Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Trading Symbol | 'SE |
Entity Registrant Name | 'SPECTRA ENERGY CORP. |
Entity Central Index Key | '0001373835 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 670,685,199 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Commitments and Contingencies | ' | ' | ||
Operating Revenues | ' | ' | ||
Transportation, storage and processing of natural gas | 887 | 800 | ||
Distribution of natural gas | 626 | 625 | ||
Sales of natural gas liquids | 187 | 112 | ||
Transportation of Crude Oil Revenue | 71 | 13 | ||
Other | 72 | 39 | ||
Total operating revenues | 1,843 | 1,589 | ||
Operating Expenses | ' | ' | ||
Natural gas and petroleum products purchased | 528 | 465 | ||
Operating, maintenance and other | 363 | 332 | ||
Depreciation and amortization | 200 | 186 | ||
Property and other taxes | 113 | 100 | ||
Total operating expenses | 1,204 | 1,083 | ||
Operating income (loss) | 639 | 506 | ||
Other Income and Expenses | ' | ' | ||
Equity in earnings of unconsolidated affiliates | 161 | 110 | ||
Other income and expenses, net | 9 | 33 | ||
Total other income and expenses | 170 | 143 | ||
Interest Expense | 178 | 149 | ||
Earnings Before Income Taxes | 631 | 500 | ||
Income Tax Expense | 164 | 130 | ||
Net Income | 467 | 370 | ||
Net Income—Noncontrolling Interests | 48 | 30 | ||
Net Income—Controlling Interests | $419 | $340 | ||
Weighted-average shares outstanding | ' | ' | ||
Basic (in shares) | 670 | 669 | ||
Diluted (in shares) | 672 | 670 | ||
Earnings per share | ' | ' | ||
Earnings Per Share, Diluted | $0.62 | $0.51 | ||
Dividends per share (in usd per share) | $0.34 | $0.31 | ||
Diluted earnings per common share | $0.62 | [1] | $0.51 | [1] |
Earnings Per Share, Basic | $0.63 | $0.51 | ||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjQyNGQ0YWQ0ZjNlNDRmMWVhMmQ5ZWU2NDUyZmQ5ODAwfFRleHRTZWxlY3Rpb246NzMyM0MxOEEyNDJFOEYyOUY5NTVGNDdERENEMDRCQTMM} |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income | $467 | $370 |
Other comprehensive income (loss) | ' | ' |
Foreign currency translation adjustments | -248 | -189 |
Unrealized mark-to-market net gain on hedges | 2 | 3 |
Reclassification of cash flow hedges into earnings | 2 | 2 |
Pension and benefits impact (net of taxes of $3 and $4, respectively) | 7 | 11 |
Other | 0 | 1 |
Total other comprehensive income (loss) | -237 | -172 |
Total Comprehensive Income, net of tax | 230 | 198 |
Less: Comprehensive Income—Noncontrolling Interests | 44 | 27 |
Comprehensive Income—Controlling Interests | $186 | $171 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income Condensed Consolidated Statement of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $3 | $4 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $193 | $201 |
Receivables, net | 1,378 | 1,336 |
Inventory | 148 | 263 |
Under-recovery of Fuel Costs | 199 | 28 |
Other | 254 | 253 |
Total current assets | 2,172 | 2,081 |
Investments and Other Assets | ' | ' |
Investments in and loans to unconsolidated affiliates | 3,033 | 3,043 |
Goodwill | 4,788 | 4,810 |
Other | 393 | 385 |
Total investments and other assets | 8,214 | 8,238 |
Property, Plant and Equipment | ' | ' |
Cost | 28,283 | 28,456 |
Less accumulated depreciation and amortization | 6,673 | 6,627 |
Net property, plant and equipment | 21,610 | 21,829 |
Regulatory Assets and Deferred Debits | 1,388 | 1,385 |
Total Assets | 33,384 | 33,533 |
Current Liabilities | ' | ' |
Accounts payable | 611 | 440 |
Commercial paper | 917 | 1,032 |
Taxes accrued | 87 | 72 |
Interest accrued | 160 | 201 |
Current maturities of long-term debt | 905 | 1,197 |
Other | 1,007 | 1,097 |
Total current liabilities | 3,687 | 4,039 |
Long-term Debt | 12,600 | 12,488 |
Deferred Credits and Other Liabilities | ' | ' |
Deferred income taxes | 5,094 | 4,968 |
Regulatory and other | 1,400 | 1,457 |
Total deferred credits and other liabilities | 6,494 | 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 March 31, 2014 and December 31, 2013, respectively | 1 | 1 |
Additional paid-in capital | 4,880 | 4,869 |
Retained earnings | 2,577 | 2,383 |
Accumulated other comprehensive income | 1,008 | 1,241 |
Total controlling interests | 8,466 | 8,494 |
Noncontrolling interests | 1,879 | 1,829 |
Total equity | 10,345 | 10,323 |
Total Liabilities and Equity | $33,384 | $33,533 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par (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 (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 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $467 | $370 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 203 | 189 |
Deferred income tax expense | 153 | 121 |
Equity in earnings of unconsolidated affiliates | -161 | -110 |
Distributions received from unconsolidated affiliates | 89 | 79 |
Other | -65 | -67 |
Net cash provided by operating activities | 686 | 582 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -374 | -426 |
Investments in and loans to unconsolidated affiliates | -18 | -87 |
Acquisitions, net of cash acquired | 0 | -1,254 |
Purchases of held-to-maturity securities | -198 | -293 |
Proceeds from sales and maturities of held-to-maturity securities | 167 | 266 |
Purchases of available-for-sale securities | -13 | -612 |
Proceeds from sales and maturities of available-for-sale securities | 5 | 619 |
Distributions received from unconsolidated affiliates | 22 | 6 |
Other changes in restricted funds | 7 | 7 |
Net cash used in investing activities | -402 | -1,774 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from the issuance of long-term debt | 300 | 1,848 |
Payments for the redemption of long-term debt | -284 | -495 |
Net increase (decrease) in commercial paper | -102 | 166 |
Distributions to noncontrolling interests | -39 | -32 |
Proceeds from Noncontrolling Interests | 6 | 0 |
Dividends paid on common stock | -228 | -208 |
Contributions from the issuance of Spectra Energy Partners, LP common units | 52 | 0 |
Other | 5 | 8 |
Net cash provided by (used in) financing activities | -290 | 1,287 |
Effect of exchange rate changes on cash | -2 | -1 |
Net increase (decrease) in cash and cash equivalents | -8 | 94 |
Cash and cash equivalents at beginning of period | 201 | 94 |
Cash and cash equivalents at end of period | 193 | 188 |
Supplemental Disclosures | ' | ' |
Property, plant and equipment non-cash accruals | $107 | $188 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income Foreign Currency Translation Adjustments | Accumulated Other Comprehensive Income Other | Noncontrolling Interests |
In Millions, unless otherwise specified | |||||||
Beginning 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 | 370 | ' | ' | 340 | ' | ' | 30 |
Other comprehensive income (loss) | -172 | ' | ' | ' | -186 | 17 | -3 |
Dividends on common stock | -205 | ' | ' | -205 | ' | ' | ' |
Distributions to noncontrolling interests | -32 | ' | ' | ' | ' | ' | -32 |
Contributions from noncontrolling interests | 0 | ' | ' | ' | ' | ' | ' |
Spectra Energy common stock issued | 6 | ' | 6 | ' | ' | ' | ' |
Other, net | 0 | ' | -5 | -1 | ' | ' | 4 |
Ending Balance at Mar. 31, 2013 | 9,810 | 1 | 5,298 | 2,301 | 1,858 | -518 | 870 |
Beginning 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 | 467 | ' | ' | 419 | ' | ' | 48 |
Other comprehensive income (loss) | -237 | ' | ' | ' | -244 | 11 | -4 |
Dividends on common stock | -225 | ' | ' | -225 | ' | ' | ' |
Stock-based compensation | -2 | ' | -2 | ' | ' | ' | ' |
Distributions to noncontrolling interests | -39 | ' | ' | ' | ' | ' | -39 |
Contributions from noncontrolling interests | 6 | ' | ' | ' | ' | ' | 6 |
Spectra Energy common stock issued | 3 | ' | 3 | ' | ' | ' | ' |
Spectra Energy Partners, LP common units issued | 46 | ' | 10 | ' | ' | ' | 36 |
Transfer of interests in subsidiaries to Spectra Energy Partners, LP | 5 | ' | ' | ' | ' | ' | 5 |
Other, net | -2 | ' | 0 | ' | ' | ' | -2 |
Ending Balance at Mar. 31, 2014 | $10,345 | $1 | $4,880 | $2,577 | $1,313 | ($305) | $1,879 |
General
General | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
General | ' |
General | |
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 Condensed Consolidated Financial Statements include our accounts and the accounts of our majority-owned subsidiaries, after eliminating intercompany transactions and balances. These interim financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013, and reflect all normal recurring adjustments that are, in our opinion, necessary to fairly present our results of operations and financial position. Amounts reported in the Condensed Consolidated Statements of Operations are not necessarily indicative of amounts expected for the respective annual periods due to the effects of seasonal temperature variations on energy consumption, primarily in our gas distribution operations, as well as changing commodity prices on certain of our processing operations and other factors. | |
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 Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements. Although these estimates are based on our best available knowledge at the time, actual results could differ. |
Acquisition_of_ExpressPlatte
Acquisition of Express-Platte | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Acquisition of Express-Platte [Abstract] | ' | |||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | |||
Acquisition of 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. | ||||
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. | ||||
Pro forma results of operations that reflect the acquisition of Express-Platte as if the acquisition had occurred as of the beginning of 2013 are not presented as they do not materially differ from actual results reported in our Condensed Consolidated Statements of Operations. |
Business_Segments
Business Segments | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segments | ' | |||||||||||||||
Business Segments | ||||||||||||||||
In November 2013, Spectra Energy contributed substantially all of its remaining U.S. transmission, storage and liquids assets to SEP (the U.S. Assets Dropdown). As a result of this transaction, we realigned our reportable segments structure. Amounts presented herein for 2013 segment information have been recast to conform to our current segment reporting presentation. There were no changes to consolidated data as a result of the recast of our segment information. | ||||||||||||||||
We currently 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 for customers in various regions of the northeastern and southeastern United States 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. 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 Ontario Energy Board (OEB). | ||||||||||||||||
Western Canada Transmission & Processing provides transmission of natural gas, natural gas gathering and processing services, and NGLs 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 operations are primarily subject to the rules and regulations of the NEB. | ||||||||||||||||
Field Services gathers, compresses, treats, processes, transports, stores and sells natural gas. In addition, this segment produces, fractionates, transports, stores, sells, markets and trades NGLs, and recovers and sells condensate. 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 located in nine major conventional and non-conventional natural gas producing regions: Mid-Continent, Rocky Mountain, East Texas-North Louisiana, Barnett Shale, Gulf Coast, South Texas, Central Texas, Antrim Shale and Permian Basin. DCP Midstream Partners, LP (DCP Partners) is a publicly-traded master limited partnership, of which DCP Midstream acts as general partner. As of March 31, 2014, DCP Midstream had an approximate 23% 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, and 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 | ||||||||||||||||
Condensed Consolidated Statements of Operations | Unaffiliated | Intersegment | Total | Segment EBITDA/ | ||||||||||||
Revenues | Revenues | Operating | Consolidated | |||||||||||||
Revenues | Earnings before | |||||||||||||||
Income Taxes | ||||||||||||||||
(in millions) | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Spectra Energy Partners | $ | 581 | $ | — | $ | 581 | $ | 429 | ||||||||
Distribution | 718 | — | 718 | 226 | ||||||||||||
Western Canada Transmission & Processing | 541 | 34 | 575 | 237 | ||||||||||||
Field Services | — | — | — | 130 | ||||||||||||
Total reportable segments | 1,840 | 34 | 1,874 | 1,022 | ||||||||||||
Other | 3 | 15 | 18 | (17 | ) | |||||||||||
Eliminations | — | (49 | ) | (49 | ) | — | ||||||||||
Depreciation and amortization | — | — | — | 200 | ||||||||||||
Interest expense | — | — | — | 178 | ||||||||||||
Interest income and other | — | — | — | 4 | ||||||||||||
Total consolidated | $ | 1,843 | $ | — | $ | 1,843 | $ | 631 | ||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
Spectra Energy Partners | $ | 459 | $ | — | $ | 459 | $ | 347 | ||||||||
Distribution | 699 | — | 699 | 220 | ||||||||||||
Western Canada Transmission & Processing | 428 | 15 | 443 | 190 | ||||||||||||
Field Services | — | — | — | 88 | ||||||||||||
Total reportable segments | 1,586 | 15 | 1,601 | 845 | ||||||||||||
Other | 3 | 15 | 18 | (14 | ) | |||||||||||
Eliminations | — | (30 | ) | (30 | ) | — | ||||||||||
Depreciation and amortization | — | — | — | 186 | ||||||||||||
Interest expense | — | — | — | 149 | ||||||||||||
Interest income and other | — | — | — | 4 | ||||||||||||
Total consolidated | $ | 1,589 | $ | — | $ | 1,589 | $ | 500 | ||||||||
Regulatory_Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2014 | |
Regulated Operations [Abstract] | ' |
Regulatory Matters | ' |
Regulatory Matters | |
Union Gas. In January 2014, Union Gas filed a notice of motion seeking leave to appeal to the Ontario Court of Appeal (Court of Appeal) for the unsuccessful appeal to the Ontario Divisional Court on the OEB’s treatment of 2011 revenues derived from the optimization of our upstream transportation contracts. A decision from the Court of Appeal on the notice of motion was issued in April 2014 granting leave to appeal. A hearing is expected later this year. | |
Union Gas filed an application with the OEB in May 2013 for the annual disposition of the 2012 non-commodity 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 instead of 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, 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 Condensed Consolidated Statements of Operations for the three months ended March 31, 2014. | |
On May 2, 2014, Union Gas filed an application with the OEB for the annual disposition of its 2013 non-commodity deferral account balances. The combined impact is a net payable to customers of approximately $20 million which is primarily reflected as Current Liabilities—Other on the Condensed Consolidated Balance Sheet at March 31, 2014. A hearing and decision from the OEB is expected later this year. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Income tax expense for the three-month period ended March 31, 2014 was $164 million, compared to $130 million for the same period in 2013. The higher tax expense was driven mainly by higher earnings. The effective tax rate for income from continuing operations was 26% in both the three-month periods ended March 31, 2014 and 2013. | |
