Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SE | ||
Entity Registrant Name | SPECTRA ENERGY CORP. | ||
Entity Central Index Key | 1373835 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 671,089,528 | ||
Entity Public Float | $28,000,000,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Operating Revenues | ||||||
Transportation, storage and processing of natural gas | $3,291 | $3,128 | $3,149 | |||
Distribution of natural gas | 1,583 | 1,577 | 1,366 | |||
Sales of natural gas liquids | 497 | 440 | 401 | |||
Transportation of crude oil | 302 | 224 | 0 | |||
Other | 230 | 149 | 159 | |||
Total operating revenues | 5,903 | [1] | 5,518 | [1] | 5,075 | [1] |
Operating Expenses | ||||||
Natural gas and petroleum products purchased | 1,219 | 1,139 | 1,037 | |||
Operating, maintenance and other | 1,571 | 1,568 | 1,380 | |||
Depreciation and amortization | 796 | [1] | 772 | [1] | 746 | [1] |
Property and other taxes | 393 | 373 | 337 | |||
Total operating expenses | 3,979 | 3,852 | 3,500 | |||
Operating Income | 1,924 | 1,666 | 1,575 | |||
Other Income and Expenses | ||||||
Equity in earnings of unconsolidated affiliates | 361 | 445 | 382 | |||
Other income and expenses, net | 59 | 124 | 83 | |||
Total other income and expenses | 420 | 569 | 465 | |||
Interest Expense | 679 | 657 | 625 | |||
Earnings From Continuing Operations Before Income Taxes | 1,665 | [1] | 1,578 | [1] | 1,415 | [1] |
Income Tax Expense From Continuing Operations | 382 | 419 | 370 | |||
Income From Continuing Operations | 1,283 | 1,159 | 1,045 | |||
Income From Discontinued Operations, net of tax | 0 | 0 | 2 | |||
Net Income | 1,283 | 1,159 | 1,047 | |||
Net Income — Noncontrolling Interests | 201 | 121 | 107 | |||
Net Income — Controlling Interests | $1,082 | $1,038 | $940 | |||
Weighted-average shares outstanding | ||||||
Basic (in shares) | 671 | 669 | 653 | |||
Diluted (in shares) | 672 | 671 | 656 | |||
Earnings per share | ||||||
Basic (in usd per share) | $1.61 | [2] | $1.55 | [2] | $1.44 | |
Diluted (in usd per share) | $1.61 | [2] | $1.55 | [2] | $1.43 | |
Dividends per share (in usd per share) | $1.38 | $1.22 | $1.15 | |||
[1] | Excludes amounts associated with entities included in discontinued operations. | |||||
[2] | Quarterly earnings-per-share amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income | $1,283 | $1,159 | $1,047 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | -548 | -494 | 215 |
Non-cash mark-to-market net gain on hedges | 4 | 7 | 6 |
Reclassification of cash flow hedges into earnings | 5 | 7 | 9 |
Pension and benefits impact (net of tax benefit (expense) of $14, $(88) and $6, respectively) | -47 | 203 | 9 |
Other | 0 | 2 | 0 |
Total other comprehensive income (loss) | -586 | -275 | 239 |
Total Comprehensive Income, net of tax | 697 | 884 | 1,286 |
Less: Comprehensive Income — Noncontrolling Interests | 194 | 114 | 110 |
Comprehensive Income — Controlling Interests | $503 | $770 | $1,176 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Tax benefit (expense) on pension and benefits impact | $14 | ($88) | $6 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current Assets | ||||
Cash and cash equivalents | $215 | $201 | ||
Receivables (net of allowance for doubtful accounts of $11 and $10 at December 31, 2014 and 2013, respectively) | 1,336 | 1,336 | ||
Inventory | 313 | 263 | ||
Fuel tracker | 102 | 28 | ||
Other | 366 | 253 | ||
Total current assets | 2,332 | 2,081 | ||
Investments and Other Assets | ||||
Investments in and loans to unconsolidated affiliates | 2,966 | 3,043 | ||
Goodwill | 4,714 | 4,810 | ||
Other | 327 | 385 | ||
Total investments and other assets | 8,007 | 8,238 | ||
Property, Plant and Equipment | ||||
Cost | 29,211 | 28,456 | ||
Less accumulated depreciation and amortization | 6,904 | 6,627 | ||
Net property, plant and equipment | 22,307 | 21,829 | ||
Regulatory Assets and Deferred Debits | 1,394 | 1,385 | ||
Total Assets | 34,040 | 33,533 | ||
Current Liabilities | ||||
Accounts payable | 458 | 440 | ||
Commercial paper | 1,583 | [1],[2] | 1,032 | [1],[2] |
Taxes accrued | 91 | 72 | ||
Interest accrued | 181 | 201 | ||
Current maturities of long-term debt | 327 | 1,197 | ||
Other | 1,169 | 1,097 | ||
Total current liabilities | 3,809 | 4,039 | ||
Long-term Debt | 12,769 | 12,488 | ||
Deferred Credits and Other Liabilities | ||||
Deferred income taxes | 5,405 | 4,968 | ||
Regulatory and other | 1,401 | 1,457 | ||
Total deferred credits and other liabilities | 6,806 | 6,425 | ||
Commitments and Contingencies | ||||
Preferred Stock of Subsidiaries | 258 | 258 | ||
Equity | ||||
Preferred stock, $0.001 par, 22 million shares authorized, no shares outstanding | 0 | 0 | ||
Common stock, $0.001 par, 1 billion shares authorized, 671 million and 670 million shares outstanding at December 31, 2014 and 2013, respectively | 1 | 1 | ||
Additional paid-in capital | 4,956 | 4,869 | ||
Retained earnings | 2,541 | 2,383 | ||
Accumulated other comprehensive income | 662 | 1,241 | ||
Total controlling interests | 8,160 | 8,494 | ||
Noncontrolling interests | 2,238 | 1,829 | ||
Total equity | 10,398 | 10,323 | ||
Total Liabilities and Equity | $34,040 | $33,533 | ||
[1] | The weighted-average days to maturity was 14 days as of December 31, 2014 and 9 days as of December 31, 2013. | |||
[2] | Weighted-average rate on outstanding commercial paper was 0.6% at both December 31, 2014 and 2013. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Receivables, allowance for doubtful accounts | $11 | $10 |
Preferred stock, par value (in usd per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 22,000,000 | 22,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in usd per share) | $0.00 | $0.00 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares outstanding | 671,000,000 | 670,000,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $1,283 | $1,159 | $1,047 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 809 | 787 | 760 |
Deferred income tax expense | 388 | 421 | 210 |
Equity in earnings of unconsolidated affiliates | -361 | -445 | -382 |
Distributions received from unconsolidated affiliates | 380 | 324 | 307 |
Decrease (increase) in | |||
Receivables | -9 | -94 | 69 |
Inventory | -106 | 17 | 80 |
Other current assets | -143 | -88 | 1 |
Increase (decrease) in | |||
Accounts payable | 25 | -2 | -51 |
Taxes accrued | 28 | -8 | 14 |
Other current liabilities | 3 | 101 | 43 |
Other, assets | -33 | -111 | -74 |
Other, liabilities | -43 | -31 | -86 |
Net cash provided by operating activities | 2,221 | 2,030 | 1,938 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | -2,028 | -1,947 | -2,025 |
Investments in and loans to unconsolidated affiliates | -259 | -312 | -520 |
Acquisitions, net of cash acquired | 0 | -1,254 | -30 |
Purchases of held-to-maturity securities | -790 | -985 | -2,671 |
Proceeds from sales and maturities of held-to-maturity securities | 815 | 1,023 | 2,578 |
Purchases of available-for-sale securities | -13 | -5,878 | -644 |
Proceeds from sales and maturities of available-for-sale securities | 7 | 6,024 | 514 |
Distributions received from unconsolidated affiliates | 266 | 87 | 17 |
Loan to unconsolidated affiliate | 0 | -71 | 0 |
Repayment of loan to unconsolidated affiliate | 0 | 71 | 0 |
Other changes in restricted funds | -1 | 2 | 93 |
Other | 0 | 4 | 14 |
Net cash used in investing activities | -2,003 | -3,236 | -2,674 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from the issuance of long-term debt | 1,028 | 4,372 | 1,301 |
Payments for the redemption of long-term debt | -1,184 | -2,139 | -525 |
Net increase (decrease) in commercial paper | 574 | -206 | 199 |
Distributions to noncontrolling interests | -175 | -144 | -120 |
Contributions from noncontrolling interests | 145 | 23 | 0 |
Proceeds from the issuance of Spectra Energy common stock | 0 | 0 | 382 |
Proceeds from the issuance of Spectra Energy Partners, LP common units | 327 | 214 | 145 |
Dividends paid on common stock | -925 | -821 | -753 |
Other | 11 | 17 | 25 |
Net cash provided by (used in) financing activities | -199 | 1,316 | 654 |
Effect of exchange rate changes on cash | -5 | -3 | 2 |
Net increase (decrease) in cash and cash equivalents | 14 | 107 | -80 |
Cash and cash equivalents at beginning of period | 201 | 94 | 174 |
Cash and cash equivalents at end of period | 215 | 201 | 94 |
Supplemental Disclosures | |||
Cash paid for interest, net of amount capitalized | 684 | 625 | 601 |
Net cash paid (refunds received) for income taxes | -8 | 43 | 130 |
Property, plant and equipment non-cash accruals | $125 | $112 | $147 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Foreign Currency Translation Adjustments | Other | Noncontrolling Interests |
In Millions, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2011 | $8,896 | $1 | $4,814 | $1,977 | $1,832 | ($559) | $831 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,047 | 940 | 107 | ||||
Other comprehensive income | 239 | 212 | 24 | 3 | |||
Dividends on common stock | -752 | -752 | |||||
Stock-based compensation | 24 | 24 | |||||
Distributions to noncontrolling interests | -120 | -120 | |||||
Contributions from noncontrolling interest | 0 | ||||||
Spectra Energy common stock issued | 399 | 399 | |||||
Spectra Energy Partners, LP common units issued | 134 | 26 | 108 | ||||
Transfer of interests in subsidiaries to Spectra Energy Partners, LP | -20 | 34 | -54 | ||||
Other, net | -4 | -4 | |||||
Ending Balance at Dec. 31, 2012 | 9,843 | 1 | 5,297 | 2,165 | 2,044 | -535 | 871 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,159 | 1,038 | 121 | ||||
Other comprehensive income | -275 | -487 | 219 | -7 | |||
Dividends on common stock | -820 | -820 | |||||
Stock-based compensation | 19 | 19 | |||||
Distributions to noncontrolling interests | -144 | -144 | |||||
Contributions from noncontrolling interest | 23 | 23 | |||||
Spectra Energy common stock issued | 23 | 23 | |||||
Spectra Energy Partners, LP common units issued | 189 | 42 | 147 | ||||
Transfer of interests in subsidiaries to Spectra Energy Partners, LP | 306 | -511 | 817 | ||||
Other, net | 0 | -1 | 1 | ||||
Ending Balance at Dec. 31, 2013 | 10,323 | 1 | 4,869 | 2,383 | 1,557 | -316 | 1,829 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,283 | 1,082 | 201 | ||||
Other comprehensive income | -586 | -541 | -38 | -7 | |||
Dividends on common stock | -924 | -924 | |||||
Stock-based compensation | 19 | 19 | |||||
Distributions to noncontrolling interests | -175 | -175 | |||||
Contributions from noncontrolling interest | 145 | 145 | |||||
Spectra Energy common stock issued | 11 | 11 | |||||
Spectra Energy Partners, LP common units issued | 297 | 49 | 248 | ||||
Transfer of interests in subsidiaries to Spectra Energy Partners, LP | 2 | 3 | -1 | ||||
Other, net | 3 | 5 | -2 | ||||
Ending Balance at Dec. 31, 2014 | $10,398 | $1 | $4,956 | $2,541 | $1,016 | ($354) | $2,238 |
Summary_of_Operations_and_Sign
Summary of Operations and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Operations and Significant Accounting Policies | Summary of Operations and Significant Accounting Policies |
The terms “we,” “our,” “us” and “Spectra Energy” as used in this report refer collectively to Spectra Energy Corp and its subsidiaries unless the context suggests otherwise. These terms are used for convenience only and are not intended as a precise description of any separate legal entity within Spectra Energy. The term “Spectra Energy Partners” refers to our Spectra Energy Partners operating segment. The term “SEP” refers to Spectra Energy Partners, LP, our master limited partnership. | |
Nature of Operations. Spectra Energy Corp, through its subsidiaries and equity affiliates, owns and operates a large and diversified portfolio of complementary natural gas-related energy assets, and owns and operates a crude oil pipeline system that connects Canadian and U.S. producers to refineries in the U.S. Rocky Mountain and Midwest regions. We currently operate in three key areas of the natural gas industry: gathering and processing, transmission and storage, and distribution. We provide transmission and storage of natural gas to customers in various regions of the northeastern and southeastern United States, the Maritime Provinces in Canada, the Pacific Northwest in the United States and Canada, and in the province of Ontario, Canada. We also provide natural gas sales and distribution services to retail customers in Ontario, and natural gas gathering and processing services to customers in western Canada. We also own a 50% interest in DCP Midstream, LLC (DCP Midstream), based in Denver, Colorado, one of the leading natural gas gatherers in the United States based on wellhead volumes, and one of the largest U.S. producers and marketers of natural gas liquids (NGLs). | |
Basis of Presentation. The accompanying Consolidated Financial Statements include our accounts and the accounts of our majority-owned subsidiaries, after eliminating intercompany transactions and balances. | |
Use of Estimates. To conform with generally accepted accounting principles (GAAP) in the United States, we make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and Notes to Consolidated Financial Statements. Although these estimates are based on our best available knowledge at the time, actual results could differ. | |
Fair Value Measurements. We measure the fair value of financial assets and liabilities by maximizing the use of observable inputs and minimizing the use of unobservable inputs. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |
Cost-Based Regulation. The economic effects of regulation can result in a regulated company recording assets for costs that have been or are expected to be approved for recovery from customers or recording liabilities for amounts that are expected to be returned to customers or for instances where the regulator provides current rates that are intended to recover costs that are expected to be incurred in the future. Accordingly, we record assets and liabilities that result from the regulated ratemaking process that may not be recorded under GAAP for non-regulated entities. We continually assess whether regulatory assets are probable of future recovery by considering factors such as applicable regulatory changes and recent rate orders to other regulated entities. Based on this assessment, we believe our existing regulatory assets are probable of recovery. These regulatory assets and liabilities are mostly classified in the Consolidated Balance Sheets as Regulatory Assets and Deferred Debits, and Deferred Credits and Other Liabilities — Regulatory and Other. We evaluate our regulated assets, and consider factors such as regulatory changes and the effect of competition. If cost-based regulation ends or competition increases, we may have to reduce our asset balances to reflect a market basis less than cost and write-off the associated regulatory assets and liabilities. See Note 5 for further discussion. | |
Foreign Currency Translation. The Canadian dollar has been determined to be the functional currency of our Canadian operations based on an assessment of the economic circumstances of those operations. Assets and liabilities of our Canadian operations are translated into U.S. dollars at current exchange rates. Translation adjustments resulting from fluctuations in exchange rates are included as a separate component of Other Comprehensive Income on the Consolidated Statements of Comprehensive Income. Revenue and expense accounts of these operations are translated at average monthly exchange rates prevailing during the periods. Gains and losses arising from transactions denominated in currencies other than the functional currency are included in the results of operations of the period in which they occur. Foreign currency transaction gains (losses) totaled $3 million in 2014, $1 million in 2013 and $(3) million in 2012, and are included in Other Income and Expenses, Net on the Consolidated Statements of Operations. Deferred U.S. taxes related to translation gains and losses have not been provided on those Canadian operations that we expect the earnings to be indefinitely reinvested. | |
Revenue Recognition. Revenues from the transmission, storage, processing, distribution and sales of natural gas, from the sales of NGLs and from the transportation and storage of crude oil are generally recognized when either the service is provided or the product is delivered. Revenues related to these services provided or products delivered but not yet billed are estimated each month. These estimates are generally based on contract data, regulatory information, estimated distribution usage based on historical data adjusted for heating degree days, commodity prices and preliminary throughput and allocation measurements. Final bills for the current month are billed and collected in the following month. Differences between actual and estimated unbilled revenues are immaterial. There were no customers accounting for 10% or more of consolidated revenues during 2014, 2013 or 2012. We also have certain customer contracts with billed amounts that decline annually over the terms of the contracts. Differences between the amounts billed and recognized are deferred on the Consolidated Balance Sheets. | |
Stock-Based Compensation. For employee awards, equity-classified and liability-classified stock-based compensation cost is measured at the grant date based on the fair value of the award. Liability-classified stock-based compensation cost is remeasured at each reporting period until settlement. Related compensation expense is recognized over the requisite service period, which generally begins on the date the award is granted through the earlier of the date the award vests, the date the employee becomes retirement-eligible or the date the market or performance condition of the award is met. Awards, including stock options, granted to employees that are retirement-eligible are deemed to have vested immediately upon issuance, and therefore, compensation cost for those awards is recognized on the date such awards are granted. See Note 24 for further discussion. | |
Pension and Other Post-Retirement Benefits. We fully recognize the overfunded or underfunded status of our consolidating subsidiaries’ pension and other post-retirement benefit plans as Investments and Other Assets - Other, Current Liabilities - Other or Deferred Credits and Other Liabilities - Regulatory and Other in the Consolidated Balance Sheets, as appropriate. A plan’s funded status is the difference between the fair value of plan assets and the plan’s projected benefit obligation. We record deferred plan costs and income (unrecognized losses and gains, and unrecognized prior service costs and credits) in Accumulated Other Comprehensive Income (AOCI) on the Consolidated Statements of Equity, until they are amortized and recognized as a component of benefit expense within Operating, Maintenance and Other in the Consolidated Statements of Operations. See Note 25 for further discussion. | |
Allowance for Funds Used During Construction (AFUDC). AFUDC, which represents the estimated debt and equity costs of capital funds necessary to finance the construction of certain new regulated facilities, consists of two components, an equity component and an interest expense component. The equity component is a non-cash item. After construction is completed, we are permitted to recover these costs through inclusion in the rate base and in the depreciation provision. AFUDC is capitalized as a component of Property, Plant and Equipment - Cost in the Consolidated Balance Sheets, with offsetting credits to the Consolidated Statements of Operations through Other Income and Expenses, Net for the equity component and Interest Expense for the interest expense component. The total amount of AFUDC included in the Consolidated Statements of Operations was $72 million in 2014 (an equity component of $53 million and an interest expense component of $19 million), $155 million in 2013 (an equity component of $105 million and an interest expense component of $50 million) and $131 million in 2012 (an equity component of $85 million and an interest expense component of $46 million). | |
Income Taxes. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Actual income taxes could vary from these estimates due to future changes in income tax law or results from the final review of tax returns by federal, state or foreign tax authorities. | |
Financial statement effects on tax positions are recognized in the period in which it is more likely than not that the position will be sustained upon examination, the position is effectively settled or when the statute of limitations to challenge the position has expired. Interest and penalties related to unrecognized tax benefits are recorded as interest expense and other expense, respectively. | |
Cash and Cash Equivalents. Highly liquid investments with original maturities of three months or less at the date of acquisition, except for the investments that were pledged as collateral against long-term debt as discussed in Note 16 and any investments that are considered restricted funds, are considered cash equivalents. | |
Inventory. Inventory consists of natural gas and NGLs held in storage for transmission and processing, and also includes materials and supplies. Natural gas inventories primarily relate to the Distribution segment in Canada and are valued at costs approved by the regulator, the Ontario Energy Board (OEB). The difference between the approved price and the actual cost of gas purchased is recorded in either accounts receivable or other current liabilities, as appropriate, for future disposition with customers, subject to approval by the OEB. The remaining inventory is recorded at the lower of cost or market, primarily using average cost. | |
Natural Gas Imbalances. The Consolidated Balance Sheets include in-kind balances as a result of differences in gas volumes received and delivered for customers. Since settlement of certain imbalances is in-kind, changes in their balances do not have an effect on our Consolidated Statements of Cash Flows. Receivables include $642 million and $606 million as of December 31, 2014 and December 31, 2013, respectively, and Other Current Liabilities include $634 million and $575 million as of December 31, 2014 and December 31, 2013, respectively, related to gas imbalances. Most natural gas volumes owed to or by us are valued at natural gas market index prices as of the balance sheet dates. | |
Risk Management and Hedging Activities and Financial Instruments. Currently, our use of derivative instruments is primarily limited to interest rate positions and commodity pricing. All derivative instruments that do not qualify for the normal purchases and normal sales exception are recorded on the Consolidated Balance Sheets at fair value. Cash inflows and outflows related to derivative instruments are a component of Cash Flows From Operating Activities in the accompanying Consolidated Statements of Cash Flows. | |
Cash Flow and Fair Value Hedges. Qualifying energy commodity and other derivatives may be designated as either a hedge of a forecasted transaction (cash flow hedge) or a hedge of a recognized asset, liability or firm commitment (fair value hedge). For all hedge contracts, we prepare documentation of the hedge in accordance with accounting standards and assess whether the hedge contract is highly effective using regression analysis, both at inception and on a quarterly basis, in offsetting changes in cash flows or fair values of hedged items. We document hedging activity by instrument type (futures or swaps) and risk management strategy (commodity price risk or interest rate risk). | |
For derivatives designated as fair value hedges, we recognize the gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item in earnings, to the extent effective, in the current period. In the event the hedge is not effective, there is no offsetting gain or loss recognized in earnings for the hedged item. All derivatives designated and accounted for as hedges are classified in the same category as the item being hedged in the Consolidated Statements of Cash Flows. All components of each derivative gain or loss are included in the assessment of hedge effectiveness. | |
Investments. We may actively invest a portion of our available cash and restricted funds balances in various financial instruments, including taxable or tax-exempt debt securities. In addition, we invest in short-term money market securities, some of which are restricted due to debt collateral or insurance requirements. Investments in available-for-sale (AFS) securities are carried at fair value and investments in held-to-maturity (HTM) securities are carried at cost. Investments in money market securities are also accounted for at fair value. Realized gains and losses, and dividend and interest income related to these securities, including any amortization of discounts or premiums arising at acquisition, are included in earnings. The costs of securities sold are determined using the specific identification method. Purchases and sales of AFS and HTM securities are presented on a gross basis within Cash Flows From Investing Activities in the accompanying Consolidated Statements of Cash Flows. | |
Goodwill. We perform our goodwill impairment test annually and evaluate goodwill when events or changes in circumstances indicate that its carrying value may not be recoverable. No impairments of goodwill were recorded in 2014, 2013 or 2012. See Note 12 for further discussion. | |
We perform our annual review for goodwill impairment at the reporting unit level, which is identified by assessing whether the components of our operating segments constitute businesses for which discrete financial information is available, whether segment management regularly reviews the operating results of those components and whether the economic and regulatory characteristics are similar. We determined that our reporting units are equivalent to our reportable segments, except for the reporting units of our Western Canada Transmission & Processing and Spectra Energy Partners reportable segments, which are one level below. | |
As permitted under accounting guidance on testing goodwill for impairment, we perform either a qualitative assessment or a quantitative assessment of each of our reporting units based on management’s judgment. With respect to our qualitative assessments, we consider events and circumstances specific to us, such as macroeconomic conditions, industry and market considerations, cost factors and overall financial performance, when evaluating whether it is more likely than not that the fair values of our reporting units are less than their respective carrying amounts. | |
In connection with our quantitative assessments, we primarily use a discounted cash flow analysis to determine the fair | |
values of those reporting units. Key assumptions in the determination of fair value included the use of an appropriate discount | |
rate and estimated future cash flows. In estimating cash flows, we incorporate expected long-term growth rates in key markets | |
served by our operations, regulatory stability, the ability to renew contracts, commodity prices (where appropriate) and foreign | |
currency exchange rates, as well as other factors that affect our reporting units’ revenue, expense and capital expenditure | |
projections. If the carrying amount of the reporting unit exceeds its fair value, a comparison of the fair value and carrying value | |
of the goodwill of that reporting unit needs to be performed. If the carrying value of the goodwill of a reporting unit exceeds | |
the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. Additional | |
impairment tests are performed between the annual reviews if events or changes in circumstances make it more likely than not | |
that the fair value of a reporting unit is below its carrying amount. | |
Property, Plant and Equipment. Property, plant and equipment is stated at historical cost less accumulated depreciation. We capitalize all construction-related direct labor and material costs, as well as indirect construction costs. Indirect costs include general engineering, taxes and the cost of funds used during construction. The costs of renewals and betterments that extend the useful life or increase the expected output of property, plant and equipment are also capitalized. The costs of repairs, replacements and major maintenance projects that do not extend the useful life or increase the expected output of property, plant and equipment are expensed as incurred. Depreciation is generally computed over the asset’s estimated useful life using the straight-line method. | |
When we retire regulated property, plant and equipment, we charge the original cost plus the cost of retirement, less salvage value, to accumulated depreciation and amortization. When we sell entire regulated operating units or retire non-regulated properties, the cost is removed from the property account and the related accumulated depreciation and amortization accounts are reduced. Any gain or loss is recorded in earnings, unless otherwise required by the applicable regulatory body. | |
Preliminary Project Costs. Project development costs, including expenditures for preliminary surveys, plans, investigations, environmental studies, regulatory applications and other costs incurred for the purpose of determining the feasibility of capital expansion projects, are capitalized for rate-regulated enterprises when it is determined that recovery of such costs through regulated revenues of the completed project is probable. Any inception-to-date costs of the project that were initially expensed are reversed and capitalized as Property, Plant and Equipment. | |
Long-Lived Asset Impairments. We evaluate whether long-lived assets, excluding goodwill, have been impaired when circumstances indicate the carrying value of those assets may not be recoverable. For such long-lived assets, an impairment exists when its carrying value exceeds the sum of estimates of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. When alternative courses of action to recover the carrying amount of a long-lived asset are under consideration, a probability-weighted approach is used in developing estimates of future undiscounted cash flows. If the carrying value of the long-lived asset is not recoverable based on these estimated future undiscounted cash flows, an impairment loss is measured as the excess of the asset’s carrying value over its fair value, such that the asset’s carrying value is adjusted to its estimated fair value. | |
We assess the fair value of long-lived assets using commonly accepted techniques and may use more than one source. Sources to determine fair value include, but are not limited to, recent third-party comparable sales, internally developed discounted cash flow analyses and analyses from outside advisors. Significant changes in market conditions resulting from events such as changes in natural gas available to our systems, the condition of an asset, a change in our intent to utilize the asset or a significant change in contracted revenues or regulatory recoveries would generally require us to reassess the cash flows related to the long-lived assets. | |
Asset Retirement Obligations. We recognize asset retirement obligations (AROs) for legal commitments associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal use of the asset and conditional AROs in which the timing or method of settlement are conditional on a future event that may or may not be within our control. The fair value of a liability for an ARO is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made and is added to the carrying amount of the associated asset. This additional carrying amount is depreciated over the estimated useful life of the asset. | |
Unamortized Debt Premium, Discount and Expense. Premiums, discounts and expenses incurred with the issuance of outstanding long-term debt are amortized over the terms of the debt issues. Any call premiums or unamortized expenses associated with refinancing higher-cost debt obligations to finance regulated assets and operations are amortized consistent with regulatory treatment of those items, where appropriate. | |
Environmental Expenditures. We expense environmental expenditures related to conditions caused by past operations that do not generate current or future revenues. Environmental expenditures related to operations that generate current or future revenues are expensed or capitalized, as appropriate. Undiscounted liabilities are recorded when the necessity for environmental remediation becomes probable and the costs can be reasonably estimated, or when other potential environmental liabilities are reasonably estimable and probable. | |
Captive Insurance Reserves. We have captive insurance subsidiaries which provide insurance coverage to our consolidated subsidiaries as well as certain equity affiliates, on a limited basis, for various business risks and losses, such as workers compensation, property, business interruption and general liability. Liabilities include provisions for estimated losses incurred but not yet reported, as well as provisions for known claims which have been estimated on a claims-incurred basis. Incurred but not yet reported reserve estimates involve the use of assumptions and are based upon historical loss experience, industry data and other actuarial assumptions. Reserve estimates are adjusted in future periods as actual losses differ from historical experience. | |
Guarantees. Upon issuance or material modification of a guarantee made by us, we recognize a liability for the estimated fair value of the obligation we assume under that guarantee, if any. Fair value is estimated using a probability-weighted approach. We reduce the obligation over the term of the guarantee or related contract in a systematic and rational method as risk is reduced under the obligation. | |
Accounting For Sales of Stock by a Subsidiary. Sales of stock by a consolidated subsidiary are accounted for as equity transactions in those instances where a change in control does not take place. | |
Segment Reporting. Operating segments are components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and evaluate performance. Two or more operating segments may be aggregated into a single reportable segment provided certain criteria are met. There is no such aggregation within our defined business segments. A description of our reportable segments, consistent with how business results are reported internally to management, and the disclosure of segment information is presented in Note 4. | |
Consolidated Statements of Cash Flows. Cash flows from discontinued operations are combined with cash flows from continuing operations within operating, investing and financing cash flows. Cash received from insurance proceeds are classified depending on the activity that resulted in the insurance proceeds. For example, business interruption insurance proceeds are included as a component of operating activities while insurance proceeds from damaged property are included as a component of investing activities. With respect to cash overdrafts, book overdrafts are included within operating cash flows while bank overdrafts, if any, are included within financing cash flows. Cash flows from borrowings and repayments under revolving credit facilities that had documented original maturities of 90 days or less are reported on a net basis as Net Increase (Decrease) in Revolving Credit Facilities Borrowings within financing activities. | |
Distributions from Unconsolidated Affiliates. We consider distributions received from unconsolidated affiliates which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and classify these amounts as Cash Flows From Operating Activities within the accompanying Consolidated Statements of Cash Flows. Cumulative distributions received in excess of cumulative equity in earnings subsequent to the date of investment are considered to be a return of investment and are classified as Cash Flows From Investing Activities. | |
New Accounting Pronouncements. The following new Accounting Standards Update (ASU) was adopted during 2014 and the effect of such adoption has been presented in the accompanying Consolidated Financial Statements: | |
ASU No. 2013-11. In July 2013, the Financial Accounting Standards Board (FASB) issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a Consensus of the FASB Emerging Issues Task Force),” which was issued to eliminate diversity in practice. This ASU requires entities to net unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. We adopted this standard on January 1, 2014. The adoption of this ASU did not have a material impact on our consolidated results of operations, financial position or cash flows. | |
Pending. The following new accounting pronouncements were issued but not adopted as of December 31, 2014: | |
ASU No. 2014-08. In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU revises the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have or will have a major effect on an entity’s operations and financial results, removing the lack of continuing involvement criteria and requiring discontinued operations reporting for the disposal of an equity method investment that meets the definition of discontinued operations. The update also requires expanded disclosures for discontinued operations, and disclosure of pretax profit or loss of certain individually significant components of an entity that do not qualify for discontinued operations reporting. This ASU was effective for us on January 1, 2015 and had no impact on our consolidated results of operations, financial position or cash flows. | |
ASU No. 2014-09. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which supersedes the revenue recognition requirements of “Revenue Recognition (Topic 605)” and clarifies the principles of recognizing revenue. This ASU is effective for us January 1, 2017. We are currently evaluating this ASU and its potential impact on us. | |
2013. There were no significant accounting pronouncements issued during 2013 that had a material impact on our consolidated results of operations, financial position or cash flows. | |
2012. There were no significant accounting pronouncements issued during 2012 that had a material impact on our consolidated results of operations, financial position or cash flows. |
Spectra_Energy_Partners_LP
Spectra Energy Partners, LP | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Spectra Energy Partners, LP | Spectra Energy Partners, LP |
SEP is our natural gas infrastructure and crude oil pipeline master limited partnership. As of December 31, 2014, Spectra Energy owned 82% of SEP, including a 2% general partner interest. | |
U.S. Assets Dropdown. In August 2013, Spectra Energy entered into a contribution agreement with SEP (the Contribution Agreement), pursuant to which Spectra Energy agreed to contribute to SEP substantially all of Spectra Energy’s interests in its subsidiaries that own U.S. transmission and storage and liquids assets, including its remaining 60% interest in the U.S. portion of Express-Platte, and to assign to SEP its interests in certain related contracts (collectively, the U.S. Assets Dropdown). | |
In November 2013, Spectra Energy completed the closing of substantially all of the U.S. Assets Dropdown. This first of three planned transactions consisted of all the contributed entities contemplated in the Contribution Agreement, excluding a 25.05% ownership interest in Southeast Supply Header, LLC (SESH) and a 1% ownership interest in Steckman Ridge, LP (Steckman Ridge). Consideration to Spectra Energy for the November 2013 closing included $2.3 billion in cash, assumption by SEP (indirectly by acquisition of the contributed entities) of approximately $2.4 billion of third-party indebtedness of the contributed entities, 167.6 million newly issued SEP limited partner units and 3.4 million newly issued general partner units. This transfer of assets between entities under common control resulted in a decrease to Additional Paid-in Capital of $733 million ($458 million net of tax) and an increase to Equity-Noncontrolling Interests of $733 million on the Consolidated Balance Sheet in 2013. The change in Equity-Noncontrolling Interests primarily represents the public unitholders’ share of the increase in SEP’s equity as a result of the issuance of additional units to Spectra Energy, less the effects of the resulting decrease in the public unitholders’ ownership percentage of SEP. Spectra Energy’s ownership in SEP increased as a result of the transaction. | |
On November 3, 2014, Spectra Energy completed the second of three planned transactions related to the U.S Assets Dropdown. This transaction consisted of contributing an additional 24.95% ownership interest in SESH and the remaining 1% interest in Steckman Ridge to SEP. Consideration to Spectra Energy was approximately 4.3 million newly issued SEP common units. Also, in connection with this transaction, SEP issued approximately 86,000 of newly issued general partner units to Spectra Energy in exchange for the same amount of common units in order to maintain Spectra Energy’s 2% general partner interest in SEP. This transfer of assets between entities under common control resulted in a decrease to Additional Paid-in Capital of $29 million ($16 million net of tax) and an increase to Equity-Noncontrolling Interests of $29 million on the Consolidated Balance Sheet in 2014. The change in Equity-Noncontrolling Interests primarily represents the public unitholders’ share of the increase in SEP’s equity as a result of the issuance of additional units to Spectra Energy, less the effects of the resulting decrease in the public unitholders’ ownership percentage of SEP. Spectra Energy’s ownership in SEP increased as a result of the transaction. | |
The remaining, and final, transaction related to the U.S. Assets Dropdown is expected to occur in November 2015, and will consist of Spectra Energy’s remaining 0.1% interest in SESH. | |
The contributed assets provide transportation and storage of natural gas, crude oil, and natural gas liquids for customers in various regions of the U.S. and in Alberta, Canada. The contributed assets included in the U.S. Assets Dropdown, once the third closing is completed, will have consisted of: | |
• a 100% ownership interest in Texas Eastern Transmission, LP (Texas Eastern) | |
• a 100% ownership interest in Algonquin Gas Transmission, LLC (Algonquin) | |
• Spectra Energy’s remaining 60% ownership interest in the U.S. portion of Express-Platte | |
• Spectra Energy’s remaining 38.77% ownership interest in Maritimes & Northeast Pipeline, L.L.C. (M&N U.S.) | |
• a 33.3% ownership interest in DCP Sand Hills Pipeline, LLC (Sand Hills) | |
• a 33.3% ownership interest in DCP Southern Hills Pipeline, LLC (Southern Hills) | |
• Spectra Energy’s remaining 1% ownership interest in Gulfstream Natural Gas System, LLC (Gulfstream) | |
• a 50% ownership interest in SESH | |
• a 100% ownership interest in Bobcat Gas Storage (Bobcat) | |
• Spectra Energy’s remaining 50% of Market Hub Partners Holding (Market Hub) | |
• a 50% ownership interest in Steckman Ridge | |
• Texas Eastern’s and Express-Platte’s storage facilities | |
Express-Platte. In August 2013, Spectra Energy contributed a 40% interest in the U.S. portion of Express-Platte and sold a 100% ownership interest in the Canadian portion to SEP. Aggregate consideration for the transactions consisted of $410 million in cash and 7.2 million of newly issued SEP partnership units. This transfer of assets between entities resulted in a decrease to Additional Paid-in Capital of $84 million ($53 million net of tax) and an increase to Equity-Noncontrolling Interest of $84 million. The change in Equity-Noncontrolling Interests primarily represents the public unitholders’ share of the increase in SEP equity as a result of the issuance of additional units to Spectra Energy, less the effects of the resulting decrease in the public unitholders’ ownership percentage. | |
M&N U.S. In 2012, Spectra Energy transferred a 38.76% interest in M&N U.S. to SEP for approximately $375 million, consisting of approximately $319 million in cash and $56 million in newly issued partnership units. The price received by Spectra Energy exceeded the book value of the M&N U.S. investment. Therefore, this transfer of assets between entities resulted in an increase to Additional Paid-in Capital of $54 million ($34 million net of tax) and a decrease to Equity-Noncontrolling Interests of $54 million, representing the portion of the excess that was associated with the public unitholders’ of SEP. | |
Sales of SEP Common Units. In November 2013, SEP entered into an equity distribution agreement under which it may sell and issue common units up to an aggregate amount of $400 million. This at-the-market program allows SEP to offer and sell its common units, representing limited partner interests, at prices it deems appropriate through a sales agent. Sales of common units, if any, will be made by means of ordinary brokers’ transactions on the New York Stock Exchange, in block transactions, or as otherwise agreed to between SEP and the sales agent. SEP intends to use the net proceeds from sales under the program for general partnership purposes, which may include debt repayment, future acquisitions, capital expenditures and additions to working capital. SEP issued 6.4 million common units to the public in 2014 under this program, for total net proceeds of $327 million, and 0.6 million common units in 2013, for total net proceeds of $24 million. | |
In April 2013, SEP issued 5.2 million common units to the public, representing limited partner interests, and 0.1 million general partner units to Spectra Energy. Total net proceeds to SEP were $193 million (net proceeds to Spectra Energy were $190 million). Net proceeds to SEP were temporarily invested in restricted available-for-sale securities until the U.S. Assets Dropdown, at which time the funds were used to pay for a portion of the dropdown transaction. In connection with the sale of the units, a $61 million gain ($38 million net of tax) to Additional Paid-in Capital and a $128 million increase in Equity-Noncontrolling Interests were recorded in 2013. | |
In 2012, SEP issued 5.5 million common units to the public, representing limited partner interests, and 0.1 million general partner units to Spectra Energy. Total net proceeds to SEP were $148 million (net proceeds to Spectra Energy were $145 million) and were restricted for the purpose of funding SEP’s capital expenditures and acquisitions. In connection with the sale of the units, a $42 million gain ($26 million net of tax) to Additional Paid-in Capital and a $108 million increase in Equity-Noncontrolling Interests were recorded in 2012. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Acquisitions and Dispositions | Acquisitions and Dispositions | |||
Acquisitions. We consolidate assets and liabilities from acquisitions as of the purchase date and include earnings from acquisitions in consolidated earnings after the purchase date. Assets acquired and liabilities assumed are recorded at estimated fair values on the date of acquisition. The purchase price less the estimated fair value of the acquired assets and liabilities meeting the definition of a “business” is recorded as goodwill. The allocation of the purchase price may be adjusted if additional information is received during the allocation period, which generally does not exceed one year from the consummation date. | ||||
Express-Platte. In March 2013, we acquired 100% of the ownership interests in the Express-Platte crude oil pipeline system for $1.5 billion, consisting of $1.25 billion in cash and $260 million of acquired debt, before working capital adjustments. The Express-Platte pipeline system, which begins in Hardisty, Alberta, and terminates in Wood River, Illinois, is comprised of both the Express and Platte crude oil pipelines. The Express pipeline carries crude oil to U.S. refining markets in the Rockies area, including Montana, Wyoming, Colorado and Utah. The Platte pipeline, which interconnects with Express pipeline in Casper, Wyoming, transports crude oil predominantly from the Bakken shale and western Canada to refineries in the Midwest. In 2013, subsidiaries of Spectra Energy contributed a 100% interest in the U.S. portion of Express-Platte and sold a 100% ownership interest in the Canadian portion to SEP. See Note 2 for further discussion. | ||||
The following table summarizes the fair values of the assets and liabilities acquired as of the date of the acquisition. | ||||
Purchase Price Allocation | ||||
(in millions) | ||||
Cash purchase price | $ | 1,250 | ||
Working capital and other purchase adjustments | 71 | |||
Total | 1,321 | |||
Cash | 67 | |||
Receivables | 25 | |||
Other current assets | 9 | |||
Property, plant and equipment | 1,251 | |||
Accounts payable | (18 | ) | ||
Other current liabilities | (17 | ) | ||
Deferred credits and other liabilities | (259 | ) | ||
Long-term debt, including current portion | (260 | ) | ||
Total assets acquired/liabilities assumed | 798 | |||
Goodwill | $ | 523 | ||
The purchase price is greater than the sum of fair values of the net assets acquired, resulting in goodwill as noted above. The goodwill reflects the value of the strategic location of the pipeline and the opportunity to grow the business. Goodwill related to the acquisition of Express-Platte is not deductible for income tax purposes. | ||||
The allocation of the fair values of assets and liabilities acquired related to the acquisition of Express-Platte was finalized in the first quarter of 2014, resulting in the following adjustments to amounts reported as of December 31, 2013: a $60 million decrease in Property, Plant and Equipment, a $1 million decrease in Other Current Assets and a $24 million decrease in Deferred Credits and Other Liabilities, resulting in a $37 million increase in Goodwill. | ||||
Sand Hills and Southern Hills. In 2012, Spectra Energy acquired direct one-third ownership interests in Sand Hills and Southern Hills NGL pipelines from DCP Midstream for an aggregate $459 million, both of which were placed in service during the second quarter of 2013. DCP Partners, DCP Midstream’s master limited partnership, and Phillips 66 also each own direct one-third ownership interests in the two pipelines. The Sand Hills pipeline provides NGL transportation from the Permian and Eagle Ford basins to the premium NGL markets on the Gulf Coast. The Southern Hills pipeline provides NGL transportation from the Midcontinent to Mont Belvieu, Texas. In November 2013, subsidiaries of Spectra Energy contributed their 33% direct interests in Sand Hills and Southern Hills to SEP in connection with the U.S. Assets Dropdown. See Note 2 for further discussion. Our investments in Sand Hills and Southern Hills are included in Investments in and Loans to Unconsolidated Affiliates on our Consolidated Balance Sheets and Statements of Cash Flows. | ||||
Pro forma results of operations reflecting these acquisitions as if the acquisitions had occurred as of the beginning of the periods presented in this report do not materially differ from actual results reported in our Consolidated Statements of Operations. |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Business Segments | Business Segments | |||||||||||||||||||||||||||
We manage our business in four reportable segments: Spectra Energy Partners, Distribution, Western Canada Transmission & Processing and Field Services. The remainder of our business operations is presented as “Other,” and consists of unallocated corporate costs and employee benefit plan assets and liabilities, 100%-owned captive insurance subsidiaries and other miscellaneous activities. | ||||||||||||||||||||||||||||
Our chief operating decision maker (CODM) regularly reviews financial information about each of these segments in deciding how to allocate resources and evaluate performance. There is no aggregation within our reportable business segments. | ||||||||||||||||||||||||||||
The presentation of our Spectra Energy Partners segment is reflective of the parent-level focus by our CODM, considering the resource allocation and governance provisions associated with SEP’s master limited partnership structure. SEP maintains a capital and cash management structure that is separate from Spectra Energy’s, is self-funding and maintains its own lines of bank credit and cash management accounts. It is in this context that our CODM evaluates the Spectra Energy Partners segment as a whole, without regard to any of SEP’s individual businesses. These factors, coupled with a different cost of capital of our other businesses, serve to differentiate how our Spectra Energy Partners segment is managed as compared to how SEP is managed. | ||||||||||||||||||||||||||||
Spectra Energy Partners provides transmission, storage and gathering of natural gas, as well as the transportation of crude oil and NGLs through interstate pipeline systems for customers in various regions of the midwestern, northeastern and southeastern United States and Canada. The natural gas transmission and storage operations are primarily subject to the rules and regulations of the Federal Energy Regulatory Commission (FERC). The crude oil transportation operations are primarily subject to regulation by the FERC in the U.S. and the National Energy Board (NEB) in Canada. Our Spectra Energy Partners segment is composed of the operations of SEP, less governance costs, which are included in “Other.” | ||||||||||||||||||||||||||||
Distribution provides retail natural gas distribution service in Ontario, Canada, as well as natural gas transmission and storage services to other utilities and energy market participants. These services are provided by Union Gas Limited (Union Gas), and are primarily subject to the rules and regulations of the OEB. | ||||||||||||||||||||||||||||
Western Canada Transmission & Processing provides transmission of natural gas, natural gas gathering and processing services, and NGL extraction, fractionation, transportation, storage and marketing to customers in western Canada, the northern tier of the United States and the Maritime Provinces in Canada. This segment conducts business mostly through BC Pipeline, BC Field Services, and the NGL marketing and Canadian Midstream businesses, and Maritimes & Northeast Pipeline Limited Partnership (M&N Canada). BC Pipeline and BC Field Services and M&N Canada operations are primarily subject to the rules and regulations of the NEB. | ||||||||||||||||||||||||||||
Field Services gathers, compresses, treats, processes, transports, stores and sells natural gas, produces, fractionates, transports, stores and sells NGLs, recovers and sells condensate, and trades and markets natural gas and NGLs. It conducts operations through DCP Midstream, which is owned 50% by us and 50% by Phillips 66. DCP Midstream gathers raw natural gas through gathering systems connecting to several interstate and intrastate natural gas NGL pipeline systems, one natural gas storage facility and one NGL storage facility. DCP Midstream operates in a diverse number of regions, including the Permian Basin, Eagle Ford, Niobrara/DJ Basin and the Midcontinent. DCP Midstream Partners, LP (DCP Partners) is a publicly traded master limited partnership, of which DCP Midstream acts as general partner. As of December 31, 2014, DCP Midstream had an approximate 22% ownership interest in DCP Partners, including DCP Midstream’s limited partner and general partner interests. | ||||||||||||||||||||||||||||
Our reportable segments offer different products and services and are managed separately as business units. Management evaluates segment performance based on earnings from continuing operations before interest, taxes, depreciation and amortization (EBITDA). Cash, cash equivalents and short-term investments are managed at the parent-company levels, so the associated gains and losses from foreign currency transactions and interest and dividend income are excluded from the segments’ EBITDA. Our segment EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate EBITDA in the same manner. Transactions between reportable segments are accounted for on the same basis as transactions with unaffiliated third parties. | ||||||||||||||||||||||||||||
Business Segment Data | ||||||||||||||||||||||||||||
Unaffiliated Revenues | Intersegment | Total | Segment EBITDA/ | Depreciation | Capital and | Assets | ||||||||||||||||||||||
Revenues | Operating | Consolidated | and | Investment | ||||||||||||||||||||||||
Revenues (a) | Earnings | Amortization (a) | Expenditures (b,c) | |||||||||||||||||||||||||
from Continuing | ||||||||||||||||||||||||||||
Operations before | ||||||||||||||||||||||||||||
Income Taxes (a) | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Spectra Energy Partners | $ | 2,269 | $ | — | $ | 2,269 | $ | 1,669 | $ | 290 | $ | 1,241 | $ | 17,865 | ||||||||||||||
Distribution | 1,843 | — | 1,843 | 552 | 192 | 427 | 6,064 | |||||||||||||||||||||
Western Canada Transmission & Processing | 1,781 | 121 | 1,902 | 754 | 271 | 473 | 6,916 | |||||||||||||||||||||
Field Services | — | — | — | 217 | — | — | 1,345 | |||||||||||||||||||||
Total reportable segments | 5,893 | 121 | 6,014 | 3,192 | 753 | 2,141 | 32,190 | |||||||||||||||||||||
Other | 10 | 62 | 72 | (58 | ) | 43 | 146 | 1,908 | ||||||||||||||||||||
Eliminations | — | (183 | ) | (183 | ) | — | — | — | (58 | ) | ||||||||||||||||||
Depreciation and amortization | — | — | — | 796 | — | — | — | |||||||||||||||||||||
Interest expense | — | — | — | 679 | — | — | — | |||||||||||||||||||||
Interest income and other | — | — | — | 6 | — | — | — | |||||||||||||||||||||
Total consolidated | $ | 5,903 | $ | — | $ | 5,903 | $ | 1,665 | $ | 796 | $ | 2,287 | $ | 34,040 | ||||||||||||||
2013 | ||||||||||||||||||||||||||||
Spectra Energy Partners | $ | 1,964 | $ | 1 | $ | 1,965 | $ | 1,433 | $ | 263 | $ | 1,299 | $ | 16,800 | ||||||||||||||
Distribution | 1,848 | — | 1,848 | 574 | 199 | 357 | 6,009 | |||||||||||||||||||||
Western Canada Transmission & Processing | 1,694 | 73 | 1,767 | 736 | 272 | 561 | 7,160 | |||||||||||||||||||||
Field Services | — | — | — | 343 | — | — | 1,365 | |||||||||||||||||||||
Total reportable segments | 5,506 | 74 | 5,580 | 3,086 | 734 | 2,217 | 31,334 | |||||||||||||||||||||
Other | 12 | 60 | 72 | (86 | ) | 38 | 42 | 2,698 | ||||||||||||||||||||
Eliminations | — | (134 | ) | (134 | ) | — | — | — | (499 | ) | ||||||||||||||||||
Depreciation and amortization | — | — | — | 772 | — | — | — | |||||||||||||||||||||
Interest expense | — | — | — | 657 | — | — | — | |||||||||||||||||||||
Interest income and other | — | — | — | 7 | — | — | — | |||||||||||||||||||||
