Supplementary Information - Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2015 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Supplementary Information - Condensed Consolidating Financial Information | Supplementary Information — Condensed Consolidating Financial Information |
The following condensed consolidating financial information presents the results of operations, financial position and cash flows of DCP Midstream Partners, LP, or parent guarantor, DCP Midstream Operating LP, or subsidiary issuer, which is a 100% owned subsidiary, and non-guarantor subsidiaries, as well as the consolidating adjustments necessary to present DCP Midstream Partners, LP’s results on a consolidated basis. The parent guarantor has agreed to fully and unconditionally guarantee debt securities of the subsidiary issuer. For the purpose of the following financial information, investments in subsidiaries are reflected in accordance with the equity method of accounting. The financial information may not necessarily be indicative of results of operations, cash flows, or financial position had the subsidiaries operated as independent entities. |
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| Condensed Consolidating Balance Sheet |
| 31-Mar-15 |
| Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Consolidated |
Guarantor | Issuer | Subsidiaries | Adjustments |
| (Millions) |
ASSETS | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | 32 | | | $ | 1 | | | $ | — | | | $ | 33 | |
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Accounts receivable, net | — | | | — | | | 203 | | | — | | | 203 | |
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Inventories | — | | | — | | | 36 | | | — | | | 36 | |
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Other | — | | | — | | | 198 | | | — | | | 198 | |
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Total current assets | — | | | 32 | | | 438 | | | — | | | 470 | |
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Property, plant and equipment, net | — | | | — | | | 3,374 | | | — | | | 3,374 | |
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Goodwill and intangible assets, net | — | | | — | | | 271 | | | — | | | 271 | |
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Advances receivable — consolidated subsidiaries | 2,521 | | | 1,946 | | | — | | | (4,467 | ) | | — | |
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Investments in consolidated subsidiaries | 453 | | | 803 | | | — | | | (1,256 | ) | | — | |
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Investments in unconsolidated affiliates | — | | | — | | | 1,481 | | | — | | | 1,481 | |
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Other long-term assets | — | | | 17 | | | 31 | | | — | | | 48 | |
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Total assets | $ | 2,974 | | | $ | 2,798 | | | $ | 5,595 | | | $ | (5,723 | ) | | $ | 5,644 | |
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LIABILITIES AND EQUITY | | | | | | | | | |
Accounts payable and other current liabilities | $ | — | | | $ | 283 | | | $ | 242 | | | $ | — | | | $ | 525 | |
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Advances payable — consolidated subsidiaries | — | | | — | | | 4,467 | | | (4,467 | ) | | — | |
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Long-term debt | — | | | 2,062 | | | — | | | — | | | 2,062 | |
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Other long-term liabilities | — | | | — | | | 51 | | | — | | | 51 | |
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Total liabilities | — | | | 2,345 | | | 4,760 | | | (4,467 | ) | | 2,638 | |
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Commitments and contingent liabilities | | | | | | | | | |
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Equity: | | | | | | | | | |
Partners’ equity: | | | | | | | | | |
Net equity | 2,974 | | | 456 | | | 808 | | | (1,256 | ) | | 2,982 | |
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Accumulated other comprehensive loss | — | | | (3 | ) | | (5 | ) | | — | | | (8 | ) |
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Total partners’ equity | 2,974 | | | 453 | | | 803 | | | (1,256 | ) | | 2,974 | |
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Noncontrolling interests | — | | | — | | | 32 | | | — | | | 32 | |
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Total equity | 2,974 | | | 453 | | | 835 | | | (1,256 | ) | | 3,006 | |
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Total liabilities and equity | $ | 2,974 | | | $ | 2,798 | | | $ | 5,595 | | | $ | (5,723 | ) | | $ | 5,644 | |
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| Condensed Consolidating Balance Sheet |
| December 31, 2014 |
| Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Consolidated |
Guarantor | Issuer | Subsidiaries | Adjustments |
| (Millions) |
ASSETS | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | 24 | | | $ | 1 | | | $ | — | | | $ | 25 | |
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Accounts receivable, net | — | | | — | | | 270 | | | — | | | 270 | |
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Inventories | — | | | — | | | 63 | | | — | | | 63 | |
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Other | — | | | — | | | 232 | | | — | | | 232 | |
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Total current assets | — | | | 24 | | | 566 | | | — | | | 590 | |
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Property, plant and equipment, net | — | | | — | | | 3,347 | | | — | | | 3,347 | |
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Goodwill and intangible assets, net | — | | | — | | | 274 | | | — | | | 274 | |
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Advances receivable — consolidated subsidiaries | 2,610 | | | 1,962 | | | — | | | (4,572 | ) | | — | |