There was no material net change in unrecognized tax benefits recorded during the three-month period ended March 31, 2014. Although uncertain, we believe it is reasonably possible that the total amount of unrecognized tax benefits could decrease by approximately $5 million to $10 million prior to March 31, 2015. | |
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. Early adoption of the regulations is permitted. We are currently evaluating the tangible property regulations and awaiting the release of additional regulations and industry specific guidance. We will continue to monitor any future changes in the tangible property regulations and evaluate these impacts on our financial statements. |
Earnings_per_Common_Share
Earnings per Common Share | 3 Months Ended | ||||||||||
Mar. 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. | |||||||||||
The following table presents our basic and diluted EPS calculations: | |||||||||||
Three Months | |||||||||||
Ended March 31, | |||||||||||
2014 | 2013 | ||||||||||
(in millions, except per-share amounts) | |||||||||||
Net income—controlling interests | $ | 419 | $ | 340 | |||||||
Weighted-average common shares outstanding | |||||||||||
Basic | 670 | 669 | |||||||||
Diluted | 672 | 670 | |||||||||
Basic earnings per common share | $ | 0.63 | $ | 0.51 | |||||||
Diluted earnings per common share | $ | 0.62 | $ | 0.51 | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||||||||||||
Mar. 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 Accumulated Other Comprehensive Income (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-13 | $ | 1,557 | $ | (304 | ) | $ | (11 | ) | $ | (1 | ) | $ | 1,241 | |||||||
Reclassified to net income | — | — | 2 | — | 2 | |||||||||||||||
Other AOCI activity | (244 | ) | 7 | 2 | — | (235 | ) | |||||||||||||
31-Mar-14 | $ | 1,313 | $ | (297 | ) | $ | (7 | ) | $ | (1 | ) | $ | 1,008 | |||||||
31-Dec-12 | $ | 2,044 | $ | (507 | ) | $ | (23 | ) | $ | (5 | ) | $ | 1,509 | |||||||
Reclassified to net income | — | — | 2 | — | 2 | |||||||||||||||
Other AOCI activity | (186 | ) | 11 | 3 | 1 | (171 | ) | |||||||||||||
31-Mar-13 | $ | 1,858 | $ | (496 | ) | $ | (18 | ) | $ | (4 | ) | $ | 1,340 | |||||||
Reclassifications to Net Income are primarily included in Other Income and Expenses, Net on our Condensed Consolidated Statements of Operations. |
Inventory
Inventory | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
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 OEB. The difference between the approved price and the actual cost of gas purchased is recorded as either a receivable or a current liability, 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. The components of inventory are as follows: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Natural gas | $ | 57 | $ | 155 | ||||
NGLs | 15 | 30 | ||||||
Materials and supplies | 76 | 78 | ||||||
Total inventory | $ | 148 | $ | 263 | ||||
Investments_in_and_Loans_to_Un
Investments in and Loans to Unconsolidated Affiliates | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Investments in and Loans to Unconsolidated Affiliates | ' | |||||||
Investments in and Loans to Unconsolidated Affiliates | ||||||||
Our most significant investment in unconsolidated affiliates is our 50% investment in DCP Midstream, which is accounted for under the equity method of accounting. The following represents summary financial information for DCP Midstream, presented at 100%: | ||||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Operating revenues | $ | 3,915 | $ | 2,612 | ||||
Operating expenses | 3,645 | 2,450 | ||||||
Operating income | 270 | 162 | ||||||
Net income | 203 | 120 | ||||||
Net income attributable to members’ interests | 165 | 91 | ||||||
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 share of gains from those issuances, totaling $48 million in the first quarter of 2014 and $43 million in the first quarter of 2013, are reflected in Equity in Earnings of Unconsolidated Affiliates in the Condensed Consolidated Statements of Operations. |
Goodwill
Goodwill | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Goodwill | ' | |||
Goodwill | ||||
The following presents changes in goodwill during 2014: | ||||
Goodwill | ||||
(in millions) | ||||
31-Dec-13 | $ | 4,810 | ||
Acquisition of Express-Platte | 37 | |||
Foreign currency translation | (59 | ) | ||
31-Mar-14 | $ | 4,788 | ||
See Note 2 for discussion of the acquisition of Express-Platte and an adjustment to Goodwill recorded in the first quarter of 2014 related to the acquisition. |
Marketable_Securities_and_Rest
Marketable Securities and Restricted Funds | 3 Months Ended | ||||||||
Mar. 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 available-for-sale (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 held-to-maturity (HTM) marketable securities). Maturities of securities are classified within proceeds from sales and maturities of securities in the Condensed Consolidated Statements of Cash Flows. | |||||||||
AFS Securities. AFS securities are as follows: | |||||||||
Estimated Fair Value | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
(in millions) | |||||||||
Corporate debt securities | $ | 26 | $ | 18 | |||||
Money market funds | 1 | 1 | |||||||
Total available-for-sale securities | $ | 27 | $ | 19 | |||||
Our AFS securities are classified on the Condensed Consolidated Balance Sheets as follows: | |||||||||
Estimated Fair Value | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
(in millions) | |||||||||
Restricted funds | |||||||||
Investments and other assets—other | $ | 1 | $ | 1 | |||||
Non-restricted funds | |||||||||
Current assets—other | 2 | 7 | |||||||
Investments and other assets—other | 24 | 11 | |||||||
Total available-for-sale securities | $ | 27 | $ | 19 | |||||
At March 31, 2014, the weighted-average contractual maturity of outstanding AFS securities was two years. | |||||||||
There were no material gross unrealized holding gains or losses associated with investments in AFS securities at March 31, 2014 or December 31, 2013. | |||||||||
HTM Securities. All of our HTM securities are restricted funds and are as follows: | |||||||||
Estimated Fair Value | |||||||||
Description | Condensed Consolidated Balance Sheet Caption | 31-Mar-14 | 31-Dec-13 | ||||||
(in millions) | |||||||||
Bankers acceptances | Current assets—other | $ | 57 | $ | 35 | ||||
Canadian government securities | Current assets—other | 33 | 34 | ||||||
Money market funds | Current assets—other | 10 | 3 | ||||||
Canadian government securities | Investments and other assets—other | 125 | 131 | ||||||
Bankers acceptances | Investments and other assets—other | 10 | 10 | ||||||
Total held-to-maturity securities | $ | 235 | $ | 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 March 31, 2014. | |||||||||
At March 31, 2014, the weighted-average contractual maturity of outstanding HTM securities was one year. | |||||||||
There were no material gross unrecognized holding gains or losses associated with investments in HTM securities at March 31, 2014 or December 31, 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 March 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. | |||||||||
Changes in restricted funds’ balances are presented within Cash Flows from Investing Activities on our Condensed Consolidated Statements of Cash Flows. |
Debt_and_Credit_Facilities
Debt and Credit Facilities | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Debt and Credit Facilities | ' | |||||||||||||
Debt and Credit Facilities | ||||||||||||||
Available Credit Facilities and Restrictive Debt Covenants | ||||||||||||||
Expiration | Total | Commercial Paper Outstanding at March 31, 2014 | Available | |||||||||||
Date | Credit | Credit | ||||||||||||
Facilities | Facilities | |||||||||||||
Capacity | Capacity | |||||||||||||
(in millions) | ||||||||||||||
Spectra Energy Capital, LLC | ||||||||||||||
Multi-year syndicated (a) | 2018 | $ | 1,000 | $ | 289 | $ | 711 | |||||||
SEP | ||||||||||||||
Multi-year syndicated (b) | 2018 | 2,000 | 284 | 1,716 | ||||||||||
Westcoast Energy Inc. | ||||||||||||||
Multi-year syndicated (c) | 2016 | 271 | — | 271 | ||||||||||
Union Gas | ||||||||||||||
Multi-year syndicated (d) | 2016 | 362 | 344 | 18 | ||||||||||
Total | $ | 3,633 | $ | 917 | $ | 2,716 | ||||||||
___________ | ||||||||||||||
(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 57% at March 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 credit agreement, of 5.0 to 1 or less, provided that for three fiscal quarters subsequent to certain acquisitions (such as the November 1, 2013 U.S. Assets Dropdown from Spectra Energy Corp), the ratio may be 5.5 to 1 or less. As of March 31, 2014, this ratio was 4.1 to 1 after giving effect to the U.S. Assets Dropdown. | |||||||||||||
(c) | U.S. dollar equivalent at March 31, 2014. The revolving credit facility is 300 million Canadian dollars and contains a covenant that requires the Westcoast Energy Inc. non-consolidated debt-to-total capitalization ratio to not exceed 75%. The ratio was 42% at March 31, 2014. | |||||||||||||
(d) | U.S. dollar equivalent at March 31, 2014. The revolving credit facility is 400 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 64% at March 31, 2014. | |||||||||||||
The issuances of commercial paper, letters of credit and revolving borrowings reduce the amount available under the credit facilities. As of March 31, 2014, there were no letters of credit issued under the credit facilities or revolving borrowing outstanding. | ||||||||||||||
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 March 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. | ||||||||||||||
Term Loan. In 2013, Spectra Energy Capital, LLC (Spectra Capital) entered into a five-year $300 million unsecured delayed-draw term loan agreement which allowed for up to one borrowing prior to January 15, 2014. The full $300 million available under the agreement was borrowed on January 14, 2014. The borrowings are due in 2018 and are classified as Long-Term Debt on the Condensed Consolidated Balance Sheets. Proceeds from borrowing were used for general corporate purposes. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 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 | Condensed Consolidated Balance Sheet Caption | 31-Mar-14 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(in millions) | |||||||||||||||||
Corporate debt securities | Cash and cash equivalents | $ | 35 | $ | — | $ | 35 | $ | — | ||||||||
Corporate debt securities | Current assets—other | 2 | — | 2 | — | ||||||||||||
Interest rate swaps | Current assets—other | 4 | — | 4 | — | ||||||||||||
Corporate debt securities | Investments and other assets—other | 24 | — | 24 | — | ||||||||||||
Interest rate swaps | Investments and other assets—other | 15 | — | 15 | — | ||||||||||||
Money market funds | Investments and other assets—other | 1 | 1 | — | — | ||||||||||||
Total Assets | $ | 81 | $ | 1 | $ | 80 | $ | — | |||||||||
Commodity derivatives | Current liabilities—other | $ | 3 | $ | — | $ | — | $ | 3 | ||||||||
Interest rate swaps | Current liabilities—other | 3 | — | 3 | — | ||||||||||||
Natural gas purchase contracts | Deferred credits and other liabilities—regulatory and other | 1 | — | — | 1 | ||||||||||||
Commodity derivatives | Deferred credits and other liabilities—regulatory and other | 1 | — | — | 1 | ||||||||||||
Total Liabilities | $ | 8 | $ | — | $ | 3 | $ | 5 | |||||||||
Description | Condensed 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 liabilities that are measured at fair value on a recurring basis using significant unobservable inputs: | |||||||||||||||||
Three Months | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in millions) | |||||||||||||||||
Derivative liabilities | |||||||||||||||||
Fair value, beginning of period | $ | 3 | $ | 9 | |||||||||||||
Total realized/unrealized losses (gains): | |||||||||||||||||
Included in earnings | 4 | 1 | |||||||||||||||
Included in other comprehensive income | (3 | ) | (4 | ) | |||||||||||||
Settlements | 1 | — | |||||||||||||||
Fair value, end of period | $ | 5 | $ | 6 | |||||||||||||
Total losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities held at the end of the period | $ | 3 | $ | 1 | |||||||||||||
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 | |||||||||||||||||
We do not have significant amounts of assets or liabilities measured and reported using Level 3 valuation techniques, which 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. | |||||||||||||||||
For the natural gas purchases contracts and commodity derivatives, we utilize data obtained from third-party sources for the determination of fair value. The expected future cash flows arising from our swaps are discounted to present value. In addition, credit default swap rates or historical average credit default rates by credit rating are used to develop the adjustment for credit risk embedded in our positions. As these transactions are limited, we believe a Level 3 classification is appropriate. | |||||||||||||||||
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. | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
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) | 13,494 | 14,808 | 13,668 | 14,701 | |||||||||||||
__________ | |||||||||||||||||
(a) | Included within Investments in and Loans to Unconsolidated Affiliates. | ||||||||||||||||
(b) | Excludes 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, note 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 | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Risk Management And Hedging Activities [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 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. | ||||||||||||||||||||||||
Effective January 2014, we instituted a commodity price risk management program at Western Canada Transmission and Processing’s Empress NGL business and elected to not apply cash flow hedge accounting. | ||||||||||||||||||||||||
At March 31, 2014, we had “pay floating—receive fixed” interest rate swaps outstanding with a total notional principal amount of $1,113 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: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross Amounts | Amounts Not | Net | Gross Amounts | Amounts Not | Net | |||||||||||||||||||
Presented in | Offset in the | Amount | Presented in | Offset in the | Amount | |||||||||||||||||||
the Condensed | Condensed | the Condensed | Condensed | |||||||||||||||||||||
Consolidated | Consolidated | Consolidated | Consolidated | |||||||||||||||||||||
Balance Sheets | Balance Sheets | Balance Sheets | Balance Sheets | |||||||||||||||||||||
Description | (in millions) | |||||||||||||||||||||||
Assets | $ | 19 | $ | 2 | $ | 17 | $ | 23 | $ | 3 | $ | 20 | ||||||||||||
Liabilities | 3 | 2 | 1 | 6 | 3 | 3 | ||||||||||||||||||
At March 31, 2014, we had interest rate swaps with another counterparty which were in a liability position of $2 million which could be terminated by the counterparty if one of our credit ratings falls below investment grade. In addition, we had one interest rate swap with a counterparty which was in a liability position of $1 million which could be terminated at any time. | ||||||||||||||||||||||||
At March 31, 2014, we had commodity derivatives outstanding with a total notional amount of 121 million gallons. The longest dated commodity derivative contract we currently have expires in 2016. | ||||||||||||||||||||||||
