Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SEP | ||
Entity Registrant Name | SPECTRA ENERGY PARTNERS, LP | ||
Entity Central Index Key | 1394074 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 294,864,823 | ||
Entity General Partner, Units Outstanding | 6,017,649 | ||
Entity Public Float | $2,689,000,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Operating Revenues | ||||||
Transportation of natural gas | $1,685 | $1,470 | $1,465 | |||
Transportation of crude oil | 302 | 224 | 0 | |||
Storage of natural gas and other | 282 | 271 | 289 | |||
Total operating revenues | 2,269 | 1,965 | 1,754 | |||
Operating Expenses | ||||||
Operating, maintenance and other | 690 | 603 | 521 | |||
Depreciation and amortization | 288 | 262 | 231 | |||
Property and other taxes | 155 | 127 | 105 | |||
Total operating expenses | 1,133 | 992 | 857 | |||
Operating Income | 1,136 | 973 | 897 | |||
Other Income and Expenses | ||||||
Equity in earnings of unconsolidated affiliates | 133 | 89 | 86 | |||
Other income and expenses, net | 31 | 59 | 29 | |||
Total other income and expenses | 164 | 148 | 115 | |||
Interest Expense | 238 | 383 | 407 | |||
Earnings Before Income Taxes | 1,062 | 738 | 605 | |||
Income Tax Expense (Benefit) | 35 | -348 | [1] | 10 | ||
Net Income | 1,027 | 1,086 | 595 | |||
Net Income—Noncontrolling Interests | 23 | 16 | 15 | |||
Net Income—Controlling Interests | 1,004 | [2],[3] | 1,070 | [2],[3] | 580 | [2],[3] |
Calculation of Limited Partners’ Interest in Net Income: | ||||||
Net Income—Controlling Interests | 1,004 | [2],[3] | 1,070 | [2],[3] | 580 | [2],[3] |
Less: General partner’s interest in net income | 187 | 83 | 37 | |||
Limited partners’ interest in net income | $817 | $987 | $543 | |||
Weighted average limited partners units outstanding — basic and diluted (in units) | 288 | [3] | 138 | [3],[4] | 97 | [3],[4] |
Net income per limited partner unit (in dollars per unit) | $2.84 | [5] | $7.15 | [4],[5],[6] | $5.60 | [4] |
Distributions paid per limited partner unit (in dollars per unit) | $2.25 | $2.02 | $1.93 | |||
[1] | Includes a $354 million benefit related to the elimination of accumulated deferred income tax liabilities. See Note 6 for further discussion. | |||||
[2] | Includes a $354 million benefit in 2013 related to the elimination of accumulated deferred income tax liabilities. See Note 6 for further discussion. | |||||
[3] | As discussed in Note 1, the Consolidated Financial Statements for periods prior to the November 1, 2013 U.S. Assets Dropdown, including Net Income—Controlling Interests as presented on our Consolidated Statements of Operations, have been recast. Weighted average limited partners units outstanding used in the calculation of net income per limited partner unit for periods prior to the U.S. Assets Dropdown has not been recast. | |||||
[4] | Weighted average limited partners units outstanding used in the calculation of net income per limited partner unit for periods prior to the November 1, 2013 U.S. Assets Dropdown has not been recast. See Note 7 for further discussion. | |||||
[5] | Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding and changes in outstanding units. | |||||
[6] | During the fourth quarter of 2013, we recorded a $354 million benefit related to the elimination of accumulated deferred income tax liabilities, which impacted net income and net income-controlling interests. See Note 6 for further discussion. This benefit impacted net income per limited partners unit by $1.56 for the quarter and $2.57 year-to-date. |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Adjustment of deferred tax liability to income tax benefit | $354 | $354 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $1,027 | $1,086 | $595 |
Other comprehensive loss: | |||
Foreign currency translation adjustments | -14 | -7 | 0 |
Reclassification of cash flow hedges into earnings | -1 | -1 | -1 |
Total other comprehensive loss | -15 | -8 | -1 |
Total Comprehensive Income | 1,012 | 1,078 | 594 |
Less: Comprehensive Income—Noncontrolling Interest | 23 | 16 | 15 |
Comprehensive Income—Controlling Interests | $989 | $1,062 | $579 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current Assets | ||||
Cash and cash equivalents | $140 | $121 | ||
Receivables (net of allowance for doubtful accounts of $3 and $1 at December 31, 2014 and 2013, respectively) | 306 | 355 | ||
Inventory | 42 | 42 | ||
Fuel Tracker | 44 | 28 | ||
Other | 23 | 19 | ||
Total current assets | 555 | 565 | ||
Investments and Other Assets | ||||
Investments in and loans to unconsolidated affiliates | 1,589 | 1,396 | ||
Goodwill | 3,244 | 3,215 | ||
Other | 8 | 2 | ||
Total investments and other assets | 4,841 | 4,613 | ||
Property, Plant and Equipment | ||||
Cost | 15,594 | 14,592 | ||
Less accumulated depreciation and amortization | 3,459 | 3,229 | ||
Net property, plant and equipment | 12,135 | 11,363 | ||
Regulatory Assets and Deferred Debits | 262 | 253 | ||
Total Assets | 17,793 | 16,794 | ||
Current Liabilities | ||||
Accounts payable | 246 | 231 | ||
Commercial paper | 907 | [1],[2] | 338 | [1],[2] |
Taxes accrued | 63 | 44 | ||
Interest accrued | 60 | 61 | ||
Current maturities of long-term debt | 36 | 445 | ||
Other | 170 | 216 | ||
Total current liabilities | 1,482 | 1,335 | ||
Long-term Debt | 5,149 | 5,178 | ||
Deferred Credits and Other Liabilities | ||||
Deferred income taxes | 37 | 34 | ||
Regulatory and Other | 119 | 106 | ||
Total deferred credits and other liabilities | 156 | 140 | ||
Commitments and Contingencies | ||||
Partners’ Capital | ||||
Common units (294.7 million and 284.1 million units issued and outstanding at December 31, 2014 and 2013, respectively) | 10,474 | 9,778 | ||
General partner units (6.0 million and 5.8 million units outstanding at December 31, 2014 and 2013, respectively) | 284 | 241 | ||
Accumulated other comprehensive income | -20 | -5 | ||
Total partners’ capital | 10,738 | 10,014 | ||
Noncontrolling interests | 268 | 127 | ||
Total equity | 11,006 | 10,141 | ||
Total Liabilities and Equity | $17,793 | $16,794 | ||
[1] | The weighted-average days to maturity were 11 days as of December 31, 2014 and 10 days as of December 31, 2013. | |||
[2] | Weighted-average rates outstanding on commercial paper were 0.49% as of December 31, 2014 and 0.33% as of December 31, 2013. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $3 | $1 |
Common units, units issued | 294.7 | 284.1 |
Common units, units outstanding | 294.7 | 284.1 |
General partner units, units outstanding | 6 | 5.8 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $1,027 | $1,086 | $595 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 296 | 266 | 240 |
Deferred income tax expense (benefit) | 27 | -354 | 6 |
Equity in earnings of unconsolidated affiliates | -133 | -89 | -86 |
Distributions received from unconsolidated affiliates | 131 | 97 | 90 |
Decrease (increase) in: | |||
Receivables | -18 | -11 | 11 |
Other current assets | -5 | -73 | 3 |
Increase (decrease) in: | |||
Accounts payable | 6 | 96 | 15 |
Taxes accrued | 19 | 6 | 3 |
Other current liabilities | -7 | 50 | 28 |
Other, assets | -26 | -61 | -25 |
Other, liabilities | 16 | 16 | 11 |
Net cash provided by operating activities | 1,333 | 1,029 | 891 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | -1,081 | -1,019 | -930 |
Investments in and loans to unconsolidated affiliates | -160 | -280 | -513 |
Acquisitions, net of cash acquired | 0 | -2,553 | -319 |
Distributions received from unconsolidated affiliates | 163 | 83 | 16 |
Purchases of held-to-maturity securities | -43 | -51 | 0 |
Proceeds from sales and maturities of held-to-maturity securities | 43 | 55 | 0 |
Purchases of available-for-sale securities | 0 | -5,865 | -630 |
Proceeds from sales and maturities of available-for-sale securities | 0 | 6,006 | 489 |
Loan to unconsolidated affiliate | 0 | -71 | 0 |
Other | 1 | 6 | 7 |
Net cash used in investing activities | -1,077 | -3,689 | -1,880 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt | 0 | 2,287 | 1,049 |
Payments for the redemption of long-term debt | -441 | -46 | -490 |
Net increase in commercial paper | 569 | 2 | 309 |
Proceeds from notes payable-affiliates | 0 | 17 | 31 |
Payments on notes payable-affiliates | 0 | 0 | -34 |