Total consolidated | $ | 5,518 | $ | — | $ | 5,518 | $ | 1,578 | $ | 772 | $ | 2,259 | $ | 33,533 | ||||||||||||||
2012 | ||||||||||||||||||||||||||||
Spectra Energy Partners | $ | 1,754 | $ | — | $ | 1,754 | $ | 1,259 | $ | 232 | $ | 1,443 | $ | 13,856 | ||||||||||||||
Distribution | 1,666 | — | 1,666 | 587 | 213 | 276 | 5,842 | |||||||||||||||||||||
Western Canada Transmission & Processing | 1,645 | 34 | 1,679 | 694 | 245 | 760 | 7,226 | |||||||||||||||||||||
Field Services | — | — | — | 279 | — | — | 1,235 | |||||||||||||||||||||
Total reportable segments | 5,065 | 34 | 5,099 | 2,819 | 690 | 2,479 | 28,159 | |||||||||||||||||||||
Other | 10 | 79 | 89 | (36 | ) | 56 | 66 | 2,967 | ||||||||||||||||||||
Eliminations | — | (113 | ) | (113 | ) | — | — | — | (539 | ) | ||||||||||||||||||
Depreciation and amortization | — | — | — | 746 | — | — | — | |||||||||||||||||||||
Interest expense | — | — | — | 625 | — | — | — | |||||||||||||||||||||
Interest income and other | — | — | — | 3 | — | — | — | |||||||||||||||||||||
Total consolidated | $ | 5,075 | $ | — | $ | 5,075 | $ | 1,415 | $ | 746 | $ | 2,545 | $ | 30,587 | ||||||||||||||
__________ | ||||||||||||||||||||||||||||
(a) | Excludes amounts associated with entities included in discontinued operations. | |||||||||||||||||||||||||||
(b) | Excludes the $1,254 million cash outlay for the acquisition of Express-Platte in March 2013 and $30 million paid in 2012 for amounts previously withheld from the purchase price consideration of the acquisition of Bobcat in 2010, all part of Spectra Energy Partners. | |||||||||||||||||||||||||||
(c) | Excludes a $71 million loan to an unconsolidated affiliate in 2013 at Spectra Energy Partners. | |||||||||||||||||||||||||||
Geographic Data | ||||||||||||||||||||||||||||
U.S. | Canada | Consolidated | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Consolidated revenues | $ | 2,212 | $ | 3,691 | $ | 5,903 | ||||||||||||||||||||||
Consolidated long-lived assets | 15,859 | 12,732 | 28,591 | |||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Consolidated revenues | 1,926 | 3,592 | 5,518 | |||||||||||||||||||||||||
Consolidated long-lived assets | 14,993 | 13,264 | 28,257 | |||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||
Consolidated revenues (a) | 1,762 | 3,313 | 5,075 | |||||||||||||||||||||||||
Consolidated long-lived assets | 10,952 | 14,875 | 25,827 | |||||||||||||||||||||||||
__________ | ||||||||||||||||||||||||||||
(a) | Excludes revenues associated with businesses included in discontinued operations. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Regulated Operations [Abstract] | ||||||||||
Regulatory Matters | Regulatory Matters | |||||||||
Regulatory Assets and Liabilities | ||||||||||
We record assets and liabilities that result from the regulated ratemaking process that would not be recorded under GAAP for non-regulated entities. See Note 1 for further discussion. | ||||||||||
December 31, | Recovery/ | |||||||||
Refund | ||||||||||
2014 | 2013 | Period Ends | ||||||||
(in millions) | ||||||||||
Regulatory Assets (a,b) | ||||||||||
Net regulatory asset related to income taxes (c,d) | $ | 1,271 | $ | 1,224 | (e) | |||||
Project development costs | 10 | 14 | 2036 | |||||||
Vacation accrual | 22 | 21 | (f) | |||||||
Deferred debt expense/premium (d) | 31 | 32 | (e) | |||||||
Under-recovery of fuel costs (g,h) | 44 | 28 | 2015 | |||||||
Gas purchase costs (h,i) | 57 | — | 2015 | |||||||
Other | 59 | 57 | (j) | |||||||
Total Regulatory Assets | $ | 1,494 | $ | 1,376 | ||||||
Regulatory Liabilities (b) | ||||||||||
Removal costs (d,k) | $ | 326 | $ | 359 | (l) | |||||
FT-RAM optimization (m) | — | 31 | 2014 | |||||||
Gas purchase costs (i,m) | — | 7 | 2014 | |||||||
Pipeline rate credit (k) | 25 | 27 | (e) | |||||||
Over-recovery of fuel costs (i,m) | — | 35 | 2014 | |||||||
Other (d) | 79 | 51 | (j) | |||||||
Total Regulatory Liabilities | $ | 430 | $ | 510 | ||||||
_________ | ||||||||||
(a) | Included in Regulatory Assets and Deferred Debits unless otherwise noted. | |||||||||
(b) | All regulatory assets and liabilities are excluded from rate base unless otherwise noted. | |||||||||
(c) | All amounts are expected to be included in future rate filings. | |||||||||
(d) | All or a portion of the balance is included in rate base. | |||||||||
(e) | Recovery/refund is over the life of the associated asset or liability. | |||||||||
(f) | Recoverable in future periods. | |||||||||
(g) | Amounts settled in cash annually through transportation rates in accordance with FERC gas tariffs. | |||||||||
(h) | Included in Other Current Assets. | |||||||||
(i) | Includes certain costs which are settled in cash annually through transportation rates in accordance with FERC and/or OEB gas tariffs. | |||||||||
(j) | The majority of this balance has a recovery period of less than one year. The recovery/refund period for the remainder is currently unknown. | |||||||||
(k) | Included in Deferred Credits and Other Liabilities — Regulatory and Other. | |||||||||
(l) | Liability is extinguished as the associated assets are retired. | |||||||||
(m) | Included in Other Current Liabilities. | |||||||||
Union Gas. Union Gas has regulatory assets of $303 million as of December 31, 2014 and $308 million as of December 31, 2013 related to deferred income tax liabilities. Under the current OEB-authorized rate structure, income tax costs are recovered in rates based on the current income tax payable and do not include accruals for deferred income tax. However, as income taxes become payable as a result of the reversal of timing differences that created the deferred income taxes, it is expected that rates will be adjusted to recover these taxes. Since substantially all of these timing differences are related to property, plant and equipment costs, recovery of these regulatory assets is expected to occur over the life of those assets. | ||||||||||
Union Gas has regulatory liabilities associated with plant removal costs of $322 million as of December 31, 2014 and $354 million as of December 31, 2013. These regulatory liabilities represent collections from customers under approved rates for future asset removal activities that are expected to occur associated with its regulated facilities. | ||||||||||
In addition, Union Gas has regulatory assets of $57 million as of December 31, 2014 and regulatory liabilities of $7 million as of December 31, 2013 representing gas cost collections from customers under approved rates that vary from actual cost of gas for the associated periods. Union Gas files an application quarterly with the OEB to ensure that customers’ rates are updated to reflect published forward-market prices. The difference between the approved and the actual cost of gas is deferred for future repayment to or refund from customers. | ||||||||||
BC Pipeline and BC Field Services. The BC Pipeline and BC Field Services businesses in western Canada have regulatory assets of $795 million as of December 31, 2014 and $774 million as of December 31, 2013 related to deferred income tax liabilities. Under the current NEB-authorized rate structure, income tax costs are recovered in tolls based on the current income tax payable and do not include accruals for deferred income tax. However, as income taxes become payable as a result of the reversal of timing differences that created the deferred income taxes, it is expected that transportation and field services tolls will be adjusted to recover these taxes. Since most of these timing differences are related to property, plant and equipment costs, this recovery is expected to occur over a 20 to 30 year period. | ||||||||||
When evaluating the recoverability of the BC Pipelines’ and BC Field Services’ regulatory assets, we take into consideration the NEB regulatory environment, natural gas reserve estimates for reserves located or expected to be located near these assets, the ability to remain competitive in the markets served and projected demand growth estimates for the areas served by the BC Pipeline and BC Field Services businesses. Based on current evaluation of these factors, we believe that recovery of these tax costs is probable over the periods described above. | ||||||||||
Rate Related Information | ||||||||||
Union Gas. In 2012, the OEB determined that revenues derived from the optimization of Union Gas’ upstream transportation contracts in 2011 would be treated as a reduction to gas costs rather than being treated as optimization revenues and included in utility earnings. Optimization revenues had been classified as utility earnings for 2008, 2009, 2010, and subsequently 2012, as described in the following paragraph. This decision was appealed to the Ontario Divisional Court on the basis of impermissible retroactive ratemaking. The appeal was dismissed in December 2013. In May 2014, Union Gas filed a notice of appeal to the Ontario Court of Appeal and a hearing was held in December 2014. A decision from the Ontario Court of Appeal is expected in 2015. | ||||||||||
Union Gas filed an application with the OEB in May 2013 for the annual disposition of the 2012 deferral account balances. A decision on that application was issued by the OEB in March 2014. Among other things, the OEB determined that revenues derived from the optimization of Union Gas’ upstream transportation contracts in 2012 will be treated as revenues and included in utility earnings rather than as a reduction to gas costs. The decision also denied a proposal to recover certain over-refunds to customers and reduced incentive amounts related to Union Gas’ 2011 energy conservation program. As a result of this OEB decision, Union Gas recognized pre-tax income of $10 million in the first quarter of 2014, comprised of a $32 million increase in Transportation, Storage and Processing of Natural Gas revenues, a $15 million decrease in Distribution of Natural Gas revenues and a $7 million decrease in Other revenues on the Consolidated Statements of Operations. In addition, the decision approved the deferral of pension expense for recovery from customers, resulting in pre-tax income of $7 million, recorded as a reduction in Operating, Maintenance and Other expense in the second quarter of 2014. | ||||||||||
In May 2014, Union Gas filed an application with the OEB for the annual disposition of its 2013 deferral account balances, excluding the energy conservation deferral accounts. The combined impact of the 2013 deferral account balances is a net payable to customers of approximately $19 million which is primarily reflected as Current Liabilities—Other on the Consolidated Balance Sheets at December 31, 2014 and 2013. In October 2014, the OEB approved the balances with no significant impact to the amounts filed. The net payable to customers is being refunded over a six month period that began January 1, 2015. | ||||||||||
In December 2014, Union Gas filed an application with the OEB for the disposition of the 2013 energy conservation deferral and variance account balances. As a result of this application, Union Gas has a receivable from customers of approximately $9 million. A hearing and decision from the OEB is expected in 2015. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Income Tax Expense Components | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Current income taxes | ||||||||||||
Federal | $ | 1 | $ | (32 | ) | $ | 102 | |||||
State | 3 | 4 | 5 | |||||||||
Foreign | (10 | ) | 26 | 52 | ||||||||
Total current income taxes | (6 | ) | (2 | ) | 159 | |||||||
Deferred income taxes | ||||||||||||
Federal | 335 | 353 | 174 | |||||||||
State | (17 | ) | 69 | 33 | ||||||||
Foreign | 70 | (1 | ) | 4 | ||||||||
Total deferred income taxes | 388 | 421 | 211 | |||||||||
Income tax expense from continuing operations | 382 | 419 | 370 | |||||||||
Income tax expense from discontinued operations | — | — | 2 | |||||||||
Total income tax expense | $ | 382 | $ | 419 | $ | 372 | ||||||
Earnings from Continuing Operations before Income Taxes | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Domestic | $ | 1,108 | $ | 1,059 | $ | 912 | ||||||
Foreign | 557 | 519 | 503 | |||||||||
Total earnings from continuing operations before income taxes | $ | 1,665 | $ | 1,578 | $ | 1,415 | ||||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to Actual Income Tax Expense from Continuing Operations | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Income tax expense, computed at the statutory rate of 35% | $ | 583 | $ | 552 | $ | 495 | ||||||
State income tax, net of federal income tax effect | 25 | 20 | 19 | |||||||||
Tax differential on foreign earnings | (125 | ) | (147 | ) | (110 | ) | ||||||
Noncontrolling interests | (70 | ) | (42 | ) | (37 | ) | ||||||
Valuation allowance | 2 | (3 | ) | 1 | ||||||||
Revaluation of accumulated deferred state taxes | (25 | ) | 31 | — | ||||||||
Other items, net | (8 | ) | 8 | 2 | ||||||||
Total income tax expense from continuing operations | $ | 382 | $ | 419 | $ | 370 | ||||||
Effective tax rate | 22.9 | % | 26.6 | % | 26.1 | % | ||||||
Net Deferred Income Tax Liability Components | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Deferred credits and other liabilities | $ | 225 | $ | 242 | ||||||||
Other | 211 | 291 | ||||||||||
Total deferred income tax assets | 436 | 533 | ||||||||||
Valuation allowance | (29 | ) | (29 | ) | ||||||||
Net deferred income tax assets | 407 | 504 | ||||||||||
Investments and other assets | (1,531 | ) | (1,004 | ) | ||||||||
Accelerated depreciation rates | (3,875 | ) | (4,092 | ) | ||||||||
Regulatory assets and deferred debits | (426 | ) | (383 | ) | ||||||||
Total deferred income tax liabilities | (5,832 | ) | (5,479 | ) | ||||||||
Total net deferred income tax liabilities | $ | (5,425 | ) | $ | (4,975 | ) | ||||||
The above deferred tax amounts have been classified in the Consolidated Balance Sheets as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Other current assets | $ | — | $ | 9 | ||||||||
Other current liabilities | (20 | ) | (16 | ) | ||||||||
Deferred credits and other liabilities | (5,405 | ) | (4,968 | ) | ||||||||
Total net deferred income tax liabilities | $ | (5,425 | ) | $ | (4,975 | ) | ||||||
At December 31, 2014, we had a federal net operating loss carryforward of $379 million that expires at various times beginning in 2021. The deferred tax asset attributable to the federal net operating loss is $133 million. At December 31, 2014 we also had a state net operating loss carryforward of approximately $299 million that expires at various times beginning in 2016. The deferred tax asset attributable to the state net operating loss carryovers is $15 million (net of federal impacts) at December 31, 2014. We had valuation allowances of $9 million at December 31, 2014 and $7 million at December 31, 2013 against the deferred tax asset related to the federal net operating loss carryforward. | ||||||||||||
At December 31, 2014, we had a foreign net operating loss carryforward of $40 million that expires at various times beginning in 2015. The deferred tax asset attributable to the foreign net operating loss is $10 million. At December 31, 2014, we also had a foreign capital loss carryforward of $151 million with an indefinite expiration period. The deferred tax asset attributable to the foreign capital loss carryforward is $20 million. We had valuation allowances of $20 million and $22 million at December 31, 2014 and 2013, respectively, against the deferred tax asset related to the foreign capital loss carryforward. | ||||||||||||
Reconciliation of Gross Unrecognized Income Tax Benefits | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Balance at beginning of period | $ | 76 | $ | 80 | $ | 76 | ||||||
Increases related to prior year tax positions | 10 | 7 | 5 | |||||||||
Decreases related to prior year tax positions | (6 | ) | (17 | ) | — | |||||||
Increases related to current year tax positions | 1 | 2 | 2 | |||||||||
Settlements | — | (3 | ) | (2 | ) | |||||||
Lapse of statute of limitations | (30 | ) | 9 | (2 | ) | |||||||
Foreign currency translation | (1 | ) | (2 | ) | 1 | |||||||
Balance at end of period | $ | 50 | $ | 76 | $ | 80 | ||||||
Unrecognized tax benefits totaled $50 million at December 31, 2014. Of this, $33 million would reduce the annual effective tax rate if recognized on or after January 1, 2015. We recorded a net decrease of $26 million in gross unrecognized tax benefits during 2014. This was a result of $27 million attributable to deferred tax liabilities and foreign currency exchange rate fluctuations offset by a $1 million increase in income tax expense. | ||||||||||||
We recognize potential accrued interest and penalties related to unrecognized tax benefits as interest expense and as other expense, respectively. We recognized interest income of $2 million in 2014 and $4 million in 2013 related to unrecognized tax benefits. Accrued interest and penalties totaled $19 million at December 31, 2014 and $21 million at December 31, 2013. | ||||||||||||
Although uncertain, we believe it is reasonably possible that the total amount of unrecognized tax benefits could decrease by $15 million to $20 million prior to December 31, 2015. | ||||||||||||
We remain subject to examination for Canada income tax return filings for years 2009 through 2013 and U.S. income tax return filings for 2007 through 2013. | ||||||||||||
We have foreign subsidiaries’ undistributed earnings of approximately $1.8 billion at December 31, 2014 that are indefinitely invested outside the United States and, accordingly, no U.S. federal or state income taxes have been provided on those earnings. Upon distribution of those earnings, we may be subject to both foreign withholding taxes and U.S. income taxes, net of allowable foreign tax credits. The amount of such additional taxes would be dependent on several factors, including the size and timing of the distribution and the availability of foreign tax credits. As a result, the determination of the potential amount of unrecognized withholding and deferred income taxes is not practicable. | ||||||||||||
In September 2013, the U.S. Treasury and the Internal Revenue Service (IRS) issued final regulations regarding the deduction and capitalization of expenditures related to tangible property (tangible property regulations). The final IRS regulations apply to amounts paid to acquire, produce or improve tangible property as well as dispositions of such property and are for tax years beginning on or after January 1, 2014. The tangible property regulations impact the timing of the deductibility of these expenditures for tax purposes and therefore the impact resulted in an increase in our future tax liability with a corresponding increase in our net operating loss carryforward. Our earnings will not be impacted. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Discontinued Operations | Discontinued Operations | |||
Discontinued operations in 2012 were mostly comprised of the net effects of a settlement arrangement related to prior liquefied natural gas (LNG) contracts. | ||||
The following table summarizes results classified as Income From Discontinued Operations, Net of Tax in the accompanying Consolidated Statements of Operations: | ||||
2012 | ||||
(in millions) | ||||
Operating revenues | $ | 99 | ||
Pre-tax earnings | 4 | |||
Income tax expense | 2 | |||
Income from discontinued operations, net of tax | 2 | |||
Spectra Energy LNG Sales, Inc. (Spectra Energy LNG) reached a settlement agreement in 2007 related to an arbitration proceeding regarding Spectra Energy LNG’s claims for the period prior to May 2002 under certain liquefied natural gas LNG transportation contracts with Sonatrach and Sonatrading Amsterdam B.V. (Sonatrach). Spectra Energy LNG was one of the entities contributed to us by Duke Energy in connection with our spin-off from Duke Energy and has been reflected as discontinued operations. In 2008, Sonatrach and Spectra Energy entered into a settlement agreement under which Spectra Energy LNG’s claims for the period after May 2002 were to be satisfied pursuant to commercial transactions involving the purchase of propane by Spectra Energy Propane, LLC (a subsidiary) from Sonatrach. We subsequently entered into associated agreements with what are now affiliates of DCP Midstream for the sale of this propane. Net purchases and sales of propane under these arrangements are reflected as discontinued operations within the “Other” business segment. Purchases and sales of propane under these agreements ended in 2012. |
Earnings_per_Common_Share
Earnings per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings per Common Share | Earnings per Common Share | |||||||||||
Basic earnings per common share (EPS) is computed by dividing net income from controlling interests by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income from controlling interests by the diluted weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as stock options, stock-based performance unit awards and phantom stock awards, were exercised, settled or converted into common stock. | ||||||||||||
Weighted-average shares used to calculate diluted EPS includes the effect of certain options and restricted stock awards. In 2014 and 2013, there were no options or stock awards that were not included in the calculation of diluted EPS. Certain other options and stock awards related to less than one million shares in 2012 were not included in the calculation of diluted EPS because either the option exercise prices were greater than the average market price of the shares or performance measures related to the awards had not yet been met. | ||||||||||||
The following table presents our basic and diluted EPS calculations: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions, except per-share amounts) | ||||||||||||
Income from continuing operations, net of tax — controlling interests | $ | 1,082 | $ | 1,038 | $ | 938 | ||||||
Income from discontinued operations, net of tax — controlling interests | — | — | 2 | |||||||||
Net income — controlling interests | $ | 1,082 | $ | 1,038 | $ | 940 | ||||||
Weighted-average common shares outstanding | ||||||||||||
Basic | 671 | 669 | 653 | |||||||||
Diluted | 672 | 671 | 656 | |||||||||
Basic earnings per common share | $ | 1.61 | $ | 1.55 | $ | 1.44 | ||||||
Diluted earnings per common share | $ | 1.61 | $ | 1.55 | $ | 1.43 | ||||||
Income from discontinued operations in 2012 had no effect on basic or diluted EPS. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income | |||||||||||||||||||
The following table presents the net of tax changes in AOCI by component and amounts reclassified out of AOCI to Net Income, excluding amounts attributable to noncontrolling interests: | ||||||||||||||||||||
Foreign Currency Translation Adjustments | Pension and Post-retirement Benefit Plan Obligations | Gas Purchase Contract Hedges | Other | Total Accumulated Other Comprehensive Income | ||||||||||||||||
(in millions) | ||||||||||||||||||||
31-Dec-12 | $ | 2,044 | $ | (507 | ) | $ | (23 | ) | $ | (5 | ) | $ | 1,509 | |||||||
Reclassified to net income | — | — | 6 | 1 | 7 | |||||||||||||||
Other AOCI activity | (487 | ) | 203 | 6 | 3 | (275 | ) | |||||||||||||
31-Dec-13 | 1,557 | (304 | ) | (11 | ) | (1 | ) | 1,241 | ||||||||||||
Reclassified to net income | — | — | 4 | 1 | 5 | |||||||||||||||
Other AOCI activity | (541 | ) | (47 | ) | 4 | — | (584 | ) | ||||||||||||
31-Dec-14 | $ | 1,016 | $ | (351 | ) | $ | (3 | ) | $ | — | $ | 662 | ||||||||
Reclassifications to Net Income are primarily included in Other Income and Expenses, Net on our Consolidated Statements of Operations. |
Inventory
Inventory | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory | Inventory | |||||||
The components of inventory are as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Natural gas | $ | 211 | $ | 155 | ||||
NGLs | 28 | 30 | ||||||
Materials and supplies | 74 | 78 | ||||||
Total inventory | $ | 313 | $ | 263 | ||||
Non-cash charges totaling $19 million in 2014 ($14 million after tax) were recorded to Natural Gas and Petroleum Products Purchased on the Consolidated Statements of Operations to reduce propane inventory at our Empress operations at Western Canada Transmission & Processing to estimated net realizable value. There were no non-cash charges to inventory in 2013. |
Investments_in_and_Loans_to_Un
Investments in and Loans to Unconsolidated Affiliates and Related Party Transactions | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||||||||||||||||||||||||||||||||||
Investments in and Loans to Unconsolidated Affiliates and Related Party Transactions | Investments in and Loans to Unconsolidated Affiliates and Related Party Transactions | |||||||||||||||||||||||||||||||||||
Investments in affiliates for which we are not the primary beneficiary, but over which we have significant influence, are accounted for using the equity method. As of December 31, 2014 and 2013, the carrying amounts of investments in affiliates approximated the amounts of underlying equity in net assets. We received distributions from our equity investments of $646 million in 2014, $411 million in 2013 and $324 million in 2012. Cumulative undistributed earnings of unconsolidated affiliates totaled $482 million at December 31, 2014 and $507 million at December 31, 2013. | ||||||||||||||||||||||||||||||||||||
Spectra Energy Partners. As of December 31, 2014, our Spectra Energy Partners segment investments were mostly comprised of a 41% effective interest in Gulfstream, a 41% effective interest in SESH, a 41% effective interest in Steckman Ridge and 27% effective interests in Sand Hills and Southern Hills. Our remaining 0.1% interest in SESH is currently held in “Other” and is expected to be contributed in November 2015. We also own additional 4% effective interests in Sand Hills and Southern Hills through our ownership interest in DCP Midstream, which is held in our Field Services segment. | ||||||||||||||||||||||||||||||||||||
We have a loan outstanding to Steckman Ridge in connection with the construction of its storage facilities. The loan carries market-based interest rates and is due the earlier of October 1, 2023 or coincident with the closing of any long-term financings by Steckman Ridge. The loan receivable from Steckman Ridge, including accrued interest, totaled $71 million at both December 31, 2014 and 2013. We recorded interest income on the Steckman Ridge loan of $1 million in each of 2014, 2013 and 2012. In conjunction with the U.S. Assets Dropdown in November 2013, Steckman Ridge repaid the loan to a subsidiary of Spectra Energy Corp and subsequently borrowed $71 million directly from SEP. | ||||||||||||||||||||||||||||||||||||
Field Services. Our most significant investment in unconsolidated affiliates is our 50% investment in DCP Midstream, which is accounted for under the equity method of accounting. DCP Partners, DCP Midstream’s master limited partnership, also has direct one-third equity investments in Sand Hills and Southern Hills. DCP Midstream is a limited liability company which is a pass-through entity for U.S. income tax purposes. DCP Midstream also owns an entity which files its own federal, foreign and state income tax returns. Income tax expense related to that entity is included in the income tax expense of DCP Midstream. Therefore, DCP Midstream’s net income attributable to members’ interests does not include income taxes for earnings which are passed through to the members based upon their ownership percentage. We recognize the tax effects of our share of DCP Midstream’s pass-through earnings in Income Tax Expense from Continuing Operations in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
DCP Partners issues, from time to time, limited partner units to the public, which are recorded by DCP Midstream directly to its equity. Our proportionate 50% share of gains from those issuances, totaling $73 million in 2014, $98 million in 2013 and $36 million in 2012, are reflected in Equity in Earnings of Unconsolidated Affiliates in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
Investments in and Loans to Unconsolidated Affiliates | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Spectra Energy Partners | $ | 1,588 | $ | — | $ | 1,588 | $ | 1,396 | $ | — | $ | 1,396 | ||||||||||||||||||||||||
Distribution | — | 14 | 14 | — | 16 | 16 | ||||||||||||||||||||||||||||||
Western Canada Transmission & Processing | — | 18 | 18 | — | 66 | 66 | ||||||||||||||||||||||||||||||
Field Services | 1,345 | — | 1,345 | 1,365 | — | 1,365 | ||||||||||||||||||||||||||||||
Other | 1 | — | 1 | 200 | — | 200 | ||||||||||||||||||||||||||||||
Total | $ | 2,934 | $ | 32 | $ | 2,966 | $ | 2,961 | $ | 82 | $ | 3,043 | ||||||||||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | Domestic | International | Total | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Spectra Energy Partners | $ | 133 | $ | — | $ | 133 | $ | 90 | $ | — | $ | 90 | $ | 89 | $ | — | $ | 89 | ||||||||||||||||||
Distribution | — | 1 | 1 | — | 1 | 1 | — | — | — | |||||||||||||||||||||||||||
Western Canada Transmission & Processing | — | 1 | 1 | — | (1 | ) | (1 | ) | — | 1 | 1 | |||||||||||||||||||||||||
Field Services | 217 | — | 217 | 343 | — | 343 | 279 | — | 279 | |||||||||||||||||||||||||||
Other | 9 | — | 9 | 12 | — | 12 | 13 | — | 13 | |||||||||||||||||||||||||||
Total | $ | 359 | $ | 2 | $ | 361 | $ | 445 | $ | — | $ | 445 | $ | 381 | $ | 1 | $ | 382 | ||||||||||||||||||
Summarized Combined Financial Information of Unconsolidated Affiliates (Presented at 100%) | ||||||||||||||||||||||||||||||||||||
Statements of Operations | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
DCP | Other | Total | DCP | Other | Total | DCP | Other | Total | ||||||||||||||||||||||||||||
Midstream | Midstream | Midstream | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 14,013 | $ | 744 | $ | 14,757 | $ | 12,038 | $ | 558 | $ | 12,596 | $ | 10,171 | $ | 511 | $ | 10,682 | ||||||||||||||||||
Operating expenses | 13,262 | 319 | 13,581 | 11,230 | 261 | 11,491 | 9,427 | 217 | 9,644 | |||||||||||||||||||||||||||
Operating income | 751 | 425 | 1,176 | 808 | 297 | 1,105 | 744 | 294 | 1,038 | |||||||||||||||||||||||||||
Net income | 536 | 332 | 868 | 584 | 206 | 790 | 583 | 203 | 786 | |||||||||||||||||||||||||||
Net income attributable to members’ interests | 288 | 332 | 620 | 491 | 206 | 697 | 486 | 203 | 689 | |||||||||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
DCP | Other | Total | DCP | Other | Total | |||||||||||||||||||||||||||||||
Midstream | Midstream | |||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Current assets | $ | 1,380 | $ | 241 | $ | 1,621 | $ | 1,663 | $ | 248 | $ | 1,911 | ||||||||||||||||||||||||
Non-current assets | 12,299 | 5,358 | 17,657 | 11,058 | 5,448 | 16,506 | ||||||||||||||||||||||||||||||
Current liabilities | (2,938 | ) | (632 | ) | (3,570 | ) | (3,114 | ) | (143 | ) | (3,257 | ) | ||||||||||||||||||||||||
Non-current liabilities | (5,538 | ) | (1,197 | ) | (6,735 | ) | (5,218 | ) | (1,670 | ) | (6,888 | ) | ||||||||||||||||||||||||
Equity — total | 5,203 | 3,770 | 8,973 | 4,389 | 3,883 | 8,272 | ||||||||||||||||||||||||||||||
Equity — noncontrolling interests | (2,578 | ) | — | (2,578 | ) | (1,725 | ) | — | (1,725 | ) | ||||||||||||||||||||||||||
Equity — controlling interests | $ | 2,625 | $ | 3,770 | $ | 6,395 | $ | 2,664 | $ | 3,883 | $ | 6,547 | ||||||||||||||||||||||||
Related Party Transactions | ||||||||||||||||||||||||||||||||||||
DCP Midstream. DCP Midstream processes certain of our pipeline customers’ gas to meet gas quality specifications in order to be transported on our Texas Eastern system. DCP Midstream processes the gas and sells the NGLs that are extracted from the gas. A portion of the proceeds from those sales are retained by DCP Midstream and the balance is remitted to us. We received proceeds of $79 million in 2014, $48 million in 2013 and $53 million in 2012 from DCP Midstream related to those sales, classified as Other Operating Revenues in our Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
As discussed in Note 7, we entered into a propane sales agreement with an affiliate of DCP Midstream in 2008. We recorded revenues of $99 million in 2012 associated with this agreement classified within Income From Discontinued Operations, Net of Tax. Sales of propane under this agreement ended in 2012. | ||||||||||||||||||||||||||||||||||||
In addition to the above, we recorded other revenues from DCP Midstream and its affiliates totaling $9 million in 2014 and 2013 and $12 million in 2012, primarily within Transportation, Storage and Processing of Natural Gas, and $7 million in 2014, $8 million in 2013 and $14 million in 2012 within Sales of Natural Gas Liquids. | ||||||||||||||||||||||||||||||||||||
We had accounts receivable from DCP Midstream and its affiliates of $1 million at December 31, 2014 and December 31, 2013. Total distributions received from DCP Midstream were $237 million in 2014, $215 million in 2013 and $203 million in 2012, classified as Cash Flows from Operating Activities — Distributions Received From Unconsolidated Affiliates. | ||||||||||||||||||||||||||||||||||||
In 2012, we acquired direct one-third ownership interests in Sand Hills and Southern Hills from DCP Midstream for $459 million. See Notes 2 and 3 for further discussion. | ||||||||||||||||||||||||||||||||||||
Other. We provide certain administrative and other services to certain other operating entities. We recorded recoveries of costs from these affiliates of $38 million in 2014, $68 million in 2013 and $70 million in 2012. Outstanding receivables from these affiliates totaled $1 million at December 31, 2014 and $23 million at December 31, 2013. | ||||||||||||||||||||||||||||||||||||
See also Notes 3, 17 and 19 for additional related party information. |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill | Goodwill | |||||||||||||||
The following table presents activity within goodwill based on the reporting unit determination: | ||||||||||||||||
Spectra Energy Partners | Distribution | Western Canada | Total | |||||||||||||
Transmission & | ||||||||||||||||
Processing | ||||||||||||||||
(in millions) | ||||||||||||||||
31-Dec-12 | $ | 2,814 | $ | 878 | $ | 821 | $ | 4,513 | ||||||||
Acquisition of Express-Platte | 486 | — | — | 486 | ||||||||||||
Foreign currency translation | (85 | ) | (54 | ) | (50 | ) | (189 | ) | ||||||||
31-Dec-13 | 3,215 | 824 | 771 | 4,810 | ||||||||||||
Adjustment to acquisition of Express-Platte | 37 | — | — | 37 | ||||||||||||
Foreign currency translation | (8 | ) | (65 | ) | (60 | ) | (133 | ) | ||||||||
31-Dec-14 | $ | 3,244 | $ | 759 | $ | 711 | $ | 4,714 | ||||||||
________ | ||||||||||||||||
See Note 3 for discussion of the acquisition of Express-Platte and an adjustment to Goodwill recorded in the first quarter of 2014 related to the acquisition. | ||||||||||||||||
The following remaining goodwill amounts originating from the acquisition of Westcoast Energy, Inc. (Westcoast) in 2002 are included as segment assets within “Other” in the segment data presented in Note 4: | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Distribution | $ | 757 | $ | 821 | ||||||||||||
Western Canada Transmission & Processing | 677 | 736 | ||||||||||||||
Certain commodity prices, specifically NGLs, have fluctuated in 2013 and 2014. Within the Western Canada Transmission & Processing segment, our Empress NGL business is significantly affected by fluctuations in commodity prices. NGL prices have significantly declined in the fourth quarter of 2014 from levels earlier in 2014. Effective January 2014, we implemented a commodity hedging program at Empress to economically hedge a significant portion of their future NGL sales and related make-up gas purchases, which has mitigated the effects of short-term commodity price fluctuations. This hedging program is designed to reduce cash inflow volatility despite year to year earnings volatility. A sustained decline in NGL prices would reduce earnings and potentially serve as a triggering event to test goodwill for impairment at the Empress NGL reporting unit, which could result in an impairment. |
Marketable_Securities_and_Rest
Marketable Securities and Restricted Funds | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||
Marketable Securities and Restricted Funds | Marketable Securities and Restricted Funds | ||||||||
We routinely invest excess cash and various restricted balances in securities such as commercial paper, bankers acceptances, corporate debt securities, treasury bills and money market funds in the United States and Canada. We do not purchase marketable securities for speculative purposes, therefore we do not have any securities classified as trading securities. While we do not routinely sell marketable securities prior to their scheduled maturity dates, some of our investments may be held and restricted for insurance purposes, so these investments are classified as AFS marketable securities as they may occasionally be sold prior to their scheduled maturity dates due to the unexpected timing of cash needs. Initial investments in securities are classified as purchases of the respective type of securities (AFS marketable securities or HTM marketable securities). Maturities of securities are classified within proceeds from sales and maturities of securities in the Consolidated Statements of Cash Flows. | |||||||||
AFS Securities. AFS securities are as follows: | |||||||||
Estimated Fair Value | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in millions) | |||||||||
Corporate debt securities | $ | 23 | $ | 18 | |||||
Money market funds | 1 | 1 | |||||||
Total available-for-sale securities | $ | 24 | $ | 19 | |||||
Our AFS securities are classified on the Consolidated Balance Sheets as follows: | |||||||||
Estimated Fair Value | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in millions) | |||||||||
Restricted funds | |||||||||
Investments and other assets—other | $ | 1 | $ | 1 | |||||
Non-restricted funds | |||||||||
Current assets—other | 3 | 7 | |||||||
Investments and other assets—other | 20 | 11 | |||||||
Total available-for-sale securities | $ | 24 | $ | 19 | |||||
During the second quarter of 2013, we invested the proceeds from SEP’s issuance of common units in AFS marketable securities, which were restricted for the purpose of funding SEP’s future capital expenditures and acquisitions. In September 2013, we invested the net proceeds from SEP’s $1.9 billion issuance of long-term debt in AFS marketable securities, which were restricted for the purpose of paying a portion of the cash consideration for Spectra Energy’s U.S. Assets Dropdown to SEP. These investments and SEP’s other remaining restricted funds held for the purpose of funding capital expenditures and acquisitions were used to pay Spectra Energy for the U.S. Assets Dropdown on November 1, 2013. | |||||||||
At December 31, 2014, the weighted–average contractual maturity of outstanding AFS securities was less than two years. | |||||||||
There were no material gross unrealized holding gains or losses associated with investments in AFS securities at December 31, 2014 or 2013. | |||||||||
HTM Securities. All of our HTM securities are restricted funds and are as follows: | |||||||||
Estimated Fair Value | |||||||||
December 31, | |||||||||
Description | Consolidated Balance Sheet Caption | 2014 | 2013 | ||||||
(in millions) | |||||||||
Bankers acceptances | Current assets—other | $ | 38 | $ | 35 | ||||
Canadian government securities | Current assets—other | 30 | 34 | ||||||
Money market funds | Current assets—other | 3 | 3 | ||||||
Canadian government securities | Investments and other assets—other | 101 | 131 | ||||||
Bankers acceptances | Investments and other assets—other | — | 10 | ||||||
Total held-to-maturity securities | $ | 172 | $ | 213 | |||||
All of our HTM securities are restricted funds pursuant to certain M&N Canada and Express-Platte debt agreements. The funds restricted for M&N Canada, plus future cash from operations that would otherwise be available for distribution to the partners of M&N Canada, are required to be placed in escrow until the balance in escrow is sufficient to fund all future debt service on the M&N Canada 6.90% senior secured notes. There are sufficient funds held in escrow to fund all future debt service on these M&N Canada notes as of December 31, 2014. | |||||||||
At December 31, 2014, the weighted–average contractual maturity of outstanding HTM securities was less than one year. | |||||||||
There were no material gross unrecognized holding gains or losses associated with investments in HTM securities at December 31, 2014 or 2013. | |||||||||
Other Restricted Funds. In addition to the portions of the AFS and HTM securities that were restricted funds as described above, we had other restricted funds totaling $13 million at December 31, 2014 and $19 million at December 31, 2013 classified as Current Assets—Other. These restricted funds are related to additional amounts for the M&N Canada debt service requirements and insurance. We also had other restricted funds totaling $6 million at December 31, 2014 classified as Investments and Other Assets—Other. These restricted funds are related to funds held and collected from customers for M&N Canada pipeline abandonment in accordance with the NEB’s regulatory requirements. | |||||||||
Changes in restricted balances are presented within Cash Flows from Investing Activities on our Consolidated Statements of Cash Flows. | |||||||||
Interest income. Interest income totaled $4 million in 2014, and $6 million in both 2013 and 2012, and is included in Other Income and Expenses, Net on the Consolidated Statements of Operations. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | ||||||||||
Estimated | December 31, | ||||||||||
Useful Life | 2014 | 2013 | |||||||||
(years) | (in millions) | ||||||||||
Plant | |||||||||||
Natural gas transmission | 15–100 | $ | 15,001 | $ | 14,491 | ||||||
Natural gas distribution | 25–60 | 2,971 | 3,076 | ||||||||
Gathering and processing facilities | 25–40 | 4,765 | 4,848 | ||||||||
Natural gas storage | 10–122 | 2,162 | 2,113 | ||||||||
Crude oil transportation and storage | 30–75 | 1,169 | 1,243 | ||||||||
Land rights and rights of way | 21–122 | 568 | 562 | ||||||||
Other buildings and improvements | 10–50 | 132 | 134 | ||||||||
Equipment | 3–40 | 343 | 341 | ||||||||
Vehicles | 5–20 | 114 | 115 | ||||||||
Land | — | 150 | 128 | ||||||||
Construction in process | — | 1,113 | 630 | ||||||||
Software | 4–10 | 387 | 438 | ||||||||
Other | 5–82 | 336 | 337 | ||||||||
Total property, plant and equipment | 29,211 | 28,456 | |||||||||
Total accumulated depreciation | (6,543 | ) | (6,258 | ) | |||||||
Total accumulated amortization | (361 | ) | (369 | ) | |||||||
Total net property, plant and equipment | $ | 22,307 | $ | 21,829 | |||||||
We had no material capital leases at December 31, 2014 or 2013. | |||||||||||
Almost 85% of our property, plant and equipment is regulated with estimated useful lives based on rates approved by the applicable regulatory authorities in the United States and Canada: the FERC, the NEB and the OEB. Composite weighted-average depreciation rates were 2.82% for 2014, 2.96% for 2013 and 3.14% for 2012. | |||||||||||
Amortization expense of intangible assets totaled $74 million in 2014, $65 million in 2013 and $81 million in 2012. Estimated amortization expense for the next five years follows: | |||||||||||
Estimated | |||||||||||
Amortization | |||||||||||
Expense | |||||||||||
(in millions) | |||||||||||
2015 | $ | 80 | |||||||||
2016 | 68 | ||||||||||
2017 | 57 | ||||||||||
2018 | 44 | ||||||||||
2019 | 34 |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
Asset Retirement Obligations | Asset Retirement Obligations | |||||||
Our ARO’s relate mostly to the retirement of certain gathering pipelines and processing facilities, obligations related to right-of-way agreements and contractual leases for land use. However, we have determined that a significant portion of our assets have an indeterminate life, and as such, the fair values of those associated retirement obligations are not reasonably estimable. These assets include onshore and some offshore pipelines, and certain processing plants and distribution facilities, whose retirement dates will depend mostly on the various natural gas supply sources that connect to our systems and the ongoing demand for natural gas usage in the markets we serve. We expect these supply sources and market demands to continue for the foreseeable future, therefore we are unable to estimate retirement dates that would result in asset retirement obligations. | ||||||||
ARO’s are adjusted each period for liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. In 2014, Western Canada Transmission & Processing revised the estimated future cash flow assumptions for its ARO liabilities relating to asbestos abatement at its processing plants which resulted in an increase to ARO liabilities by $44 million. In 2013, Union Gas, which is a rate-regulated entity, reevaluated its estimated future cash flow assumptions for its ARO liabilities in connection with its 2013 rate filing with the OEB. This resulted in an increase in its estimates of expected future costs of abandoning distribution service pipelines by $172 million. | ||||||||
Reconciliation of Changes in Asset Retirement Obligation Liabilities | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Balance at beginning of year | $ | 350 | $ | 188 | ||||
Accretion expense | 16 | 9 | ||||||
Revisions in estimated cash flows (a) | 72 | 172 | ||||||
Foreign currency exchange impact | (28 | ) | (12 | ) | ||||
Liabilities settled | (10 | ) | (7 | ) | ||||
Balance at end of year (b) | $ | 400 | $ | 350 | ||||
__________ | ||||||||
(a) Reflects revised assumptions regarding ARO Liabilities relating to asbestos abatement at Western Canada Transmission & Processing in 2014 and expected future costs of abandonments at Union Gas in 2013. | ||||||||
(b) | Amounts included in Deferred Credits and Other Liabilities in the Consolidated Balance Sheets. |
Debt_and_Credit_Facilities
Debt and Credit Facilities | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Debt and Credit Facilities | Debt and Credit Facilities | |||||||||||||
Summary of Debt and Related Terms | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Spectra Energy Capital, LLC | (in millions) | |||||||||||||
5.50% senior unsecured notes due March 2014 | $ | — | $ | 149 | ||||||||||
5.67% senior unsecured notes due August 2014 | — | 408 | ||||||||||||
6.20% senior unsecured notes due April 2018 | 500 | 500 | ||||||||||||
6.75% senior unsecured notes due July 2018 | 150 | 150 | ||||||||||||
Variable-rate senior unsecured term loan due November 2018 | 300 | — | ||||||||||||
8.00% senior unsecured notes due October 2019 | 500 | 500 | ||||||||||||
5.65% senior unsecured notes due March 2020 | 300 | 300 | ||||||||||||
3.30% senior unsecured notes due March 2023 | 650 | 650 | ||||||||||||
6.75% senior unsecured notes due February 2032 | 240 | 240 | ||||||||||||
7.50% senior unsecured notes due September 2038 | 250 | 250 | ||||||||||||
Total Spectra Energy Capital, LLC Debt | 2,890 | 3,147 | ||||||||||||
SEP | ||||||||||||||
SEP 2.95% senior unsecured notes due June 2016 | 250 | 250 | ||||||||||||
SEP 2.95% senior unsecured notes due September 2018 | 500 | 500 | ||||||||||||
SEP Variable-rate senior unsecured term loan due November 2018 | 400 | 400 | ||||||||||||
SEP 4.60% senior unsecured notes due June 2021 | 250 | 250 | ||||||||||||
SEP 4.75% senior unsecured notes due March 2024 | 1,000 | 1,000 | ||||||||||||
SEP 5.95% senior unsecured notes due September 2043 | 400 | 400 | ||||||||||||
Texas Eastern 6.00% senior unsecured notes due September 2017 | 400 | 400 | ||||||||||||
Texas Eastern 4.13% senior unsecured notes due December 2020 | 300 | 300 | ||||||||||||
Texas Eastern 2.80% senior unsecured notes due October 2022 | 500 | 500 | ||||||||||||
Texas Eastern 7.00% senior unsecured notes due July 2032 | 450 | 450 | ||||||||||||
Algonquin 3.51% senior notes due July 2024 | 350 | 350 | ||||||||||||
East Tennessee Natural Gas, LLC 3.10% senior notes due December 2024 | 200 | 200 | ||||||||||||
M&N U.S. 7.50% senior notes due May 2014 | — | 411 | ||||||||||||
Express-Platte 6.09% senior secured notes due January 2020 | 110 | 110 | ||||||||||||
Express-Platte 7.39% subordinated secured notes due 2014 to 2019 | 74 | 104 | ||||||||||||
Total SEP Debt | 5,184 | 5,625 | ||||||||||||
Westcoast | ||||||||||||||
8.50% debentures due November 2015 | 108 | 118 | ||||||||||||
3.28% medium-term notes due January 2016 | 215 | 235 | ||||||||||||
8.50% debentures due September 2018 | 129 | 141 | ||||||||||||
5.60% medium-term notes due January 2019 | 258 | 282 | ||||||||||||
9.90% debentures due January 2020 | 86 | 94 | ||||||||||||
4.57% medium-term notes due July 2020 | 215 | 235 | ||||||||||||
3.88% medium-term notes due October 2021 | 129 | 142 | ||||||||||||
3.12% medium-term notes due December 2022 | 215 | 235 | ||||||||||||
3.43% medium-term notes due September 2024 | 301 | — | ||||||||||||
8.85% debentures due July 2025 | 129 | 142 | ||||||||||||
8.80% medium-term notes due November 2025 | 22 | 24 | ||||||||||||
7.30% debentures due December 2026 | 108 | 118 | ||||||||||||
6.75% medium-term notes due December 2027 | 129 | 141 | ||||||||||||
7.15% medium-term notes due March 2031 | 172 | 188 | ||||||||||||
4.79% medium-term notes due October 2041 | 129 | 141 | ||||||||||||
M&N Canada 6.90% senior secured notes due 2014 to 2019 | 112 | 147 | ||||||||||||
M&N Canada 4.34% senior secured notes due 2014 to 2019 | 83 | 120 | ||||||||||||
Other | 2 | 2 | ||||||||||||
Total Westcoast Debt | $ | 2,542 | $ | 2,505 | ||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Union Gas | (in millions) | |||||||||||||
7.90% debentures due February 2014 | $ | — | $ | 141 | ||||||||||
11.50% debentures due August 2015 | 129 | 141 | ||||||||||||
4.64% medium-term notes due June 2016 | 172 | 188 | ||||||||||||
9.70% debentures due November 2017 | 108 | 118 | ||||||||||||
5.35% medium-term notes due April 2018 | 172 | 188 | ||||||||||||
8.75% debentures due August 2018 | 108 | 118 | ||||||||||||
8.65% senior debentures due October 2018 | 64 | 72 | ||||||||||||
2.76% medium-term notes due June 2021 | 172 | — | ||||||||||||
4.85% medium-term notes due April 2022 | 108 | 118 | ||||||||||||
3.79% medium-term notes due July 2023 | 215 | 235 | ||||||||||||
8.65% debentures due November 2025 | 108 | 118 | ||||||||||||
5.46% medium-term notes due September 2036 | 142 | 155 | ||||||||||||
6.05% medium-term notes due September 2038 | 258 | 282 | ||||||||||||
5.20% medium-term notes due July 2040 | 215 | 235 | ||||||||||||
4.88% medium-term notes due June 2041 | 258 | 282 | ||||||||||||
4.20% medium-term notes due June 2044 | 215 | — | ||||||||||||
Total Union Gas Debt | 2,444 | 2,391 | ||||||||||||
Total | ||||||||||||||
Long-term debt principal (including current maturities) | 13,060 | 13,668 | ||||||||||||
Change in fair value of debt hedged | 17 | 17 | ||||||||||||
Unamortized debt discount, net | (12 | ) | (12 | ) | ||||||||||
Other unamortized items | 7 | 12 | ||||||||||||
Total other non-principal amounts | 12 | 17 | ||||||||||||
Commercial paper (a) | 1,583 | 1,032 | ||||||||||||
Capital Leases | 24 | — | ||||||||||||
Total debt (including capital lease obligations) (b) | 14,679 | 14,717 | ||||||||||||
Current maturities of long-term debt | (327 | ) | (1,197 | ) | ||||||||||
Commercial paper (c) | (1,583 | ) | (1,032 | ) | ||||||||||
Total long-term debt (including capital lease obligations) | $ | 12,769 | $ | 12,488 | ||||||||||
______ | ||||||||||||||
(a) | The weighted-average days to maturity was 14 days as of December 31, 2014 and 9 days as of December 31, 2013. | |||||||||||||
(b) | As of December 31, 2014 and 2013, respectively, $5,264 million and $5,248 million of debt was denominated in Canadian dollars. | |||||||||||||
(c) | Weighted-average rate on outstanding commercial paper was 0.6% at both December 31, 2014 and 2013. | |||||||||||||
Secured Debt. Secured debt, totaling $379 million as of December 31, 2014, includes project financings for M&N Canada and Express-Platte. Ownership interests in M&N Canada and certain of its accounts, revenues, business contracts and other assets are pledged as collateral. Express-Platte notes payable are secured by the assignment of the Express-Platte transportation receivables and by the Canadian portion of the Express-Platte pipeline system assets. | ||||||||||||||
Floating Rate Debt. Debt included approximately $2,283 million of floating-rate debt as of December 31, 2014 and $1,432 million as of December 31, 2013. The weighted average interest rate of borrowings outstanding that contained floating rates was 0.8% at both December 31, 2014 and 2013. | ||||||||||||||
Annual Maturities | 31-Dec-14 | |||||||||||||
(in millions) | ||||||||||||||
2015 | $ | 327 | ||||||||||||
2016 | 713 | |||||||||||||
2017 | 563 | |||||||||||||
2018 | 2,353 | |||||||||||||
2019 | 787 | |||||||||||||
Thereafter | 8,353 | |||||||||||||
Total long-term debt, including current maturities (a) | $ | 13,096 | ||||||||||||
______ | ||||||||||||||
(a) | Excludes commercial paper of $1,583 million. Includes capital leases of $24 million and other non-principal amounts of $12 million. | |||||||||||||
We have the ability under certain debt facilities to call and repay the obligations prior to scheduled maturities. Therefore, the actual timing of future cash repayments could be materially different than presented above. | ||||||||||||||
Available Credit Facilities and Restrictive Debt Covenants | ||||||||||||||
Expiration | Total | Commercial Paper Outstanding at December 31, 2014 | Available | |||||||||||
Date | Credit | Credit | ||||||||||||
Facilities | Facilities | |||||||||||||
Capacity | Capacity | |||||||||||||
(in millions) | ||||||||||||||
Spectra Energy Capital, LLC (a) | 2019 | $ | 1,000 | $ | 398 | $ | 602 | |||||||
SEP (b) | 2019 | 2,000 | 907 | 1,093 | ||||||||||
Westcoast (c) | 2019 | 344 | 46 | 298 | ||||||||||
Union Gas (d) | 2019 | 430 | 232 | 198 | ||||||||||
Total | $ | 3,774 | $ | 1,583 | $ | 2,191 | ||||||||
______ | ||||||||||||||
(a) | Revolving credit facility contains a covenant requiring the Spectra Energy Corp consolidated debt-to-total capitalization ratio, as defined in the agreement, to not exceed 65%. Per the terms of the agreement, collateralized debt is excluded from the calculation of the ratio. This ratio was 58% at December 31, 2014. | |||||||||||||
(b) | Revolving credit facility contains a covenant that requires SEP to maintain a ratio of total Consolidated Indebtedness-to-Consolidated EBITDA, as defined in the agreement, of 5.0 to 1 or less. As of December 31, 2014, this ratio was 3.7 to 1. | |||||||||||||
(c) | U.S. dollar equivalent at December 31, 2014. The revolving credit facility is 400 million Canadian dollars and contains a covenant that requires the Westcoast non-consolidated debt-to-total capitalization ratio to not exceed 75%. The ratio was 35% at December 31, 2014. | |||||||||||||
(d) | U.S. dollar equivalent at December 31, 2014. The revolving credit facility is 500 million Canadian dollars and contains a covenant that requires the Union Gas debt-to-total capitalization ratio to not exceed 75% and a provision which requires Union Gas to repay all borrowings under the facility for a period of two days during the second quarter of each year. The ratio was 68% at December 31, 2014. | |||||||||||||
On December 10, 2014, we amended the Westcoast and Union Gas revolving credit agreements. The Westcoast revolving credit facility was increased to 400 million Canadian dollars, and the Union Gas revolving credit facility was increased to 500 million Canadian dollars. Both facilities expire in December 2019. | ||||||||||||||
On December 11, 2014, we amended the Spectra Energy Capital, LLC (Spectra Capital) and SEP revolving credit agreements. The expiration date of both credit facilities was extended one year, with both facilities expiring in December 2019. | ||||||||||||||
The issuances of commercial paper, letters of credit and revolving borrowings reduce the amounts available under the credit facilities. As of December 31, 2014, there were no letters of credit issued or revolving borrowings outstanding under the credit facilities. | ||||||||||||||
Our credit agreements contain various covenants, including the maintenance of certain financial ratios. Failure to meet those covenants beyond applicable grace periods could result in accelerated due dates and/or termination of the agreements. As of December 31, 2014, we were in compliance with those covenants. In addition, our credit agreements allow for acceleration of payments or termination of the agreements due to nonpayment, or in some cases, due to the acceleration of other significant indebtedness of the borrower or some of its subsidiaries. Our debt and credit agreements do not contain provisions that trigger an acceleration of indebtedness based solely on the occurrence of a material adverse change in our financial condition or results of operations. | ||||||||||||||
As noted above, the terms of our Spectra Capital credit agreements require our consolidated debt-to-total capitalization ratio, as defined in the agreement, to be 65% or lower. Per the terms of the agreements, collateralized debt is excluded from the calculation of the ratio. This ratio was 58% at December 31, 2014. Approximately $7.8 billion of our equity (net assets) was considered restricted at December 31, 2014, representing the minimum amount of equity required to maintain the 65% consolidated debt-to-total capitalization ratio. |
Preferred_Stock_of_Subsidiarie
Preferred Stock of Subsidiaries | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Preferred Stock of Subsidiaries | Preferred Stock of Subsidiaries |
Westcoast and Union Gas have outstanding preferred shares that are generally not redeemable prior to specified redemption dates. On or after those dates, the shares may be redeemed, in whole or in part, for cash at the option of Westcoast and Union Gas, as applicable. The shares are not subject to any sinking fund or mandatory redemption and are not convertible into any other securities. As redemption of the shares is not solely within our control, we have classified the preferred stock of subsidiaries as temporary equity on our Consolidated Balance Sheets. Dividends are cumulative and payable quarterly, and are included in Net Income — Noncontrolling Interests in the Consolidated Statements of Operations. All outstanding preferred shares are redeemable at the option of Westcoast and Union Gas, as applicable. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||
The following presents, for each of the fair value hierarchy levels, assets and liabilities that are measured and recorded at fair value on a recurring basis: | |||||||||||||||||
Description | 31-Dec-14 | ||||||||||||||||
Consolidated Balance Sheet Caption | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in millions) | |||||||||||||||||
