood Midstream Partners LP (20.5 ) 81.6 (2.9 ) (90.0 ) (31.8 ) Net income attributable to Class A preferred units (16.7 ) — — — (16.7 ) Net income (loss) attributable to partners $ (37.2 ) $ 81.6 $ (2.9 ) $ (90.0 ) $ (48.5 ) Condensed Consolidating Statements of Operations Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 1,212.7 $ — $ — $ 1,212.7 Costs of product/services sold — 917.2 — — 917.2 Expenses: Operations and maintenance — 60.7 — — 60.7 General and administrative 26.9 18.5 — — 45.4 Depreciation, amortization and accretion 0.4 105.3 — — 105.7 27.3 184.5 — — 211.8 Other operating income (expense): Gain on long-lived assets, net — 1.6 — — 1.6 Loss on contingent consideration — (8.6 ) — — (8.6 ) Operating income (loss) (27.3 ) 104.0 — — 76.7 Loss from unconsolidated affiliates, net — — (1.6 ) — (1.6 ) Interest and debt expense, net (57.1 ) — — — (57.1 ) Equity in net income (loss) of subsidiary 101.6 — — (101.6 ) — Income (loss) before income taxes 17.2 104.0 (1.6 ) (101.6 ) 18.0 Provision for income taxes — 0.8 — — 0.8 Net income (loss) 17.2 103.2 (1.6 ) (101.6 ) 17.2 Net income attributable to non-controlling partners — — (6.8 ) — (6.8 ) Net income (loss) attributable to Crestwood Midstream Partners LP 17.2 103.2 (8.4 ) (101.6 ) 10.4 Net income attributable to Class A preferred units (1.1 ) — — — (1.1 ) Net income (loss) attributable to partners $ 16.1 $ 103.2 $ (8.4 ) $ (101.6 ) $ 9.3 Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (89.1 ) $ 231.0 $ 6.0 $ — $ 147.9 Cash flows from investing activities: Purchases of property, plant and equipment (0.4 ) (77.3 ) — — (77.7 ) Investment in unconsolidated affiliates — — (27.8 ) — (27.8 ) Capital distributions from unconsolidated affiliates — — 1.0 — 1.0 Proceeds from sale of assets — 1.7 — — 1.7 Capital contribution to consolidated affiliates (24.6 ) — — 24.6 — Net cash provided by (used in) investing activities (25.0 ) (75.6 ) (26.8 ) 24.6 (102.8 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 1,865.1 — — — 1,865.1 Principal payments on long-term debt (1,712.5 ) — — — (1,712.5 ) Payments on capital leases (0.9 ) (0.3 ) — — (1.2 ) Payments for debt-related deferred costs (11.7 ) — — — (11.7 ) Financing fees paid for early debt redemption (13.6 ) — — — (13.6 ) Distributions paid (169.5 ) — (3.8 ) — (173.3 ) Contributions from parent — — 24.6 (24.6 ) — Taxes paid for unit-based compensation vesting — (2.1 ) — — (2.1 ) Change in intercompany balances 157.4 (157.4 ) — — — Other (0.2 ) — — — (0.2 ) Net cash provided by (used in) financing activities 114.1 (159.8 ) 20.8 (24.6 ) (49.5 ) Net change in cash — (4.4 ) — — (4.4 ) Cash at beginning of period — 4.6 — — 4.6 Cash at end of period $ — $ 0.2 $ — $ — $ 0.2 Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (80.4 ) $ 191.5 $ — $ — $ 111.1 Cash flows from investing activities: Acquisitions, net of cash acquired — (19.5 ) — — (19.5 ) Purchases of property, plant and equipment (2.3 ) (178.1 ) — — (180.4 ) Investment in unconsolidated affiliates — — (48.6 ) — (48.6 ) Capital contribution to consolidated affiliates (14.0 ) — — 14.0 — Net cash provided by (used in) investing activities (16.3 ) (197.6 ) (48.6 ) 14.0 (248.5 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 860.6 — — — 860.6 Principal payments on long-term debt (863.2 ) — — — (863.2 ) Payments on capital leases (0.5 ) (1.4 ) — — (1.9 ) Distributions paid (169.2 ) — — — (169.2 ) Contributions from parent — — 14.0 (14.0 ) — Net proceeds from issuance of preferred equity of subsidiary — — 33.6 — 33.6 Net proceeds from issuance of Class A preferred units 293.7 — — — 293.7 Taxes paid for unit-based compensation vesting — (1.5 ) — — (1.5 ) Change in intercompany balances (24.7 ) 24.7 — — — Other — (0.1 ) — — (0.1 ) Net cash provided by (used in) financing activities 96.7 21.7 47.6 (14.0 ) 152.0 Net change in cash — 15.6 (1.0 ) — 14.6 Cash at beginning of period 0.1 1.6 1.0 — 2.7 Cash at end of period $ 0.1 $ 17.2 $ — $ — $ 17.3 |
Simplification Merger
Simplification Merger | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Simplification Merger | Simplification Merger On May 5, 2015, CEQP, the Company and certain of its affiliates entered into a definitive agreement under which we have agreed to merge with a wholly-owned subsidiary of CEQP, with the Company surviving as a wholly-owned subsidiary of CEQP. As part of the merger consideration, our common unitholders will become unitholders of CEQP in a tax free exchange, with our common unitholders receiving 2.75 common units of CEQP for each common unit of the Company held upon completion of the merger. Upon completion of the Simplification Merger, our IDRs will be eliminated and our common units will cease to be listed on the NYSE. We expect to complete the merger in the third quarter of 2015, subject to the approval by our unitholders and the satisfaction of customary closing conditions. The Simplification Merger was unanimously approved by the boards of directors of the Company and CEQP, based on the unanimous approval and recommendation of their respective conflicts committees, which consisted entirely of independent directors. Under the merger agreement, (i) we are required to call, prior to the closing of the Simplification Merger, the remaining $60 million of equity commitment made available by the Class A Purchasers; and (ii) we will, contemporaneously with or immediately following the closing of the Simplification Merger, acquire CEQP's proprietary NGL business. Also, in conjunction with the Simplification Merger: • CEQP and Crestwood Holdings each entered into a support agreement with the Company under which CEQP and Crestwood Holdings have agreed to vote their respective CMLP common units in favor of the Simplification Merger at the unitholder meeting required by the merger; and • the Class A Holders entered into letter agreements with the Company under which they have agreed, subject to the closing of the merger, to exchange their Preferred Units into new preferred units of CEQP upon completion of the Simplification Merger. Although not required by the merger agreement, we anticipate contemporaneously with the closing of the merger that we will repay and retire all borrowings under our existing Credit Facility. This indebtedness will effectively be retired with a combination of proceeds received by the Company from the sale of Preferred Units to the Class A Purchasers prior to the closing of the Simplification Merger and borrowings under our amended and restated credit facility (described below). To refinance the existing Credit Facility in conjunction with the Simplification Merger, we intend to enter into an amended and restated senior secured revolving credit facility under which up to $1.5 billion in aggregate principle amount of cash borrowings and letters of credit will be made available to us by a syndicate of lenders. In July 2015, we received final lender commitments for the $1.5 billion revolving credit facility and, subject to customary closing conditions (including the closing of the merger and our acquisition of CEQP's NGL assets concurrently with or immediately following the closing of the amended and restated credit facility), we expect to close the amended and restated credit agreement contemporaneously with the closing of the Simplification Merger. Pursuant to the final commitments from the syndicate of lenders, we anticipate that the terms of the amended and restated credit agreement will be substantially similar to the terms and conditions of our existing $1.0 billion credit facility, and that the proprietary NGL business acquired from CEQP will be part of the lenders’ collateral package. Following the acquisition of CEQP's proprietary NGL business and refinancing described above, we will own all of the operating assets within the Crestwood partnerships and will issue all of the debt (including bank loans and senior notes) required to operate those businesses. CEQP, as our publicly-traded parent company following the merger, will issue common units when equity capital is required by our businesses. |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2014 Annual Report on Form 10-K. Below is an update of our estimates related to goodwill. |
New Accounting Pronouncements Issued But Not Yet Adopted | New Accounting Pronouncements Issued But Not Yet Adopted As of June 30, 2015 , the following accounting standards had not yet been adopted by us. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. We expect to adopt the provisions of this standard effective January 1, 2018 and are currently evaluating the impact that this standard will have on our consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. We expect to adopt the provisions of this standard effective January 1, 2016 and are currently evaluating the impact, if any, that this standard may have on our consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30) , which requires deferred debt issuance costs to be classified as a reduction of the debt liability rather than as an asset in the balance sheet. We expect to adopt the provisions of this standard effective January 1, 2016, and do not currently anticipate it will have a significant impact on our consolidated financial statements. |
Certain Balance Sheet Informa22
Certain Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, Gathering systems and pipelines 1,282.8 1,276.6 Facilities and equipment 1,491.0 1,468.8 Buildings, land, rights-of-way, storage contracts and easements 810.1 806.4 Vehicles 13.6 13.6 Construction in process 156.0 153.7 Base gas 37.5 37.5 Salt deposits 120.5 120.5 Office furniture and fixtures 6.7 6.4 3,918.2 3,883.5 Less: accumulated depreciation and depletion 431.1 365.4 Total property, plant and equipment, net $ 3,487.1 $ 3,518.1 |
Components of Intangible Assets | Intangible assets consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, Customer accounts $ 483.2 $ 483.2 Covenants not to compete 5.6 5.6 Gas gathering, compression and processing contracts 427.3 431.4 Acquired storage contracts 29.0 29.0 Trademarks 9.6 9.7 Deferred financing costs 57.7 54.3 1,012.4 1,013.2 Less: accumulated amortization 174.1 137.0 Total intangible assets, net $ 838.3 $ 876.2 |
Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, 2014 Accrued expenses $ 20.5 $ 23.7 Accrued property taxes 6.2 2.1 Accrued product purchases payable 1.0 0.7 Tax payable — 0.4 Interest payable 26.8 22.0 Accrued additions to property, plant and equipment 11.9 20.0 Commitments and contingent liabilities ( Note 10 ) — 40.0 Capital leases 0.9 1.3 Deferred revenue 15.6 11.6 Other — 0.2 Total accrued expenses and other liabilities $ 82.9 $ 122.0 |
Investments in Unconsolidated23