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Investments in consolidated subsidiaries | 383 | | | 712 | | | — | | | (1,095 | ) | | — | |
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Investments in unconsolidated affiliates | — | | | — | | | 1,459 | | | — | | | 1,459 | |
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Other long-term assets | — | | | 17 | | | 52 | | | — | | | 69 | |
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Total assets | $ | 2,993 | | | $ | 2,715 | | | $ | 5,698 | | | $ | (5,667 | ) | | $ | 5,739 | |
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LIABILITIES AND EQUITY | | | | | | | | | |
Accounts payable and other current liabilities | $ | — | | | $ | 271 | | | $ | 330 | | | $ | — | | | $ | 601 | |
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Advances payable — consolidated subsidiaries | — | | | — | | | 4,572 | | | (4,572 | ) | | — | |
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Long-term debt | — | | | 2,061 | | | — | | | — | | | 2,061 | |
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Other long-term liabilities | — | | | — | | | 51 | | | — | | | 51 | |
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Total liabilities | — | | | 2,332 | | | 4,953 | | | (4,572 | ) | | 2,713 | |
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Commitments and contingent liabilities | | | | | | | | | |
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Equity: | | | | | | | | | |
Partners’ equity: | | | | | | | | | |
Net equity | 2,993 | | | 387 | | | 717 | | | (1,095 | ) | | 3,002 | |
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Accumulated other comprehensive loss | — | | | (4 | ) | | (5 | ) | | — | | | (9 | ) |
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Total partners’ equity | 2,993 | | | 383 | | | 712 | | | (1,095 | ) | | 2,993 | |
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Noncontrolling interests | — | | | — | | | 33 | | | — | | | 33 | |
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Total equity | 2,993 | | | 383 | | | 745 | | | (1,095 | ) | | 3,026 | |
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Total liabilities and equity | $ | 2,993 | | | $ | 2,715 | | | $ | 5,698 | | | $ | (5,667 | ) | | $ | 5,739 | |
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| Condensed Consolidating Statement of Operations |
| Three Months Ended March 31, 2015 |
| Parent | | Subsidiary | | Non- | | Consolidating | | Consolidated |
Guarantor | Issuer | Guarantor | Adjustments |
| | Subsidiaries | |
| (Millions) |
Operating revenues: | | | | | | | | | |
Sales of natural gas, propane, NGLs and condensate | $ | — | | | $ | — | | | $ | 470 | | | $ | — | | | $ | 470 | |
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Transportation, processing and other | — | | | — | | | 79 | | | — | | | 79 | |
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Gains from commodity derivative activity, net | — | | | — | | | 19 | | | — | | | 19 | |
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Total operating revenues | — | | | — | | | 568 | | | — | | | 568 | |
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Operating costs and expenses: | | | | | | | | | |
Purchases of natural gas, propane and NGLs | — | | | — | | | 402 | | | — | | | 402 | |
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Operating and maintenance expense | — | | | — | | | 47 | | | — | | | 47 | |
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Depreciation and amortization expense | — | | | — | | | 29 | | | — | | | 29 | |
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General and administrative expense | — | | | — | | | 21 | | | — | | | 21 | |
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Total operating costs and expenses | — | | | — | | | 499 | | | — | | | 499 | |
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Operating income | — | | | — | | | 69 | | | — | | | 69 | |
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Interest expense, net | — | | | (22 | ) | | — | | | — | | | (22 | ) |
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Income from consolidated subsidiaries | 69 | | | 91 | | | — | | | (160 | ) | | — | |
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Earnings from unconsolidated affiliates | — | | | — | | | 23 | | | — | | | 23 | |
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Income before income taxes | 69 | | | 69 | | | 92 | | | (160 | ) | | 70 | |
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Income tax expense | — | | | — | | | (1 | ) | | — | | | (1 | ) |
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Net income | 69 | | | 69 | | | 91 | | | (160 | ) | | 69 | |
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Net income attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | |
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Net income attributable to partners | $ | 69 | | | $ | 69 | | | $ | 91 | | | $ | (160 | ) | | $ | 69 | |
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| Condensed Consolidating Statement of Comprehensive Income |
| Three Months Ended March 31, 2015 |
| Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Consolidated |
Guarantor | Issuer | Subsidiaries | Adjustments |
| (Millions) |
Net income | $ | 69 | | | $ | 69 | | | $ | 91 | | | $ | (160 | ) | | $ | 69 | |
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Other comprehensive income: | | | | | | | | | |
Reclassification of cash flow hedge losses into earnings | — | | | 1 | | | — | | | — | | | 1 | |
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Other comprehensive income from consolidated subsidiaries | 1 | | | — | | | — | | | (1 | ) | | — | |
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Total other comprehensive income | 1 | | | 1 | | | — | | | (1 | ) | | 1 | |
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Total comprehensive income | 70 | | | 70 | | | 91 | | | (161 | ) | | 70 | |