Corporate debt securities | Cash and cash equivalents | $ | 85 | $ | — | $ | 85 | $ | — | ||||||||
Corporate debt securities | Current assets — other | 3 | — | 3 | — | ||||||||||||
Commodity derivatives | Current assets — other | 57 | — | — | 57 | ||||||||||||
Interest rate swaps | Current assets — other | 2 | — | 2 | — | ||||||||||||
Commodity derivatives | Investments and other assets — other | 21 | — | — | 21 | ||||||||||||
Corporate debt securities | Investments and other assets — other | 20 | — | 20 | — | ||||||||||||
Interest rate swaps | Investments and other assets — other | 22 | — | 22 | — | ||||||||||||
Money market funds | Investments and other assets — other | 1 | 1 | — | — | ||||||||||||
Total Assets | $ | 211 | $ | 1 | $ | 132 | $ | 78 | |||||||||
Description | Consolidated Balance Sheet Caption | 31-Dec-13 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(in millions) | |||||||||||||||||
Corporate debt securities | Cash and cash equivalents | $ | 49 | $ | — | $ | 49 | $ | — | ||||||||
Corporate debt securities | Current assets — other | 7 | — | 7 | — | ||||||||||||
Interest rate swaps | Current assets — other | 8 | — | 8 | — | ||||||||||||
Corporate debt securities | Investments and other assets — other | 11 | — | 11 | — | ||||||||||||
Interest rate swaps | Investments and other assets — other | 15 | — | 15 | — | ||||||||||||
Money market funds | Investments and other assets — other | 1 | 1 | — | — | ||||||||||||
Total Assets | $ | 91 | $ | 1 | $ | 90 | $ | — | |||||||||
Natural gas purchase contracts | Deferred credits and other liabilities — regulatory and other | $ | 3 | $ | — | $ | — | $ | 3 | ||||||||
Interest rate swaps | Deferred credits and other liabilities — regulatory and other | 6 | — | 6 | — | ||||||||||||
Total Liabilities | $ | 9 | $ | — | $ | 6 | $ | 3 | |||||||||
The following presents changes in Level 3 assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in millions) | |||||||||||||||||
Derivative assets (liabilities) | |||||||||||||||||
Fair value, beginning of period | $ | (3 | ) | $ | (9 | ) | |||||||||||
Total gains (losses): | |||||||||||||||||
Included in earnings | 91 | (3 | ) | ||||||||||||||
Included in other comprehensive income | 5 | 8 | |||||||||||||||
Settlements | (15 | ) | 1 | ||||||||||||||
Fair value, end of period | $ | 78 | $ | (3 | ) | ||||||||||||
Total gains (losses) for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets and liabilities held at the end of the period | $ | 56 | $ | (2 | ) | ||||||||||||
Level 1 | |||||||||||||||||
Level 1 valuations represent quoted unadjusted prices for identical instruments in active markets. | |||||||||||||||||
Level 2 Valuation Techniques | |||||||||||||||||
Fair values of our financial instruments that are actively traded in the secondary market, including our long-term debt, are determined based on market-based prices. These valuations may include inputs such as quoted market prices of the exact or similar instruments, broker or dealer quotations, or alternative pricing sources that may include models or matrix pricing tools, with reasonable levels of price transparency. | |||||||||||||||||
For interest rate swaps, we utilize data obtained from a third-party source for the determination of fair value. Both the future cash flows for the fixed-leg and floating-leg of our swaps are discounted to present value. In addition, credit default swap rates are used to develop the adjustment for credit risk embedded in our positions. We believe that since some of the inputs and assumptions for the calculations of fair value are derived from observable market data, a Level 2 classification is appropriate. | |||||||||||||||||
Level 3 Valuation Techniques | |||||||||||||||||
Level 3 valuation techniques include the use of pricing models, discounted cash flow methodologies or similar techniques where at least one significant model assumption or input is unobservable. Level 3 financial instruments also include those for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||||||
The derivative financial instruments reported in Level 3 at December 31, 2014 primarily consist of NGL revenue swap contracts related to the Empress assets in Western Canada Transmission & Processing. As of December 31, 2014, we reported certain of our natural gas basis swaps at fair value using Level 3 inputs due to such derivatives not having observable market prices for substantially the full term of the derivative asset or liability. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations whose contract length extends into unobservable periods. | |||||||||||||||||
The fair value of these natural gas basis swaps is determined using a discounted cash flow valuation technique based on a forward commodity basis curve. For these derivatives, the primary input to the valuation model is the forward commodity basis curve, which is based on observable or public data sources and extrapolated when observable prices are not available. | |||||||||||||||||
The significant unobservable inputs used in the fair value measurements of our Level 3 derivatives are the forward natural gas basis curves, for which a significant portion of the derivative’s term is beyond available forward pricing. At December 31, 2014, a 10¢ per gallon movement in underlying forward NGL prices would affect the estimated fair value of our NGL derivatives by $16 million. This calculated amount does not take into account any other changes to the fair value measurement calculation. | |||||||||||||||||
Financial Instruments | |||||||||||||||||
The fair values of financial instruments that are recorded and carried at book value are summarized in the following table. Judgment is required in interpreting market data to develop the estimates of fair value. These estimates are not necessarily indicative of the amounts we could have realized in current markets. | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Book | Approximate | Book | Approximate | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
(in millions) | |||||||||||||||||
Note receivable, noncurrent (a) | $ | 71 | $ | 71 | $ | 71 | $ | 71 | |||||||||
Long-term debt, including current maturities (b) | 13,060 | 14,446 | 13,668 | 14,701 | |||||||||||||
__________ | |||||||||||||||||
(a) | Included within Investments in and Loans to Unconsolidated Affiliates. | ||||||||||||||||
(b) | Excludes capital leases, unamortized items and fair value hedge carrying value adjustments. | ||||||||||||||||
The fair value of our long-term debt is determined based on market-based prices as described in the Level 2 valuation technique described above and is classified as Level 2. | |||||||||||||||||
The fair values of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, notes receivable-noncurrent, accounts payable and commercial paper are not materially different from their carrying amounts because of the short-term nature of these instruments or because the stated rates approximate market rates. | |||||||||||||||||
During the 2014 and 2013 periods, there were no material adjustments to assets and liabilities measured at fair value on a nonrecurring basis. |
Risk_Management_and_Hedging_Ac
Risk Management and Hedging Activities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Risk Management and Hedging Activities | Risk Management and Hedging Activities | |||||||||||||||||||||||
We are exposed to the impact of market fluctuations in the prices of NGLs and natural gas purchased as a result of our investment in DCP Midstream, and the ownership of the NGL marketing operations in western Canada and processing operations associated with our U.S. pipeline assets. Exposure to interest rate risk exists as a result of the issuance of variable and fixed-rate debt and commercial paper. We are exposed to foreign currency risk from our Canadian operations. We employ established policies and procedures to manage our risks associated with these market fluctuations, which may include the use of derivatives, mostly around interest rate and commodity exposures. | ||||||||||||||||||||||||
DCP Midstream manages their direct exposure to market prices separate from Spectra Energy, and utilizes various risk management strategies, including the use of commodity derivatives. | ||||||||||||||||||||||||
Derivative Portfolio Carrying Value as of December 31, 2014 | ||||||||||||||||||||||||
Maturities | Maturities | Maturities | Maturities | Total | ||||||||||||||||||||
in 2015 | in 2016 | in 2017 | in 2018 | Carrying | ||||||||||||||||||||
and | Value | |||||||||||||||||||||||
Thereafter | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | 2 | $ | 20 | $ | 22 | ||||||||||||||
Total derivatives designated as hedging instruments | — | — | 2 | 20 | 22 | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Commodity derivatives | 57 | 19 | 2 | — | 78 | |||||||||||||||||||
Interest rate swaps | 2 | — | — | — | 2 | |||||||||||||||||||
Total derivatives not designated as hedging instruments | 59 | 19 | 2 | — | 80 | |||||||||||||||||||
Total derivative instruments | $ | 59 | $ | 19 | $ | 4 | $ | 20 | $ | 102 | ||||||||||||||
These amounts represent the combination of amounts presented as assets for non-cash gains on mark-to-market and hedging transactions on our Consolidated Balance Sheet and do not include any derivative positions of DCP Midstream. See Note 18 for information regarding the presentation of these derivative positions on our Consolidated Balance Sheets. | ||||||||||||||||||||||||
Commodity Derivatives. Our NGL marketing operations are exposed to market fluctuations in the prices of natural gas and NGLs related to natural gas processing and marketing activities. We closely monitor the potential effects of commodity price changes and may choose to enter into contracts to protect margins for a portion of future sales and fuel expenses by using financial commodity instruments, such as swaps, forward contracts and options. | ||||||||||||||||||||||||
Effective January 2014, we implemented a commodity price risk management program at Western Canada Transmission & Processing’s Empress NGL business and elected to not apply cash flow hedge accounting. | ||||||||||||||||||||||||
At December 31, 2014, we had commodity mark-to-market derivatives outstanding with a total notional amount of 163 million gallons. The longest dated commodity derivative contract we currently have expires in 2017. | ||||||||||||||||||||||||
Information about our commodity derivatives that had netting or rights of offset arrangements are as follows: | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Gross | Gross | Net Amount Presented in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||
Amounts | Amounts | |||||||||||||||||||||||
Offset | ||||||||||||||||||||||||
Description | (in millions) | |||||||||||||||||||||||
Assets | $ | 169 | $ | 91 | $ | 78 | ||||||||||||||||||
Liabilities | 91 | 91 | — | |||||||||||||||||||||
Substantially all of our commodity derivative agreements outstanding at December 31, 2014 have provisions that require collateral to be posted in the amount of the net liability position if one of our credit ratings falls below investment grade. | ||||||||||||||||||||||||
Information regarding the impacts of commodity derivatives on our Consolidated Statements of Operations is as follows: | ||||||||||||||||||||||||
Derivatives | Consolidated Statement of Operations Caption | 2014 | 2013 | 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Commodity derivatives | Sales of natural gas liquids | $ | 93 | $ | — | $ | — | |||||||||||||||||
Interest Rate Swaps. Changes in interest rates expose us to risk as a result of our issuance of variable and fixed-rate debt and commercial paper. We manage our interest rate exposure by limiting our variable-rate exposures to percentages of total debt and by monitoring the effects of market changes in interest rates. We also enter into financial derivative instruments, including, but not limited to, interest rate swaps and rate lock agreements to manage and mitigate interest rate risk exposure. | ||||||||||||||||||||||||
For interest rate derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk is included in Interest Expense on the Consolidated Statements of Operations. There were no significant amounts of gains or losses, either effective or ineffective, recognized in net income or other comprehensive income in 2014, 2013 or 2012. | ||||||||||||||||||||||||
At December 31, 2014, we had “pay floating — receive fixed” interest rate swaps outstanding with a total notional amount of $1,208 million to hedge against changes in the fair value of our fixed-rate debt that arise as a result of changes in market interest rates. These swaps also allow us to transform a portion of the underlying interest payments related to our long-term fixed-rate debt securities into variable-rate interest payments in order to achieve our desired mix of fixed and variable-rate debt. | ||||||||||||||||||||||||
Information about our interest rate swaps that had netting or rights of offset arrangements are as follows: | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross Amounts | Amounts Not | Net | Gross Amounts | Amounts Not | Net | |||||||||||||||||||
Presented in | Offset in the | Amount | Presented in | Offset in the | Amount | |||||||||||||||||||
the Consolidated | Consolidated | the Consolidated | Consolidated | |||||||||||||||||||||
Balance Sheets | Balance Sheets | Balance Sheets | Balance Sheets | |||||||||||||||||||||
Description | (in millions) | |||||||||||||||||||||||
Assets | $ | 24 | $ | — | $ | 24 | $ | 23 | $ | 3 | $ | 20 | ||||||||||||
Liabilities | — | — | — | 6 | 3 | 3 | ||||||||||||||||||
Foreign Currency Risk. We are exposed to foreign currency risk from investments and operations in Canada. To mitigate risks associated with foreign currency fluctuations, contracts may be denominated in or indexed to the U.S. dollar and/or local inflation rates, or investments may be naturally hedged through debt denominated or issued in the foreign currency. To monitor our currency exchange rate risks, we use sensitivity analysis, which measures the effect of devaluation of the Canadian dollar. | ||||||||||||||||||||||||
Credit Risk. Our principal customers for natural gas transmission and crude oil transportation, storage and gathering and processing services are industrial end-users, marketers, exploration and production companies, local distribution companies and utilities located throughout the United States and Canada. We have concentrations of receivables from natural gas utilities and their affiliates, industrial customers and marketers throughout these regions, as well as retail distribution customers in Canada. These concentrations of customers may affect our overall credit risk in that risk factors can negatively affect the credit quality of the entire sector. Where exposed to credit risk, we analyze the customers’ financial condition prior to entering into an agreement, establish credit limits and monitor the appropriateness of those limits on an ongoing basis. We also obtain parental guarantees, cash deposits or letters of credit from customers to provide credit support, where appropriate, based on our financial analysis of the customer and the regulatory or contractual terms and conditions applicable to each contract. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
General Insurance | ||||
We carry, either directly or through our captive insurance companies, insurance coverages consistent with companies engaged in similar commercial operations with similar type properties. Our insurance program includes (1) commercial general and excess liability insurance for liabilities to third parties for bodily injury and property damage resulting from our operations; (2) workers’ compensation liability coverage to required statutory limits; (3) automobile liability insurance for all owned, non-owned and hired vehicles covering liabilities to third parties for bodily injury and property damage; (4) insurance policies in support of the indemnification provisions of our by-laws; and (5) property insurance, including machinery breakdown, on an all-risk-replacement valued basis, onshore business interruption and extra expense. All coverages are subject to certain deductibles, terms and conditions common for companies with similar types of operations. | ||||
Environmental | ||||
We are subject to various U.S. federal, state and local laws and regulations, as well as Canadian federal and provincial laws, regarding air and water quality, hazardous and solid waste disposal and other environmental matters. These laws and regulations can change from time to time, imposing new obligations on us. | ||||
Like others in the energy industry, we and our affiliates are responsible for environmental remediation at various contaminated sites. These include some properties that are part of our ongoing operations, sites formerly owned or used by us, and sites owned by third parties. Remediation typically involves management of contaminated soils and may involve groundwater remediation. Managed in conjunction with relevant federal, state/provincial and local agencies, activities vary with site conditions and locations, remedial requirements, complexity and sharing of responsibility. If remediation activities involve statutory joint and several liability provisions, strict liability, or cost recovery or contribution actions, we or our affiliates could potentially be held responsible for contamination caused by other parties. In some instances, we may share liability associated with contamination with other potentially responsible parties, and may also benefit from contractual indemnities that cover some or all cleanup costs. All of these sites generally are managed in the normal course of business or affiliated operations. | ||||
Included in Deferred Credits and Other Liabilities — Regulatory and Other on the Consolidated Balance Sheets are undiscounted liabilities related to extended environmental-related activities totaling $10 million as of December 31, 2014 and $11 million as of December 31, 2013. These liabilities represent provisions for costs associated with remediation activities at some of our current and former sites, as well as other environmental contingent liabilities. | ||||
Litigation | ||||
Litigation and Legal Proceedings. We are involved in legal, tax and regulatory proceedings in various forums arising in the ordinary course of business, including matters regarding contract and payment claims, some of which involve substantial monetary amounts. We have insurance coverage for certain of these losses should they be incurred. We believe that the final disposition of these proceedings will not have a material effect on our consolidated results of operations, financial position or cash flows. | ||||
Legal costs related to the defense of loss contingencies are expensed as incurred. We had no material reserves for legal matters recorded as of December 31, 2014 or 2013 related to litigation. | ||||
Other Commitments and Contingencies | ||||
See Note 21 for a discussion of guarantees and indemnifications. | ||||
Operating Lease Commitments | ||||
We lease assets in various areas of our operations. Consolidated rental expense for operating leases classified in Income From Continuing Operations was $38 million in 2014, 2013 and 2012, which is included in Operating, Maintenance and Other on the Consolidated Statements of Operations. The following is a summary of future minimum lease payments under operating leases which at inception had noncancelable terms of more than one year. We had no material capital lease commitments at December 31, 2014. | ||||
Long-term | ||||
Operating | ||||
Leases | ||||
(in millions) | ||||
2015 | $ | 50 | ||
2016 | 44 | |||
2017 | 42 | |||
2018 | 36 | |||
2019 | 32 | |||
Thereafter | 148 | |||
Total future minimum lease payments | $ | 352 | ||
Guarantees_and_Indemnification
Guarantees and Indemnifications | 12 Months Ended |
Dec. 31, 2014 | |
Guarantees [Abstract] | |
Guarantees and Indemnifications | Guarantees and Indemnifications |
We have various financial guarantees and indemnifications which are issued in the normal course of business. As discussed below, these contracts include financial guarantees, stand-by letters of credit, debt guarantees, surety bonds and indemnifications. We enter into these arrangements to facilitate a commercial transaction with a third party by enhancing the value of the transaction to the third party. To varying degrees, these guarantees involve elements of performance and credit risk, which are not included on our Consolidated Balance Sheets. The possibility of having to perform under these guarantees and indemnifications is largely dependent upon future operations of various subsidiaries, investees and other third parties, or the occurrence of certain future events. | |
We have issued performance guarantees to customers and other third parties that guarantee the payment and performance of other parties, including certain non-100%-owned entities. In connection with our spin-off from Duke Energy in 2007, certain guarantees that were previously issued by us were assigned to, or replaced by, Duke Energy as guarantor in 2006. For any remaining guarantees of other Duke Energy obligations, Duke Energy has indemnified us against any losses incurred under these guarantee arrangements. The maximum potential amount of future payments we could have been required to make under these performance guarantees as of December 31, 2014 was approximately $406 million, which has been indemnified by Duke Energy as discussed above. One of these outstanding performance guarantees, which has a maximum potential amount of future payment of $201 million, expires in 2028. The remaining guarantees have no contractual expirations. | |
We have also issued joint and several guarantees to some of the Duke/Fluor Daniel (D/FD) project owners, guaranteeing the performance of D/FD under its engineering, procurement and construction contracts and other contractual commitments in place at the time of our spin-off from Duke Energy. D/FD is one of the entities transferred to Duke Energy in connection with our spin-off. Substantially all of these guarantees have no contractual expiration and no stated maximum amount of future payments that we could be required to make. Fluor Enterprises Inc., as 50% owner in D/FD, issued similar joint and several guarantees to the same D/FD project owners. | |
Westcoast, a 100%-owned subsidiary, has issued performance guarantees to third parties guaranteeing the performance of unconsolidated entities, such as equity method investments, and of entities previously sold by Westcoast to third parties. Those guarantees require Westcoast to make payment to the guaranteed third party upon the failure of such unconsolidated or sold entity to make payment under some of its contractual obligations, such as debt agreements, purchase contracts and leases. Certain guarantees that were previously issued by Westcoast for obligations of entities that remained a part of Duke Energy are considered guarantees of third party performance; however, Duke Energy has indemnified us against any losses incurred under these guarantee arrangements. | |
We have entered into various indemnification agreements related to purchase and sale agreements and other types of contractual agreements with vendors and other third parties. These agreements typically cover environmental, litigation and other matters, as well as breaches of representations, warranties and covenants. Typically, claims may be made by third parties for various periods of time depending on the nature of the claim. Our potential exposure under these indemnification agreements can range from a specified amount, such as the purchase price, to an unlimited dollar amount, depending on the nature of the claim and the particular transaction. We are unable to estimate the total potential amount of future payments under these indemnification agreements due to several factors, such as the unlimited exposure under certain guarantees. | |
As of December 31, 2014, the amounts recorded for the guarantees and indemnifications described above are not material, both individually and in the aggregate. |
Common_Stock_Issuance
Common Stock Issuance | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Common Stock Issuance | Common Stock Issuance |
In 2012, we issued 14.7 million shares of our common stock and received net proceeds of $382 million to fund acquisitions and capital expenditures and for other general corporate purposes. |
Effects_of_Changes_in_Noncontr
Effects of Changes in Noncontrolling Interests Ownership | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||
Effects of Changes in Noncontrolling Interests Ownership | Effects of Changes in Noncontrolling Interests Ownership | |||||||||||
The following table presents the effects of changes in our ownership interests in non-100%-owned consolidated subsidiaries: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Net income — controlling interests | $ | 1,082 | $ | 1,038 | $ | 940 | ||||||
Increase in additional paid-in capital resulting from issuances of SEP units (a) | 49 | 42 | 26 | |||||||||
Total net income — controlling interests and changes in equity — controlling interests | $ | 1,131 | $ | 1,080 | $ | 966 | ||||||
________________ | ||||||||||||
(a) | See Note 2 for further discussion. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||
The Spectra Energy Corp 2007 Long-Term Incentive Plan (the 2007 LTIP), as amended and restated, provides for the granting of stock options, restricted and unrestricted stock awards and units, and other equity-based awards, to employees and other key individuals who perform services for us. A maximum of 40 million shares of common stock may be awarded under the 2007 LTIP. | ||||||||||||||
Restricted, performance and phantom awards granted under the 2007 LTIP typically become 100% vested on the three-year anniversary of the grant date. Equity-classified and liability-classified stock-based compensation cost is measured at the grant date based on the fair value of the award. Liability-classified stock-based compensation cost is re-measured at each reporting period until settlement. Related compensation expense is recognized over the requisite service period, which generally begins on the date the award is granted through the earlier of the date the award becomes vested, the date the employee becomes retirement-eligible, or the date the market or performance condition is met. | ||||||||||||||
Options granted under the 2007 LTIP are issued with exercise prices equal to the fair market value of our common stock on the grant date, have ten-year terms and generally vest over a three-year term. Compensation expense related to stock options is recognized over the requisite service period. The requisite service period for stock options is the same as the vesting period, with the exception of retirement eligible employees, who have shorter requisite service periods ending when the employees become retirement eligible. We issue new shares upon exercising or vesting of share-based awards. The Black-Scholes option-pricing model is used to estimate the fair value of options at grant date. All outstanding stock options are fully vested, and as a result, we do not expect to recognize future compensation costs related to stock options. | ||||||||||||||
We recorded pre-tax stock-based compensation expense in continuing operations as follows, the components of which are described further below: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
Phantom awards | $ | 14 | $ | 13 | $ | 12 | ||||||||
Performance awards | 13 | 33 | 17 | |||||||||||
Total | $ | 27 | $ | 46 | $ | 29 | ||||||||
The tax benefit in Income From Continuing Operations associated with the recorded stock-based compensation expense was $7 million in 2014 and $8 million in both 2013 and 2012. We recognized tax benefits from stock-based compensation cost of approximately $3 million in 2014, $5 million in 2013 and $16 million in 2012 in Additional Paid-in Capital. | ||||||||||||||
Stock Awards Activity | ||||||||||||||
Performance | Phantom Stock | |||||||||||||
Awards | Awards | |||||||||||||
Units | Weighted | Units | Weighted | |||||||||||
Average | Average | |||||||||||||
Grant | Grant | |||||||||||||
Date Fair | Date Fair | |||||||||||||
Value | Value | |||||||||||||
(thousands) | (thousands) | |||||||||||||
Outstanding at December 31, 2013 | 1,936 | $ | 38 | 1,302 | $ | 29 | ||||||||
Granted | 557 | 46 | 454 | 38 | ||||||||||
Vested | (601 | ) | 33 | (431 | ) | 26 | ||||||||
Forfeited | (117 | ) | 38 | (44 | ) | 33 | ||||||||
Outstanding at December 31, 2014 | 1,775 | 35 | 1,281 | 33 | ||||||||||
Awards expected to vest | 1,709 | 35 | 1,229 | 33 | ||||||||||
Performance Awards | ||||||||||||||
Under the 2007 LTIP, we can also grant stock-based performance awards. The performance awards generally vest over three years at the earliest, if performance metrics are met. The liability-classified awards will be settled in cash at vesting. We granted 557,100 equity-classified awards during 2014, 356,600 during 2013 and 306,800 during 2012, with fair values of $26 million in 2014 and $13 million in both 2013 and 2012. We did not grant liability-classified awards during 2014; however, we granted 343,700 during 2013 and 306,800 during 2012, with fair values of $13 million in 2013 and $5 million in 2012. Of the unvested and outstanding performance awards granted, 1,761,967 awards contain market conditions based on the total shareholder return of Spectra Energy common stock relative to a pre-defined peer group, and 12,900 awards contain performance conditions based on EBITDA performance of one subsidiary company. The equity-classified and liability-classified awards with market conditions are valued using the Monte Carlo valuation method. The liability-classified awards are remeasured at each reporting period until settlement. | ||||||||||||||
Weighted-Average Assumptions for Stock-Based Performance Awards | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Risk-free rate of return | 0.70% | 0.40% | 0.40% | |||||||||||
Expected life | 3 years | 3 years | 3 years | |||||||||||
Expected volatility—Spectra Energy | 20% | 21% | 25% | |||||||||||
Expected volatility—peer group | 14%–32% | 13%–33% | 16%–42% | |||||||||||
Market index (a) | N/A | 16% | 20% | |||||||||||
__________ | ||||||||||||||
(a) Beginning in 2014, the valuation model was refined to use an alternate analytical approach to project future stock prices in order to improve consistency and efficiency. The improved approach does not require the use of a market index assumption to determine the future stock price used in the valuation model. As such, the volatility of the market index assumption will not be presented going forward. Based on our assessment, it was determined that this refinement did not have a significant impact on the fair value of the shares for all periods presented. | ||||||||||||||
The risk-free rate of return was determined based on a yield of three-year U.S. Treasury bonds on the grant date. The expected volatility was established based on historical volatility over three years using daily stock price observations. A shorter period was used if three years of data was not available. Because the award payout includes dividend equivalents, no dividend yield assumption is required. | ||||||||||||||
The total fair value of the shares vested was $20 million in 2014, $19 million in 2013 and $12 million in 2012. As of December 31, 2014, we expect to recognize $26 million of future compensation cost related to outstanding performance awards over a weighted-average period of less than one year. | ||||||||||||||
Phantom Awards | ||||||||||||||
Under the 2007 LTIP, we can also grant stock-based phantom awards. The phantom awards generally vest over three years. The liability-classified awards will be settled in cash at vesting. We awarded 101,500 equity-classified awards to our employees in 2014, 474,500 in 2013 and 440,200 in 2012, with fair values of $4 million in 2014, $14 million in both 2013 and 2012. We awarded 353,000 liability-classified awards to our employees in 2014, with a fair value of $13 million. The liability-classified awards are remeasured at each reporting period until settlement. | ||||||||||||||
The total fair value of the shares vested was $11 million in 2014, $14 million in 2013 and $11 million in 2012. As of December 31, 2014, we expect to recognize $18 million of future compensation cost related to phantom stock awards over a weighted-average period of less than two years. | ||||||||||||||
Stock Option Activity | ||||||||||||||
Options | Weighted- | Weighted- | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Life | |||||||||||||
(in thousands) | (in years) | (in millions) | ||||||||||||
Outstanding at December 31, 2013 | 1,532 | $ | 25 | 2.9 | $ | 16 | ||||||||
Exercised | (430 | ) | 25 | |||||||||||
Forfeited or expired | — | — | ||||||||||||
Outstanding at December 31, 2014 | 1,102 | 25 | 2 | 12 | ||||||||||
Exercisable at December 31, 2014 | 1,102 | 25 | 2 | 12 | ||||||||||
We did not award any non-qualified stock options to employees during 2014, 2013 or 2012. | ||||||||||||||
The total intrinsic value of options exercised was $6 million in 2014, $21 million in 2013 and $11 million in 2012. Cash received by us from options exercised was $11 million in 2014, $43 million in 2013 and $17 million in 2012. All stock options were fully vested as of December 31, 2011, and as a result, we do not expect to recognize future compensation costs related to stock options. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | |||||||||||||||||||||||||||||||
Retirement Plans. We have a qualified non-contributory defined benefit (DB) retirement plan for U.S. employees (U.S. Qualified Pension Plan). This plan covers U.S. employees using a cash balance formula. Under a cash balance formula, a plan participant accumulates a retirement benefit consisting of pay credits that are based upon a percentage (which may vary with age and years of service) of current eligible earnings and current interest credits. | ||||||||||||||||||||||||||||||||
We also maintain non-qualified, non-contributory, unfunded defined benefit plans (U.S. Non-Qualified Pension Plans) which cover certain current and former U.S. executives. The U.S. Non-Qualified Pension Plans have no plan assets. There are other non-qualified plans such as savings and deferred compensation plans which cover certain current and former U.S. executives. Pursuant to trust agreements, Spectra Energy has set aside funds for certain of the above non-qualified plans in several trusts. Although these funds are restrictive in nature, they remain a component of our general assets and are subject to the claims of creditors. These trust funds totaling $17 million as of December 31, 2014 and $18 million as of December 31, 2013, invested in money market funds and valued using a Level 1 hierarchy level, are considered AFS securities and are classified as Investments and Other Assets-Other on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
In addition, our Westcoast subsidiary maintains qualified and non-qualified, contributory and non-contributory (Canadian Qualified Pension Plan) and (Canadian Non-Qualified Pension Plan) DB and defined contribution (Canadian DC) retirement plans covering substantially all employees of our Canadian operations. The DB plans provide retirement benefits based on each plan participant’s years of service and final average earnings. Under the Canadian DC plan, company contributions are determined according to the terms of the plan and based on each plan participant’s age, years of service and current eligible earnings. We also provide non-qualified DB supplemental pensions to all employees who retire under a DB qualified pension plan and whose pension is limited by the maximum pension limits under the Income Tax Act (Canada). We report our Canadian benefit plans separate from the U.S. plans due to differences in actuarial assumptions. | ||||||||||||||||||||||||||||||||
Our policy is to fund our retirement plans, where applicable, on an actuarial basis to provide assets sufficient to meet benefits to be paid to plan participants or as required by legislation or plan terms. We made contributions of $21 million to our U.S. Qualified and Non-Qualified Pension Plans in 2014, $22 million in 2013 and $26 million in 2012. We made total contributions to our Canadian Qualified and Non-Qualified Pension Plans of $36 million in 2014, $80 million in 2013 and $87 million in 2012. Contributions of $9 million in 2014, 2013 and 2012 were made to our Canadian DC plan. We anticipate that in 2015 we will make total contributions of approximately $22 million to the U.S. Qualified and Non-Qualified Pension Plans, approximately $30 million to the Canadian Qualified and Non-Qualified Pension Plans and approximately $10 million to the Canadian DC Plan. | ||||||||||||||||||||||||||||||||
Actuarial gains and losses are amortized over the average remaining service period of active employees. The average remaining service period of active employees covered by the U.S. Qualified and Non-Qualified Pension Plans is 10 years. The average remaining service periods of active employees covered by the Canadian Qualified and Non-Qualified Pension Plans is 10 years. We determine the market-related value of plan assets using a calculated value that recognizes changes in fair value of the plan assets over five years for the U.S. plans and over three years for the Canadian plans. | ||||||||||||||||||||||||||||||||
Qualified and Non-Qualified Pension Plans | ||||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation and Change in Fair Value of Plan Assets | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||||||||||||||||||||
Projected benefit obligation, beginning of period | $ | 575 | $ | 610 | $ | 1,131 | $ | 1,262 | ||||||||||||||||||||||||
Transfers in | — | — | — | 6 | ||||||||||||||||||||||||||||
Service cost | 19 | 19 | 25 | 33 | ||||||||||||||||||||||||||||
Interest cost | 24 | 21 | 52 | 50 | ||||||||||||||||||||||||||||
Actuarial loss (gain) | 13 | (36 | ) | 143 | (92 | ) | ||||||||||||||||||||||||||
Participant contributions | — | — | 5 | 5 | ||||||||||||||||||||||||||||
Benefits paid | (45 | ) | (39 | ) | (49 | ) | (51 | ) | ||||||||||||||||||||||||
Foreign currency translation effect | — | — | (105 | ) | (82 | ) | ||||||||||||||||||||||||||
Projected benefit obligation, end of period | 586 | 575 | 1,202 | 1,131 | ||||||||||||||||||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||||||||||||||
Plan assets, beginning of period | 531 | 483 | 1,040 | 961 | ||||||||||||||||||||||||||||
Transfers in | — | — | — | 3 | ||||||||||||||||||||||||||||
Actual return on plan assets | 44 | 65 | 115 | 110 | ||||||||||||||||||||||||||||
Benefits paid | (45 | ) | (39 | ) | (49 | ) | (51 | ) | ||||||||||||||||||||||||
Employer contributions | 21 | 22 | 36 | 80 | ||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 5 | 5 | ||||||||||||||||||||||||||||
Expected non-investment expenses | — | — | (3 | ) | — | |||||||||||||||||||||||||||
Foreign currency translation effect | — | — | (94 | ) | (68 | ) | ||||||||||||||||||||||||||
Plan assets, end of period | 551 | 531 | 1,050 | 1,040 | ||||||||||||||||||||||||||||
Net amount recognized | $ | (35 | ) | $ | (44 | ) | $ | (152 | ) | $ | (91 | ) | ||||||||||||||||||||
Accumulated Benefit Obligation | $ | 567 | $ | 547 | $ | 1,123 | $ | 1,059 | ||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Net amount recognized | ||||||||||||||||||||||||||||||||
Current Liabilities - Other | $ | (2 | ) | $ | (2 | ) | $ | (6 | ) | $ | (6 | ) | ||||||||||||||||||||
Deferred Credits and Other Liabilities - | (33 | ) | (42 | ) | (165 | ) | (130 | ) | ||||||||||||||||||||||||
Regulatory and Other | ||||||||||||||||||||||||||||||||
Other Assets - Other | — | — | 19 | 45 | ||||||||||||||||||||||||||||
Total net amount recognized | $ | (35 | ) | $ | (44 | ) | $ | (152 | ) | $ | (91 | ) | ||||||||||||||||||||
The tables above include certain nonqualified pension plans that are unfunded. Those U.S. plans had projected benefit obligations of $22 million at both December 31, 2014 and 2013. Those Canadian plans had projected benefit obligations of $117 million at both December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
At December 31, 2014, all U.S. plans had accumulated benefit obligations in excess of plan assets. Canadian plans with accumulated benefit obligations in excess of plan assets had projected benefit obligations of $388 million, accumulated benefit obligations of $360 million and plan assets with a fair value of $239 million. | ||||||||||||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 141 | $ | 145 | $ | 345 | $ | 275 | ||||||||||||||||||||||||
Prior service cost | — | 1 | 6 | 7 | ||||||||||||||||||||||||||||
Total amount recognized in AOCI | $ | 141 | $ | 146 | $ | 351 | $ | 282 | ||||||||||||||||||||||||
Components of Net Periodic Pension Costs | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Net Periodic Pension Cost | ||||||||||||||||||||||||||||||||
Service cost benefit earned | $ | 19 | $ | 19 | $ | 17 | $ | 29 | $ | 33 | $ | 30 | ||||||||||||||||||||
Interest cost on projected benefit obligation | 24 | 21 | 23 | 52 | 50 | 50 | ||||||||||||||||||||||||||
Expected return on plan assets | (39 | ) | (33 | ) | (33 | ) | (69 | ) | (66 | ) | (61 | ) | ||||||||||||||||||||
Amortization of prior service cost | — | — | — | 2 | 2 | 2 | ||||||||||||||||||||||||||
Amortization of loss | 13 | 20 | 15 | 22 | 35 | 36 | ||||||||||||||||||||||||||
Net periodic pension cost | 17 | 27 | 22 | 36 | 54 | 57 | ||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||||||||||||||||
Current year actuarial loss (gain) | 8 | (69 | ) | 33 | 93 | (133 | ) | 44 | ||||||||||||||||||||||||
Amortization of actuarial loss | (13 | ) | (20 | ) | (15 | ) | (22 | ) | (35 | ) | (36 | ) | ||||||||||||||||||||
Amortization of prior service credit | — | — | — | (2 | ) | (2 | ) | (2 | ) | |||||||||||||||||||||||
Total recognized in other comprehensive income | (5 | ) | (89 | ) | 18 | 69 | (170 | ) | 6 | |||||||||||||||||||||||
Total Recognized in Net Periodic Pension Cost and Other Comprehensive Income | $ | 12 | $ | (62 | ) | $ | 40 | $ | 105 | $ | (116 | ) | $ | 63 | ||||||||||||||||||
In 2015, approximately $10 million of actuarial losses for the U.S. plans and $27 million for the Canadian plans will be amortized from AOCI on the Consolidated Balance Sheets into net periodic pension cost, and approximately $1 million of prior service credits will be amortized from AOCI into net periodic pension costs for the Canadian plans. | ||||||||||||||||||||||||||||||||
Assumptions Used for Pension Benefits Accounting | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Benefit Obligations | ||||||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 4.31 | % | 3.55 | % | 4 | % | 4.81 | % | 4.15 | % | ||||||||||||||||||||
Salary increase | 4 | 4.61 | 4.61 | 3.25 | 3.25 | 3.25 | ||||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||
Discount rate | 4.31 | 3.55 | 4.17 | 4.81 | 4.15 | 4.3 | ||||||||||||||||||||||||||
Salary increase | 4.61 | 4.61 | 4.61 | 3.25 | 3.25 | 3.25 | ||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8 | 7.4 | 7.4 | 7.4 | 7.1 | 7.1 | ||||||||||||||||||||||||||
The discount rates used to determine the benefit obligations are the rates at which the benefit obligations could be effectively settled. The discount rates for our U.S. and Canadian plans are developed from yields on available high-quality bonds in each country and reflect each plan’s expected cash flows. | ||||||||||||||||||||||||||||||||
The long-term rates of return for the U.S. and Canadian plan assets as of December 31, 2014 were developed using weighted-average calculations of expected returns based primarily on future expected returns across classes considering the use of active asset managers applied against the U.S. and Canadian plans’ respective targeted asset mix. | ||||||||||||||||||||||||||||||||
Qualified Pension Plan Assets | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
Asset Category | Target | December 31, | Target | December 31, | ||||||||||||||||||||||||||||
Allocation | 2014 | 2013 | Allocation | 2014 | 2013 | |||||||||||||||||||||||||||
U.S. equity securities | 30 | % | 31 | % | 31 | % | 17 | % | 17 | % | 18 | % | ||||||||||||||||||||
Canadian equity securities | — | — | — | 25 | 25 | 26 | ||||||||||||||||||||||||||
Other equity securities | 14 | 11 | 14 | 13 | 13 | 13 | ||||||||||||||||||||||||||
Fixed income securities | 46 | 48 | 45 | 45 | 45 | 43 | ||||||||||||||||||||||||||
Other investments | 10 | 10 | 10 | — | — | — | ||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||
Pension plan assets are maintained in master trusts in both the U.S. and Canada. The investment objective of the master trusts is to achieve reasonable returns on trust assets, subject to a prudent level of portfolio risk, for the purpose of enhancing the security of benefits for plan participants. The asset allocation targets were set after considering the investment objective and the risk profile with respect to the trusts. Equities are held for their high expected return. Other equity and fixed income securities are held for diversification. Investments within asset classes are diversified to achieve broad market participation and reduce the effects of individual managers or investments. We regularly review our actual asset allocation and periodically rebalance our investments to the targeted allocation when considered appropriate. | ||||||||||||||||||||||||||||||||
The following table summarizes the fair values of pension plan assets recorded at each fair value hierarchy level, as determined in accordance with the valuation techniques described in Note 18: | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3 | $ | 3 | $ | — | $ | — | $ | 3 | $ | 3 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 262 | 262 | — | — | 471 | 471 | — | — | ||||||||||||||||||||||||
Equity securities | 233 | 233 | — | — | 576 | 342 | 234 | — | ||||||||||||||||||||||||
Other | 53 | — | — | 53 | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 551 | $ | 498 | $ | — | $ | 53 | $ | 1,050 | $ | 816 | $ | 234 | $ | — | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | 2 | $ | — | $ | — | $ | 8 | $ | 8 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 240 | 240 | — | — | 442 | 442 | — | — | ||||||||||||||||||||||||
Equity securities | 240 | 240 | — | — | 590 | 428 | 162 | — | ||||||||||||||||||||||||
Other | 49 | — | — | 49 | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 531 | $ | 482 | $ | — | $ | 49 | $ | 1,040 | $ | 878 | $ | 162 | $ | — | ||||||||||||||||
The following presents changes in Level 3 assets that are measured at fair value on a recurring basis using significant unobservable inputs: | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 49 | $ | 69 | $ | — | $ | 1 | ||||||||||||||||||||||||
Sales | — | (25 | ) | — | — | |||||||||||||||||||||||||||
Settlements | — | 1 | — | — | ||||||||||||||||||||||||||||
Gain (loss) included in other comprehensive income | 4 | 4 | — | (1 | ) | |||||||||||||||||||||||||||
Fair value, end of period | $ | 53 | $ | 49 | $ | — | $ | — | ||||||||||||||||||||||||
Expected Benefit Payments | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
2015 | $ | 42 | $ | 51 | ||||||||||||||||||||||||||||
2016 | 47 | 54 | ||||||||||||||||||||||||||||||
2017 | 50 | 57 | ||||||||||||||||||||||||||||||
2018 | 49 | 60 | ||||||||||||||||||||||||||||||
2019 | 53 | 63 | ||||||||||||||||||||||||||||||
2020 – 2024 | 235 | 346 | ||||||||||||||||||||||||||||||
Other Post-Retirement Benefit Plans | ||||||||||||||||||||||||||||||||
U.S. Other Post-Retirement Benefits. We provide certain health care and life insurance benefits for retired employees on a contributory and non-contributory basis. Employees are eligible for these benefits if they have met age and service requirements at retirement, as defined in the plans. | ||||||||||||||||||||||||||||||||
These benefit costs are accrued over an employee’s active service period to the date of full benefits eligibility. Actuarial gains and losses are amortized over the average remaining service period of the active employees of 12 years. We determine the market-related value of the plan assets using a calculated value that recognizes changes in fair value of the plan assets over five years for the U.S. plans. | ||||||||||||||||||||||||||||||||
Canadian Other Post-Retirement Benefits. We provide health care and life insurance benefits for retired employees on a non-contributory basis for our Canadian operations predominantly under defined contribution plans. Employees are eligible for these benefits if they have met age and service requirements at retirement, as defined in the plans. The Canadian plans are not funded. | ||||||||||||||||||||||||||||||||
Other Post-Retirement Benefit Plans — Change in Projected Benefit Obligation and Fair Value of Plan Assets | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||
Accumulated post-retirement benefit obligation, beginning of period | $ | 184 | $ | 202 | $ | 133 | $ | 149 | ||||||||||||||||||||||||
Transfers in | — | — | — | 1 | ||||||||||||||||||||||||||||
Service cost | 1 | 1 | 4 | 5 | ||||||||||||||||||||||||||||
Interest cost | 8 | 7 | 6 | 6 | ||||||||||||||||||||||||||||
Plan participants’ contributions | 2 | 3 | — | — | ||||||||||||||||||||||||||||
Actuarial loss (gain) | (7 | ) | (13 | ) | 7 | (13 | ) | |||||||||||||||||||||||||
Medicare subsidy receivable | 2 | 2 | — | — | ||||||||||||||||||||||||||||
Benefits paid | (18 | ) | (18 | ) | (4 | ) | (5 | ) | ||||||||||||||||||||||||
Foreign currency translation effect | — | — | (13 | ) | (10 | ) | ||||||||||||||||||||||||||
Accumulated post-retirement benefit obligation, end of period | 172 | 184 | 133 | 133 | ||||||||||||||||||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||||||||||||||
Plan assets, beginning of period | 87 | 79 | — | — | ||||||||||||||||||||||||||||
Actual return on plan assets | 7 | 10 | — | — | ||||||||||||||||||||||||||||
Benefits paid | (18 | ) | (18 | ) | (4 | ) | (5 | ) | ||||||||||||||||||||||||
Employer contributions | 14 | 13 | 4 | 5 | ||||||||||||||||||||||||||||
Plan participants’ contributions | 2 | 3 | — | — | ||||||||||||||||||||||||||||
Plan assets, end of period | 92 | 87 | — | — | ||||||||||||||||||||||||||||
Net amount recognized (a) | $ | (80 | ) | $ | (97 | ) | $ | (133 | ) | $ | (133 | ) | ||||||||||||||||||||
_______ | ||||||||||||||||||||||||||||||||
(a) | Recognized primarily in Deferred Credits and Other Liabilities—Regulatory and Other in the Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
Other Post-Retirement Benefit Plans — Amounts Recognized in Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Prior service credit | $ | — | $ | — | $ | (4 | ) | $ | (5 | ) | ||||||||||||||||||||||
Net actuarial loss (gain) | (4 | ) | 6 | 12 | 6 | |||||||||||||||||||||||||||
Total amount recognized in AOCI | $ | (4 | ) | $ | 6 | $ | 8 | $ | 1 | |||||||||||||||||||||||
In 2015, approximately $1 million of prior service costs will be amortized from AOCI into net periodic pension costs for the Canadian plans. | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Other Post-Retirement Benefit Plans — Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||
Service cost benefit earned | $ | 1 | $ | 1 | $ | 1 | $ | 4 | $ | 5 | $ | 7 | ||||||||||||||||||||
Interest cost on accumulated post-retirement benefit obligation | 8 | 7 | 8 | 6 | 6 | 7 | ||||||||||||||||||||||||||
Expected return on plan assets | (5 | ) | (4 | ) | (5 | ) | — | — | — | |||||||||||||||||||||||
Amortization of prior service credit | — | — | — | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||||||||||
Amortization of loss | 1 | 2 | 2 | — | — | 2 | ||||||||||||||||||||||||||
Net periodic other post-retirement benefit cost | 5 | 6 | 6 | 9 | 10 | 15 | ||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||||||||||||||||
Current year actuarial loss (gain) | (9 | ) | (18 | ) | 6 | 6 | (13 | ) | (26 | ) | ||||||||||||||||||||||
Amortization of actuarial loss | (1 | ) | (2 | ) | (2 | ) | — | — | (2 | ) | ||||||||||||||||||||||
Amortization of prior service credit | — | — | — | 1 | 1 | 1 | ||||||||||||||||||||||||||
Total recognized in other comprehensive income | (10 | ) | (20 | ) | 4 | 7 | (12 | ) | (27 | ) | ||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (5 | ) | $ | (14 | ) | $ | 10 | $ | 16 | $ | (2 | ) | $ | (12 | ) | ||||||||||||||||
Other Post-Retirement Benefits Plans — Assumptions Used for Benefits Accounting | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Benefit Obligations | ||||||||||||||||||||||||||||||||
Discount rate | 4.08 | % | 4.46 | % | 3.7 | % | 4 | % | 4.83 | % | 4.2 | % | ||||||||||||||||||||
Salary increase | 4 | 4.61 | 4.61 | 3.25 | 3.25 | 3.25 | ||||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||
Discount rate | 4.46 | 3.7 | 4.31 | 4.83 | 4.2 | 4.33 | ||||||||||||||||||||||||||
Salary increase | 4.61 | 4.61 | 4.61 | 3.25 | 3.25 | 3.25 | ||||||||||||||||||||||||||
Expected return on plan assets | 6.98 | 6.51 | 6.54 | N/A | N/A | N/A | ||||||||||||||||||||||||||
_________ | ||||||||||||||||||||||||||||||||
The discount rates used to determine the post-retirement obligations are the rates at which the benefit obligations could be effectively settled. The discount rates for our U.S. and Canadian plans are developed from yields on available high-quality bonds in each country and reflect each plan’s expected cash flows. | ||||||||||||||||||||||||||||||||
Assumed Health Care Cost Trend Rates | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 7.00% | 7.00% | 6.00% | 6.50% | ||||||||||||||||||||||||||||
Rate to which the cost trend is assumed to decline | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2019 | 2019 | 2017 | 2017 | ||||||||||||||||||||||||||||
Sensitivity to Changes in Assumed Health Care Cost Trend Rates | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
1% Point | 1% Point | 1% Point | 1% Point | |||||||||||||||||||||||||||||
Increase | Decrease | Increase | Decrease | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Effect on total service and interest costs | $ | — | $ | — | $ | 1 | $ | (1 | ) | |||||||||||||||||||||||
Effect on post-retirement benefit obligations | 7 | (6 | ) | 9 | (7 | ) | ||||||||||||||||||||||||||
Other Post-Retirement Plan Assets | ||||||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||
Asset Category | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Equity securities | 48 | % | 49 | % | ||||||||||||||||||||||||||||
Fixed income securities | 47 | 46 | ||||||||||||||||||||||||||||||
Other assets | 5 | 5 | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||
A portion of our other post-retirement plan assets is maintained within the U.S. master trust discussed under the pension plans above. We invest other post-retirement plan assets in the Spectra Energy Corp Employee Benefits Trust (VEBA I) and the Spectra Energy Corp Post-Retirement Medical Benefits Trust (VEBA II). The investment objective of the VEBAs is to achieve sufficient returns on trust assets, subject to a prudent level of portfolio risk, for the purpose of promoting the security of plan benefits for participants. The VEBA trusts are passively managed. | ||||||||||||||||||||||||||||||||
The asset allocation table above includes the other post-retirement benefit assets held in the master trusts, VEBA I and VEBA II. | ||||||||||||||||||||||||||||||||
The following table summarizes the fair values of the other post-retirement plan assets recorded at each fair value hierarchy level as determined in accordance with the valuation techniques described in Note 18: | ||||||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||
VEBA I and VEBA II Trusts | Master Trust | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Fixed income securities | $ | 21 | $ | — | $ | 21 | $ | — | $ | 22 | $ | 22 | $ | — | $ | — | ||||||||||||||||
Equity securities | 25 | — | 25 | — | 20 | 20 | — | — | ||||||||||||||||||||||||
Other investments | — | — | — | — | 4 | — | — | 4 | ||||||||||||||||||||||||
Total | $ | 46 | $ | — | $ | 46 | $ | — | $ | 46 | $ | 42 | $ | — | $ | 4 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Fixed income securities | $ | 20 | $ | — | $ | 20 | $ | — | $ | 20 | $ | 20 | $ | — | $ | — | ||||||||||||||||
Equity securities | 23 | — | 23 | — | 20 | 20 | — | — | ||||||||||||||||||||||||
Other investments | — | — | — | — | 4 | — | — | 4 | ||||||||||||||||||||||||
Total | $ | 43 | $ | — | $ | 43 | $ | — | $ | 44 | $ | 40 | $ | — | $ | 4 | ||||||||||||||||
The following presents changes in Level 3 assets that are measured at fair value on a recurring basis using significant unobservable inputs: | ||||||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 4 | $ | 5 | ||||||||||||||||||||||||||||
Sales | — | (2 | ) | |||||||||||||||||||||||||||||
Unrealized gain included in other comprehensive income | — | 1 | ||||||||||||||||||||||||||||||
Fair value, end of period | $ | 4 | $ | 4 | ||||||||||||||||||||||||||||
Other Post-Retirement Benefit Plans-Payments and Receipts | ||||||||||||||||||||||||||||||||
We expect to make future benefit payments, which reflect expected future service, as appropriate. As our plans provide benefits that are actuarially equivalent to the benefits received by Medicare recipients, we expect to receive future subsidies under Medicare Part D. The following benefit payments and subsidies are expected to be paid (or received) over each of the next five years and thereafter. | ||||||||||||||||||||||||||||||||
Benefit Payments | Medicare Part D Subsidy Receipts | |||||||||||||||||||||||||||||||
U.S. | Canada | U.S. | ||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
2015 | $ | 16 | $ | 5 | $ | (2 | ) | |||||||||||||||||||||||||
2016 | 15 | 5 | (2 | ) | ||||||||||||||||||||||||||||
2017 | 15 | 5 | (1 | ) | ||||||||||||||||||||||||||||
2018 | 14 | 6 | (1 | ) | ||||||||||||||||||||||||||||
2019 | 14 | 6 | (1 | ) | ||||||||||||||||||||||||||||
2020 – 2024 | 60 | 33 | (6 | ) | ||||||||||||||||||||||||||||
We anticipate making contributions in 2015 of $10 million to the U.S. plans and $5 million to the Canadian plans. | ||||||||||||||||||||||||||||||||
Retirement/Savings Plan | ||||||||||||||||||||||||||||||||
In addition to the retirement plans discussed above, we also have defined contribution employee savings plans available to both U.S. and Canadian employees. Employees may participate in a matching contribution where we match a certain percentage of before-tax employee contributions of up to 6% of eligible pay per pay period for U.S. employees and up to 5% of eligible pay per pay period for Canadian employees. We expensed pre-tax employer matching contributions of $15 million in 2014, $14 million in 2013 and $12 million in 2012 for U.S employees, and $13 million in both 2014 and 2013 and $12 million in 2012 for Canadian employees. |