Investments in Unconsolidated Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Our net investments in and earnings (loss) from our unconsolidated affiliates are as follows ( in millions , unless otherwise stated ): Ownership Percentage Investment Earnings (Loss) from Unconsolidated Affiliates June 30, June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, 2015 2015 2014 2015 2014 2015 2014 Jackalope Gas Gathering Services, L.L.C. (1) 50.00 % (4) $ 249.9 $ 232.9 $ 1.1 $ (0.6 ) $ 3.6 $ (0.3 ) Tres Palacios Holdings LLC (2) 50.01 % 41.3 36.0 0.6 — 1.5 — Powder River Basin Industrial Complex, LLC (3) 50.01 % 33.0 26.2 3.3 (0.9 ) 3.3 (1.3 ) Total $ 324.2 $ 295.1 $ 5.0 $ (1.5 ) $ 8.4 $ (1.6 ) (1) As of June 30, 2015 , our investment balance exceeded our equity in the underlying net assets of Jackalope Gas Gathering Services, L.L.C. (Jackalope) by approximately $52.2 million . We amortize and generally assess the recoverability of this amount over 20 years, which represents the life of Jackalope’s gathering agreement with Chesapeake Energy Corporation and RKI Exploration and Production, LLC, and we reflect the amortization as a reduction of our earnings from unconsolidated affiliates. We recorded amortization of approximately 0.7 million for the three months ended June 30, 2015 and 2014 , and 1.5 million for the six months ended June 30, 2015 and 2014 . Our Jackalope investment is included in our gathering and processing segment. (2) In December 2014, one of our consolidated subsidiaries and an affiliate of Brookfield Infrastructure Group (Brookfield) formed the Tres Palacios Holdings LLC (Tres Holdings) joint venture. As of June 30, 2015 , our equity in the underlying net assets exceeded our investment balance in Tres Holdings by approximately $29.7 million . We amortize and generally assess the recoverability of this amount over the life of the Tres Palacios Gas Storage LLC (Tres Palacios) sublease agreement, and we reflect the amortization as an increase in our earnings from unconsolidated affiliates. We recorded amortization of approximately $0.3 million and $0.6 million for the three and six months ended June 30, 2015 . Our Tres Holdings investment is included in our storage and transportation segment. (3) As of June 30, 2015 , our investment balance approximated our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC). During the three and six months ended June 30, 2015, we recorded additional equity earnings of approximately $3.2 million related to a gain associated with the adjustment of our member's capital account by our equity investee. Our PRBIC investment is included in our NGL and crude services segment. (4) Excludes non-controlling interests related to our investment in Jackalope. See Note 8 for a further discussion of our non-controlling interest related to our investment in Jackalope. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table reflects the carrying value and fair value of our senior notes ( in millions ): June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value 2019 Senior Notes $ — $ — $ 351.0 $ 360.5 2020 Senior Notes $ 503.7 $ 517.5 $ 504.0 $ 481.6 2022 Senior Notes $ 600.0 $ 615.6 $ 600.0 $ 568.5 2023 Senior Notes $ 700.0 $ 729.8 $ — $ — |
Schedule of Debt | Long-term debt consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, Credit Facility $ 358.3 $ 555.0 2019 Senior Notes — 350.0 Premium on 2019 Senior Notes — 1.0 2020 Senior Notes 500.0 500.0 Fair value adjustment of 2020 Senior Notes 3.7 4.0 2022 Senior Notes 600.0 600.0 2023 Senior Notes 700.0 — Other 3.5 3.5 Total debt 2,165.5 2,013.5 Less: current portion 6.0 0.7 Total long-term debt $ 2,159.5 $ 2,012.8 |
Earnings Per Limited Partner 25
Earnings Per Limited Partner Unit (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | The tables below show the (i) allocation of net income attributable to CMLP and the (ii) net income attributable to CMLP per limited partner unit based on the number of basic and diluted limited partner units outstanding for the three and six months ended June 30, 2015 and 2014 ( in millions ): Allocation of Net Income Attributable to CMLP Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income (loss) attributable to CMLP $ (47.9 ) $ 8.0 $ (31.8 ) $ 10.4 Class A preferred units’ interest in net income attributable to CMLP (7.5 ) (1.1 ) (16.7 ) (1.1 ) General partner’s incentive distributions (7.5 ) (7.5 ) (15.0 ) (15.0 ) Limited partners’ interest in net loss attributable to CMLP $ (62.9 ) $ (0.6 ) $ (63.5 ) $ (5.7 ) |
Schedule of Earnings Per Share Reconciliation | Earnings Per Limited Partner Unit Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Limited partners’ interest in net loss $ (62.9 ) $ (0.6 ) $ (63.5 ) $ (5.7 ) Weighted-average limited partner units - basic 188.3 188.0 188.3 187.9 Effect of diluted units — — — — Weighted-average limited partner units - diluted 188.3 188.0 188.3 187.9 Basic earnings per unit: Net income (loss) per limited partner $ (0.33 ) $ — $ (0.34 ) $ (0.03 ) Diluted earnings per unit: Net income (loss) per limited partner $ (0.33 ) $ — $ (0.34 ) $ (0.03 ) |
Partners' Capital (Tables)
Partners' Capital (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Partners' Capital [Abstract] | |
Schedule of Distributions Made to Members or Limited Partners, by Distribution | The following table presents quarterly cash distributions paid to our limited partners (excluding distributions paid to our general partner on its common units held) during the six months ended June 30, 2015 and 2014 : Record Date Payment Date Per Unit Rate Cash Distribution (in millions) 2015 February 6, 2015 February 13, 2015 $ 0.41 $ 74.3 May 8, 2015 May 15, 2015 $ 0.41 74.3 $ 148.6 2014 February 7, 2014 February 14, 2014 $ 0.41 $ 74.1 May 8, 2014 May 15, 2014 $ 0.41 74.2 $ 148.3 |
Equity Plans (Tables)
Equity Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes information regarding restricted and phantom unit activity during the six months ended June 30, 2015 : Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2015 834,796 $ 23.18 Vested - restricted units (449,667 ) $ 22.93 Vested - phantom units (21,578 ) $ 16.05 Granted - restricted units 522,328 $ 16.01 Granted - phantom units 165,501 $ 15.99 Forfeited (1) (70,522 ) $ 20.03 Unvested - June 30, 2015 980,858 $ 18.65 (1) We implemented a company-wide initiative to reduce operating costs in 2015 and beyond, which included a reduction in work force. As a result, 39,172 restricted units were forfeited during the six months ended June 30, 2015 . |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table shows revenues, costs of goods sold and general and administrative expenses from our affiliates for the three and six months ended June 30, 2015 and 2014 ( in millions ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Gathering and processing revenues $ 1.7 $ 0.7 $ 2.9 $ 1.6 NGL and crude services revenues $ 3.3 $ 3.4 $ 6.7 $ 6.7 Gathering and processing costs of product/services sold (1) $ 7.7 $ 9.8 $ 16.0 $ 20.8 General and administrative expenses (2) $ 14.4 $ 17.4 $ 31.8 $ 37.0 Reimbursement of operations and maintenance expenses $ 0.7 $ — $ 1.6 $ — (1) Represents natural gas purchases from Sabine Oil and Gas Corporation. (2) Included in general and administrative expenses is approximately $2.2 million and $4.4 million of net unit-based compensation charges allocated to us from CEQP for the three and six months ended June 30, 2015 and $1.9 million and $3.6 million of net unit-based compensation charges allocated to us from CEQP for the three and six months ended June 30, 2014 . |
Schedule of Related Party Receivables and Payables | The following table shows accounts receivable and accounts payable from our affiliates as of June 30, 2015 and December 31, 2014 ( in millions ): June 30, 2015 December 31, 2014 Accounts receivable $ 1.2 $ 0.3 Accounts payable $ 2.6 $ 6.3 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segments | Below is a reconciliation of net income to EBITDA ( in millions ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income (loss) $ (42.2 ) $ 11.7 $ (20.5 ) $ 17.2 Add: Interest and debt expense, net 32.6 29.0 62.5 57.1 Loss on modification/extinguishment of debt 17.1 — 17.1 — Provision for income taxes 0.1 0.1 0.4 0.8 Depreciation, amortization and accretion 60.6 54.9 120.5 105.7 EBITDA $ 68.2 $ 95.7 $ 180.0 $ 180.8 The following tables summarize the reportable segment data for the three and six months ended June 30, 2015 and 2014 ( in millions ). Three Months Ended June 30, 2015 Gathering and Processing Storage and Transportation NGL and Crude Services Corporate Total Revenues $ 75.0 $ 44.0 $ 359.4 $ — $ 478.4 Costs of product/services sold 13.3 3.4 299.4 — 316.1 Operations and maintenance expense 14.3 4.1 13.7 — 32.1 General and administrative expense — — — 26.2 26.2 Loss on long-lived assets — — (0.6 ) — (0.6 ) Goodwill impairment (8.3 ) — (31.9 ) — (40.2 ) Earnings from unconsolidated affiliates, net 1.1 0.6 3.3 — 5.0 EBITDA $ 40.2 $ 37.1 $ 17.1 $ (26.2 ) $ 68.2 Goodwill $ 72.7 $ 726.3 $ 793.4 $ — $ 1,592.4 Total assets $ 1,963.1 $ 1,961.0 $ 2,430.3 $ 146.8 $ 6,501.2 Purchases of property, plant and equipment $ 7.9 $ 3.0 $ 23.2 $ 0.3 $ 34.4 Three Months Ended June 30, 2014 Gathering and Processing Storage and Transportation NGL and Crude Services Corporate Total Revenues $ 83.4 $ 45.4 $ 546.9 $ — $ 675.7 Costs of product/services sold 17.6 3.8 497.7 — 519.1 Operations and maintenance expense 14.7 4.4 13.6 — 32.7 General and administrative expense — — — 21.3 21.3 Gain on long-lived assets 0.5 0.6 — — 1.1 Loss on contingent consideration (6.5 ) — — — (6.5 ) Loss from unconsolidated affiliates, net (0.6 ) — (0.9 ) — (1.5 ) EBITDA $ 44.5 $ 37.8 $ 34.7 $ (21.3 ) $ 95.7 Goodwill $ 99.6 $ 726.3 $ 855.5 $ — $ 1,681.4 Total assets $ 1,980.2 $ 1,960.6 $ 2,536.7 $ 158.1 $ 6,635.6 Purchases of property, plant and equipment $ 79.6 $ 1.3 $ 19.5 $ 2.7 $ 103.1 Six Months Ended June 30, 2015 Gathering and Processing Storage and Transportation NGL and Crude Services Corporate Total Revenues $ 153.5 $ 89.7 $ 690.3 $ — $ 933.5 Costs of product/services sold 26.0 6.7 570.0 — 602.7 Operations and maintenance expense 29.2 8.4 29.6 — 67.2 General and administrative expense — — — 50.4 50.4 Loss on long-lived assets (0.3 ) (0.5 ) (0.6 ) — (1.4 ) Goodwill impairment (8.3 ) — (31.9 ) — (40.2 ) Earnings from unconsolidated affiliates, net 3.6 1.5 3.3 — 8.4 EBITDA $ 93.3 $ 75.6 $ 61.5 $ (50.4 ) $ 180.0 Goodwill $ 72.7 $ 726.3 $ 793.4 $ — $ 1,592.4 Total assets $ 1,963.1 $ 1,961.0 $ 2,430.3 $ 146.8 $ 6,501.2 Purchases of property, plant and equipment $ 19.3 $ 5.7 $ 52.3 $ 0.4 $ 77.7 Six Months Ended June 30, 2014 Gathering and Processing Storage and Transportation NGL and Crude Services Corporate Total Revenues $ 162.9 $ 89.7 $ 960.1 $ — $ 1,212.7 Costs of product/services sold 36.3 7.0 873.9 — 917.2 Operations and maintenance expense 28.1 8.7 23.9 — 60.7 General and administrative expense — — — 45.4 45.4 Gain on long-lived assets 1.0 0.6 — — 1.6 Loss on contingent consideration (8.6 ) — — — (8.6 ) Loss from unconsolidated affiliates, net (0.3 ) — (1.3 ) — (1.6 ) EBITDA $ 90.6 $ 74.6 $ 61.0 $ (45.4 ) $ 180.8 Goodwill $ 99.6 $ 726.3 $ 855.5 $ — $ 1,681.4 Total assets $ 1,980.2 $ 1,960.6 $ 2,536.7 $ 158.1 $ 6,635.6 Purchases of property, plant and equipment $ 125.9 $ 2.5 $ 48.4 $ 3.6 $ 180.4 |
Condensed Consolidating Finan30
Condensed Consolidating Financial Information (Tables) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | As summarized in the table below, the condensed consolidating financial statements for the three and six months ended June 30, 2014 have been corrected for certain errors in presentation between the parent and guarantor subsidiaries. There was no impact to our consolidated statement of operations for the three and six months ended June 30, 2014 or our consolidated statement of cash flows for the six months ended June 30, 2014 . Condensed Consolidating Statements of Operations Three Months Ended June 30, 2014 (in millions) Parent Guarantor Eliminations As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported General and administrative expense $ 9.9 $ (0.9 ) $ 11.4 $ 22.2 $ — $ — Operating income (loss) (10.1 ) 0.7 52.4 41.6 — — Interest and debt expense, net (29.0 ) (29.2 ) — 0.2 — — Equity in net income (loss) of subsidiary 50.8 40.2 — — (50.8 ) (40.2 ) Income (loss) before income taxes 11.7 11.7 52.4 41.8 (50.8 ) (40.2 ) Net income (loss) 11.7 11.7 52.3 41.7 (50.8 ) (40.2 ) Net income (loss) attributable to Crestwood Midstream Partners LP 11.7 11.7 52.3 41.7 (50.8 ) (40.2 ) Net income (loss) attributable to partners 10.6 10.6 52.3 41.7 (50.8 ) (40.2 ) Condensed Consolidating Statements of Operations Six Months Ended June 30, 2014 (in millions) Parent Guarantor Eliminations As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported General and administrative expense $ 26.9 $ (3.0 ) $ 18.5 $ 48.4 $ — $ — Operating income (loss) (27.3 ) 2.6 104.0 74.1 — — Interest and debt expense, net (57.1 ) (57.3 ) — 0.2 — — Equity in net income (loss) of subsidiary 101.6 71.9 — — (101.6 ) (71.9 ) Income (loss) before income taxes 17.2 17.2 104.0 74.3 (101.6 ) (71.9 ) Net income (loss) 17.2 17.2 103.2 73.5 (101.6 ) (71.9 ) Net income (loss) attributable to Crestwood Midstream Partners LP 17.2 17.2 103.2 73.5 (101.6 ) (71.9 ) Net income (loss) attributable to partners 16.1 16.1 103.2 73.5 (101.6 ) (71.9 ) Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2014 (in millions) Parent Guarantor Non-Guarantor Eliminations As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported Cash flows from operating activities: $ (80.4 ) $ (16.7 ) $ 191.5 $ 112.1 $ — $ — $ — $ — Cash flows from investing activities: Investment in unconsolidated affiliates, net — — — (2.8 ) (48.6 ) (45.8 ) — — Capital contributions from consolidated affiliates (14.0 ) (11.2 ) — (2.8 ) — — 14.0 14.0 Other — (265.5 ) — — — — — 265.5 Net cash provided by (used in) investing activities (16.3 ) (279.0 ) (197.6 ) (187.5 ) (48.6 ) (45.8 ) 14.0 279.5 Cash flows from financing activities: Proceeds from the issuance of long-term debt 860.6 2.5 — 858.1 — — — — Principal payments on long-term debt (863.2 ) — — (863.2 ) — — — — Distributions paid (169.2 ) — — (169.2 ) — — — — Contributions from parent — — — 2.8 14.0 11.2 (14.0 ) (14.0 ) Change in intercompany balances (24.7 ) — 24.7 265.5 — — — (265.5 ) Net cash provided by (used in) financing activities 96.7 295.7 21.7 91.0 47.6 44.8 (14.0 ) (279.5 ) | |