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Total comprehensive income attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | |
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Total comprehensive income attributable to partners | $ | 70 | | | $ | 70 | | | $ | 91 | | | $ | (161 | ) | | $ | 70 | |
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| Condensed Consolidating Statement of Operations |
| Three Months Ended March 31, 2014 (a) |
| Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Consolidated |
Guarantor | Issuer | Subsidiaries | Adjustments |
| (Millions) |
Operating revenues: | | | | | | | | | |
Sales of natural gas, propane, NGLs and condensate | $ | — | | | $ | — | | | $ | 1,013 | | | $ | — | | | $ | 1,013 | |
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Transportation, processing and other | — | | | — | | | 83 | | | — | | | 83 | |
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Gains from commodity derivative activity, net | — | | | — | | | (15 | ) | | — | | | (15 | ) |
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Total operating revenues | — | | | — | | | 1,081 | | | — | | | 1,081 | |
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Operating costs and expenses: | | | | | | | | | |
Purchases of natural gas, propane and NGLs | — | | | — | | | 885 | | | — | | | 885 | |
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Operating and maintenance expense | — | | | — | | | 45 | | | — | | | 45 | |
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Depreciation and amortization expense | — | | | — | | | 26 | | | — | | | 26 | |
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General and administrative expense | — | | | — | | | 16 | | | — | | | 16 | |
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Other expense | — | | | — | | | 1 | | | — | | | 1 | |
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Total operating costs and expenses | — | | | — | | | 973 | | | — | | | 973 | |
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Operating income | — | | | — | | | 108 | | | — | | | 108 | |
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Interest expense | — | | | (19 | ) | | — | | | — | | | (19 | ) |
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Earnings from unconsolidated affiliates | — | | | — | | | 3 | | | — | | | 3 | |
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Income from consolidated subsidiaries | 79 | | | 98 | | | — | | | (177 | ) | | — | |
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Income before income taxes | 79 | | | 79 | | | 111 | | | (177 | ) | | 92 | |
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Income tax expense | — | | | — | | | (3 | ) | | — | | | (3 | ) |
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Net income | 79 | | | 79 | | | 108 | | | (177 | ) | | 89 | |
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Net income attributable to noncontrolling interests | — | | | — | | | (10 | ) | | — | | | (10 | ) |
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Net income attributable to partners | $ | 79 | | | $ | 79 | | | $ | 98 | | | $ | (177 | ) | | $ | 79 | |
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(a) | The financial information for the three months ended March 31, 2014 includes the results of our Lucerne 1 plant, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior periods are retrospectively adjusted to furnish comparative information similar to the pooling method. | | | | | | | | | | | | | | | | | | |
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| Condensed Consolidating Statement of Comprehensive Income |
| Three Months Ended March 31, 2014 (a) |
| Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Consolidated |
Guarantor | Issuer | Subsidiaries | Adjustments |
| (Millions) |
Net income | $ | 79 | | | $ | 79 | | | $ | 108 | | | $ | (177 | ) | | $ | 89 | |
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Other comprehensive income: | | | | | | | | | |
Reclassification of cash flow hedge losses into earnings | — | | | 2 | | | — | | | — | | | 2 | |
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Other comprehensive income from consolidated subsidiaries | 2 | | | — | | | — | | | (2 | ) | | — | |
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Total other comprehensive income | 2 | | | 2 | | | — | | | (2 | ) | | 2 | |
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Total comprehensive income | 81 | | | 81 | | | 108 | | | (179 | ) | | 91 | |
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Total comprehensive income attributable to noncontrolling interests | — | | | — | | | (10 | ) | | — | | | (10 | ) |
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Total comprehensive income attributable to partners | $ | 81 | | | $ | 81 | | | $ | 98 | | | $ | (179 | ) | | $ | 81 | |
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(a) | The financial information for the three months ended March 31, 2014 includes the results of our Lucerne 1 plant, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior periods are retrospectively adjusted to furnish comparative information similar to the pooling method. | | | | | | | | | | | | | | | | | | |
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| Condensed Consolidating Statement of Cash Flows | | | | | |
| Three Months Ended March 31, 2015 | | | | | |
| Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Consolidated | | | | | |
Guarantor | Issuer | Subsidiaries | Adjustments | | | | | |
| (Millions) | | | | | |
OPERATING ACTIVITIES | | | | | | | | | | | | | | |
Net cash (used in) provided by operating activities | — | | | (8 | ) | | 196 | | | — | | | 188 | | | | | | |
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INVESTING ACTIVITIES: | | | | | | | | | | | | | | |
Intercompany transfers | 89 | | | 16 | | | — | | | (105 | ) | | — | | | | | | |
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Capital expenditures | — | | | — | | | (65 | ) | | — | | | (65 | ) | | | | | |