Consolidating_Financial_Inform
Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Consolidating Financial Information | Consolidating Financial Information | |||||||||||||||||||
Spectra Energy Corp has agreed to fully and unconditionally guarantee the payment of principal and interest under all series of notes outstanding under the Senior Indenture of Spectra Capital, a 100%-owned, consolidated subsidiary. In accordance with the Securities and Exchange Commission (SEC) rules, the following condensed consolidating financial information is presented. The information shown for Spectra Energy Corp and Spectra Capital is presented utilizing the equity method of accounting for investments in subsidiaries, as required. The non-guarantor subsidiaries column represents all consolidated subsidiaries of Spectra Capital. This information should be read in conjunction with our accompanying Consolidated Financial Statements and notes thereto. | ||||||||||||||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Total operating revenues | $ | — | $ | — | $ | 5,906 | $ | (3 | ) | $ | 5,903 | |||||||||
Total operating expenses | 6 | 1 | 3,975 | (3 | ) | 3,979 | ||||||||||||||
Operating income (loss) | (6 | ) | (1 | ) | 1,931 | — | 1,924 | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 361 | — | 361 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 1,054 | 1,651 | — | (2,705 | ) | — | ||||||||||||||
Other income and expenses, net | (2 | ) | 9 | 52 | — | 59 | ||||||||||||||
Interest expense | — | 253 | 426 | — | 679 | |||||||||||||||
Earnings before income taxes | 1,046 | 1,406 | 1,918 | (2,705 | ) | 1,665 | ||||||||||||||
Income tax expense (benefit) | (36 | ) | 352 | 66 | — | 382 | ||||||||||||||
Net income | 1,082 | 1,054 | 1,852 | (2,705 | ) | 1,283 | ||||||||||||||
Net income — noncontrolling interests | — | — | 201 | — | 201 | |||||||||||||||
Net income — controlling interests | $ | 1,082 | $ | 1,054 | $ | 1,651 | $ | (2,705 | ) | $ | 1,082 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Total operating revenues | $ | — | $ | — | $ | 5,521 | $ | (3 | ) | $ | 5,518 | |||||||||
Total operating expenses | 8 | 3 | 3,844 | (3 | ) | 3,852 | ||||||||||||||
Operating income (loss) | (8 | ) | (3 | ) | 1,677 | — | 1,666 | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 445 | — | 445 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 1,015 | 1,649 | — | (2,664 | ) | — | ||||||||||||||
Other income and expenses, net | 1 | 15 | 108 | — | 124 | |||||||||||||||
Interest expense | — | 216 | 441 | — | 657 | |||||||||||||||
Earnings before income taxes | 1,008 | 1,445 | 1,789 | (2,664 | ) | 1,578 | ||||||||||||||
Income tax expense (benefit) | (30 | ) | 430 | 19 | — | 419 | ||||||||||||||
Net income | 1,038 | 1,015 | 1,770 | (2,664 | ) | 1,159 | ||||||||||||||
Net income — noncontrolling interests | — | — | 121 | — | 121 | |||||||||||||||
Net income — controlling interests | $ | 1,038 | $ | 1,015 | $ | 1,649 | $ | (2,664 | ) | $ | 1,038 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Total operating revenues | $ | — | $ | — | $ | 5,077 | $ | (2 | ) | $ | 5,075 | |||||||||
Total operating expenses | 5 | 5 | 3,492 | (2 | ) | 3,500 | ||||||||||||||
Operating income (loss) | (5 | ) | (5 | ) | 1,585 | — | 1,575 | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 382 | — | 382 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 917 | 1,377 | — | (2,294 | ) | — | ||||||||||||||
Other income and expenses, net | (2 | ) | 3 | 82 | — | 83 | ||||||||||||||
Interest expense | — | 190 | 435 | — | 625 | |||||||||||||||
Earnings from continuing operations before income taxes | 910 | 1,185 | 1,614 | (2,294 | ) | 1,415 | ||||||||||||||
Income tax expense (benefit) from continuing operations | (31 | ) | 268 | 133 | — | 370 | ||||||||||||||
Income from continuing operations | 941 | 917 | 1,481 | (2,294 | ) | 1,045 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | (1 | ) | — | 3 | — | 2 | ||||||||||||||
Net income | 940 | 917 | 1,484 | (2,294 | ) | 1,047 | ||||||||||||||
Net income — noncontrolling interests | — | — | 107 | — | 107 | |||||||||||||||
Net income — controlling interests | $ | 940 | $ | 917 | $ | 1,377 | $ | (2,294 | ) | $ | 940 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Net income | $ | 1,082 | $ | 1,054 | $ | 1,852 | $ | (2,705 | ) | $ | 1,283 | |||||||||
Other comprehensive income (loss) | 9 | 1 | (596 | ) | — | (586 | ) | |||||||||||||
Total comprehensive income, net of tax | 1,091 | 1,055 | 1,256 | (2,705 | ) | 697 | ||||||||||||||
Less: comprehensive income — noncontrolling interests | — | — | 194 | — | 194 | |||||||||||||||
Comprehensive income — controlling interests | $ | 1,091 | $ | 1,055 | $ | 1,062 | $ | (2,705 | ) | $ | 503 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Net income | $ | 1,038 | $ | 1,015 | $ | 1,770 | $ | (2,664 | ) | $ | 1,159 | |||||||||
Other comprehensive income (loss) | 69 | 2 | (346 | ) | — | (275 | ) | |||||||||||||
Total comprehensive income, net of tax | 1,107 | 1,017 | 1,424 | (2,664 | ) | 884 | ||||||||||||||
Less: comprehensive income — noncontrolling interests | — | — | 114 | — | 114 | |||||||||||||||
Comprehensive income — controlling interests | $ | 1,107 | $ | 1,017 | $ | 1,310 | $ | (2,664 | ) | $ | 770 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Net income | $ | 940 | $ | 917 | $ | 1,484 | $ | (2,294 | ) | $ | 1,047 | |||||||||
Other comprehensive income (loss) | (12 | ) | 3 | 248 | — | 239 | ||||||||||||||
Total comprehensive income, net of tax | 928 | 920 | 1,732 | (2,294 | ) | 1,286 | ||||||||||||||
Less: comprehensive income — noncontrolling interests | — | — | 110 | — | 110 | |||||||||||||||
Comprehensive income — controlling interests | $ | 928 | $ | 920 | $ | 1,622 | $ | (2,294 | ) | $ | 1,176 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1 | $ | 214 | $ | — | $ | 215 | ||||||||||
Receivables — consolidated subsidiaries | 18 | — | 11 | (29 | ) | — | ||||||||||||||
Receivables — other | 2 | — | 1,334 | — | 1,336 | |||||||||||||||
Other current assets | 71 | 2 | 708 | — | 781 | |||||||||||||||
Total current assets | 91 | 3 | 2,267 | (29 | ) | 2,332 | ||||||||||||||
Investments in and loans to unconsolidated affiliates | — | — | 2,966 | — | 2,966 | |||||||||||||||
Investments in consolidated subsidiaries | 14,531 | 20,562 | — | (35,093 | ) | — | ||||||||||||||
Advances receivable — consolidated subsidiaries | — | 4,683 | 898 | (5,581 | ) | — | ||||||||||||||
Notes receivable — consolidated subsidiaries | — | — | 3,198 | (3,198 | ) | — | ||||||||||||||
Goodwill | — | — | 4,714 | — | 4,714 | |||||||||||||||
Other assets | 38 | 22 | 267 | — | 327 | |||||||||||||||
Net property, plant and equipment | — | — | 22,307 | — | 22,307 | |||||||||||||||
Regulatory assets and deferred debits | 4 | 15 | 1,375 | — | 1,394 | |||||||||||||||
Total Assets | $ | 14,664 | $ | 25,285 | $ | 37,992 | $ | (43,901 | ) | $ | 34,040 | |||||||||
Accounts payable | $ | 3 | $ | — | $ | 455 | $ | — | $ | 458 | ||||||||||
Accounts payable — consolidated subsidiaries | — | 17 | 12 | (29 | ) | — | ||||||||||||||
Commercial paper | — | 398 | 1,185 | — | 1,583 | |||||||||||||||
Short-term borrowings — consolidated subsidiaries | — | 398 | — | (398 | ) | — | ||||||||||||||
Taxes accrued | 5 | — | 86 | — | 91 | |||||||||||||||
Current maturities of long-term debt | — | — | 327 | — | 327 | |||||||||||||||
Other current liabilities | 96 | 54 | 1,200 | — | 1,350 | |||||||||||||||
Total current liabilities | 104 | 867 | 3,265 | (427 | ) | 3,809 | ||||||||||||||
Long-term debt | — | 2,900 | 9,869 | — | 12,769 | |||||||||||||||
Advances payable — consolidated subsidiaries | 5,581 | — | — | (5,581 | ) | — | ||||||||||||||
Notes payable — consolidated subsidiaries | — | 2,800 | — | (2,800 | ) | — | ||||||||||||||
Deferred credits and other liabilities | 819 | 4,187 | 1,800 | — | 6,806 | |||||||||||||||
Preferred stock of subsidiaries | — | — | 258 | — | 258 | |||||||||||||||
Equity | ||||||||||||||||||||
Controlling interests | 8,160 | 14,531 | 20,562 | (35,093 | ) | 8,160 | ||||||||||||||
Noncontrolling interests | — | — | 2,238 | — | 2,238 | |||||||||||||||
Total equity | 8,160 | 14,531 | 22,800 | (35,093 | ) | 10,398 | ||||||||||||||
Total Liabilities and Equity | $ | 14,664 | $ | 25,285 | $ | 37,992 | $ | (43,901 | ) | $ | 34,040 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 12 | $ | 189 | $ | — | $ | 201 | ||||||||||
Receivables — consolidated subsidiaries | 176 | 394 | — | (570 | ) | — | ||||||||||||||
Receivables — other | 1 | — | 1,335 | — | 1,336 | |||||||||||||||
Other current assets | 40 | 15 | 489 | — | 544 | |||||||||||||||
Total current assets | 217 | 421 | 2,013 | (570 | ) | 2,081 | ||||||||||||||
Investments in and loans to unconsolidated affiliates | — | — | 3,043 | — | 3,043 | |||||||||||||||
Investments in consolidated subsidiaries | 13,244 | 19,403 | — | (32,647 | ) | — | ||||||||||||||
Advances receivable — consolidated subsidiaries | — | 4,038 | 677 | (4,715 | ) | — | ||||||||||||||
Notes receivable — consolidated subsidiaries | — | — | 3,215 | (3,215 | ) | — | ||||||||||||||
Goodwill | — | — | 4,810 | — | 4,810 | |||||||||||||||
Other assets | 39 | 30 | 316 | — | 385 | |||||||||||||||
Net property, plant and equipment | — | — | 21,829 | — | 21,829 | |||||||||||||||
Regulatory assets and deferred debits | 3 | 17 | 1,365 | — | 1,385 | |||||||||||||||
Total Assets | $ | 13,503 | $ | 23,909 | $ | 37,268 | $ | (41,147 | ) | $ | 33,533 | |||||||||
Accounts payable | $ | 4 | $ | — | $ | 436 | $ | — | $ | 440 | ||||||||||
Accounts payable — consolidated subsidiaries | 89 | — | 481 | (570 | ) | — | ||||||||||||||
Commercial paper | — | 344 | 688 | — | 1,032 | |||||||||||||||
Short-term borrowings — consolidated subsidiaries | — | 415 | — | (415 | ) | — | ||||||||||||||
Taxes accrued | 4 | — | 68 | — | 72 | |||||||||||||||
Current maturities of long-term debt | — | 557 | 640 | — | 1,197 | |||||||||||||||
Other current liabilities | 81 | 75 | 1,142 | — | 1,298 | |||||||||||||||
Total current liabilities | 178 | 1,391 | 3,455 | (985 | ) | 4,039 | ||||||||||||||
Long-term debt | — | 2,605 | 9,883 | — | 12,488 | |||||||||||||||
Advances payable — consolidated subsidiaries | 4,715 | — | — | (4,715 | ) | — | ||||||||||||||
Notes payable — consolidated subsidiaries | — | 2,800 | — | (2,800 | ) | — | ||||||||||||||
Deferred credits and other liabilities | 116 | 3,869 | 2,440 | — | 6,425 | |||||||||||||||
Preferred stock of subsidiaries | — | — | 258 | — | 258 | |||||||||||||||
Equity | ||||||||||||||||||||
Controlling interests | 8,494 | 13,244 | 19,403 | (32,647 | ) | 8,494 | ||||||||||||||
Noncontrolling interests | — | — | 1,829 | — | 1,829 | |||||||||||||||
Total equity | 8,494 | 13,244 | 21,232 | (32,647 | ) | 10,323 | ||||||||||||||
Total Liabilities and Equity | $ | 13,503 | $ | 23,909 | $ | 37,268 | $ | (41,147 | ) | $ | 33,533 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | 1,082 | $ | 1,054 | $ | 1,852 | $ | (2,705 | ) | $ | 1,283 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | — | 809 | — | 809 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | (361 | ) | — | (361 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | (1,054 | ) | (1,651 | ) | — | 2,705 | — | |||||||||||||
Distributions received from unconsolidated affiliates | — | — | 380 | — | 380 | |||||||||||||||
Other | 14 | 304 | (208 | ) | — | 110 | ||||||||||||||
Net cash provided by (used in) operating activities | 42 | (293 | ) | 2,472 | — | 2,221 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | — | — | (2,028 | ) | — | (2,028 | ) | |||||||||||||
Investments in and loans to unconsolidated affiliates | — | — | (259 | ) | — | (259 | ) | |||||||||||||
Purchases of held-to-maturity securities | — | — | (790 | ) | — | (790 | ) | |||||||||||||
Proceeds from sales and maturities of held-to-maturity securities | — | — | 815 | — | 815 | |||||||||||||||
Purchases of available-for-sale securities | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | — | 7 | — | 7 | |||||||||||||||
Distributions received from unconsolidated affiliates | — | — | 266 | — | 266 | |||||||||||||||
Advances from affiliates | 92 | 495 | — | (587 | ) | — | ||||||||||||||
Other changes in restricted funds | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 92 | 495 | (2,003 | ) | (587 | ) | (2,003 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | 300 | 728 | — | 1,028 | |||||||||||||||
Payments for the redemption of long-term debt | — | (557 | ) | (627 | ) | — | (1,184 | ) | ||||||||||||
Net increase in commercial paper | — | 54 | 520 | — | 574 | |||||||||||||||
Distributions to noncontrolling interests | — | — | (175 | ) | — | (175 | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | 145 | — | 145 | |||||||||||||||
Proceeds from the issuance of SEP common units | — | — | 327 | — | 327 | |||||||||||||||
Dividends paid on common stock | (925 | ) | — | — | — | (925 | ) | |||||||||||||
Distributions and advances from (to) affiliates | 777 | (10 | ) | (1,354 | ) | 587 | — | |||||||||||||
Other | 14 | — | (3 | ) | — | 11 | ||||||||||||||
Net cash used in financing activities | (134 | ) | (213 | ) | (439 | ) | 587 | (199 | ) | |||||||||||
Effect of exchange rate changes on cash | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (11 | ) | 25 | — | 14 | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 12 | 189 | — | 201 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 1 | $ | 214 | $ | — | $ | 215 | ||||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital (a) | Subsidiaries (a) | ||||||||||||||||||
Corp | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | 1,038 | $ | 1,015 | $ | 1,770 | $ | (2,664 | ) | $ | 1,159 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | — | 787 | — | 787 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | (445 | ) | — | (445 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | (1,015 | ) | (1,649 | ) | — | 2,664 | — | |||||||||||||
Distributions received from unconsolidated affiliates | — | — | 324 | — | 324 | |||||||||||||||
Other | (2 | ) | 478 | (271 | ) | — | 205 | |||||||||||||
Net cash provided by (used in) operating activities | 21 | (156 | ) | 2,165 | — | 2,030 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | — | — | (1,947 | ) | — | (1,947 | ) | |||||||||||||
Investments in and loans to unconsolidated affiliates | — | — | (312 | ) | — | (312 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (1,254 | ) | — | (1,254 | ) | |||||||||||||
Purchases of held-to-maturity securities | — | — | (985 | ) | — | (985 | ) | |||||||||||||
Proceeds from sales and maturities of held-to-maturity securities | — | — | 1,023 | — | 1,023 | |||||||||||||||
Purchases of available-for-sale securities | — | — | (5,878 | ) | — | (5,878 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | — | 6,024 | — | 6,024 | |||||||||||||||
Distributions received from unconsolidated affiliates | — | — | 87 | — | 87 | |||||||||||||||
Advances to affiliates | (75 | ) | (1,856 | ) | — | 1,931 | — | |||||||||||||
Loan to unconsolidated affiliate | — | — | (71 | ) | — | (71 | ) | |||||||||||||
Repayment of loan to unconsolidated affiliate | — | 71 | — | — | 71 | |||||||||||||||
Other changes in restricted funds | — | — | 2 | — | 2 | |||||||||||||||
Other | — | — | 4 | — | 4 | |||||||||||||||
Net cash used in investing activities | (75 | ) | (1,785 | ) | (3,307 | ) | 1,931 | (3,236 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | 1,848 | 2,524 | — | 4,372 | |||||||||||||||
Payments for the redemption of long-term debt | — | (1,944 | ) | (195 | ) | — | (2,139 | ) | ||||||||||||
Net decrease in commercial paper | — | (170 | ) | (36 | ) | — | (206 | ) | ||||||||||||
Net increase in short-term borrowings – consolidated subsidiaries | — | (497 | ) | — | 497 | — | ||||||||||||||
Distributions to noncontrolling interests | — | — | (144 | ) | — | (144 | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | 23 | — | 23 | |||||||||||||||
Proceeds from the issuance of SEP common units | — | — | 214 | — | 214 | |||||||||||||||
Dividends paid on common stock | (821 | ) | — | — | — | (821 | ) | |||||||||||||
Distributions and advances from (to) affiliates | 847 | 2,718 | (1,137 | ) | (2,428 | ) | — | |||||||||||||
Other | 28 | (5 | ) | (6 | ) | — | 17 | |||||||||||||
Net cash provided by financing activities | 54 | 1,950 | 1,243 | (1,931 | ) | 1,316 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Net increase in cash and cash equivalents | — | 9 | 98 | — | 107 | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 3 | 91 | — | 94 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 12 | $ | 189 | $ | — | $ | 201 | ||||||||||
____________ | ||||||||||||||||||||
(a) | Excludes the effects of $3,869 million of non-cash equitizations of advances receivable owed to Spectra Capital. | |||||||||||||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | (a) | (a) | ||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | 940 | $ | 917 | $ | 1,484 | $ | (2,294 | ) | $ | 1,047 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | — | 760 | — | 760 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | (382 | ) | — | (382 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | (917 | ) | (1,377 | ) | — | 2,294 | — | |||||||||||||
Distributions received from unconsolidated affiliates | — | — | 307 | — | 307 | |||||||||||||||
Other | (86 | ) | 246 | 46 | — | 206 | ||||||||||||||
Net cash provided by (used in) operating activities | (63 | ) | (214 | ) | 2,215 | — | 1,938 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | — | — | (2,025 | ) | — | (2,025 | ) | |||||||||||||
Investments in and loans to unconsolidated affiliates | — | — | (520 | ) | — | (520 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (30 | ) | — | (30 | ) | |||||||||||||
Purchases of held-to-maturity securities | — | — | (2,671 | ) | — | (2,671 | ) | |||||||||||||
Proceeds from sales and maturities of held-to-maturity securities | — | — | 2,578 | — | 2,578 | |||||||||||||||
Purchases of available-for-sale securities | — | — | (644 | ) | — | (644 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | — | 514 | — | 514 | |||||||||||||||
Distributions received from unconsolidated affiliates | — | — | 17 | — | 17 | |||||||||||||||
Advances from (to) affiliates | (163 | ) | (335 | ) | 888 | (390 | ) | — | ||||||||||||
Other changes in restricted funds | — | — | 93 | — | 93 | |||||||||||||||
Other | — | — | 14 | — | 14 | |||||||||||||||
Net cash used in investing activities | (163 | ) | (335 | ) | (1,786 | ) | (390 | ) | (2,674 | ) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | — | 1,301 | — | 1,301 | |||||||||||||||
Payments for the redemption of long-term debt | — | — | (525 | ) | — | (525 | ) | |||||||||||||
Net increase (decrease) in commercial paper | — | (238 | ) | 437 | — | 199 | ||||||||||||||
Net increase in short-term borrowings - consolidated subsidiaries | — | 322 | — | (322 | ) | — | ||||||||||||||
Distributions to noncontrolling interests | — | — | (120 | ) | — | (120 | ) | |||||||||||||
Proceeds from the issuance of Spectra Energy common stock | 382 | — | — | — | 382 | |||||||||||||||
Proceeds from the issuance of SEP common units | — | — | 145 | — | 145 | |||||||||||||||
Dividends paid on common stock | (753 | ) | — | — | — | (753 | ) | |||||||||||||
Distributions and advances from (to) affiliates | 564 | 466 | (1,742 | ) | 712 | — | ||||||||||||||
Other | 33 | — | (8 | ) | — | 25 | ||||||||||||||
Net cash provided by (used in) financing activities | 226 | 550 | (512 | ) | 390 | 654 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | 2 | — | 2 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 1 | (81 | ) | — | (80 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 2 | 172 | — | 174 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 3 | $ | 91 | $ | — | $ | 94 | ||||||||||
____________ | ||||||||||||||||||||
(a) | Excludes the effects of $1,207 million of non-cash equitizations of advances receivable owed to Spectra Capital. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) | |||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Operating revenues | $ | 1,843 | $ | 1,253 | $ | 1,207 | $ | 1,600 | $ | 5,903 | ||||||||||
Operating income | 639 | 338 | 382 | 565 | 1,924 | |||||||||||||||
Net income | 467 | 188 | 254 | 374 | 1,283 | |||||||||||||||
Net income — controlling interests | 419 | 146 | 201 | 316 | 1,082 | |||||||||||||||
Earnings per share (a) | ||||||||||||||||||||
Basic | 0.63 | 0.22 | 0.3 | 0.47 | 1.61 | |||||||||||||||
Diluted | 0.62 | 0.22 | 0.3 | 0.47 | 1.61 | |||||||||||||||
2013 | ||||||||||||||||||||
Operating revenues | $ | 1,589 | $ | 1,220 | $ | 1,144 | $ | 1,565 | $ | 5,518 | ||||||||||
Operating income | 506 | 354 | 333 | 473 | 1,666 | |||||||||||||||
Net income | 370 | 226 | 292 | 271 | 1,159 | |||||||||||||||
Net income — controlling interests | 340 | 199 | 263 | 236 | 1,038 | |||||||||||||||
Earnings per share (a) | ||||||||||||||||||||
Basic | 0.51 | 0.3 | 0.39 | 0.35 | 1.55 | |||||||||||||||
Diluted | 0.51 | 0.3 | 0.39 | 0.35 | 1.55 | |||||||||||||||
___________ | ||||||||||||||||||||
(a) | Quarterly earnings-per-share amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding. | |||||||||||||||||||
Unusual or Infrequent Items | ||||||||||||||||||||
During the third and fourth quarters of 2013, we recorded transaction costs related to the U.S. Assets Dropdown and additional merger and acquisitions costs. These costs impacted operating income by $23 million, net income by $22 million and net income-controlling interests by $20 million in the third quarter of 2013, and operating income, net income and net income-controlling interests by $11 million the fourth quarter 2013. | ||||||||||||||||||||
During the fourth quarter of 2013, we recorded income tax expense resulting from a change in state tax rate related to the U.S. Assets Dropdown, which impacted net income and net income-controlling by $31 million for the year ended . |
SCHEDULE_IIVALUATION_AND_QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | SPECTRA ENERGY CORP | |||||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | ||||||||||||||||||||
Balance at | Additions: | Deductions (a) | Balance at | |||||||||||||||||
Beginning | End of | |||||||||||||||||||
of Period | Charged to | Charged to | Period | |||||||||||||||||
Expense | Other | |||||||||||||||||||
Accounts | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 10 | $ | 6 | $ | — | $ | 5 | $ | 11 | ||||||||||
Other (b) | 164 | 29 | — | 80 | 113 | |||||||||||||||
$ | 174 | $ | 35 | $ | — | $ | 85 | $ | 124 | |||||||||||
31-Dec-13 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 13 | $ | 7 | $ | — | $ | 10 | $ | 10 | ||||||||||
Other (b) | 181 | 21 | — | 38 | 164 | |||||||||||||||
$ | 194 | $ | 28 | $ | — | $ | 48 | $ | 174 | |||||||||||
31-Dec-12 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 14 | $ | 10 | $ | 1 | $ | 12 | $ | 13 | ||||||||||
Other (b) | 171 | 64 | — | 54 | 181 | |||||||||||||||
$ | 185 | $ | 74 | $ | 1 | $ | 66 | $ | 194 | |||||||||||
_________ | ||||||||||||||||||||
(a) | Principally cash payments and reserve reversals. | |||||||||||||||||||
(b) | Principally income tax, insurance-related, litigation and other reserves, included primarily in Deferred Credits and Other Liabilities—Regulatory and Other on the Consolidated Balance Sheets. |
Summary_of_Operations_and_Sign1
Summary of Operations and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates. To conform with generally accepted accounting principles (GAAP) in the United States, we make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and Notes to Consolidated Financial Statements. Although these estimates are based on our best available knowledge at the time, actual results could differ. |
Fair Value Measurements | Fair Value Measurements. We measure the fair value of financial assets and liabilities by maximizing the use of observable inputs and minimizing the use of unobservable inputs. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. |
Cost-Based Regulation | Cost-Based Regulation. The economic effects of regulation can result in a regulated company recording assets for costs that have been or are expected to be approved for recovery from customers or recording liabilities for amounts that are expected to be returned to customers or for instances where the regulator provides current rates that are intended to recover costs that are expected to be incurred in the future. Accordingly, we record assets and liabilities that result from the regulated ratemaking process that may not be recorded under GAAP for non-regulated entities. We continually assess whether regulatory assets are probable of future recovery by considering factors such as applicable regulatory changes and recent rate orders to other regulated entities. Based on this assessment, we believe our existing regulatory assets are probable of recovery. These regulatory assets and liabilities are mostly classified in the Consolidated Balance Sheets as Regulatory Assets and Deferred Debits, and Deferred Credits and Other Liabilities — Regulatory and Other. We evaluate our regulated assets, and consider factors such as regulatory changes and the effect of competition. If cost-based regulation ends or competition increases, we may have to reduce our asset balances to reflect a market basis less than cost and write-off the associated regulatory assets and liabilities. See Note 5 for further discussion. |
Foreign Currency Translation | Foreign Currency Translation. The Canadian dollar has been determined to be the functional currency of our Canadian operations based on an assessment of the economic circumstances of those operations. Assets and liabilities of our Canadian operations are translated into U.S. dollars at current exchange rates. Translation adjustments resulting from fluctuations in exchange rates are included as a separate component of Other Comprehensive Income on the Consolidated Statements of Comprehensive Income. Revenue and expense accounts of these operations are translated at average monthly exchange rates prevailing during the periods. Gains and losses arising from transactions denominated in currencies other than the functional currency are included in the results of operations of the period in which they occur. Foreign currency transaction gains (losses) totaled $3 million in 2014, $1 million in 2013 and $(3) million in 2012, and are included in Other Income and Expenses, Net on the Consolidated Statements of Operations. Deferred U.S. taxes related to translation gains and losses have not been provided on those Canadian operations that we expect the earnings to be indefinitely reinvested. |
Revenue Recognition | Revenue Recognition. Revenues from the transmission, storage, processing, distribution and sales of natural gas, from the sales of NGLs and from the transportation and storage of crude oil are generally recognized when either the service is provided or the product is delivered. Revenues related to these services provided or products delivered but not yet billed are estimated each month. These estimates are generally based on contract data, regulatory information, estimated distribution usage based on historical data adjusted for heating degree days, commodity prices and preliminary throughput and allocation measurements. Final bills for the current month are billed and collected in the following month. Differences between actual and estimated unbilled revenues are immaterial. There were no customers accounting for 10% or more of consolidated revenues during 2014, 2013 or 2012. We also have certain customer contracts with billed amounts that decline annually over the terms of the contracts. Differences between the amounts billed and recognized are deferred on the Consolidated Balance Sheets. |
Stock-Based Compensation | Stock-Based Compensation. For employee awards, equity-classified and liability-classified stock-based compensation cost is measured at the grant date based on the fair value of the award. Liability-classified stock-based compensation cost is remeasured at each reporting period until settlement. Related compensation expense is recognized over the requisite service period, which generally begins on the date the award is granted through the earlier of the date the award vests, the date the employee becomes retirement-eligible or the date the market or performance condition of the award is met. Awards, including stock options, granted to employees that are retirement-eligible are deemed to have vested immediately upon issuance, and therefore, compensation cost for those awards is recognized on the date such awards are granted. See Note 24 for further discussion. |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits. We fully recognize the overfunded or underfunded status of our consolidating subsidiaries’ pension and other post-retirement benefit plans as Investments and Other Assets - Other, Current Liabilities - Other or Deferred Credits and Other Liabilities - Regulatory and Other in the Consolidated Balance Sheets, as appropriate. A plan’s funded status is the difference between the fair value of plan assets and the plan’s projected benefit obligation. We record deferred plan costs and income (unrecognized losses and gains, and unrecognized prior service costs and credits) in Accumulated Other Comprehensive Income (AOCI) on the Consolidated Statements of Equity, until they are amortized and recognized as a component of benefit expense within Operating, Maintenance and Other in the Consolidated Statements of Operations. See Note 25 for further discussion. |
Allowance for Funds Used During Construction (AFUDC) | Allowance for Funds Used During Construction (AFUDC). AFUDC, which represents the estimated debt and equity costs of capital funds necessary to finance the construction of certain new regulated facilities, consists of two components, an equity component and an interest expense component. The equity component is a non-cash item. After construction is completed, we are permitted to recover these costs through inclusion in the rate base and in the depreciation provision. AFUDC is capitalized as a component of Property, Plant and Equipment - Cost in the Consolidated Balance Sheets, with offsetting credits to the Consolidated Statements of Operations through Other Income and Expenses, Net for the equity component and Interest Expense for the interest expense component. The total amount of AFUDC included in the Consolidated Statements of Operations was $72 million in 2014 (an equity component of $53 million and an interest expense component of $19 million), $155 million in 2013 (an equity component of $105 million and an interest expense component of $50 million) and $131 million in 2012 (an equity component of $85 million and an interest expense component of $46 million). |
Income Taxes | Income Taxes. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Actual income taxes could vary from these estimates due to future changes in income tax law or results from the final review of tax returns by federal, state or foreign tax authorities. |
Financial statement effects on tax positions are recognized in the period in which it is more likely than not that the position will be sustained upon examination, the position is effectively settled or when the statute of limitations to challenge the position has expired. Interest and penalties related to unrecognized tax benefits are recorded as interest expense and other expense, respectively. | |
Cash and Cash Equivalents | Cash and Cash Equivalents. Highly liquid investments with original maturities of three months or less at the date of acquisition, except for the investments that were pledged as collateral against long-term debt as discussed in Note 16 and any investments that are considered restricted funds, are considered cash equivalents. |
Inventory | Inventory. Inventory consists of natural gas and NGLs held in storage for transmission and processing, and also includes materials and supplies. Natural gas inventories primarily relate to the Distribution segment in Canada and are valued at costs approved by the regulator, the Ontario Energy Board (OEB). The difference between the approved price and the actual cost of gas purchased is recorded in either accounts receivable or other current liabilities, as appropriate, for future disposition with customers, subject to approval by the OEB. The remaining inventory is recorded at the lower of cost or market, primarily using average cost. |
Natural Gas Imbalances | Natural Gas Imbalances. The Consolidated Balance Sheets include in-kind balances as a result of differences in gas volumes received and delivered for customers. Since settlement of certain imbalances is in-kind, changes in their balances do not have an effect on our Consolidated Statements of Cash Flows. Receivables include $642 million and $606 million as of December 31, 2014 and December 31, 2013, respectively, and Other Current Liabilities include $634 million and $575 million as of December 31, 2014 and December 31, 2013, respectively, related to gas imbalances. Most natural gas volumes owed to or by us are valued at natural gas market index prices as of the balance sheet dates. |
Fair Value Measurement, Policy | Level 1 |
Level 1 valuations represent quoted unadjusted prices for identical instruments in active markets. | |
Level 2 Valuation Techniques | |
Fair values of our financial instruments that are actively traded in the secondary market, including our long-term debt, are determined based on market-based prices. These valuations may include inputs such as quoted market prices of the exact or similar instruments, broker or dealer quotations, or alternative pricing sources that may include models or matrix pricing tools, with reasonable levels of price transparency. | |
For interest rate swaps, we utilize data obtained from a third-party source for the determination of fair value. Both the future cash flows for the fixed-leg and floating-leg of our swaps are discounted to present value. In addition, credit default swap rates are used to develop the adjustment for credit risk embedded in our positions. We believe that since some of the inputs and assumptions for the calculations of fair value are derived from observable market data, a Level 2 classification is appropriate. | |
Level 3 Valuation Techniques | |
Level 3 valuation techniques include the use of pricing models, discounted cash flow methodologies or similar techniques where at least one significant model assumption or input is unobservable. Level 3 financial instruments also include those for which the determination of fair value requires significant management judgment or estimation. | |
The derivative financial instruments reported in Level 3 at December 31, 2014 primarily consist of NGL revenue swap contracts related to the Empress assets in Western Canada Transmission & Processing. As of December 31, 2014, we reported certain of our natural gas basis swaps at fair value using Level 3 inputs due to such derivatives not having observable market prices for substantially the full term of the derivative asset or liability. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations whose contract length extends into unobservable periods. | |
The fair value of these natural gas basis swaps is determined using a discounted cash flow valuation technique based on a forward commodity basis curve. For these derivatives, the primary input to the valuation model is the forward commodity basis curve, which is based on observable or public data sources and extrapolated when observable prices are not available. | |
The significant unobservable inputs used in the fair value measurements of our Level 3 derivatives are the forward natural gas basis curves, for which a significant portion of the derivative’s term is beyond available forward pricing. At December 31, 2014, a 10¢ per gallon movement in underlying forward NGL prices would affect the estimated fair value of our NGL derivatives by $16 million. This calculated amount does not take into account any other changes to the fair value measurement calculation. | |
Risk Management and Hedging Activities and Financial Instruments | Risk Management and Hedging Activities and Financial Instruments. Currently, our use of derivative instruments is primarily limited to interest rate positions and commodity pricing. All derivative instruments that do not qualify for the normal purchases and normal sales exception are recorded on the Consolidated Balance Sheets at fair value. Cash inflows and outflows related to derivative instruments are a component of Cash Flows From Operating Activities in the accompanying Consolidated Statements of Cash Flows. |
Cash Flow and Fair Value Hedges. Qualifying energy commodity and other derivatives may be designated as either a hedge of a forecasted transaction (cash flow hedge) or a hedge of a recognized asset, liability or firm commitment (fair value hedge). For all hedge contracts, we prepare documentation of the hedge in accordance with accounting standards and assess whether the hedge contract is highly effective using regression analysis, both at inception and on a quarterly basis, in offsetting changes in cash flows or fair values of hedged items. We document hedging activity by instrument type (futures or swaps) and risk management strategy (commodity price risk or interest rate risk). | |
For derivatives designated as fair value hedges, we recognize the gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item in earnings, to the extent effective, in the current period. In the event the hedge is not effective, there is no offsetting gain or loss recognized in earnings for the hedged item. All derivatives designated and accounted for as hedges are classified in the same category as the item being hedged in the Consolidated Statements of Cash Flows. All components of each derivative gain or loss are included in the assessment of hedge effectiveness. | |
Investments | Investments. We may actively invest a portion of our available cash and restricted funds balances in various financial instruments, including taxable or tax-exempt debt securities. In addition, we invest in short-term money market securities, some of which are restricted due to debt collateral or insurance requirements. Investments in available-for-sale (AFS) securities are carried at fair value and investments in held-to-maturity (HTM) securities are carried at cost. Investments in money market securities are also accounted for at fair value. Realized gains and losses, and dividend and interest income related to these securities, including any amortization of discounts or premiums arising at acquisition, are included in earnings. The costs of securities sold are determined using the specific identification method. Purchases and sales of AFS and HTM securities are presented on a gross basis within Cash Flows From Investing Activities in the accompanying Consolidated Statements of Cash Flows. |
Goodwill | Goodwill. We perform our goodwill impairment test annually and evaluate goodwill when events or changes in circumstances indicate that its carrying value may not be recoverable. No impairments of goodwill were recorded in 2014, 2013 or 2012. See Note 12 for further discussion. |
We perform our annual review for goodwill impairment at the reporting unit level, which is identified by assessing whether the components of our operating segments constitute businesses for which discrete financial information is available, whether segment management regularly reviews the operating results of those components and whether the economic and regulatory characteristics are similar. We determined that our reporting units are equivalent to our reportable segments, except for the reporting units of our Western Canada Transmission & Processing and Spectra Energy Partners reportable segments, which are one level below. | |
As permitted under accounting guidance on testing goodwill for impairment, we perform either a qualitative assessment or a quantitative assessment of each of our reporting units based on management’s judgment. With respect to our qualitative assessments, we consider events and circumstances specific to us, such as macroeconomic conditions, industry and market considerations, cost factors and overall financial performance, when evaluating whether it is more likely than not that the fair values of our reporting units are less than their respective carrying amounts. | |
In connection with our quantitative assessments, we primarily use a discounted cash flow analysis to determine the fair | |
values of those reporting units. Key assumptions in the determination of fair value included the use of an appropriate discount | |
rate and estimated future cash flows. In estimating cash flows, we incorporate expected long-term growth rates in key markets | |
served by our operations, regulatory stability, the ability to renew contracts, commodity prices (where appropriate) and foreign | |
currency exchange rates, as well as other factors that affect our reporting units’ revenue, expense and capital expenditure | |
projections. If the carrying amount of the reporting unit exceeds its fair value, a comparison of the fair value and carrying value | |
of the goodwill of that reporting unit needs to be performed. If the carrying value of the goodwill of a reporting unit exceeds | |
the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. Additional | |
impairment tests are performed between the annual reviews if events or changes in circumstances make it more likely than not | |
that the fair value of a reporting unit is below its carrying amount. | |
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment is stated at historical cost less accumulated depreciation. We capitalize all construction-related direct labor and material costs, as well as indirect construction costs. Indirect costs include general engineering, taxes and the cost of funds used during construction. The costs of renewals and betterments that extend the useful life or increase the expected output of property, plant and equipment are also capitalized. The costs of repairs, replacements and major maintenance projects that do not extend the useful life or increase the expected output of property, plant and equipment are expensed as incurred. Depreciation is generally computed over the asset’s estimated useful life using the straight-line method. |
When we retire regulated property, plant and equipment, we charge the original cost plus the cost of retirement, less salvage value, to accumulated depreciation and amortization. When we sell entire regulated operating units or retire non-regulated properties, the cost is removed from the property account and the related accumulated depreciation and amortization accounts are reduced. Any gain or loss is recorded in earnings, unless otherwise required by the applicable regulatory body. | |
Preliminary Project Costs | Preliminary Project Costs. Project development costs, including expenditures for preliminary surveys, plans, investigations, environmental studies, regulatory applications and other costs incurred for the purpose of determining the feasibility of capital expansion projects, are capitalized for rate-regulated enterprises when it is determined that recovery of such costs through regulated revenues of the completed project is probable. Any inception-to-date costs of the project that were initially expensed are reversed and capitalized as Property, Plant and Equipment. |
Long-Lived Asset Impairments | Long-Lived Asset Impairments. We evaluate whether long-lived assets, excluding goodwill, have been impaired when circumstances indicate the carrying value of those assets may not be recoverable. For such long-lived assets, an impairment exists when its carrying value exceeds the sum of estimates of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. When alternative courses of action to recover the carrying amount of a long-lived asset are under consideration, a probability-weighted approach is used in developing estimates of future undiscounted cash flows. If the carrying value of the long-lived asset is not recoverable based on these estimated future undiscounted cash flows, an impairment loss is measured as the excess of the asset’s carrying value over its fair value, such that the asset’s carrying value is adjusted to its estimated fair value. |
We assess the fair value of long-lived assets using commonly accepted techniques and may use more than one source. Sources to determine fair value include, but are not limited to, recent third-party comparable sales, internally developed discounted cash flow analyses and analyses from outside advisors. Significant changes in market conditions resulting from events such as changes in natural gas available to our systems, the condition of an asset, a change in our intent to utilize the asset or a significant change in contracted revenues or regulatory recoveries would generally require us to reassess the cash flows related to the long-lived assets. | |
Asset Retirement Obligations | Asset Retirement Obligations. We recognize asset retirement obligations (AROs) for legal commitments associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal use of the asset and conditional AROs in which the timing or method of settlement are conditional on a future event that may or may not be within our control. The fair value of a liability for an ARO is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made and is added to the carrying amount of the associated asset. This additional carrying amount is depreciated over the estimated useful life of the asset. |
Unamortized Debt Premium, Discount and Expense | Unamortized Debt Premium, Discount and Expense. Premiums, discounts and expenses incurred with the issuance of outstanding long-term debt are amortized over the terms of the debt issues. Any call premiums or unamortized expenses associated with refinancing higher-cost debt obligations to finance regulated assets and operations are amortized consistent with regulatory treatment of those items, where appropriate. |
Environmental Expenditures | Environmental Expenditures. We expense environmental expenditures related to conditions caused by past operations that do not generate current or future revenues. Environmental expenditures related to operations that generate current or future revenues are expensed or capitalized, as appropriate. Undiscounted liabilities are recorded when the necessity for environmental remediation becomes probable and the costs can be reasonably estimated, or when other potential environmental liabilities are reasonably estimable and probable. |
Captive Insurance Reserves | Captive Insurance Reserves. We have captive insurance subsidiaries which provide insurance coverage to our consolidated subsidiaries as well as certain equity affiliates, on a limited basis, for various business risks and losses, such as workers compensation, property, business interruption and general liability. Liabilities include provisions for estimated losses incurred but not yet reported, as well as provisions for known claims which have been estimated on a claims-incurred basis. Incurred but not yet reported reserve estimates involve the use of assumptions and are based upon historical loss experience, industry data and other actuarial assumptions. Reserve estimates are adjusted in future periods as actual losses differ from historical experience. |
Guarantees | Guarantees. Upon issuance or material modification of a guarantee made by us, we recognize a liability for the estimated fair value of the obligation we assume under that guarantee, if any. Fair value is estimated using a probability-weighted approach. We reduce the obligation over the term of the guarantee or related contract in a systematic and rational method as risk is reduced under the obligation. |
Accounting For Sales of Stock by a Subsidiary | Accounting For Sales of Stock by a Subsidiary. Sales of stock by a consolidated subsidiary are accounted for as equity transactions in those instances where a change in control does not take place. |
Segment Reporting | Segment Reporting. Operating segments are components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and evaluate performance. Two or more operating segments may be aggregated into a single reportable segment provided certain criteria are met. There is no such aggregation within our defined business segments. A description of our reportable segments, consistent with how business results are reported internally to management, and the disclosure of segment information is presented in Note 4. |
Consolidated Statements of Cash Flows | Consolidated Statements of Cash Flows. Cash flows from discontinued operations are combined with cash flows from continuing operations within operating, investing and financing cash flows. Cash received from insurance proceeds are classified depending on the activity that resulted in the insurance proceeds. For example, business interruption insurance proceeds are included as a component of operating activities while insurance proceeds from damaged property are included as a component of investing activities. With respect to cash overdrafts, book overdrafts are included within operating cash flows while bank overdrafts, if any, are included within financing cash flows. Cash flows from borrowings and repayments under revolving credit facilities that had documented original maturities of 90 days or less are reported on a net basis as Net Increase (Decrease) in Revolving Credit Facilities Borrowings within financing activities. |
Distributions from Unconsolidated Affiliates | Distributions from Unconsolidated Affiliates. We consider distributions received from unconsolidated affiliates which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and classify these amounts as Cash Flows From Operating Activities within the accompanying Consolidated Statements of Cash Flows. Cumulative distributions received in excess of cumulative equity in earnings subsequent to the date of investment are considered to be a return of investment and are classified as Cash Flows From Investing Activities. |
New Accounting Pronouncements | New Accounting Pronouncements. The following new Accounting Standards Update (ASU) was adopted during 2014 and the effect of such adoption has been presented in the accompanying Consolidated Financial Statements: |
ASU No. 2013-11. In July 2013, the Financial Accounting Standards Board (FASB) issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a Consensus of the FASB Emerging Issues Task Force),” which was issued to eliminate diversity in practice. This ASU requires entities to net unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. We adopted this standard on January 1, 2014. The adoption of this ASU did not have a material impact on our consolidated results of operations, financial position or cash flows. | |
Pending. The following new accounting pronouncements were issued but not adopted as of December 31, 2014: | |
ASU No. 2014-08. In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU revises the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have or will have a major effect on an entity’s operations and financial results, removing the lack of continuing involvement criteria and requiring discontinued operations reporting for the disposal of an equity method investment that meets the definition of discontinued operations. The update also requires expanded disclosures for discontinued operations, and disclosure of pretax profit or loss of certain individually significant components of an entity that do not qualify for discontinued operations reporting. This ASU was effective for us on January 1, 2015 and had no impact on our consolidated results of operations, financial position or cash flows. | |
ASU No. 2014-09. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which supersedes the revenue recognition requirements of “Revenue Recognition (Topic 605)” and clarifies the principles of recognizing revenue. This ASU is effective for us January 1, 2017. We are currently evaluating this ASU and its potential impact on us. | |
2013. There were no significant accounting pronouncements issued during 2013 that had a material impact on our consolidated results of operations, financial position or cash flows. | |
2012. There were no significant accounting pronouncements issued during 2012 that had a material impact on our consolidated results of operations, financial position or cash flows. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Summary of Fair Values of Assets and Liabilities Acquired | The following table summarizes the fair values of the assets and liabilities acquired as of the date of the acquisition. | |||
Purchase Price Allocation | ||||
(in millions) | ||||
Cash purchase price | $ | 1,250 | ||
Working capital and other purchase adjustments | 71 | |||
Total | 1,321 | |||
Cash | 67 | |||
Receivables | 25 | |||
Other current assets | 9 | |||
Property, plant and equipment | 1,251 | |||
Accounts payable | (18 | ) | ||
Other current liabilities | (17 | ) | ||
Deferred credits and other liabilities | (259 | ) | ||
Long-term debt, including current portion | (260 | ) | ||
Total assets acquired/liabilities assumed | 798 | |||
Goodwill | $ | 523 | ||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Business Segment Data | Business Segment Data | |||||||||||||||||||||||||||
Unaffiliated Revenues | Intersegment | Total | Segment EBITDA/ | Depreciation | Capital and | Assets | ||||||||||||||||||||||
Revenues | Operating | Consolidated | and | Investment | ||||||||||||||||||||||||
Revenues (a) | Earnings | Amortization (a) | Expenditures (b,c) | |||||||||||||||||||||||||
from Continuing | ||||||||||||||||||||||||||||
Operations before | ||||||||||||||||||||||||||||
Income Taxes (a) | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Spectra Energy Partners | $ | 2,269 | $ | — | $ | 2,269 | $ | 1,669 | $ | 290 | $ | 1,241 | $ | 17,865 | ||||||||||||||
Distribution | 1,843 | — | 1,843 | 552 | 192 | 427 | 6,064 | |||||||||||||||||||||
Western Canada Transmission & Processing | 1,781 | 121 | 1,902 | 754 | 271 | 473 | 6,916 | |||||||||||||||||||||
Field Services | — | — | — | 217 | — | — | 1,345 | |||||||||||||||||||||
Total reportable segments | 5,893 | 121 | 6,014 | 3,192 | 753 | 2,141 | 32,190 | |||||||||||||||||||||
Other | 10 | 62 | 72 | (58 | ) | 43 | 146 | 1,908 | ||||||||||||||||||||
Eliminations | — | (183 | ) | (183 | ) | — | — | — | (58 | ) | ||||||||||||||||||
Depreciation and amortization | — | — | — | 796 | — | — | — | |||||||||||||||||||||
Interest expense | — | — | — | 679 | — | — | — | |||||||||||||||||||||
Interest income and other | — | — | — | 6 | — | — | — | |||||||||||||||||||||
Total consolidated | $ | 5,903 | $ | — | $ | 5,903 | $ | 1,665 | $ | 796 | $ | 2,287 | $ | 34,040 | ||||||||||||||
2013 | ||||||||||||||||||||||||||||
Spectra Energy Partners | $ | 1,964 | $ | 1 | $ | 1,965 | $ | 1,433 | $ | 263 | $ | 1,299 | $ | 16,800 | ||||||||||||||
Distribution | 1,848 | — | 1,848 | 574 | 199 | 357 | 6,009 | |||||||||||||||||||||
Western Canada Transmission & Processing | 1,694 | 73 | 1,767 | 736 | 272 | 561 | 7,160 | |||||||||||||||||||||
Field Services | — | — | — | 343 | — | — | 1,365 | |||||||||||||||||||||
Total reportable segments | 5,506 | 74 | 5,580 | 3,086 | 734 | 2,217 | 31,334 | |||||||||||||||||||||
Other | 12 | 60 | 72 | (86 | ) | 38 | 42 | 2,698 | ||||||||||||||||||||
Eliminations | — | (134 | ) | (134 | ) | — | — | — | (499 | ) | ||||||||||||||||||
Depreciation and amortization | — | — | — | 772 | — | — | — | |||||||||||||||||||||
Interest expense | — | — | — | 657 | — | — | — | |||||||||||||||||||||
Interest income and other | — | — | — | 7 | — | — | — | |||||||||||||||||||||
Total consolidated | $ | 5,518 | $ | — | $ | 5,518 | $ | 1,578 | $ | 772 | $ | 2,259 | $ | 33,533 | ||||||||||||||
2012 | ||||||||||||||||||||||||||||
Spectra Energy Partners | $ | 1,754 | $ | — | $ | 1,754 | $ | 1,259 | $ | 232 | $ | 1,443 | $ | 13,856 | ||||||||||||||
Distribution | 1,666 | — | 1,666 | 587 | 213 | 276 | 5,842 | |||||||||||||||||||||
Western Canada Transmission & Processing | 1,645 | 34 | 1,679 | 694 | 245 | 760 | 7,226 | |||||||||||||||||||||
Field Services | — | — | — | 279 | — | — | 1,235 | |||||||||||||||||||||
Total reportable segments | 5,065 | 34 | 5,099 | 2,819 | 690 | 2,479 | 28,159 | |||||||||||||||||||||
Other | 10 | 79 | 89 | (36 | ) | 56 | 66 | 2,967 | ||||||||||||||||||||
Eliminations | — | (113 | ) | (113 | ) | — | — | — | (539 | ) | ||||||||||||||||||
Depreciation and amortization | — | — | — | 746 | — | — | — | |||||||||||||||||||||
Interest expense | — | — | — | 625 | — | — | — | |||||||||||||||||||||
Interest income and other | — | — | — | 3 | — | — | — | |||||||||||||||||||||
Total consolidated | $ | 5,075 | $ | — | $ | 5,075 | $ | 1,415 | $ | 746 | $ | 2,545 | $ | 30,587 | ||||||||||||||
__________ | ||||||||||||||||||||||||||||
(a) | Excludes amounts associated with entities included in discontinued operations. | |||||||||||||||||||||||||||
(b) | Excludes the $1,254 million cash outlay for the acquisition of Express-Platte in March 2013 and $30 million paid in 2012 for amounts previously withheld from the purchase price consideration of the acquisition of Bobcat in 2010, all part of Spectra Energy Partners. | |||||||||||||||||||||||||||
(c) | Excludes a $71 million loan to an unconsolidated affiliate in 2013 at Spectra Energy Partners. | |||||||||||||||||||||||||||
Geographic Data | Geographic Data | |||||||||||||||||||||||||||
U.S. | Canada | Consolidated | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Consolidated revenues | $ | 2,212 | $ | 3,691 | $ | 5,903 | ||||||||||||||||||||||
Consolidated long-lived assets | 15,859 | 12,732 | 28,591 | |||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Consolidated revenues | 1,926 | 3,592 | 5,518 | |||||||||||||||||||||||||
Consolidated long-lived assets | 14,993 | 13,264 | 28,257 | |||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||
Consolidated revenues (a) | 1,762 | 3,313 | 5,075 | |||||||||||||||||||||||||
Consolidated long-lived assets | 10,952 | 14,875 | 25,827 | |||||||||||||||||||||||||
__________ | ||||||||||||||||||||||||||||
(a) | Excludes revenues associated with businesses included in discontinued operations. |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Regulated Operations [Abstract] | ||||||||||
Regulatory Assets and Liabilities | We record assets and liabilities that result from the regulated ratemaking process that would not be recorded under GAAP for non-regulated entities. See Note 1 for further discussion. | |||||||||
December 31, | Recovery/ | |||||||||
Refund | ||||||||||
2014 | 2013 | Period Ends | ||||||||
(in millions) | ||||||||||