Distributions to noncontrolling interests | -29 | -19 | -18 |
Contributions from noncontrolling interests | 145 | 23 | 0 |
Proceeds from issuance of units | 334 | 217 | 148 |
Distributions to partners | -815 | -266 | -214 |
Contribution from parent | 0 | 523 | 240 |
Other | 0 | -5 | -5 |
Net cash provided by (used in) financing activities | -237 | 2,733 | 1,016 |
Net increase in cash and cash equivalents | 19 | 73 | 27 |
Cash and cash equivalents at beginning of the period | 121 | 48 | 21 |
Cash and cash equivalents at end of the period | 140 | 121 | 48 |
Supplemental Disclosures | |||
Cash paid for interest, net of amount capitalized | 232 | 348 | 391 |
Cash paid for income taxes | 6 | 0 | 1 |
Property, plant and equipment noncash accruals | 94 | 74 | 28 |
Units issued as partial consideration for acquisitions | $186 | $7,751 | $56 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common | General Partner | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
In Millions, unless otherwise specified | |||||
Beginning balance at Dec. 31, 2011 | $5,545 | $5,311 | $120 | $4 | $110 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 595 | 543 | 37 | 15 | |
Other comprehensive loss | -1 | -1 | |||
Net transfer from (to) parent | -393 | -385 | -8 | ||
Attributed deferred tax benefit | 15 | 15 | |||
Issuance of units | 205 | 201 | 4 | ||
Distributions to partners | -214 | -187 | -27 | ||
Distributions to noncontrolling interests | -18 | -18 | |||
Ending balance at Dec. 31, 2012 | 5,734 | 5,483 | 141 | 3 | 107 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 1,086 | 987 | 83 | 16 | |
Other comprehensive loss | -8 | -8 | |||
Purchase price under net acquired assets in Express-Platte acquisition | 20 | 20 | |||
Excess purchase price over net acquired assets in U.S. Assets Dropdown | -71 | -70 | -1 | ||
Net transfer from (to) parent | -4,357 | -4,224 | -133 | ||
Attributed deferred tax benefit | 33 | 33 | |||
Issuance of units | 7,969 | 7,810 | 159 | ||
Distributions to partners | -266 | -225 | -41 | ||
Contributions from noncontrolling interests | 23 | 23 | |||
Distributions to noncontrolling interests | -19 | -19 | |||
Other, net | -3 | -3 | |||
Ending balance at Dec. 31, 2013 | 10,141 | 9,778 | 241 | -5 | 127 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 1,027 | 817 | 187 | 23 | |
Other comprehensive loss | -15 | -15 | |||
Purchase price under net acquired assets in Express-Platte acquisition | 10 | 10 | |||
Excess purchase price over net acquired assets in U.S. Assets Dropdown | -10 | -10 | |||
Net transfer from (to) parent | 16 | 16 | |||
Attributed deferred tax benefit | 18 | 16 | 2 | ||
Issuance of units | 520 | 509 | 11 | ||
Distributions to partners | -815 | -644 | -171 | ||
Contributions from noncontrolling interests | 145 | 145 | |||
Distributions to noncontrolling interests | -29 | -29 | |||
Other, net | -2 | -2 | |||
Ending balance at Dec. 31, 2014 | $11,006 | $10,474 | $284 | ($20) | $268 |
Summary_of_Operations_and_Sign
Summary of Operations and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Operations and Significant Accounting Policies | 1. Summary of Operations and Significant Accounting Policies |
The terms “we,” “our,” “us” and “Spectra Energy Partners” as used in this report refer collectively to Spectra Energy Partners, LP 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 Partners. | |
Nature of Operations. Spectra Energy Partners, through its subsidiaries and equity affiliates, is engaged in the transmission, storage and gathering of natural gas, the transportation and storage of crude oil, and the transportation of natural gas liquids (NGLs) through interstate pipeline systems. We are a Delaware master limited partnership (MLP). As of December 31, 2014, Spectra Energy Corp (Spectra Energy) and its subsidiaries collectively owned 82% of us and the remaining 18% was publicly owned. | |
Basis of Presentation. The accompanying Consolidated Financial Statements include our accounts and the accounts of our majority-owned subsidiaries, after eliminating intercompany transactions and balances. | |
On August 2, 2013, we acquired a 40% ownership interest in the U.S. portion of the Express-Platte crude oil pipeline system (Express US) and a 100% ownership interest in the Canadian portion of the pipeline system (Express Canada)(collectively, Express-Platte) from subsidiaries of Spectra Energy (the Express-Platte acquisition). On November 1, 2013, we acquired substantially all of Spectra Energy's U.S. transmission, storage and liquid assets, including Spectra Energy's remaining 60% interest in Express US (the U.S. Assets Dropdown). | |
On November, 3 2014, we completed the second of the three planned transactions related to the U.S. Assets Dropdown. This transaction consisted of acquiring an additional 24.95% ownership interest in Southeast Supply Header, LLC (SESH) and an additional 1% interest in Steckman Ridge, LP (Steckman Ridge) from Spectra Energy. | |
The remaining and final transaction, related to the U.S. Assets Dropdown is expected to occur in November 2015, and will consist of Spectra Energy's remaining 0.1% interest in SESH. | |
The Express-Platte acquisition and the U.S. Assets Dropdown have been accounted for as acquisitions under common control, resulting in the recast of our prior results. See Note 2 for further discussion of the transactions. | |
Our costs of doing business have been reflected in our financial accounting records for the periods presented. These costs include direct charges and allocations from Spectra Energy and its affiliates for business services, such as payroll, accounts payable and facilities management; corporate services, such as finance and accounting, legal, human resources, investor relations, public and regulatory policy, and senior executives; and pension and other post-retirement benefit costs. | |
Use of Estimates. To conform with generally accepted accounting principles (GAAP) in the United States, we make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and Notes to Consolidated Financial Statements. Although these estimates are based on our best available knowledge at the time, actual results could differ. | |
Fair Value Measurements. We measure the fair value of financial assets and liabilities by maximizing the use of observable inputs and minimizing the use of unobservable inputs. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |
Cost-Based Regulation. The economic effects of regulation can result in a regulated company recording assets for costs that have been or are expected to be approved for recovery from customers or recording liabilities for amounts that are expected to be returned to customers or for instances where the regulator provides current rates that are intended to recover costs that are expected to be incurred in the future. Accordingly, we record assets and liabilities that result from the regulated ratemaking process that may not be recorded under GAAP for non-regulated entities. We continually assess whether regulatory assets are probable of future recovery by considering factors such as applicable regulatory changes and recent rate orders to other regulated entities. Based on this assessment, we believe our existing regulatory assets are probable of recovery. These regulatory assets and liabilities are mostly classified in the Consolidated Balance Sheets as Regulatory Assets and Deferred Debits and Current Liabilities. We evaluate our regulated assets, and consider factors such as regulatory changes and the effect of competition. If cost-based regulation ends or competition increases, we may have to reduce our asset balances to reflect a market basis less than cost and write-off the associated regulatory assets and liabilities. See Note 5 for further discussion. | |