Information about our commodity derivatives that had netting or rights of offset arrangements are as follows: | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Gross | Gross | Net | ||||||||||||||||||||||
Amounts | Amounts | Amount Presented in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||
Offset | ||||||||||||||||||||||||
Description | (in millions) | |||||||||||||||||||||||
Assets | $ | 133 | $ | 133 | $ | — | ||||||||||||||||||
Liabilities | 137 | 133 | 4 | |||||||||||||||||||||
Substantially all of our commodity derivative agreements outstanding at March 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 Condensed Consolidated Statement of Operations are as follows: | ||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||
Ended March 31, | ||||||||||||||||||||||||
Derivatives | Condensed Consolidated Statement of Operations Caption | 2014 | 2013 | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Commodity derivatives | Sales of natural gas liquids | $ | (3 | ) | n/a | |||||||||||||||||||
Other than interest rate swaps and commodity derivatives described above, we did not have any significant derivatives outstanding during the three months ended March 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
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. We believe there are no matters outstanding that upon resolution will have a material effect on our consolidated results of operations, financial position or cash flows. | |
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 March 31, 2014 or December 31, 2013 related to litigation. | |
Other Commitments and Contingencies | |
See Note 16 for a discussion of guarantees and indemnifications. |
Guarantees_and_Indemnification
Guarantees and Indemnifications | 3 Months Ended |
Mar. 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 Condensed 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 Corporation (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 March 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 Energy, Inc. (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 March 31, 2014, the amounts recorded for the guarantees and indemnifications described above are not material, both individually and in the aggregate. |
Issuances_of_SEP_Units
Issuances of SEP Units | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||
Effects of Change in Noncontrolling Interest Ownership | ' | ||||||||
Issuances of SEP Units | |||||||||
In the first quarter of 2014, SEP issued 1.1 million common units to the public, representing limited partner interests, and 24,000 general partner units to Spectra Energy in connection with its continuous offering program. Total net proceeds to SEP were $53 million (net proceeds to Spectra Energy were $52 million). Spectra Energy's ownership of SEP remained at approximately 84% following the unit issuances. In connection with the issuances of the units, a $16 million gain ($10 million net of tax) to Additional Paid-in Capital and a $36 million increase in Equity-Noncontrolling Interests were recorded in the first quarter of 2014. | |||||||||
The following table presents the effects of the issuances of SEP units: | |||||||||
Three Months | |||||||||
Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(in millions) | |||||||||
Net income - controlling interests | $ | 419 | $ | 340 | |||||
Increase in additional paid-in capital resulting from issuances of SEP units | 10 | — | |||||||
Total net income - controlling interests and changes in equity - controlling interests | $ | 429 | $ | 340 | |||||
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||
Mar. 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 most U.S. employees and non-qualified, non-contributory, unfunded defined benefit plans which cover certain current and former U.S. executives. Our Westcoast subsidiary maintains qualified and non-qualified, contributory and non-contributory, DB and defined contribution (DC) retirement plans covering substantially all employees of our Canadian operations. | ||||||||
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 $5 million to our U.S. retirement plans in both of the three-month periods ended March 31, 2014 and 2013. We made total contributions to the Canadian DC and DB plans of $16 million in the three months ended March 31, 2014 and $23 million in the same period in 2013. We anticipate that we will make total contributions of approximately $22 million to the U.S. plans and approximately $39 million to the Canadian plans in 2014. | ||||||||
Qualified and Non-Qualified Pension Plans—Components of Net Periodic Pension Cost | ||||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
U.S. | ||||||||
Service cost benefit earned | $ | 5 | $ | 5 | ||||
Interest cost on projected benefit obligation | 6 | 5 | ||||||
Expected return on plan assets | (10 | ) | (8 | ) | ||||
Amortization of loss | 3 | 5 | ||||||
Net periodic pension cost | $ | 4 | $ | 7 | ||||
Canada | ||||||||
Service cost benefit earned | $ | 7 | $ | 8 | ||||
Interest cost on projected benefit obligation | 13 | 13 | ||||||
Expected return on plan assets | (17 | ) | (17 | ) | ||||
Amortization of loss | 6 | 9 | ||||||
Net periodic pension cost | $ | 9 | $ | 13 | ||||
Other Post-Retirement Benefit Plans. 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. | ||||||||
Other Post-Retirement Benefit Plans—Components of Net Periodic Benefit Cost | ||||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
U.S. | ||||||||
Interest cost on accumulated post-retirement benefit obligation | $ | 2 | $ | 2 | ||||
Expected return on plan assets | (1 | ) | (1 | ) | ||||
Net periodic other post-retirement benefit cost | $ | 1 | $ | 1 | ||||
Canada | ||||||||
Service cost benefit earned | $ | 1 | $ | 1 | ||||
Interest cost on accumulated post-retirement benefit obligation | 1 | 2 | ||||||
Net periodic other post-retirement benefit cost | $ | 2 | $ | 3 | ||||
Retirement/Savings Plan | ||||||||
In addition to the retirement plans described 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 $3 million in both of the three-month periods ended March 31, 2014 and 2013 for U.S. employees and $3 million in both of the three-month periods for Canadian employees. |
Consolidating_Financial_Inform
Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||
Mar. 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 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 Condensed Consolidated Financial Statements and notes thereto. | ||||||||||||||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Total operating revenues | $ | — | $ | — | $ | 1,844 | $ | (1 | ) | $ | 1,843 | |||||||||
Total operating expenses | 4 | — | 1,201 | (1 | ) | 1,204 | ||||||||||||||
Operating income (loss) | (4 | ) | — | 643 | — | 639 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 161 | — | 161 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 415 | 635 | — | (1,050 | ) | — | ||||||||||||||
Other income and expenses, net | (1 | ) | 1 | 9 | — | 9 | ||||||||||||||
Interest expense | — | 65 | 113 | — | 178 | |||||||||||||||
Earnings before income taxes | 410 | 571 | 700 | (1,050 | ) | 631 | ||||||||||||||
Income tax expense (benefit) | (9 | ) | 156 | 17 | — | 164 | ||||||||||||||
Net income | 419 | 415 | 683 | (1,050 | ) | 467 | ||||||||||||||
Net income—noncontrolling interests | — | — | 48 | — | 48 | |||||||||||||||
Net income—controlling interests | $ | 419 | $ | 415 | $ | 635 | $ | (1,050 | ) | $ | 419 | |||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Total operating revenues | $ | — | $ | — | $ | 1,590 | $ | (1 | ) | $ | 1,589 | |||||||||
Total operating expenses | 2 | — | 1,082 | (1 | ) | 1,083 | ||||||||||||||
Operating income (loss) | (2 | ) | — | 508 | — | 506 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 110 | — | 110 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 337 | 509 | — | (846 | ) | — | ||||||||||||||
Other income and expenses, net | (2 | ) | 3 | 32 | — | 33 | ||||||||||||||
Interest expense | — | 48 | 101 | — | 149 | |||||||||||||||
Earnings before income taxes | 333 | 464 | 549 | (846 | ) | 500 | ||||||||||||||
Income tax expense (benefit) | (7 | ) | 127 | 10 | — | 130 | ||||||||||||||
Net income | 340 | 337 | 539 | (846 | ) | 370 | ||||||||||||||
Net income—noncontrolling interests | — | — | 30 | — | 30 | |||||||||||||||
Net income—controlling interests | $ | 340 | $ | 337 | $ | 509 | $ | (846 | ) | $ | 340 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Net income | $ | 419 | $ | 415 | $ | 683 | $ | (1,050 | ) | $ | 467 | |||||||||
Other comprehensive income (loss) | 2 | — | (239 | ) | — | (237 | ) | |||||||||||||
Total comprehensive income, net of tax | 421 | 415 | 444 | (1,050 | ) | 230 | ||||||||||||||
Less: comprehensive income—noncontrolling interests | — | — | 44 | — | 44 | |||||||||||||||
Comprehensive income—controlling interests | $ | 421 | $ | 415 | $ | 400 | $ | (1,050 | ) | $ | 186 | |||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Net income | $ | 340 | $ | 337 | $ | 539 | $ | (846 | ) | $ | 370 | |||||||||
Other comprehensive income (loss) | 4 | — | (176 | ) | — | (172 | ) | |||||||||||||
Total comprehensive income, net of tax | 344 | 337 | 363 | (846 | ) | 198 | ||||||||||||||
Less: comprehensive income—noncontrolling interests | — | — | 27 | — | 27 | |||||||||||||||
Comprehensive income—controlling interests | $ | 344 | $ | 337 | $ | 336 | $ | (846 | ) | $ | 171 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 4 | $ | 189 | $ | — | $ | 193 | ||||||||||
Receivables—consolidated subsidiaries | 4 | 6 | — | (10 | ) | — | ||||||||||||||
Receivables—other | 1 | 2 | 1,375 | — | 1,378 | |||||||||||||||
Other current assets | 10 | 11 | 580 | — | 601 | |||||||||||||||
Total current assets | 15 | 23 | 2,144 | (10 | ) | 2,172 | ||||||||||||||
Investments in and loans to unconsolidated | — | — | 3,033 | — | 3,033 | |||||||||||||||
affiliates | ||||||||||||||||||||
Investments in consolidated subsidiaries | 13,497 | 19,814 | — | (33,311 | ) | — | ||||||||||||||
Advances receivable—consolidated subsidiaries | — | 4,489 | 461 | (4,950 | ) | — | ||||||||||||||
Notes receivable—consolidated subsidiaries | — | — | 3,215 | (3,215 | ) | — | ||||||||||||||
Goodwill | — | — | 4,788 | — | 4,788 | |||||||||||||||
Other assets | 37 | 30 | 326 | — | 393 | |||||||||||||||
Property, plant and equipment, net | — | — | 21,610 | — | 21,610 | |||||||||||||||
Regulatory assets and deferred debits | 2 | 16 | 1,370 | — | 1,388 | |||||||||||||||
Total Assets | $ | 13,551 | $ | 24,372 | $ | 36,947 | $ | (41,486 | ) | $ | 33,384 | |||||||||
Accounts payable—other | $ | 3 | $ | — | $ | 608 | $ | — | $ | 611 | ||||||||||
Accounts payable—consolidated subsidiaries | — | — | 10 | (10 | ) | — | ||||||||||||||
Commercial paper | — | 289 | 628 | — | 917 | |||||||||||||||
Short-term borrowings—consolidated | — | 415 | — | (415 | ) | — | ||||||||||||||
subsidiaries | ||||||||||||||||||||
Taxes accrued | 1 | — | 86 | — | 87 | |||||||||||||||
Current maturities of long-term debt | — | 408 | 497 | — | 905 | |||||||||||||||
Other current liabilities | 43 | 61 | 1,063 | — | 1,167 | |||||||||||||||
Total current liabilities | 47 | 1,173 | 2,892 | (425 | ) | 3,687 | ||||||||||||||
Long-term debt | — | 2,899 | 9,701 | — | 12,600 | |||||||||||||||
Advances payable—consolidated subsidiaries | 4,950 | — | — | (4,950 | ) | — | ||||||||||||||
Notes payable—consolidated subsidiaries | — | 2,800 | — | (2,800 | ) | — | ||||||||||||||
Deferred credits and other liabilities | 88 | 4,003 | 2,403 | — | 6,494 | |||||||||||||||
Preferred stock of subsidiaries | — | — | 258 | — | 258 | |||||||||||||||
Equity | ||||||||||||||||||||
Controlling interests | 8,466 | 13,497 | 19,814 | (33,311 | ) | 8,466 | ||||||||||||||
Noncontrolling interests | — | — | 1,879 | — | 1,879 | |||||||||||||||
Total equity | 8,466 | 13,497 | 21,693 | (33,311 | ) | 10,345 | ||||||||||||||
Total Liabilities and Equity | $ | 13,551 | $ | 24,372 | $ | 36,947 | $ | (41,486 | ) | $ | 33,384 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(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 | — | — | 3,043 | — | 3,043 | |||||||||||||||
affiliates | ||||||||||||||||||||
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 | |||||||||||||||
Property, plant and equipment, net | — | — | 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—other | $ | 4 | $ | — | $ | 436 | $ | — | $ | 440 | ||||||||||
Accounts payable—consolidated subsidiaries | 89 | — | 481 | (570 | ) | — | ||||||||||||||
Commercial paper | — | 344 | 688 | — | 1,032 | |||||||||||||||
Short-term borrowings—consolidated | — | 415 | — | (415 | ) | — | ||||||||||||||
subsidiaries | ||||||||||||||||||||
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 | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | 419 | $ | 415 | $ | 683 | $ | (1,050 | ) | $ | 467 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | — | 203 | — | 203 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | (161 | ) | — | (161 | ) | ||||||||||||||
Equity in earnings of consolidated subsidiaries | (415 | ) | (635 | ) | — | 1,050 | — | |||||||||||||
Distributions received from unconsolidated affiliates | — | — | 89 | — | 89 | |||||||||||||||
Other | (35 | ) | 146 | (23 | ) | — | 88 | |||||||||||||
Net cash provided by (used in) operating activities | (31 | ) | (74 | ) | 791 | — | 686 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | — | — | (374 | ) | — | (374 | ) | |||||||||||||
Investments in and loans to unconsolidated | — | — | (18 | ) | — | (18 | ) | |||||||||||||
affiliates | ||||||||||||||||||||
Purchases of held-to-maturity securities | — | — | (198 | ) | — | (198 | ) | |||||||||||||
Proceeds from sales and maturities of held-to-maturity securities | — | — | 167 | — | 167 | |||||||||||||||
Purchases of available-for-sale securities | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | — | 5 | — | 5 | |||||||||||||||
Distributions received from unconsolidated | — | — | 22 | — | 22 | |||||||||||||||
affiliates | ||||||||||||||||||||
Advances from (to) affiliates | 108 | (30 | ) | — | (78 | ) | — | |||||||||||||
Other changes in restricted funds | — | — | 7 | — | 7 | |||||||||||||||
Net cash provided by (used in) investing activities | 108 | (30 | ) | (402 | ) | (78 | ) | (402 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | 300 | — | — | 300 | |||||||||||||||
Payments for the redemption of long-term debt | — | (148 | ) | (136 | ) | — | (284 | ) | ||||||||||||
Net decrease in commercial paper | — | (55 | ) | (47 | ) | — | (102 | ) | ||||||||||||
Distributions to noncontrolling interests | — | — | (39 | ) | — | (39 | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | 6 | — | 6 | |||||||||||||||
Proceeds from the issuance of SEP common units | — | 52 | — | 52 | ||||||||||||||||
Dividends paid on common stock | (228 | ) | — | — | — | (228 | ) | |||||||||||||
Distributions and advances from (to) affiliates | 146 | (1 | ) | (223 | ) | 78 | — | |||||||||||||
Other | 5 | — | — | — | 5 | |||||||||||||||