Regulatory Assets (a,b) | ||||||||||
Net regulatory asset related to income taxes (c,d) | $ | 1,271 | $ | 1,224 | (e) | |||||
Project development costs | 10 | 14 | 2036 | |||||||
Vacation accrual | 22 | 21 | (f) | |||||||
Deferred debt expense/premium (d) | 31 | 32 | (e) | |||||||
Under-recovery of fuel costs (g,h) | 44 | 28 | 2015 | |||||||
Gas purchase costs (h,i) | 57 | — | 2015 | |||||||
Other | 59 | 57 | (j) | |||||||
Total Regulatory Assets | $ | 1,494 | $ | 1,376 | ||||||
Regulatory Liabilities (b) | ||||||||||
Removal costs (d,k) | $ | 326 | $ | 359 | (l) | |||||
FT-RAM optimization (m) | — | 31 | 2014 | |||||||
Gas purchase costs (i,m) | — | 7 | 2014 | |||||||
Pipeline rate credit (k) | 25 | 27 | (e) | |||||||
Over-recovery of fuel costs (i,m) | — | 35 | 2014 | |||||||
Other (d) | 79 | 51 | (j) | |||||||
Total Regulatory Liabilities | $ | 430 | $ | 510 | ||||||
_________ | ||||||||||
(a) | Included in Regulatory Assets and Deferred Debits unless otherwise noted. | |||||||||
(b) | All regulatory assets and liabilities are excluded from rate base unless otherwise noted. | |||||||||
(c) | All amounts are expected to be included in future rate filings. | |||||||||
(d) | All or a portion of the balance is included in rate base. | |||||||||
(e) | Recovery/refund is over the life of the associated asset or liability. | |||||||||
(f) | Recoverable in future periods. | |||||||||
(g) | Amounts settled in cash annually through transportation rates in accordance with FERC gas tariffs. | |||||||||
(h) | Included in Other Current Assets. | |||||||||
(i) | Includes certain costs which are settled in cash annually through transportation rates in accordance with FERC and/or OEB gas tariffs. | |||||||||
(j) | The majority of this balance has a recovery period of less than one year. The recovery/refund period for the remainder is currently unknown. | |||||||||
(k) | Included in Deferred Credits and Other Liabilities — Regulatory and Other. | |||||||||
(l) | Liability is extinguished as the associated assets are retired. | |||||||||
(m) | Included in Other Current Liabilities. | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Tax Expense Components | Income Tax Expense Components | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Current income taxes | ||||||||||||
Federal | $ | 1 | $ | (32 | ) | $ | 102 | |||||
State | 3 | 4 | 5 | |||||||||
Foreign | (10 | ) | 26 | 52 | ||||||||
Total current income taxes | (6 | ) | (2 | ) | 159 | |||||||
Deferred income taxes | ||||||||||||
Federal | 335 | 353 | 174 | |||||||||
State | (17 | ) | 69 | 33 | ||||||||
Foreign | 70 | (1 | ) | 4 | ||||||||
Total deferred income taxes | 388 | 421 | 211 | |||||||||
Income tax expense from continuing operations | 382 | 419 | 370 | |||||||||
Income tax expense from discontinued operations | — | — | 2 | |||||||||
Total income tax expense | $ | 382 | $ | 419 | $ | 372 | ||||||
Earnings from Continuing Operations before Income Taxes | Earnings from Continuing Operations before Income Taxes | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Domestic | $ | 1,108 | $ | 1,059 | $ | 912 | ||||||
Foreign | 557 | 519 | 503 | |||||||||
Total earnings from continuing operations before income taxes | $ | 1,665 | $ | 1,578 | $ | 1,415 | ||||||
Reconciliation of Income Tax Expense at U.S. Federal Statutory Tax Rate to Actual Income Tax Expense from Continuing Operations | Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to Actual Income Tax Expense from Continuing Operations | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Income tax expense, computed at the statutory rate of 35% | $ | 583 | $ | 552 | $ | 495 | ||||||
State income tax, net of federal income tax effect | 25 | 20 | 19 | |||||||||
Tax differential on foreign earnings | (125 | ) | (147 | ) | (110 | ) | ||||||
Noncontrolling interests | (70 | ) | (42 | ) | (37 | ) | ||||||
Valuation allowance | 2 | (3 | ) | 1 | ||||||||
Revaluation of accumulated deferred state taxes | (25 | ) | 31 | — | ||||||||
Other items, net | (8 | ) | 8 | 2 | ||||||||
Total income tax expense from continuing operations | $ | 382 | $ | 419 | $ | 370 | ||||||
Effective tax rate | 22.9 | % | 26.6 | % | 26.1 | % | ||||||
Net Deferred Income Tax Liability Components | Net Deferred Income Tax Liability Components | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Deferred credits and other liabilities | $ | 225 | $ | 242 | ||||||||
Other | 211 | 291 | ||||||||||
Total deferred income tax assets | 436 | 533 | ||||||||||
Valuation allowance | (29 | ) | (29 | ) | ||||||||
Net deferred income tax assets | 407 | 504 | ||||||||||
Investments and other assets | (1,531 | ) | (1,004 | ) | ||||||||
Accelerated depreciation rates | (3,875 | ) | (4,092 | ) | ||||||||
Regulatory assets and deferred debits | (426 | ) | (383 | ) | ||||||||
Total deferred income tax liabilities | (5,832 | ) | (5,479 | ) | ||||||||
Total net deferred income tax liabilities | $ | (5,425 | ) | $ | (4,975 | ) | ||||||
Deferred Tax Amounts Classified in Consolidated Balance Sheets | The above deferred tax amounts have been classified in the Consolidated Balance Sheets as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Other current assets | $ | — | $ | 9 | ||||||||
Other current liabilities | (20 | ) | (16 | ) | ||||||||
Deferred credits and other liabilities | (5,405 | ) | (4,968 | ) | ||||||||
Total net deferred income tax liabilities | $ | (5,425 | ) | $ | (4,975 | ) | ||||||
Reconciliation of Gross Unrecognized Income Tax Benefits | Reconciliation of Gross Unrecognized Income Tax Benefits | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Balance at beginning of period | $ | 76 | $ | 80 | $ | 76 | ||||||
Increases related to prior year tax positions | 10 | 7 | 5 | |||||||||
Decreases related to prior year tax positions | (6 | ) | (17 | ) | — | |||||||
Increases related to current year tax positions | 1 | 2 | 2 | |||||||||
Settlements | — | (3 | ) | (2 | ) | |||||||
Lapse of statute of limitations | (30 | ) | 9 | (2 | ) | |||||||
Foreign currency translation | (1 | ) | (2 | ) | 1 | |||||||
Balance at end of period | $ | 50 | $ | 76 | $ | 80 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Results Classified as Income from Discontinued Operations, Net of Tax in Consolidated Statements of Operations | The following table summarizes results classified as Income From Discontinued Operations, Net of Tax in the accompanying Consolidated Statements of Operations: | |||
2012 | ||||
(in millions) | ||||
Operating revenues | $ | 99 | ||
Pre-tax earnings | 4 | |||
Income tax expense | 2 | |||
Income from discontinued operations, net of tax | 2 | |||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Basic and Diluted EPS Calculations | The following table presents our basic and diluted EPS calculations: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions, except per-share amounts) | ||||||||||||
Income from continuing operations, net of tax — controlling interests | $ | 1,082 | $ | 1,038 | $ | 938 | ||||||
Income from discontinued operations, net of tax — controlling interests | — | — | 2 | |||||||||
Net income — controlling interests | $ | 1,082 | $ | 1,038 | $ | 940 | ||||||
Weighted-average common shares outstanding | ||||||||||||
Basic | 671 | 669 | 653 | |||||||||
Diluted | 672 | 671 | 656 | |||||||||
Basic earnings per common share | $ | 1.61 | $ | 1.55 | $ | 1.44 | ||||||
Diluted earnings per common share | $ | 1.61 | $ | 1.55 | $ | 1.43 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the net of tax changes in AOCI by component and amounts reclassified out of AOCI to Net Income, excluding amounts attributable to noncontrolling interests: | |||||||||||||||||||
Foreign Currency Translation Adjustments | Pension and Post-retirement Benefit Plan Obligations | Gas Purchase Contract Hedges | Other | Total Accumulated Other Comprehensive Income | ||||||||||||||||
(in millions) | ||||||||||||||||||||
31-Dec-12 | $ | 2,044 | $ | (507 | ) | $ | (23 | ) | $ | (5 | ) | $ | 1,509 | |||||||
Reclassified to net income | — | — | 6 | 1 | 7 | |||||||||||||||
Other AOCI activity | (487 | ) | 203 | 6 | 3 | (275 | ) | |||||||||||||
31-Dec-13 | 1,557 | (304 | ) | (11 | ) | (1 | ) | 1,241 | ||||||||||||
Reclassified to net income | — | — | 4 | 1 | 5 | |||||||||||||||
Other AOCI activity | (541 | ) | (47 | ) | 4 | — | (584 | ) | ||||||||||||
31-Dec-14 | $ | 1,016 | $ | (351 | ) | $ | (3 | ) | $ | — | $ | 662 | ||||||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Components of Inventory | The components of inventory are as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Natural gas | $ | 211 | $ | 155 | ||||
NGLs | 28 | 30 | ||||||
Materials and supplies | 74 | 78 | ||||||
Total inventory | $ | 313 | $ | 263 | ||||
Investments_in_and_Loans_to_Un1
Investments in and Loans to Unconsolidated Affiliates and Related Party Transactions (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||||||||||||||||||||||||||||||||||
Investments in and Loans to Unconsolidated Affiliates | Investments in and Loans to Unconsolidated Affiliates | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Spectra Energy Partners | $ | 1,588 | $ | — | $ | 1,588 | $ | 1,396 | $ | — | $ | 1,396 | ||||||||||||||||||||||||
Distribution | — | 14 | 14 | — | 16 | 16 | ||||||||||||||||||||||||||||||
Western Canada Transmission & Processing | — | 18 | 18 | — | 66 | 66 | ||||||||||||||||||||||||||||||
Field Services | 1,345 | — | 1,345 | 1,365 | — | 1,365 | ||||||||||||||||||||||||||||||
Other | 1 | — | 1 | 200 | — | 200 | ||||||||||||||||||||||||||||||
Total | $ | 2,934 | $ | 32 | $ | 2,966 | $ | 2,961 | $ | 82 | $ | 3,043 | ||||||||||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates | Equity in Earnings of Unconsolidated Affiliates | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | Domestic | International | Total | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Spectra Energy Partners | $ | 133 | $ | — | $ | 133 | $ | 90 | $ | — | $ | 90 | $ | 89 | $ | — | $ | 89 | ||||||||||||||||||
Distribution | — | 1 | 1 | — | 1 | 1 | — | — | — | |||||||||||||||||||||||||||
Western Canada Transmission & Processing | — | 1 | 1 | — | (1 | ) | (1 | ) | — | 1 | 1 | |||||||||||||||||||||||||
Field Services | 217 | — | 217 | 343 | — | 343 | 279 | — | 279 | |||||||||||||||||||||||||||
Other | 9 | — | 9 | 12 | — | 12 | 13 | — | 13 | |||||||||||||||||||||||||||
Total | $ | 359 | $ | 2 | $ | 361 | $ | 445 | $ | — | $ | 445 | $ | 381 | $ | 1 | $ | 382 | ||||||||||||||||||
Summarized Statements of Operations of Unconsolidated Affiliates Presented at 100 Percent | Summarized Combined Financial Information of Unconsolidated Affiliates (Presented at 100%) | |||||||||||||||||||||||||||||||||||
Statements of Operations | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
DCP | Other | Total | DCP | Other | Total | DCP | Other | Total | ||||||||||||||||||||||||||||
Midstream | Midstream | Midstream | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 14,013 | $ | 744 | $ | 14,757 | $ | 12,038 | $ | 558 | $ | 12,596 | $ | 10,171 | $ | 511 | $ | 10,682 | ||||||||||||||||||
Operating expenses | 13,262 | 319 | 13,581 | 11,230 | 261 | 11,491 | 9,427 | 217 | 9,644 | |||||||||||||||||||||||||||
Operating income | 751 | 425 | 1,176 | 808 | 297 | 1,105 | 744 | 294 | 1,038 | |||||||||||||||||||||||||||
Net income | 536 | 332 | 868 | 584 | 206 | 790 | 583 | 203 | 786 | |||||||||||||||||||||||||||
Net income attributable to members’ interests | 288 | 332 | 620 | 491 | 206 | 697 | 486 | 203 | 689 | |||||||||||||||||||||||||||
Summarized Balance Sheets of Unconsolidated Affiliates Presented at 100 Percent | Balance Sheets | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
DCP | Other | Total | DCP | Other | Total | |||||||||||||||||||||||||||||||
Midstream | Midstream | |||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Current assets | $ | 1,380 | $ | 241 | $ | 1,621 | $ | 1,663 | $ | 248 | $ | 1,911 | ||||||||||||||||||||||||
Non-current assets | 12,299 | 5,358 | 17,657 | 11,058 | 5,448 | 16,506 | ||||||||||||||||||||||||||||||
Current liabilities | (2,938 | ) | (632 | ) | (3,570 | ) | (3,114 | ) | (143 | ) | (3,257 | ) | ||||||||||||||||||||||||
Non-current liabilities | (5,538 | ) | (1,197 | ) | (6,735 | ) | (5,218 | ) | (1,670 | ) | (6,888 | ) | ||||||||||||||||||||||||
Equity — total | 5,203 | 3,770 | 8,973 | 4,389 | 3,883 | 8,272 | ||||||||||||||||||||||||||||||
Equity — noncontrolling interests | (2,578 | ) | — | (2,578 | ) | (1,725 | ) | — | (1,725 | ) | ||||||||||||||||||||||||||
Equity — controlling interests | $ | 2,625 | $ | 3,770 | $ | 6,395 | $ | 2,664 | $ | 3,883 | $ | 6,547 | ||||||||||||||||||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Components and Activity within Goodwill | The following table presents activity within goodwill based on the reporting unit determination: | |||||||||||||||
Spectra Energy Partners | Distribution | Western Canada | Total | |||||||||||||
Transmission & | ||||||||||||||||
Processing | ||||||||||||||||
(in millions) | ||||||||||||||||
31-Dec-12 | $ | 2,814 | $ | 878 | $ | 821 | $ | 4,513 | ||||||||
Acquisition of Express-Platte | 486 | — | — | 486 | ||||||||||||
Foreign currency translation | (85 | ) | (54 | ) | (50 | ) | (189 | ) | ||||||||
31-Dec-13 | 3,215 | 824 | 771 | 4,810 | ||||||||||||
Adjustment to acquisition of Express-Platte | 37 | — | — | 37 | ||||||||||||
Foreign currency translation | (8 | ) | (65 | ) | (60 | ) | (133 | ) | ||||||||
31-Dec-14 | $ | 3,244 | $ | 759 | $ | 711 | $ | 4,714 | ||||||||
Goodwill Amounts Originating from Acquisition of Westcoast Energy Inc. | The following remaining goodwill amounts originating from the acquisition of Westcoast Energy, Inc. (Westcoast) in 2002 are included as segment assets within “Other” in the segment data presented in Note 4: | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Distribution | $ | 757 | $ | 821 | ||||||||||||
Western Canada Transmission & Processing | 677 | 736 | ||||||||||||||
Marketable_Securities_and_Rest1
Marketable Securities and Restricted Funds (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||
Estimated Fair Values of Available for Sale Securities | AFS Securities. AFS securities are as follows: | |||||||||||||||
Estimated Fair Value | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Corporate debt securities | $ | 23 | $ | 18 | ||||||||||||
Money market funds | 1 | 1 | ||||||||||||||
Total available-for-sale securities | $ | 24 | $ | 19 | ||||||||||||
Fair Value, by Balance Sheet Grouping | Our AFS securities are classified on the Consolidated Balance Sheets as follows: | |||||||||||||||
Estimated Fair Value | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Restricted funds | ||||||||||||||||
Investments and other assets—other | $ | 1 | $ | 1 | ||||||||||||
Non-restricted funds | ||||||||||||||||
Current assets—other | 3 | 7 | ||||||||||||||
Investments and other assets—other | 20 | 11 | ||||||||||||||
Total available-for-sale securities | $ | 24 | $ | 19 | ||||||||||||
The fair values of financial instruments that are recorded and carried at book value are summarized in the following table. Judgment is required in interpreting market data to develop the estimates of fair value. These estimates are not necessarily indicative of the amounts we could have realized in current markets. | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Book | Approximate | Book | Approximate | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
(in millions) | ||||||||||||||||
Note receivable, noncurrent (a) | $ | 71 | $ | 71 | $ | 71 | $ | 71 | ||||||||
Long-term debt, including current maturities (b) | 13,060 | 14,446 | 13,668 | 14,701 | ||||||||||||
__________ | ||||||||||||||||
(a) | Included within Investments in and Loans to Unconsolidated Affiliates. | |||||||||||||||
(b) | Excludes capital leases, unamortized items and fair value hedge carrying value adjustments. | |||||||||||||||
Estimated Fair Values of Held to Maturity Marketable Securities | HTM Securities. All of our HTM securities are restricted funds and are as follows: | |||||||||||||||
Estimated Fair Value | ||||||||||||||||
December 31, | ||||||||||||||||
Description | Consolidated Balance Sheet Caption | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Bankers acceptances | Current assets—other | $ | 38 | $ | 35 | |||||||||||
Canadian government securities | Current assets—other | 30 | 34 | |||||||||||||
Money market funds | Current assets—other | 3 | 3 | |||||||||||||
Canadian government securities | Investments and other assets—other | 101 | 131 | |||||||||||||
Bankers acceptances | Investments and other assets—other | — | 10 | |||||||||||||
Total held-to-maturity securities | $ | 172 | $ | 213 | ||||||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property Plant and Equipment | |||||||||||
Estimated | December 31, | ||||||||||
Useful Life | 2014 | 2013 | |||||||||
(years) | (in millions) | ||||||||||
Plant | |||||||||||
Natural gas transmission | 15–100 | $ | 15,001 | $ | 14,491 | ||||||
Natural gas distribution | 25–60 | 2,971 | 3,076 | ||||||||
Gathering and processing facilities | 25–40 | 4,765 | 4,848 | ||||||||
Natural gas storage | 10–122 | 2,162 | 2,113 | ||||||||
Crude oil transportation and storage | 30–75 | 1,169 | 1,243 | ||||||||
Land rights and rights of way | 21–122 | 568 | 562 | ||||||||
Other buildings and improvements | 10–50 | 132 | 134 | ||||||||
Equipment | 3–40 | 343 | 341 | ||||||||
Vehicles | 5–20 | 114 | 115 | ||||||||
Land | — | 150 | 128 | ||||||||
Construction in process | — | 1,113 | 630 | ||||||||
Software | 4–10 | 387 | 438 | ||||||||
Other | 5–82 | 336 | 337 | ||||||||
Total property, plant and equipment | 29,211 | 28,456 | |||||||||
Total accumulated depreciation | (6,543 | ) | (6,258 | ) | |||||||
Total accumulated amortization | (361 | ) | (369 | ) | |||||||
Total net property, plant and equipment | $ | 22,307 | $ | 21,829 | |||||||
Estimated Amortization Expense for Next Five Years | Estimated amortization expense for the next five years follows: | ||||||||||
Estimated | |||||||||||
Amortization | |||||||||||
Expense | |||||||||||
(in millions) | |||||||||||
2015 | $ | 80 | |||||||||
2016 | 68 | ||||||||||
2017 | 57 | ||||||||||
2018 | 44 | ||||||||||
2019 | 34 |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
Reconciliation of Changes in Asset Retirement Obligation Liabilities | Reconciliation of Changes in Asset Retirement Obligation Liabilities | |||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Balance at beginning of year | $ | 350 | $ | 188 | ||||
Accretion expense | 16 | 9 | ||||||
Revisions in estimated cash flows (a) | 72 | 172 | ||||||
Foreign currency exchange impact | (28 | ) | (12 | ) | ||||
Liabilities settled | (10 | ) | (7 | ) | ||||
Balance at end of year (b) | $ | 400 | $ | 350 | ||||
__________ | ||||||||
(a) Reflects revised assumptions regarding ARO Liabilities relating to asbestos abatement at Western Canada Transmission & Processing in 2014 and expected future costs of abandonments at Union Gas in 2013. | ||||||||
(b) | Amounts included in Deferred Credits and Other Liabilities in the Consolidated Balance Sheets. |
Debt_and_Credit_Facilities_Tab
Debt and Credit Facilities (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Summary of Debt and Related Terms | ||||||||||||||
Summary of Debt and Related Terms | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Spectra Energy Capital, LLC | (in millions) | |||||||||||||
5.50% senior unsecured notes due March 2014 | $ | — | $ | 149 | ||||||||||
5.67% senior unsecured notes due August 2014 | — | 408 | ||||||||||||
6.20% senior unsecured notes due April 2018 | 500 | 500 | ||||||||||||
6.75% senior unsecured notes due July 2018 | 150 | 150 | ||||||||||||
Variable-rate senior unsecured term loan due November 2018 | 300 | — | ||||||||||||
8.00% senior unsecured notes due October 2019 | 500 | 500 | ||||||||||||
5.65% senior unsecured notes due March 2020 | 300 | 300 | ||||||||||||
3.30% senior unsecured notes due March 2023 | 650 | 650 | ||||||||||||
6.75% senior unsecured notes due February 2032 | 240 | 240 | ||||||||||||
7.50% senior unsecured notes due September 2038 | 250 | 250 | ||||||||||||
Total Spectra Energy Capital, LLC Debt | 2,890 | 3,147 | ||||||||||||
SEP | ||||||||||||||
SEP 2.95% senior unsecured notes due June 2016 | 250 | 250 | ||||||||||||
SEP 2.95% senior unsecured notes due September 2018 | 500 | 500 | ||||||||||||
SEP Variable-rate senior unsecured term loan due November 2018 | 400 | 400 | ||||||||||||
SEP 4.60% senior unsecured notes due June 2021 | 250 | 250 | ||||||||||||
SEP 4.75% senior unsecured notes due March 2024 | 1,000 | 1,000 | ||||||||||||
SEP 5.95% senior unsecured notes due September 2043 | 400 | 400 | ||||||||||||
Texas Eastern 6.00% senior unsecured notes due September 2017 | 400 | 400 | ||||||||||||
Texas Eastern 4.13% senior unsecured notes due December 2020 | 300 | 300 | ||||||||||||
Texas Eastern 2.80% senior unsecured notes due October 2022 | 500 | 500 | ||||||||||||
Texas Eastern 7.00% senior unsecured notes due July 2032 | 450 | 450 | ||||||||||||
Algonquin 3.51% senior notes due July 2024 | 350 | 350 | ||||||||||||
East Tennessee Natural Gas, LLC 3.10% senior notes due December 2024 | 200 | 200 | ||||||||||||
M&N U.S. 7.50% senior notes due May 2014 | — | 411 | ||||||||||||
Express-Platte 6.09% senior secured notes due January 2020 | 110 | 110 | ||||||||||||
Express-Platte 7.39% subordinated secured notes due 2014 to 2019 | 74 | 104 | ||||||||||||
Total SEP Debt | 5,184 | 5,625 | ||||||||||||
Westcoast | ||||||||||||||
8.50% debentures due November 2015 | 108 | 118 | ||||||||||||
3.28% medium-term notes due January 2016 | 215 | 235 | ||||||||||||
8.50% debentures due September 2018 | 129 | 141 | ||||||||||||
5.60% medium-term notes due January 2019 | 258 | 282 | ||||||||||||
9.90% debentures due January 2020 | 86 | 94 | ||||||||||||
4.57% medium-term notes due July 2020 | 215 | 235 | ||||||||||||
3.88% medium-term notes due October 2021 | 129 | 142 | ||||||||||||
3.12% medium-term notes due December 2022 | 215 | 235 | ||||||||||||
3.43% medium-term notes due September 2024 | 301 | — | ||||||||||||
8.85% debentures due July 2025 | 129 | 142 | ||||||||||||
8.80% medium-term notes due November 2025 | 22 | 24 | ||||||||||||
7.30% debentures due December 2026 | 108 | 118 | ||||||||||||
6.75% medium-term notes due December 2027 | 129 | 141 | ||||||||||||
7.15% medium-term notes due March 2031 | 172 | 188 | ||||||||||||
4.79% medium-term notes due October 2041 | 129 | 141 | ||||||||||||
M&N Canada 6.90% senior secured notes due 2014 to 2019 | 112 | 147 | ||||||||||||
M&N Canada 4.34% senior secured notes due 2014 to 2019 | 83 | 120 | ||||||||||||
Other | 2 | 2 | ||||||||||||
Total Westcoast Debt | $ | 2,542 | $ | 2,505 | ||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Union Gas | (in millions) | |||||||||||||
7.90% debentures due February 2014 | $ | — | $ | 141 | ||||||||||
11.50% debentures due August 2015 | 129 | 141 | ||||||||||||
4.64% medium-term notes due June 2016 | 172 | 188 | ||||||||||||
9.70% debentures due November 2017 | 108 | 118 | ||||||||||||
5.35% medium-term notes due April 2018 | 172 | 188 | ||||||||||||
8.75% debentures due August 2018 | 108 | 118 | ||||||||||||
8.65% senior debentures due October 2018 | 64 | 72 | ||||||||||||
2.76% medium-term notes due June 2021 | 172 | — | ||||||||||||
4.85% medium-term notes due April 2022 | 108 | 118 | ||||||||||||
3.79% medium-term notes due July 2023 | 215 | 235 | ||||||||||||
8.65% debentures due November 2025 | 108 | 118 | ||||||||||||
5.46% medium-term notes due September 2036 | 142 | 155 | ||||||||||||
6.05% medium-term notes due September 2038 | 258 | 282 | ||||||||||||
5.20% medium-term notes due July 2040 | 215 | 235 | ||||||||||||
4.88% medium-term notes due June 2041 | 258 | 282 | ||||||||||||
4.20% medium-term notes due June 2044 | 215 | — | ||||||||||||
Total Union Gas Debt | 2,444 | 2,391 | ||||||||||||
Total | ||||||||||||||
Long-term debt principal (including current maturities) | 13,060 | 13,668 | ||||||||||||
Change in fair value of debt hedged | 17 | 17 | ||||||||||||
Unamortized debt discount, net | (12 | ) | (12 | ) | ||||||||||
Other unamortized items | 7 | 12 | ||||||||||||
Total other non-principal amounts | 12 | 17 | ||||||||||||
Commercial paper (a) | 1,583 | 1,032 | ||||||||||||
Capital Leases | 24 | — | ||||||||||||
Total debt (including capital lease obligations) (b) | 14,679 | 14,717 | ||||||||||||
Current maturities of long-term debt | (327 | ) | (1,197 | ) | ||||||||||
Commercial paper (c) | (1,583 | ) | (1,032 | ) | ||||||||||
Total long-term debt (including capital lease obligations) | $ | 12,769 | $ | 12,488 | ||||||||||
______ | ||||||||||||||
(a) | The weighted-average days to maturity was 14 days as of December 31, 2014 and 9 days as of December 31, 2013. | |||||||||||||
(b) | As of December 31, 2014 and 2013, respectively, $5,264 million and $5,248 million of debt was denominated in Canadian dollars. | |||||||||||||
(c) | Weighted-average rate on outstanding commercial paper was 0.6% at both December 31, 2014 and 2013. | |||||||||||||
Annual Maturities | ||||||||||||||
Annual Maturities | 31-Dec-14 | |||||||||||||
(in millions) | ||||||||||||||
2015 | $ | 327 | ||||||||||||
2016 | 713 | |||||||||||||
2017 | 563 | |||||||||||||
2018 | 2,353 | |||||||||||||
2019 | 787 | |||||||||||||
Thereafter | 8,353 | |||||||||||||
Total long-term debt, including current maturities (a) | $ | 13,096 | ||||||||||||
______ | ||||||||||||||
(a) | Excludes commercial paper of $1,583 million. Includes capital leases of $24 million and other non-principal amounts of $12 million. | |||||||||||||
Available Credit Facilities and Restrictive Debt Covenants | Available Credit Facilities and Restrictive Debt Covenants | |||||||||||||
Expiration | Total | Commercial Paper Outstanding at December 31, 2014 | Available | |||||||||||
Date | Credit | Credit | ||||||||||||
Facilities | Facilities | |||||||||||||
Capacity | Capacity | |||||||||||||
(in millions) | ||||||||||||||
Spectra Energy Capital, LLC (a) | 2019 | $ | 1,000 | $ | 398 | $ | 602 | |||||||
SEP (b) | 2019 | 2,000 | 907 | 1,093 | ||||||||||
Westcoast (c) | 2019 | 344 | 46 | 298 | ||||||||||
Union Gas (d) | 2019 | 430 | 232 | 198 | ||||||||||
Total | $ | 3,774 | $ | 1,583 | $ | 2,191 | ||||||||
______ | ||||||||||||||
(a) | Revolving credit facility contains a covenant requiring the Spectra Energy Corp consolidated debt-to-total capitalization ratio, as defined in the agreement, to not exceed 65%. Per the terms of the agreement, collateralized debt is excluded from the calculation of the ratio. This ratio was 58% at December 31, 2014. | |||||||||||||
(b) | Revolving credit facility contains a covenant that requires SEP to maintain a ratio of total Consolidated Indebtedness-to-Consolidated EBITDA, as defined in the agreement, of 5.0 to 1 or less. As of December 31, 2014, this ratio was 3.7 to 1. | |||||||||||||
(c) | U.S. dollar equivalent at December 31, 2014. The revolving credit facility is 400 million Canadian dollars and contains a covenant that requires the Westcoast non-consolidated debt-to-total capitalization ratio to not exceed 75%. The ratio was 35% at December 31, 2014. | |||||||||||||
(d) | U.S. dollar equivalent at December 31, 2014. The revolving credit facility is 500 million Canadian dollars and contains a covenant that requires the Union Gas debt-to-total capitalization ratio to not exceed 75% and a provision which requires Union Gas to repay all borrowings under the facility for a period of two days during the second quarter of each year. The ratio was 68% at December 31, 2014. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis with Fair Value Hierarchy Levels | The following presents, for each of the fair value hierarchy levels, assets and liabilities that are measured and recorded at fair value on a recurring basis: | ||||||||||||||||
Description | 31-Dec-14 | ||||||||||||||||
Consolidated Balance Sheet Caption | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in millions) | |||||||||||||||||
Corporate debt securities | Cash and cash equivalents | $ | 85 | $ | — | $ | 85 | $ | — | ||||||||
Corporate debt securities | Current assets — other | 3 | — | 3 | — | ||||||||||||
Commodity derivatives | Current assets — other | 57 | — | — | 57 | ||||||||||||
Interest rate swaps | Current assets — other | 2 | — | 2 | — | ||||||||||||
Commodity derivatives | Investments and other assets — other | 21 | — | — | 21 | ||||||||||||
Corporate debt securities | Investments and other assets — other | 20 | — | 20 | — | ||||||||||||
Interest rate swaps | Investments and other assets — other | 22 | — | 22 | — | ||||||||||||
Money market funds | Investments and other assets — other | 1 | 1 | — | — | ||||||||||||
Total Assets | $ | 211 | $ | 1 | $ | 132 | $ | 78 | |||||||||
Description | Consolidated Balance Sheet Caption | 31-Dec-13 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(in millions) | |||||||||||||||||
Corporate debt securities | Cash and cash equivalents | $ | 49 | $ | — | $ | 49 | $ | — | ||||||||
Corporate debt securities | Current assets — other | 7 | — | 7 | — | ||||||||||||
Interest rate swaps | Current assets — other | 8 | — | 8 | — | ||||||||||||
Corporate debt securities | Investments and other assets — other | 11 | — | 11 | — | ||||||||||||
Interest rate swaps | Investments and other assets — other | 15 | — | 15 | — | ||||||||||||
Money market funds | Investments and other assets — other | 1 | 1 | — | — | ||||||||||||
Total Assets | $ | 91 | $ | 1 | $ | 90 | $ | — | |||||||||
Natural gas purchase contracts | Deferred credits and other liabilities — regulatory and other | $ | 3 | $ | — | $ | — | $ | 3 | ||||||||
Interest rate swaps | Deferred credits and other liabilities — regulatory and other | 6 | — | 6 | — | ||||||||||||
Total Liabilities | $ | 9 | $ | — | $ | 6 | $ | 3 | |||||||||
Changes in Level 3 Assets and Liabilities that are Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs | The following presents changes in Level 3 assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in millions) | |||||||||||||||||
Derivative assets (liabilities) | |||||||||||||||||
Fair value, beginning of period | $ | (3 | ) | $ | (9 | ) | |||||||||||
Total gains (losses): | |||||||||||||||||
Included in earnings | 91 | (3 | ) | ||||||||||||||
Included in other comprehensive income | 5 | 8 | |||||||||||||||
Settlements | (15 | ) | 1 | ||||||||||||||
Fair value, end of period | $ | 78 | $ | (3 | ) | ||||||||||||
Total gains (losses) for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets and liabilities held at the end of the period | $ | 56 | $ | (2 | ) | ||||||||||||
Fair Value of Financial Instruments Recorded and Carried at Book Value | Our AFS securities are classified on the Consolidated Balance Sheets as follows: | ||||||||||||||||
Estimated Fair Value | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in millions) | |||||||||||||||||
Restricted funds | |||||||||||||||||
Investments and other assets—other | $ | 1 | $ | 1 | |||||||||||||
Non-restricted funds | |||||||||||||||||
Current assets—other | 3 | 7 | |||||||||||||||
Investments and other assets—other | 20 | 11 | |||||||||||||||
Total available-for-sale securities | $ | 24 | $ | 19 | |||||||||||||
The fair values of financial instruments that are recorded and carried at book value are summarized in the following table. Judgment is required in interpreting market data to develop the estimates of fair value. These estimates are not necessarily indicative of the amounts we could have realized in current markets. | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Book | Approximate | Book | Approximate | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
(in millions) | |||||||||||||||||
Note receivable, noncurrent (a) | $ | 71 | $ | 71 | $ | 71 | $ | 71 | |||||||||
Long-term debt, including current maturities (b) | 13,060 | 14,446 | 13,668 | 14,701 | |||||||||||||
__________ | |||||||||||||||||
(a) | Included within Investments in and Loans to Unconsolidated Affiliates. | ||||||||||||||||
(b) | Excludes capital leases, unamortized items and fair value hedge carrying value adjustments. |
Risk_Management_and_Hedging_Ac1
Risk Management and Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Derivative Portfolio Carrying Value | Derivative Portfolio Carrying Value as of December 31, 2014 | |||||||||||||||||||||||
Maturities | Maturities | Maturities | Maturities | Total | ||||||||||||||||||||
in 2015 | in 2016 | in 2017 | in 2018 | Carrying | ||||||||||||||||||||
and | Value | |||||||||||||||||||||||
Thereafter | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | 2 | $ | 20 | $ | 22 | ||||||||||||||
Total derivatives designated as hedging instruments | — | — | 2 | 20 | 22 | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Commodity derivatives | 57 | 19 | 2 | — | 78 | |||||||||||||||||||
Interest rate swaps | 2 | — | — | — | 2 | |||||||||||||||||||
Total derivatives not designated as hedging instruments | 59 | 19 | 2 | — | 80 | |||||||||||||||||||
Total derivative instruments | $ | 59 | $ | 19 | $ | 4 | $ | 20 | $ | 102 | ||||||||||||||
Commodity Derivative Assets and Liabilities Offsetting Table | Information about our commodity derivatives that had netting or rights of offset arrangements are as follows: | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Gross | Gross | Net Amount Presented in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||
Amounts | Amounts | |||||||||||||||||||||||
Offset | ||||||||||||||||||||||||
Description | (in millions) | |||||||||||||||||||||||
Assets | $ | 169 | $ | 91 | $ | 78 | ||||||||||||||||||
Liabilities | 91 | 91 | — | |||||||||||||||||||||
Commodity derivative impact | Information regarding the impacts of commodity derivatives on our Consolidated Statements of Operations is as follows: | |||||||||||||||||||||||
Derivatives | Consolidated Statement of Operations Caption | 2014 | 2013 | 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Commodity derivatives | Sales of natural gas liquids | $ | 93 | $ | — | $ | — | |||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Information about our interest rate swaps that had netting or rights of offset arrangements are as follows: | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross Amounts | Amounts Not | Net | Gross Amounts | Amounts Not | Net | |||||||||||||||||||
Presented in | Offset in the | Amount | Presented in | Offset in the | Amount | |||||||||||||||||||
the Consolidated | Consolidated | the Consolidated | Consolidated | |||||||||||||||||||||
Balance Sheets | Balance Sheets | Balance Sheets | Balance Sheets | |||||||||||||||||||||
Description | (in millions) | |||||||||||||||||||||||
Assets | $ | 24 | $ | — | $ | 24 | $ | 23 | $ | 3 | $ | 20 | ||||||||||||
Liabilities | — | — | — | 6 | 3 | 3 | ||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Summary of Future Minimum Lease Payments Under Operating Leases | The following is a summary of future minimum lease payments under operating leases which at inception had noncancelable terms of more than one year. We had no material capital lease commitments at December 31, 2014. | |||
Long-term | ||||
Operating | ||||
Leases | ||||
(in millions) | ||||
2015 | $ | 50 | ||
2016 | 44 | |||
2017 | 42 | |||
2018 | 36 | |||
2019 | 32 | |||
Thereafter | 148 | |||
Total future minimum lease payments | $ | 352 | ||
Effects_of_Changes_in_Noncontr1
Effects of Changes in Noncontrolling Interests Ownership (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||
Effects of Changes in Ownership Interests in Non-Wholly Owned Consolidated Subsidiaries | The following table presents the effects of changes in our ownership interests in non-100%-owned consolidated subsidiaries: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Net income — controlling interests | $ | 1,082 | $ | 1,038 | $ | 940 | ||||||
Increase in additional paid-in capital resulting from issuances of SEP units (a) | 49 | 42 | 26 | |||||||||
Total net income — controlling interests and changes in equity — controlling interests | $ | 1,131 | $ | 1,080 | $ | 966 | ||||||
________________ | ||||||||||||
(a) | See Note 2 for further discussion. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Components of Pre-Tax Stock Based Compensation Expense in Continuing Operations | We recorded pre-tax stock-based compensation expense in continuing operations as follows, the components of which are described further below: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
Phantom awards | $ | 14 | $ | 13 | $ | 12 | ||||||||
Performance awards | 13 | 33 | 17 | |||||||||||
Total | $ | 27 | $ | 46 | $ | 29 | ||||||||
Stock Awards Activity | Stock Awards Activity | |||||||||||||
Performance | Phantom Stock | |||||||||||||
Awards | Awards | |||||||||||||
Units | Weighted | Units | Weighted | |||||||||||
Average | Average | |||||||||||||
Grant | Grant | |||||||||||||
Date Fair | Date Fair | |||||||||||||
Value | Value | |||||||||||||
(thousands) | (thousands) | |||||||||||||
Outstanding at December 31, 2013 | 1,936 | $ | 38 | 1,302 | $ | 29 | ||||||||
Granted | 557 | 46 | 454 | 38 | ||||||||||
Vested | (601 | ) | 33 | (431 | ) | 26 | ||||||||
Forfeited | (117 | ) | 38 | (44 | ) | 33 | ||||||||
Outstanding at December 31, 2014 | 1,775 | 35 | 1,281 | 33 | ||||||||||
Awards expected to vest | 1,709 | 35 | 1,229 | 33 | ||||||||||
Stock Option Activity | Stock Option Activity | |||||||||||||
Options | Weighted- | Weighted- | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Life | |||||||||||||
(in thousands) | (in years) | (in millions) | ||||||||||||
Outstanding at December 31, 2013 | 1,532 | $ | 25 | 2.9 | $ | 16 | ||||||||
Exercised | (430 | ) | 25 | |||||||||||
Forfeited or expired | — | — | ||||||||||||
Outstanding at December 31, 2014 | 1,102 | 25 | 2 | 12 | ||||||||||
Exercisable at December 31, 2014 | 1,102 | 25 | 2 | 12 | ||||||||||
Performance awards | ||||||||||||||
Weighted Average Assumptions | Weighted-Average Assumptions for Stock-Based Performance Awards | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Risk-free rate of return | 0.70% | 0.40% | 0.40% | |||||||||||
Expected life | 3 years | 3 years | 3 years | |||||||||||
Expected volatility—Spectra Energy | 20% | 21% | 25% | |||||||||||
Expected volatility—peer group | 14%–32% | 13%–33% | 16%–42% | |||||||||||
Market index (a) | N/A | 16% | 20% |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation and Change in Fair Value of Plan Assets | Change in Projected Benefit Obligation and Change in Fair Value of Plan Assets | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||||||||||||||||||||
Projected benefit obligation, beginning of period | $ | 575 | $ | 610 | $ | 1,131 | $ | 1,262 | ||||||||||||||||||||||||
Transfers in | — | — | — | 6 | ||||||||||||||||||||||||||||
Service cost | 19 | 19 | 25 | 33 | ||||||||||||||||||||||||||||
Interest cost | 24 | 21 | 52 | 50 | ||||||||||||||||||||||||||||
Actuarial loss (gain) | 13 | (36 | ) | 143 | (92 | ) | ||||||||||||||||||||||||||
Participant contributions | — | — | 5 | 5 | ||||||||||||||||||||||||||||
Benefits paid | (45 | ) | (39 | ) | (49 | ) | (51 | ) | ||||||||||||||||||||||||
Foreign currency translation effect | — | — | (105 | ) | (82 | ) | ||||||||||||||||||||||||||
Projected benefit obligation, end of period | 586 | 575 | 1,202 | 1,131 | ||||||||||||||||||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||||||||||||||
Plan assets, beginning of period | 531 | 483 | 1,040 | 961 | ||||||||||||||||||||||||||||
Transfers in | — | — | — | 3 | ||||||||||||||||||||||||||||
Actual return on plan assets | 44 | 65 | 115 | 110 | ||||||||||||||||||||||||||||
Benefits paid | (45 | ) | (39 | ) | (49 | ) | (51 | ) | ||||||||||||||||||||||||
Employer contributions | 21 | 22 | 36 | 80 | ||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 5 | 5 | ||||||||||||||||||||||||||||
Expected non-investment expenses | — | — | (3 | ) | — | |||||||||||||||||||||||||||
Foreign currency translation effect | — | — | (94 | ) | (68 | ) | ||||||||||||||||||||||||||
Plan assets, end of period | 551 | 531 | 1,050 | 1,040 | ||||||||||||||||||||||||||||
Net amount recognized | $ | (35 | ) | $ | (44 | ) | $ | (152 | ) | $ | (91 | ) | ||||||||||||||||||||
Accumulated Benefit Obligation | $ | 567 | $ | 547 | $ | 1,123 | $ | 1,059 | ||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Net amount recognized | ||||||||||||||||||||||||||||||||
Current Liabilities - Other | $ | (2 | ) | $ | (2 | ) | $ | (6 | ) | $ | (6 | ) | ||||||||||||||||||||
Deferred Credits and Other Liabilities - | (33 | ) | (42 | ) | (165 | ) | (130 | ) | ||||||||||||||||||||||||
Regulatory and Other | ||||||||||||||||||||||||||||||||
Other Assets - Other | — | — | 19 | 45 | ||||||||||||||||||||||||||||
Total net amount recognized | $ | (35 | ) | $ | (44 | ) | $ | (152 | ) | $ | (91 | ) | ||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | Amounts Recognized in Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 141 | $ | 145 | $ | 345 | $ | 275 | ||||||||||||||||||||||||
Prior service cost | — | 1 | 6 | 7 | ||||||||||||||||||||||||||||
Total amount recognized in AOCI | $ | 141 | $ | 146 | $ | 351 | $ | 282 | ||||||||||||||||||||||||
Components of Net Periodic Cost | Components of Net Periodic Pension Costs | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Net Periodic Pension Cost | ||||||||||||||||||||||||||||||||
Service cost benefit earned | $ | 19 | $ | 19 | $ | 17 | $ | 29 | $ | 33 | $ | 30 | ||||||||||||||||||||
Interest cost on projected benefit obligation | 24 | 21 | 23 | 52 | 50 | 50 | ||||||||||||||||||||||||||
Expected return on plan assets | (39 | ) | (33 | ) | (33 | ) | (69 | ) | (66 | ) | (61 | ) | ||||||||||||||||||||
Amortization of prior service cost | — | — | — | 2 | 2 | 2 | ||||||||||||||||||||||||||
Amortization of loss | 13 | 20 | 15 | 22 | 35 | 36 | ||||||||||||||||||||||||||
Net periodic pension cost | 17 | 27 | 22 | 36 | 54 | 57 | ||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||||||||||||||||
Current year actuarial loss (gain) | 8 | (69 | ) | 33 | 93 | (133 | ) | 44 | ||||||||||||||||||||||||
Amortization of actuarial loss | (13 | ) | (20 | ) | (15 | ) | (22 | ) | (35 | ) | (36 | ) | ||||||||||||||||||||
Amortization of prior service credit | — | — | — | (2 | ) | (2 | ) | (2 | ) | |||||||||||||||||||||||
Total recognized in other comprehensive income | (5 | ) | (89 | ) | 18 | 69 | (170 | ) | 6 | |||||||||||||||||||||||
Total Recognized in Net Periodic Pension Cost and Other Comprehensive Income | $ | 12 | $ | (62 | ) | $ | 40 | $ | 105 | $ | (116 | ) | $ | 63 | ||||||||||||||||||
Assumptions Used for Benefits Accounting | Assumptions Used for Pension Benefits Accounting | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Benefit Obligations | ||||||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 4.31 | % | 3.55 | % | 4 | % | 4.81 | % | 4.15 | % | ||||||||||||||||||||
Salary increase | 4 | 4.61 | 4.61 | 3.25 | 3.25 | 3.25 | ||||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||
Discount rate | 4.31 | 3.55 | 4.17 | 4.81 | 4.15 | 4.3 | ||||||||||||||||||||||||||
Salary increase | 4.61 | 4.61 | 4.61 | 3.25 | 3.25 | 3.25 | ||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8 | 7.4 | 7.4 | 7.4 | 7.1 | 7.1 | ||||||||||||||||||||||||||
Assumed Health Care Cost Trend Rates | Assumed Health Care Cost Trend Rates | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 7.00% | 7.00% | 6.00% | 6.50% | ||||||||||||||||||||||||||||
Rate to which the cost trend is assumed to decline | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2019 | 2019 | 2017 | 2017 | ||||||||||||||||||||||||||||
Sensitivity to Changes in Assumed Health Care Cost Trend Rates | Sensitivity to Changes in Assumed Health Care Cost Trend Rates | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
1% Point | 1% Point | 1% Point | 1% Point | |||||||||||||||||||||||||||||
Increase | Decrease | Increase | Decrease | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Effect on total service and interest costs | $ | — | $ | — | $ | 1 | $ | (1 | ) | |||||||||||||||||||||||
Effect on post-retirement benefit obligations | 7 | (6 | ) | 9 | (7 | ) | ||||||||||||||||||||||||||
Qualified pension plans | ||||||||||||||||||||||||||||||||
Changes in Level 3 Assets That are Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following presents changes in Level 3 assets that are measured at fair value on a recurring basis using significant unobservable inputs: | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 49 | $ | 69 | $ | — | $ | 1 | ||||||||||||||||||||||||
Sales | — | (25 | ) | — | — | |||||||||||||||||||||||||||
Settlements | — | 1 | — | — | ||||||||||||||||||||||||||||
Gain (loss) included in other comprehensive income | 4 | 4 | — | (1 | ) | |||||||||||||||||||||||||||
Fair value, end of period | $ | 53 | $ | 49 | $ | — | $ | — | ||||||||||||||||||||||||
Pension Plans, Defined Benefit | Qualified pension plans | ||||||||||||||||||||||||||||||||
Target Allocation of Plan Assets | Qualified Pension Plan Assets | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
Asset Category | Target | December 31, | Target | December 31, | ||||||||||||||||||||||||||||
Allocation | 2014 | 2013 | Allocation | 2014 | 2013 | |||||||||||||||||||||||||||
U.S. equity securities | 30 | % | 31 | % | 31 | % | 17 | % | 17 | % | 18 | % | ||||||||||||||||||||
Canadian equity securities | — | — | — | 25 | 25 | 26 | ||||||||||||||||||||||||||
Other equity securities | 14 | 11 | 14 | 13 | 13 | 13 | ||||||||||||||||||||||||||
Fixed income securities | 46 | 48 | 45 | 45 | 45 | 43 | ||||||||||||||||||||||||||
Other investments | 10 | 10 | 10 | — | — | — | ||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||
Fair Value of Plan Assets | The following table summarizes the fair values of pension plan assets recorded at each fair value hierarchy level, as determined in accordance with the valuation techniques described in Note 18: | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3 | $ | 3 | $ | — | $ | — | $ | 3 | $ | 3 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 262 | 262 | — | — | 471 | 471 | — | — | ||||||||||||||||||||||||
Equity securities | 233 | 233 | — | — | 576 | 342 | 234 | — | ||||||||||||||||||||||||
Other | 53 | — | — | 53 | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 551 | $ | 498 | $ | — | $ | 53 | $ | 1,050 | $ | 816 | $ | 234 | $ | — | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | 2 | $ | — | $ | — | $ | 8 | $ | 8 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 240 | 240 | — | — | 442 | 442 | — | — | ||||||||||||||||||||||||
Equity securities | 240 | 240 | — | — | 590 | 428 | 162 | — | ||||||||||||||||||||||||
Other | 49 | — | — | 49 | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 531 | $ | 482 | $ | — | $ | 49 | $ | 1,040 | $ | 878 | $ | 162 | $ | — | ||||||||||||||||
Expected Benefit Payments | Expected Benefit Payments | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
2015 | $ | 42 | $ | 51 | ||||||||||||||||||||||||||||
2016 | 47 | 54 | ||||||||||||||||||||||||||||||
2017 | 50 | 57 | ||||||||||||||||||||||||||||||
2018 | 49 | 60 | ||||||||||||||||||||||||||||||
2019 | 53 | 63 | ||||||||||||||||||||||||||||||
2020 – 2024 | 235 | 346 | ||||||||||||||||||||||||||||||
U.S. and Canada Other Post-Retirement Benefits | ||||||||||||||||||||||||||||||||
Change in Projected Benefit Obligation and Change in Fair Value of Plan Assets | Other Post-Retirement Benefit Plans — Change in Projected Benefit Obligation and Fair Value of Plan Assets | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||
Accumulated post-retirement benefit obligation, beginning of period | $ | 184 | $ | 202 | $ | 133 | $ | 149 | ||||||||||||||||||||||||
Transfers in | — | — | — | 1 | ||||||||||||||||||||||||||||
Service cost | 1 | 1 | 4 | 5 | ||||||||||||||||||||||||||||
Interest cost | 8 | 7 | 6 | 6 | ||||||||||||||||||||||||||||
Plan participants’ contributions | 2 | 3 | — | — | ||||||||||||||||||||||||||||
Actuarial loss (gain) | (7 | ) | (13 | ) | 7 | (13 | ) | |||||||||||||||||||||||||
Medicare subsidy receivable | 2 | 2 | — | — | ||||||||||||||||||||||||||||
Benefits paid | (18 | ) | (18 | ) | (4 | ) | (5 | ) | ||||||||||||||||||||||||
Foreign currency translation effect | — | — | (13 | ) | (10 | ) | ||||||||||||||||||||||||||
Accumulated post-retirement benefit obligation, end of period | 172 | 184 | 133 | 133 | ||||||||||||||||||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||||||||||||||
Plan assets, beginning of period | 87 | 79 | — | — | ||||||||||||||||||||||||||||
Actual return on plan assets | 7 | 10 | — | — | ||||||||||||||||||||||||||||
Benefits paid | (18 | ) | (18 | ) | (4 | ) | (5 | ) | ||||||||||||||||||||||||
Employer contributions | 14 | 13 | 4 | 5 | ||||||||||||||||||||||||||||
Plan participants’ contributions | 2 | 3 | — | — | ||||||||||||||||||||||||||||
Plan assets, end of period | 92 | 87 | — | — | ||||||||||||||||||||||||||||
Net amount recognized (a) | $ | (80 | ) | $ | (97 | ) | $ | (133 | ) | $ | (133 | ) | ||||||||||||||||||||
_______ | ||||||||||||||||||||||||||||||||
(a) | Recognized primarily in Deferred Credits and Other Liabilities—Regulatory and Other in the Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | Other Post-Retirement Benefit Plans — Amounts Recognized in Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Prior service credit | $ | — | $ | — | $ | (4 | ) | $ | (5 | ) | ||||||||||||||||||||||
Net actuarial loss (gain) | (4 | ) | 6 | 12 | 6 | |||||||||||||||||||||||||||
Total amount recognized in AOCI | $ | (4 | ) | $ | 6 | $ | 8 | $ | 1 | |||||||||||||||||||||||
Components of Net Periodic Cost | ||||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Other Post-Retirement Benefit Plans — Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||
Service cost benefit earned | $ | 1 | $ | 1 | $ | 1 | $ | 4 | $ | 5 | $ | 7 | ||||||||||||||||||||
Interest cost on accumulated post-retirement benefit obligation | 8 | 7 | 8 | 6 | 6 | 7 | ||||||||||||||||||||||||||
Expected return on plan assets | (5 | ) | (4 | ) | (5 | ) | — | — | — | |||||||||||||||||||||||
Amortization of prior service credit | — | — | — | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||||||||||
Amortization of loss | 1 | 2 | 2 | — | — | 2 | ||||||||||||||||||||||||||
Net periodic other post-retirement benefit cost | 5 | 6 | 6 | 9 | 10 | 15 | ||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||||||||||||||||
Current year actuarial loss (gain) | (9 | ) | (18 | ) | 6 | 6 | (13 | ) | (26 | ) | ||||||||||||||||||||||
Amortization of actuarial loss | (1 | ) | (2 | ) | (2 | ) | — | — | (2 | ) | ||||||||||||||||||||||
Amortization of prior service credit | — | — | — | 1 | 1 | 1 | ||||||||||||||||||||||||||
Total recognized in other comprehensive income | (10 | ) | (20 | ) | 4 | 7 | (12 | ) | (27 | ) | ||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (5 | ) | $ | (14 | ) | $ | 10 | $ | 16 | $ | (2 | ) | $ | (12 | ) | ||||||||||||||||
Assumptions Used for Benefits Accounting | Other Post-Retirement Benefits Plans — Assumptions Used for Benefits Accounting | |||||||||||||||||||||||||||||||
U.S. | Canada | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Benefit Obligations | ||||||||||||||||||||||||||||||||
Discount rate | 4.08 | % | 4.46 | % | 3.7 | % | 4 | % | 4.83 | % | 4.2 | % | ||||||||||||||||||||
Salary increase | 4 | 4.61 | 4.61 | 3.25 | 3.25 | 3.25 | ||||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||
Discount rate | 4.46 | 3.7 | 4.31 | 4.83 | 4.2 | 4.33 | ||||||||||||||||||||||||||
Salary increase | 4.61 | 4.61 | 4.61 | 3.25 | 3.25 | 3.25 | ||||||||||||||||||||||||||
Expected return on plan assets | 6.98 | 6.51 | 6.54 | N/A | N/A | N/A | ||||||||||||||||||||||||||
_________ | ||||||||||||||||||||||||||||||||
Target Allocation of Plan Assets | Other Post-Retirement Plan Assets | |||||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||
Asset Category | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Equity securities | 48 | % | 49 | % | ||||||||||||||||||||||||||||
Fixed income securities | 47 | 46 | ||||||||||||||||||||||||||||||
Other assets | 5 | 5 | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||
Fair Value of Plan Assets | The asset allocation table above includes the other post-retirement benefit assets held in the master trusts, VEBA I and VEBA II. | |||||||||||||||||||||||||||||||
The following table summarizes the fair values of the other post-retirement plan asse | ||||||||||||||||||||||||||||||||
Expected Benefit Payments | The following benefit payments and subsidies are expected to be paid (or received) over each of the next five years and thereafter. | |||||||||||||||||||||||||||||||
Benefit Payments | Medicare Part D Subsidy Receipts | |||||||||||||||||||||||||||||||
U.S. | Canada | U.S. | ||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
2015 | $ | 16 | $ | 5 | $ | (2 | ) | |||||||||||||||||||||||||
2016 | 15 | 5 | (2 | ) | ||||||||||||||||||||||||||||
2017 | 15 | 5 | (1 | ) | ||||||||||||||||||||||||||||
2018 | 14 | 6 | (1 | ) | ||||||||||||||||||||||||||||
2019 | 14 | 6 | (1 | ) | ||||||||||||||||||||||||||||
2020 – 2024 | 60 | 33 | (6 | ) | ||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||
Changes in Level 3 Assets That are Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following presents changes in Level 3 assets that are measured at fair value on a recurring basis using significant unobservable inputs: | |||||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 4 | $ | 5 | ||||||||||||||||||||||||||||
Sales | — | (2 | ) | |||||||||||||||||||||||||||||
Unrealized gain included in other comprehensive income | — | 1 | ||||||||||||||||||||||||||||||
Fair value, end of period | $ | 4 | $ | 4 | ||||||||||||||||||||||||||||
Consolidating_Financial_Inform1
Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | Spectra Energy Corp | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Total operating revenues | $ | — | $ | — | $ | 5,906 | $ | (3 | ) | $ | 5,903 | |||||||||
Total operating expenses | 6 | 1 | 3,975 | (3 | ) | 3,979 | ||||||||||||||
Operating income (loss) | (6 | ) | (1 | ) | 1,931 | — | 1,924 | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 361 | — | 361 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 1,054 | 1,651 | — | (2,705 | ) | — | ||||||||||||||
Other income and expenses, net | (2 | ) | 9 | 52 | — | 59 | ||||||||||||||
Interest expense | — | 253 | 426 | — | 679 | |||||||||||||||
Earnings before income taxes | 1,046 | 1,406 | 1,918 | (2,705 | ) | 1,665 | ||||||||||||||
Income tax expense (benefit) | (36 | ) | 352 | 66 | — | 382 | ||||||||||||||
Net income | 1,082 | 1,054 | 1,852 | (2,705 | ) | 1,283 | ||||||||||||||
Net income — noncontrolling interests | — | — | 201 | — | 201 | |||||||||||||||
Net income — controlling interests | $ | 1,082 | $ | 1,054 | $ | 1,651 | $ | (2,705 | ) | $ | 1,082 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Total operating revenues | $ | — | $ | — | $ | 5,521 | $ | (3 | ) | $ | 5,518 | |||||||||
Total operating expenses | 8 | 3 | 3,844 | (3 | ) | 3,852 | ||||||||||||||
Operating income (loss) | (8 | ) | (3 | ) | 1,677 | — | 1,666 | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 445 | — | 445 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 1,015 | 1,649 | — | (2,664 | ) | — | ||||||||||||||
Other income and expenses, net | 1 | 15 | 108 | — | 124 | |||||||||||||||
Interest expense | — | 216 | 441 | — | 657 | |||||||||||||||
Earnings before income taxes | 1,008 | 1,445 | 1,789 | (2,664 | ) | 1,578 | ||||||||||||||
Income tax expense (benefit) | (30 | ) | 430 | 19 | — | 419 | ||||||||||||||
Net income | 1,038 | 1,015 | 1,770 | (2,664 | ) | 1,159 | ||||||||||||||
Net income — noncontrolling interests | — | — | 121 | — | 121 | |||||||||||||||
Net income — controlling interests | $ | 1,038 | $ | 1,015 | $ | 1,649 | $ | (2,664 | ) | $ | 1,038 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Total operating revenues | $ | — | $ | — | $ | 5,077 | $ | (2 | ) | $ | 5,075 | |||||||||
Total operating expenses | 5 | 5 | 3,492 | (2 | ) | 3,500 | ||||||||||||||
Operating income (loss) | (5 | ) | (5 | ) | 1,585 | — | 1,575 | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 382 | — | 382 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 917 | 1,377 | — | (2,294 | ) | — | ||||||||||||||
Other income and expenses, net | (2 | ) | 3 | 82 | — | 83 | ||||||||||||||
Interest expense | — | 190 | 435 | — | 625 | |||||||||||||||
Earnings from continuing operations before income taxes | 910 | 1,185 | 1,614 | (2,294 | ) | 1,415 | ||||||||||||||
Income tax expense (benefit) from continuing operations | (31 | ) | 268 | 133 | — | 370 | ||||||||||||||
Income from continuing operations | 941 | 917 | 1,481 | (2,294 | ) | 1,045 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | (1 | ) | — | 3 | — | 2 | ||||||||||||||
Net income | 940 | 917 | 1,484 | (2,294 | ) | 1,047 | ||||||||||||||
Net income — noncontrolling interests | — | — | 107 | — | 107 | |||||||||||||||
Net income — controlling interests | $ | 940 | $ | 917 | $ | 1,377 | $ | (2,294 | ) | $ | 940 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | Spectra Energy Corp | |||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Net income | $ | 1,082 | $ | 1,054 | $ | 1,852 | $ | (2,705 | ) | $ | 1,283 | |||||||||
Other comprehensive income (loss) | 9 | 1 | (596 | ) | — | (586 | ) | |||||||||||||
Total comprehensive income, net of tax | 1,091 | 1,055 | 1,256 | (2,705 | ) | 697 | ||||||||||||||
Less: comprehensive income — noncontrolling interests | — | — | 194 | — | 194 | |||||||||||||||
Comprehensive income — controlling interests | $ | 1,091 | $ | 1,055 | $ | 1,062 | $ | (2,705 | ) | $ | 503 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Net income | $ | 1,038 | $ | 1,015 | $ | 1,770 | $ | (2,664 | ) | $ | 1,159 | |||||||||
Other comprehensive income (loss) | 69 | 2 | (346 | ) | — | (275 | ) | |||||||||||||
Total comprehensive income, net of tax | 1,107 | 1,017 | 1,424 | (2,664 | ) | 884 | ||||||||||||||
Less: comprehensive income — noncontrolling interests | — | — | 114 | — | 114 | |||||||||||||||
Comprehensive income — controlling interests | $ | 1,107 | $ | 1,017 | $ | 1,310 | $ | (2,664 | ) | $ | 770 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Net income | $ | 940 | $ | 917 | $ | 1,484 | $ | (2,294 | ) | $ | 1,047 | |||||||||
Other comprehensive income (loss) | (12 | ) | 3 | 248 | — | 239 | ||||||||||||||
Total comprehensive income, net of tax | 928 | 920 | 1,732 | (2,294 | ) | 1,286 | ||||||||||||||
Less: comprehensive income — noncontrolling interests | — | — | 110 | — | 110 | |||||||||||||||
Comprehensive income — controlling interests | $ | 928 | $ | 920 | $ | 1,622 | $ | (2,294 | ) | $ | 1,176 | |||||||||
Condensed Consolidating Balance Sheet | Spectra Energy Corp | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1 | $ | 214 | $ | — | $ | 215 | ||||||||||
Receivables — consolidated subsidiaries | 18 | — | 11 | (29 | ) | — | ||||||||||||||
Receivables — other | 2 | — | 1,334 | — | 1,336 | |||||||||||||||