Foreign Currency Translation. The Canadian dollar has been determined to be the functional currency of Express Canada based on an assessment of the economic circumstances of those operations. Assets and liabilities of Express Canada are translated into U.S. dollars at current exchange rates. Translation adjustments resulting from fluctuations in exchange rates are included as a separate component of Other Comprehensive Loss on the Consolidated Statements of Comprehensive Income. Revenue and expense accounts of these operations are translated at average monthly exchange rates prevailing during the periods. Gains and losses arising from transactions denominated in currencies other than the functional currency are included in the results of operations of the period in which they occur. Foreign currency transaction losses totaled $3 million and $2 million in 2014 and 2013, respectively and are included in Other Income and Expenses, Net on the Consolidated Statements of Operations. There were no foreign currency transaction losses in 2012. | |
Revenue Recognition. Revenues from the transmission, storage and gathering of natural gas, and from the transportation of crude oil are generally recognized when the service is provided. Revenues related to these services provided but not yet billed are estimated each month. These estimates are generally based on contract data, regulatory information and preliminary throughput and allocation measurements. Final bills for the current month are billed and collected in the following month. Differences between actual and estimated unbilled revenues are immaterial. There were no customers accounting for 10% or more of consolidated revenues during 2014 or 2013. National Grid plc accounted for 10% of consolidated revenues in 2012. We also have certain customer contracts with billed amounts that decline annually over the terms of the contracts. Differences between the amounts billed and recognized are deferred on the Consolidated Balance Sheets. | |
Allowance for Funds Used During Construction (AFUDC). AFUDC, which represents the estimated debt and equity costs of capital funds necessary to finance the construction of certain new regulated facilities, consists of two components, an equity component and an interest expense component. The equity component is a non-cash item. After construction is completed, we are permitted to recover these costs through inclusion in the rate base and in the depreciation provision. AFUDC is capitalized as a component of Property, Plant and Equipment - Cost in the Consolidated Balance Sheets, with offsetting credits to the Consolidated Statements of Operations through Other Income and Expenses, Net for the equity component and Interest Expense for the interest expense component. The total amount of AFUDC included in the Consolidated Statements of Operations was $42 million in 2014 (an equity component of $33 million and an interest expense component of $9 million), $96 million in 2013 (an equity component of $58 million and an interest expense component of $38 million) and $46 million in 2012 (an equity component of $27 million and an interest expense component of $19 million). | |
Income Taxes. As a result of our MLP structure, we are not subject to federal income tax. Our federal taxable income or loss is reported on the respective income tax returns of our partners. However, we are subject to Canadian foreign income tax and Tennessee and New Hampshire income tax. Spectra Energy Partners is liable to Spectra Energy for Texas income (margin) tax under a tax sharing agreement. As of December 31, 2014, the difference between the tax basis and the reported amounts of Spectra Energy Partners’ assets and liabilities is $12.5 billion. | |
We are subject to cost-based regulation and consequently record a regulatory tax asset in connection with the tax gross up of AFUDC equity. The corresponding deferred tax liability is recognized as an Attributed Deferred Income Tax Benefit in the Consolidated Statements of Equity since we are a pass-through entity. | |
Cash and Cash Equivalents. Highly liquid investments with original maturities of three months or less at the date of acquisition, except for the investments that were pledged as collateral against long-term debt as discussed in Note 13 and any investments that are considered restricted funds, are considered cash equivalents. | |
Inventory. Inventory consists of natural gas retained from shippers for fuel and also includes materials and supplies. Natural gas is recorded at the lower of cost or market. Materials and supplies are recorded at cost, using the average cost method. | |
Natural Gas Imbalances. The Consolidated Balance Sheets include in-kind balances as a result of differences in gas volumes received and delivered for customers. Since settlement of certain imbalances is in-kind, changes in the balances do not have an effect on our Consolidated Statements of Operations or Consolidated Statements of Cash Flows. Receivables include $68 million and $147 million as of December 31, 2014 and December 31, 2013, respectively, and Other Current Liabilities include $59 million and $116 million as of December 31, 2014 and December 31, 2013, respectively, related to all gas imbalances. Most natural gas volumes owed to or by us are valued at natural gas market index prices as of the balance sheet dates. | |
Cash Flow and Fair Value Hedges. We have entered into Interest rate swaps which were designated as either a hedge of a forecasted transaction (cash flow hedge) or a hedge of a recognized asset, liability or firm commitment (fair value hedge). For all hedge contracts, we prepare documentation of the hedge in accordance with accounting standards and assess whether the hedge contract is highly effective using regression analysis, both at inception and on a quarterly basis, in offsetting changes in cash flows or fair values of hedged items. | |
Changes in the fair value of a derivative designated and qualified as a cash flow hedge, to the extent effective, are included in the Consolidated Statements of Comprehensive Income as Other Comprehensive Income until earnings are affected by the hedged item. We discontinue hedge accounting prospectively when we have determined that a derivative no longer qualifies as an effective hedge or when it is no longer probable that the hedged forecasted transaction will occur. When hedge accounting is discontinued because the derivative no longer qualifies as an effective hedge, the derivative is subject to the mark-to-market model of accounting prospectively. Gains and losses related to discontinued hedges that were previously accumulated in accumulated other comprehensive income (AOCI) remain in AOCI until the underlying transaction is reflected in earnings, unless it is probable that the hedged forecasted transaction will not occur at which time associated deferred amounts in AOCI are immediately recognized in current earnings. | |
For derivatives designated as fair value hedges, we recognize the gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item in earnings, to the extent effective, in the current period. In the event the hedge is not effective, there is no offsetting gain or loss recognized in earnings for the hedged item. All derivatives designated and accounted for as hedges are classified in the same category as the item being hedged in the Consolidated Statements of Cash Flows. All components of each derivative gain or loss are included in the assessment of hedge effectiveness. | |
Investments. We may actively invest a portion of our available cash and restricted funds balances in various financial instruments, including taxable or tax-exempt debt securities. In addition, we invest in short-term money market securities, some of which are restricted due to debt collateral requirements. Investments in available-for-sale (AFS) securities are carried at fair value and investments in held-to-maturity (HTM) securities are carried at cost. Investments in money market securities are also accounted for at fair value. Realized gains and losses, and dividend and interest income related to these securities, including any amortization of discounts or premiums arising at acquisition, are included in earnings. The costs of securities sold are determined using the specific identification method. Purchases and sales of AFS and HTM securities are presented on a gross basis within Cash Flows From Investing Activities in the accompanying Consolidated Statements of Cash Flows. See also Notes 10 and 14 for additional information. | |