Consolidating Balance Sheet | Condensed Consolidating Balance Sheet June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ — $ 0.2 $ — $ — $ 0.2 Accounts receivable 0.7 225.5 — — 226.2 Accounts receivable - related party — 0.4 0.8 — 1.2 Total accounts receivable 0.7 225.9 0.8 — 227.4 Inventory — 12.8 — — 12.8 Other current assets — 17.5 — — 17.5 Total current assets 0.7 256.4 0.8 — 257.9 Property, plant and equipment, net 7.3 3,479.8 — — 3,487.1 Goodwill and intangible assets, net 42.8 2,387.9 — — 2,430.7 Investment in consolidated affiliates 6,257.7 — — (6,257.7 ) — Investment in unconsolidated affiliates — — 324.2 — 324.2 Other assets — 1.3 — — 1.3 Total assets $ 6,308.5 $ 6,125.4 $ 325.0 $ (6,257.7 ) $ 6,501.2 Liabilities and partners' capital Current liabilities: Accounts payable $ 1.7 $ 105.5 $ — $ — $ 107.2 Accounts payable - related party 1.6 0.4 0.6 — 2.6 Total accounts payable 3.3 105.9 0.6 — 109.8 Other current liabilities 32.8 56.1 — — 88.9 Total current liabilities 36.1 162.0 0.6 — 198.7 Long-term liabilities: Long-term debt, less current portion 2,159.5 — — — 2,159.5 Other long-term liabilities 0.8 30.1 — — 30.9 Partners' capital 3,932.9 5,933.3 145.2 (6,078.5 ) 3,932.9 Interest of non-controlling partners in subsidiaries 179.2 — 179.2 (179.2 ) 179.2 Total partners' capital 4,112.1 5,933.3 324.4 (6,257.7 ) 4,112.1 Total liabilities and partners' capital $ 6,308.5 $ 6,125.4 $ 325.0 $ (6,257.7 ) $ 6,501.2 Condensed Consolidating Balance Sheet December 31, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ — $ 4.6 $ — $ — $ 4.6 Accounts receivable 1.2 240.3 — — 241.5 Accounts receivable - related party — — 0.3 — 0.3 Total accounts receivable 1.2 240.3 0.3 — 241.8 Inventory — 8.0 — — 8.0 Other current assets — 18.7 — — 18.7 Total current assets 1.2 271.6 0.3 — 273.1 Property, plant and equipment, net 7.9 3,510.2 — — 3,518.1 Goodwill and intangible assets, net 38.0 2,470.8 — — 2,508.8 Investment in consolidated affiliates 6,296.7 — — (6,296.7 ) — Investment in unconsolidated affiliates — — 295.1 — 295.1 Other assets — 1.4 — — 1.4 Total assets $ 6,343.8 $ 6,254.0 $ 295.4 $ (6,296.7 ) $ 6,596.5 Liabilities and partners' capital Current liabilities: Accounts payable $ 4.8 $ 121.3 $ — $ — $ 126.1 Accounts payable - related party 4.2 1.9 0.2 — 6.3 Total accounts payable 9.0 123.2 0.2 — 132.4 Other current liabilities 23.0 99.7 — — 122.7 Total current liabilities 32.0 222.9 0.2 — 255.1 Long-term liabilities: Long-term debt, less current portion 2,012.8 — — — 2,012.8 Other long-term liabilities 1.6 29.6 — — 31.2 Partners' capital 4,125.7 6,001.5 123.5 (6,125.0 ) 4,125.7 Interest of non-controlling partners in subsidiaries 171.7 — 171.7 (171.7 ) 171.7 Total partners' capital 4,297.4 6,001.5 295.2 (6,296.7 ) 4,297.4 Total liabilities and partners' capital $ 6,343.8 $ 6,254.0 $ 295.4 $ (6,296.7 ) $ 6,596.5 | |
Consolidating Statements of Operations | Condensed Consolidating Statements of Operations Three Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 478.4 $ — $ — $ 478.4 Costs of product/services sold — 316.1 — — 316.1 Expenses: Operations and maintenance — 32.1 — — 32.1 General and administrative 16.4 9.8 — — 26.2 Depreciation, amortization and accretion 0.9 59.7 — — 60.6 17.3 101.6 — — 118.9 Other operating expense: Loss on long-lived assets, net — (0.6 ) — — (0.6 ) Goodwill impairment — (40.2 ) — — (40.2 ) Operating income (loss) (17.3 ) 19.9 — — 2.6 Earnings from unconsolidated affiliates, net — — 5.0 — 5.0 Interest and debt expense, net (32.6 ) — — — (32.6 ) Loss on modification/extinguishment of debt (17.1 ) — — — (17.1 ) Equity in net income (loss) of subsidiary 24.8 — — (24.8 ) — Income (loss) before income taxes (42.2 ) 19.9 5.0 (24.8 ) (42.1 ) Provision for income taxes — 0.1 — — 0.1 Net income (loss) (42.2 ) 19.8 5.0 (24.8 ) (42.2 ) Net income attributable to non-controlling partners — — (5.7 ) — (5.7 ) Net income (loss) attributable to Crestwood Midstream Partners LP (42.2 ) 19.8 (0.7 ) (24.8 ) (47.9 ) Net income attributable to Class A preferred units (7.5 ) — — — (7.5 ) Net income (loss) attributable to partners $ (49.7 ) $ 19.8 $ (0.7 ) $ (24.8 ) $ (55.4 ) Condensed Consolidating Statements of Operations Three Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 675.7 $ — $ — $ 675.7 Costs of product/services sold — 519.1 — — 519.1 Expenses: Operations and maintenance — 32.7 — — 32.7 General and administrative 9.9 11.4 — — 21.3 Depreciation, amortization and accretion 0.2 54.7 — — 54.9 10.1 98.8 — — 108.9 Other operating income (expense): Gain on long-lived assets, net — 1.1 — — 1.1 Loss on contingent consideration — (6.5 ) — — (6.5 ) Operating income (loss) (10.1 ) 52.4 — — 42.3 Loss from unconsolidated affiliates, net — — (1.5 ) — (1.5 ) Interest and debt expense, net (29.0 ) — — — (29.0 ) Equity in net income (loss) of subsidiary 50.8 — — (50.8 ) — Income (loss) before income taxes 11.7 52.4 (1.5 ) (50.8 ) 11.8 Provision for income taxes — 0.1 — — 0.1 Net income (loss) 11.7 52.3 (1.5 ) (50.8 ) 11.7 Net income attributable to non-controlling partners — — (3.7 ) — (3.7 ) Net income (loss) attributable to Crestwood Midstream Partners LP 11.7 52.3 (5.2 ) (50.8 ) 8.0 Net income attributable to Class A preferred units (1.1 ) — — — (1.1 ) Net income (loss) attributable to partners $ 10.6 $ 52.3 $ (5.2 ) $ (50.8 ) $ 6.9 Condensed Consolidating Statements of Operations Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 933.5 $ — $ — $ 933.5 Costs of product/services sold — 602.7 — — 602.7 Expenses: Operations and maintenance — 67.2 — — 67.2 General and administrative 29.8 20.6 — — 50.4 Depreciation, amortization and accretion 1.1 119.4 — — 120.5 30.9 207.2 — — 238.1 Other operating expense: Loss on long-lived assets, net — (1.4 ) — — (1.4 ) Goodwill impairment — (40.2 ) — — (40.2 ) Operating income (loss) (30.9 ) 82.0 — — 51.1 Earnings from unconsolidated affiliates, net — — 8.4 — 8.4 Interest and debt expense, net (62.5 ) — — — (62.5 ) Loss on modification/extinguishment of debt (17.1 ) — — — (17.1 ) Equity in net income (loss) of subsidiary 90.0 — — (90.0 ) — Income (loss) before income taxes (20.5 ) 82.0 8.4 (90.0 ) (20.1 ) Provision for income taxes — 0.4 — — 0.4 Net income (loss) (20.5 ) 81.6 8.4 (90.0 ) (20.5 ) Net income attributable to non-controlling partners — — (11.3 ) — (11.3 ) Net income (loss) attributable to Crestwood Midstream Partners LP (20.5 ) 81.6 (2.9 ) (90.0 ) (31.8 ) Net income attributable to Class A preferred units (16.7 ) — — — (16.7 ) Net income (loss) attributable to partners $ (37.2 ) $ 81.6 $ (2.9 ) $ (90.0 ) $ (48.5 ) Condensed Consolidating Statements of Operations Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 1,212.7 $ — $ — $ 1,212.7 Costs of product/services sold — 917.2 — — 917.2 Expenses: Operations and maintenance — 60.7 — — 60.7 General and administrative 26.9 18.5 — — 45.4 Depreciation, amortization and accretion 0.4 105.3 — — 105.7 27.3 184.5 — — 211.8 Other operating income (expense): Gain on long-lived assets, net — 1.6 — — 1.6 Loss on contingent consideration — (8.6 ) — — (8.6 ) Operating income (loss) (27.3 ) 104.0 — — 76.7 Loss from unconsolidated affiliates, net — — (1.6 ) — (1.6 ) Interest and debt expense, net (57.1 ) — — — (57.1 ) Equity in net income (loss) of subsidiary 101.6 — — (101.6 ) — Income (loss) before income taxes 17.2 104.0 (1.6 ) (101.6 ) 18.0 Provision for income taxes — 0.8 — — 0.8 Net income (loss) 17.2 103.2 (1.6 ) (101.6 ) 17.2 Net income attributable to non-controlling partners — — (6.8 ) — (6.8 ) Net income (loss) attributable to Crestwood Midstream Partners LP 17.2 103.2 (8.4 ) (101.6 ) 10.4 Net income attributable to Class A preferred units (1.1 ) — — — (1.1 ) Net income (loss) attributable to partners $ 16.1 $ 103.2 $ (8.4 ) $ (101.6 ) $ 9.3 | |
Consolidating Statement of Cash Flows | Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (89.1 ) $ 231.0 $ 6.0 $ — $ 147.9 Cash flows from investing activities: Purchases of property, plant and equipment (0.4 ) (77.3 ) — — (77.7 ) Investment in unconsolidated affiliates — — (27.8 ) — (27.8 ) Capital distributions from unconsolidated affiliates — — 1.0 — 1.0 Proceeds from sale of assets — 1.7 — — 1.7 Capital contribution to consolidated affiliates (24.6 ) — — 24.6 — Net cash provided by (used in) investing activities (25.0 ) (75.6 ) (26.8 ) 24.6 (102.8 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 1,865.1 — — — 1,865.1 Principal payments on long-term debt (1,712.5 ) — — — (1,712.5 ) Payments on capital leases (0.9 ) (0.3 ) — — (1.2 ) Payments for debt-related deferred costs (11.7 ) — — — (11.7 ) Financing fees paid for early debt redemption (13.6 ) — — — (13.6 ) Distributions paid (169.5 ) — (3.8 ) — (173.3 ) Contributions from parent — — 24.6 (24.6 ) — Taxes paid for unit-based compensation vesting — (2.1 ) — — (2.1 ) Change in intercompany balances 157.4 (157.4 ) — — — Other (0.2 ) — — — (0.2 ) Net cash provided by (used in) financing activities 114.1 (159.8 ) 20.8 (24.6 ) (49.5 ) Net change in cash — (4.4 ) — — (4.4 ) Cash at beginning of period — 4.6 — — 4.6 Cash at end of period $ — $ 0.2 $ — $ — $ 0.2 Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (80.4 ) $ 191.5 $ — $ — $ 111.1 Cash flows from investing activities: Acquisitions, net of cash acquired — (19.5 ) — — (19.5 ) Purchases of property, plant and equipment (2.3 ) (178.1 ) — — (180.4 ) Investment in unconsolidated affiliates — — (48.6 ) — (48.6 ) Capital contribution to consolidated affiliates (14.0 ) — — 14.0 — Net cash provided by (used in) investing activities (16.3 ) (197.6 ) (48.6 ) 14.0 (248.5 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 860.6 — — — 860.6 Principal payments on long-term debt (863.2 ) — — — (863.2 ) Payments on capital leases (0.5 ) (1.4 ) — — (1.9 ) Distributions paid (169.2 ) — — — (169.2 ) Contributions from parent — — 14.0 (14.0 ) — Net proceeds from issuance of preferred equity of subsidiary — — 33.6 — 33.6 Net proceeds from issuance of Class A preferred units 293.7 — — — 293.7 Taxes paid for unit-based compensation vesting — (1.5 ) — — (1.5 ) Change in intercompany balances (24.7 ) 24.7 — — — Other — (0.1 ) — — (0.1 ) Net cash provided by (used in) financing activities 96.7 21.7 47.6 (14.0 ) 152.0 Net change in cash — 15.6 (1.0 ) — 14.6 Cash at beginning of period 0.1 1.6 1.0 — 2.7 Cash at end of period $ 0.1 $ 17.2 $ — $ — $ 17.3 |
Business Description (Details)
Business Description (Details) - Subsequent Event Type [Domain] | 6 Months Ended | |
Jun. 30, 2015segment$ / shares | May. 05, 2015 | |
Partnership Organization And Basis Of Presentation [Line Items] | ||
Number of operating segments | segment | 3 | |
Equity interest issued or issuable, conversion ratio | 2.75 | |
CEQP | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Managing member or general partner ownership interest | 4.00% | |