Other current assets | 71 | 2 | 708 | — | 781 | |||||||||||||||
Total current assets | 91 | 3 | 2,267 | (29 | ) | 2,332 | ||||||||||||||
Investments in and loans to unconsolidated affiliates | — | — | 2,966 | — | 2,966 | |||||||||||||||
Investments in consolidated subsidiaries | 14,531 | 20,562 | — | (35,093 | ) | — | ||||||||||||||
Advances receivable — consolidated subsidiaries | — | 4,683 | 898 | (5,581 | ) | — | ||||||||||||||
Notes receivable — consolidated subsidiaries | — | — | 3,198 | (3,198 | ) | — | ||||||||||||||
Goodwill | — | — | 4,714 | — | 4,714 | |||||||||||||||
Other assets | 38 | 22 | 267 | — | 327 | |||||||||||||||
Net property, plant and equipment | — | — | 22,307 | — | 22,307 | |||||||||||||||
Regulatory assets and deferred debits | 4 | 15 | 1,375 | — | 1,394 | |||||||||||||||
Total Assets | $ | 14,664 | $ | 25,285 | $ | 37,992 | $ | (43,901 | ) | $ | 34,040 | |||||||||
Accounts payable | $ | 3 | $ | — | $ | 455 | $ | — | $ | 458 | ||||||||||
Accounts payable — consolidated subsidiaries | — | 17 | 12 | (29 | ) | — | ||||||||||||||
Commercial paper | — | 398 | 1,185 | — | 1,583 | |||||||||||||||
Short-term borrowings — consolidated subsidiaries | — | 398 | — | (398 | ) | — | ||||||||||||||
Taxes accrued | 5 | — | 86 | — | 91 | |||||||||||||||
Current maturities of long-term debt | — | — | 327 | — | 327 | |||||||||||||||
Other current liabilities | 96 | 54 | 1,200 | — | 1,350 | |||||||||||||||
Total current liabilities | 104 | 867 | 3,265 | (427 | ) | 3,809 | ||||||||||||||
Long-term debt | — | 2,900 | 9,869 | — | 12,769 | |||||||||||||||
Advances payable — consolidated subsidiaries | 5,581 | — | — | (5,581 | ) | — | ||||||||||||||
Notes payable — consolidated subsidiaries | — | 2,800 | — | (2,800 | ) | — | ||||||||||||||
Deferred credits and other liabilities | 819 | 4,187 | 1,800 | — | 6,806 | |||||||||||||||
Preferred stock of subsidiaries | — | — | 258 | — | 258 | |||||||||||||||
Equity | ||||||||||||||||||||
Controlling interests | 8,160 | 14,531 | 20,562 | (35,093 | ) | 8,160 | ||||||||||||||
Noncontrolling interests | — | — | 2,238 | — | 2,238 | |||||||||||||||
Total equity | 8,160 | 14,531 | 22,800 | (35,093 | ) | 10,398 | ||||||||||||||
Total Liabilities and Equity | $ | 14,664 | $ | 25,285 | $ | 37,992 | $ | (43,901 | ) | $ | 34,040 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 12 | $ | 189 | $ | — | $ | 201 | ||||||||||
Receivables — consolidated subsidiaries | 176 | 394 | — | (570 | ) | — | ||||||||||||||
Receivables — other | 1 | — | 1,335 | — | 1,336 | |||||||||||||||
Other current assets | 40 | 15 | 489 | — | 544 | |||||||||||||||
Total current assets | 217 | 421 | 2,013 | (570 | ) | 2,081 | ||||||||||||||
Investments in and loans to unconsolidated affiliates | — | — | 3,043 | — | 3,043 | |||||||||||||||
Investments in consolidated subsidiaries | 13,244 | 19,403 | — | (32,647 | ) | — | ||||||||||||||
Advances receivable — consolidated subsidiaries | — | 4,038 | 677 | (4,715 | ) | — | ||||||||||||||
Notes receivable — consolidated subsidiaries | — | — | 3,215 | (3,215 | ) | — | ||||||||||||||
Goodwill | — | — | 4,810 | — | 4,810 | |||||||||||||||
Other assets | 39 | 30 | 316 | — | 385 | |||||||||||||||
Net property, plant and equipment | — | — | 21,829 | — | 21,829 | |||||||||||||||
Regulatory assets and deferred debits | 3 | 17 | 1,365 | — | 1,385 | |||||||||||||||
Total Assets | $ | 13,503 | $ | 23,909 | $ | 37,268 | $ | (41,147 | ) | $ | 33,533 | |||||||||
Accounts payable | $ | 4 | $ | — | $ | 436 | $ | — | $ | 440 | ||||||||||
Accounts payable — consolidated subsidiaries | 89 | — | 481 | (570 | ) | — | ||||||||||||||
Commercial paper | — | 344 | 688 | — | 1,032 | |||||||||||||||
Short-term borrowings — consolidated subsidiaries | — | 415 | — | (415 | ) | — | ||||||||||||||
Taxes accrued | 4 | — | 68 | — | 72 | |||||||||||||||
Current maturities of long-term debt | — | 557 | 640 | — | 1,197 | |||||||||||||||
Other current liabilities | 81 | 75 | 1,142 | — | 1,298 | |||||||||||||||
Total current liabilities | 178 | 1,391 | 3,455 | (985 | ) | 4,039 | ||||||||||||||
Long-term debt | — | 2,605 | 9,883 | — | 12,488 | |||||||||||||||
Advances payable — consolidated subsidiaries | 4,715 | — | — | (4,715 | ) | — | ||||||||||||||
Notes payable — consolidated subsidiaries | — | 2,800 | — | (2,800 | ) | — | ||||||||||||||
Deferred credits and other liabilities | 116 | 3,869 | 2,440 | — | 6,425 | |||||||||||||||
Preferred stock of subsidiaries | — | — | 258 | — | 258 | |||||||||||||||
Equity | ||||||||||||||||||||
Controlling interests | 8,494 | 13,244 | 19,403 | (32,647 | ) | 8,494 | ||||||||||||||
Noncontrolling interests | — | — | 1,829 | — | 1,829 | |||||||||||||||
Total equity | 8,494 | 13,244 | 21,232 | (32,647 | ) | 10,323 | ||||||||||||||
Total Liabilities and Equity | $ | 13,503 | $ | 23,909 | $ | 37,268 | $ | (41,147 | ) | $ | 33,533 | |||||||||
Condensed Consolidating Statement of Cash Flows | Spectra Energy Corp | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | 1,082 | $ | 1,054 | $ | 1,852 | $ | (2,705 | ) | $ | 1,283 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | — | 809 | — | 809 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | (361 | ) | — | (361 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | (1,054 | ) | (1,651 | ) | — | 2,705 | — | |||||||||||||
Distributions received from unconsolidated affiliates | — | — | 380 | — | 380 | |||||||||||||||
Other | 14 | 304 | (208 | ) | — | 110 | ||||||||||||||
Net cash provided by (used in) operating activities | 42 | (293 | ) | 2,472 | — | 2,221 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | — | — | (2,028 | ) | — | (2,028 | ) | |||||||||||||
Investments in and loans to unconsolidated affiliates | — | — | (259 | ) | — | (259 | ) | |||||||||||||
Purchases of held-to-maturity securities | — | — | (790 | ) | — | (790 | ) | |||||||||||||
Proceeds from sales and maturities of held-to-maturity securities | — | — | 815 | — | 815 | |||||||||||||||
Purchases of available-for-sale securities | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | — | 7 | — | 7 | |||||||||||||||
Distributions received from unconsolidated affiliates | — | — | 266 | — | 266 | |||||||||||||||
Advances from affiliates | 92 | 495 | — | (587 | ) | — | ||||||||||||||
Other changes in restricted funds | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 92 | 495 | (2,003 | ) | (587 | ) | (2,003 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | 300 | 728 | — | 1,028 | |||||||||||||||
Payments for the redemption of long-term debt | — | (557 | ) | (627 | ) | — | (1,184 | ) | ||||||||||||
Net increase in commercial paper | — | 54 | 520 | — | 574 | |||||||||||||||
Distributions to noncontrolling interests | — | — | (175 | ) | — | (175 | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | 145 | — | 145 | |||||||||||||||
Proceeds from the issuance of SEP common units | — | — | 327 | — | 327 | |||||||||||||||
Dividends paid on common stock | (925 | ) | — | — | — | (925 | ) | |||||||||||||
Distributions and advances from (to) affiliates | 777 | (10 | ) | (1,354 | ) | 587 | — | |||||||||||||
Other | 14 | — | (3 | ) | — | 11 | ||||||||||||||
Net cash used in financing activities | (134 | ) | (213 | ) | (439 | ) | 587 | (199 | ) | |||||||||||
Effect of exchange rate changes on cash | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (11 | ) | 25 | — | 14 | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 12 | 189 | — | 201 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 1 | $ | 214 | $ | — | $ | 215 | ||||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital (a) | Subsidiaries (a) | ||||||||||||||||||
Corp | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | 1,038 | $ | 1,015 | $ | 1,770 | $ | (2,664 | ) | $ | 1,159 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | — | 787 | — | 787 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | (445 | ) | — | (445 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | (1,015 | ) | (1,649 | ) | — | 2,664 | — | |||||||||||||
Distributions received from unconsolidated affiliates | — | — | 324 | — | 324 | |||||||||||||||
Other | (2 | ) | 478 | (271 | ) | — | 205 | |||||||||||||
Net cash provided by (used in) operating activities | 21 | (156 | ) | 2,165 | — | 2,030 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | — | — | (1,947 | ) | — | (1,947 | ) | |||||||||||||
Investments in and loans to unconsolidated affiliates | — | — | (312 | ) | — | (312 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (1,254 | ) | — | (1,254 | ) | |||||||||||||
Purchases of held-to-maturity securities | — | — | (985 | ) | — | (985 | ) | |||||||||||||
Proceeds from sales and maturities of held-to-maturity securities | — | — | 1,023 | — | 1,023 | |||||||||||||||
Purchases of available-for-sale securities | — | — | (5,878 | ) | — | (5,878 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | — | 6,024 | — | 6,024 | |||||||||||||||
Distributions received from unconsolidated affiliates | — | — | 87 | — | 87 | |||||||||||||||
Advances to affiliates | (75 | ) | (1,856 | ) | — | 1,931 | — | |||||||||||||
Loan to unconsolidated affiliate | — | — | (71 | ) | — | (71 | ) | |||||||||||||
Repayment of loan to unconsolidated affiliate | — | 71 | — | — | 71 | |||||||||||||||
Other changes in restricted funds | — | — | 2 | — | 2 | |||||||||||||||
Other | — | — | 4 | — | 4 | |||||||||||||||
Net cash used in investing activities | (75 | ) | (1,785 | ) | (3,307 | ) | 1,931 | (3,236 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | 1,848 | 2,524 | — | 4,372 | |||||||||||||||
Payments for the redemption of long-term debt | — | (1,944 | ) | (195 | ) | — | (2,139 | ) | ||||||||||||
Net decrease in commercial paper | — | (170 | ) | (36 | ) | — | (206 | ) | ||||||||||||
Net increase in short-term borrowings – consolidated subsidiaries | — | (497 | ) | — | 497 | — | ||||||||||||||
Distributions to noncontrolling interests | — | — | (144 | ) | — | (144 | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | 23 | — | 23 | |||||||||||||||
Proceeds from the issuance of SEP common units | — | — | 214 | — | 214 | |||||||||||||||
Dividends paid on common stock | (821 | ) | — | — | — | (821 | ) | |||||||||||||
Distributions and advances from (to) affiliates | 847 | 2,718 | (1,137 | ) | (2,428 | ) | — | |||||||||||||
Other | 28 | (5 | ) | (6 | ) | — | 17 | |||||||||||||
Net cash provided by financing activities | 54 | 1,950 | 1,243 | (1,931 | ) | 1,316 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Net increase in cash and cash equivalents | — | 9 | 98 | — | 107 | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 3 | 91 | — | 94 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 12 | $ | 189 | $ | — | $ | 201 | ||||||||||
____________ | ||||||||||||||||||||
(a) | Excludes the effects of $3,869 million of non-cash equitizations of advances receivable owed to Spectra Capital. | |||||||||||||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | (a) | (a) | ||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | 940 | $ | 917 | $ | 1,484 | $ | (2,294 | ) | $ | 1,047 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | — | 760 | — | 760 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | (382 | ) | — | (382 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | (917 | ) | (1,377 | ) | — | 2,294 | — | |||||||||||||
Distributions received from unconsolidated affiliates | — | — | 307 | — | 307 | |||||||||||||||
Other | (86 | ) | 246 | 46 | — | 206 | ||||||||||||||
Net cash provided by (used in) operating activities | (63 | ) | (214 | ) | 2,215 | — | 1,938 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | — | — | (2,025 | ) | — | (2,025 | ) | |||||||||||||
Investments in and loans to unconsolidated affiliates | — | — | (520 | ) | — | (520 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (30 | ) | — | (30 | ) | |||||||||||||
Purchases of held-to-maturity securities | — | — | (2,671 | ) | — | (2,671 | ) | |||||||||||||
Proceeds from sales and maturities of held-to-maturity securities | — | — | 2,578 | — | 2,578 | |||||||||||||||
Purchases of available-for-sale securities | — | — | (644 | ) | — | (644 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | — | 514 | — | 514 | |||||||||||||||
Distributions received from unconsolidated affiliates | — | — | 17 | — | 17 | |||||||||||||||
Advances from (to) affiliates | (163 | ) | (335 | ) | 888 | (390 | ) | — | ||||||||||||
Other changes in restricted funds | — | — | 93 | — | 93 | |||||||||||||||
Other | — | — | 14 | — | 14 | |||||||||||||||
Net cash used in investing activities | (163 | ) | (335 | ) | (1,786 | ) | (390 | ) | (2,674 | ) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | — | 1,301 | — | 1,301 | |||||||||||||||
Payments for the redemption of long-term debt | — | — | (525 | ) | — | (525 | ) | |||||||||||||
Net increase (decrease) in commercial paper | — | (238 | ) | 437 | — | 199 | ||||||||||||||
Net increase in short-term borrowings - consolidated subsidiaries | — | 322 | — | (322 | ) | — | ||||||||||||||
Distributions to noncontrolling interests | — | — | (120 | ) | — | (120 | ) | |||||||||||||
Proceeds from the issuance of Spectra Energy common stock | 382 | — | — | — | 382 | |||||||||||||||
Proceeds from the issuance of SEP common units | — | — | 145 | — | 145 | |||||||||||||||
Dividends paid on common stock | (753 | ) | — | — | — | (753 | ) | |||||||||||||
Distributions and advances from (to) affiliates | 564 | 466 | (1,742 | ) | 712 | — | ||||||||||||||
Other | 33 | — | (8 | ) | — | 25 | ||||||||||||||
Net cash provided by (used in) financing activities | 226 | 550 | (512 | ) | 390 | 654 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | 2 | — | 2 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 1 | (81 | ) | — | (80 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 2 | 172 | — | 174 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 3 | $ | 91 | $ | — | $ | 94 | ||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Financial Data | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Operating revenues | $ | 1,843 | $ | 1,253 | $ | 1,207 | $ | 1,600 | $ | 5,903 | ||||||||||
Operating income | 639 | 338 | 382 | 565 | 1,924 | |||||||||||||||
Net income | 467 | 188 | 254 | 374 | 1,283 | |||||||||||||||
Net income — controlling interests | 419 | 146 | 201 | 316 | 1,082 | |||||||||||||||
Earnings per share (a) | ||||||||||||||||||||
Basic | 0.63 | 0.22 | 0.3 | 0.47 | 1.61 | |||||||||||||||
Diluted | 0.62 | 0.22 | 0.3 | 0.47 | 1.61 | |||||||||||||||
2013 | ||||||||||||||||||||
Operating revenues | $ | 1,589 | $ | 1,220 | $ | 1,144 | $ | 1,565 | $ | 5,518 | ||||||||||
Operating income | 506 | 354 | 333 | 473 | 1,666 | |||||||||||||||
Net income | 370 | 226 | 292 | 271 | 1,159 | |||||||||||||||
Net income — controlling interests | 340 | 199 | 263 | 236 | 1,038 | |||||||||||||||
Earnings per share (a) | ||||||||||||||||||||
Basic | 0.51 | 0.3 | 0.39 | 0.35 | 1.55 | |||||||||||||||
Diluted | 0.51 | 0.3 | 0.39 | 0.35 | 1.55 | |||||||||||||||
___________ | ||||||||||||||||||||
(a) | Quarterly earnings-per-share amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding. |
Summary_of_Operations_and_Sign2
Summary of Operations and Significant Accounting Policies (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Accounting Policies [Line Items] | |||
Percentage of consolidated revenues by customer | There were no customers accounting for 10% or more of consolidated revenues during 2014, 2013 or 2012. | There were no customers accounting for 10% or more of consolidated revenues during 2014, 2013 or 2012. | There were no customers accounting for 10% or more of consolidated revenues during 2014, 2013 or 2012. |
Allowance for funds used during construction | $72 | $155 | $131 |
Equity component of allowance for funds used during construction | 53 | 105 | 85 |
Interest expense component of allowance for funds used during construction | 19 | 50 | 46 |
Receivables, net | 1,336 | 1,336 | |
Other | 1,169 | 1,097 | |
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Revolving credit facility, terms | 90 days | ||
Natural Gas Imbalances | |||
Significant Accounting Policies [Line Items] | |||
Receivables, net | 642 | 606 | |
Other | 634 | 575 | |
Other Expense | |||
Significant Accounting Policies [Line Items] | |||
Foreign currency transaction gains (losses) | $3 | $1 | ($3) |
DCP Midstream, LLC | |||
Significant Accounting Policies [Line Items] | |||
Percentage of ownership | 50.00% |
Spectra_Energy_Partners_LP_Add
Spectra Energy Partners, LP - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Nov. 01, 2013 | Apr. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 03, 2014 | Oct. 31, 2012 | Aug. 31, 2013 | Nov. 30, 2013 | Aug. 05, 2013 | Nov. 30, 2015 |
Related Party Transaction [Line Items] | |||||||||||
Proceeds from Issuance or Sale of Equity | $190 | ||||||||||
Proceeds from the issuance of Spectra Energy Partners common units | 327 | 214 | 145 | ||||||||
Equity interest issued (in shares) | 167,600,000 | ||||||||||
General partner units issued (in shares) | 3,400,000 | ||||||||||
Payments to Acquire Businesses, Gross | 2,300 | ||||||||||
Spectra Energy Partners | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Proceeds from Issuance or Sale of Equity | 193 | ||||||||||
Spectra Energy Partners, LP | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Partners' Capital Account, Units, Sale of Units | 6,400,000 | 600,000 | |||||||||
Proceeds from Issuance or Sale of Equity | 327 | 24 | 148 | ||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Non-current Liabilities Long Term Debt Including Current Portion | 2,400 | ||||||||||
Percentage of ownership interests | 82.00% | ||||||||||
Partners' Capital Account, Sale of Units | 733 | 29 | |||||||||
Partners Capital Account Sale Of Units Net Of Tax | -458 | -16 | |||||||||
Noncontrolling Interest, Period Increase (Decrease) | 733 | 29 | |||||||||
General Partner | Spectra Energy Partners, LP | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Partners' Capital Account, Units, Sale of Units | 100,000 | 100,000 | |||||||||
Percentage of ownership interests | 2.00% | ||||||||||
Limited Partner | Spectra Energy Partners, LP | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Partners' Capital Account, Units, Sale of Units | 5,200,000 | 5,500,000 | |||||||||
Steckman Ridge LP | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Business Acquisition, Percentage of Voting Interests NOT acquired | 1.00% | ||||||||||
Spectra Energy Partners, LP | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity interest issued (in shares) | 4,300,000 | ||||||||||
General partner units issued (in shares) | 86,000 | ||||||||||
Subsidiaries | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 60.00% | ||||||||||
Southeast Supply Header | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Business Acquisition, Percentage of Voting Interests NOT acquired | 25.05% | ||||||||||
Spectra Energy Partners, LP | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Maintained | 2.00% | ||||||||||
Spectra Energy Partners, LP | Steckman Ridge, LP | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 1.00% | ||||||||||
Spectra Energy Partners, LP | Southeast Supply Header | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 24.95% | ||||||||||
Scenario, Forecast | Spectra Energy Partners, LP | Southeast Supply Header | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Not Acquired | 0.10% | ||||||||||
At Least Twelve Months after the U.S. Assets Dropdown [Member] | Spectra Energy Partners, LP | Bobcat | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 100.00% | ||||||||||
At Least Twelve Months after the U.S. Assets Dropdown [Member] | Spectra Energy Partners, LP | Texas Eastern | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 100.00% | ||||||||||
At Least Twelve Months after the U.S. Assets Dropdown [Member] | Spectra Energy Partners, LP | Southeast Supply Header | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 50.00% | ||||||||||
At Least Twelve Months after the U.S. Assets Dropdown [Member] | Spectra Energy Partners, LP | Algonquin | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 100.00% | ||||||||||
At Least Twelve Months after the U.S. Assets Dropdown [Member] | Spectra Energy Partners, LP | Maritimes Northeast Pipeline Llc | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 38.77% | ||||||||||
At Least Twelve Months after the U.S. Assets Dropdown [Member] | Spectra Energy Partners, LP | Sand Hills and Southern Hills | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 33.30% | ||||||||||
At Least Twelve Months after the U.S. Assets Dropdown [Member] | Spectra Energy Partners, LP | Gulfstream | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 1.00% | ||||||||||
At Least Twelve Months after the U.S. Assets Dropdown [Member] | Spectra Energy Partners, LP | Market Hub Partners Holdings | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 50.00% | ||||||||||
At Least Twelve Months after the U.S. Assets Dropdown [Member] | Spectra Energy Partners, LP | Steckman Ridge LP | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 50.00% | ||||||||||
At Least Twelve Months after the U.S. Assets Dropdown [Member] | United States | Spectra Energy Partners, LP | Express Platte Pipeline System | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 60.00% | ||||||||||
Maritimes Northeast Pipeline Llc | Spectra Energy Partners, LP | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Business Combination, Consideration Transferred | 375 | ||||||||||
Percentage of Voting Rights Contributed | 38.76% | ||||||||||
Payments to Acquire Businesses, Gross | 319 | ||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 56 | ||||||||||
Express Platte Pipeline System | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity interest issued (in shares) | 7,200,000 | ||||||||||
Partners' Capital Account, Sale of Units | 84 | ||||||||||
Express Platte Pipeline System | Spectra Energy Partners | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Noncontrolling Interest, Period Increase (Decrease) | 84 | ||||||||||
Express Platte Pipeline System | Spectra Energy Partners, LP | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Payments to Acquire Businesses, Gross | 410 | ||||||||||
Express Platte Pipeline System | Subsidiaries | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Partners Capital Account Sale Of Units Net Of Tax | -53 | ||||||||||
Express Platte Pipeline System | United States | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Voting Rights Contributed | 40.00% | ||||||||||
Express Platte Pipeline System | Canada | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of voting rights sold | 100.00% | ||||||||||
Additional Paid-in Capital | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Partners' Capital Account, Sale of Units | 42 | 54 | |||||||||
Partners Capital Account Sale Of Units Net Of Tax | 38 | 26 | 34 | ||||||||
Additional Paid-in Capital | Spectra Energy Partners | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Partners' Capital Account, Sale of Units | 61 | ||||||||||
Noncontrolling Interests | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 128 | 108 | |||||||||
Noncontrolling Interest, Period Increase (Decrease) | -54 | ||||||||||
Maximum | Spectra Energy Partners, LP | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Proceeds from Issuance or Sale of Equity | $400 |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 01, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 14, 2013 | Mar. 31, 2013 | Nov. 30, 2012 | Mar. 31, 2014 |
Business Acquisition [Line Items] | ||||||||
Acquisitions, net of cash acquired | $0 | $1,254 | $30 | |||||
Goodwill | 4,714 | 4,810 | 4,513 | |||||
Cash purchase price | 2,300 | |||||||
Express Platte | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of ownership interests acquired | 100.00% | |||||||
Business combination, consideration transferred | 1,500 | |||||||
Acquisitions, net of cash acquired | 1,254 | |||||||
Long-term debt acquired | 260 | |||||||
Property, plant and equipment | 1,251 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 9 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 259 | |||||||
Goodwill | 523 | |||||||
Cash purchase price | 1,250 | |||||||
Sand Hills and Southern Hills | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of ownership interests acquired | 33.00% | |||||||
Cash purchase price | 459 | 459 | ||||||
Subsidiary Issuer | United States | Express Platte | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of Voting Rights Contributed | 100.00% | |||||||
Subsidiary Issuer | Canada | Express Platte | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of voting rights sold | 100.00% | |||||||
Change in Approximate Fair Value | Express Platte | ||||||||
Business Acquisition [Line Items] | ||||||||
Property, plant and equipment | 60 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 1 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 24 | |||||||
Goodwill | $37 |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions - Summary of Fair Values of Assets and Liabilities Acquired (Detail) (USD $) | 0 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 01, 2013 | Mar. 14, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||
Cash purchase price | $2,300 | ||||
Goodwill | 4,714 | 4,810 | 4,513 | ||
Express-Platte | |||||
Business Acquisition [Line Items] | |||||
Cash purchase price | 1,250 | ||||
Working capital and other purchase adjustments | 71 | ||||
Total | 1,321 | ||||
Cash | 67 | ||||
Receivables | 25 | ||||
Other current assets | 9 | ||||
Property, plant and equipment | 1,251 | ||||
Accounts payable | -18 | ||||
Other current liabilities | -17 | ||||
Deferred credits and other liabilities | -259 | ||||
Long-term debt, including current portion | -260 | ||||
Total assets acquired/liabilities assumed | 798 | ||||
Goodwill | $523 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
reportable_segments | |
DCP Midstream, LLC | DCP Midstream Partners, LP | |
Segment Reporting Information [Line Items] | |
Percentage of ownership interests | 22.00% |
Total Reportable Segments | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 4 |
Spectra Energy Corp | DCP Midstream, LLC | |
Segment Reporting Information [Line Items] | |
Percentage of ownership interests | 50.00% |
Phillips 66 | DCP Midstream, LLC | |
Segment Reporting Information [Line Items] | |
Percentage of ownership interests | 50.00% |
Business_Segment_Data_Detail
Business Segment Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | $1,600 | $1,207 | $1,253 | $1,843 | $1,565 | $1,144 | $1,220 | $1,589 | $5,903 | [1] | $5,518 | [1] | $5,075 | [1] |
Depreciation and Amortization | 796 | [1] | 772 | [1] | 746 | [1] | ||||||||
Capital and Investment Expenditures | 2,287 | [2],[3] | 2,259 | [2],[3] | 2,545 | [2],[3] | ||||||||
Assets | 34,040 | 33,533 | 34,040 | 33,533 | 30,587 | |||||||||
Interest expense | 679 | 657 | 625 | |||||||||||
Earnings From Continuing Operations Before Income Taxes | 1,665 | [1] | 1,578 | [1] | 1,415 | [1] | ||||||||
Unaffiliated Revenues | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 5,903 | 5,518 | 5,075 | |||||||||||
Intersegment Revenues | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 0 | 0 | 0 | |||||||||||
Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Depreciation and Amortization | 796 | [1] | 772 | [1] | 746 | [1] | ||||||||
Interest expense | 679 | [1] | 657 | [1] | 625 | [1] | ||||||||
Interest income and other | 6 | [1] | 7 | [1] | 3 | [1] | ||||||||
Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | -183 | [1] | -134 | [1] | -113 | [1] | ||||||||
Assets | -58 | -499 | -58 | -499 | -539 | |||||||||
Spectra Energy Partners | Unaffiliated Revenues | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 2,269 | 1,964 | 1,754 | |||||||||||
Spectra Energy Partners | Intersegment Revenues | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 0 | 1 | 0 | |||||||||||
Spectra Energy Partners | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 2,269 | [1] | 1,965 | [1] | 1,754 | [1] | ||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 1,669 | [1] | 1,433 | [1] | 1,259 | [1] | ||||||||
Depreciation and Amortization | 290 | [1] | 263 | [1] | 232 | [1] | ||||||||
Capital and Investment Expenditures | 1,241 | [2],[3] | 1,299 | [2],[3] | 1,443 | [2],[3] | ||||||||
Assets | 17,865 | 16,800 | 17,865 | 16,800 | 13,856 | |||||||||
Distribution | Unaffiliated Revenues | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 1,843 | 1,848 | 1,666 | |||||||||||
Distribution | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 1,843 | [1] | 1,848 | [1] | 1,666 | [1] | ||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 552 | [1] | 574 | [1] | 587 | [1] | ||||||||
Depreciation and Amortization | 192 | [1] | 199 | [1] | 213 | [1] | ||||||||
Capital and Investment Expenditures | 427 | [2],[3] | 357 | [2],[3] | 276 | [2],[3] | ||||||||
Assets | 6,064 | 6,009 | 6,064 | 6,009 | 5,842 | |||||||||
Western Canada Transmission & Processing | Unaffiliated Revenues | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 1,781 | 1,694 | 1,645 | |||||||||||
Western Canada Transmission & Processing | Intersegment Revenues | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 121 | 73 | 34 | |||||||||||
Western Canada Transmission & Processing | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 1,902 | [1] | 1,767 | [1] | 1,679 | [1] | ||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 754 | [1] | 736 | [1] | 694 | [1] | ||||||||
Depreciation and Amortization | 271 | [1] | 272 | [1] | 245 | [1] | ||||||||
Capital and Investment Expenditures | 473 | [2],[3] | 561 | [2],[3] | 760 | [2],[3] | ||||||||
Assets | 6,916 | 7,160 | 6,916 | 7,160 | 7,226 | |||||||||
Field Services | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 217 | [1] | 343 | [1] | 279 | [1] | ||||||||
Assets | 1,345 | 1,365 | 1,345 | 1,365 | 1,235 | |||||||||
Total Reportable Segments | Unaffiliated Revenues | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 5,893 | 5,506 | 5,065 | |||||||||||
Total Reportable Segments | Intersegment Revenues | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 121 | 74 | 34 | |||||||||||
Total Reportable Segments | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 6,014 | [1] | 5,580 | [1] | 5,099 | [1] | ||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 3,192 | [1] | 3,086 | [1] | 2,819 | [1] | ||||||||
Depreciation and Amortization | 753 | [1] | 734 | [1] | 690 | [1] | ||||||||
Capital and Investment Expenditures | 2,141 | [2],[3] | 2,217 | [2],[3] | 2,479 | [2],[3] | ||||||||
Assets | 32,190 | 31,334 | 32,190 | 31,334 | 28,159 | |||||||||
Other | Unaffiliated Revenues | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 10 | 12 | 10 | |||||||||||
Other | Intersegment Revenues | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 62 | 60 | 79 | |||||||||||
Other | Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 72 | [1] | 72 | [1] | 89 | [1] | ||||||||
Earnings Before Interest Taxes Depreciation And Amortization | -58 | [1] | -86 | [1] | -36 | [1] | ||||||||
Depreciation and Amortization | 43 | [1] | 38 | [1] | 56 | [1] | ||||||||
Capital and Investment Expenditures | 146 | [2],[3] | 42 | [2],[3] | 66 | [2],[3] | ||||||||
Assets | $1,908 | $2,698 | $1,908 | $2,698 | $2,967 | |||||||||
[1] | Excludes amounts associated with entities included in discontinued operations. | |||||||||||||
[2] | Excludes a $71 million loan to an unconsolidated affiliate in 2013 at Spectra Energy Partners. | |||||||||||||
[3] | Excludes the $1,254 million cash outlay for the acquisition of Express-Platte in March 2013 and $30 million paid in 2012 for amounts previously withheld from the purchase price consideration of the acquisition of Bobcat in 2010, all part of Spectra Energy Partners. |
Business_Segment_Data_Notes_De
Business Segment Data (Notes) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ||||
Purchase price | $0 | $1,254 | $30 | |
Unconsolidated affiliates | Spectra Energy Partners, LP | ||||
Segment Reporting Information [Line Items] | ||||
Loan receivable including accrued interest | 71 | |||
Spectra Energy Partners | Express-Platte | ||||
Segment Reporting Information [Line Items] | ||||
Purchase price | 1,254 | |||
Spectra Energy Partners | Bobcat | ||||
Segment Reporting Information [Line Items] | ||||
Purchase price | $30 |
Business_Segments_Geographic_D
Business Segments - Geographic Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Consolidated revenues | $1,600 | $1,207 | $1,253 | $1,843 | $1,565 | $1,144 | $1,220 | $1,589 | $5,903 | [1] | $5,518 | [1] | $5,075 | [1] |
Consolidated long-lived assets | 28,591 | 28,257 | 28,591 | 28,257 | 25,827 | |||||||||
United States | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Consolidated revenues | 2,212 | 1,926 | 1,762 | [2] | ||||||||||
Consolidated long-lived assets | 15,859 | 14,993 | 15,859 | 14,993 | 10,952 | |||||||||
Canada | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Consolidated revenues | 3,691 | 3,592 | 3,313 | [2] | ||||||||||
Consolidated long-lived assets | $12,732 | $13,264 | $12,732 | $13,264 | $14,875 | |||||||||
[1] | Excludes amounts associated with entities included in discontinued operations. | |||||||||||||
[2] | Excludes revenues associated with businesses included in discontinued operations. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Assets | $1,494 | [1],[2] | $1,376 | [1],[2] |
Regulatory Liabilities | 430 | [2] | 510 | [2] |
Removal Costs | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Liabilities | 326 | [2],[3],[4],[5] | 359 | [2],[3],[4],[5] |
FT-RAM optimization | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Liabilities | 0 | [2],[6] | 31 | [2],[6] |
Regulatory Liability Recovery/Refund Period Ends | 2014 | |||
Gas Purchase Costs | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Liabilities | 0 | [2],[6],[7] | 7 | [2],[6],[7] |
Regulatory Liability Recovery/Refund Period Ends | 2014 | |||
Pipeline Rate Credit | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Liabilities | 25 | [2],[4],[8] | 27 | [2],[4],[8] |
Over-recovery of Fuel Costs | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Liabilities | 0 | [2],[6],[7] | 35 | [2],[6],[7] |
Regulatory Liability Recovery/Refund Period Ends | 2014 | |||
Other | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Liabilities | 79 | [2],[3],[9] | 51 | [2],[3],[9] |
Net Regulatory Asset Related to Income Taxes | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Assets | 1,271 | [1],[10],[2],[3],[8] | 1,224 | [1],[10],[2],[3],[8] |
Project Development Costs | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Assets | 10 | [1],[2] | 14 | [1],[2] |
Regulatory Asset Recovery/Refund Period Ends | 2036 | |||
Vacation Accrual | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Assets | 22 | [1],[11],[2] | 21 | [1],[11],[2] |
Deferred Debt Expense/Premium | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Assets | 31 | [1],[2],[3],[8] | 32 | [1],[2],[3],[8] |
Under-recovery of Fuel Costs (Included in Other Current Assets) | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Assets | 44 | [1],[12],[13],[2] | 28 | [1],[12],[13],[2] |
Regulatory Asset Recovery/Refund Period Ends | 2015 | |||
Gas Purchase Costs Asset [Domain] | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Assets | 57 | [1],[12],[2],[7] | ||
Regulatory Asset Recovery/Refund Period Ends | 2015 | |||
Other Assets | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory Assets | $59 | [1],[2],[9] | $57 | [1],[2],[9] |
[1] | Included in Regulatory Assets and Deferred Debits unless otherwise noted. | |||
[2] | All regulatory assets and liabilities are excluded from rate base unless otherwise noted. | |||
[3] | All or a portion of the balance is included in rate base. | |||
[4] | Included in Deferred Credits and Other Liabilities — Regulatory and Other. | |||
[5] | Liability is extinguished as the associated assets are retired. | |||
[6] | Included in Other Current Liabilities. | |||
[7] | Includes certain costs which are settled in cash annually through transportation rates in accordance with FERC and/or OEB gas tariffs. | |||
[8] | Recovery/refund is over the life of the associated asset or liability. | |||
[9] | The majority of this balance has a recovery period of less than one year. The recovery/refund period for the remainder is currently unknown. | |||
[10] | All amounts are expected to be included in future rate filings. | |||
[11] | Recoverable in future periods. | |||
[12] | Included in Other Current Assets. | |||
[13] | Amounts settled in cash annually through transportation rates in accordance with FERC gas tariffs. |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jun. 30, 2014 | |||
Regulatory Matters [Line Items] | ||||||||
Regulatory assets | $1,494 | [1],[2] | $1,376 | [1],[2] | ||||
Regulatory liabilities | 430 | [2] | 510 | [2] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 1,665 | [3] | 1,578 | [3] | 1,415 | [3] | ||
Transportation, storage and processing of natural gas | 3,291 | 3,128 | 3,149 | |||||
Sales of natural gas liquids | 497 | 440 | 401 | |||||
Other Revenue, Net | 230 | 149 | 159 | |||||
Union Gas Limited | Deferred Income Tax Assets/Liabilities | ||||||||
Regulatory Matters [Line Items] | ||||||||
Regulatory assets | 303 | 308 | ||||||
Union Gas Limited | Customer Receipts | ||||||||
Regulatory Matters [Line Items] | ||||||||
Regulatory assets | 57 | |||||||
BC Pipeline and BC Field Services | Deferred Income Tax Assets/Liabilities | ||||||||
Regulatory Matters [Line Items] | ||||||||
Regulatory assets | 795 | 774 | ||||||
Regulatory asset recovery period, minimum | 20 years | |||||||
Regulatory assets recovery period, maximum | 30 years | |||||||
Removal Costs | ||||||||
Regulatory Matters [Line Items] | ||||||||
Regulatory liabilities | 326 | [2],[4],[5],[6] | 359 | [2],[4],[5],[6] | ||||
Removal Costs | Union Gas Limited | ||||||||
Regulatory Matters [Line Items] | ||||||||
Regulatory liabilities | 322 | 354 | ||||||
Customer Receipts | Union Gas Limited | ||||||||
Regulatory Matters [Line Items] | ||||||||
Regulatory liabilities | 7 | |||||||
Accounts payable | Union Gas Limited | ||||||||
Regulatory Matters [Line Items] | ||||||||
Public Utilities, Description of Specific Regulatory Liabilities | 19 | |||||||
Accounts Receivable [Member] | Union Gas Limited | ||||||||
Regulatory Matters [Line Items] | ||||||||
Public Utilities, Description of Specific Regulatory Liabilities | 9 | |||||||
Unfavorable Regulatory Action [Member] | Union Gas Limited | ||||||||
Regulatory Matters [Line Items] | ||||||||
Sales of natural gas liquids | 15 | |||||||
Other Revenue, Net | 7 | |||||||
Favorable Regulatory Action [Member] | Union Gas Limited | ||||||||
Regulatory Matters [Line Items] | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 10 | 7 | ||||||
Transportation, storage and processing of natural gas | $32 | |||||||
[1] | Included in Regulatory Assets and Deferred Debits unless otherwise noted. | |||||||
[2] | All regulatory assets and liabilities are excluded from rate base unless otherwise noted. | |||||||
[3] | Excludes amounts associated with entities included in discontinued operations. | |||||||
[4] | Liability is extinguished as the associated assets are retired. | |||||||
[5] | Included in Deferred Credits and Other Liabilities — Regulatory and Other. | |||||||
[6] | All or a portion of the balance is included in rate base. |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense Components (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current income taxes | |||
Federal | $1 | ($32) | $102 |
State | 3 | 4 | 5 |
Foreign | -10 | 26 | 52 |
Total current income taxes | -6 | -2 | 159 |
Deferred income taxes | |||
Federal | 335 | 353 | 174 |
State | -17 | 69 | 33 |
Foreign | 70 | -1 | 4 |
Total deferred income taxes | 388 | 421 | 211 |
Income tax expense from continuing operations | 382 | 419 | 370 |
Income tax expense from discontinued operations | 0 | 0 | 2 |
Total income tax expense | $382 | $419 | $372 |
Income_Taxes_Earnings_from_Con
Income Taxes - Earnings from Continuing Operations before Income Taxes (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Tax Disclosure [Abstract] | ||||||
Domestic | $1,108 | $1,059 | $912 | |||
Foreign | 557 | 519 | 503 | |||
Earnings From Continuing Operations Before Income Taxes | $1,665 | [1] | $1,578 | [1] | $1,415 | [1] |
[1] | Excludes amounts associated with entities included in discontinued operations. |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax Expense at U.S. Federal Statutory Tax Rate to Actual Income Tax Expense from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Income tax expense, computed at the statutory rate of 35% | $583 | $552 | $495 |
State income tax, net of federal income tax effect | 25 | 20 | 19 |
Tax differential on foreign earnings | -125 | -147 | -110 |
Noncontrolling interests | -70 | -42 | -37 |
Valuation allowance | 2 | -3 | 1 |
Revaluation of accumulated deferred state income taxes | -25 | 31 | 0 |
Other items, net | -8 | 8 | 2 |
Income tax expense from continuing operations | $382 | $419 | $370 |
Effective tax rate | 22.90% | 26.60% | 26.10% |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Income Tax Expense at U.S. Federal Statutory Tax Rate to Actual Income Tax Expense from Continuing Operations (notes) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense, statutory rate | 35.00% | 35.00% | 35.00% |
Income_Taxes_Net_Deferred_Inco
Income Taxes - Net Deferred Income Tax Liability Components (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Deferred credits and other liabilities | $225 | $242 |
Other | 211 | 291 |
Total deferred income tax assets | 436 | 533 |
Valuation allowance | -29 | -29 |
Net deferred income tax assets | 407 | 504 |
Investments and other assets | -1,531 | -1,004 |
Accelerated depreciation rates | -3,875 | -4,092 |
Regulatory assets and deferred debits | -426 | -383 |
Total deferred income tax liabilities | -5,832 | -5,479 |
Total net deferred income tax liabilities | ($5,425) | ($4,975) |
Income_Taxes_Deferred_Tax_Amou
Income Taxes - Deferred Tax Amounts Classified in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Other current assets | $0 | $9 |
Other current liabilities | -20 | -16 |
Deferred credits and other liabilities | -5,405 | -4,968 |
Total net deferred income tax liabilities | ($5,425) | ($4,975) |
Income_Taxes_Reconciliation_of2
Income Taxes - Reconciliation of Gross Unrecognized Income Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $76 | $80 | $76 |
Increases related to prior year tax positions | 10 | 7 | 5 |
Decreases related to prior year tax positions | -6 | -17 | 0 |
Increases related to current year tax positions | 1 | 2 | 2 |
Settlements | 0 | -3 | -2 |
Lapse of statute of limitations | -30 | 9 | -2 |
Foreign currency translation | -1 | -2 | 1 |
Balance at end of period | $50 | $76 | $80 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits | $50,000,000 | $76,000,000 | $80,000,000 | $76,000,000 |
Unrecognized tax benefits that would reduce the annual effective tax rate if recognized in next fiscal year | 33,000,000 | |||
Net decrease in gross uncertain tax benefits | 26,000,000 | |||
Uncertain tax benefits, deferred tax liabilities and foreign currency exchange rate fluctuations | 27,000,000 | |||
Uncertain tax benefits, increase in income tax expense | 1,000,000 | |||
Interest income related to unrecognized tax benefits | 2,000,000 | 4,000,000 | ||
Accrued interest and penalties | 19,000,000 | 21,000,000 | ||
Significant (Increase) Decrease in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 15,000,000 | |||
Significant (Increase) Decrease in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 20,000,000 | |||
Undistributed earnings of foreign subsidiaries | 1,800,000,000 | |||
United States | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforward | 379,000,000 | |||
Deferred tax asset attributable to state net operating loss and credit carryovers | 133,000,000 | |||
Valuation allowance against deferred tax asset attributable to state net operating loss and credit carryovers | 9,000,000 | |||
United States | Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Subject to examination income tax return fillings, date | 2007 | |||
United States | Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Subject to examination income tax return fillings, date | 2013 | |||
Federal | Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards, expiration date | 2021 | |||
State | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforward | 299,000,000 | |||
Deferred tax asset attributable to state net operating loss and credit carryovers | 15,000,000 | |||
Valuation allowance against deferred tax asset attributable to state net operating loss and credit carryovers | 7,000,000 | |||
Foreign Country | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforward | 40,000,000 | |||
Deferred tax asset attributable to state net operating loss and credit carryovers | 10,000,000 | |||
Capital loss carryforward | 151,000,000 | |||
Capital loss carryforward, expiration date | indefinite | |||
Deferred tax asset attributable to foreign capital loss carryforward | 20,000,000 | |||
Valuation allowance against deferred tax asset related to foreign capital loss carryforward | $20,000,000 | $22,000,000 | ||
Foreign Country | Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards, expiration date | 2015 | |||
Canada | Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Subject to examination income tax return fillings, date | 2009 | |||
Canada | Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Subject to examination income tax return fillings, date | 2013 |
Discontinued_Operations_Result
Discontinued Operations - Results Classified as Income from Discontinued Operations, Net of Tax in Consolidated Statements of Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Operating revenues | $99 | ||
Pre-tax earnings | 4 | ||
Income tax expense | 0 | 0 | 2 |
Income from discontinued operations, net of tax | $0 | $0 | $2 |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of options and stock awards not included in the calculation of diluted EPS (in shares) | 0 | 0 | 1,000,000 |
Earnings_per_Common_Share_Basi
Earnings per Common Share - Basic and Diluted Eps Calculations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||
Basic (in usd per share) | $0.47 | [1] | $0.30 | [1] | $0.22 | [1] | $0.63 | [1] | $0.35 | [1] | $0.39 | [1] | $0.30 | [1] | $0.51 | [1] | $1.61 | [1] | $1.55 | [1] | $1.44 |
Diluted (in usd per share) | $0.47 | [1] | $0.30 | [1] | $0.22 | [1] | $0.62 | [1] | $0.35 | [1] | $0.39 | [1] | $0.30 | [1] | $0.51 | [1] | $1.61 | [1] | $1.55 | [1] | $1.43 |
Income from continuing operations, net of tax - controlling interests | $1,082 | $1,038 | $938 | ||||||||||||||||||
Income from discontinued operations, net of tax - controlling interests | 0 | 0 | 2 | ||||||||||||||||||
Net Income — Controlling Interests | $316 | $201 | $146 | $419 | $236 | $263 | $199 | $340 | $1,082 | $1,038 | $940 | ||||||||||
Weighted average common shares, outstanding | |||||||||||||||||||||
Basic (in shares) | 671 | 669 | 653 | ||||||||||||||||||
Diluted (in shares) | 672 | 671 | 656 | ||||||||||||||||||
[1] | Quarterly earnings-per-share amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at beginning of period | $1,241 | $1,509 |
Reclassified to net income | 5 | 7 |
Other AOCI activity | -584 | -275 |
Balance at end of period | 662 | 1,241 |
Foreign Currency Translation Adjustments | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at beginning of period | 1,557 | 2,044 |
Reclassified to net income | 0 | 0 |
Other AOCI activity | -541 | -487 |
Balance at end of period | 1,016 | 1,557 |
Pension and Post-retirement Benefit Plan Obligations | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at beginning of period | -304 | -507 |
Reclassified to net income | 0 | 0 |
Other AOCI activity | -47 | 203 |
Balance at end of period | -351 | -304 |
Gas Purchase Contract Hedges | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at beginning of period | -11 | -23 |
Reclassified to net income | 4 | 6 |
Other AOCI activity | 4 | 6 |
Balance at end of period | -3 | -11 |
Other | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at beginning of period | -1 | -5 |
Reclassified to net income | 1 | 1 |
Other AOCI activity | 0 | 3 |
Balance at end of period | $0 | ($1) |
Inventory_Components_of_Invent
Inventory - Components of Inventory (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Natural gas | $211 | $155 |
NGLs | 28 | 30 |
Materials and supplies | 74 | 78 |
Total inventory | $313 | $263 |
Inventory_Additional_Informati
Inventory - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventories [Line Items] | |||
Natural gas and petroleum products purchased | $1,219 | $1,139 | $1,037 |
Western Canada Transmission & Processing | Empress Operations | |||
Inventories [Line Items] | |||
Natural gas and petroleum products purchased | 19 | ||
Natural gas and petroleum products purchased, net of tax | $14 |
Investments_in_and_Loans_to_Un2
Investments in and Loans to Unconsolidated Affiliates and Related Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 01, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | ||
Schedule of Equity Method Investments [Line Items] | |||||||
Distributions from equity investments | $646 | $411 | $324 | ||||
Cumulative undistributed earnings of unconsolidated affiliates | 482 | 507 | |||||
Equity in earnings of unconsolidated affiliates | 361 | 445 | 382 | ||||
Revenues associated with a propane sales agreement with an affiliate of DCP Midstream | 99 | ||||||
Transportation, storage and processing of natural gas | 3,291 | 3,128 | 3,149 | ||||
Sales of natural gas liquids | 497 | 440 | 401 | ||||
Distributions received from unconsolidated affiliates | 380 | 324 | 307 | ||||
Cash purchase price | 2,300 | ||||||
Recoveries of costs from affiliates | 38 | 68 | 70 | ||||
Outstanding receivables from affiliates | 1 | 23 | |||||
Spectra Energy Capital, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | [1] | 0 | [2] | ||
Distributions received from unconsolidated affiliates | 0 | 0 | [1] | 0 | [2] | ||
Sand Hills and Southern Hills | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership | 33.33% | ||||||
Cash purchase price | 459 | 459 | |||||
Steckman Ridge LP | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Interest income on loan | 1 | 1 | 1 | ||||
Steckman Ridge LP | Maximum | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loan receivable due date | 1-Oct-23 | ||||||
Steckman Ridge LP | Spectra Energy Partners, LP | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loan receivable including accrued interest | 71 | ||||||
Steckman Ridge LP | Spectra Energy Capital, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loan receivable including accrued interest | 71 | ||||||
DCP Midstream, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership | 50.00% | ||||||
Equity in earnings of unconsolidated affiliates | 73 | 98 | 36 | ||||
Other operating revenue | 79 | 48 | 53 | ||||
Revenues associated with a propane sales agreement with an affiliate of DCP Midstream | 99 | ||||||
Transportation, storage and processing of natural gas | 9 | 9 | 12 | ||||
Sales of natural gas liquids | 7 | 8 | 14 | ||||
Accounts receivable from DCP Midstream and its affiliates | 1 | 1 | |||||
Distributions received from unconsolidated affiliates | 237 | 215 | 203 | ||||
Spectra Energy Partners | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity in earnings of unconsolidated affiliates | 133 | 90 | 89 | ||||
Spectra Energy Partners | Gulfstream | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership | 41.00% | ||||||
Spectra Energy Partners | Southeast Supply Header | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership | 41.00% | ||||||
Spectra Energy Partners | Steckman Ridge LP | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership | 41.00% | ||||||
Other Segment | Southeast Supply Header | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership | 0.10% | ||||||
Field Services | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity in earnings of unconsolidated affiliates | $217 | $343 | $279 | ||||
Field Services | Sand Hills and Southern Hills | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership | 4.00% | ||||||
Field Services | Spectra Energy Partners | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership | 27.00% | ||||||
[1] | Excludes the effects of $3,869 million of non-cash equitizations of advances receivable owed to Spectra Capital. | ||||||
[2] | Excludes the effects of $1,207 million of non-cash equitizations of advances receivable owed to Spectra Capital. |
Investments_in_and_Loans_to_Un3
Investments in and Loans to Unconsolidated Affiliates and Related Party Transactions - Investments in and Loans to Unconsolidated Affiliates (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | $2,966 | $3,043 |
Domestic | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 2,934 | 2,961 |
International | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 32 | 82 |
Spectra Energy Partners | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 1,588 | 1,396 |
Spectra Energy Partners | Domestic | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 1,588 | 1,396 |
Spectra Energy Partners | International | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 0 | 0 |
Distribution | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 14 | 16 |
Distribution | Domestic | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 0 | 0 |
Distribution | International | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 14 | 16 |
Western Canada Transmission & Processing | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 18 | 66 |
Western Canada Transmission & Processing | Domestic | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 0 | 0 |
Western Canada Transmission & Processing | International | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 18 | 66 |
Field Services | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 1,345 | 1,365 |
Field Services | Domestic | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 1,345 | 1,365 |
Field Services | International | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 0 | 0 |
Other | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 1 | 200 |
Other | Domestic | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | 1 | 200 |
Other | International | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and loans to unconsolidated affiliates | $0 | $0 |
Investments_in_and_Loans_to_Un4
Investments in and Loans to Unconsolidated Affiliates and Related Party Transactions - Equity in Earnings of Unconsolidated Affiliates (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | $361 | $445 | $382 |
Spectra Energy Partners | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 133 | 90 | 89 |
Distribution | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 1 | 1 | 0 |
Western Canada Transmission & Processing | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 1 | -1 | 1 |
Field Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 217 | 343 | 279 |
Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 9 | 12 | 13 |
Domestic | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 359 | 445 | 381 |
Domestic | Spectra Energy Partners | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 133 | 90 | 89 |
Domestic | Distribution | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 |
Domestic | Western Canada Transmission & Processing | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 |
Domestic | Field Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 217 | 343 | 279 |
Domestic | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 9 | 12 | 13 |
International | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 2 | 0 | 1 |
International | Spectra Energy Partners | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 |
International | Distribution | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 1 | 1 | 0 |
International | Western Canada Transmission & Processing | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 1 | -1 | 1 |
International | Field Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 |
International | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | $0 | $0 | $0 |
Investments_in_and_Loans_to_Un5
Investments in and Loans to Unconsolidated Affiliates and Related Party Transactions - Summarized Statements of Operations of Unconsolidated Affiliates Presented at 100 Percent (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Related Party Transaction [Line Items] | ||||||||||||||
Operating revenues | $1,600 | $1,207 | $1,253 | $1,843 | $1,565 | $1,144 | $1,220 | $1,589 | $5,903 | [1] | $5,518 | [1] | $5,075 | [1] |
Operating expenses | 3,979 | 3,852 | 3,500 | |||||||||||
Operating Income | 565 | 382 | 338 | 639 | 473 | 333 | 354 | 506 | 1,924 | 1,666 | 1,575 | |||
Net income | 374 | 254 | 188 | 467 | 271 | 292 | 226 | 370 | 1,283 | 1,159 | 1,047 | |||
Net income attributable to members' interests | 316 | 201 | 146 | 419 | 236 | 263 | 199 | 340 | 1,082 | 1,038 | 940 | |||
Unconsolidated affiliates | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Operating revenues | 14,757 | 12,596 | 10,682 | |||||||||||
Operating expenses | 13,581 | 11,491 | 9,644 | |||||||||||
Operating Income | 1,176 | 1,105 | 1,038 | |||||||||||
Net income | 868 | 790 | 786 | |||||||||||
Net income attributable to members' interests | 620 | 697 | 689 | |||||||||||
Unconsolidated affiliates | DCP Midstream, LLC | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Operating revenues | 14,013 | 12,038 | 10,171 | |||||||||||
Operating expenses | 13,262 | 11,230 | 9,427 | |||||||||||
Operating Income | 751 | 808 | 744 | |||||||||||
Net income | 536 | 584 | 583 | |||||||||||
Net income attributable to members' interests | 288 | 491 | 486 | |||||||||||
Unconsolidated affiliates | Other | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Operating revenues | 744 | 558 | 511 | |||||||||||
Operating expenses | 319 | 261 | 217 | |||||||||||
Operating Income | 425 | 297 | 294 | |||||||||||
Net income | 332 | 206 | 203 | |||||||||||
Net income attributable to members' interests | $332 | $206 | $203 | |||||||||||
[1] | Excludes amounts associated with entities included in discontinued operations. |
Investments_in_and_Loans_to_Un6
Investments in and Loans to Unconsolidated Affiliates and Related Party Transactions - Summarized Balance Sheets of Unconsolidated Affiliates Presented at 100 Percent (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Related Party Transaction [Line Items] | ||||
Current assets | $2,332 | $2,081 | ||
Current liabilities | -3,809 | -4,039 | ||
Total equity | 10,398 | 10,323 | 9,843 | 8,896 |
Equity - noncontrolling interests | -2,238 | -1,829 | ||
Equity — controlling interests | 8,160 | 8,494 | ||
Unconsolidated affiliates | ||||
Related Party Transaction [Line Items] | ||||
Current assets | 1,621 | 1,911 | ||