Net cash provided by (used in) financing activities | (77 | ) | 96 | (387 | ) | 78 | (290 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net decrease in cash and cash equivalents | — | (8 | ) | — | — | (8 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 12 | 189 | — | 201 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 4 | $ | 189 | $ | — | $ | 193 | ||||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | 340 | $ | 337 | $ | 539 | $ | (846 | ) | $ | 370 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | — | 189 | — | 189 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | (110 | ) | — | (110 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | (337 | ) | (509 | ) | — | 846 | — | |||||||||||||
Distributions received from unconsolidated affiliates | — | — | 79 | — | 79 | |||||||||||||||
Other | (79 | ) | 138 | (5 | ) | — | 54 | |||||||||||||
Net cash provided by (used in) operating activities | (76 | ) | (34 | ) | 692 | — | 582 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | — | — | (426 | ) | — | (426 | ) | |||||||||||||
Investments in and loans to unconsolidated affiliates | — | — | (87 | ) | — | (87 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (1,254 | ) | — | (1,254 | ) | |||||||||||||
Purchases of held-to-maturity securities | — | — | (293 | ) | — | (293 | ) | |||||||||||||
Proceeds from sales and maturities of held-to-maturity securities | — | — | 266 | — | 266 | |||||||||||||||
Purchases of available-for-securities | — | — | (612 | ) | — | (612 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | — | 619 | — | 619 | |||||||||||||||
Distributions received from unconsolidated | — | — | 6 | — | 6 | |||||||||||||||
affiliates | ||||||||||||||||||||
Advances to affiliates | — | (289 | ) | — | 289 | — | ||||||||||||||
Other changes in restricted funds | — | — | 7 | — | 7 | |||||||||||||||
Net cash used in investing activities | — | (289 | ) | (1,774 | ) | 289 | (1,774 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | 1,848 | — | — | 1,848 | |||||||||||||||
Payments for the redemption of long-term debt | — | (495 | ) | — | — | (495 | ) | |||||||||||||
Net increase (decrease) in commercial paper | — | 279 | (113 | ) | — | 166 | ||||||||||||||
Net decrease in short-term borrowings—consolidated | — | (7 | ) | — | 7 | — | ||||||||||||||
subsidiaries | ||||||||||||||||||||
Distributions to noncontrolling interests | — | — | (32 | ) | — | (32 | ) | |||||||||||||
Dividends paid on common stock | (205 | ) | — | (3 | ) | — | (208 | ) | ||||||||||||
Distributions and advances from (to) affiliates | 270 | (1,300 | ) | 1,326 | (296 | ) | — | |||||||||||||
Other | 11 | (3 | ) | — | — | 8 | ||||||||||||||
Net cash provided by financing activities | 76 | 322 | 1,178 | (289 | ) | 1,287 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (1 | ) | 95 | — | 94 | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 3 | 91 | — | 94 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 2 | $ | 186 | $ | — | $ | 188 | ||||||||||
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In 2013, the Financial Accounting Standards Board issued Accounting Standards Update 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which was issued to eliminate diversity in practice. This standard 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 standard did not have a material impact on our consolidated results of operations, financial position or cash flows. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 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 Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements. Although these estimates are based on our best available knowledge at the time, actual results could differ. | |
Earnings Per 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. | |
Inventory, Policy | ' |
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 OEB. The difference between the approved price and the actual cost of gas purchased is recorded as either a receivable or a current liability, 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. | |
Fair Value Measurement | ' |
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 | |
We do not have significant amounts of assets or liabilities measured and reported using Level 3 valuation techniques, which 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. | |
For the natural gas purchases contracts and commodity derivatives, we utilize data obtained from third-party sources for the determination of fair value. The expected future cash flows arising from our swaps are discounted to present value. In addition, credit default swap rates or historical average credit default rates by credit rating are used to develop the adjustment for credit risk embedded in our positions. As these transactions are limited, we believe a Level 3 classification is appropriate. |
Acquisition_of_ExpressPlatte_T
Acquisition of Express-Platte (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Acquisition of Express-Platte [Abstract] | ' | |||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||
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) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segment Data - Condensed Consolidated Statements of Operations | ' | |||||||||||||||
Business Segment Data | ||||||||||||||||
Condensed Consolidated Statements of Operations | Unaffiliated | Intersegment | Total | Segment EBITDA/ | ||||||||||||
Revenues | Revenues | Operating | Consolidated | |||||||||||||
Revenues | Earnings before | |||||||||||||||
Income Taxes | ||||||||||||||||
(in millions) | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Spectra Energy Partners | $ | 581 | $ | — | $ | 581 | $ | 429 | ||||||||
Distribution | 718 | — | 718 | 226 | ||||||||||||
Western Canada Transmission & Processing | 541 | 34 | 575 | 237 | ||||||||||||
Field Services | — | — | — | 130 | ||||||||||||
Total reportable segments | 1,840 | 34 | 1,874 | 1,022 | ||||||||||||
Other | 3 | 15 | 18 | (17 | ) | |||||||||||
Eliminations | — | (49 | ) | (49 | ) | — | ||||||||||
Depreciation and amortization | — | — | — | 200 | ||||||||||||
Interest expense | — | — | — | 178 | ||||||||||||
Interest income and other | — | — | — | 4 | ||||||||||||
Total consolidated | $ | 1,843 | $ | — | $ | 1,843 | $ | 631 | ||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
Spectra Energy Partners | $ | 459 | $ | — | $ | 459 | $ | 347 | ||||||||
Distribution | 699 | — | 699 | 220 | ||||||||||||
Western Canada Transmission & Processing | 428 | 15 | 443 | 190 | ||||||||||||
Field Services | — | — | — | 88 | ||||||||||||
Total reportable segments | 1,586 | 15 | 1,601 | 845 | ||||||||||||
Other | 3 | 15 | 18 | (14 | ) | |||||||||||
Eliminations | — | (30 | ) | (30 | ) | — | ||||||||||
Depreciation and amortization | — | — | — | 186 | ||||||||||||
Interest expense | — | — | — | 149 | ||||||||||||
Interest income and other | — | — | — | 4 | ||||||||||||
Total consolidated | $ | 1,589 | $ | — | $ | 1,589 | $ | 500 | ||||||||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Basic and Diluted EPS Calculations | ' | ||||||||||
The following table presents our basic and diluted EPS calculations: | |||||||||||
Three Months | |||||||||||
Ended March 31, | |||||||||||
2014 | 2013 | ||||||||||
(in millions, except per-share amounts) | |||||||||||
Net income—controlling interests | $ | 419 | $ | 340 | |||||||
Weighted-average common shares outstanding | |||||||||||
Basic | 670 | 669 | |||||||||
Diluted | 672 | 670 | |||||||||
Basic earnings per common share | $ | 0.63 | $ | 0.51 | |||||||
Diluted earnings per common share | $ | 0.62 | $ | 0.51 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
The following table presents the net of tax changes in Accumulated Other Comprehensive Income (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-13 | $ | 1,557 | $ | (304 | ) | $ | (11 | ) | $ | (1 | ) | $ | 1,241 | |||||||
Reclassified to net income | — | — | 2 | — | 2 | |||||||||||||||
Other AOCI activity | (244 | ) | 7 | 2 | — | (235 | ) | |||||||||||||
31-Mar-14 | $ | 1,313 | $ | (297 | ) | $ | (7 | ) | $ | (1 | ) | $ | 1,008 | |||||||
31-Dec-12 | $ | 2,044 | $ | (507 | ) | $ | (23 | ) | $ | (5 | ) | $ | 1,509 | |||||||
Reclassified to net income | — | — | 2 | — | 2 | |||||||||||||||
Other AOCI activity | (186 | ) | 11 | 3 | 1 | (171 | ) | |||||||||||||
31-Mar-13 | $ | 1,858 | $ | (496 | ) | $ | (18 | ) | $ | (4 | ) | $ | 1,340 | |||||||
Inventory_Tables
Inventory (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components of Inventory | ' | |||||||
The components of inventory are as follows: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Natural gas | $ | 57 | $ | 155 | ||||
NGLs | 15 | 30 | ||||||
Materials and supplies | 76 | 78 | ||||||
Total inventory | $ | 148 | $ | 263 | ||||
Investments_in_and_Loans_to_Un1
Investments in and Loans to Unconsolidated Affiliates (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Summarized Statements of Operations of Unconsolidated Affiliates Presented at 100 Percent | ' | |||||||
The following represents summary financial information for DCP Midstream, presented at 100%: | ||||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Operating revenues | $ | 3,915 | $ | 2,612 | ||||
Operating expenses | 3,645 | 2,450 | ||||||
Operating income | 270 | 162 | ||||||
Net income | 203 | 120 | ||||||
Net income attributable to members’ interests | 165 | 91 | ||||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Changes in Goodwill | ' | |||
The following presents changes in goodwill during 2014: | ||||
Goodwill | ||||
(in millions) | ||||
31-Dec-13 | $ | 4,810 | ||
Acquisition of Express-Platte | 37 | |||
Foreign currency translation | (59 | ) | ||
31-Mar-14 | $ | 4,788 | ||
Marketable_Securities_and_Rest1
Marketable Securities and Restricted Funds (Tables) | 3 Months Ended | |||||||||||||||
Mar. 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 | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||
(in millions) | ||||||||||||||||
Corporate debt securities | $ | 26 | $ | 18 | ||||||||||||
Money market funds | 1 | 1 | ||||||||||||||
Total available-for-sale securities | $ | 27 | $ | 19 | ||||||||||||
Restricted and Nonrestricted AFS Securities by Balance Sheet Classification | ' | |||||||||||||||
Our AFS securities are classified on the Condensed Consolidated Balance Sheets as follows: | ||||||||||||||||
Estimated Fair Value | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||
(in millions) | ||||||||||||||||
Restricted funds | ||||||||||||||||
Investments and other assets—other | $ | 1 | $ | 1 | ||||||||||||
Non-restricted funds | ||||||||||||||||
Current assets—other | 2 | 7 | ||||||||||||||
Investments and other assets—other | 24 | 11 | ||||||||||||||
Total available-for-sale securities | $ | 27 | $ | 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. | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||
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) | 13,494 | 14,808 | 13,668 | 14,701 | ||||||||||||
__________ | ||||||||||||||||
(a) | Included within Investments in and Loans to Unconsolidated Affiliates. | |||||||||||||||
(b) | Excludes 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 | ||||||||||||||||
Description | Condensed Consolidated Balance Sheet Caption | 31-Mar-14 | 31-Dec-13 | |||||||||||||
(in millions) | ||||||||||||||||
Bankers acceptances | Current assets—other | $ | 57 | $ | 35 | |||||||||||
Canadian government securities | Current assets—other | 33 | 34 | |||||||||||||
Money market funds | Current assets—other | 10 | 3 | |||||||||||||
Canadian government securities | Investments and other assets—other | 125 | 131 | |||||||||||||
Bankers acceptances | Investments and other assets—other | 10 | 10 | |||||||||||||
Total held-to-maturity securities | $ | 235 | $ | 213 | ||||||||||||
Debt_and_Credit_Facilities_Tab
Debt and Credit Facilities (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Available Credit Facilities and Restrictive Debt Covenants | ' | |||||||||||||
Available Credit Facilities and Restrictive Debt Covenants | ||||||||||||||
Expiration | Total | Commercial Paper Outstanding at March 31, 2014 | Available | |||||||||||
Date | Credit | Credit | ||||||||||||
Facilities | Facilities | |||||||||||||
Capacity | Capacity | |||||||||||||
(in millions) | ||||||||||||||
Spectra Energy Capital, LLC | ||||||||||||||
Multi-year syndicated (a) | 2018 | $ | 1,000 | $ | 289 | $ | 711 | |||||||
SEP | ||||||||||||||
Multi-year syndicated (b) | 2018 | 2,000 | 284 | 1,716 | ||||||||||
Westcoast Energy Inc. | ||||||||||||||
Multi-year syndicated (c) | 2016 | 271 | — | 271 | ||||||||||
Union Gas | ||||||||||||||
Multi-year syndicated (d) | 2016 | 362 | 344 | 18 | ||||||||||
Total | $ | 3,633 | $ | 917 | $ | 2,716 | ||||||||
___________ | ||||||||||||||
(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 57% at March 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 credit agreement, of 5.0 to 1 or less, provided that for three fiscal quarters subsequent to certain acquisitions (such as the November 1, 2013 U.S. Assets Dropdown from Spectra Energy Corp), the ratio may be 5.5 to 1 or less. As of March 31, 2014, this ratio was 4.1 to 1 after giving effect to the U.S. Assets Dropdown. | |||||||||||||
(c) | U.S. dollar equivalent at March 31, 2014. The revolving credit facility is 300 million Canadian dollars and contains a covenant that requires the Westcoast Energy Inc. non-consolidated debt-to-total capitalization ratio to not exceed 75%. The ratio was 42% at March 31, 2014. | |||||||||||||
(d) | U.S. dollar equivalent at March 31, 2014. The revolving credit facility is 400 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 64% at March 31, 2014. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
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 liabilities that are measured at fair value on a recurring basis using significant unobservable inputs: | |||||||||||||||||
Three Months | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in millions) | |||||||||||||||||
Derivative liabilities | |||||||||||||||||
Fair value, beginning of period | $ | 3 | $ | 9 | |||||||||||||
Total realized/unrealized losses (gains): | |||||||||||||||||
Included in earnings | 4 | 1 | |||||||||||||||
Included in other comprehensive income | (3 | ) | (4 | ) | |||||||||||||
Settlements | 1 | — | |||||||||||||||
Fair value, end of period | $ | 5 | $ | 6 | |||||||||||||
Total losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities held at the end of the period | $ | 3 | $ | 1 | |||||||||||||
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 | Condensed Consolidated Balance Sheet Caption | 31-Mar-14 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(in millions) | |||||||||||||||||
Corporate debt securities | Cash and cash equivalents | $ | 35 | $ | — | $ | 35 | $ | — | ||||||||
Corporate debt securities | Current assets—other | 2 | — | 2 | — | ||||||||||||
Interest rate swaps | Current assets—other | 4 | — | 4 | — | ||||||||||||
Corporate debt securities | Investments and other assets—other | 24 | — | 24 | — | ||||||||||||
Interest rate swaps | Investments and other assets—other | 15 | — | 15 | — | ||||||||||||
Money market funds | Investments and other assets—other | 1 | 1 | — | — | ||||||||||||
Total Assets | $ | 81 | $ | 1 | $ | 80 | $ | — | |||||||||
Commodity derivatives | Current liabilities—other | $ | 3 | $ | — | $ | — | $ | 3 | ||||||||
Interest rate swaps | Current liabilities—other | 3 | — | 3 | — | ||||||||||||
Natural gas purchase contracts | Deferred credits and other liabilities—regulatory and other | 1 | — | — | 1 | ||||||||||||
Commodity derivatives | Deferred credits and other liabilities—regulatory and other | 1 | — | — | 1 | ||||||||||||