Parent | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Percentage of distribution entitled to receive | 50.00% | |
First Reserve | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Managing member or general partner ownership interest | 11.00% | |
Distribution Rights | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Distribution declared per limited partner unit | $ 0.37 | |
Distribution Rights | CEQP | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Percentage of distribution entitled to receive | 100.00% |
Basis of Presentation and Sum32
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Reimbursements of property, plant and equipment | $ 15.7 | ||||
Goodwill impairment | $ 40.2 | $ 0 | $ 40.2 | 0 | |
Goodwill | 1,592.4 | $ 1,681.4 | 1,592.4 | $ 1,681.4 | $ 1,632.6 |
Fayetteville [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill impairment | 8.3 | ||||
Goodwill | 64.2 | 64.2 | |||
Watkins Glen [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill impairment | 31.9 | ||||
Goodwill | 34.3 | 34.3 | |||
Reporting Units Excluding Fayetteville and Watkins Glen [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill | $ 1,493.9 | $ 1,493.9 | |||
Previous discount rate | Fayetteville [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair Value Inputs, Discount Rate | 9.00% | ||||
Previous discount rate | Watkins Glen [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair Value Inputs, Discount Rate | 10.50% | ||||
Revised discount rate | Fayetteville [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair Value Inputs, Discount Rate | 10.00% | ||||
Revised discount rate | Watkins Glen [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair Value Inputs, Discount Rate | 13.30% |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | May. 09, 2014USD ($)aservice_vehiclescrude_trailertractorbbl | Mar. 21, 2014USD ($)double_bottom_body_tankstractorbbl | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Goodwill | $ 1,592.4 | $ 1,632.6 | $ 1,681.4 | ||
Red Rock Transportation, Inc | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Consideration transferred | $ 13.8 | ||||
Cash paid | 12.1 | ||||
Liabilities incurred | $ 1.8 | ||||
Trailer Tanks, Number | 22 | ||||
Crude Hauling Capacity | bbl | 28,000 | ||||
Property, plant and equipment | $ 10.6 | ||||
Goodwill | $ 3.2 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Tractors | tractor | 44 | ||||
LT Enterprises [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Consideration transferred | $ 10.7 | ||||
Cash paid | 9 | ||||
Liabilities incurred | $ 1.7 | ||||
Crude Hauling Capacity | bbl | 20,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Tractors | tractor | 38 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Crude Trailers | crude_trailer | 51 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Service Vehicles | service_vehicles | 17 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land, Area | a | 20 | ||||
NGL and Crude Services Operations | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Goodwill | $ 793.4 | $ 855.5 |
Certain Balance Sheet Informa34
Certain Balance Sheet Information (Property Plant and Equipment) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment (Note 4) | $ 3,918.2 | $ 3,883.5 |
Less: accumulated depreciation and depletion | 431.1 | 365.4 |
Property, plant and equipment, net | 3,487.1 | 3,518.1 |
Capital lease assets | 2.3 | 2.8 |
Gathering systems and pipelines | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment (Note 4) | 1,282.8 | 1,276.6 |
Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment (Note 4) | 1,491 | 1,468.8 |
Buildings, land, rights-of-way, storage contracts and easements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment (Note 4) | 810.1 | 806.4 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment (Note 4) | 13.6 | 13.6 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment (Note 4) | 156 | 153.7 |
Base gas | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment (Note 4) | 37.5 | 37.5 |
Salt deposits | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment (Note 4) | 120.5 | 120.5 |
Office furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment (Note 4) | $ 6.7 | $ 6.4 |
Certain Balance Sheet Informa35
Certain Balance Sheet Information (Intangible Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | $ 1,012.4 | $ 1,013.2 |
Less: accumulated amortization | 174.1 | 137 |
Total intangible assets, net | 838.3 | 876.2 |
Customer accounts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 483.2 | 483.2 |
Covenants not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 5.6 | 5.6 |
Gas gathering, compression and processing contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 427.3 | 431.4 |
Acquired storage contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 29 | 29 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 9.6 | 9.7 |
Deferred financing costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | $ 57.7 | $ 54.3 |
Certain Balance Sheet Informa36
Certain Balance Sheet Information (Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 20.5 | $ 23.7 |
Accrued property taxes | 6.2 | 2.1 |
Accrued product purchases payable | 1 | 0.7 |
Tax payable | 0 | 0.4 |
Interest payable | 26.8 | 22 |
Accrued additions to property, plant and equipment | 11.9 | 20 |
Commitments and contingent liabilities (Note 10) | 0 | 40 |
Capital leases | 0.9 | 1.3 |
Deferred revenue | 15.6 | 11.6 |
Other | 0 | 0.2 |
Total accrued expenses and other liabilities | $ 82.9 | $ 122 |
Investments in Unconsolidated37
Investments in Unconsolidated Affiliates (Net Investments In and Earnings (Loss) from Unconsolidated Affiliates) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investment | $ 324.2 | $ 324.2 | $ 295.1 | ||
Earnings from unconsolidated affiliates, net | $ 5 | $ (1.5) | $ 8.4 | $ (1.6) | |
Jackalope Gas Gathering Services, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage | 50.00% | 50.00% | |||
Investment | $ 249.9 | $ 249.9 | 232.9 | ||
Earnings from unconsolidated affiliates, net | 1.1 | (0.6) | 3.6 | (0.3) | |
Difference between carrying amount and underlying equity | 52.2 | 52.2 | |||
Amortization | $ 0.7 | 0.7 | 1.5 | 1.5 | |
Proceeds from equity method investment | $ 4.5 | 0 | |||
Tres Palacios Holdings LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage | 50.01% | 50.01% | |||
Investment | $ 41.3 | $ 41.3 | 36 | ||
Earnings from unconsolidated affiliates, net | 0.6 | 0 | 1.5 | 0 | |
Difference between carrying amount and underlying equity | 29.7 | 29.7 | |||
Amortization | $ 0.3 | 0.6 | |||
Proceeds from equity method investment | $ 2.1 | ||||
PRBIC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage | 50.01% | 50.01% | |||
Investment | $ 33 | $ 33 | $ 26.2 | ||
Earnings from unconsolidated affiliates, net | 3.3 | $ (0.9) | 3.3 | (1.3) | |
Income (loss) from Equity Method Investments, Disproportionate Distribution | $ 3.2 | 3.2 | |||
Proceeds from equity method investment | $ 0.7 | $ 0 |
Investments in Unconsolidated38
Investments in Unconsolidated Affiliates (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |
Jul. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Payments to acquire equity method investments | $ 27.8 | $ 48.6 | |
Jackalope Gas Gathering Services, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investment | 4.5 | 0 | |
Tres Palacios Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investment | 2.1 | ||
Payments to acquire equity method investments | 5.7 | ||
PRBIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investment | 0.7 | 0 | |
Payments to acquire equity method investments | 4.2 | 2.8 | |
Crestwood Niobrara LLC | Jackalope Gas Gathering Services, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Payments to acquire equity method investments | $ 17.9 | $ 45.8 | |
Subsequent event | Jackalope Gas Gathering Services, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investment | $ 4.2 | ||
Subsequent event | Tres Palacios Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investment | 1.9 | ||
Subsequent event | PRBIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investment | $ 0.6 |
Financial Instruments (Schedule
Financial Instruments (Schedule of Carrying Values and Estimated Fair Values of Senior Notes) (Details) - Unsecured Debt - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Carrying Amount | 2019 senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 0 | $ 351 |
Carrying Amount | 2020 senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 503.7 | 504 |
Carrying Amount | 2022 senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 600 | 600 |
Carrying Amount | 2023 Senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 700 | 0 |
Fair Value | 2019 senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Fair value of senior notes | 0 | 360.5 |
Fair Value | 2020 senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Fair value of senior notes | 517.5 | 481.6 |
Fair Value | 2022 senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Fair value of senior notes | 615.6 | 568.5 |
Fair Value | 2023 Senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Fair value of senior notes | $ 729.8 | $ 0 |
Financial Instruments (Debt) (D
Financial Instruments (Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 2,165.5 | $ 2,013.5 |
Less: current portion | 6 | 0.7 |
Total long-term debt | 2,159.5 | 2,012.8 |
Other | ||
Debt Instrument [Line Items] | ||
Other | 3.5 | 3.5 |
Senior Notes | 2019 Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 350 |
Premium on senior notes | 0 | 1 |
Senior Notes | 2020 Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 500 | 500 |
Fair value adjustment of senior notes | 3.7 | 4 |
Senior Notes | 2022 Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 600 | 600 |
Senior Notes | 2023 Senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 700 | 0 |
Revolver | Crestwood Midstream Revolver | ||
Debt Instrument [Line Items] | ||
Outstanding balance on the credit facility | $ 358.3 | $ 555 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) | Apr. 08, 2015USD ($) | Dec. 03, 2014 | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||
Early repayment of senior debt | $ 13,600,000 | $ 0 | ||||||
Loss on modification/extinguishment of debt | $ 17,100,000 | $ 0 | $ 17,100,000 | $ 0 | ||||
Crestwood Midstream Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Current debt to EBITDA ratio | 4.48 | |||||||
Consolidated EBITDA to interest expense ratio | 4.17 | |||||||
Crestwood Midstream Revolver | Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Term of debt instrument | 5 years | |||||||
Line of credit, maximum capacity | 1,000,000,000 | $ 1,000,000,000 | ||||||
Letters of credit outstanding | 5,500,000 | 5,500,000 | $ 15,100,000 | |||||
Remaining borrowing capacity | 489,600,000 | 489,600,000 | ||||||
Outstanding balance on the credit facility | $ 358,300,000 | $ 358,300,000 | $ 555,000,000 | |||||
Weighted average interest rate | 2.97% | 2.97% | 2.86% | |||||
Maximum leverage ratio | 5 | |||||||
Consolidated Leverage Ratio, Maximum, Post Acquisitions | 5.50 | 5.50 | ||||||
Minimum interest coverage ratio | 2.50 | |||||||
Crestwood Midstream Revolver | Standby Letters of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum capacity | $ 250,000,000 | $ 250,000,000 | ||||||
Crestwood Midstream Revolver | Swing Line Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum capacity | 25,000,000 | 25,000,000 | ||||||
2019 Senior Notes | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes | 0 | 0 | $ 350,000,000 | |||||
Early repayment of senior debt | $ 364,100,000 | |||||||
Interest paid | 500,000 | |||||||
Call premium on debt redemption | 13,600,000 | |||||||
2020 Senior Notes | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes | 500,000,000 | 500,000,000 | 500,000,000 | |||||