Non-current assets | 17,657 | 16,506 | ||
Current liabilities | -3,570 | -3,257 | ||
Non-current liabilities | -6,735 | -6,888 | ||
Total equity | 8,973 | 8,272 | ||
Equity - noncontrolling interests | -2,578 | -1,725 | ||
Equity — controlling interests | 6,395 | 6,547 | ||
Unconsolidated affiliates | DCP Midstream, LLC | ||||
Related Party Transaction [Line Items] | ||||
Current assets | 1,380 | 1,663 | ||
Non-current assets | 12,299 | 11,058 | ||
Current liabilities | -2,938 | -3,114 | ||
Non-current liabilities | -5,538 | -5,218 | ||
Total equity | 5,203 | 4,389 | ||
Equity - noncontrolling interests | -2,578 | -1,725 | ||
Equity — controlling interests | 2,625 | 2,664 | ||
Unconsolidated affiliates | Other | ||||
Related Party Transaction [Line Items] | ||||
Current assets | 241 | 248 | ||
Non-current assets | 5,358 | 5,448 | ||
Current liabilities | -632 | -143 | ||
Non-current liabilities | -1,197 | -1,670 | ||
Total equity | 3,770 | 3,883 | ||
Equity - noncontrolling interests | 0 | 0 | ||
Equity — controlling interests | $3,770 | $3,883 |
Goodwill_Components_and_Activi
Goodwill - Components and Activity within Goodwill (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 14, 2013 |
Goodwill [Roll Forward] | |||
Beginning balance | $4,810 | $4,513 | |
Acquisition of Express-Platte | 37 | 486 | |
Foreign currency translation | -133 | -189 | |
Ending balance | 4,714 | 4,810 | |
Spectra Energy Partners | |||
Goodwill [Roll Forward] | |||
Beginning balance | 3,215 | 2,814 | |
Foreign currency translation | -8 | -85 | |
Ending balance | 3,244 | 3,215 | |
Distribution | |||
Goodwill [Roll Forward] | |||
Beginning balance | 824 | 878 | |
Foreign currency translation | -65 | -54 | |
Ending balance | 759 | 824 | |
Western Canada Transmission & Processing | |||
Goodwill [Roll Forward] | |||
Beginning balance | 771 | 821 | |
Foreign currency translation | -60 | -50 | |
Ending balance | 711 | 771 | |
Express Platte | |||
Goodwill [Roll Forward] | |||
Beginning balance | 523 | ||
Ending balance | 523 | ||
Express Platte | Spectra Energy Partners | |||
Goodwill [Roll Forward] | |||
Acquisition of Express-Platte | 37 | 486 | |
Express Platte | Distribution | |||
Goodwill [Roll Forward] | |||
Acquisition of Express-Platte | 0 | 0 | |
Express Platte | Western Canada Transmission & Processing | |||
Goodwill [Roll Forward] | |||
Acquisition of Express-Platte | $0 | $0 |
Goodwill_Amounts_Originating_f
Goodwill - Amounts Originating from Acquisition of Westcoast Energy Inc. (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Goodwill [Line Items] | |||
Goodwill | $4,714 | $4,810 | $4,513 |
Distribution | |||
Goodwill [Line Items] | |||
Goodwill | 759 | 824 | 878 |
Western Canada Transmission & Processing | |||
Goodwill [Line Items] | |||
Goodwill | 711 | 771 | 821 |
Westcoast Energy Inc. | Distribution | |||
Goodwill [Line Items] | |||
Goodwill | 757 | 821 | |
Westcoast Energy Inc. | Western Canada Transmission & Processing | |||
Goodwill [Line Items] | |||
Goodwill | $677 | $736 |
Marketable_Securities_and_Rest2
Marketable Securities and Restricted Funds - Estimated Fair Values of Available for Sale Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available-for-sale securities | $24 | $19 |
Corporate Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available-for-sale securities | 23 | 18 |
Money Market Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available-for-sale securities | $1 | $1 |
Marketable_Securities_and_Rest3
Marketable Securities and Restricted Funds - Restricted and Nonrestricted AFS Securities by Balance Sheet Classification Table Text (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available-for-sale securities | $24 | $19 |
Investments and Other Assets - Other | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments and other assets—other | 1 | 1 |
Investments and other assets—other | 20 | 11 |
Current Assets - Other | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Current assets—other | $3 | $7 |
Estimated_Fair_Values_of_Held_
- Estimated Fair Values of Held to Maturity Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total held-to-maturity securities | $172 | $213 |
Current Assets - Other | Bankers Acceptance | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total held-to-maturity securities | 38 | 35 |
Current Assets - Other | Canadian Government Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total held-to-maturity securities | 30 | 34 |
Current Assets - Other | Money Market Funds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total held-to-maturity securities | 3 | 3 |
Investments and Other Assets - Other | Bankers Acceptance | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total held-to-maturity securities | 0 | 10 |
Investments and Other Assets - Other | Canadian Government Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total held-to-maturity securities | $101 | $131 |
Marketable_Securities_and_Rest4
Marketable Securities and Restricted Funds - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gain (Loss) on Investments [Line Items] | |||
Proceeds from the issuance of long-term debt | $1,028 | $4,372 | $1,301 |
Spectra Energy Partners, LP | |||
Gain (Loss) on Investments [Line Items] | |||
Proceeds from the issuance of long-term debt | 1,900 | ||
M&N Canada 6.90% senior secured notes due 2014 to 2019 | Maritimes & Northeast Pipeline Limited Partnership | |||
Gain (Loss) on Investments [Line Items] | |||
Debt instrument, interest rate, stated percentage | 6.90% | ||
Current Assets - Other | |||
Gain (Loss) on Investments [Line Items] | |||
Restricted funds | 13 | 19 | |
Investments and Other Assets - Other | |||
Gain (Loss) on Investments [Line Items] | |||
Restricted funds | 6 | ||
Other Income | |||
Gain (Loss) on Investments [Line Items] | |||
Interest income | $4 | $6 | $6 |
Maximum | Available-for-sale Securities | |||
Gain (Loss) on Investments [Line Items] | |||
Other restricted available for sale securities, current | 2 years | ||
Maximum | Held-to-maturity Securities | |||
Gain (Loss) on Investments [Line Items] | |||
Other restricted available for sale securities, current | 1 year |
Property_Plant_and_Equipment_D
Property Plant and Equipment (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 29,211 | $28,456 |
Total accumulated depreciation | -6,543 | -6,258 |
Total accumulated amortization | -361 | -369 |
Net property, plant and equipment | 22,307 | 21,829 |
Plant | Natural Gas Transmission | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 15,001 | 14,491 |
Plant | Natural Gas Transmission | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 15 years | |
Plant | Natural Gas Transmission | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 100 years | |
Plant | Natural Gas Distribution | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 2,971 | 3,076 |
Plant | Natural Gas Distribution | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 25 years | |
Plant | Natural Gas Distribution | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 60 years | |
Plant | Gathering and Processing Facilities | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 4,765 | 4,848 |
Plant | Gathering and Processing Facilities | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 25 years | |
Plant | Gathering and Processing Facilities | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 40 years | |
Plant | Natural Gas Storage | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 2,162 | 2,113 |
Plant | Natural Gas Storage | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Plant | Natural Gas Storage | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 122 years | |
Plant | Crude Oil Transportation and Storage | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,169 | 1,243 |
Plant | Crude Oil Transportation and Storage | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 30 years | |
Plant | Crude Oil Transportation and Storage | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 75 years | |
Plant | Land Rights and Rights of Way | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 568 | 562 |
Plant | Land Rights and Rights of Way | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 21 years | |
Plant | Land Rights and Rights of Way | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 122 years | |
Plant | Other Buildings and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 132 | 134 |
Plant | Other Buildings and Improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Plant | Other Buildings and Improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 50 years | |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 343 | 341 |
Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 40 years | |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 114 | 115 |
Vehicles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Vehicles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 20 years | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 150 | 128 |
Construction in Process | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,113 | 630 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 387 | 438 |
Software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 4 years | |
Software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 336 | $337 |
Other | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Other | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 82 years |
Property_Plant_and_Equipment_E
Property, Plant and Equipment - Estimated Amortization Expense for Next Five Years (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Estimated Amortization Expense | |
2015 | $80 |
2016 | 68 |
2017 | 57 |
2018 | 44 |
2019 | $34 |
Property_Plant_And_Equipment_A
Property, Plant And Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Percentage of public utilities property plant and equipment regulated with estimated useful lives based on rates approved by regulatory authorities | 85.00% | ||
Composite weighted-average depreciation rates | 2.82% | 2.96% | 3.14% |
Amortization expense of intangible assets | $74 | $65 | $81 |
Reconciliation_of_Changes_in_A
Reconciliation of Changes in Asset Retirement Obligation Liabilities (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Balance at beginning of year | $350 | [1] | $188 | |
Accretion expense | 16 | 9 | ||
Revisions in estimated cash flows | 72 | [2] | 172 | [2] |
Foreign currency exchange impact | -28 | -12 | ||
Liabilities settled | -10 | -7 | ||
Balance at end of year | $400 | [1] | $350 | [1] |
[1] | Amounts included in Deferred Credits and Other Liabilities in the Consolidated Balance Sheets. | |||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmVlZDAxNDIxYzllMzRkYThhMjhkNDRlNWRhYTk4Y2Q4fFRleHRTZWxlY3Rpb246NkJBNkRGOEY5NTYxMjEyREY4NjQyQjVERUIxRDUyODYM} |
Asset_Retirement_Obligations_A
Asset Retirement Obligations - Additional Information (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Reconciliation Of Changes In Asset Retirement Obligations [Line Items] | ||||
Asset retirement obligation, revision of estimate | $72 | [1] | $172 | [1] |
Western Canada Transmission & Processing | ||||
Reconciliation Of Changes In Asset Retirement Obligations [Line Items] | ||||
Asset retirement obligation, revision of estimate | $44 | [1] | ||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmVlZDAxNDIxYzllMzRkYThhMjhkNDRlNWRhYTk4Y2Q4fFRleHRTZWxlY3Rpb246NkJBNkRGOEY5NTYxMjEyREY4NjQyQjVERUIxRDUyODYM} |
Debt_and_Credit_Facilities_Sum
Debt and Credit Facilities - Summary of Debt and Related Terms (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ||||
Long-term debt principal (including current maturities) | $13,060 | $13,668 | ||
Change in fair value of debt hedged | 17 | 17 | ||
Unamortized debt discount, net | -12 | -12 | ||
Other unamortized items | 7 | 12 | ||
Total other non-principal amounts | 12 | 17 | ||
Commercial paper | 1,583 | [1],[2] | 1,032 | [1],[2] |
Capital Leases | 24 | 0 | ||
Total debt (including capital lease obligations) | 14,679 | [3] | 14,717 | [3] |
Current maturities of long-term debt | -327 | -1,197 | ||
Total long-term debt (including capital lease obligations) | 12,769 | 12,488 | ||
Secured debt | 379 | |||
Spectra Energy Capital, LLC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt principal (including current maturities) | 2,890 | 3,147 | ||
Commercial paper | 398 | 344 | ||
Spectra Energy Capital, LLC | 5.50% senior unsecured notes due March 2014 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 0 | 149 | ||
Spectra Energy Capital, LLC | 5.67% senior unsecured notes due August 2014 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 0 | 408 | ||
Spectra Energy Capital, LLC | 6.20% senior unsecured notes due April 2018 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 500 | 500 | ||
Spectra Energy Capital, LLC | 6.75% senior unsecured notes due July 2018 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 150 | 150 | ||
Spectra Energy Capital, LLC | Variable-rate senior unsecured term loan due November 2018 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 300 | 0 | ||
Spectra Energy Capital, LLC | 8.00% senior unsecured notes due October 2019 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 500 | 500 | ||
Spectra Energy Capital, LLC | 5.65% senior unsecured notes due March 2020 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 300 | 300 | ||
Spectra Energy Capital, LLC | 3.30% senior unsecured notes due March 2023 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 650 | 650 | ||
Spectra Energy Capital, LLC | 6.75% senior unsecured notes due February 2032 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 240 | 240 | ||
Spectra Energy Capital, LLC | 7.50% senior unsecured notes due September 2038 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 250 | 250 | ||
SEP | ||||
Debt Instrument [Line Items] | ||||
Long-term debt principal (including current maturities) | 5,184 | 5,625 | ||
SEP | SEP 2.95% senior unsecured notes due June 2016 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 250 | 250 | ||
SEP | SEP 2.95% senior unsecured notes due September 2018 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 500 | 500 | ||
SEP | SEP Variable-rate senior unsecured term loan due November 2018 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 400 | 400 | ||
SEP | SEP 4.60% senior unsecured notes due June 2021 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 250 | 250 | ||
SEP | SEP 4.75% senior unsecured notes due March 2024 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 1,000 | 1,000 | ||
SEP | SEP 5.95% senior unsecured notes due September 2043 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 400 | 400 | ||
Texas Eastern | Texas Eastern 6.00% senior unsecured notes due September 2017 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 400 | 400 | ||
Texas Eastern | Texas Eastern 4.13% senior unsecured notes due December 2020 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 300 | 300 | ||
Texas Eastern | Texas Eastern 2.80% senior unsecured notes due October 2022 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 500 | 500 | ||
Texas Eastern | Texas Eastern 7.00% senior unsecured notes due July 2032 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 450 | 450 | ||
Algonquin | Algonquin 3.51% senior notes due July 2024 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 350 | 350 | ||
East Tennessee Natural Gas, LLC | East Tennessee Natural Gas, LLC 3.10% senior notes due December 2024 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 200 | 200 | ||
M&N US | M&N U.S. 7.50% senior notes due May 2014 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 0 | 411 | ||
Express-Platte | Express-Platte 6.09% senior secured notes due January 2020 | ||||
Debt Instrument [Line Items] | ||||
Secured debt | 110 | 110 | ||
Express-Platte | Express-Platte 7.39% subordinated secured notes due 2014 to 2019 | ||||
Debt Instrument [Line Items] | ||||
Secured debt | 74 | 104 | ||
Westcoast | ||||
Debt Instrument [Line Items] | ||||
Long-term debt principal (including current maturities) | 2,542 | 2,505 | ||
Westcoast | 8.50% debentures due November 2015 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 108 | 118 | ||
Westcoast | 3.28% medium-term notes due January 2016 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 215 | 235 | ||
Westcoast | 8.50% debentures due September 2018 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 129 | 141 | ||
Westcoast | 5.60% medium-term notes due January 2019 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 258 | 282 | ||
Westcoast | 9.90% debentures due January 2020 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 86 | 94 | ||
Westcoast | 4.57% medium-term notes due July 2020 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 215 | 235 | ||
Westcoast | 3.88% medium-term notes due October 2021 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 129 | 142 | ||
Westcoast | 3.12% medium-term notes due December 2022 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 215 | 235 | ||
Westcoast | 3.43% medium-term notes due September 2024 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 301 | 0 | ||
Westcoast | 8.85% debentures due July 2025 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 129 | 142 | ||
Westcoast | 8.80% medium-term notes due November 2025 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 22 | 24 | ||
Westcoast | 7.30% debentures due December 2026 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 108 | 118 | ||
Westcoast | 6.75% medium-term notes due December 2027 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 129 | 141 | ||
Westcoast | 7.15% medium-term notes due March 2031 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 172 | 188 | ||
Westcoast | 4.79% medium-term notes due October 2041 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 129 | 141 | ||
Westcoast | Other | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 2 | 2 | ||
M&N Canada | M&N Canada 6.90% senior secured notes due 2014 to 2019 | ||||
Debt Instrument [Line Items] | ||||
Secured debt | 112 | 147 | ||
M&N Canada | M&N Canada 4.34% senior secured notes due 2014 to 2019 | ||||
Debt Instrument [Line Items] | ||||
Secured debt | 83 | 120 | ||
Union Gas | ||||
Debt Instrument [Line Items] | ||||
Long-term debt principal (including current maturities) | 2,444 | 2,391 | ||
Union Gas | 7.90% debentures due February 2014 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 0 | 141 | ||
Union Gas | 11.50% debentures due August 2015 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 129 | 141 | ||
Union Gas | 4.64% medium-term notes due June 2016 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 172 | 188 | ||
Union Gas | 9.70% debentures due November 2017 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 108 | 118 | ||
Union Gas | 5.35% medium-term notes due April 2018 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 172 | 188 | ||
Union Gas | 8.75% debentures due August 2018 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 108 | 118 | ||
Union Gas | 8.65% senior debentures due October 2018 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 64 | 72 | ||
Union Gas | 2.76% medium-term notes due June 2021 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 172 | 0 | ||
Union Gas | 4.85% medium-term notes due April 2022 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 108 | 118 | ||
Union Gas | 3.79% medium-term notes due July 2023 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 215 | 235 | ||
Union Gas | 8.65% debentures due November 2025 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 108 | 118 | ||
Union Gas | 5.46% medium-term notes due September 2036 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 142 | 155 | ||
Union Gas | 6.05% medium-term notes due September 2038 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 258 | 282 | ||
Union Gas | 5.20% medium-term notes due July 2040 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 215 | 235 | ||
Union Gas | 4.88% medium-term notes due June 2041 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 258 | 282 | ||
Union Gas | 4.20% medium-term notes due June 2044 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | $215 | $0 | ||
[1] | The weighted-average days to maturity was 14 days as of December 31, 2014 and 9 days as of December 31, 2013. | |||
[2] | Weighted-average rate on outstanding commercial paper was 0.6% at both December 31, 2014 and 2013. | |||
[3] | As of December 31, 2014 and 2013, respectively, $5,264 million and $5,248 million of debt was denominated in Canadian dollars. |
Debt_and_Credit_Facilities_Sum1
Debt and Credit Facilities - Summary of Debt and Related Terms (Notes) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Commercial paper weighted average life period | 14 days | 9 days |
Short-term debt, weighted average interest rate | 0.60% | 0.60% |
Canadian Dollars Denominated | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,264 | 5,248 |
Spectra Energy Capital, LLC | 5.50% senior unsecured notes due March 2014 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 0 | 149 |
Debt instrument, interest rate, stated percentage | 5.50% | |
Debt instrument, maturity date, description | Mar-14 | |
Spectra Energy Capital, LLC | 5.67% senior unsecured notes due August 2014 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 0 | 408 |
Debt instrument, interest rate, stated percentage | 5.67% | |
Debt instrument, maturity date, description | Aug-14 | |
Spectra Energy Capital, LLC | 6.20% senior unsecured notes due April 2018 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 500 | 500 |
Debt instrument, interest rate, stated percentage | 6.20% | |
Debt instrument, maturity date, description | Apr-18 | |
Spectra Energy Capital, LLC | 6.75% senior unsecured notes due July 2018 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 150 | 150 |
Debt instrument, interest rate, stated percentage | 6.75% | |
Debt instrument, maturity date, description | Jul-18 | |
Spectra Energy Capital, LLC | Variable-rate senior unsecured term loan due November 2018 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 300 | 0 |
Debt instrument, maturity date, description | Nov-18 | |
Spectra Energy Capital, LLC | 8.00% senior unsecured notes due October 2019 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 500 | 500 |
Debt instrument, interest rate, stated percentage | 8.00% | |
Debt instrument, maturity date, description | Oct-19 | |
Spectra Energy Capital, LLC | 5.65% senior unsecured notes due March 2020 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 300 | 300 |
Debt instrument, interest rate, stated percentage | 5.65% | |
Debt instrument, maturity date, description | Mar-20 | |
Spectra Energy Capital, LLC | 3.30% senior unsecured notes due March 2023 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 650 | 650 |
Debt instrument, interest rate, stated percentage | 3.30% | |
Debt instrument, maturity date, description | Mar-23 | |
Spectra Energy Capital, LLC | 6.75% senior unsecured notes due February 2032 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 240 | 240 |
Debt instrument, interest rate, stated percentage | 6.75% | |
Debt instrument, maturity date, description | Feb-32 | |
Spectra Energy Capital, LLC | 7.50% senior unsecured notes due September 2038 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 250 | 250 |
Debt instrument, interest rate, stated percentage | 7.50% | |
Debt instrument, maturity date, description | Sep-38 | |
SEP | SEP 2.95% senior unsecured notes due June 2016 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 250 | 250 |
Debt instrument, interest rate, stated percentage | 2.95% | |
Debt instrument, maturity date, description | Jun-16 | |
SEP | SEP 2.95% senior unsecured notes due September 2018 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 500 | 500 |
Debt instrument, interest rate, stated percentage | 2.95% | |
Debt instrument, maturity date, description | Sep-18 | |
SEP | SEP Variable-rate senior unsecured term loan due November 2018 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 400 | 400 |
Debt instrument, maturity date, description | Nov-18 | |
SEP | SEP 4.60% senior unsecured notes due June 2021 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 250 | 250 |
Debt instrument, interest rate, stated percentage | 4.60% | |
Debt instrument, maturity date, description | Jun-21 | |
SEP | SEP 4.75% senior unsecured notes due March 2024 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 1,000 | 1,000 |
Debt instrument, interest rate, stated percentage | 4.75% | |
Debt instrument, maturity date, description | Mar-24 | |
SEP | SEP 5.95% senior unsecured notes due September 2043 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 400 | 400 |
Debt instrument, interest rate, stated percentage | 5.95% | |
Debt instrument, maturity date, description | Sep-43 | |
Texas Eastern | Texas Eastern 6.00% senior unsecured notes due September 2017 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 400 | 400 |
Debt instrument, interest rate, stated percentage | 6.00% | |
Debt instrument, maturity date, description | Sep-17 | |
Texas Eastern | Texas Eastern 4.13% senior unsecured notes due December 2020 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 300 | 300 |
Debt instrument, interest rate, stated percentage | 4.13% | |
Debt instrument, maturity date, description | Dec-20 | |
Texas Eastern | Texas Eastern 2.80% senior unsecured notes due October 2022 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 500 | 500 |
Debt instrument, interest rate, stated percentage | 2.80% | |
Debt instrument, maturity date, description | Oct-22 | |
Texas Eastern | Texas Eastern 7.00% senior unsecured notes due July 2032 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 450 | 450 |
Debt instrument, interest rate, stated percentage | 7.00% | |
Debt instrument, maturity date, description | Jul-32 | |
Algonquin | Algonquin 3.51% senior notes due July 2024 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 350 | 350 |
Debt instrument, interest rate, stated percentage | 3.51% | |
Debt instrument, maturity date, description | Jul-24 | |
East Tennessee Natural Gas, LLC | East Tennessee Natural Gas, LLC 3.10% senior notes due December 2024 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 200 | 200 |
Debt instrument, interest rate, stated percentage | 3.10% | |
Debt instrument, maturity date, description | Dec-24 | |
M&N US | M&N U.S. 7.50% senior notes due May 2014 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 0 | 411 |
Debt instrument, interest rate, stated percentage | 7.50% | |
Debt instrument, maturity date, description | May-14 | |
Express-Platte | Express-Platte 6.09% senior secured notes due January 2020 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 6.09% | |
Debt instrument, maturity date, description | Jan-20 | |
Express-Platte | Express-Platte 7.39% subordinated secured notes due 2014 to 2019 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 7.39% | |
Debt instrument, maturity date, description | 2014 to 2019 | |
Westcoast | 8.50% debentures due November 2015 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 108 | 118 |
Debt instrument, interest rate, stated percentage | 8.50% | |
Debt instrument, maturity date, description | Nov-15 | |
Westcoast | 3.28% medium-term notes due January 2016 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 215 | 235 |
Debt instrument, interest rate, stated percentage | 3.28% | |
Debt instrument, maturity date, description | Jan-16 | |
Westcoast | 8.50% debentures due September 2018 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 129 | 141 |
Debt instrument, interest rate, stated percentage | 8.50% | |
Debt instrument, maturity date, description | Sep-18 | |
Westcoast | 5.60% medium-term notes due January 2019 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 258 | 282 |
Debt instrument, interest rate, stated percentage | 5.60% | |
Debt instrument, maturity date, description | Jan-19 | |
Westcoast | 9.90% debentures due January 2020 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 86 | 94 |
Debt instrument, interest rate, stated percentage | 9.90% | |
Debt instrument, maturity date, description | Jan-20 | |
Westcoast | 4.57% medium-term notes due July 2020 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 215 | 235 |
Debt instrument, interest rate, stated percentage | 4.57% | |
Debt instrument, maturity date, description | Jul-20 | |
Westcoast | 3.88% medium-term notes due October 2021 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 129 | 142 |
Debt instrument, interest rate, stated percentage | 3.88% | |
Debt instrument, maturity date, description | Oct-21 | |
Westcoast | 3.12% medium-term notes due December 2022 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 215 | 235 |
Debt instrument, interest rate, stated percentage | 3.12% | |
Debt instrument, maturity date, description | Dec-22 | |
Westcoast | 3.43% medium-term notes due September 2024 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 301 | 0 |
Debt instrument, interest rate, stated percentage | 3.43% | |
Debt instrument, maturity date, description | Sep-24 | |
Westcoast | 8.85% debentures due July 2025 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 129 | 142 |
Debt instrument, interest rate, stated percentage | 8.85% | |
Debt instrument, maturity date, description | Jul-25 | |
Westcoast | 8.80% medium-term notes due November 2025 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 22 | 24 |
Debt instrument, interest rate, stated percentage | 8.80% | |
Debt instrument, maturity date, description | Nov-25 | |
Westcoast | 7.30% debentures due December 2026 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 108 | 118 |
Debt instrument, interest rate, stated percentage | 7.30% | |
Debt instrument, maturity date, description | Dec-26 | |
Westcoast | 6.75% medium-term notes due December 2027 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 129 | 141 |
Debt instrument, interest rate, stated percentage | 6.75% | |
Debt instrument, maturity date, description | Dec-27 | |
Westcoast | 7.15% medium-term notes due March 2031 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 172 | 188 |
Debt instrument, interest rate, stated percentage | 7.15% | |
Debt instrument, maturity date, description | Mar-31 | |
Westcoast | 4.79% medium-term notes due October 2041 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 129 | 141 |
Debt instrument, interest rate, stated percentage | 4.79% | |
Debt instrument, maturity date, description | Oct-41 | |
M&N Canada | M&N Canada 6.90% senior secured notes due 2014 to 2019 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 6.90% | |
Debt instrument, maturity date, description | 2014 to 2019 | |
M&N Canada | M&N Canada 4.34% senior secured notes due 2014 to 2019 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 4.34% | |
Debt instrument, maturity date, description | 2014 to 2019 | |
Union Gas | 7.90% debentures due February 2014 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 0 | 141 |
Debt instrument, interest rate, stated percentage | 7.90% | |
Debt instrument, maturity date, description | Feb-14 | |
Union Gas | 11.50% debentures due August 2015 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 129 | 141 |
Debt instrument, interest rate, stated percentage | 11.50% | |
Debt instrument, maturity date, description | Aug-15 | |
Union Gas | 4.64% medium-term notes due June 2016 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 172 | 188 |
Debt instrument, interest rate, stated percentage | 4.64% | |
Debt instrument, maturity date, description | Jun-16 | |
Union Gas | 9.70% debentures due November 2017 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 108 | 118 |
Debt instrument, interest rate, stated percentage | 9.70% | |
Debt instrument, maturity date, description | Nov-17 | |
Union Gas | 5.35% medium-term notes due April 2018 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 172 | 188 |
Debt instrument, interest rate, stated percentage | 5.35% | |
Debt instrument, maturity date, description | Apr-18 | |
Union Gas | 8.75% debentures due August 2018 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 108 | 118 |
Debt instrument, interest rate, stated percentage | 8.75% | |
Debt instrument, maturity date, description | Aug-18 | |
Union Gas | 8.65% senior debentures due October 2018 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 64 | 72 |
Debt instrument, interest rate, stated percentage | 8.65% | |
Debt instrument, maturity date, description | Oct-18 | |
Union Gas | 2.76% medium-term notes due June 2021 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 172 | 0 |
Debt instrument, interest rate, stated percentage | 2.76% | |
Debt instrument, maturity date, description | Jun-21 | |
Union Gas | 4.85% medium-term notes due April 2022 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 108 | 118 |
Debt instrument, interest rate, stated percentage | 4.85% | |
Debt instrument, maturity date, description | Apr-22 | |
Union Gas | 3.79% medium-term notes due July 2023 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 215 | 235 |
Debt instrument, interest rate, stated percentage | 3.79% | |
Debt instrument, maturity date, description | Jul-23 | |
Union Gas | 8.65% debentures due November 2025 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 108 | 118 |
Debt instrument, interest rate, stated percentage | 8.65% | |
Debt instrument, maturity date, description | Nov-25 | |
Union Gas | 5.46% medium-term notes due September 2036 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 142 | 155 |
Debt instrument, interest rate, stated percentage | 5.46% | |
Debt instrument, maturity date, description | Sep-36 | |
Union Gas | 6.05% medium-term notes due September 2038 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 258 | 282 |
Debt instrument, interest rate, stated percentage | 6.05% | |
Debt instrument, maturity date, description | Sep-38 | |
Union Gas | 5.20% medium-term notes due July 2040 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 215 | 235 |
Debt instrument, interest rate, stated percentage | 5.20% | |
Debt instrument, maturity date, description | Jul-40 | |
Union Gas | 4.88% medium-term notes due June 2041 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 258 | 282 |
Debt instrument, interest rate, stated percentage | 4.88% | |
Debt instrument, maturity date, description | Jun-41 | |
Union Gas | 4.20% medium-term notes due June 2044 | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 215 | 0 |
Debt instrument, interest rate, stated percentage | 4.20% | |
Debt instrument, maturity date, description | Jun-44 |
Debt_and_Credit_Facilities_Ann
Debt and Credit Facilities - Annual Maturities (Detail) (USD $) | Dec. 31, 2014 | |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $327 | |
2016 | 713 | |
2017 | 563 | |
2018 | 2,353 | |
2019 | 787 | |
Thereafter | 8,353 | |
Total long-term debt, including current maturities | $13,096 | [1] |
[1] | Excludes commercial paper of $1,583 million. Includes capital leases of $24 million and other non-principal amounts of $12 million. |
Debt_and_Credit_Facilities_Ann1
Debt and Credit Facilities - Annual Maturities (Notes) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Disclosure [Abstract] | ||||
Commercial paper | $1,583 | [1],[2] | $1,032 | [1],[2] |
Capital Leases | 24 | 0 | ||
Debt Instrument Total Other Nonprincipal Amounts | $12 | $17 | ||
[1] | The weighted-average days to maturity was 14 days as of December 31, 2014 and 9 days as of December 31, 2013. | |||
[2] | Weighted-average rate on outstanding commercial paper was 0.6% at both December 31, 2014 and 2013. |
Debt_and_Credit_Facilities_Ava
Debt and Credit Facilities - Available Credit Facilities and Restrictive Debt Covenants (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Line of Credit Facility [Line Items] | ||||
Total Credit Facilities Capacity | $3,774,000,000 | |||
Commercial Paper | 1,583,000,000 | [1],[2] | 1,032,000,000 | [1],[2] |
Available Credit Facilities Capacity | 2,191,000,000 | |||
Spectra Energy Capital, LLC | ||||
Line of Credit Facility [Line Items] | ||||
Commercial Paper | 398,000,000 | 344,000,000 | ||
Spectra Energy Capital, LLC | Multi Year Syndicated | ||||
Line of Credit Facility [Line Items] | ||||
Expiration Date | 2019 | [3] | ||
Total Credit Facilities Capacity | 1,000,000,000 | [3] | ||
Commercial Paper | 398,000,000 | [3] | ||
Available Credit Facilities Capacity | 602,000,000 | [3] | ||
SEP | Multi Year Syndicated | ||||
Line of Credit Facility [Line Items] | ||||
Expiration Date | 2019 | [4] | ||
Total Credit Facilities Capacity | 2,000,000,000 | [4] | ||
Commercial Paper | 907,000,000 | [4] | ||
Available Credit Facilities Capacity | 1,093,000,000 | [4] | ||
Westcoast | Multi Year Syndicated | ||||
Line of Credit Facility [Line Items] | ||||
Expiration Date | 2019 | [5] | ||
Total Credit Facilities Capacity | 344,000,000 | [5] | ||
Commercial Paper | 46,000,000 | [5] | ||
Available Credit Facilities Capacity | 298,000,000 | [5] | ||
Union Gas | Multi Year Syndicated | ||||
Line of Credit Facility [Line Items] | ||||
Expiration Date | 2019 | [6] | ||
Total Credit Facilities Capacity | 430,000,000 | [6] | ||
Commercial Paper | 232,000,000 | [6] | ||
Available Credit Facilities Capacity | $198,000,000 | [6] | ||
[1] | The weighted-average days to maturity was 14 days as of December 31, 2014 and 9 days as of December 31, 2013. | |||
[2] | Weighted-average rate on outstanding commercial paper was 0.6% at both December 31, 2014 and 2013. | |||
[3] | Revolving credit facility contains a covenant requiring the Spectra Energy Corp consolidated debt-to-total capitalization ratio, as defined in the agreement, to not exceed 65%. Per the terms of the agreement, collateralized debt is excluded from the calculation of the ratio. This ratio was 58% at December 31, 2014. | |||
[4] | Revolving credit facility contains a covenant that requires SEP to maintain a ratio of total Consolidated Indebtedness-to-Consolidated EBITDA, as defined in the agreement, of 5.0 to 1 or less. As of December 31, 2014, this ratio was 3.7 to 1. | |||
[5] | U.S. dollar equivalent at December 31, 2014. The revolving credit facility is 400 million Canadian dollars and contains a covenant that requires the Westcoast non-consolidated debt-to-total capitalization ratio to not exceed 75%. The ratio was 35% at December 31, 2014. | |||
[6] | U.S. dollar equivalent at December 31, 2014. The revolving credit facility is 500 million Canadian dollars and contains a covenant that requires the Union Gas debt-to-total capitalization ratio to not exceed 75% and a provision which requires Union Gas to repay all borrowings under the facility for a period of two days during the second quarter of each year. The ratio was 68% at December 31, 2014. |
Debt_and_Credit_Facilities_Ava1
Debt and Credit Facilities - Available Credit Facilities and Restrictive Debt Covenants (Notes) (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | Spectra Energy Capital, LLC | Spectra Energy Capital, LLC | SEP | Westcoast | Westcoast | Union Gas | Union Gas | |
Covenant Requirement | Covenant Requirement | Covenant Requirement | Covenant Requirement | Covenant Requirement | Covenant Requirement | Covenant Requirement | ||
Maximum | CAD | Maximum | CAD | Maximum | ||||
Line of Credit Facility [Line Items] | ||||||||
Debt-to-total defined capitalization ratio | 58.00% | 65.00% | ||||||
Total consolidated indebtedness-consolidated EBITDA | 5 | |||||||
Current total consolidated indebtedness-consolidated EBITDA | 3.7 | |||||||
Line of credit facility, maximum borrowing capacity | $3,774,000,000 | 400,000,000 | 500,000,000 | |||||
Non-consolidated debt to total capitalization ratio | 35.00% | 75.00% | 68.00% | 75.00% |
Debt_and_Credit_Facilities_Add
Debt and Credit Facilities - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | Floating Rate Debt | Floating Rate Debt | Spectra Energy Capital, LLC | Spectra Energy Capital, LLC | Spectra Energy Capital, LLC | Westcoast Energy Inc. | Union Gas Limited | ||
USD ($) | USD ($) | USD ($) | Covenant Requirement | Covenant Requirement | Covenant Requirement | Covenant Requirement | |||
Maximum | CAD | CAD | |||||||
Debt Instrument [Line Items] | |||||||||
Secured debt | $379,000,000 | ||||||||
Long-term debt | 2,283,000,000 | 1,432,000,000 | [1],[2] | ||||||
Debt, Weighted Average Interest Rate | 0.80% | 0.80% | |||||||
Line of credit facility, maximum borrowing capacity | 3,774,000,000 | 400,000,000 | 500,000,000 | ||||||
Debt-to-total defined capitalization ratio | 58.00% | 65.00% | |||||||
Equity (net assets) restricted | $7,800,000,000 | ||||||||
[1] | The weighted-average days to maturity was 14 days as of December 31, 2014 and 9 days as of December 31, 2013. | ||||||||
[2] | Weighted-average rate on outstanding commercial paper was 0.6% at both December 31, 2014 and 2013. |
Preferred_Stock_of_Subsidiarie1
Preferred Stock of Subsidiaries (Details) | Dec. 31, 2014 |
Equity [Abstract] | |
Percentage of redeemable preferred shares at the option of Westcoast and Union | 100.00% |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis with Fair Value Hierarchy Levels (Detail) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | $211 | $91 |
Fair Value Liabilities | 9 | |
Corporate Debt Securities | Cash and Cash Equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 85 | 49 |
Corporate Debt Securities | Current Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 3 | 7 |
Corporate Debt Securities | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 20 | 11 |
Commodity Contract | Current Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 57 | |
Commodity Contract | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 21 | |
Interest Rate Swap | Current Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 2 | 8 |
Interest Rate Swap | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 22 | 15 |
Interest Rate Swap | Deferred Credits and Other Liabilities - Regulatory and Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Liabilities | 6 | |
Money Market Funds | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 1 | 1 |
Natural Gas Purchase Contract | Deferred Credits and Other Liabilities - Regulatory and Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Liabilities | 3 | |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 1 | 1 |
Fair Value Liabilities | 0 | |
Level 1 | Corporate Debt Securities | Cash and Cash Equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | 0 |
Level 1 | Corporate Debt Securities | Current Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | 0 |
Level 1 | Corporate Debt Securities | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | 0 |
Level 1 | Commodity Contract | Current Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | |
Level 1 | Commodity Contract | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | |
Level 1 | Interest Rate Swap | Current Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | 0 |
Level 1 | Interest Rate Swap | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | 0 |
Level 1 | Interest Rate Swap | Deferred Credits and Other Liabilities - Regulatory and Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Liabilities | 0 | |
Level 1 | Money Market Funds | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 1 | 1 |
Level 1 | Natural Gas Purchase Contract | Deferred Credits and Other Liabilities - Regulatory and Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Liabilities | 0 | |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 132 | 90 |
Fair Value Liabilities | 6 | |
Level 2 | Corporate Debt Securities | Cash and Cash Equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 85 | 49 |
Level 2 | Corporate Debt Securities | Current Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 3 | 7 |
Level 2 | Corporate Debt Securities | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 20 | 11 |
Level 2 | Commodity Contract | Current Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | |
Level 2 | Commodity Contract | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | |
Level 2 | Interest Rate Swap | Current Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 2 | 8 |
Level 2 | Interest Rate Swap | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 22 | 15 |
Level 2 | Interest Rate Swap | Deferred Credits and Other Liabilities - Regulatory and Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Liabilities | 6 | |
Level 2 | Money Market Funds | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | 0 |
Level 2 | Natural Gas Purchase Contract | Deferred Credits and Other Liabilities - Regulatory and Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Liabilities | 0 | |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 78 | 0 |
Fair Value Liabilities | 3 | |
Level 3 | Corporate Debt Securities | Cash and Cash Equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | 0 |
Level 3 | Corporate Debt Securities | Current Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | 0 |
Level 3 | Corporate Debt Securities | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | 0 |
Level 3 | Commodity Contract | Current Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 57 | |
Level 3 | Commodity Contract | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 21 | |
Level 3 | Interest Rate Swap | Current Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | 0 |
Level 3 | Interest Rate Swap | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | 0 |
Level 3 | Interest Rate Swap | Deferred Credits and Other Liabilities - Regulatory and Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Liabilities | 0 | |
Level 3 | Money Market Funds | Investments and Other Assets - Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | 0 | 0 |
Level 3 | Natural Gas Purchase Contract | Deferred Credits and Other Liabilities - Regulatory and Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Liabilities | $3 |
Fair_Value_Measurements_Change
Fair Value Measurements - Changes in Level 3 Assets and Liabilities that are Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Financial Instruments, Liabilities | |||
Total gains (losses): | |||
Included in earnings | $91 | ($3) | |
Included in other comprehensive income | 5 | 8 | |
Settlements | -15 | 1 | |
Fair value, end of period | -3 | -9 | |
Total gains (losses) for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets and liabilities held at the end of the period | -2 | ||
Derivative Financial Instruments, Assets | |||
Total gains (losses): | |||
Fair value, end of period | 78 | ||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Assets | $56 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Financial Instruments Recorded and Carried at Book Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Book Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes receivable, noncurrent | $71 | [1] | $71 | [1] |
Long-term debt, including current maturities | 13,060 | [2] | 13,668 | [2] |
Approximate Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes receivable, noncurrent | 71 | [1] | 71 | [1] |
Long-term debt, including current maturities | $14,446 | [2] | $14,701 | [2] |
[1] | Included within Investments in and Loans to Unconsolidated Affiliates. | |||
[2] | Excludes capital leases, unamortized items and fair value hedge carrying value adjustments. |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Details) (Commodity Contract, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | |
gal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | 163,000,000 | |
Scenario, Forecast | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing Asset at Fair Value, Description of Other Changes that Affect Balance | $0.10 | |
Servicing Asset at Fair Value, Changes in Fair Value Resulting from Changes in Valuation Inputs or Changes in Assumptions | $16,000,000 |
Risk_Management_and_Hedging_Ac2
Risk Management and Hedging Activities - Derivative Portfolio Carrying Value (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Derivative [Line Items] | |
Maturities in 2015 | $59 |
Maturities in 2016 | 19 |
Maturities in 2017 | 4 |
Maturities in 2018 and Thereafter | 20 |
Total Carrying Value | 102 |
Hedging | |
Derivative [Line Items] | |
Maturities in 2015 | 0 |
Maturities in 2016 | 0 |
Maturities in 2017 | 2 |
Maturities in 2018 and Thereafter | 20 |
Total Carrying Value | 22 |
Undesignated | |
Derivative [Line Items] | |
Maturities in 2015 | 59 |
Maturities in 2016 | 19 |
Maturities in 2017 | 2 |
Maturities in 2018 and Thereafter | 0 |
Total Carrying Value | 80 |
Interest Rate Swap | Hedging | |
Derivative [Line Items] | |
Maturities in 2015 | 0 |
Maturities in 2016 | 0 |
Maturities in 2017 | 2 |
Maturities in 2018 and Thereafter | 20 |
Total Carrying Value | 22 |
Interest Rate Swap | Undesignated | |
Derivative [Line Items] | |
Maturities in 2015 | 2 |
Maturities in 2016 | 0 |
Maturities in 2017 | 0 |
Total Carrying Value | 2 |
Commodity Contract | Undesignated | |
Derivative [Line Items] | |
Maturities in 2015 | 57 |
Maturities in 2016 | 19 |
Maturities in 2017 | 2 |
Maturities in 2018 and Thereafter | 0 |
Total Carrying Value | $78 |
Risk_Management_and_Hedging_Ac3
Risk Management and Hedging Activities - Derivative Assets And Liabilities Offsetting Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Interest Rate Swap | ||
Derivative Assets And Liabilities Offsetting Table Text Block [Line Items] | ||
Gross Amounts Presented in the Consolidated Balance Sheets, Assets | $24 | $23 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 3 |
Net Amount, Assets | 24 | 20 |
Gross Amounts Presented in the Consolidated Balance Sheets, Liabilities | 0 | 6 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 3 |
Net Amount, Liabilities | 0 | 3 |
Commodity Contract | ||
Derivative Assets And Liabilities Offsetting Table Text Block [Line Items] | ||
Gross Amounts Presented in the Consolidated Balance Sheets, Assets | 169 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 91 | |
Net Amount, Assets | 78 | |
Gross Amounts Presented in the Consolidated Balance Sheets, Liabilities | 91 | |
Net Amount, Liabilities | 0 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $91 |
Risk_Management_and_Hedging_Ac4
Risk Management and Hedging Activities - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
gal | |
Commodity Contract | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount, Volume | 163,000,000 |
Pay Floating Receive Fixed Swaps | |
Derivative [Line Items] | |
Derivative, Notional Amount | 1,208 |
Risk_Management_and_Hedging_Ac5
Risk Management and Hedging Activities - Commodity derivative impact (Details) (Commodity Contract, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commodity Contract | |||
Commodity derivative impact [Line Items] | |||
Sales of natural gas liquids | $93 | $0 | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Accruals related to extended environmental-related activities included in Deferred Credits and Other Liabilities-Regulatory and Other on the Consolidated Balance Sheet | $10 | $11 | |
Rental expense for operating leases included in Operating, Maintenance and Other on the Consolidated Statements of Operations | $38 | $38 | $38 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments Under Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $50 |
2016 | 44 |
2017 | 42 |
2018 | 36 |
2019 | 32 |
Thereafter | 148 |
Total future minimum lease payments | $352 |
Guarantees_and_Indemnification1
Guarantees and Indemnifications - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Duke Energy | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments required to make under performance guarantees | $406 |
Duke Energy | Guarantees Expire in 2028 | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments required to make under performance guarantees | $201 |
Guarantee expiration year | 2028 |
Fluor Enterprises | |
Guarantor Obligations [Line Items] | |
Percentage of ownership | 50.00% |
Westcoast Energy Inc. | |
Guarantor Obligations [Line Items] | |
Percentage of ownership interests | 100.00% |
Common_Stock_Issuance_Addition
Common Stock Issuance - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Spectra Energy common stock issuance (in shares) | 14.7 | ||
Spectra Energy common stock issuance | $0 | $0 | $382 |
Effects_of_Changes_in_Noncontr2
Effects of Changes in Noncontrolling Interests Ownership (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Noncontrolling Interest [Abstract] | ||||||||||||||
Net income — controlling interests | $316 | $201 | $146 | $419 | $236 | $263 | $199 | $340 | $1,082 | $1,038 | $940 | |||
Increase in additional paid-in capital resulting from issuances of SEP units | 49 | [1] | 42 | [1] | 26 | [1] | ||||||||
Total net income — controlling interests and changes in equity — controlling interests | $1,131 | $1,080 | $966 | |||||||||||
[1] | See Note 2 for further discussion. |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of common stock awarded (in shares) | 40,000,000 | ||
Tax benefit in income from continuing operations associated with recorded expense | $7 | $8 | $8 |
Recognized tax benefits from stock-based compensation cost in additional paid in capital | 3 | 5 | 16 |
Restricted, performance and phantom stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards granted percentage vested | 100.00% | ||
Stock-based awards vesting period | 3 years | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards term | 10 years | ||
Total intrinsic value of options exercised | 6 | 21 | 11 |
Cash received from options exercised | 11 | 43 | 17 |
Stock options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards vesting period | 3 years | ||
Performance awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards vesting period | 3 years | ||
Granted (in shares) | 557,100 | 356,600 | 306,800 |
Fair value of equity classified awards granted | 26 | 13 | 13 |
Fair value of liability-classified awards granted | 13 | 5 | |
Share based compensation arrangement by share based payment award, fair value assumptions, yield, period | 3 years | ||
Total fair value of shares vested | 20 | 19 | 12 |
Future compensation cost related to stock awards expected to be recognized | 26 | ||
Performance awards | Single Subsidiary EBITDA | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested and outstanding performance awards granted containing EBITDA | 12,900 | ||
Performance awards | Total shareholder return | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested and outstanding performance awards granted containing EBITDA | 1,761,967 | ||
Performance awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected future compensation cost related to stock awards, weighted-average period of recognition | 1 year | ||
Phantom Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards vesting period | 3 years | ||
Granted (in shares) | 454,000 | ||
Total fair value of shares vested | 11 | 14 | 11 |
Future compensation cost related to stock awards expected to be recognized | 18 | ||
Phantom Stock Awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected future compensation cost related to stock awards, weighted-average period of recognition | 2 years | ||
Liability-classified award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 353,000 | 343,700 | 306,800 |
Fair value of equity classified awards granted | 13 | ||
Equity-classified awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 101,500 | 474,500 | 440,200 |
Fair value of equity classified awards granted | $4 | $14 | $14 |
StockBased_Compensation_Compon
Stock-Based Compensation - Components of Pre-Tax Stock Based Compensation Expense in Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre tax stock based compensation | $27 | $46 | $29 |
Phantom stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre tax stock based compensation | 14 | 13 | 12 |
Performance awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre tax stock based compensation | $13 | $33 | $17 |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Awards Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Performance Awards | |||
Units | |||
Outstanding at beginning of period (in shares) | 1,936,000 | ||
Granted (in shares) | 557,100 | 356,600 | 306,800 |
Vested (in shares) | -601,000 | ||
Forfeited (in shares) | -117,000 | ||
Outstanding at end of period (in shares) | 1,775,000 | 1,936,000 | |
Awards expected to vest (in shares) | 1,709,000 | ||
Weighted Average Grant Date Fair Value | |||
Outstanding at beginning of period (in usd per share) | $38 | ||
Granted (in usd per share) | $46 | ||
Vested (in usd per share) | $33 | ||
Forfeited (in usd per share) | $38 | ||
Outstanding at end of period (in usd per share) | $35 | $38 | |
Awards expected to vest (in usd per share) | $35 | ||
Phantom Stock Awards | |||
Units | |||
Outstanding at beginning of period (in shares) | 1,302,000 | ||
Granted (in shares) | 454,000 | ||
Vested (in shares) | -431,000 | ||
Forfeited (in shares) | -44,000 | ||
Outstanding at end of period (in shares) | 1,281,000 | ||
Awards expected to vest (in shares) | 1,229,000 | ||
Weighted Average Grant Date Fair Value | |||
Outstanding at beginning of period (in usd per share) | $29 | ||
Granted (in usd per share) | $38 | ||
Vested (in usd per share) | $26 | ||
Forfeited (in usd per share) | $33 | ||
Outstanding at end of period (in usd per share) | $33 | ||
Awards expected to vest (in usd per share) | $33 |
StockBased_Compensation_Weight
Stock-Based Compensation - Weighted Average Assumptions for Performance Awards (Detail) (Performance Awards) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Performance Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free rate of return | 0.70% | 0.40% | 0.40% |
Expected life | 3 years | 3 years | 3 years |
Expected volatility—Spectra Energy | 20.00% | 21.00% | 25.00% |
Expected volatility, Minimum-peer group | 14.00% | 13.00% | 16.00% |
Expected volatility, Maximum-peer group | 32.00% | 33.00% | 42.00% |
Market index (a) | 16.00% | 20.00% |
StockBased_Compensation_Stock_1
Stock-Based Compensation - Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Options | ||
Outstanding at beginning of period (in shares) | 1,532 | |
Exercised (in shares) | -430 | |
Forfeited or expired (in shares) | 0 | |
Outstanding at end of period (in shares) | 1,102 | 1,532 |
Exercisable at end of period (in shares) | 1,102 | |
Weighted- Average Exercise Price | ||
Outstanding at beginning of period (in usd per share) | $25 | |
Exercised (in usd per share) | $25 | |
Forfeited or expired (in usd per share) | $0 | |
Outstanding at end of period (in usd per share) | $25 | $25 |
Exercisable at end of period (in usd per share) | $25 | |
Weighted- Average Remaining Life | ||
Outstanding at beginning of period | 2 years | 2 years 11 months |
Outstanding at end of period | 2 years | 2 years 11 months |
Exercisable at end of period | 2 years | |
Aggregate Intrinsic Value | ||