Goodwill. We perform our goodwill impairment test annually and evaluate goodwill when events or changes in circumstances indicate that its carrying value may not be recoverable. No impairments of goodwill were recorded in 2014, 2013 or 2012. See Note 9 for further discussion. | |
We perform our annual review for goodwill impairment at the reporting unit level, which is identified by assessing whether the components of our operating segments constitute businesses for which discrete financial information is available, whether segment management regularly reviews the operating results of those components and whether the economic and regulatory characteristics are similar. We determined that our reporting units are equivalent to our reportable segments. | |
As permitted under accounting guidance on testing goodwill for impairment, we perform either a qualitative assessment or a quantitative assessment of each of our reporting units based on management’s judgment. With respect to our qualitative assessments, we consider events and circumstances specific to us, such as macroeconomic conditions, industry and market considerations, cost factors and overall financial performance, when evaluating whether it is more likely than not that the fair values of our reporting units are less than their respective carrying amounts. | |
In connection with our quantitative assessments, we primarily use a discounted cash flow analysis to determine the fair values of those reporting units. Key assumptions in the determination of fair value included the use of an appropriate discount rate and estimated future cash flows. In estimating cash flows, we incorporate expected long-term growth rates in key markets served by our operations, regulatory stability, the ability to renew contracts, commodity prices (where appropriate) and foreign currency exchange rates, as well as other factors that affect our reporting units’ revenue, expense and capital expenditure projections. If the carrying amount of the reporting unit exceeds its fair value, a comparison of the fair value and carrying value of the goodwill of that reporting unit needs to be performed. If the carrying value of the goodwill of a reporting unit exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. Additional impairment tests are performed between the annual reviews if events or changes in circumstances make it more likely than not that the fair value of a reporting unit is below its carrying amount. | |
Property, Plant and Equipment. Property, plant and equipment is stated at historical cost less accumulated depreciation. We capitalize all construction-related direct labor and material costs, as well as indirect construction costs. Indirect costs include general engineering, taxes and the cost of funds used during construction. The costs of renewals and betterments that extend the useful life or increase the expected output of property, plant and equipment are also capitalized. The costs of repairs, replacements and major maintenance projects that do not extend the useful life or increase the expected output of property, plant and equipment are expensed as incurred. Depreciation is generally computed over the asset’s estimated useful life using the straight-line method. | |
When we retire regulated property, plant and equipment, we charge the original cost plus the cost of retirement, less salvage value, to accumulated depreciation and amortization. When we sell entire regulated operating units, or retire non-regulated properties, the cost is removed from the property account and the related accumulated depreciation and amortization accounts are reduced. Any gain or loss is recorded in earnings, unless otherwise required by the applicable regulatory body. | |
Preliminary Project Costs. Project development costs, including expenditures for preliminary surveys, plans, investigations, environmental studies, regulatory applications and other costs incurred for the purpose of determining the feasibility of capital expansion projects, are capitalized for rate-regulated enterprises when it is determined that recovery of such costs through regulated revenues of the completed project is probable. Any inception-to-date costs of the projects that were initially expensed are reversed and capitalized as Property, Plant and Equipment. | |
Long-Lived Asset Impairments. We evaluate whether long-lived assets, excluding goodwill, have been impaired when circumstances indicate the carrying value of those assets may not be recoverable. For such long-lived assets, an impairment exists when its carrying value exceeds the sum of estimates of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. When alternative courses of action to recover the carrying amount of a long-lived asset are under consideration, a probability-weighted approach is used in developing estimates of future undiscounted cash flows. If the carrying value of the long-lived asset is not recoverable based on these estimated future undiscounted cash flows, an impairment loss is measured as the excess of the asset’s carrying value over its fair value, such that the asset’s carrying value is adjusted to its estimated fair value. | |
We assess the fair value of long-lived assets using commonly accepted techniques, and may use more than one source. Sources to determine fair value include, but are not limited to, recent third-party comparable sales, internally developed discounted cash flow analyses and analyses from outside advisors. Significant changes in market conditions resulting from events such as changes in natural gas available to our systems, the condition of an asset, a change in our intent to utilize the asset or a significant change in contracted revenues or regulatory recoveries would generally require us to reassess the cash flows related to the long-lived assets. | |
Asset Retirement Obligations. We recognize asset retirement obligations (AROs) for legal commitments associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal use of the asset and conditional AROs in which the timing or method of settlement are conditional on a future event that may or may not be within our control. The fair value of a liability for an ARO is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made and is added to the carrying amount of the associated asset. This additional carrying amount is depreciated over the estimated useful life of the asset. | |
Unamortized Debt Premium, Discount and Expense. Premiums, discounts, and expenses incurred with the issuance of outstanding long-term debt are amortized over the terms of the debt issues. Any call premiums or unamortized expenses associated with refinancing higher-cost debt obligations to finance regulated assets and operations are amortized consistent with regulatory treatment of those items, where appropriate. | |
Environmental Expenditures. We expense environmental expenditures related to conditions caused by past operations that do not generate current or future revenues. Environmental expenditures related to operations that generate current or future revenues are expensed or capitalized, as appropriate. Undiscounted liabilities are recorded when the necessity for environmental remediation becomes probable and the costs can be reasonably estimated, or when other potential environmental liabilities are reasonably estimable and probable. | |
Segment Reporting. Operating segments are components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and evaluate performance. Two or more operating segments may be aggregated into a single reportable segment provided certain criteria are met. There is no such aggregation within our defined business segments. A description of our reportable segments consistent with how business results are reported internally to management, and the disclosure of segment information is presented in Note 4. | |
Consolidated Statements of Cash Flows. Cash received from insurance proceeds are classified depending on the activity that resulted in the insurance proceeds. For example, business interruption insurance proceeds are included as a component of operating activities while insurance proceeds from damaged property are included as a component of investing activities. With respect to cash overdrafts, book overdrafts are included within operating cash flows while bank overdrafts, if any, are included within financing cash flows. | |