2022 Senior Notes | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes | $ 600,000,000 | $ 600,000,000 | 600,000,000 | |||||
2023 Senior unsecured notes | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on debt | 6.25% | 6.25% | ||||||
Proceeds from issuance of debt | $ 315,000,000 | $ 688,300,000 | ||||||
Senior notes | $ 700,000,000 | $ 700,000,000 | $ 0 | |||||
Minimum | Crestwood Midstream Revolver | Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate at the end of the period | 2.94% | 2.94% | 2.66% | |||||
Maximum | Crestwood Midstream Revolver | Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate at the end of the period | 5.00% | 5.00% | 4.75% | |||||
Subsequent event | Crestwood Midstream Revolver | Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum capacity | $ 1,500,000,000 | |||||||
Tres Palacios Holdings LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Ownership Percentage | 50.01% | 50.01% |
Earnings Per Limited Partner 42
Earnings Per Limited Partner Unit (Allocation of Net Income to General and Limited Partners) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to CMLP | $ (47.9) | $ 8 | $ (31.8) | $ 10.4 |
Class A preferred units’ interest in net income attributable to CMLP | (7.5) | (1.1) | (16.7) | (1.1) |
General partner’s incentive distributions | (7.5) | (7.5) | (15) | (15) |
Limited partners’ interest in net loss attributable to CMLP | $ (62.9) | $ (0.6) | $ (63.5) | $ (5.7) |
Earnings Per Limited Partner 43
Earnings Per Limited Partner Unit (Schedule of Reconciliation of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Limited partners’ interest in net income (loss) attributable to CMLP after incentive distributions | $ (62.9) | $ (0.6) | $ (63.5) | $ (5.7) |
Basic (units) | 188,292 | 187,998 | 188,291 | 187,920 |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 0 | 0 | 0 | 0 |
Diluted (units) | 188,292 | 187,998 | 188,291 | 187,920 |
Basic, in dollars per unit | $ (0.33) | $ 0 | $ (0.34) | $ (0.03) |
Diluted, in dollars per unit | $ (0.33) | $ 0 | $ (0.34) | $ (0.03) |
Earnings Per Limited Partner 44
Earnings Per Limited Partner Unit (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Crestwood Niobrara LLC | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14,795,156 | 6,070,354 | 14,795,156 | 5,549,570 |
Preferred Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 18,756,096 | 1,838,799 | 18,332,193 | 924,479 |
Distribution Rights | CEQP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Percentage of distribution entitled to receive | 100.00% |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - Plan Name [Domain] - USD ($) | Aug. 10, 2015 | Jul. 30, 2015 | Jul. 23, 2015 | May. 15, 2015 | Feb. 13, 2015 | Sep. 22, 2014 | Jul. 10, 2014 | Jun. 17, 2014 | May. 15, 2014 | Feb. 14, 2014 | Jan. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||
Unit-based compensation charges | $ 10,500,000 | $ 9,800,000 | ||||||||||||||
Issuance of Class A preferred units | $ 300,000,000 | $ 500,000,000 | $ 17,529,879 | |||||||||||||
Maximum Period For Distribution Of Available Cash | 45 days | |||||||||||||||
Distributions to general partner | $ 20,900,000 | 20,900,000 | ||||||||||||||
Per unit rate, in dollars per unit | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | ||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 5,700,000 | $ 3,700,000 | 11,300,000 | 6,800,000 | ||||||||||||
Distribution Made to Member or Limited Partner, Cash Distributions Paid | $ 74,300,000 | $ 74,300,000 | $ 74,200,000 | $ 74,100,000 | $ 148,600,000 | 148,300,000 | ||||||||||
Distribution Made to Limited Partner, Unit Distribution | 838,228 | |||||||||||||||
Distributions paid to non-controlling partners | $ 3,800,000 | 0 | ||||||||||||||
Partners' Capital Account, Private Placement of Units | $ 25.10 | |||||||||||||||
Proceeds from Issuance of Preferred Limited Partners Units, Gross | $ 440,000,000 | |||||||||||||||
Proceeds from Issuance of Preferred Limited Partners Units | 293,700,000 | $ 430,500,000 | ||||||||||||||
Crestwood Niobrara LLC | Preferred Units | ||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||
Distribution Made to Limited Partner, Unit Distribution | 3,680,570 | 2,536,010 | 4,746,304 | |||||||||||||
Crestwood Niobrara LLC | Cash distribution | ||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||
Distributions paid to non-controlling partners | $ 3,800,000 | |||||||||||||||
Jackalope Gas Gathering Services, LLC | Crestwood Niobrara LLC | ||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||
Issuance of preferred equity of subsidiary | $ 33,600,000 | |||||||||||||||
Preferred Partner | ||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||
Partners' Capital, Distribution Amount Per Share | $ 0.5804 | $ 0.5804 | ||||||||||||||
Partners' Capital Account, Private Placement of Units | $ 25.10 | |||||||||||||||
Partners' Capital, Contingent Distribution Amount Per Share | $ 0.7059 | $ 0.7059 | ||||||||||||||
Partner's Capital, Unpaid Distribution, Accrual Percentage | 2.8125% | |||||||||||||||
Preferred Partner | Preferred Units, Class A | ||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||
Partners' Capital Account, Term to Convert Cash Distributions to Stock Distributions | 36 months | |||||||||||||||
Class A Purchasers | Preferred Units, Class A | ||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||
Partners' Capital Account, Private Placement of Units | $ 25.10 | |||||||||||||||
Limited Partner | ||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||
Distributions to general partner | $ (20,900,000) | |||||||||||||||
Subsequent event | ||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||
Distribution Made to Limited Partner, Unit Distribution | 433,707 | |||||||||||||||
Proceeds from Issuance of Preferred Limited Partners Units, Gross | $ 60,000,000 | |||||||||||||||
Subsequent event | Crestwood Niobrara LLC | Cash distribution | ||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||
Distributions paid to non-controlling partners | $ 3,800,000 | |||||||||||||||
Dividend Paid | Subsequent event | Cash distribution | ||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||
Distribution declared per limited partner unit | $ 0.41 |
Partners' Capital (Schedule of
Partners' Capital (Schedule of Partnership Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 23, 2015 | May. 15, 2015 | May. 08, 2015 | Feb. 13, 2015 | Feb. 06, 2015 | May. 15, 2014 | May. 08, 2014 | Feb. 14, 2014 | Feb. 07, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Limited Partners' Capital Account [Line Items] | |||||||||||
Distribution Made to Limited Partner, Date of Record | May 8, 2015 | Feb. 6, 2015 | May 8, 2014 | Feb. 7, 2014 | |||||||
Distribution Made to Limited Partner, Distribution Date | May 15, 2015 | Feb. 13, 2015 | May 15, 2014 | Feb. 14, 2014 | |||||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | |||||||
Distribution Made to Member or Limited Partner, Cash Distributions Paid | $ 74.3 | $ 74.3 | $ 74.2 | $ 74.1 | $ 148.6 | $ 148.3 | |||||
Distributions to limited partners | $ 148.6 | $ 148.3 | |||||||||
Dividend Paid | Cash distribution | Subsequent event | |||||||||||
Disclosure Partners Capital Summary Of Quarterly Distributions Of Available Cash [Abstract] | |||||||||||
Distribution declared per limited partner unit | $ 0.41 |
Equity Plans (Narrative) (Detai
Equity Plans (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | May. 05, 2015 | Dec. 31, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity interest issued or issuable, conversion ratio | 2.75 | |||||
Unit-based compensation charges | $ 10.5 | $ 9.8 | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 10.00% | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 10.00% | |||||
Defined Contribution Plan, Maximum Purchasable Units | shares | 200,000 | 200,000 | ||||
Unit Purchase Plan, Shares Purchased Under Plan | shares | 3,841 | 5,852 | ||||
Crestwood LTIP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||
Unit-based compensation charges | $ 3.1 | $ 3.3 | $ 6.1 | $ 6.2 | ||
Shares Paid for Tax Withholding for Share Based Compensation | shares | 2,574 | 61,076 | 137,165 | 68,532 | ||
Crestwood LTIP | CMLP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 2.2 | $ 1.9 | $ 4.4 | $ 3.6 | ||
Crestwood LTIP | Restricted units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 70,522 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 12.4 | $ 12.4 | $ 9.5 | |||
Share-based Compensation Arrangement, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 8.4 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 17,219,872 | 17,219,872 | ||||
Crestwood LTIP | Phantom Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 2.6 | |||||
Employee Severance | Crestwood LTIP | Restricted units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 39,172 |
Equity Plans (Restricted Unit A
Equity Plans (Restricted Unit Activity) (Details) - 6 months ended Jun. 30, 2015 - Crestwood LTIP - $ / shares | Total |
Restricted units | |
Units | |
Unvested - January 1, 2015 | 834,796 |
Vested - restricted units | (449,667) |
Granted - restricted units | 522,328 |
Forfeited1 | (70,522) |
Unvested - June 30, 2015 | 980,858 |
Weighted-Average Grant Date Fair Value | |
Unvested - January 1, 2015 | $ 23.18 |
Vested - restricted units | 22.93 |
Granted - restricted units | 16.01 |
Forfeited1 | 20.03 |
Unvested - June 30, 2015 | $ 18.65 |
Phantom Units | |
Units | |
Vested - restricted units | (21,578) |
Granted - restricted units | 165,501 |
Weighted-Average Grant Date Fair Value | |
Vested - restricted units | $ 16.05 |
Granted - restricted units | $ 15.99 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jun. 30, 2015USD ($) | Mar. 31, 2014defendant | Dec. 31, 2014USD ($)shares | Nov. 08, 2013bblpeople |
Schedule Of Commitments And Contingencies [Line Items] | ||||
Escrow deposit of common units | shares | 3,309,797 | |||
Additional Insurance Coverage | $ 25 | |||
Loss contingency accrual, less than | 0.1 | $ 0.1 | ||
Antero | ||||
Schedule Of Commitments And Contingencies [Line Items] | ||||
Contingent consideration liability | $ 40 | |||
Arrow Acquisition Class Action Lawsuit | ||||
Schedule Of Commitments And Contingencies [Line Items] | ||||
Barrels of oil equivalents spilled | bbl | 50,000 | |||
Loss of life, number | people | 47 | |||
Number of defendants | defendant | 53 |
Commitments and Contingencies50
Commitments and Contingencies (Environmental Compliance) (Details) - Fort Berthold Indian Reservation $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)bblRelease | Jun. 30, 2015USD ($)bbl | May. 06, 2015bbl | Dec. 31, 2014USD ($) | |
Site Contingency [Line Items] | ||||
Number of releases of produced water | Release | 3 | |||
Number of barrels of produced water | bbl | 28,000 | 28,000 | 5,200 | |
Accrual for environmental loss contingencies | $ 0.3 | $ 0.3 | $ 1.1 | |
Low estimate of environmental liability | 0.3 | |||
High estimate of environmental liability | $ 1.7 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Disclosure Related Party Transaction Additional Information [Abstract] | |||||
Gathering and processing revenues | $ 5 | $ 4.1 | $ 9.6 | $ 8.3 | |
Reimbursement of operations and maintenance expenses | 0.7 | 0 | 1.6 | 0 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Accounts receivable | 1.2 | 1.2 | $ 0.3 | ||
Accounts payable | 2.6 | 2.6 | 6.3 | ||
CEQP | |||||
Disclosure Related Party Transaction Additional Information [Abstract] | |||||
Gathering and processing revenues | 1.7 | 0.7 | 2.9 | 1.6 | |
NGL and crude services revenues | 3.3 | 3.4 | 6.7 | 6.7 | |
Gathering and processing costs of product/services sold (1) | 7.7 | 9.8 | 16 | 20.8 | |
General and administrative expenses (2) | 14.4 | 17.4 | 31.8 | 37 | |
Affiliates | |||||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Accounts receivable | 1.2 | 1.2 | 0.3 | ||
Accounts payable | 2.6 | 2.6 | $ 6.3 | ||
Crestwood LTIP | CMLP | |||||
Related Party Transaction [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 2.2 | $ 1.9 | $ 4.4 | $ 3.6 |