Total Liabilities | $ | 8 | $ | — | $ | 3 | $ | 5 | |||||||||
Description | Condensed 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 | |||||||||
Fair Value of Financial Instruments Recorded and Carried at Book Value | ' | ||||||||||||||||
Our AFS securities are classified on the Condensed Consolidated Balance Sheets as follows: | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(in millions) | |||||||||||||||||
Restricted funds | |||||||||||||||||
Investments and other assets—other | $ | 1 | $ | 1 | |||||||||||||
Non-restricted funds | |||||||||||||||||
Current assets—other | 2 | 7 | |||||||||||||||
Investments and other assets—other | 24 | 11 | |||||||||||||||
Total available-for-sale securities | $ | 27 | $ | 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. | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
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) | 13,494 | 14,808 | 13,668 | 14,701 | |||||||||||||
__________ | |||||||||||||||||
(a) | Included within Investments in and Loans to Unconsolidated Affiliates. | ||||||||||||||||
(b) | Excludes unamortized items and fair value hedge carrying value adjustments. |
Risk_Management_and_Hedging_Ac1
Risk Management and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Risk Management And Hedging Activities [Abstract] | ' | |||||||||||||||||||||||
Derivative Assets And Liabilities Offsetting | ' | |||||||||||||||||||||||
Information about our interest rate swaps that had netting or rights of offset arrangements are as follows: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross Amounts | Amounts Not | Net | Gross Amounts | Amounts Not | Net | |||||||||||||||||||
Presented in | Offset in the | Amount | Presented in | Offset in the | Amount | |||||||||||||||||||
the Condensed | Condensed | the Condensed | Condensed | |||||||||||||||||||||
Consolidated | Consolidated | Consolidated | Consolidated | |||||||||||||||||||||
Balance Sheets | Balance Sheets | Balance Sheets | Balance Sheets | |||||||||||||||||||||
Description | (in millions) | |||||||||||||||||||||||
Assets | $ | 19 | $ | 2 | $ | 17 | $ | 23 | $ | 3 | $ | 20 | ||||||||||||
Liabilities | 3 | 2 | 1 | 6 | 3 | 3 | ||||||||||||||||||
Commodity Derivative Assets and Liabilities Offsetting | ' | |||||||||||||||||||||||
Information about our commodity derivatives that had netting or rights of offset arrangements are as follows: | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Gross | Gross | Net | ||||||||||||||||||||||
Amounts | Amounts | Amount Presented in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||
Offset | ||||||||||||||||||||||||
Description | (in millions) | |||||||||||||||||||||||
Assets | $ | 133 | $ | 133 | $ | — | ||||||||||||||||||
Liabilities | 137 | 133 | 4 | |||||||||||||||||||||
Commodity derivative impact | ' | |||||||||||||||||||||||
Information regarding the impacts of commodity derivatives on our Condensed Consolidated Statement of Operations are as follows: | ||||||||||||||||||||||||
Three Months | ||||||||||||||||||||||||
Ended March 31, | ||||||||||||||||||||||||
Derivatives | Condensed Consolidated Statement of Operations Caption | 2014 | 2013 | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Commodity derivatives | Sales of natural gas liquids | $ | (3 | ) | n/a |
Issuances_of_SEP_UnitsTables
Issuances of SEP Units(Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||
Effects of Changes in Ownership Interests in Non-Wholly Owned Consolidated Subsidiaries | ' | ||||||||
The following table presents the effects of the issuances of SEP units: | |||||||||
Three Months | |||||||||
Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(in millions) | |||||||||
Net income - controlling interests | $ | 419 | $ | 340 | |||||
Increase in additional paid-in capital resulting from issuances of SEP units | 10 | — | |||||||
Total net income - controlling interests and changes in equity - controlling interests | $ | 429 | $ | 340 | |||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Pension Plans, Defined Benefit | ' | |||||||
Components of Net Periodic Benefit Cost | ' | |||||||
Qualified and Non-Qualified Pension Plans—Components of Net Periodic Pension Cost | ||||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
U.S. | ||||||||
Service cost benefit earned | $ | 5 | $ | 5 | ||||
Interest cost on projected benefit obligation | 6 | 5 | ||||||
Expected return on plan assets | (10 | ) | (8 | ) | ||||
Amortization of loss | 3 | 5 | ||||||
Net periodic pension cost | $ | 4 | $ | 7 | ||||
Canada | ||||||||
Service cost benefit earned | $ | 7 | $ | 8 | ||||
Interest cost on projected benefit obligation | 13 | 13 | ||||||
Expected return on plan assets | (17 | ) | (17 | ) | ||||
Amortization of loss | 6 | 9 | ||||||
Net periodic pension cost | $ | 9 | $ | 13 | ||||
U.S. and Canada Other Post-Retirement Benefits | ' | |||||||
Components of Net Periodic Benefit Cost | ' | |||||||
Other Post-Retirement Benefit Plans—Components of Net Periodic Benefit Cost | ||||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
U.S. | ||||||||
Interest cost on accumulated post-retirement benefit obligation | $ | 2 | $ | 2 | ||||
Expected return on plan assets | (1 | ) | (1 | ) | ||||
Net periodic other post-retirement benefit cost | $ | 1 | $ | 1 | ||||
Canada | ||||||||
Service cost benefit earned | $ | 1 | $ | 1 | ||||
Interest cost on accumulated post-retirement benefit obligation | 1 | 2 | ||||||
Net periodic other post-retirement benefit cost | $ | 2 | $ | 3 | ||||
Consolidating_Financial_Inform1
Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ' | |||||||||||||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Total operating revenues | $ | — | $ | — | $ | 1,844 | $ | (1 | ) | $ | 1,843 | |||||||||
Total operating expenses | 4 | — | 1,201 | (1 | ) | 1,204 | ||||||||||||||
Operating income (loss) | (4 | ) | — | 643 | — | 639 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 161 | — | 161 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 415 | 635 | — | (1,050 | ) | — | ||||||||||||||
Other income and expenses, net | (1 | ) | 1 | 9 | — | 9 | ||||||||||||||
Interest expense | — | 65 | 113 | — | 178 | |||||||||||||||
Earnings before income taxes | 410 | 571 | 700 | (1,050 | ) | 631 | ||||||||||||||
Income tax expense (benefit) | (9 | ) | 156 | 17 | — | 164 | ||||||||||||||
Net income | 419 | 415 | 683 | (1,050 | ) | 467 | ||||||||||||||
Net income—noncontrolling interests | — | — | 48 | — | 48 | |||||||||||||||
Net income—controlling interests | $ | 419 | $ | 415 | $ | 635 | $ | (1,050 | ) | $ | 419 | |||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Total operating revenues | $ | — | $ | — | $ | 1,590 | $ | (1 | ) | $ | 1,589 | |||||||||
Total operating expenses | 2 | — | 1,082 | (1 | ) | 1,083 | ||||||||||||||
Operating income (loss) | (2 | ) | — | 508 | — | 506 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 110 | — | 110 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 337 | 509 | — | (846 | ) | — | ||||||||||||||
Other income and expenses, net | (2 | ) | 3 | 32 | — | 33 | ||||||||||||||
Interest expense | — | 48 | 101 | — | 149 | |||||||||||||||
Earnings before income taxes | 333 | 464 | 549 | (846 | ) | 500 | ||||||||||||||
Income tax expense (benefit) | (7 | ) | 127 | 10 | — | 130 | ||||||||||||||
Net income | 340 | 337 | 539 | (846 | ) | 370 | ||||||||||||||
Net income—noncontrolling interests | — | — | 30 | — | 30 | |||||||||||||||
Net income—controlling interests | $ | 340 | $ | 337 | $ | 509 | $ | (846 | ) | $ | 340 | |||||||||
Condensed Consolidating Statements of Comprehensive Income | ' | |||||||||||||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Net income | $ | 419 | $ | 415 | $ | 683 | $ | (1,050 | ) | $ | 467 | |||||||||
Other comprehensive income (loss) | 2 | — | (239 | ) | — | (237 | ) | |||||||||||||
Total comprehensive income, net of tax | 421 | 415 | 444 | (1,050 | ) | 230 | ||||||||||||||
Less: comprehensive income—noncontrolling interests | — | — | 44 | — | 44 | |||||||||||||||
Comprehensive income—controlling interests | $ | 421 | $ | 415 | $ | 400 | $ | (1,050 | ) | $ | 186 | |||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Net income | $ | 340 | $ | 337 | $ | 539 | $ | (846 | ) | $ | 370 | |||||||||
Other comprehensive income (loss) | 4 | — | (176 | ) | — | (172 | ) | |||||||||||||
Total comprehensive income, net of tax | 344 | 337 | 363 | (846 | ) | 198 | ||||||||||||||
Less: comprehensive income—noncontrolling interests | — | — | 27 | — | 27 | |||||||||||||||
Comprehensive income—controlling interests | $ | 344 | $ | 337 | $ | 336 | $ | (846 | ) | $ | 171 | |||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 4 | $ | 189 | $ | — | $ | 193 | ||||||||||
Receivables—consolidated subsidiaries | 4 | 6 | — | (10 | ) | — | ||||||||||||||
Receivables—other | 1 | 2 | 1,375 | — | 1,378 | |||||||||||||||
Other current assets | 10 | 11 | 580 | — | 601 | |||||||||||||||
Total current assets | 15 | 23 | 2,144 | (10 | ) | 2,172 | ||||||||||||||
Investments in and loans to unconsolidated | — | — | 3,033 | — | 3,033 | |||||||||||||||
affiliates | ||||||||||||||||||||
Investments in consolidated subsidiaries | 13,497 | 19,814 | — | (33,311 | ) | — | ||||||||||||||
Advances receivable—consolidated subsidiaries | — | 4,489 | 461 | (4,950 | ) | — | ||||||||||||||
Notes receivable—consolidated subsidiaries | — | — | 3,215 | (3,215 | ) | — | ||||||||||||||
Goodwill | — | — | 4,788 | — | 4,788 | |||||||||||||||
Other assets | 37 | 30 | 326 | — | 393 | |||||||||||||||
Property, plant and equipment, net | — | — | 21,610 | — | 21,610 | |||||||||||||||
Regulatory assets and deferred debits | 2 | 16 | 1,370 | — | 1,388 | |||||||||||||||
Total Assets | $ | 13,551 | $ | 24,372 | $ | 36,947 | $ | (41,486 | ) | $ | 33,384 | |||||||||
Accounts payable—other | $ | 3 | $ | — | $ | 608 | $ | — | $ | 611 | ||||||||||
Accounts payable—consolidated subsidiaries | — | — | 10 | (10 | ) | — | ||||||||||||||
Commercial paper | — | 289 | 628 | — | 917 | |||||||||||||||
Short-term borrowings—consolidated | — | 415 | — | (415 | ) | — | ||||||||||||||
subsidiaries | ||||||||||||||||||||
Taxes accrued | 1 | — | 86 | — | 87 | |||||||||||||||
Current maturities of long-term debt | — | 408 | 497 | — | 905 | |||||||||||||||
Other current liabilities | 43 | 61 | 1,063 | — | 1,167 | |||||||||||||||
Total current liabilities | 47 | 1,173 | 2,892 | (425 | ) | 3,687 | ||||||||||||||
Long-term debt | — | 2,899 | 9,701 | — | 12,600 | |||||||||||||||
Advances payable—consolidated subsidiaries | 4,950 | — | — | (4,950 | ) | — | ||||||||||||||
Notes payable—consolidated subsidiaries | — | 2,800 | — | (2,800 | ) | — | ||||||||||||||
Deferred credits and other liabilities | 88 | 4,003 | 2,403 | — | 6,494 | |||||||||||||||
Preferred stock of subsidiaries | — | — | 258 | — | 258 | |||||||||||||||
Equity | ||||||||||||||||||||
Controlling interests | 8,466 | 13,497 | 19,814 | (33,311 | ) | 8,466 | ||||||||||||||
Noncontrolling interests | — | — | 1,879 | — | 1,879 | |||||||||||||||
Total equity | 8,466 | 13,497 | 21,693 | (33,311 | ) | 10,345 | ||||||||||||||
Total Liabilities and Equity | $ | 13,551 | $ | 24,372 | $ | 36,947 | $ | (41,486 | ) | $ | 33,384 | |||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(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 | — | — | 3,043 | — | 3,043 | |||||||||||||||
affiliates | ||||||||||||||||||||
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 | |||||||||||||||
Property, plant and equipment, net | — | — | 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—other | $ | 4 | $ | — | $ | 436 | $ | — | $ | 440 | ||||||||||
Accounts payable—consolidated subsidiaries | 89 | — | 481 | (570 | ) | — | ||||||||||||||
Commercial paper | — | 344 | 688 | — | 1,032 | |||||||||||||||
Short-term borrowings—consolidated | — | 415 | — | (415 | ) | — | ||||||||||||||
subsidiaries | ||||||||||||||||||||
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 | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | 419 | $ | 415 | $ | 683 | $ | (1,050 | ) | $ | 467 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | — | 203 | — | 203 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | (161 | ) | — | (161 | ) | ||||||||||||||
Equity in earnings of consolidated subsidiaries | (415 | ) | (635 | ) | — | 1,050 | — | |||||||||||||
Distributions received from unconsolidated affiliates | — | — | 89 | — | 89 | |||||||||||||||
Other | (35 | ) | 146 | (23 | ) | — | 88 | |||||||||||||
Net cash provided by (used in) operating activities | (31 | ) | (74 | ) | 791 | — | 686 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | — | — | (374 | ) | — | (374 | ) | |||||||||||||
Investments in and loans to unconsolidated | — | — | (18 | ) | — | (18 | ) | |||||||||||||
affiliates | ||||||||||||||||||||
Purchases of held-to-maturity securities | — | — | (198 | ) | — | (198 | ) | |||||||||||||
Proceeds from sales and maturities of held-to-maturity securities | — | — | 167 | — | 167 | |||||||||||||||
Purchases of available-for-sale securities | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | — | 5 | — | 5 | |||||||||||||||
Distributions received from unconsolidated | — | — | 22 | — | 22 | |||||||||||||||
affiliates | ||||||||||||||||||||
Advances from (to) affiliates | 108 | (30 | ) | — | (78 | ) | — | |||||||||||||
Other changes in restricted funds | — | — | 7 | — | 7 | |||||||||||||||
Net cash provided by (used in) investing activities | 108 | (30 | ) | (402 | ) | (78 | ) | (402 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | 300 | — | — | 300 | |||||||||||||||
Payments for the redemption of long-term debt | — | (148 | ) | (136 | ) | — | (284 | ) | ||||||||||||
Net decrease in commercial paper | — | (55 | ) | (47 | ) | — | (102 | ) | ||||||||||||
Distributions to noncontrolling interests | — | — | (39 | ) | — | (39 | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | 6 | — | 6 | |||||||||||||||
Proceeds from the issuance of SEP common units | — | 52 | — | 52 | ||||||||||||||||
Dividends paid on common stock | (228 | ) | — | — | — | (228 | ) | |||||||||||||
Distributions and advances from (to) affiliates | 146 | (1 | ) | (223 | ) | 78 | — | |||||||||||||
Other | 5 | — | — | — | 5 | |||||||||||||||
Net cash provided by (used in) financing activities | (77 | ) | 96 | (387 | ) | 78 | (290 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net decrease in cash and cash equivalents | — | (8 | ) | — | — | (8 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 12 | 189 | — | 201 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 4 | $ | 189 | $ | — | $ | 193 | ||||||||||
Spectra Energy Corp | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Spectra | Spectra | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Energy | Capital | Subsidiaries | ||||||||||||||||||
Corp | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | 340 | $ | 337 | $ | 539 | $ | (846 | ) | $ | 370 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | — | 189 | — | 189 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | (110 | ) | — | (110 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | (337 | ) | (509 | ) | — | 846 | — | |||||||||||||
Distributions received from unconsolidated affiliates | — | — | 79 | — | 79 | |||||||||||||||
Other | (79 | ) | 138 | (5 | ) | — | 54 | |||||||||||||