Distributions from Unconsolidated Affiliates. We consider distributions received from unconsolidated affiliates which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and classify these amounts as Cash Flows From Operating Activities within the accompanying Consolidated Statements of Cash Flows. Cumulative distributions received in excess of cumulative equity in earnings subsequent to the date of investment are considered to be a return of investment and are classified as Cash Flows From Investing Activities. | |
New Accounting Pronouncements. There were no significant accounting pronouncements adopted in 2014, 2013, and 2012 that had a material impact on our consolidated results of operations, financial position or cash flows. The following new Accounting Standard Updates (ASUs) were issued but not adopted as of December 31, 2014: | |
ASU No. 2014-08. In April 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU revises the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have or will have a major effect on an entity’s operations and financial results, removing the lack of continuing involvement criteria and requiring discontinued operations reporting for the disposal of an equity method investment that meets the definition of discontinued operations. The update also requires expanded disclosures for discontinued operations, and disclosure of pretax profit or loss of certain individually significant components of an entity that do not qualify for discontinued operations reporting. This ASU was effective for us on January 1, 2015 and had no impact on our consolidated results of operations, financial position or cash flows. | |
ASU No. 2014-09. In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements of “Revenue Recognition (Topic 605),” and clarifies the principles of recognizing revenue. This ASU is effective for us January 1, 2017. We are currently evaluating this ASU and its potential impact on us. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Acquisitions | 2. Acquisitions | |||||||
U.S. Assets Dropdown. In November 2013, we completed the closing of substantially all of the U.S. Assets Dropdown, excluding a 25.05% ownership interest in SESH and a 1% ownership interest in Steckman Ridge. Consideration to Spectra Energy for the November 2013 closing included $2.3 billion in cash, assumption (indirectly by acquisition of the contributed entities) of approximately $2.4 billion of third-party indebtedness of the contributed entities, 167.6 million newly issued limited partner units and 3.4 million newly issued general partner units. | ||||||||
On November 3, 2014, we completed the second of the three planned transactions related to the U.S. Assets Dropdown. This transaction consisted of acquiring an additional 24.95% ownership interest in SESH and the remaining 1% ownership interest in Steckman Ridge from Spectra Energy. Total consideration was approximately 4.3 million newly issued common units. Also, in connection with this transaction, we issued approximately 86,000 general partner units to Spectra Energy in exchange for the same amount of common units in order to maintain Spectra Energy's 2% general partner interest. | ||||||||
The remaining and final transaction, related to the U.S. Assets Dropdown is expected to occur in November 2015, and will consist of Spectra Energy's remaining 0.1% interest in SESH. | ||||||||
The contributed assets provide transportation and storage of natural gas, crude oil and NGLs for customers in various regions of the U.S. and in Alberta, Canada. The contributed assets included in the U.S. Assets Dropdown, once the third closing is completed, will have consisted of: | ||||||||
•a 100% ownership interest in Texas Eastern Transmission, LP (Texas Eastern) | ||||||||
•a 100% ownership interest in Algonquin Gas Transmission, LLC (Algonquin) | ||||||||
•Spectra Energy’s remaining 60% ownership interest in Express US | ||||||||
•Spectra Energy’s remaining 38.77% ownership interest in Maritimes & Northeast Pipeline, L.L.C. (M&N U.S.) | ||||||||
•a 33.3% ownership interest in DCP Sand Hills Pipeline, LLC (Sand Hills) | ||||||||
•a 33.3% ownership interest in DCP Southern Hills Pipeline, LLC (Southern Hills) | ||||||||
•Spectra Energy’s remaining 1% ownership interest in Gulfstream Natural Gas System, LLC (Gulfstream) | ||||||||
•a 50% ownership interest in SESH | ||||||||
•a 100% ownership interest in Bobcat Gas Storage (Bobcat) | ||||||||
•Spectra Energy’s remaining 50% of Market Hub Partners Holding (Market Hub) | ||||||||
•a 50% ownership interest in Steckman Ridge | ||||||||
•Texas Eastern’s and Express-Platte’s storage facilities | ||||||||
The U.S. Assets Dropdown has been accounted for as an acquisition under common control, resulting in the recast of our prior results. As such, summarized financial information has not been presented. | ||||||||
Express-Platte. In August 2013, we acquired a 40% ownership interest in Express US and a 100% ownership interest in Express Canada from subsidiaries of Spectra Energy for $410 million in cash and 7.2 million of newly issued common and general partner units (valued at $319 million). 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 the Express pipeline in Casper, Wyoming, transports crude oil predominantly from the Bakken shale and western Canada to refineries in the Midwest. | ||||||||
The following table summarizes the fair values of the assets and liabilities as of the acquisition date of Express-Platte from third-parties by Spectra Energy. | ||||||||
Purchase Price | ||||||||
Allocation | ||||||||
(in millions) | ||||||||
Cash | $ | 67 | ||||||
Receivables | 25 | |||||||
Other current assets | 9 | |||||||
Goodwill | 523 | |||||||
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 | $ | 1,321 | ||||||
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 $24 million decrease in Deferred Credits and Other Liabilities, and a $1 million decrease in Other Current Assets, resulting in a $37 million increase in Goodwill. | ||||||||
In the first quarter of 2014, we recorded $23 million of income tax expense due to the adjustment to deferred income tax liabilities (eliminated and recorded as an income tax benefit in 2013 in connection with the U.S. Assets Dropdown and resulting changes in tax status of certain entities) as a result of the final purchase price allocation adjustments. | ||||||||
The following table presents unaudited pro forma results of operations information that reflect the acquisition of Express-Platte as if the acquisition had occurred as of January 1, 2012, adjusted for items that are directly attributable to the acquisition. This information has been compiled from current and historical financial statements, and is not necessarily indicative of the results that actually would have been achieved had the transaction occurred at the beginning of the periods presented or that may be achieved in the future. | ||||||||
Years ended December 31, | ||||||||
2013 | 2012 | |||||||
(in millions, except per-unit amounts) | ||||||||
Operating revenues | $ | 2,024 | $ | 2,022 | ||||
Earnings before income taxes | 751 | 707 | ||||||
Net income | 1,099 | 697 | ||||||
Net income-controlling interests | 1,083 | 682 | ||||||
Net income per limited partner unit—basic and diluted | 7.01 | 6.15 | ||||||
M&N U.S. In 2012, we acquired a 38.76% ownership interest in M&N U.S. from Spectra Energy for approximately $319 million in cash and approximately $56 million in newly issued common and general partner units. M&N U.S.’ pipeline location and key interconnects with our transmission system link regional natural gas supplies primarily to the northeast U.S. market. M&N U.S. is a part of the U.S. Transmission segment. We acquired Spectra Energy’s remaining 38.77% ownership interest in M&N U.S. in connection with the U.S. Assets Dropdown. | ||||||||
The initial 38.76% interest in M&N U.S. was recorded at the historical book value of Spectra Energy of $199 million. The $176 million excess purchase price over the book value of net assets acquired was recorded as a reduction to Partners’ Capital, and the $56 million of common and general partner units issued to Spectra Energy were recorded as increases to Partners’ Capital. | ||||||||