Segments (Narrative) (Details)
Segments (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2015segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segments (Reconciliation of Net
Segments (Reconciliation of Net Income to EBITDA) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting [Abstract] | ||||
Net income (loss) | $ (42.2) | $ 11.7 | $ (20.5) | $ 17.2 |
Interest and debt expense, net | 32.6 | 29 | 62.5 | 57.1 |
Loss on modification/extinguishment of debt | 17.1 | 0 | 17.1 | 0 |
Provision for income taxes | 0.1 | 0.1 | 0.4 | 0.8 |
Depreciation, amortization and accretion | 60.6 | 54.9 | 120.5 | 105.7 |
EBITDA | $ 68.2 | $ 95.7 | $ 180 | $ 180.8 |
Segments (Schedule of Reportabl
Segments (Schedule of Reportable Segment Data) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 478.4 | $ 675.7 | $ 933.5 | $ 1,212.7 | |
Costs of product/services sold | 316.1 | 519.1 | 602.7 | 917.2 | |
Operations and maintenance | 32.1 | 32.7 | 67.2 | 60.7 | |
General and administrative expense | 26.2 | 21.3 | 50.4 | 45.4 | |
Gain (loss) on long-lived assets, net | (0.6) | 1.1 | (1.4) | 1.6 | |
Loss on contingent consideration | (6.5) | 0 | (8.6) | ||
Earnings from unconsolidated affiliates, net | 5 | (1.5) | 8.4 | (1.6) | |
EBITDA | 68.2 | 95.7 | 180 | 180.8 | |
Goodwill | 1,592.4 | 1,681.4 | 1,592.4 | 1,681.4 | $ 1,632.6 |
Total assets | 6,501.2 | 6,635.6 | 6,501.2 | 6,635.6 | $ 6,596.5 |
Purchases of property, plant and equipment | 34.4 | 103.1 | 77.7 | 180.4 | |
Goodwill impairment | (40.2) | 0 | (40.2) | 0 | |
Gathering and Processing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 75 | 83.4 | 153.5 | 162.9 | |
Costs of product/services sold | 13.3 | 17.6 | 26 | 36.3 | |
Operations and maintenance | 14.3 | 14.7 | 29.2 | 28.1 | |
General and administrative expense | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets, net | 0 | 0.5 | (0.3) | 1 | |
Loss on contingent consideration | (6.5) | (8.6) | |||
Earnings from unconsolidated affiliates, net | 1.1 | (0.6) | 3.6 | (0.3) | |
EBITDA | 40.2 | 44.5 | 93.3 | 90.6 | |
Goodwill | 72.7 | 99.6 | 72.7 | 99.6 | |
Total assets | 1,963.1 | 1,980.2 | 1,963.1 | 1,980.2 | |
Purchases of property, plant and equipment | 7.9 | 79.6 | 19.3 | 125.9 | |
Goodwill impairment | (8.3) | (8.3) | |||
Storage and Transportation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 44 | 45.4 | 89.7 | 89.7 | |
Costs of product/services sold | 3.4 | 3.8 | 6.7 | 7 | |
Operations and maintenance | 4.1 | 4.4 | 8.4 | 8.7 | |
General and administrative expense | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets, net | 0 | 0.6 | (0.5) | 0.6 | |
Loss on contingent consideration | 0 | 0 | |||
Earnings from unconsolidated affiliates, net | 0.6 | 0 | 1.5 | 0 | |
EBITDA | 37.1 | 37.8 | 75.6 | 74.6 | |
Goodwill | 726.3 | 726.3 | 726.3 | 726.3 | |
Total assets | 1,961 | 1,960.6 | 1,961 | 1,960.6 | |
Purchases of property, plant and equipment | 3 | 1.3 | 5.7 | 2.5 | |
Goodwill impairment | 0 | 0 | |||
NGL and Crude Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 359.4 | 546.9 | 690.3 | 960.1 | |
Costs of product/services sold | 299.4 | 497.7 | 570 | 873.9 | |
Operations and maintenance | 13.7 | 13.6 | 29.6 | 23.9 | |
General and administrative expense | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets, net | (0.6) | 0 | (0.6) | 0 | |
Loss on contingent consideration | 0 | 0 | |||
Earnings from unconsolidated affiliates, net | 3.3 | (0.9) | 3.3 | (1.3) | |
EBITDA | 17.1 | 34.7 | 61.5 | 61 | |
Goodwill | 793.4 | 855.5 | 793.4 | 855.5 | |
Total assets | 2,430.3 | 2,536.7 | 2,430.3 | 2,536.7 | |
Purchases of property, plant and equipment | 23.2 | 19.5 | 52.3 | 48.4 | |
Goodwill impairment | (31.9) | (31.9) | |||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Costs of product/services sold | 0 | 0 | 0 | 0 | |
Operations and maintenance | 0 | 0 | 0 | 0 | |
General and administrative expense | 26.2 | 21.3 | 50.4 | 45.4 | |
Gain (loss) on long-lived assets, net | 0 | 0 | 0 | 0 | |
Loss on contingent consideration | 0 | 0 | |||
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | |
EBITDA | (26.2) | (21.3) | (50.4) | (45.4) | |
Goodwill | 0 | 0 | 0 | 0 | |
Total assets | 146.8 | 158.1 | 146.8 | 158.1 | |
Purchases of property, plant and equipment | 0.3 | $ 2.7 | 0.4 | $ 3.6 | |
Goodwill impairment | $ 0 | $ 0 |
Condensed Consolidating Finan55
Condensed Consolidating Financial Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Ownership interest | 100.00% |
Condensed Consolidating Finan56
Condensed Consolidating Financial Information (Statement of Operations Adjustments to Prior Periods) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expense | $ 26.2 | $ 21.3 | $ 50.4 | $ 45.4 |
Operating income | 2.6 | 42.3 | 51.1 | 76.7 |
Interest and debt expense, net | (32.6) | (29) | (62.5) | (57.1) |
Equity in net income (loss) of subsidiary | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (42.1) | 11.8 | (20.1) | 18 |
Net income (loss) | (42.2) | 11.7 | (20.5) | 17.2 |
Net income (loss) attributable to CMLP | (47.9) | 8 | (31.8) | 10.4 |
Net income (loss) attributable to partners | (55.4) | 6.9 | (48.5) | 9.3 |
Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expense | 16.4 | 9.9 | 29.8 | 26.9 |
Operating income | (17.3) | (10.1) | (30.9) | (27.3) |
Interest and debt expense, net | (32.6) | (29) | (62.5) | (57.1) |
Equity in net income (loss) of subsidiary | 24.8 | 50.8 | 90 | 101.6 |
Income (loss) before income taxes | (42.2) | 11.7 | (20.5) | 17.2 |
Net income (loss) | (42.2) | 11.7 | (20.5) | 17.2 |
Net income (loss) attributable to CMLP | (42.2) | 11.7 | (20.5) | 17.2 |
Net income (loss) attributable to partners | (49.7) | 10.6 | (37.2) | 16.1 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expense | 9.8 | 11.4 | 20.6 | 18.5 |
Operating income | 19.9 | 52.4 | 82 | 104 |
Interest and debt expense, net | 0 | 0 | 0 | 0 |
Equity in net income (loss) of subsidiary | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 19.9 | 52.4 | 82 | 104 |
Net income (loss) | 19.8 | 52.3 | 81.6 | 103.2 |
Net income (loss) attributable to CMLP | 19.8 | 52.3 | 81.6 | 103.2 |
Net income (loss) attributable to partners | 19.8 | 52.3 | 81.6 | 103.2 |
Consolidation, Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expense | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Interest and debt expense, net | 0 | 0 | 0 | 0 |
Equity in net income (loss) of subsidiary | (24.8) | (50.8) | (90) | (101.6) |
Income (loss) before income taxes | (24.8) | (50.8) | (90) | (101.6) |
Net income (loss) | (24.8) | (50.8) | (90) | (101.6) |
Net income (loss) attributable to CMLP | (24.8) | (50.8) | (90) | (101.6) |
Net income (loss) attributable to partners | $ (24.8) | (50.8) | $ (90) | (101.6) |
Scenario, Previously Reported | Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expense | (0.9) | (3) | ||
Operating income | 0.7 | 2.6 | ||
Interest and debt expense, net | (29.2) | (57.3) | ||
Equity in net income (loss) of subsidiary | 40.2 | 71.9 | ||
Income (loss) before income taxes | 11.7 | 17.2 | ||
Net income (loss) | 11.7 | 17.2 | ||
Net income (loss) attributable to CMLP | 11.7 | 17.2 | ||
Net income (loss) attributable to partners | 10.6 | 16.1 | ||
Scenario, Previously Reported | Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expense | 22.2 | 48.4 | ||
Operating income | 41.6 | 74.1 | ||
Interest and debt expense, net | 0.2 | 0.2 | ||
Equity in net income (loss) of subsidiary | 0 | 0 | ||
Income (loss) before income taxes | 41.8 | 74.3 | ||
Net income (loss) | 41.7 | 73.5 | ||
Net income (loss) attributable to CMLP | 41.7 | 73.5 | ||
Net income (loss) attributable to partners | 41.7 | 73.5 | ||
Scenario, Previously Reported | Consolidation, Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expense | 0 | 0 | ||
Operating income | 0 | 0 | ||
Interest and debt expense, net | 0 | 0 | ||
Equity in net income (loss) of subsidiary | (40.2) | (71.9) | ||
Income (loss) before income taxes | (40.2) | (71.9) | ||
Net income (loss) | (40.2) | (71.9) | ||
Net income (loss) attributable to CMLP | (40.2) | (71.9) | ||
Net income (loss) attributable to partners | $ (40.2) | $ (71.9) |
Condensed Consolidating Finan57
Condensed Consolidating Financial Information (Cash Flow Adjustments to Prior Periods) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities | $ 147.9 | $ 111.1 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 19.5 | ||||
Purchases of property, plant and equipment | $ (34.4) | $ (103.1) | (77.7) | (180.4) | ||
Investment in unconsolidated affiliates | (27.8) | (48.6) | ||||
Proceeds from sale of assets | 1.7 | 0 | ||||
Capital contribution from consolidated affiliate | 0 | 0 | ||||
Net Cash Provided by (Used in) Investing Activities | (102.8) | (248.5) | ||||
Proceeds from the issuance of long-term debt | 1,865.1 | 860.6 | ||||
Principal payments on long-term debt | (1,712.5) | (863.2) | ||||
Repayments of Long-term Capital Lease Obligations | 1.2 | 1.9 | ||||
Distributions paid | (173.3) | (169.2) | ||||
Contributions from general partner | 0 | 0 | ||||
Net proceeds from issuance of preferred equity of subsidiary | 0 | 33.6 | ||||
Taxes paid for unit-based compensation vesting | (2.1) | (1.5) | ||||
Net change in payables to affiliate | 0 | 0 | ||||
Other | (0.2) | (0.1) | ||||
Net cash provided by (used in) financing activities | (49.5) | 152 | ||||
Net change in cash | (4.4) | 14.6 | ||||
Cash | 0.2 | 17.3 | 0.2 | 17.3 | $ 4.6 | $ 2.7 |
Parent | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities | (89.1) | (80.4) | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||
Purchases of property, plant and equipment | (0.4) | (2.3) | ||||
Investment in unconsolidated affiliates | 0 | 0 | ||||
Proceeds from sale of assets | 0 | |||||
Capital contribution from consolidated affiliate | (24.6) | (14) | ||||
Payments for (Proceeds from) Other Investing Activities | 0 | |||||
Net Cash Provided by (Used in) Investing Activities | (25) | (16.3) | ||||
Proceeds from the issuance of long-term debt | 1,865.1 | 860.6 | ||||
Principal payments on long-term debt | (1,712.5) | (863.2) | ||||
Repayments of Long-term Capital Lease Obligations | 0.9 | 0.5 | ||||
Distributions paid | (169.5) | (169.2) | ||||
Contributions from general partner | 0 | 0 | ||||
Net proceeds from issuance of preferred equity of subsidiary | 0 | |||||
Taxes paid for unit-based compensation vesting | 0 | 0 | ||||
Net change in payables to affiliate | 157.4 | (24.7) | ||||
Other | (0.2) | 0 | ||||
Net cash provided by (used in) financing activities | 114.1 | 96.7 | ||||
Net change in cash | 0 | 0 | ||||
Cash | 0 | 0.1 | 0 | 0.1 | 0 | 0.1 |
Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities | 231 | 191.5 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 19.5 | |||||
Purchases of property, plant and equipment | (77.3) | (178.1) | ||||
Investment in unconsolidated affiliates | 0 | 0 | ||||
Proceeds from sale of assets | 1.7 | |||||
Capital contribution from consolidated affiliate | 0 | 0 | ||||
Payments for (Proceeds from) Other Investing Activities | 0 | |||||
Net Cash Provided by (Used in) Investing Activities | (75.6) | (197.6) | ||||
Proceeds from the issuance of long-term debt | 0 | 0 | ||||
Principal payments on long-term debt | 0 | 0 | ||||
Repayments of Long-term Capital Lease Obligations | 0.3 | 1.4 | ||||
Distributions paid | 0 | 0 | ||||
Contributions from general partner | 0 | 0 | ||||
Net proceeds from issuance of preferred equity of subsidiary | 0 | |||||
Taxes paid for unit-based compensation vesting | (2.1) | (1.5) | ||||
Net change in payables to affiliate | (157.4) | 24.7 | ||||
Other | 0 | (0.1) | ||||
Net cash provided by (used in) financing activities | (159.8) | 21.7 | ||||
Net change in cash | (4.4) | 15.6 | ||||
Cash | 0.2 | 17.2 | 0.2 | 17.2 | 4.6 | 1.6 |
Non-Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities | 6 | 0 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||
Purchases of property, plant and equipment | 0 | 0 | ||||