Net cash provided by (used in) operating activities | (76 | ) | (34 | ) | 692 | — | 582 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | — | — | (426 | ) | — | (426 | ) | |||||||||||||
Investments in and loans to unconsolidated affiliates | — | — | (87 | ) | — | (87 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (1,254 | ) | — | (1,254 | ) | |||||||||||||
Purchases of held-to-maturity securities | — | — | (293 | ) | — | (293 | ) | |||||||||||||
Proceeds from sales and maturities of held-to-maturity securities | — | — | 266 | — | 266 | |||||||||||||||
Purchases of available-for-securities | — | — | (612 | ) | — | (612 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | — | 619 | — | 619 | |||||||||||||||
Distributions received from unconsolidated | — | — | 6 | — | 6 | |||||||||||||||
affiliates | ||||||||||||||||||||
Advances to affiliates | — | (289 | ) | — | 289 | — | ||||||||||||||
Other changes in restricted funds | — | — | 7 | — | 7 | |||||||||||||||
Net cash used in investing activities | — | (289 | ) | (1,774 | ) | 289 | (1,774 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | 1,848 | — | — | 1,848 | |||||||||||||||
Payments for the redemption of long-term debt | — | (495 | ) | — | — | (495 | ) | |||||||||||||
Net increase (decrease) in commercial paper | — | 279 | (113 | ) | — | 166 | ||||||||||||||
Net decrease in short-term borrowings—consolidated | — | (7 | ) | — | 7 | — | ||||||||||||||
subsidiaries | ||||||||||||||||||||
Distributions to noncontrolling interests | — | — | (32 | ) | — | (32 | ) | |||||||||||||
Dividends paid on common stock | (205 | ) | — | (3 | ) | — | (208 | ) | ||||||||||||
Distributions and advances from (to) affiliates | 270 | (1,300 | ) | 1,326 | (296 | ) | — | |||||||||||||
Other | 11 | (3 | ) | — | — | 8 | ||||||||||||||
Net cash provided by financing activities | 76 | 322 | 1,178 | (289 | ) | 1,287 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (1 | ) | 95 | — | 94 | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 3 | 91 | — | 94 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 2 | $ | 186 | $ | — | $ | 188 | ||||||||||
General_Additional_Information
General - Additional Information (Detail) (DCP Midstream, LLC) | Mar. 31, 2014 |
DCP Midstream, LLC | ' |
General [Line Items] | ' |
Percentage of ownership | 50.00% |
Acquisition_of_ExpressPlatte_S
Acquisition of Express-Platte Summary of Fair Values of Assets and Liabilities Acquired (Detail) (Express-Platte, USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2013 | Mar. 14, 2013 |
Express-Platte | ' | ' |
Acquisition of Express-Platte | ' | ' |
Payments to Acquire Businesses, Gross | $1,250 | ' |
Business Acquisitions Purchase Price Adjustments | 71 | ' |
Payments to Acquire Businesses, Net of Adjustments | 1,321 | ' |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Non-current Liabilities Long Term Debt Including Current Portion | -260 | -260 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 798 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 67 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 25 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 9 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,251 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | -18 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | -17 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | ($259) | ' |
Acquisition_of_ExpressPlatte_A
Acquisition of Express-Platte - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 14, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Express-Platte | Express-Platte | Adjustment to Estimated Fair Value | Subsidiary Issuer | Subsidiary Issuer | ||||
Express-Platte | UNITED STATES | CANADA | ||||||
Express-Platte | Express-Platte | |||||||
Acquisition of Express-Platte | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | ' | $1,251,000,000 | $60,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | ' | ' | ' | ' | 9,000,000 | 1,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | ' | ' | ' | ' | 259,000,000 | 24,000,000 | ' | ' |
Goodwill | 4,788,000,000 | ' | 4,810,000,000 | ' | 523,000,000 | 37,000,000 | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 1,254,000,000 | ' | 1,250,000,000 | ' | ' | ' | ' |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Non-current Liabilities Long Term Debt Including Current Portion | ' | ' | ' | $260,000,000 | $260,000,000 | ' | ' | ' |
Percentage of Voting Rights Contributed | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Percentage of Voting Rights Sold | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
reportable_segments | |
DCP Midstream, LLC | DCP Midstream Partners, LP | ' |
Segment Reporting Information [Line Items] | ' |
Percentage of ownership interests | 23.00% |
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_Condense
Business Segment Data - Condensed Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | $1,843 | $1,589 |
Depreciation and amortization | 200 | 186 |
Interest expense | 178 | 149 |
Interest income and other | 4 | 4 |
Earnings From Continuing Operations Before Income Taxes | 631 | 500 |
Operating Segments - Unaffiliated Revenues | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 1,843 | 1,589 |
Intersegment Eliminations | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | -49 | -30 |
Corporate and Other | Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 18 | 18 |
EBITDA | -17 | -14 |
Corporate and Other | Operating Segments - Affiliates Revenues | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 15 | 15 |
Corporate and Other | Operating Segments - Unaffiliated Revenues | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 3 | 3 |
Total reportable segments | Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 1,874 | 1,601 |
EBITDA | 1,022 | 845 |
Total reportable segments | Operating Segments - Affiliates Revenues | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 34 | 15 |
Total reportable segments | Operating Segments - Unaffiliated Revenues | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 1,840 | 1,586 |
Field Services | Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
EBITDA | 130 | 88 |
Western Canada Transmission And Processing | Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 575 | 443 |
EBITDA | 237 | 190 |
Western Canada Transmission And Processing | Operating Segments - Affiliates Revenues | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 34 | 15 |
Western Canada Transmission And Processing | Operating Segments - Unaffiliated Revenues | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 541 | 428 |
Distribution | Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 718 | 699 |
EBITDA | 226 | 220 |
Distribution | Operating Segments - Affiliates Revenues | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | ' | 0 |
Distribution | Operating Segments - Unaffiliated Revenues | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 718 | 699 |
Spectra Energy Partners | Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 581 | 459 |
EBITDA | 429 | 347 |
Spectra Energy Partners | Operating Segments - Affiliates Revenues | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | 0 | 0 |
Spectra Energy Partners | Operating Segments - Unaffiliated Revenues | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating revenues | $581 | $459 |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Regulatory Matters [Line Items] | ' | ' |
Net Income | $467 | $370 |
Transportation, storage and processing of natural gas | 887 | 800 |
Sales of natural gas liquids | 187 | 112 |
Other | 72 | 39 |
Operating revenues | 1,843 | 1,589 |
Operating Expenses | 363 | 332 |
Union Gas Limited | Other Current Liabilities | ' | ' |
Regulatory Matters [Line Items] | ' | ' |
Regulatory assets | 20 | ' |
Favorable Regulatory Action | Union Gas Limited | ' | ' |
Regulatory Matters [Line Items] | ' | ' |
Net Income | 10 | ' |
Transportation, storage and processing of natural gas | 32 | ' |
Positive Outcome of Litigation | Union Gas Limited | ' | ' |
Regulatory Matters [Line Items] | ' | ' |
Sales of natural gas liquids | 15 | ' |
Other | $7 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' |
Income tax expense (benefit) from continuing operations | $164 | $130 |
Effective tax rate for income from continuing operations | 26.00% | ' |
Earnings Per Share, Diluted | $0.62 | $0.51 |
Minimum | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Potential decrease of unrecogonized tax benefits | 5 | ' |
Maximum | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Potential decrease of unrecogonized tax benefits | $10 | ' |
Earnings_per_Common_Share_Basi
Earnings per Common Share - Basic and Diluted Eps Calculations (Detail) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Earnings Per Share [Abstract] | ' | ' | ||
Net income-controlling interests | $419 | $340 | ||
Weighted-average common shares outstanding | ' | ' | ||
Basic (in shares) | 670 | 669 | ||
Diluted (in shares) | 672 | 670 | ||
Basic earnings per common share | $0.63 | $0.51 | ||
Diluted earnings per common share | $0.62 | [1] | $0.51 | [1] |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjQyNGQ0YWQ0ZjNlNDRmMWVhMmQ5ZWU2NDUyZmQ5ODAwfFRleHRTZWxlY3Rpb246NzMyM0MxOEEyNDJFOEYyOUY5NTVGNDdERENEMDRCQTMM} |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Roll Forward] | ' | ' |
Beginning balance | $1,241 | $1,509 |
Reclassified to net income | 2 | 2 |
Other AOCI activity | -235 | -171 |
Ending balance | 1,008 | 1,340 |
Foreign Currency Translation Adjustment | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Roll Forward] | ' | ' |
Beginning balance | 1,557 | 2,044 |
Reclassified to net income | 0 | 0 |
Other AOCI activity | -244 | -186 |
Ending balance | 1,313 | 1,858 |
Pension and Post-retirement Benefit Plan Obligations | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Roll Forward] | ' | ' |
Beginning balance | -304 | -507 |
Reclassified to net income | 0 | 0 |
Other AOCI activity | 7 | 11 |
Ending balance | -297 | -496 |
Gas Purchase Contract Hedges | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Roll Forward] | ' | ' |
Beginning balance | -11 | -23 |
Reclassified to net income | 2 | 2 |
Other AOCI activity | 2 | 3 |
Ending balance | -7 | -18 |
Other | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Roll Forward] | ' | ' |
Beginning balance | -1 | -5 |
Reclassified to net income | 0 | 0 |
Other AOCI activity | 0 | 1 |
Ending balance | ($1) | ($4) |
Inventory_Components_of_Invent
Inventory - Components of Inventory (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Natural gas | $57 | $155 |
NGLs | 15 | 30 |
Materials and supplies | 76 | 78 |
Total inventory | $148 | $263 |
Investments_in_and_Loans_to_Un2
Investments in and Loans to Unconsolidated Affiliates - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity in earnings of unconsolidated affiliates | $161 | $110 |
DCP Midstream, LLC | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Percentage of ownership interests | 50.00% | ' |
Equity in earnings of unconsolidated affiliates | $48 | $43 |
Investments_in_and_Loans_to_Un3
Investments in and Loans to Unconsolidated Affiliates - Summary Financial Information for DCP Midstream Presented at 100 Percent (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' |
Operating revenues | $1,843 | $1,589 |
Operating expenses | 1,204 | 1,083 |
Operating income (loss) | 639 | 506 |
Net Income | 467 | 370 |
Net income-controlling interests | 419 | 340 |
DCP Midstream, LLC | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Percentage of ownership | 50.00% | ' |
Unconsolidated Affiliates | DCP Midstream, LLC | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Operating revenues | 3,915 | 2,612 |
Operating expenses | 3,645 | 2,450 |
Operating income (loss) | 270 | 162 |
Net Income | 203 | 120 |
Net income-controlling interests | $165 | $91 |
Goodwill_Changes_in_Goodwill_D
Goodwill - Changes in Goodwill (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill Roll Forward[Line Items] | ' | ' |
Foreign currency translation | ($59) | ' |
31-Dec-13 | 4,788 | ' |
31-Mar-14 | 4,810 | ' |
Express-Platte | ' | ' |
Goodwill Roll Forward[Line Items] | ' | ' |
Acquisition of Express-Platte | 37 | ' |
31-Dec-13 | ' | 523 |
31-Mar-14 | ' | $523 |
Marketable_Securities_and_Rest2
Marketable Securities and Restricted Funds - Estimated Fair Values of Available for Sale Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total available-for-sale securities | $27 | $19 |
Corporate debt securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total available-for-sale securities | 26 | 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 - Schedule of Restricted and Non-restricted Available for Sale Securities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total available-for-sale securities | $27 | $19 |
Investments and other assets-other | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Restricted funds, Investments and other assets - other | 1 | 1 |
Non-restricted funds, Investments and other assets - other | 24 | 11 |
Other Current Assets | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Non-restricted funds, Current assets - other | $2 | $7 |
Marketable_Securities_and_Rest4
Marketable Securities and Restricted Funds - Estimated Fair Values of Held to Maturity Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Total held-to-maturity securities | $235 | $213 |
Other Current Assets | Bankers acceptances | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Total held-to-maturity securities | 57 | 35 |
Other Current Assets | Canadian government securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Total held-to-maturity securities | 33 | 34 |
Other Current Assets | Money market funds | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Total held-to-maturity securities | 10 | 3 |
Investments and other assets-other | Bankers acceptances | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Total held-to-maturity securities | 10 | 10 |
Investments and other assets-other | Canadian government securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Total held-to-maturity securities | $125 | $131 |
Marketable_Securities_and_Rest5
Marketable Securities and Restricted Funds - Additional Information (Detail) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Available-for-sale Securities | Held-to-maturity Securities | Other Current Assets | Other Current Assets | M&N Canada six point nine zero percent senior secured notes due 2014 to 2019 | |
Maximum | Maximum | Maritimes & Northeast Pipeline Limited Partnership | |||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 6.90% |
Weighted-average contractual maturity of outstanding securities | '2 years | '1 year | ' | ' | ' |
Restricted Cash and Cash Equivalents, Current | ' | ' | $13 | $19 | ' |
Debt_and_Credit_Facilities_Ava
Debt and Credit Facilities - Available Credit Facilities and Restrictive Debt Covenants (Detail) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||||
In Millions, unless otherwise specified | USD ($) | USD ($) | Spectra Energy Capital, LLC | Spectra Energy Capital, LLC | Spectra Energy Capital, LLC | Westcoast Energy Inc. | Union Gas Limited | Spectra Energy Partners, LP | Covenant Requirement | Covenant Requirement | Covenant Requirement | Covenant Requirement | ||||