Outstanding at beginning of period | $16 | |
Outstanding at end of period | 12 | 16 |
Exercisable at end of period | $12 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 |
Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Money Market Funds Fair Value Disclosure | $17 | $18 | ||
Canada | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | -4 | -5 | ||
Defined Benefit Plan, Benefit Obligation | 133 | 133 | 149 | |
Defined Benefit Plan, Contributions by Employer | 4 | 5 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 5 | |||
Fair values of plan assets | 0 | 0 | 0 | |
U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | 0 | ||
Defined Benefit Plan, Benefit Obligation | 172 | 184 | 202 | |
Defined Benefit Plan, Contributions by Employer | 14 | 13 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 10 | |||
Average Remaining Service Period Of Active Employees | 12 years | |||
Defined Benefit Plan Periods Of Changes In Fair Value Of Plan Asset Used To Determine Market Related Value | 5 years | |||
Fair values of plan assets | 92 | 87 | 79 | |
U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | 1 | ||
Defined Benefit Plan, Future Amortization of Gain (Loss) | -10 | |||
Defined Benefit Plan, Benefit Obligation | 586 | 575 | 610 | |
Defined Benefit Plan, Contributions by Employer | 21 | 22 | 26 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 22 | |||
Average Remaining Service Period Of Active Employees | 10 years | |||
Defined Benefit Plan Periods Of Changes In Fair Value Of Plan Asset Used To Determine Market Related Value | 5 years | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 567 | 547 | ||
Fair values of plan assets | 551 | 531 | 483 | |
Canada | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 6 | 7 | ||
Defined Benefit Plan, Future Amortization of Gain (Loss) | -27 | |||
Defined Benefit Plan, Benefit Obligation | 1,202 | 1,131 | 1,262 | |
Defined Benefit Plan, Contributions by Employer | 36 | 80 | 87 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 30 | |||
Defined Benefit Plan Periods Of Changes In Fair Value Of Plan Asset Used To Determine Market Related Value | 3 years | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 1,123 | 1,059 | ||
Fair values of plan assets | 1,050 | 1,040 | 961 | |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 1 | |||
Canada | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Cost Recognized | 13 | |||
U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Cost Recognized | 14 | 12 | ||
Canada | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 9 | 9 | 9 | |
Defined Contribution Plan Estimated Future Employer Contributions In Next Fiscal Year | 10 | |||
Qualified pension plans | Canada | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Average Remaining Service Period Of Active Employees | 10 years | |||
Nonqualifed and Unfunded Pension Plans | U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 22 | 22 | ||
Nonqualifed and Unfunded Pension Plans | Canada | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 117 | |||
Plans with accumulated benefit obligations in excess of plan assets | Canada | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 388 | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 360 | |||
Fair values of plan assets | 239 | |||
Accumulated Other Comprehensive Income (Loss) | Canada | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 1 | |||
Canada | U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan Contribution Rates As Percentage Of Employees Earnings | 5.00% | |||
Defined Contribution Plan, Cost Recognized | 13 | 12 | ||
UNITED STATES | U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan Contribution Rates As Percentage Of Employees Earnings | 6.00% | |||
Defined Contribution Plan, Cost Recognized | $15 |
Employee_Benefit_Plans_Change_
Employee Benefit Plans - Change in Projected Benefit Obligation and Change in Fair Value of Plan Assets (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
U.S. | |||||
Change in Projected Benefit Obligation | |||||
Projected benefit obligation, beginning balance | $575 | $610 | |||
Transfers in | 0 | 0 | |||
Service cost | 19 | 19 | |||
Interest cost | 24 | 21 | 23 | ||
Actuarial loss (gain) | 13 | -36 | |||
Participant contributions | 0 | 0 | |||
Benefits paid | -45 | -39 | |||
Foreign currency translation effect | 0 | 0 | |||
Projected benefit obligation, ending balance | 586 | 575 | 610 | ||
Change in Fair Value of Plan Assets | |||||
Plan assets, beginning of period | 531 | 483 | |||
Transfers in | 0 | 0 | |||
Actual return on plan assets | 44 | 65 | |||
Benefits paid | -45 | -39 | |||
Employer contributions | 21 | 22 | 26 | ||
Plan participants’ contributions | 0 | 0 | |||
Foreign currency translation effect | 0 | 0 | |||
Plan assets, end of period | 551 | 531 | 483 | ||
Net amount recognized | -35 | [1] | -44 | [1] | |
Accumulated Benefit Obligation | 567 | 547 | |||
Defined Benefit Plan, Current Liabilities - Other | -2 | -2 | |||
Defined Benefit Plan, Deferred Credits and Other Liabilities - Regulatory and Other | -33 | -42 | |||
Defined Benefit Plan, Other Assets - Other | 0 | 0 | |||
Defined Contribution Plan, Cost Recognized | -35 | -44 | |||
Canada | |||||
Change in Projected Benefit Obligation | |||||
Projected benefit obligation, beginning balance | 1,131 | 1,262 | |||
Transfers in | 0 | 6 | |||
Service cost | 25 | 33 | |||
Interest cost | 52 | 50 | 50 | ||
Actuarial loss (gain) | 143 | -92 | |||
Participant contributions | 5 | 5 | |||
Benefits paid | -49 | -51 | |||
Foreign currency translation effect | -105 | -82 | |||
Projected benefit obligation, ending balance | 1,202 | 1,131 | 1,262 | ||
Change in Fair Value of Plan Assets | |||||
Plan assets, beginning of period | 1,040 | 961 | |||
Transfers in | 0 | 3 | |||
Actual return on plan assets | 115 | 110 | |||
Benefits paid | -49 | -51 | |||
Employer contributions | 36 | 80 | 87 | ||
Plan participants’ contributions | 5 | 5 | |||
Expected non-investment expenses | -3 | ||||
Foreign currency translation effect | -94 | -68 | |||
Plan assets, end of period | 1,050 | 1,040 | 961 | ||
Net amount recognized | -152 | [1] | -91 | ||
Accumulated Benefit Obligation | 1,123 | 1,059 | |||
Defined Benefit Plan, Current Liabilities - Other | -6 | -6 | |||
Defined Benefit Plan, Deferred Credits and Other Liabilities - Regulatory and Other | -165 | -130 | |||
Defined Benefit Plan, Other Assets - Other | 19 | 45 | |||
Defined Contribution Plan, Cost Recognized | ($152) | ($91) | |||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmVlZDAxNDIxYzllMzRkYThhMjhkNDRlNWRhYTk4Y2Q4fFRleHRTZWxlY3Rpb246MkU3NTk0QjQ4MjIyNkI4NTYxODYyQjVERUIxRDBBMDYM} |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $141 | $145 |
Prior service cost | 0 | 1 |
Total amount recognized in AOCI | 141 | 146 |
Canada | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 345 | 275 |
Prior service cost | 6 | 7 |
Total amount recognized in AOCI | $351 | $282 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Pension Cost (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. | |||
Net Periodic Pension Cost | |||
Defined Benefit Plan, Other Costs | $19 | $19 | $17 |
Interest cost on projected benefit obligation | 24 | 21 | 23 |
Expected return on plan assets | -39 | -33 | -33 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of loss | 13 | 20 | 15 |
Net periodic other post-retirement benefit cost | 17 | 27 | 22 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | |||
Current year actuarial loss (gain) | 8 | -69 | 33 |
Amortization of actuarial loss | -13 | -20 | -15 |
Amortization of prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive income | -5 | -89 | 18 |
Total Recognized in Net Periodic Pension Cost and Other Comprehensive Income | 12 | -62 | 40 |
Canada | |||
Net Periodic Pension Cost | |||
Defined Benefit Plan, Other Costs | 29 | 33 | 30 |
Interest cost on projected benefit obligation | 52 | 50 | 50 |
Expected return on plan assets | -69 | -66 | -61 |
Amortization of prior service cost | 2 | 2 | 2 |
Amortization of loss | 22 | 35 | 36 |
Net periodic other post-retirement benefit cost | 36 | 54 | 57 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | |||
Current year actuarial loss (gain) | 93 | -133 | 44 |
Amortization of actuarial loss | -22 | -35 | -36 |
Amortization of prior service credit | -2 | -2 | -2 |
Total recognized in other comprehensive income | 69 | -170 | 6 |
Total Recognized in Net Periodic Pension Cost and Other Comprehensive Income | $105 | ($116) | $63 |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans - Assumptions Used for Pension Benefits Accounting (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. | |||
Benefit Obligations | |||
Discount rate | 4.10% | 4.31% | 3.55% |
Salary increase | 4.00% | 4.61% | 4.61% |
Net Periodic Benefit Cost | |||
Discount rate | 4.31% | 3.55% | 4.17% |
Salary increase | 4.61% | 4.61% | 4.61% |
Expected long-term rate of return on plan assets | 8.00% | 7.40% | 7.40% |
Canada | |||
Benefit Obligations | |||
Discount rate | 4.00% | 4.81% | 4.15% |
Salary increase | 3.25% | 3.25% | 3.25% |
Net Periodic Benefit Cost | |||
Discount rate | 4.81% | 4.15% | 4.30% |
Salary increase | 3.25% | 3.25% | 3.25% |
Expected long-term rate of return on plan assets | 7.40% | 7.10% | 7.10% |
Employee_Benefit_Plans_Qualifi
Employee Benefit Plans - Qualified Pension Plan Assets (Detail) (Qualified pension plans) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Plan Asset Allocations | 100.00% | 100.00% |
U.S. | U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 30.00% | |
Plan Asset Allocations | 31.00% | 31.00% |
U.S. | Canadian equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Plan Asset Allocations | 0.00% | 0.00% |
U.S. | Other Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 14.00% | |
Plan Asset Allocations | 11.00% | 14.00% |
U.S. | Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 46.00% | |
Plan Asset Allocations | 48.00% | 45.00% |
U.S. | Other Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 10.00% | |
Plan Asset Allocations | 10.00% | 10.00% |
Canada | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Plan Asset Allocations | 100.00% | 100.00% |
Canada | U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 17.00% | |
Plan Asset Allocations | 17.00% | 18.00% |
Canada | Canadian equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 25.00% | |
Plan Asset Allocations | 25.00% | 26.00% |
Canada | Other Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 13.00% | |
Plan Asset Allocations | 13.00% | 13.00% |
Canada | Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 45.00% | |
Plan Asset Allocations | 45.00% | 43.00% |
Canada | Other Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Plan Asset Allocations | 0.00% | 0.00% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Values of Pension Plan Assets Recorded at Each Fair Value Hierarchy Level (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | $551 | $531 | $483 |
Canada | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 1,050 | 1,040 | 961 |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 551 | 531 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 3 | 2 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 262 | 240 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 233 | 240 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 53 | 49 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 498 | 482 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 1 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 3 | 2 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 1 | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 262 | 240 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 1 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 233 | 240 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 1 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 2 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 2 | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 2 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 2 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 53 | 49 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 3 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 3 | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 3 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | U.S. | Fair Value, Measurements, Recurring | Level 3 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 53 | 49 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 1,050 | 1,040 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 3 | 8 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 471 | 442 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 576 | 590 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 816 | 878 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 1 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 3 | 8 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 1 | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 471 | 442 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 1 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 342 | 428 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 1 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 234 | 162 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 2 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 2 | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 2 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 234 | 162 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 2 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 3 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 3 | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 3 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Qualified pension plans | Canada | Fair Value, Measurements, Recurring | Level 3 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | $0 | $0 |
Employee_Benefit_Plans_Changes
Employee Benefit Plans - Changes in Level 3 Assets That are Measured at Fair Value on Recurring Basis (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | $49 | $69 |
Sales | 0 | -25 |
Gain (loss) included in other comprehensive income | 4 | 4 |
Settlements | 0 | 1 |
Fair value, end of period | 53 | 49 |
Canada | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 0 | 1 |
Sales | 0 | 0 |
Gain (loss) included in other comprehensive income | 0 | -1 |
Settlements | 0 | 0 |
Fair value, end of period | $0 | $0 |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans - Expected Benefit Payments (Detail) (Qualified pension plans, USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
U.S. | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $42 |
2016 | 47 |
2017 | 50 |
2018 | 49 |
2019 | 53 |
2020- 2024 | 235 |
Canada | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 51 |
2016 | 54 |
2017 | 57 |
2018 | 60 |
2019 | 63 |
2020- 2024 | $346 |
Employee_Benefit_Plans_Other_P
Employee Benefit Plans - Other Post Retirement Benefit Plans Change in Projected Benefit Obligation and Fair Value of Plan Assets (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
U.S. | |||||
Change in Benefit Obligation | |||||
Projected benefit obligation, beginning balance | $184 | $202 | |||
Transfers in | 0 | 0 | |||
Service cost | 1 | 1 | 1 | ||
Interest cost | 8 | 7 | 8 | ||
Plan participants' contributions | 2 | 3 | |||
Actuarial loss (gain) | -7 | -13 | |||
Medicare subsidy receivable | 2 | 2 | |||
Benefits paid | -18 | -18 | |||
Foreign currency translation effect | 0 | 0 | |||
Projected benefit obligation, ending balance | 172 | 184 | 202 | ||
Change in Fair Value of Plan Assets | |||||
Plan assets, beginning of period | 87 | 79 | |||
Actual return on plan assets | 7 | 10 | |||
Benefits paid | -18 | -18 | |||
Employer contributions | 14 | 13 | |||
Plan participants’ contributions | 2 | 3 | |||
Plan assets, end of period | 92 | 87 | 79 | ||
Net amount recognized | -80 | [1] | -97 | [1] | |
Canada | |||||
Change in Benefit Obligation | |||||
Projected benefit obligation, beginning balance | 133 | 149 | |||
Transfers in | 0 | 1 | |||
Service cost | 4 | 5 | 7 | ||
Interest cost | 6 | 6 | 7 | ||
Plan participants' contributions | 0 | 0 | |||
Actuarial loss (gain) | 7 | -13 | |||
Medicare subsidy receivable | 0 | 0 | |||
Benefits paid | -4 | -5 | |||
Foreign currency translation effect | -13 | -10 | |||
Projected benefit obligation, ending balance | 133 | 133 | 149 | ||
Change in Fair Value of Plan Assets | |||||
Plan assets, beginning of period | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Benefits paid | -4 | -5 | |||
Employer contributions | 4 | 5 | |||
Plan participants’ contributions | 0 | 0 | |||
Plan assets, end of period | 0 | 0 | 0 | ||
Net amount recognized | ($133) | [1] | ($133) | [1] | |
[1] | Recognized primarily in Deferred Credits and Other Liabilities—Regulatory and Other in the Consolidated Balance Sheets. |
Employee_Benefit_Plans_Other_P1
Employee Benefit Plans - Other Post Retirement Benefit Plans Amounts Recognized in Accumulated Other Comprehensive Income (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | $0 | $0 |
Net actuarial loss | -4 | 6 |
Total amount recognized in AOCI | -4 | 6 |
Canada | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | -4 | -5 |
Net actuarial loss | 12 | 6 |
Total amount recognized in AOCI | $8 | $1 |
Employee_Benefit_Plans_Other_P2
Employee Benefit Plans - Other Post Retirement Benefit Plans Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. | |||
Other Post-Retirement Benefit Plans-Components of Net Periodic Benefit Cost | |||
Service cost benefit earned | $1 | $1 | $1 |
Interest cost on accumulated post-retirement benefit obligation | 8 | 7 | 8 |
Expected return on plan assets | -5 | -4 | -5 |
Amortization of prior service credit | 0 | 0 | 0 |
Amortization of loss | 1 | 2 | 2 |
Net periodic other post-retirement benefit cost | 5 | 6 | 6 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | |||
Current year actuarial loss (gain) | -9 | -18 | 6 |
Amortization of actuarial loss | -1 | -2 | -2 |
Amortization of prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive income | -10 | -20 | 4 |
Total recognized in net periodic benefit cost and other comprehensive income | -5 | -14 | 10 |
Canada | |||
Other Post-Retirement Benefit Plans-Components of Net Periodic Benefit Cost | |||
Service cost benefit earned | 4 | 5 | 7 |
Interest cost on accumulated post-retirement benefit obligation | 6 | 6 | 7 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credit | -1 | -1 | -1 |
Amortization of loss | 0 | 0 | 2 |
Net periodic other post-retirement benefit cost | 9 | 10 | 15 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | |||
Current year actuarial loss (gain) | 6 | -13 | -26 |
Amortization of actuarial loss | 0 | 0 | -2 |
Amortization of prior service credit | 1 | 1 | 1 |
Total recognized in other comprehensive income | 7 | -12 | -27 |
Total recognized in net periodic benefit cost and other comprehensive income | $16 | ($2) | ($12) |
Employee_Benefit_Plans_Other_P3
Employee Benefit Plans - Other Post Retirement Benefits Plans Assumptions Used for Benefits Accounting (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. | |||
Benefit Obligations | |||
Discount rate | 4.08% | 4.46% | 3.70% |
Salary increase | 4.00% | 4.61% | 4.61% |
Net Periodic Benefit Cost | |||
Discount rate | 4.46% | 3.70% | 4.31% |
Salary increase | 4.61% | 4.61% | 4.61% |
Expected return on plan assets | 6.98% | 6.51% | 6.54% |
Canada | |||
Benefit Obligations | |||
Discount rate | 4.00% | 4.83% | 4.20% |
Salary increase | 3.25% | 3.25% | 3.25% |
Net Periodic Benefit Cost | |||
Discount rate | 4.83% | 4.20% | 4.33% |
Salary increase | 3.25% | 3.25% | 3.25% |
Employee_Benefit_Plans_Assumed
Employee Benefit Plans - Assumed Health Care Cost Trend Rates (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 7.00% | 7.00% |
Rate to which the cost trend is assumed to decline | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2019 | 2019 |
Canada | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 6.00% | 6.50% |
Rate to which the cost trend is assumed to decline | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2017 | 2017 |
Employee_Benefit_Plans_Sensiti
Employee Benefit Plans - Sensitivity to Changes in Assumed Health Care Cost Trend Rates (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
U.S. | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect of 1% point increase on total service and interest costs | $0 |
Effect of 1% point increase on post-retirement benefit obligations | 7 |
Effect of 1% point decrease on total service and interest costs | 0 |
Effect of 1% point decrease on post-retirement benefit obligations | -6 |
Canada | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect of 1% point increase on total service and interest costs | 1 |
Effect of 1% point increase on post-retirement benefit obligations | 9 |
Effect of 1% point decrease on total service and interest costs | -1 |
Effect of 1% point decrease on post-retirement benefit obligations | ($7) |
Employee_Benefit_Plans_Other_P4
Employee Benefit Plans - Other Post Retirement Plan Assets (Detail) (U.S., USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | $92 | $87 | $79 |
Plan asset allocations | 100.00% | 100.00% | |
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 48.00% | 49.00% | |
Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 47.00% | 46.00% | |
Other Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 5.00% | 5.00% |
Employee_Benefit_Plans_Fair_Va1
Employee Benefit Plans - Fair Values of Other Post-Retirement Plan Assets Recorded at Each Hierarchy Level (Detail) (U.S., USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | $92 | $87 | $79 |
Fair Value, Measurements, Recurring | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 46 | 43 | |
Fair Value, Measurements, Recurring | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 46 | 44 | |
Fair Value, Measurements, Recurring | Fixed Income Securities | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 21 | 20 | |
Fair Value, Measurements, Recurring | Fixed Income Securities | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 22 | 20 | |
Fair Value, Measurements, Recurring | Equity Securities | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 25 | 23 | |
Fair Value, Measurements, Recurring | Equity Securities | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 20 | 20 | |
Fair Value, Measurements, Recurring | Other Security Investments | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring | Other Security Investments | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4 | 4 | |
Level 1 | Fair Value, Measurements, Recurring | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 1 | Fair Value, Measurements, Recurring | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 42 | 40 | |
Level 1 | Fair Value, Measurements, Recurring | Fixed Income Securities | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 1 | Fair Value, Measurements, Recurring | Fixed Income Securities | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 22 | 20 | |
Level 1 | Fair Value, Measurements, Recurring | Equity Securities | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 1 | Fair Value, Measurements, Recurring | Equity Securities | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 20 | 20 | |
Level 1 | Fair Value, Measurements, Recurring | Other Security Investments | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 1 | Fair Value, Measurements, Recurring | Other Security Investments | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 2 | Fair Value, Measurements, Recurring | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 46 | 43 | |
Level 2 | Fair Value, Measurements, Recurring | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 2 | Fair Value, Measurements, Recurring | Fixed Income Securities | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 21 | 20 | |
Level 2 | Fair Value, Measurements, Recurring | Fixed Income Securities | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 2 | Fair Value, Measurements, Recurring | Equity Securities | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 25 | 23 | |
Level 2 | Fair Value, Measurements, Recurring | Equity Securities | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 2 | Fair Value, Measurements, Recurring | Other Security Investments | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 2 | Fair Value, Measurements, Recurring | Other Security Investments | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 3 | Fair Value, Measurements, Recurring | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 3 | Fair Value, Measurements, Recurring | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 4 | 4 | |
Level 3 | Fair Value, Measurements, Recurring | Fixed Income Securities | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 3 | Fair Value, Measurements, Recurring | Fixed Income Securities | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 3 | Fair Value, Measurements, Recurring | Equity Securities | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 3 | Fair Value, Measurements, Recurring | Equity Securities | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 3 | Fair Value, Measurements, Recurring | Other Security Investments | Veba Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | 0 | 0 | |
Level 3 | Fair Value, Measurements, Recurring | Other Security Investments | Master Trust Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of plan assets | $4 | $4 |
Employee_Benefit_Plans_Changes1
Employee Benefit Plans - Changes in Level 3 Assets That are Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) (U.S., USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | $4 | $5 |
Sales | 0 | -2 |
Unrealized gain included in other comprehensive income | 0 | 1 |
Fair value, end of period | $4 | $4 |
Employee_Benefit_Plans_Benefit
Employee Benefit Plans - Benefit Payments and Subsidies Expected to be Paid (or Received) (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
U.S. | |
Benefit payments | |
2015 | $16 |
2016 | 15 |
2017 | 15 |
2018 | 14 |
2019 | 14 |
2020- 2024 | 60 |
Medicare Part D subsidy receipts | |
2015 | -2 |
2016 | -2 |
2017 | -1 |
2018 | -1 |
2019 | -1 |
2020 - 2024 | -6 |
Canada | |
Benefit payments | |
2015 | 5 |
2016 | 5 |
2017 | 5 |
2018 | 6 |
2019 | 6 |
2020- 2024 | $33 |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Total operating revenues | $1,600 | $1,207 | $1,253 | $1,843 | $1,565 | $1,144 | $1,220 | $1,589 | $5,903 | [1] | $5,518 | [1] | $5,075 | [1] |
Total operating expenses | 3,979 | 3,852 | 3,500 | |||||||||||
Operating Income | 565 | 382 | 338 | 639 | 473 | 333 | 354 | 506 | 1,924 | 1,666 | 1,575 | |||
Equity in earnings of unconsolidated affiliates | 361 | 445 | 382 | |||||||||||
Equity in earnings of consolidated subsidiaries | 0 | 0 | 0 | |||||||||||
Other income and expenses, net | 59 | 124 | 83 | |||||||||||
Interest expense | 679 | 657 | 625 | |||||||||||
Earnings From Continuing Operations Before Income Taxes | 1,665 | [1] | 1,578 | [1] | 1,415 | [1] | ||||||||
Income tax expense (benefit) | 382 | 419 | 370 | |||||||||||
Income From Continuing Operations | 1,283 | 1,159 | 1,045 | |||||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 2 | |||||||||||
Net income | 374 | 254 | 188 | 467 | 271 | 292 | 226 | 370 | 1,283 | 1,159 | 1,047 | |||
Net income — noncontrolling interests | 201 | 121 | 107 | |||||||||||
Net income — controlling interests | 316 | 201 | 146 | 419 | 236 | 263 | 199 | 340 | 1,082 | 1,038 | 940 | |||
Spectra Energy Corp | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Total operating revenues | 0 | 0 | 0 | |||||||||||
Total operating expenses | 6 | 8 | 5 | |||||||||||
Operating Income | -6 | -8 | -5 | |||||||||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | |||||||||||
Equity in earnings of consolidated subsidiaries | 1,054 | 1,015 | 917 | |||||||||||
Other income and expenses, net | -2 | 1 | -2 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Earnings From Continuing Operations Before Income Taxes | 1,046 | 1,008 | 910 | |||||||||||
Income tax expense (benefit) | -36 | -30 | -31 | |||||||||||
Income From Continuing Operations | 941 | |||||||||||||
Income (loss) from discontinued operations, net of tax | -1 | |||||||||||||
Net income | 1,082 | 1,038 | 940 | |||||||||||
Net income — noncontrolling interests | 0 | 0 | 0 | |||||||||||
Net income — controlling interests | 1,082 | 1,038 | 940 | |||||||||||
Spectra Energy Capital | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Total operating revenues | 0 | 0 | 0 | |||||||||||
Total operating expenses | 1 | 3 | 5 | |||||||||||
Operating Income | -1 | -3 | -5 | |||||||||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | [2] | 0 | [3] | |||||||||
Equity in earnings of consolidated subsidiaries | 1,651 | 1,649 | [2] | 1,377 | [3] | |||||||||
Other income and expenses, net | 9 | 15 | 3 | |||||||||||
Interest expense | 253 | 216 | 190 | |||||||||||
Earnings From Continuing Operations Before Income Taxes | 1,406 | 1,445 | 1,185 | |||||||||||
Income tax expense (benefit) | 352 | 430 | 268 | |||||||||||
Income From Continuing Operations | 917 | |||||||||||||
Income (loss) from discontinued operations, net of tax | 0 | |||||||||||||
Net income | 1,054 | 1,015 | [2] | 917 | [3] | |||||||||
Net income — noncontrolling interests | 0 | 0 | 0 | |||||||||||
Net income — controlling interests | 1,054 | 1,015 | 917 | |||||||||||
Non-Guarantor Subsidiaries | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Total operating revenues | 5,906 | 5,521 | 5,077 | |||||||||||
Total operating expenses | 3,975 | 3,844 | 3,492 | |||||||||||
Operating Income | 1,931 | 1,677 | 1,585 | |||||||||||
Equity in earnings of unconsolidated affiliates | 361 | 445 | [2] | 382 | [3] | |||||||||
Equity in earnings of consolidated subsidiaries | 0 | 0 | [2] | 0 | [3] | |||||||||
Other income and expenses, net | 52 | 108 | 82 | |||||||||||
Interest expense | 426 | 441 | 435 | |||||||||||
Earnings From Continuing Operations Before Income Taxes | 1,918 | 1,789 | 1,614 | |||||||||||
Income tax expense (benefit) | 66 | 19 | 133 | |||||||||||
Income From Continuing Operations | 1,481 | |||||||||||||
Income (loss) from discontinued operations, net of tax | 3 | |||||||||||||
Net income | 1,852 | 1,770 | [2] | 1,484 | [3] | |||||||||
Net income — noncontrolling interests | 201 | 121 | 107 | |||||||||||
Net income — controlling interests | 1,651 | 1,649 | 1,377 | |||||||||||
Eliminations | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Total operating revenues | -3 | -3 | -2 | |||||||||||
Total operating expenses | -3 | -3 | -2 | |||||||||||
Operating Income | 0 | 0 | 0 | |||||||||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | |||||||||||
Equity in earnings of consolidated subsidiaries | -2,705 | -2,664 | -2,294 | |||||||||||
Other income and expenses, net | 0 | 0 | 0 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Earnings From Continuing Operations Before Income Taxes | -2,705 | -2,664 | -2,294 | |||||||||||
Income tax expense (benefit) | 0 | 0 | 0 | |||||||||||
Income From Continuing Operations | -2,294 | |||||||||||||
Income (loss) from discontinued operations, net of tax | 0 | |||||||||||||
Net income | -2,705 | -2,664 | -2,294 | |||||||||||
Net income — noncontrolling interests | 0 | 0 | 0 | |||||||||||
Net income — controlling interests | ($2,705) | ($2,664) | ($2,294) | |||||||||||
[1] | Excludes amounts associated with entities included in discontinued operations. | |||||||||||||
[2] | Excludes the effects of $3,869 million of non-cash equitizations of advances receivable owed to Spectra Capital. | |||||||||||||
[3] | Excludes the effects of $1,207 million of non-cash equitizations of advances receivable owed to Spectra Capital. |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income | $374 | $254 | $188 | $467 | $271 | $292 | $226 | $370 | $1,283 | $1,159 | $1,047 | ||
Other comprehensive income (loss) | -586 | -275 | 239 | ||||||||||
Total Comprehensive Income, net of tax | 697 | 884 | 1,286 | ||||||||||
Less: comprehensive income — noncontrolling interests | 194 | 114 | 110 | ||||||||||
Comprehensive Income — Controlling Interests | 503 | 770 | 1,176 | ||||||||||
Spectra Energy Corp | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income | 1,082 | 1,038 | 940 | ||||||||||
Other comprehensive income (loss) | 9 | 69 | -12 | ||||||||||
Total Comprehensive Income, net of tax | 1,091 | 1,107 | 928 | ||||||||||
Less: comprehensive income — noncontrolling interests | 0 | 0 | 0 | ||||||||||
Comprehensive Income — Controlling Interests | 1,091 | 1,107 | 928 | ||||||||||
Spectra Energy Capital | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income | 1,054 | 1,015 | [1] | 917 | [2] | ||||||||
Other comprehensive income (loss) | 1 | 2 | 3 | ||||||||||
Total Comprehensive Income, net of tax | 1,055 | 1,017 | 920 | ||||||||||
Less: comprehensive income — noncontrolling interests | 0 | 0 | 0 | ||||||||||
Comprehensive Income — Controlling Interests | 1,055 | 1,017 | 920 | ||||||||||
Non-Guarantor Subsidiaries | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income | 1,852 | 1,770 | [1] | 1,484 | [2] | ||||||||
Other comprehensive income (loss) | -596 | -346 | 248 | ||||||||||
Total Comprehensive Income, net of tax | 1,256 | 1,424 | 1,732 | ||||||||||
Less: comprehensive income — noncontrolling interests | 194 | 114 | 110 | ||||||||||
Comprehensive Income — Controlling Interests | 1,062 | 1,310 | 1,622 | ||||||||||
Eliminations | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income | -2,705 | -2,664 | -2,294 | ||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||
Total Comprehensive Income, net of tax | -2,705 | -2,664 | -2,294 | ||||||||||
Less: comprehensive income — noncontrolling interests | 0 | 0 | 0 | ||||||||||
Comprehensive Income — Controlling Interests | ($2,705) | ($2,664) | ($2,294) | ||||||||||
[1] | Excludes the effects of $3,869 million of non-cash equitizations of advances receivable owed to Spectra Capital. | ||||||||||||
[2] | Excludes the effects of $1,207 million of non-cash equitizations of advances receivable owed to Spectra Capital. |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents | $215 | $201 | $94 | $174 | |||
Receivables - consolidated subsidiaries | 0 | 0 | |||||
Receivables - other | 1,336 | 1,336 | |||||
Other current assets | 781 | 544 | |||||
Total current assets | 2,332 | 2,081 | |||||
Investments in and loans to unconsolidated affiliates | 2,966 | 3,043 | |||||
Investments in consolidated subsidiaries | 0 | 0 | |||||
Advances receivable - consolidated subsidiaries | 0 | 0 | |||||
Notes receivable - consolidated subsidiaries | 0 | 0 | |||||
Goodwill | 4,714 | 4,810 | 4,513 | ||||
Other assets | 327 | 385 | |||||
Property, plant and equipment, net | 22,307 | 21,829 | |||||
Regulatory assets and deferred debits | 1,394 | 1,385 | |||||
Total Assets | 34,040 | 33,533 | 30,587 | ||||
Accounts payable - other | 458 | 440 | |||||
Accounts payable - consolidated subsidiaries | 0 | 0 | |||||
Commercial paper | 1,583 | [1],[2] | 1,032 | [1],[2] | |||
Short-term borrowings - consolidated subsidiaries | 0 | 0 | |||||
Taxes accrued | 91 | 72 | |||||
Current maturities of long-term debt | 327 | 1,197 | |||||
Other current liabilities | 1,350 | 1,298 | |||||
Total current liabilities | 3,809 | 4,039 | |||||
Long-term debt | 12,769 | 12,488 | |||||
Advances payable - consolidated subsidiaries | 0 | 0 | |||||
Notes payable — consolidated subsidiaries | 0 | ||||||
Deferred credits and other liabilities | 6,806 | 6,425 | |||||
Preferred stock of subsidiaries | 258 | 258 | |||||
Equity | |||||||
Total controlling interests | 8,160 | 8,494 | |||||
Noncontrolling interests | 2,238 | 1,829 | |||||
Total equity | 10,398 | 10,323 | 9,843 | 8,896 | |||
Total Liabilities and Equity | 34,040 | 33,533 | |||||
Spectra Energy Corp | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Receivables - consolidated subsidiaries | 18 | 176 | |||||
Receivables - other | 2 | 1 | |||||
Other current assets | 71 | 40 | |||||
Total current assets | 91 | 217 | |||||
Investments in and loans to unconsolidated affiliates | 0 | 0 | |||||
Investments in consolidated subsidiaries | 14,531 | 13,244 | |||||
Advances receivable - consolidated subsidiaries | 0 | 0 | |||||
Notes receivable - consolidated subsidiaries | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Other assets | 38 | 39 | |||||
Property, plant and equipment, net | 0 | 0 | |||||
Regulatory assets and deferred debits | 4 | 3 | |||||
Total Assets | 14,664 | 13,503 | |||||
Accounts payable - other | 3 | 4 | |||||
Accounts payable - consolidated subsidiaries | 0 | 89 | |||||
Commercial paper | 0 | 0 | |||||
Short-term borrowings - consolidated subsidiaries | 0 | 0 | |||||
Taxes accrued | 5 | 4 | |||||
Current maturities of long-term debt | 0 | 0 | |||||
Other current liabilities | 96 | 81 | |||||
Total current liabilities | 104 | 178 | |||||
Long-term debt | 0 | 0 | |||||
Advances payable - consolidated subsidiaries | 5,581 | 4,715 | |||||
Notes payable — consolidated subsidiaries | 0 | ||||||
Deferred credits and other liabilities | 819 | 116 | |||||
Preferred stock of subsidiaries | 0 | 0 | |||||
Equity | |||||||
Total controlling interests | 8,160 | 8,494 | |||||
Noncontrolling interests | 0 | 0 | |||||
Total equity | 8,160 | 8,494 | |||||
Total Liabilities and Equity | 14,664 | 13,503 | |||||
Spectra Energy Capital, LLC | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents | 1 | 12 | 3 | 2 | [3] | ||
Receivables - consolidated subsidiaries | 0 | 394 | |||||
Receivables - other | 0 | 0 | |||||
Other current assets | 2 | 15 | |||||
Total current assets | 3 | 421 | |||||
Investments in and loans to unconsolidated affiliates | 0 | 0 | |||||
Investments in consolidated subsidiaries | 20,562 | 19,403 | |||||
Advances receivable - consolidated subsidiaries | 4,683 | 4,038 | |||||
Notes receivable - consolidated subsidiaries | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Other assets | 22 | 30 | |||||
Property, plant and equipment, net | 0 | 0 | |||||
Regulatory assets and deferred debits | 15 | 17 | |||||
Total Assets | 25,285 | 23,909 | |||||
Accounts payable - other | 0 | 0 | |||||
Accounts payable - consolidated subsidiaries | 17 | 0 | |||||
Commercial paper | 398 | 344 | |||||
Short-term borrowings - consolidated subsidiaries | 398 | 415 | |||||
Taxes accrued | 0 | 0 | |||||
Current maturities of long-term debt | 0 | 557 | |||||
Other current liabilities | 54 | 75 | |||||
Total current liabilities | 867 | 1,391 | |||||
Long-term debt | 2,900 | 2,605 | |||||
Advances payable - consolidated subsidiaries | 0 | 0 | |||||
Notes payable — consolidated subsidiaries | 2,800 | 2,800 | |||||
Deferred credits and other liabilities | 4,187 | 3,869 | |||||
Preferred stock of subsidiaries | 0 | 0 | |||||
Equity | |||||||
Total controlling interests | 14,531 | 13,244 | |||||
Noncontrolling interests | 0 | 0 | |||||
Total equity | 14,531 | 13,244 | |||||
Total Liabilities and Equity | 25,285 | 23,909 | |||||
Non-Guarantor Subsidiaries | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents | 214 | 189 | 91 | 172 | [3] | ||
Receivables - consolidated subsidiaries | 11 | 0 | |||||
Receivables - other | 1,334 | 1,335 | |||||
Other current assets | 708 | 489 | |||||
Total current assets | 2,267 | 2,013 | |||||
Investments in and loans to unconsolidated affiliates | 2,966 | 3,043 | |||||
Investments in consolidated subsidiaries | 0 | 0 | |||||
Advances receivable - consolidated subsidiaries | 898 | 677 | |||||
Notes receivable - consolidated subsidiaries | 3,198 | 3,215 | |||||
Goodwill | 4,714 | 4,810 | |||||
Other assets | 267 | 316 | |||||
Property, plant and equipment, net | 22,307 | 21,829 | |||||
Regulatory assets and deferred debits | 1,375 | 1,365 | |||||
Total Assets | 37,992 | 37,268 | |||||
Accounts payable - other | 455 | 436 | |||||
Accounts payable - consolidated subsidiaries | 12 | 481 | |||||
Commercial paper | 1,185 | 688 | |||||
Short-term borrowings - consolidated subsidiaries | 0 | 0 | |||||
Taxes accrued | 86 | 68 | |||||
Current maturities of long-term debt | 327 | 640 | |||||
Other current liabilities | 1,200 | 1,142 | |||||
Total current liabilities | 3,265 | 3,455 | |||||
Long-term debt | 9,869 | 9,883 | |||||
Advances payable - consolidated subsidiaries | 0 | 0 | |||||
Notes payable — consolidated subsidiaries | 0 | ||||||
Deferred credits and other liabilities | 1,800 | 2,440 | |||||
Preferred stock of subsidiaries | 258 | 258 | |||||
Equity | |||||||
Total controlling interests | 20,562 | 19,403 | |||||
Noncontrolling interests | 2,238 | 1,829 | |||||
Total equity | 22,800 | 21,232 | |||||
Total Liabilities and Equity | 37,992 | 37,268 | |||||
Eliminations | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Receivables - consolidated subsidiaries | -29 | -570 | |||||
Receivables - other | 0 | 0 | |||||
Other current assets | 0 | 0 | |||||
Total current assets | -29 | -570 | |||||
Investments in and loans to unconsolidated affiliates | 0 | 0 | |||||
Investments in consolidated subsidiaries | -35,093 | -32,647 | |||||
Advances receivable - consolidated subsidiaries | -5,581 | -4,715 | |||||
Notes receivable - consolidated subsidiaries | -3,198 | -3,215 | |||||
Goodwill | 0 | 0 | |||||
Other assets | 0 | 0 | |||||
Property, plant and equipment, net | 0 | 0 | |||||
Regulatory assets and deferred debits | 0 | 0 | |||||
Total Assets | -43,901 | -41,147 | |||||
Accounts payable - other | 0 | 0 | |||||
Accounts payable - consolidated subsidiaries | -29 | -570 | |||||
Commercial paper | 0 | 0 | |||||
Short-term borrowings - consolidated subsidiaries | -398 | -415 | |||||
Taxes accrued | 0 | 0 | |||||
Current maturities of long-term debt | 0 | 0 | |||||
Other current liabilities | 0 | 0 | |||||
Total current liabilities | -427 | -985 | |||||
Long-term debt | 0 | 0 | |||||
Advances payable - consolidated subsidiaries | -5,581 | -4,715 | |||||
Notes payable — consolidated subsidiaries | -2,800 | -2,800 | |||||
Deferred credits and other liabilities | 0 | 0 | |||||
Preferred stock of subsidiaries | 0 | 0 | |||||
Equity | |||||||
Total controlling interests | -35,093 | -32,647 | |||||
Noncontrolling interests | 0 | 0 | |||||
Total equity | -35,093 | -32,647 | |||||
Total Liabilities and Equity | ($43,901) | ($41,147) | |||||
[1] | The weighted-average days to maturity was 14 days as of December 31, 2014 and 9 days as of December 31, 2013. | ||||||
[2] | Weighted-average rate on outstanding commercial paper was 0.6% at both December 31, 2014 and 2013. | ||||||
[3] | Excludes the effects of $1,207 million of non-cash equitizations of advances receivable owed to Spectra Capital. |
Condensed_Consolidating_Statem2
Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | $1,283 | $1,159 | $1,047 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Depreciation and amortization | 809 | 787 | 760 | ||
Equity in earnings of unconsolidated affiliates | -361 | -445 | -382 | ||
Equity in earnings of consolidated subsidiaries | 0 | 0 | 0 | ||
Distributions received from unconsolidated affiliates | 380 | 324 | 307 | ||
Other | 110 | 205 | 206 | ||
Net cash provided by operating activities | 2,221 | 2,030 | 1,938 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Capital expenditures | -2,028 | -1,947 | -2,025 | ||
Investments in and loans to unconsolidated affiliates | -259 | -312 | -520 | ||
Acquisitions, net of cash acquired | 0 | -1,254 | -30 | ||
Purchases of held-to-maturity securities | -790 | -985 | -2,671 | ||
Proceeds from sales and maturities of held-to-maturity securities | 815 | 1,023 | 2,578 | ||
Purchases of available-for-sale securities | -13 | -5,878 | -644 | ||
Proceeds from sales and maturities of available-for-sale securities | 7 | 6,024 | 514 | ||
Distributions received from unconsolidated affiliates | 266 | 87 | 17 | ||
Advances from (to) affiliates | 0 | 0 | 0 | ||
Loan to unconsolidated affiliate | 0 | -71 | 0 | ||
Repayment of loan to unconsolidated affiliate | 0 | 71 | 0 | ||
Other changes in restricted funds | -1 | 2 | 93 | ||
Other | 0 | 4 | 14 | ||
Net cash used in investing activities | -2,003 | -3,236 | -2,674 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Proceeds from the issuance of long-term debt | 1,028 | 4,372 | 1,301 | ||
Payments for the redemption of long-term debt | -1,184 | -2,139 | -525 | ||
Net increase (decrease) in commercial paper | 574 | -206 | 199 | ||
Net decrease in revolving credit facilities borrowings | 0 | 0 | |||
Distributions to noncontrolling interests | -175 | -144 | -120 | ||
Contributions from noncontrolling interests | 145 | 23 | 0 | ||
Proceeds from the issuance of Spectra Energy Partners common units | 327 | 214 | 145 | ||
Proceeds from the issuance of Spectra Energy common stock | 0 | 0 | 382 | ||
Dividends paid on common stock | -925 | -821 | -753 | ||
Distributions and advances from (to) affiliates | 0 | 0 | 0 | ||
Other | 11 | 17 | 25 | ||
Net cash provided by (used in) financing activities | -199 | 1,316 | 654 | ||
Effect of exchange rate changes on cash | -5 | -3 | 2 | ||
Net increase (decrease) in cash and cash equivalents | 14 | 107 | -80 | ||
Cash and cash equivalents at beginning of period | 201 | 94 | 174 | ||
Cash and cash equivalents at end of period | 215 | 201 | 94 | ||
Spectra Energy Corp | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | 1,082 | 1,038 | 940 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Depreciation and amortization | 0 | 0 | 0 | ||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | ||
Equity in earnings of consolidated subsidiaries | -1,054 | -1,015 | -917 | ||
Distributions received from unconsolidated affiliates | 0 | 0 | 0 | ||
Other | 14 | -2 | -86 | ||
Net cash provided by operating activities | 42 | 21 | -63 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Capital expenditures | 0 | 0 | 0 | ||
Investments in and loans to unconsolidated affiliates | 0 | 0 | 0 | ||
Acquisitions, net of cash acquired | 0 | 0 | |||
Purchases of held-to-maturity securities | 0 | 0 | 0 | ||
Proceeds from sales and maturities of held-to-maturity securities | 0 | 0 | 0 | ||
Purchases of available-for-sale securities | 0 | 0 | 0 | ||
Proceeds from sales and maturities of available-for-sale securities | 0 | 0 | 0 | ||
Distributions received from unconsolidated affiliates | 0 | 0 | 0 | ||
Advances from (to) affiliates | 92 | -75 | -163 | ||
Loan to unconsolidated affiliate | 0 | ||||
Repayment of loan to unconsolidated affiliate | 0 | ||||
Other changes in restricted funds | 0 | 0 | 0 | ||
Other | 0 | 0 | |||
Net cash used in investing activities | 92 | -75 | -163 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Proceeds from the issuance of long-term debt | 0 | 0 | 0 | ||
Payments for the redemption of long-term debt | 0 | 0 | 0 | ||
Net increase (decrease) in commercial paper | 0 | 0 | 0 | ||
Net decrease in revolving credit facilities borrowings | 0 | 0 | |||
Distributions to noncontrolling interests | 0 | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | |||
Proceeds from the issuance of Spectra Energy Partners common units | 0 | 0 | 0 | ||
Proceeds from the issuance of Spectra Energy common stock | 382 | ||||
Dividends paid on common stock | -925 | -821 | -753 | ||
Distributions and advances from (to) affiliates | 777 | 847 | 564 | ||
Other | 14 | 28 | 33 | ||
Net cash provided by (used in) financing activities | -134 | 54 | 226 | ||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | |||
Cash and cash equivalents at end of period | 0 | 0 | 0 | ||
Spectra Energy Capital, LLC | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | 1,054 | 1,015 | [1] | 917 | [2] |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Depreciation and amortization | 0 | 0 | [1] | 0 | [2] |
Equity in earnings of unconsolidated affiliates | 0 | 0 | [1] | 0 | [2] |
Equity in earnings of consolidated subsidiaries | -1,651 | -1,649 | [1] | -1,377 | [2] |
Distributions received from unconsolidated affiliates | 0 | 0 | [1] | 0 | [2] |
Other | 304 | 478 | [1] | 246 | [2] |
Net cash provided by operating activities | -293 | -156 | [1] | -214 | [2] |
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Capital expenditures | 0 | 0 | [1] | 0 | [2] |
Investments in and loans to unconsolidated affiliates | 0 | 0 | [1] | 0 | [2] |
Acquisitions, net of cash acquired | 0 | [1] | 0 | [2] | |
Purchases of held-to-maturity securities | 0 | 0 | [1] | 0 | [2] |
Proceeds from sales and maturities of held-to-maturity securities | 0 | 0 | [1] | 0 | [2] |
Purchases of available-for-sale securities | 0 | 0 | [1] | 0 | [2] |
Proceeds from sales and maturities of available-for-sale securities | 0 | 0 | [1] | 0 | [2] |
Distributions received from unconsolidated affiliates | 0 | 0 | [1] | 0 | [2] |
Advances from (to) affiliates | 495 | -1,856 | [1] | -335 | [2] |
Loan to unconsolidated affiliate | 0 | [1] | |||
Repayment of loan to unconsolidated affiliate | 71 | [1] | |||
Other changes in restricted funds | 0 | 0 | [1] | 0 | [2] |
Other | 0 | 0 | [2] | ||
Net cash used in investing activities | 495 | -1,785 | [1] | -335 | [2] |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Proceeds from the issuance of long-term debt | 300 | 1,848 | 0 | [2] | |
Payments for the redemption of long-term debt | -557 | -1,944 | 0 | [2] | |
Net increase (decrease) in commercial paper | 54 | -170 | -238 | [2] | |
Net decrease in revolving credit facilities borrowings | -497 | [1] | 322 | [2] | |
Distributions to noncontrolling interests | 0 | 0 | [1] | 0 | [2] |
Contributions from noncontrolling interests | 0 | 0 | |||
Proceeds from the issuance of Spectra Energy Partners common units | 0 | 0 | [1] | 0 | [2] |
Proceeds from the issuance of Spectra Energy common stock | 0 | [2] | |||
Dividends paid on common stock | 0 | 0 | [1] | 0 | [2] |
Distributions and advances from (to) affiliates | -10 | 2,718 | [1] | 466 | [2] |
Other | 0 | -5 | [1] | 0 | [2] |
Net cash provided by (used in) financing activities | -213 | 1,950 | [1] | 550 | [2] |
Effect of exchange rate changes on cash | 0 | 0 | 0 | [2] | |
Net increase (decrease) in cash and cash equivalents | -11 | 9 | 1 | [2] | |
Cash and cash equivalents at beginning of period | 12 | 3 | 2 | [2] | |
Cash and cash equivalents at end of period | 1 | 12 | 3 | ||
Non-Guarantor Subsidiaries | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | 1,852 | 1,770 | [1] | 1,484 | [2] |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Depreciation and amortization | 809 | 787 | [1] | 760 | [2] |
Equity in earnings of unconsolidated affiliates | -361 | -445 | [1] | -382 | [2] |
Equity in earnings of consolidated subsidiaries | 0 | 0 | [1] | 0 | [2] |
Distributions received from unconsolidated affiliates | 380 | 324 | [1] | 307 | [2] |
Other | -208 | -271 | [1] | 46 | [2] |
Net cash provided by operating activities | 2,472 | 2,165 | [1] | 2,215 | [2] |
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Capital expenditures | -2,028 | -1,947 | [1] | -2,025 | [2] |
Investments in and loans to unconsolidated affiliates | -259 | -312 | [1] | -520 | [2] |
Acquisitions, net of cash acquired | -1,254 | [1] | -30 | [2] | |
Purchases of held-to-maturity securities | -790 | -985 | [1] | -2,671 | [2] |
Proceeds from sales and maturities of held-to-maturity securities | 815 | 1,023 | [1] | 2,578 | [2] |
Purchases of available-for-sale securities | -13 | -5,878 | [1] | -644 | [2] |
Proceeds from sales and maturities of available-for-sale securities | 7 | 6,024 | [1] | 514 | [2] |
Distributions received from unconsolidated affiliates | 266 | 87 | [1] | 17 | [2] |
Advances from (to) affiliates | 0 | 0 | [1] | 888 | [2] |
Loan to unconsolidated affiliate | -71 | [1] | |||
Repayment of loan to unconsolidated affiliate | 0 | [1] | |||
Other changes in restricted funds | -1 | 2 | [1] | 93 | [2] |
Other | 4 | 14 | [2] | ||
Net cash used in investing activities | -2,003 | -3,307 | [1] | -1,786 | [2] |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Proceeds from the issuance of long-term debt | 728 | 2,524 | 1,301 | [2] | |
Payments for the redemption of long-term debt | -627 | -195 | -525 | [2] | |
Net increase (decrease) in commercial paper | 520 | -36 | 437 | [2] | |
Net decrease in revolving credit facilities borrowings | 0 | [1] | 0 | [2] | |
Distributions to noncontrolling interests | -175 | -144 | [1] | -120 | [2] |
Contributions from noncontrolling interests | 145 | 23 | |||
Proceeds from the issuance of Spectra Energy Partners common units | 327 | 214 | [1] | 145 | [2] |
Proceeds from the issuance of Spectra Energy common stock | 0 | [2] | |||
Dividends paid on common stock | 0 | 0 | [1] | 0 | [2] |
Distributions and advances from (to) affiliates | -1,354 | -1,137 | [1] | -1,742 | [2] |
Other | -3 | -6 | [1] | -8 | [2] |
Net cash provided by (used in) financing activities | -439 | 1,243 | [1] | -512 | [2] |
Effect of exchange rate changes on cash | -5 | -3 | 2 | [2] | |
Net increase (decrease) in cash and cash equivalents | 25 | 98 | -81 | [2] | |
Cash and cash equivalents at beginning of period | 189 | 91 | 172 | [2] | |
Cash and cash equivalents at end of period | 214 | 189 | 91 | ||
Eliminations | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | -2,705 | -2,664 | -2,294 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Depreciation and amortization | 0 | 0 | 0 | ||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | ||
Equity in earnings of consolidated subsidiaries | 2,705 | 2,664 | 2,294 | ||
Distributions received from unconsolidated affiliates | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | ||
Net cash provided by operating activities | 0 | 0 | 0 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Capital expenditures | 0 | 0 | 0 | ||
Investments in and loans to unconsolidated affiliates | 0 | 0 | 0 | ||
Acquisitions, net of cash acquired | 0 | 0 | |||
Purchases of held-to-maturity securities | 0 | 0 | 0 | ||
Proceeds from sales and maturities of held-to-maturity securities | 0 | 0 | 0 | ||
Purchases of available-for-sale securities | 0 | 0 | 0 | ||
Proceeds from sales and maturities of available-for-sale securities | 0 | 0 | 0 | ||
Distributions received from unconsolidated affiliates | 0 | 0 | 0 | ||
Advances from (to) affiliates | -587 | 1,931 | -390 | ||
Loan to unconsolidated affiliate | 0 | ||||
Repayment of loan to unconsolidated affiliate | 0 | ||||
Other changes in restricted funds | 0 | 0 | 0 | ||
Other | 0 | 0 | |||
Net cash used in investing activities | -587 | 1,931 | -390 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Proceeds from the issuance of long-term debt | 0 | 0 | 0 | ||
Payments for the redemption of long-term debt | 0 | 0 | 0 | ||
Net increase (decrease) in commercial paper | 0 | 0 | 0 | ||
Net decrease in revolving credit facilities borrowings | 497 | -322 | |||
Distributions to noncontrolling interests | 0 | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | |||
Proceeds from the issuance of Spectra Energy Partners common units | 0 | 0 | 0 | ||
Proceeds from the issuance of Spectra Energy common stock | 0 | ||||
Dividends paid on common stock | 0 | 0 | 0 | ||
Distributions and advances from (to) affiliates | 587 | -2,428 | 712 | ||
Other | 0 | 0 | 0 | ||
Net cash provided by (used in) financing activities | 587 | -1,931 | 390 | ||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | |||
Cash and cash equivalents at end of period | $0 | $0 | $0 | ||
[1] | Excludes the effects of $3,869 million of non-cash equitizations of advances receivable owed to Spectra Capital. | ||||
[2] | Excludes the effects of $1,207 million of non-cash equitizations of advances receivable owed to Spectra Capital. |
Condensed_Consolidating_Statem3
Condensed Consolidating Statement of Cash Flows (Notes) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ||
Non-cash equitization of advances receivables owed to Spectra Capital | $3,869 | $1,207 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Operating revenues | $1,600 | $1,207 | $1,253 | $1,843 | $1,565 | $1,144 | $1,220 | $1,589 | $5,903 | [1] | $5,518 | [1] | $5,075 | [1] | ||||||||
Operating Income | 565 | 382 | 338 | 639 | 473 | 333 | 354 | 506 | 1,924 | 1,666 | 1,575 | |||||||||||
Net income | 374 | 254 | 188 | 467 | 271 | 292 | 226 | 370 | 1,283 | 1,159 | 1,047 | |||||||||||
Net income — controlling interests | $316 | $201 | $146 | $419 | $236 | $263 | $199 | $340 | $1,082 | $1,038 | $940 | |||||||||||
Earnings per share | ||||||||||||||||||||||
Basic (in usd per share) | $0.47 | [2] | $0.30 | [2] | $0.22 | [2] | $0.63 | [2] | $0.35 | [2] | $0.39 | [2] | $0.30 | [2] | $0.51 | [2] | $1.61 | [2] | $1.55 | [2] | $1.44 | |
Diluted (in usd per share) | $0.47 | [2] | $0.30 | [2] | $0.22 | [2] | $0.62 | [2] | $0.35 | [2] | $0.39 | [2] | $0.30 | [2] | $0.51 | [2] | $1.61 | [2] | $1.55 | [2] | $1.43 | |
[1] | Excludes amounts associated with entities included in discontinued operations. | |||||||||||||||||||||
[2] | Quarterly earnings-per-share amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding. |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - Additional Information (Detail) (Unusual or Infrequent Item, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 |
Operating Income | ||
Effect of Fourth Quarter Events [Line Items] | ||
Effect of third quarter events amount | $23 | |
Net Income | ||
Effect of Fourth Quarter Events [Line Items] | ||
Effect of third quarter events amount | 22 | |
Net Income-Controlling Interests | ||
Effect of Fourth Quarter Events [Line Items] | ||
Effect of third quarter events amount | 20 | |
Operating Income, Net Income and Net Income-Controlling Interests | ||
Effect of Fourth Quarter Events [Line Items] | ||
Effect of fourth quarter events, amount | 11 | |
Net Income and Net Income-Controlling Interests | ||
Effect of Fourth Quarter Events [Line Items] | ||
Effect of fourth quarter events, amount | $31 |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts and Reserves (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | $174 | $194 | $185 | |||
Additions Charged to Expense | 35 | 28 | 74 | |||
Additions Charged to Other Accounts | 0 | 0 | 1 | |||
Deductions | 85 | [1] | 48 | [1] | 66 | [1] |
Balance at End of Period | 124 | 174 | 194 | |||
Allowance for Doubtful Accounts | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 10 | 13 | 14 | |||
Additions Charged to Expense | 6 | 7 | 10 | |||
Additions Charged to Other Accounts | 0 | 0 | 1 | |||
Deductions | 5 | [1] | 10 | [1] | 12 | [1] |
Balance at End of Period | 11 | 10 | 13 | |||
Other | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 164 | [2] | 181 | [2] | 171 | [2] |
Additions Charged to Expense | 29 | [2] | 21 | [2] | 64 | [2] |
Additions Charged to Other Accounts | 0 | [2] | 0 | [2] | 0 | [2] |
Deductions | 80 | [1],[2] | 38 | [1],[2] | 54 | [1],[2] |
Balance at End of Period | $113 | [2] | $164 | [2] | $181 | [2] |
[1] | Principally cash payments and reserve reversals. | |||||
[2] | Principally income tax, insurance-related, litigation and other reserves, included primarily in Deferred Credits and Other Liabilities—Regulatory and Other on the Consolidated Balance Sheets. |