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Investments in unconsolidated affiliates | — | | | — | | | (25 | ) | | — | | | (25 | ) | | | | | |
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Net cash used in investing activities | 89 | | | 16 | | | (90 | ) | | (105 | ) | | (90 | ) | | | | | |
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FINANCING ACTIVITIES: | | | | | | | | | | | | | | |
Intercompany transfers | — | | | — | | | (105 | ) | | 105 | | | — | | | | | | |
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Proceeds from long-term debt | — | | | 162 | | | — | | | — | | | 162 | | | | | | |
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Payments of long-term debt | — | | | (162 | ) | | — | | | — | | | (162 | ) | | | | | |
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Proceeds from issuance of common units, net of offering costs | 31 | | | — | | | — | | | — | | | 31 | | | | | | |
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Distributions to limited partners and general partner | (120 | ) | | — | | | — | | | — | | | (120 | ) | | | | | |
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Distributions to noncontrolling interests | — | | | — | | | (1 | ) | | — | | | (1 | ) | | | | | |
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Net cash used in financing activities | (89 | ) | | — | | | (106 | ) | | 105 | | | (90 | ) | | | | | |
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Net change in cash and cash equivalents | — | | | 8 | | | — | | | — | | | 8 | | | | | | |
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Cash and cash equivalents, beginning of period | — | | | 24 | | | 1 | | | — | | | 25 | | | | | | |
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Cash and cash equivalents, end of period | — | | | 32 | | | 1 | | | — | | | 33 | | | | | | |
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| Condensed Consolidating Statements of Cash Flows |
| Three Months Ended March 31, 2014 (a) |
| Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Consolidated |
Guarantor | Issuer | Subsidiaries | Adjustments |
| (Millions) |
OPERATING ACTIVITIES | | | | | | | | | |
Net cash (used in) provided by operating activities | $ | — | | | $ | (11 | ) | | $ | 157 | | | $ | — | | | $ | 146 | |
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INVESTING ACTIVITIES: | | | | | | | | | |
Intercompany transfers | (591 | ) | | (365 | ) | | — | | | 956 | | | — | |
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Capital expenditures | — | | | — | | | (63 | ) | | — | | | (63 | ) |
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Acquisitions, net of cash acquired | — | | | — | | | (100 | ) | | — | | | (100 | ) |
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Acquisition of unconsolidated affiliates | — | | | — | | | (669 | ) | | — | | | (669 | ) |
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Investments in unconsolidated affiliates | — | | | — | | | (65 | ) | | — | | | (65 | ) |
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Proceeds from sale of assets | — | | | — | | | 1 | | | — | | | 1 | |
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Net cash used in investing activities | (591 | ) | | (365 | ) | | (896 | ) | | 956 | | | (896 | ) |
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FINANCING ACTIVITIES: | | | | | | | | | |
Intercompany transfers | — | | | — | | | 956 | | | (956 | ) | | — | |
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Proceeds from long-term debt | — | | | 719 | | | — | | | — | | | 719 | |
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Payments of long-term debt | — | | | (314 | ) | | — | | | — | | | (314 | ) |
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Payment of deferred financing costs | — | | | (6 | ) | | — | | | — | | | (6 | ) |
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Proceeds from issuance of common units, net of offering costs | 677 | | | — | | | — | | | — | | | 677 | |
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Excess purchase price over acquired interests and commodity hedges | — | | | — | | | (14 | ) | | — | | | (14 | ) |
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Net change in advances to predecessor from DCP Midstream, LLC | — | | | — | | | (6 | ) | | — | | | (6 | ) |
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Distributions to limited partners and general partner | (86 | ) | | — | | | — | | | — | | | (86 | ) |
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Distributions to noncontrolling interests | — | | | — | | | (10 | ) | | — | | | (10 | ) |
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Purchase of additional interest in a subsidiary | — | | | — | | | (198 | ) | | — | | | (198 | ) |
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Contributions from noncontrolling interests | — | | | — | | | 3 | | | — | | | 3 | |
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Net cash provided by financing activities | 591 | | | 399 | | | 731 | | | (956 | ) | | 765 | |
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Net change in cash and cash equivalents | — | | | 23 | | | (8 | ) | | — | | | 15 | |
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Cash and cash equivalents, beginning of period | — | | | — | | | 12 | | | — | | | 12 | |
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Cash and cash equivalents, end of period | $ | — | | | $ | 23 | | | $ | 4 | | | $ | — | | | $ | 27 | |
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(a) | The financial information for the three months ended March 31, 2014 includes the results of our Lucerne 1 plant, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior periods are retrospectively adjusted to furnish comparative information similar to the pooling method. | | | | | | | | | | | | | | | | | | |
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