USD ($) | USD ($) | Multi Year Syndicated | Multi Year Syndicated | Multi Year Syndicated | Multi Year Syndicated | Spectra Energy Capital, LLC | Westcoast Energy Inc. | Union Gas Limited | Maximum | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | CAD | CAD | Spectra Energy Capital, LLC | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt-to-total defined capitalization ratio | ' | ' | ' | ' | ' | ' | ' | ' | 57.00% | ' | ' | 65.00% | ||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Expiration Date | ' | ' | ' | ' | '2018 | [1] | '2016 | [2] | '2016 | [3] | '2018 | [1] | ' | ' | ' | ' |
Outstanding Commercial Paper | $917 | $1,032 | $289 | $344 | $289 | [1] | $0 | [2] | $344 | [3] | $284 | [1] | ' | ' | ' | ' |
Available Credit Facilities Capacity | 2,716 | ' | ' | ' | 711 | [1] | 271 | [2] | 18 | [3] | 1,716 | ' | ' | ' | ' | |
Line of Credit Facility, Maximum Borrowing Capacity | $3,633 | ' | ' | ' | $1,000 | [1] | $271 | [2] | $362 | [3] | $2,000 | ' | 300 | 400 | ' | |
[1] | Revolving credit facility contains a covenant requiring the Spectra Energy Corp consolidated debt-to-total capitalization ratio, as defined in the agreement, to not exceed 65%. Per the terms of the agreement, collateralized debt is excluded from the calculation of the ratio. This ratio was 57% at MarchB 31, 2014. | |||||||||||||||
[2] | U.S. dollar equivalent at MarchB 31, 2014. The revolving credit facility is 300 million Canadian dollars and contains a covenant that requires the Westcoast Energy Inc. non-consolidated debt-to-total capitalization ratio to not exceed 75%. The ratio was 42% at MarchB 31, 2014. | |||||||||||||||
[3] | U.S. dollar equivalent at MarchB 31, 2014. The revolving credit facility is 400 million Canadian dollars and contains a covenant that requires the Union Gas debt-to-total capitalization ratio to not exceed 75% and a provision which requires Union Gas to repay all borrowings under the facility for a period of two days during the second quarter of each year. The ratio was 64% at MarchB 31, 2014. |
Debt_and_Credit_Facilities_Add
Debt and Credit Facilities - Additional Information (Detail) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 01, 2013 | Mar. 31, 2014 | Jan. 14, 2014 | Dec. 31, 2013 | Nov. 01, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 01, 2013 |
USD ($) | Union Gas Limited | Union Gas Limited | Spectra Energy Partners, LP | Spectra Energy Partners, LP | Spectra Energy Partners, LP | Spectra Energy Capital, LLC | Spectra Energy Capital, LLC | Spectra Energy Capital, LLC | Spectra Energy Capital, LLC | Spectra Energy Capital, LLC | Spectra Energy Capital, LLC | Westcoast Energy Inc. | Westcoast Energy Inc. | U.S. Asset Dropdown | |
Covenant Requirement | Maximum | Covenant Requirement | Maximum | Temporary maximum | Covenant Requirement | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Maximum | Covenant Requirement | Maximum | Spectra Energy Subsidiaries | |||
CAD | Covenant Requirement | Covenant Requirement | Covenant Requirement | USD ($) | USD ($) | Covenant Requirement | CAD | Covenant Requirement | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt-to-total capitalization ratio | ' | 64.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.00% | 75.00% | ' |
Debt-to-Adjusted EBITDA ratio maximum | ' | ' | ' | ' | 5 | 5.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt-to-Adjusted EBITDA ratio | ' | ' | ' | 4.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Nov-13 |
Line of Credit Facility, Maximum Borrowing Capacity | $3,633,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' |
Debt-to-total defined capitalization ratio | ' | ' | ' | ' | ' | ' | ' | 57.00% | ' | ' | ' | 65.00% | ' | ' | ' |
Term loan maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | $300,000,000 | ' | ' | ' | ' |
Term loan, borrowings date | ' | ' | ' | ' | ' | ' | ' | ' | 14-Jan-14 | ' | ' | ' | ' | ' | ' |
Long-term debt, maturity year | ' | ' | ' | ' | ' | ' | '2018 | ' | ' | ' | ' | ' | ' | ' | ' |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | $81 | $91 |
Fair Value Liabilities | 8 | 9 |
Corporate debt securities | Cash and cash equivalents | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 35 | 49 |
Corporate debt securities | Current assets-other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 2 | 7 |
Corporate debt securities | Investments and other assets-other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 24 | 11 |
Interest rate swaps | Current assets-other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 4 | 8 |
Interest rate swaps | Investments and other assets-other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 15 | 15 |
Interest rate swaps | Other Current Liabilities | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Liabilities | 3 | ' |
Interest rate swaps | 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 |
Commodity Contract | Other Current Liabilities | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Liabilities | 3 | ' |
Commodity Contract | Deferred credits and other liabilities - regulatory and other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Liabilities | 1 | ' |
Natural gas purchase contracts | Deferred credits and other liabilities - regulatory and other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Liabilities | 1 | 3 |
Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 1 | 1 |
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 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 80 | 90 |
Fair Value Liabilities | 3 | 6 |
Level 2 | Corporate debt securities | Cash and cash equivalents | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 35 | 49 |
Level 2 | Corporate debt securities | Current assets-other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 2 | 7 |
Level 2 | Corporate debt securities | Investments and other assets-other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 24 | 11 |
Level 2 | Interest rate swaps | Current assets-other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 4 | 8 |
Level 2 | Interest rate swaps | Investments and other assets-other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 15 | 15 |
Level 2 | Interest rate swaps | Other Current Liabilities | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Liabilities | 3 | ' |
Level 2 | Interest rate swaps | Deferred credits and other liabilities - regulatory and other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Liabilities | ' | 6 |
Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Liabilities | 5 | 3 |
Level 3 | Commodity Contract | Other Current Liabilities | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Liabilities | 3 | ' |
Level 3 | Commodity Contract | Deferred credits and other liabilities - regulatory and other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Liabilities | 1 | ' |
Level 3 | Natural gas purchase contracts | Deferred credits and other liabilities - regulatory and other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Liabilities | $1 | $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) (Long-term derivative liabilities, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Long-term derivative liabilities | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Fair value, beginning of period | $3 | $9 |
Total realized/unrealized losses (gains): | ' | ' |
Included in earnings | 4 | 1 |
Included in other comprehensive income | -3 | -4 |
Settlements | 1 | 0 |
Fair value, end of period | 5 | 6 |
Total losses (gains) for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets/liabilities held at the end of the period | $3 | $1 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Financial Instruments Recorded and Carried at Book Value (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Book Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Note receivable, noncurrent | $71 | [1] | $71 | [1] |
Long-term Debt | 13,494 | [2] | 13,668 | [2] |
Approximate Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Note receivable, noncurrent | 71 | [1] | 71 | [1] |
Long-term Debt, Fair Value | $14,808 | [2] | $14,701 | [2] |
[1] | Included within Investments in and Loans to Unconsolidated Affiliates. | |||
[2] | Excludes unamortized items and fair value hedge carrying value adjustments |
Risk_Management_and_Hedging_Ac2
Risk Management and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
gal | |
Pay Floating Receive Fixed Swaps | ' |
Derivative [Line Items] | ' |
Notional principal amount of interest rate hedges | $1,113 |
Interest Rate Swaps One | ' |
Derivative [Line Items] | ' |
Derivative Liability, Fair Value, Gross Liability | 1 |
Interest Rate Swaps Two | ' |
Derivative [Line Items] | ' |
Derivative Liability, Fair Value, Gross Liability | 2 |
Commodity Contract | ' |
Derivative [Line Items] | ' |
Derivative Liability, Fair Value, Gross Liability | $137 |
Underlying, Derivative Volume | 121,000,000 |
Derivative, Term of Contract | '2016 |
Risk_Management_and_Hedging_Ac3
Risk Management and Hedging Activities - Information about Interest Rate Swaps (Detail) (Interest Rate Swap, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Interest Rate Swap | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts Presented in the Condensed Consolidated Balance Sheets, Assets | $19 | $23 |
Amounts Not Offset in the Condensed Consolidated Balance Sheets, Assets | 2 | 3 |
Net Amount | 17 | 20 |
Amounts Not Offset in the Condensed Consolidated Balance Sheets, Liabilities | 3 | 6 |
Gross Amounts Presented in the Consolidated Balance Sheets, Liabilities | 2 | 3 |
Net Amount | $1 | $3 |
Risk_Management_and_Hedging_Ac4
Risk Management and Hedging Activities - Commodity derivative assets and liabilities offsetting (Details) (Commodity Contract, USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Commodity Contract | ' |
Derivative Assets And Liabilities Offsetting Table Text Block [Line Items] | ' |
Derivative Liability | $4 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 133 |
Amounts Not Offset in the Condensed Consolidated Balance Sheets, Liabilities | 137 |
Derivative Asset | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 133 |
Derivative Asset, Fair Value, Gross Asset | $133 |
Risk_Management_and_Hedging_Ac5
Risk Management and Hedging Activities - Commodity derivative impact (Details) (Commodity Contract, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Commodity Contract | ' |
Commodity derivative impact [Line Items] | ' |
Derivative, Loss on Derivative | ($3) |
Guarantees_and_Indemnification1
Guarantees and Indemnifications - Additional Information (Detail) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
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 interests | 50.00% |
Westcoast Energy Inc. | ' |
Guarantor Obligations [Line Items] | ' |
Percentage of ownership interest | 100.00% |
Effects_of_Changes_in_Our_Owne
Effects of Changes in Our Ownership Interest (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' |
Net income - controlling interests | $419 | $340 |
Total net income - controlling interests and changes in equity - controlling interests | 429 | 340 |
Additional Paid-in Capital | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Increase in additional paid-in capital resulting from issuances of SEP units | $10 | $0 |
Issuances_of_SEP_Units_Issuanc
Issuances of SEP Units Issuance of SEP Units - (Additional Information) (Details) (USD $) | 3 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 |
Related Party Transaction [Line Items] | ' |
Proceeds from the issuance of Spectra Energy Partners, LP | $52 |
Spectra Energy Partners, LP | ' |
Related Party Transaction [Line Items] | ' |
Percentage ownership by parent after equity issuance | 84.00% |
Spectra Energy Partners | ' |
Related Party Transaction [Line Items] | ' |
Proceeds from the issuance of Spectra Energy Partners, LP | 53 |
Limited Partner | Spectra Energy Partners, LP | ' |
Related Party Transaction [Line Items] | ' |
Partnership units issued | 1,100 |
General Partner [Member] | Spectra Energy Partners, LP | ' |
Related Party Transaction [Line Items] | ' |
Partnership units issued | 24 |
Additional Paid-in Capital | ' |
Related Party Transaction [Line Items] | ' |
Partners Capital Account Sale Of Units Net Of Tax | 10 |
Additional Paid-in Capital | Spectra Energy Partners | ' |
Related Party Transaction [Line Items] | ' |
Partners' Capital Account, Sale of Units | 16 |
Noncontrolling Interests | ' |
Related Party Transaction [Line Items] | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $36 |
Employee_Benefit_Plans_Other_P
Employee Benefit Plans - Other Post Retirement Benefit Plans Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
U.S. Pension Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost benefit earned | $5 | $5 |
Interest cost on accumulated post-retirement benefit obligation | 6 | 5 |
Expected return on plan assets | -10 | -8 |
Amortization of loss | 3 | 5 |
Net periodic cost | 4 | 7 |
U.S. Other Post-Retirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost on accumulated post-retirement benefit obligation | 2 | 2 |
Expected return on plan assets | -1 | -1 |
Net periodic cost | 1 | 1 |
Canada Pension Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost benefit earned | 7 | 8 |
Interest cost on accumulated post-retirement benefit obligation | 13 | 13 |
Expected return on plan assets | -17 | -17 |
Amortization of loss | 6 | 9 |
Net periodic cost | 9 | 13 |
Canadian Other Post-Retirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost benefit earned | 1 | 1 |
Interest cost on accumulated post-retirement benefit obligation | 1 | 2 |
Net periodic cost | $2 | $3 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Canada Pension Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Contribution to retirement plans | $16 | $23 |
Anticipated contributions to the defined benefit plans in 2014 | 39 | ' |
U.S. Pension Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Contribution to retirement plans | 5 | 5 |
Anticipated contributions to the defined benefit plans in 2014 | 22 | ' |
U.S. Other Post-Retirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of employer contribution to eligible pay per pay period | 6.00% | ' |
Expensed pre-tax employer matching contributions | 3 | 3 |
Canadian Other Post-Retirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of employer contribution to eligible pay per pay period | 5.00% | ' |
Expensed pre-tax employer matching contributions | $3 | $3 |
Consolidating_Financial_Inform2
Consolidating Financial Information Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total operating revenues | $1,843 | $1,589 |
Total operating expenses | 1,204 | 1,083 |
Operating income (loss) | 639 | 506 |
Equity in earnings of unconsolidated affiliates | 161 | 110 |
Equity in earnings of subsidiaries | 0 | 0 |
Other income and expenses, net | 9 | 33 |
Interest expense | 178 | 149 |
Earnings Before Income Taxes | 631 | 500 |
Income tax expense (benefit) | 164 | 130 |
Net income | 467 | 370 |
Net income-noncontrolling interests | 48 | 30 |
Net income-controlling interests | 419 | 340 |
Spectra Energy Corp | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total operating revenues | 0 | 0 |
Total operating expenses | 4 | 2 |
Operating income (loss) | -4 | -2 |
Equity in earnings of unconsolidated affiliates | 0 | 0 |
Equity in earnings of subsidiaries | 415 | 337 |
Other income and expenses, net | -1 | -2 |