Investment in unconsolidated affiliates | (27.8) | (48.6) | ||||
Proceeds from sale of assets | 0 | |||||
Capital contribution from consolidated affiliate | 0 | 0 | ||||
Payments for (Proceeds from) Other Investing Activities | 0 | |||||
Net Cash Provided by (Used in) Investing Activities | (26.8) | (48.6) | ||||
Proceeds from the issuance of long-term debt | 0 | 0 | ||||
Principal payments on long-term debt | 0 | 0 | ||||
Repayments of Long-term Capital Lease Obligations | 0 | 0 | ||||
Distributions paid | (3.8) | 0 | ||||
Contributions from general partner | 24.6 | 14 | ||||
Net proceeds from issuance of preferred equity of subsidiary | 33.6 | |||||
Taxes paid for unit-based compensation vesting | 0 | 0 | ||||
Net change in payables to affiliate | 0 | 0 | ||||
Other | 0 | 0 | ||||
Net cash provided by (used in) financing activities | 20.8 | 47.6 | ||||
Net change in cash | 0 | (1) | ||||
Cash | 0 | 0 | 0 | 0 | 0 | 1 |
Consolidation, Eliminations | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities | 0 | 0 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||
Purchases of property, plant and equipment | 0 | 0 | ||||
Investment in unconsolidated affiliates | 0 | 0 | ||||
Proceeds from sale of assets | 0 | |||||
Capital contribution from consolidated affiliate | 24.6 | 14 | ||||
Payments for (Proceeds from) Other Investing Activities | 0 | |||||
Net Cash Provided by (Used in) Investing Activities | 24.6 | 14 | ||||
Proceeds from the issuance of long-term debt | 0 | 0 | ||||
Principal payments on long-term debt | 0 | 0 | ||||
Repayments of Long-term Capital Lease Obligations | 0 | 0 | ||||
Distributions paid | 0 | 0 | ||||
Contributions from general partner | (24.6) | (14) | ||||
Net proceeds from issuance of preferred equity of subsidiary | 0 | |||||
Taxes paid for unit-based compensation vesting | 0 | 0 | ||||
Net change in payables to affiliate | 0 | 0 | ||||
Other | 0 | 0 | ||||
Net cash provided by (used in) financing activities | (24.6) | (14) | ||||
Net change in cash | 0 | 0 | ||||
Cash | $ 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 |
Scenario, Previously Reported | Parent | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities | (16.7) | |||||
Investment in unconsolidated affiliates | 0 | |||||
Capital contribution from consolidated affiliate | (11.2) | |||||
Payments for (Proceeds from) Other Investing Activities | (265.5) | |||||
Net Cash Provided by (Used in) Investing Activities | (279) | |||||
Proceeds from the issuance of long-term debt | 2.5 | |||||
Principal payments on long-term debt | 0 | |||||
Distributions paid | 0 | |||||
Contributions from general partner | 0 | |||||
Net change in payables to affiliate | 0 | |||||
Net cash provided by (used in) financing activities | 295.7 | |||||
Scenario, Previously Reported | Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities | 112.1 | |||||
Investment in unconsolidated affiliates | (2.8) | |||||
Capital contribution from consolidated affiliate | (2.8) | |||||
Payments for (Proceeds from) Other Investing Activities | 0 | |||||
Net Cash Provided by (Used in) Investing Activities | (187.5) | |||||
Proceeds from the issuance of long-term debt | 858.1 | |||||
Principal payments on long-term debt | (863.2) | |||||
Distributions paid | (169.2) | |||||
Contributions from general partner | 2.8 | |||||
Net change in payables to affiliate | 265.5 | |||||
Net cash provided by (used in) financing activities | 91 | |||||
Scenario, Previously Reported | Non-Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities | 0 | |||||
Investment in unconsolidated affiliates | (45.8) | |||||
Capital contribution from consolidated affiliate | 0 | |||||
Payments for (Proceeds from) Other Investing Activities | 0 | |||||
Net Cash Provided by (Used in) Investing Activities | (45.8) | |||||
Proceeds from the issuance of long-term debt | 0 | |||||
Principal payments on long-term debt | 0 | |||||
Distributions paid | 0 | |||||
Contributions from general partner | 11.2 | |||||
Net change in payables to affiliate | 0 | |||||
Net cash provided by (used in) financing activities | 44.8 | |||||
Scenario, Previously Reported | Consolidation, Eliminations | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities | 0 | |||||
Investment in unconsolidated affiliates | 0 | |||||
Capital contribution from consolidated affiliate | 14 | |||||
Payments for (Proceeds from) Other Investing Activities | 265.5 | |||||
Net Cash Provided by (Used in) Investing Activities | 279.5 | |||||
Proceeds from the issuance of long-term debt | 0 | |||||
Principal payments on long-term debt | 0 | |||||
Distributions paid | 0 | |||||
Contributions from general partner | (14) | |||||
Net change in payables to affiliate | (265.5) | |||||
Net cash provided by (used in) financing activities | $ (279.5) |
Condensed Consolidating Finan58
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | $ 0.2 | $ 4.6 | $ 17.3 | $ 2.7 |
Other Receivables | 226.2 | 241.5 | ||
Accounts receivable | 227.4 | 241.8 | ||
Accounts receivable, related party | 1.2 | 0.3 | ||
Inventory | 12.8 | 8 | ||
Prepaid expenses and other current assets | 17.5 | 18.7 | ||
Total current assets | 257.9 | 273.1 | ||
Property, plant and equipment, net | 3,487.1 | 3,518.1 | ||
Goodwill and intangible assets, net | 2,430.7 | 2,508.8 | ||
Investment in Consolidated Subsidiaries | 0 | 0 | ||
Investment in unconsolidated affiliates (Note 5) | 324.2 | 295.1 | ||
Other assets | 1.3 | 1.4 | ||
Total assets | 6,501.2 | 6,596.5 | 6,635.6 | |
Accounts payable trade | 107.2 | 126.1 | ||
Accounts payable - related party (Note 11) | 2.6 | 6.3 | ||
Accounts payable | 109.8 | 132.4 | ||
Other current liabilities | 88.9 | 122.7 | ||
Total current liabilities | 198.7 | 255.1 | ||
Long-term debt, less current portion (Note 6) | 2,159.5 | 2,012.8 | ||
Other long-term liabilities | 30.9 | 31.2 | ||
Partners' Capital | 3,932.9 | 4,125.7 | ||
Interest of non-controlling partners in subsidiary | 179.2 | 171.7 | ||
Total partners’ capital | 4,112.1 | 4,297.4 | ||
Total liabilities and partners’ capital | 6,501.2 | 6,596.5 | ||
Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 0 | 0 | 0.1 | 0.1 |
Other Receivables | 0.7 | 1.2 | ||
Accounts receivable | 0.7 | 1.2 | ||
Accounts receivable, related party | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 0.7 | 1.2 | ||
Property, plant and equipment, net | 7.3 | 7.9 | ||
Goodwill and intangible assets, net | 42.8 | 38 | ||
Investment in Consolidated Subsidiaries | 6,257.7 | 6,296.7 | ||
Investment in unconsolidated affiliates (Note 5) | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 6,308.5 | 6,343.8 | ||
Accounts payable trade | 1.7 | 4.8 | ||
Accounts payable - related party (Note 11) | 1.6 | 4.2 | ||
Accounts payable | 3.3 | 9 | ||
Other current liabilities | 32.8 | 23 | ||
Total current liabilities | 36.1 | 32 | ||
Long-term debt, less current portion (Note 6) | 2,159.5 | 2,012.8 | ||
Other long-term liabilities | 0.8 | 1.6 | ||
Partners' Capital | 3,932.9 | 4,125.7 | ||
Interest of non-controlling partners in subsidiary | 179.2 | 171.7 | ||
Total partners’ capital | 4,112.1 | 4,297.4 | ||
Total liabilities and partners’ capital | 6,308.5 | 6,343.8 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 0.2 | 4.6 | 17.2 | 1.6 |
Other Receivables | 225.5 | 240.3 | ||
Accounts receivable | 225.9 | 240.3 | ||
Accounts receivable, related party | 0.4 | 0 | ||
Inventory | 12.8 | 8 | ||
Prepaid expenses and other current assets | 17.5 | 18.7 | ||
Total current assets | 256.4 | 271.6 | ||
Property, plant and equipment, net | 3,479.8 | 3,510.2 | ||
Goodwill and intangible assets, net | 2,387.9 | 2,470.8 | ||
Investment in Consolidated Subsidiaries | 0 | 0 | ||
Investment in unconsolidated affiliates (Note 5) | 0 | 0 | ||
Other assets | 1.3 | 1.4 | ||
Total assets | 6,125.4 | 6,254 | ||
Accounts payable trade | 105.5 | 121.3 | ||
Accounts payable - related party (Note 11) | 0.4 | 1.9 | ||
Accounts payable | 105.9 | 123.2 | ||
Other current liabilities | 56.1 | 99.7 | ||
Total current liabilities | 162 | 222.9 | ||
Long-term debt, less current portion (Note 6) | 0 | 0 | ||
Other long-term liabilities | 30.1 | 29.6 | ||
Partners' Capital | 5,933.3 | 6,001.5 | ||
Interest of non-controlling partners in subsidiary | 0 | 0 | ||
Total partners’ capital | 5,933.3 | 6,001.5 | ||
Total liabilities and partners’ capital | 6,125.4 | 6,254 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 0 | 0 | 0 | 1 |
Other Receivables | 0 | 0 | ||
Accounts receivable | 0.8 | 0.3 | ||
Accounts receivable, related party | 0.8 | 0.3 | ||
Inventory | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 0.8 | 0.3 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Investment in Consolidated Subsidiaries | 0 | 0 | ||
Investment in unconsolidated affiliates (Note 5) | 324.2 | 295.1 | ||
Other assets | 0 | 0 | ||
Total assets | 325 | 295.4 | ||
Accounts payable trade | 0 | 0 | ||
Accounts payable - related party (Note 11) | 0.6 | 0.2 | ||
Accounts payable | 0.6 | 0.2 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0.6 | 0.2 | ||
Long-term debt, less current portion (Note 6) | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Partners' Capital | 145.2 | 123.5 | ||
Interest of non-controlling partners in subsidiary | 179.2 | 171.7 | ||
Total partners’ capital | 324.4 | 295.2 | ||
Total liabilities and partners’ capital | 325 | 295.4 | ||
Consolidation, Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 0 | 0 | $ 0 | $ 0 |
Other Receivables | 0 | 0 | ||
Accounts receivable | 0 | 0 | ||
Accounts receivable, related party | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Investment in Consolidated Subsidiaries | (6,257.7) | (6,296.7) | ||
Investment in unconsolidated affiliates (Note 5) | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | (6,257.7) | (6,296.7) | ||
Accounts payable trade | 0 | 0 | ||
Accounts payable - related party (Note 11) | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt, less current portion (Note 6) | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Partners' Capital | (6,078.5) | (6,125) | ||
Interest of non-controlling partners in subsidiary | (179.2) | (171.7) | ||
Total partners’ capital | (6,257.7) | (6,296.7) | ||
Total liabilities and partners’ capital | $ (6,257.7) | $ (6,296.7) |
Condensed Consolidating Finan59
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | $ 478.4 | $ 675.7 | $ 933.5 | $ 1,212.7 |
Costs of product/services sold | 316.1 | 519.1 | 602.7 | 917.2 |
Operations and maintenance | 32.1 | 32.7 | 67.2 | 60.7 |
General and administrative expense | 26.2 | 21.3 | 50.4 | 45.4 |
Depreciation, amortization and accretion | 60.6 | 54.9 | 120.5 | 105.7 |
Total Expenses | 118.9 | 108.9 | 238.1 | 211.8 |
Loss on long-lived assets, net | (0.6) | 1.1 | (1.4) | 1.6 |
Goodwill impairment | (40.2) | 0 | (40.2) | 0 |
Loss on contingent consideration | 0 | (6.5) | 0 | (8.6) |
Operating income | 2.6 | 42.3 | 51.1 | 76.7 |
Earnings from unconsolidated affiliates, net | 5 | (1.5) | 8.4 | (1.6) |
Interest and debt expense, net | (32.6) | (29) | (62.5) | (57.1) |
Loss on modification/extinguishment of debt | (17.1) | 0 | (17.1) | 0 |
Equity in net income (loss) of subsidiary | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (42.1) | 11.8 | (20.1) | 18 |
Provision for income taxes | 0.1 | 0.1 | 0.4 | 0.8 |
Net income (loss) | (42.2) | 11.7 | (20.5) | 17.2 |
Net income attributable to non-controlling partners | (5.7) | (3.7) | (11.3) | (6.8) |
Net income (loss) attributable to CMLP | (47.9) | 8 | (31.8) | 10.4 |
Net income attributable to Class A preferred units | (7.5) | (1.1) | (16.7) | (1.1) |
Net income (loss) attributable to partners | (55.4) | 6.9 | (48.5) | 9.3 |
Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs of product/services sold | 0 | 0 | 0 | 0 |
Operations and maintenance | 0 | 0 | 0 | 0 |
General and administrative expense | 16.4 | 9.9 | 29.8 | 26.9 |
Depreciation, amortization and accretion | 0.9 | 0.2 | 1.1 | 0.4 |
Total Expenses | 17.3 | 10.1 | 30.9 | 27.3 |