Sand Hills and Southern Hills. In 2012, Spectra Energy acquired direct one-third ownership interests in Sand Hills and Southern Hills from DCP Midstream, LLC (DCP Midstream), a 50%-owned equity affiliate of Spectra Energy. On November 1, 2013, Spectra Energy contributed its ownership in Sand Hills and Southern Hills to us in the U.S. Asset Dropdown. DCP Midstream Partners, LP, DCP Midstream's master limited partnership, and Phillips 66 also each own a direct one-third interest in each of the two pipelines. The Sand Hills pipeline provides NGL transportation from the Permian Basin and Eagle Ford basins to the premium NGL markets on the Gulf Coast. The Southern Hills pipeline provides NGL transportation from the Midcontinent to Mont Belvieu, Texas. Our investments in Sand Hills and Southern Hills are included in Investments in and Loans to Unconsolidated Affiliates on our Consolidated Balance Sheets and Statements of Cash Flows. |
Transactions_with_Affiliates
Transactions with Affiliates | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||||||||||
Transactions with Affiliates | 3. Transactions with Affiliates | |||||||||||
In the normal course of business, we provide natural gas transmission, storage and other services to Spectra Energy and its affiliates. | ||||||||||||
In addition, pursuant to an agreement with Spectra Energy, Spectra Energy and its affiliates perform centralized corporate functions for us, including legal, accounting, compliance, treasury and other areas. We reimburse Spectra Energy for the expenses to provide these services as well as other expenses it incurs on our behalf, such as salaries of personnel performing services for our benefit and the cost of employee benefits and general and administrative expenses associated with such personnel, capital expenditures, maintenance and repair costs, taxes and direct expenses, including operating expenses and certain allocated operating expenses associated with the ownership and operation of the contributed assets. Spectra Energy and its affiliates charge such expenses based on the cost of actual services provided or using various allocation methodologies based on our percentage of assets, employees, earnings or other measures, as compared to Spectra Energy’s other affiliates. | ||||||||||||
Transactions with affiliates are summarized in the tables below: | ||||||||||||
Consolidated Statements of Operations | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Operating revenues | $ | 88 | $ | 58 | $ | 65 | ||||||
Operating, maintenance and other expenses | 317 | 252 | 218 | |||||||||
Interest expense | — | 222 | 260 | |||||||||
We are party to an agreement with DCP Midstream, an equity investment of Spectra Energy, in which DCP Midstream processes certain of our customers' gas to meet quality specifications in order to be transported on our system. DCP Midstream processes the gas and sells the NGLs that are extracted from the gas. A portion of the proceeds from those sales are retained by DCP Midstream and the balance is remitted to us. We recognized revenues of $79 million, $48 million and $53 million in 2014, 2013 and 2012, respectively, related to those services, classified as Storage of Natural Gas and Other in our Consolidated Statements of Operations. | ||||||||||||
We recorded natural gas transmission revenues from DCP Midstream and its affiliates totaling $7 million in 2014 and in 2013 and $8 million in 2012, classified as Transportation of Natural Gas in our Consolidated Statements of Operations. | ||||||||||||
In addition to the above, we recorded other revenues from DCP Midstream and its affiliates totaling $2 million in 2014, $3 million in 2013 and $4 million in 2012, classified as Storage of Natural Gas and Other in our Consolidated Statements of Operations. | ||||||||||||
Consolidated Balance Sheets | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Receivables | $ | — | $ | 17 | ||||||||
Current assets — other | 3 | 3 | ||||||||||
Property, plant and equipment | 40 | 17 | ||||||||||
Accounts payable | 61 | 60 | ||||||||||
See also Notes 1, 8 and 14 for discussion of specific related party transactions. |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Business Segments | 4. Business Segments | |||||||||||||||||||
We manage our business in two reportable segments: U.S. Transmission and Liquids. The remainder of our business operations is presented as “Other,” and consists of certain corporate costs. | ||||||||||||||||||||
Our chief operating decision maker regularly reviews financial information about both segments in deciding how to allocate resources and evaluate performance. There is no aggregation of segments within our reportable business segments. | ||||||||||||||||||||
The U.S. Transmission segment provides interstate transmission and storage of natural gas. Substantially all of our operations are subject to the Federal Energy Regulatory Commission (FERC) and the Department of Transportation’s (DOT’s) rules and regulations. Our investments in Gulfstream, SESH and Steckman Ridge are included in U.S. Transmission. | ||||||||||||||||||||
Liquids provides transportation of crude oil and NGLs. The Express-Platte pipeline system is a crude oil pipeline system that connects Canadian and U.S. producers to refineries in the U.S. Rocky Mountain and Midwest regions. These operations are primarily subject to the rules and regulations of the FERC and the National Energy Board (NEB). The Sand Hills and Southern Hills pipelines, which were acquired in the fourth quarter of 2013 in the U.S. Assets Dropdown, provide transportation of NGLs from the Permian Basin and Eagle Ford region to the premium NGL markets on the Gulf Coast, and from the Mid-Continent to Mont Belvieu, Texas, respectively. We have direct one-third ownership interests in Sand Hills and Southern Hills. DCP Midstream and Phillips 66 also each own direct one-third ownership interests in the two pipelines. Sand Hills and Southern Hills are subject to the rules and regulations of the FERC. | ||||||||||||||||||||
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 investments are managed centrally, so the gains and losses on foreign currency remeasurement, 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. | ||||||||||||||||||||
Business Segment Data | ||||||||||||||||||||
Total | Segment EBITDA/ | Depreciation | Capital and | Assets | ||||||||||||||||
Revenues | Consolidated | and | Investment | |||||||||||||||||
Earnings Before | Amortization | Expenditures (a,b) | ||||||||||||||||||
Income Taxes | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
U.S. Transmission | $ | 1,939 | $ | 1,415 | $ | 256 | $ | 1,160 | $ | 15,182 | ||||||||||
Liquids | 330 | 240 | 32 | 81 | 2,567 | |||||||||||||||
Total | 2,269 | 1,655 | 288 | 1,241 | 17,749 | |||||||||||||||
Other | — | (64 | ) | — | — | 44 | ||||||||||||||
Depreciation and amortization | — | 288 | — | — | — | |||||||||||||||
Interest expense | — | 238 | — | — | — | |||||||||||||||
Interest income and other | — | (3 | ) | — | — | — | ||||||||||||||
Total consolidated | $ | 2,269 | $ | 1,062 | $ | 288 | $ | 1,241 | $ | 17,793 | ||||||||||
2013 | ||||||||||||||||||||
U.S. Transmission | $ | 1,727 | $ | 1,279 | $ | 241 | $ | 1,000 | $ | 14,174 | ||||||||||
Liquids | 238 | 132 | 21 | 299 | 2,604 | |||||||||||||||
Total | 1,965 | 1,411 | 262 | 1,299 | 16,778 | |||||||||||||||
Other | — | (27 | ) | — | — | 16 | ||||||||||||||
Depreciation and amortization | — | 262 | — | — | — | |||||||||||||||
Interest expense | — | 383 | — | — | — | |||||||||||||||
Interest income and other | — | (1 | ) | — | — | — | ||||||||||||||
Total consolidated | $ | 1,965 | $ | 738 | $ | 262 | $ | 1,299 | $ | 16,794 | ||||||||||
2012 | ||||||||||||||||||||
U.S. Transmission | $ | 1,754 | $ | 1,251 | $ | 231 | $ | 930 | $ | 13,199 | ||||||||||
Liquids | — | — | — | 513 | 517 | |||||||||||||||
Total | 1,754 | 1,251 | 231 | 1,443 | 13,716 | |||||||||||||||
Other | — | (9 | ) | — | — | 169 | ||||||||||||||
Depreciation and amortization | — | 231 | — | — | — | |||||||||||||||