Interest expense | 0 | 0 |
Earnings Before Income Taxes | 410 | 333 |
Income tax expense (benefit) | -9 | -7 |
Net income | 419 | 340 |
Net income-noncontrolling interests | 0 | 0 |
Net income-controlling interests | 419 | 340 |
Spectra Energy Capital, LLC | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total operating revenues | 0 | 0 |
Total operating expenses | 0 | 0 |
Operating income (loss) | 0 | 0 |
Equity in earnings of unconsolidated affiliates | 0 | 0 |
Equity in earnings of subsidiaries | 635 | 509 |
Other income and expenses, net | 1 | 3 |
Interest expense | 65 | 48 |
Earnings Before Income Taxes | 571 | 464 |
Income tax expense (benefit) | 156 | 127 |
Net income | 415 | 337 |
Net income-noncontrolling interests | 0 | 0 |
Net income-controlling interests | 415 | 337 |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total operating revenues | 1,844 | 1,590 |
Total operating expenses | 1,201 | 1,082 |
Operating income (loss) | 643 | 508 |
Equity in earnings of unconsolidated affiliates | 161 | 110 |
Equity in earnings of subsidiaries | 0 | 0 |
Other income and expenses, net | 9 | 32 |
Interest expense | 113 | 101 |
Earnings Before Income Taxes | 700 | 549 |
Income tax expense (benefit) | 17 | 10 |
Net income | 683 | 539 |
Net income-noncontrolling interests | 48 | 30 |
Net income-controlling interests | 635 | 509 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total operating revenues | -1 | -1 |
Total operating expenses | -1 | -1 |
Operating income (loss) | 0 | 0 |
Equity in earnings of unconsolidated affiliates | 0 | 0 |
Equity in earnings of subsidiaries | -1,050 | -846 |
Other income and expenses, net | 0 | 0 |
Interest expense | 0 | 0 |
Earnings Before Income Taxes | -1,050 | -846 |
Income tax expense (benefit) | 0 | 0 |
Net income | -1,050 | -846 |
Net income-noncontrolling interests | 0 | 0 |
Net income-controlling interests | ($1,050) | ($846) |
Consolidating_Financial_Inform3
Consolidating Financial Information - Condensed Consolidating Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income | $467 | $370 |
Other comprehensive income (loss) | -237 | -172 |
Total Comprehensive Income, net of tax | 230 | 198 |
Less: comprehensive income-noncontrolling interests | 44 | 27 |
Comprehensive IncomebControlling Interests | 186 | 171 |
Spectra Energy Corp | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income | 419 | 340 |
Other comprehensive income (loss) | 2 | 4 |
Total Comprehensive Income, net of tax | 421 | 344 |
Comprehensive IncomebControlling Interests | 421 | 344 |
Spectra Energy Capital, LLC | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income | 415 | 337 |
Other comprehensive income (loss) | 0 | 0 |
Total Comprehensive Income, net of tax | 415 | 337 |
Comprehensive IncomebControlling Interests | 415 | 337 |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income | 683 | 539 |
Other comprehensive income (loss) | -239 | -176 |
Total Comprehensive Income, net of tax | 444 | 363 |
Less: comprehensive income-noncontrolling interests | 44 | 27 |
Comprehensive IncomebControlling Interests | 400 | 336 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income | -1,050 | -846 |
Total Comprehensive Income, net of tax | -1,050 | -846 |
Comprehensive IncomebControlling Interests | ($1,050) | ($846) |
Consolidating_Financial_Inform4
Consolidating Financial Information - Condensed Consolidating Balance Sheet (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $193 | $201 | $188 | $94 |
Receivables-other | 1,378 | 1,336 | ' | ' |
Other current assets | 601 | 544 | ' | ' |
Total current assets | 2,172 | 2,081 | ' | ' |
Investments in and loans to unconsolidated affiliates | 3,033 | 3,043 | ' | ' |
Goodwill | 4,788 | 4,810 | ' | ' |
Other assets | 393 | 385 | ' | ' |
Property, plant and equipment, net | 21,610 | 21,829 | ' | ' |
Regulatory assets and deferred debits | 1,388 | 1,385 | ' | ' |
Total Assets | 33,384 | 33,533 | ' | ' |
Accounts payable-other | 611 | 440 | ' | ' |
Commercial paper | 917 | 1,032 | ' | ' |
Taxes accrued | 87 | 72 | ' | ' |
Current maturities of long-term debt | 905 | 1,197 | ' | ' |
Other current liabilities | 1,167 | 1,298 | ' | ' |
Total current liabilities | 3,687 | 4,039 | ' | ' |
Long-term debt | 12,600 | 12,488 | ' | ' |
Deferred credits and other liabilities | 6,494 | 6,425 | ' | ' |
Preferred stock of subsidiaries | 258 | 258 | ' | ' |
Equity | ' | ' | ' | ' |
Controlling interests | 8,466 | 8,494 | ' | ' |
Noncontrolling interests | 1,879 | 1,829 | ' | ' |
Total equity | 10,345 | 10,323 | 9,810 | 9,843 |
Total Liabilities and Equity | 33,384 | 33,533 | ' | ' |
Spectra Energy Corp | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Receivables-consolidated subsidiaries | 4 | 176 | ' | ' |
Receivables-other | 1 | 1 | ' | ' |
Other current assets | 10 | 40 | ' | ' |
Total current assets | 15 | 217 | ' | ' |
Investments in consolidated subsidiaries | 13,497 | 13,244 | ' | ' |
Other assets | 37 | 39 | ' | ' |
Regulatory assets and deferred debits | 2 | 3 | ' | ' |
Total Assets | 13,551 | 13,503 | ' | ' |
Accounts payable-other | 3 | 4 | ' | ' |
Accounts payable-consolidated subsidiaries | ' | 89 | ' | ' |
Taxes accrued | 1 | 4 | ' | ' |
Other current liabilities | 43 | 81 | ' | ' |
Total current liabilities | 47 | 178 | ' | ' |
Advances payable-consolidated subsidiaries | 4,950 | 4,715 | ' | ' |
Deferred credits and other liabilities | 88 | 116 | ' | ' |
Equity | ' | ' | ' | ' |
Controlling interests | 8,466 | 8,494 | ' | ' |
Total equity | 8,466 | 8,494 | ' | ' |
Total Liabilities and Equity | 13,551 | 13,503 | ' | ' |
Spectra Energy Capital, LLC | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 4 | 12 | 2 | 3 |
Receivables-consolidated subsidiaries | 6 | 394 | ' | ' |
Receivables-other | 2 | 0 | ' | ' |
Other current assets | 11 | 15 | ' | ' |
Total current assets | 23 | 421 | ' | ' |
Investments in and loans to unconsolidated affiliates | 0 | 0 | ' | ' |
Investments in consolidated subsidiaries | 19,814 | 19,403 | ' | ' |
Advances receivable-consolidated subsidiaries | 4,489 | 4,038 | ' | ' |
Other assets | 30 | 30 | ' | ' |
Regulatory assets and deferred debits | 16 | 17 | ' | ' |
Total Assets | 24,372 | 23,909 | ' | ' |
Accounts payable-other | 0 | 0 | ' | ' |
Accounts payable-consolidated subsidiaries | ' | 0 | ' | ' |
Commercial paper | 289 | 344 | ' | ' |
Short-term borrowings-consolidated subsidiaries | 415 | 415 | ' | ' |
Current maturities of long-term debt | 408 | 557 | ' | ' |
Other current liabilities | 61 | 75 | ' | ' |
Total current liabilities | 1,173 | 1,391 | ' | ' |
Long-term debt | 2,899 | 2,605 | ' | ' |
Notes payable-consolidated subsidiaries | 2,800 | 2,800 | ' | ' |
Deferred credits and other liabilities | 4,003 | 3,869 | ' | ' |
Equity | ' | ' | ' | ' |
Controlling interests | 13,497 | 13,244 | ' | ' |
Total equity | 13,497 | 13,244 | ' | ' |
Total Liabilities and Equity | 24,372 | 23,909 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 189 | 189 | 186 | 91 |
Receivables-other | 1,375 | 1,335 | ' | ' |
Other current assets | 580 | 489 | ' | ' |
Total current assets | 2,144 | 2,013 | ' | ' |
Investments in and loans to unconsolidated affiliates | 3,033 | 3,043 | ' | ' |
Advances receivable-consolidated subsidiaries | 461 | 677 | ' | ' |
Notes receivable-consolidated subsidiaries | 3,215 | 3,215 | ' | ' |
Goodwill | 4,788 | 4,810 | ' | ' |
Other assets | 326 | 316 | ' | ' |
Property, plant and equipment, net | 21,610 | 21,829 | ' | ' |
Regulatory assets and deferred debits | 1,370 | 1,365 | ' | ' |
Total Assets | 36,947 | 37,268 | ' | ' |
Accounts payable-other | 608 | 436 | ' | ' |
Accounts payable-consolidated subsidiaries | 10 | 481 | ' | ' |
Commercial paper | 628 | 688 | ' | ' |
Taxes accrued | 86 | 68 | ' | ' |
Current maturities of long-term debt | 497 | 640 | ' | ' |
Other current liabilities | 1,063 | 1,142 | ' | ' |
Total current liabilities | 2,892 | 3,455 | ' | ' |
Long-term debt | 9,701 | 9,883 | ' | ' |
Advances payable-consolidated subsidiaries | 0 | 0 | ' | ' |
Deferred credits and other liabilities | 2,403 | 2,440 | ' | ' |
Preferred stock of subsidiaries | 258 | 258 | ' | ' |
Equity | ' | ' | ' | ' |
Controlling interests | 19,814 | 19,403 | ' | ' |
Noncontrolling interests | 1,879 | 1,829 | ' | ' |
Total equity | 21,693 | 21,232 | ' | ' |
Total Liabilities and Equity | 36,947 | 37,268 | ' | ' |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Receivables-consolidated subsidiaries | -10 | -570 | ' | ' |
Total current assets | -10 | -570 | ' | ' |
Investments in consolidated subsidiaries | -33,311 | -32,647 | ' | ' |
Advances receivable-consolidated subsidiaries | -4,950 | -4,715 | ' | ' |
Notes receivable-consolidated subsidiaries | -3,215 | -3,215 | ' | ' |
Total Assets | -41,486 | -41,147 | ' | ' |
Accounts payable-consolidated subsidiaries | -10 | -570 | ' | ' |
Short-term borrowings-consolidated subsidiaries | -415 | -415 | ' | ' |
Total current liabilities | -425 | -985 | ' | ' |
Advances payable-consolidated subsidiaries | -4,950 | -4,715 | ' | ' |
Notes payable-consolidated subsidiaries | -2,800 | -2,800 | ' | ' |
Equity | ' | ' | ' | ' |
Controlling interests | -33,311 | -32,647 | ' | ' |
Total equity | -33,311 | -32,647 | ' | ' |
Total Liabilities and Equity | ($41,486) | ($41,147) | ' | ' |
Consolidating_Financial_Inform5
Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | $467 | $370 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 203 | 189 |
Equity in earnings of unconsolidated affiliates | -161 | -110 |
Equity in earnings of consolidated subsidiaries | 0 | 0 |
Distributions received from unconsolidated affiliates | 89 | 79 |
Other | 88 | 54 |
Net cash provided by operating activities | 686 | 582 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -374 | -426 |
Investments in and loans to unconsolidated affiliates | -18 | -87 |
Acquisitions | 0 | -1,254 |
Purchases of held-to-maturity securities | -198 | -293 |
Proceeds from sales and maturities of held-to-maturity securities | 167 | 266 |
Purchases of available-for-sale securities | -13 | -612 |
Proceeds from sales and maturities of available-for-sale securities | 5 | 619 |
Distributions received from unconsolidated affiliates | 22 | 6 |
Other changes in restricted funds | 7 | 7 |
Net cash used in investing activities | -402 | -1,774 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from the issuance of long-term debt | 300 | 1,848 |
Payments for the redemption of long-term debt | -284 | -495 |
Net increase (decrease) in commercial paper | -102 | 166 |
Distributions to noncontrolling interests | -39 | -32 |
Proceeds from Noncontrolling Interests | 6 | 0 |
Contributions from the issuance of SEP common units | 52 | 0 |
Dividends paid on common stock | -228 | -208 |
Other | 5 | 8 |
Net cash provided by (used in) financing activities | -290 | 1,287 |
Effect of exchange rate changes on cash | -2 | -1 |
Net increase (decrease) in cash and cash equivalents | -8 | 94 |
Cash and cash equivalents at beginning of period | 201 | 94 |
Cash and cash equivalents at end of period | 193 | 188 |
Spectra Energy Corp | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | 419 | 340 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Equity in earnings of unconsolidated affiliates | 0 | 0 |
Equity in earnings of consolidated subsidiaries | -415 | -337 |
Other | -35 | -79 |
Net cash provided by operating activities | -31 | -76 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Advances from affiliates | 108 | 0 |
Net cash used in investing activities | 108 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Dividends paid on common stock | -228 | -205 |
Distributions and advances from (to) affiliates | 146 | 270 |
Other | 5 | 11 |
Net cash provided by (used in) financing activities | -77 | 76 |
Spectra Energy Capital, LLC | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | 415 | 337 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Equity in earnings of unconsolidated affiliates | 0 | 0 |
Equity in earnings of consolidated subsidiaries | -635 | -509 |
Other | 146 | 138 |
Net cash provided by operating activities | -74 | -34 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Advances from affiliates | -30 | -289 |
Net cash used in investing activities | -30 | -289 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from the issuance of long-term debt | 300 | 1,848 |
Payments for the redemption of long-term debt | -148 | -495 |
Net increase (decrease) in commercial paper | -55 | 279 |
Net decrease in short-term borrowings-consolidated subsidiaries | ' | -7 |
Distributions and advances from (to) affiliates | -1 | -1,300 |
Other | 0 | -3 |
Net cash provided by (used in) financing activities | 96 | 322 |
Net increase (decrease) in cash and cash equivalents | -8 | -1 |
Cash and cash equivalents at beginning of period | 12 | 3 |
Cash and cash equivalents at end of period | 4 | 2 |
Non-Guarantor Subsidiaries | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | 683 | 539 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 203 | 189 |
Equity in earnings of unconsolidated affiliates | -161 | -110 |
Equity in earnings of consolidated subsidiaries | 0 | 0 |
Distributions received from unconsolidated affiliates | 89 | 79 |
Other | -23 | -5 |
Net cash provided by operating activities | 791 | 692 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -374 | -426 |
Investments in and loans to unconsolidated affiliates | -18 | -87 |
Acquisitions | ' | -1,254 |
Purchases of held-to-maturity securities | -198 | -293 |
Proceeds from sales and maturities of held-to-maturity securities | 167 | 266 |
Purchases of available-for-sale securities | -13 | -612 |
Proceeds from sales and maturities of available-for-sale securities | 5 | 619 |
Distributions received from unconsolidated affiliates | 22 | 6 |
Advances from affiliates | ' | 0 |
Other changes in restricted funds | 7 | 7 |
Net cash used in investing activities | -402 | -1,774 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from the issuance of long-term debt | 0 | 0 |
Payments for the redemption of long-term debt | -136 | 0 |
Net increase (decrease) in commercial paper | -47 | -113 |
Distributions to noncontrolling interests | -39 | -32 |
Proceeds from Noncontrolling Interests | 6 | ' |
Contributions from the issuance of SEP common units | 52 | ' |
Dividends paid on common stock | 0 | -3 |
Distributions and advances from (to) affiliates | -223 | 1,326 |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | -387 | 1,178 |
Effect of exchange rate changes on cash | -2 | -1 |
Net increase (decrease) in cash and cash equivalents | 0 | 95 |
Cash and cash equivalents at beginning of period | 189 | 91 |
Cash and cash equivalents at end of period | 189 | 186 |
Eliminations | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | -1,050 | -846 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Equity in earnings of unconsolidated affiliates | 0 | 0 |
Equity in earnings of consolidated subsidiaries | 1,050 | 846 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Advances from affiliates | -78 | 289 |
Net cash used in investing activities | -78 | 289 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Net decrease in short-term borrowings-consolidated subsidiaries | ' | 7 |
Distributions and advances from (to) affiliates | 78 | -296 |
Net cash provided by (used in) financing activities | $78 | ($289) |