Loss on long-lived assets, net | 0 | 0 | 0 | 0 |
Goodwill impairment | 0 | 0 | ||
Loss on contingent consideration | 0 | 0 | ||
Operating income | (17.3) | (10.1) | (30.9) | (27.3) |
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 | 0 |
Interest and debt expense, net | (32.6) | (29) | (62.5) | (57.1) |
Loss on modification/extinguishment of debt | (17.1) | (17.1) | ||
Equity in net income (loss) of subsidiary | 24.8 | 50.8 | 90 | 101.6 |
Income (loss) before income taxes | (42.2) | 11.7 | (20.5) | 17.2 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | (42.2) | 11.7 | (20.5) | 17.2 |
Net income attributable to non-controlling partners | 0 | 0 | 0 | 0 |
Net income (loss) attributable to CMLP | (42.2) | 11.7 | (20.5) | 17.2 |
Net income attributable to Class A preferred units | (7.5) | (1.1) | (16.7) | (1.1) |
Net income (loss) attributable to partners | (49.7) | 10.6 | (37.2) | 16.1 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 478.4 | 675.7 | 933.5 | 1,212.7 |
Costs of product/services sold | 316.1 | 519.1 | 602.7 | 917.2 |
Operations and maintenance | 32.1 | 32.7 | 67.2 | 60.7 |
General and administrative expense | 9.8 | 11.4 | 20.6 | 18.5 |
Depreciation, amortization and accretion | 59.7 | 54.7 | 119.4 | 105.3 |
Total Expenses | 101.6 | 98.8 | 207.2 | 184.5 |
Loss on long-lived assets, net | (0.6) | 1.1 | (1.4) | 1.6 |
Goodwill impairment | (40.2) | (40.2) | ||
Loss on contingent consideration | (6.5) | (8.6) | ||
Operating income | 19.9 | 52.4 | 82 | 104 |
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 | 0 |
Interest and debt expense, net | 0 | 0 | 0 | 0 |
Loss on modification/extinguishment of debt | 0 | 0 | ||
Equity in net income (loss) of subsidiary | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 19.9 | 52.4 | 82 | 104 |
Provision for income taxes | 0.1 | 0.1 | 0.4 | 0.8 |
Net income (loss) | 19.8 | 52.3 | 81.6 | 103.2 |
Net income attributable to non-controlling partners | 0 | 0 | 0 | 0 |
Net income (loss) attributable to CMLP | 19.8 | 52.3 | 81.6 | 103.2 |
Net income attributable to Class A preferred units | 0 | 0 | 0 | 0 |
Net income (loss) attributable to partners | 19.8 | 52.3 | 81.6 | 103.2 |
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs of product/services sold | 0 | 0 | 0 | 0 |
Operations and maintenance | 0 | 0 | 0 | 0 |
General and administrative expense | 0 | 0 | 0 | 0 |
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 |
Total Expenses | 0 | 0 | 0 | 0 |
Loss on long-lived assets, net | 0 | 0 | 0 | 0 |
Goodwill impairment | 0 | 0 | ||
Loss on contingent consideration | 0 | 0 | ||
Operating income | 0 | 0 | 0 | 0 |
Earnings from unconsolidated affiliates, net | 5 | (1.5) | 8.4 | (1.6) |
Interest and debt expense, net | 0 | 0 | 0 | 0 |
Loss on modification/extinguishment of debt | 0 | 0 | ||
Equity in net income (loss) of subsidiary | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 5 | (1.5) | 8.4 | (1.6) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 5 | (1.5) | 8.4 | (1.6) |
Net income attributable to non-controlling partners | (5.7) | (3.7) | (11.3) | (6.8) |
Net income (loss) attributable to CMLP | (0.7) | (5.2) | (2.9) | (8.4) |
Net income attributable to Class A preferred units | 0 | 0 | 0 | 0 |
Net income (loss) attributable to partners | (0.7) | (5.2) | (2.9) | (8.4) |
Consolidation, Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs of product/services sold | 0 | 0 | 0 | 0 |
Operations and maintenance | 0 | 0 | 0 | 0 |
General and administrative expense | 0 | 0 | 0 | 0 |
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 |
Total Expenses | 0 | 0 | 0 | 0 |
Loss on contingent consideration | 0 | 0 | ||
Operating income | 0 | 0 | 0 | 0 |
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 | 0 |
Interest and debt expense, net | 0 | 0 | 0 | 0 |
Loss on modification/extinguishment of debt | 0 | 0 | ||
Equity in net income (loss) of subsidiary | (24.8) | (50.8) | (90) | (101.6) |
Income (loss) before income taxes | (24.8) | (50.8) | (90) | (101.6) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | (24.8) | (50.8) | (90) | (101.6) |
Net income attributable to non-controlling partners | 0 | 0 | 0 | 0 |
Net income (loss) attributable to CMLP | (24.8) | (50.8) | (90) | (101.6) |
Net income attributable to Class A preferred units | 0 | 0 | 0 | 0 |
Net income (loss) attributable to partners | $ (24.8) | $ (50.8) | $ (90) | $ (101.6) |
Condensed Consolidating Finan60
Condensed Consolidating Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by operating activities | $ 147.9 | $ 111.1 | |||
Acquisitions, net of cash acquired | 0 | (19.5) | |||
Purchases of property, plant and equipment | $ (34.4) | $ (103.1) | (77.7) | (180.4) | |
Investment in unconsolidated affiliates | (27.8) | (48.6) | |||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 1 | 0 | |||
Capital contribution from consolidated affiliate | 0 | 0 | |||
Proceeds from sale of assets | 1.7 | 0 | |||
Net cash used in investing activities | (102.8) | (248.5) | |||
Proceeds from the issuance of long-term debt | 1,865.1 | 860.6 | |||
Principal payments on long-term debt | (1,712.5) | (863.2) | |||
Distributions paid | (173.3) | (169.2) | |||
Contributions from parent | 0 | 0 | |||
Net proceeds from issuance of preferred equity of subsidiary | 0 | 33.6 | |||
Proceeds from Issuance of Preferred Limited Partners Units | 293.7 | $ 430.5 | |||
Payments on capital leases | (1.2) | (1.9) | |||
Taxes paid for unit-based compensation vesting | (2.1) | (1.5) | |||
Payments of Debt Issuance Costs | 11.7 | 0 | |||
Financing fees paid for early debt redemption | (13.6) | 0 | |||
Net change in payables to affiliate | 0 | 0 | |||
Other | (0.2) | (0.1) | |||
Net cash provided by (used in) financing activities | (49.5) | 152 | |||
Net change in cash | (4.4) | 14.6 | |||
Cash at beginning of period | 4.6 | ||||
Cash at end of period | 0.2 | 17.3 | 0.2 | 17.3 | 4.6 |
Parent | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by operating activities | (89.1) | (80.4) | |||
Acquisitions, net of cash acquired | 0 | ||||
Purchases of property, plant and equipment | (0.4) | (2.3) | |||
Investment in unconsolidated affiliates | 0 | 0 | |||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0 | ||||
Capital contribution from consolidated affiliate | (24.6) | (14) | |||
Proceeds from sale of assets | 0 | ||||
Net cash used in investing activities | (25) | (16.3) | |||
Proceeds from the issuance of long-term debt | 1,865.1 | 860.6 | |||
Principal payments on long-term debt | (1,712.5) | (863.2) | |||
Distributions paid | (169.5) | (169.2) | |||
Contributions from parent | 0 | 0 | |||
Net proceeds from issuance of preferred equity of subsidiary | 0 | ||||
Proceeds from Issuance of Preferred Limited Partners Units | 293.7 | ||||
Payments on capital leases | (0.9) | (0.5) | |||
Taxes paid for unit-based compensation vesting | 0 | 0 | |||
Payments of Debt Issuance Costs | 11.7 | ||||
Financing fees paid for early debt redemption | (13.6) | ||||
Net change in payables to affiliate | 157.4 | (24.7) | |||
Other | (0.2) | 0 | |||
Net cash provided by (used in) financing activities | 114.1 | 96.7 | |||
Net change in cash | 0 | 0 | |||
Cash at beginning of period | 0 | ||||
Cash at end of period | 0 | 0.1 | 0 | 0.1 | 0 |
Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by operating activities | 231 | 191.5 | |||
Acquisitions, net of cash acquired | (19.5) | ||||
Purchases of property, plant and equipment | (77.3) | (178.1) | |||
Investment in unconsolidated affiliates | 0 | 0 | |||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0 | ||||
Capital contribution from consolidated affiliate | 0 | 0 | |||
Proceeds from sale of assets | 1.7 | ||||
Net cash used in investing activities | (75.6) | (197.6) | |||
Proceeds from the issuance of long-term debt | 0 | 0 | |||
Principal payments on long-term debt | 0 | 0 | |||
Distributions paid | 0 | 0 | |||
Contributions from parent | 0 | 0 | |||
Net proceeds from issuance of preferred equity of subsidiary | 0 | ||||
Proceeds from Issuance of Preferred Limited Partners Units | 0 | ||||
Payments on capital leases | (0.3) | (1.4) | |||
Taxes paid for unit-based compensation vesting | (2.1) | (1.5) | |||
Payments of Debt Issuance Costs | 0 | ||||
Financing fees paid for early debt redemption | 0 | ||||
Net change in payables to affiliate | (157.4) | 24.7 | |||
Other | 0 | (0.1) | |||
Net cash provided by (used in) financing activities | (159.8) | 21.7 | |||
Net change in cash | (4.4) | 15.6 | |||
Cash at beginning of period | 4.6 | ||||
Cash at end of period | 0.2 | 17.2 | 0.2 | 17.2 | 4.6 |
Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by operating activities | 6 | 0 | |||
Acquisitions, net of cash acquired | 0 | ||||
Purchases of property, plant and equipment | 0 | 0 | |||
Investment in unconsolidated affiliates | (27.8) | (48.6) | |||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 1 | ||||
Capital contribution from consolidated affiliate | 0 | 0 | |||
Proceeds from sale of assets | 0 | ||||
Net cash used in investing activities | (26.8) | (48.6) | |||
Proceeds from the issuance of long-term debt | 0 | 0 | |||
Principal payments on long-term debt | 0 | 0 | |||
Distributions paid | (3.8) | 0 | |||
Contributions from parent | 24.6 | 14 | |||
Net proceeds from issuance of preferred equity of subsidiary | 33.6 | ||||
Proceeds from Issuance of Preferred Limited Partners Units | 0 | ||||
Payments on capital leases | 0 | 0 | |||
Taxes paid for unit-based compensation vesting | 0 | 0 | |||
Payments of Debt Issuance Costs | 0 | ||||
Financing fees paid for early debt redemption | 0 | ||||
Net change in payables to affiliate | 0 | 0 | |||
Other | 0 | 0 | |||
Net cash provided by (used in) financing activities | 20.8 | 47.6 | |||
Net change in cash | 0 | (1) | |||
Cash at beginning of period | 0 | ||||
Cash at end of period | 0 | 0 | 0 | 0 | 0 |
Consolidation, Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by operating activities | 0 | 0 | |||
Acquisitions, net of cash acquired | 0 | ||||
Purchases of property, plant and equipment | 0 | 0 | |||
Investment in unconsolidated affiliates | 0 | 0 | |||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0 | ||||
Capital contribution from consolidated affiliate | 24.6 | 14 | |||
Proceeds from sale of assets | 0 | ||||
Net cash used in investing activities | 24.6 | 14 | |||
Proceeds from the issuance of long-term debt | 0 | 0 | |||
Principal payments on long-term debt | 0 | 0 | |||
Distributions paid | 0 | 0 | |||
Contributions from parent | (24.6) | (14) | |||
Net proceeds from issuance of preferred equity of subsidiary | 0 | ||||
Proceeds from Issuance of Preferred Limited Partners Units | 0 | ||||
Payments on capital leases | 0 | 0 | |||
Taxes paid for unit-based compensation vesting | 0 | 0 | |||
Payments of Debt Issuance Costs | 0 | ||||
Financing fees paid for early debt redemption | 0 | ||||
Net change in payables to affiliate | 0 | 0 | |||
Other | 0 | 0 | |||
Net cash provided by (used in) financing activities | (24.6) | (14) | |||
Net change in cash | 0 | 0 | |||
Cash at beginning of period | 0 | ||||
Cash at end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Simplification Merger (Details)
Simplification Merger (Details) | Aug. 10, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | May. 05, 2015 |
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Equity interest issued or issuable, conversion ratio | 2.75 | ||||
Proceeds from Issuance of Preferred Limited Partners Units, Gross | $ 440,000,000 | ||||
Subsequent event | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Proceeds from Issuance of Preferred Limited Partners Units, Gross | $ 60,000,000 | ||||
Crestwood Midstream Revolver | Revolving Credit Facility | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Line of credit, maximum capacity | $ 1,000,000,000 | ||||
Crestwood Midstream Revolver | Revolving Credit Facility | Subsequent event | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Line of credit, maximum capacity | $ 1,500,000,000 |