Interest expense | — | 407 | — | — | — | |||||||||||||||
Interest income and other | — | 1 | — | — | — | |||||||||||||||
Total consolidated | $ | 1,754 | $ | 605 | $ | 231 | $ | 1,443 | $ | 13,885 | ||||||||||
________ | ||||||||||||||||||||
(a) | Excludes the $2,210 million net cash outlay for the U.S. Assets Dropdown in 2013, the $343 million cash outlay for the acquisition of Express-Platte in 2013 and the $319 million acquisition of M&N U.S. in 2012. | |||||||||||||||||||
(b) | ||||||||||||||||||||
Excludes a $71 million loan to an unconsolidated affiliate in 2013. | ||||||||||||||||||||
Geographic Data (a) | ||||||||||||||||||||
U.S. | Canada | Consolidated | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Consolidated revenues | $ | 2,205 | $ | 64 | $ | 2,269 | ||||||||||||||
Consolidated long-lived assets | 17,002 | 236 | 17,238 | |||||||||||||||||
2013 | ||||||||||||||||||||
Consolidated revenues | $ | 1,919 | $ | 46 | $ | 1,965 | ||||||||||||||
Consolidated long-lived assets | 15,975 | 254 | 16,229 | |||||||||||||||||
________ | ||||||||||||||||||||
(a) We did not own any Canadian assets prior to 2013. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Regulated Operations [Abstract] | ||||||||||
Regulatory Matters | 5. Regulatory Matters | |||||||||
Regulatory Assets and Liabilities. | ||||||||||
We record assets and liabilities that result from the regulated ratemaking process that would not be recorded under GAAP for non-regulated entities. See Note 1 for further discussion. | ||||||||||
December 31, | Recovery/Refund | |||||||||
2014 | 2013 | Period Ends | ||||||||
(in millions) | ||||||||||
Regulatory Assets (a,b) | ||||||||||
Regulatory asset related to income taxes (c) | $ | 174 | $ | 156 | (d) | |||||
Vacation accrual | 19 | 17 | (f) | |||||||
Deferred debt expense/premium (g) | 31 | 32 | (e) | |||||||
Asset retirement obligations | 2 | 2 | (m) | |||||||
Under-recovery of fuel costs(h,i) | 44 | 28 | 2015 | |||||||
Project development costs | 10 | 10 | 2036 | |||||||
Other | 10 | 9 | 2017 | |||||||
Total Regulatory Assets | $ | 290 | $ | 254 | ||||||
Regulatory Liabilities (b) | ||||||||||
Removal costs (g,l) | 3 | 5 | (k) | |||||||
Over-recovery of fuel costs (i,j) | 1 | 35 | 2015 | |||||||
Pipeline rate credit (l) | 25 | 26 | (e) | |||||||
Total Regulatory Liabilities | $ | 29 | $ | 66 | ||||||
________ | ||||||||||
(a)Included in Regulatory Assets and Deferred Debits, unless otherwise noted. | ||||||||||
(b)All regulatory assets and liabilities are excluded from rate base unless otherwise noted. | ||||||||||
(c)Relates to tax gross-up of the AFUDC equity portion. All amounts are expected to be included in future rate filings. | ||||||||||
(d)Amortized over the life of the related property, plant and equipment. | ||||||||||
(e)Recovery/refund is over the life of the associated debt. | ||||||||||
(f)Recoverable in future periods. | ||||||||||
(g) Included in rate base. | ||||||||||
(h) Included in Other Current Assets. | ||||||||||
(i) | Amounts settled in cash annually through transportation rates in accordance with FERC gas tariffs. | |||||||||
(j) Included in Other Current Liabilities. | ||||||||||
(k) Liability is extinguished as the associated assets are retired. | ||||||||||
(l) Included in Deferred Credits and Other Liabilities. | ||||||||||
(m) Recovery/refund period currently unknown. |
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes |
In connection with the U.S. Assets Dropdown and resulting changes in tax status of certain entities, $354 million of deferred income tax liabilities were eliminated and recorded as a benefit to Income Tax Expense (Benefit) on the Consolidated Statement of Operations in 2013. As a result of the final purchase price allocation adjustments in the first quarter of 2014, we recorded a $23 million adjustment to Income Tax Expense (Benefit). |
Net_Income_Per_Limited_Partner
Net Income Per Limited Partner Unit and Cash Distributions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Net Income Per Limited Partner Unit and Cash Distributions | 7. Net Income Per Limited Partner Unit and Cash Distributions | |||||||||||
The following table presents our net income per limited partner unit calculations: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions, except per-unit | ||||||||||||
amounts) | ||||||||||||
Net income—controlling interests (a,b) | $ | 1,004 | $ | 1,070 | $ | 580 | ||||||
Less: | ||||||||||||
General partner’s interest in net income — 2% | 20 | 21 | 12 | |||||||||
General partner’s interest in net income attributable to incentive distribution rights | 167 | 62 | 25 | |||||||||
Limited partners’ interest in net income | $ | 817 | $ | 987 | $ | 543 | ||||||
Weighted average limited partner units outstanding — basic and diluted (a) | 288 | 138 | 97 | |||||||||
Net income per limited partner unit — basic and diluted | $ | 2.84 | $ | 7.15 | $ | 5.6 | ||||||
________ | ||||||||||||
(a) | As discussed in Note 1, the Consolidated Financial Statements for periods prior to the November 1, 2013 U.S. Assets Dropdown, including Net Income—Controlling Interests as presented on our Consolidated Statements of Operations, have been recast. Weighted average limited partners units outstanding used in the calculation of net income per limited partner unit for periods prior to the U.S. Assets Dropdown has not been recast. | |||||||||||
(b) Includes a $354 million benefit in 2013 related to the elimination of accumulated deferred income tax liabilities. See Note 6 for further discussion. | ||||||||||||
Our partnership agreement requires that, within 60 days after the end of each quarter, we distribute all of our Available Cash, as defined, to unitholders of record on the applicable record date. | ||||||||||||
Available Cash. Available Cash, for any quarter, consists of all cash and cash equivalents on hand at the end of that quarter: | ||||||||||||
• | less the amount of cash reserves established by the general partner to: | |||||||||||
• | provide for the proper conduct of business, | |||||||||||
• | comply with applicable law, any debt instrument or other agreement, or | |||||||||||
• | provide funds for minimum quarterly distributions to the unitholders and to the general partner for any one or more of the next four quarters, | |||||||||||
• | plus, if the general partner so determines, all or a portion of cash and cash equivalents on hand on the date of determination of Available Cash for the quarter. | |||||||||||
Incentive Distribution Rights. The general partner holds incentive distribution rights beyond the first target distribution in accordance with the partnership agreement as follows: | ||||||||||||
Total Quarterly Distribution | Marginal Percentage | |||||||||||
Interest in Distributions | ||||||||||||
Target Per-Unit Amount | Common | General | ||||||||||
Unitholders | Partner | |||||||||||
Minimum Quarterly Distribution | $0.30 | 98 | % | 2 | % | |||||||
First Target Distribution | up to $0.345 | 98 | % | 2 | % | |||||||
Second Target Distribution | above $0.345 up to $0.375 | 85 | % | 15 | % | |||||||
Third Target Distribution | above $0.375 up to $0.45 | 75 | % | 25 | % | |||||||
Thereafter | above $0.45 | 50 | % | 50 | % | |||||||
To the extent these incentive distributions are made to the general partner, there will be more Available Cash proportionately allocated to the general partner than to holders of common units. A cash distribution of $0.58875 per limited partner unit was declared on February 4, 2015 and was paid on February 27, 2015 to unit holders of record at the close of business on February 13, 2015. |
Investments_in_and_Loans_to_Un
Investments in and Loans to Unconsolidated Affiliates | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||||||||||||||||||||||||||||||||||
Investments in and Loans to Unconsolidated Affiliates | 8. Investments in and Loans to Unconsolidated Affiliates | |||||||||||||||||||||||||||||||||||
Investments in affiliates for which we are not the primary beneficiary, but over which we have significant influence, are | ||||||||||||||||||||||||||||||||||||
accounted for using the equity method. As of December 31, 2014 and 2013, the carrying amounts of investments in affiliates | ||||||||||||||||||||||||||||||||||||
approximated the amounts of underlying equity in net assets. We received distributions from our equity investments of $294 million in 2014, $180 million in 2013 and $106 million in 2012. There were no cumulative undistributed earnings of unconsolidated affiliates at December 31, 2014 or 2013. | ||||||||||||||||||||||||||||||||||||
U.S. Transmission. Investments are comprised of a 50% interest in Gulfstream, a 49.9% interest in SESH and a 50% interest in Steckman Ridge. | ||||||||||||||||||||||||||||||||||||
We have a loan outstanding to Steckman Ridge in connection with the construction of its storage facilities. The loan carries market-based interest rates and is due the earlier of October 1, 2023 or coincident with the closing of any long-term | ||||||||||||||||||||||||||||||||||||
financings by Steckman Ridge. The loan receivable from Steckman Ridge, including accrued interest, totaled $71 million at both December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||
Liquids. Investments are comprised of 33.3% interests in Sand Hills and Southern Hills. The Sand Hills and Southern Hills pipelines were placed in service in the second quarter of 2013. | ||||||||||||||||||||||||||||||||||||
Investments in and Loans to Unconsolidated Affiliates | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
U.S. Transmission | $ | 843 | $ | 670 | ||||||||||||||||||||||||||||||||
Liquids | 746 | 726 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,589 | $ | 1,396 | ||||||||||||||||||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
U.S. Transmission | $ | 90 | $ | 87 | $ | 86 | ||||||||||||||||||||||||||||||
Liquids | 43 | 2 | — | |||||||||||||||||||||||||||||||||
Total | $ | 133 | $ | 89 | $ | 86 | ||||||||||||||||||||||||||||||
Summarized Combined Financial Information of Unconsolidated Affiliates (Presented at 100%) | ||||||||||||||||||||||||||||||||||||
Statements of Operations | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Gulfstream | Other | Total | Gulfstream | Other | Total | Gulfstream | Other | Total | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 275 | $ | 373 | $ | 648 | $ | 274 | $ | 210 | $ | 484 | $ | 275 | $ | 157 | $ | 432 | ||||||||||||||||||
Operating expenses | 74 | 153 | 227 | 69 | 118 | 187 | 76 | 67 | 143 | |||||||||||||||||||||||||||
Operating income | 201 | 220 | 421 | 205 | 92 | 297 | 199 | 90 | 289 | |||||||||||||||||||||||||||
Net income | 131 | 197 | 328 | 135 | 70 | 205 | 129 | 69 | 198 | |||||||||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | December 31, 2013 | |||||||||||||||||||||||||||||||||||
Gulfstream | Other | Total | Gulfstream | Other | Total | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Current assets | $ | 92 | $ | 115 | $ | 207 | $ | 92 | $ | 124 | $ | 216 | ||||||||||||||||||||||||
Non-current assets | 1,720 | 3,579 | 5,299 | 1,751 | 3,536 | 5,287 | ||||||||||||||||||||||||||||||
Current liabilities | 520 | 101 | 621 | 18 | 118 | 136 | ||||||||||||||||||||||||||||||
Non-current liabilities | 650 | 545 | 1,195 | 1,150 | 518 | 1,668 | ||||||||||||||||||||||||||||||
Equity | $ | 642 | $ | 3,048 | $ | 3,690 | $ | 675 | $ | 3,024 | $ | 3,699 | ||||||||||||||||||||||||
Goodwill
Goodwill | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill | 9. Goodwill | ||||||||||||
The following table presents activity within goodwill based on the reporting unit determination: | |||||||||||||
U.S. Transmission | Liquids | Total Goodwill | |||||||||||
(in millions) | |||||||||||||
31-Dec-12 | $ | 2,814 | $ | — | $ | 2,814 | |||||||
Acquisition of Express-Platte | — | 486 | 486 | ||||||||||
Foreign currency translation | (82 | ) | (3 | ) | (85 | ) | |||||||
31-Dec-13 | 2,732 | 483 | 3,215 | ||||||||||
Acquisition of Express-Platte | — | 37 | 37 | ||||||||||
Foreign currency translation | — | (8 | ) | (8 | ) | ||||||||
31-Dec-14 | $ | 2,732 | $ | 512 | $ | 3,244 | |||||||
_______ | |||||||||||||
See Note 2 for discussion of the acquisition of Express-Platte and adjustment to Goodwill recorded in the first quarter of 2014 related to the acquisition. | |||||||||||||
A significant portion of goodwill originated from Spectra Energy’s acquisition of Westcoast Energy, Inc., a Canadian entity, in 2002. Following Spectra Energy’s separation from Duke Energy Corporation (Duke Energy) in 2007, a portion of the enterprise goodwill was assigned to the entities that were contributed in the U.S. Assets Dropdown. Since this goodwill originated from the acquisition of a Canadian entity, it was subject to foreign currency translation at the parent level. Effective with the closing of the U.S. Assets Dropdown, the associated portion of goodwill was included with the contributed entities we acquired. As a result, the associated portion of goodwill is no longer considered to be Spectra Energy's enterprise goodwill and, therefore, is deemed to be U.S. dollar-denominated and not subject to foreign currency translation. |
Marketable_Securities_and_Rest
Marketable Securities and Restricted Funds | 12 Months Ended |
Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities and Restricted Funds | 10. 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. 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 the purposes of funding future capital expenditures and acquisitions, so these investments are classified as AFS marketable securities as they may occasionally be sold prior to their scheduled maturity dates due to the unexpected timing of cash needs. Initial investments in securities are classified as purchases of the respective type of securities (AFS marketable securities or HTM marketable securities). Maturities of securities are classified within proceeds from sales and maturities of securities in the Consolidated Statements of Cash Flows. | |
AFS Securities. We had no AFS securities outstanding as of December 31, 2014 and December 31, 2013. | |
During the second quarter of 2013, we invested the proceeds from our issuance of common units in AFS marketable securities, which were restricted for the purpose of funding future capital expenditures and acquisitions. In September 2013, we invested the net proceeds from our $1.9 billion issuance of long-term debt in AFS securities, which were restricted for the purpose of paying a portion of the cash consideration to Spectra Energy for the acquisition of its remaining U.S. transmission, storage, and liquids assets. The investments and all of our remaining AFS restricted funds held for the purpose of funding capital expenditures and acquisitions were used to pay Spectra Energy for the U.S. Assets Dropdown on November 1, 2013. | |
HTM Securities. All of our HTM securities held at December 31, 2014 are restricted funds. We had $3 million of money market securities classified as Current Assets - Other on the Consolidated Balance Sheet as of December 31, 2014 and December 31, 2013. These securities are restricted pursuant to certain Express-Platte debt agreements. | |
At December 31, 2014, the weighted-average contractual maturity of outstanding HTM securities was less than one year. | |
There were no material gross unrealized holding gains or losses associated with investments in HTM securities at December 31, 2014. | |
Interest income. We had no interest income in 2014 and $1 million in both 2013 and 2012, which is included in Other Income and Expenses, Net on the Consolidated Statements of Operations. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property, Plant and Equipment | 11. Property, Plant and Equipment | ||||||||||
Estimated | December 31, | ||||||||||
Useful Life | 2014 | 2013 | |||||||||
(years) | (in millions) | ||||||||||
Plant | |||||||||||
Natural gas transmission | 15-100 | $ | 11,516 | $ | 10,872 | ||||||
Natural gas storage | 10-122 | 1,546 | 1,454 | ||||||||
Gathering and processing facilities | 25-40 | 12 | 12 | ||||||||
Crude oil transportation and storage | 30-75 | 1,169 | 1,243 | ||||||||
Land rights and rights of way | 20-122 | 439 | 421 | ||||||||
Other buildings and improvements | Oct-50 | 35 | 33 | ||||||||
Equipment | Mar-75 | 80 | 58 | ||||||||
Vehicles | 15-May | 11 | 9 | ||||||||
Land | — | 71 | 70 | ||||||||
Construction in process | — | 664 | 375 | ||||||||
Software | 15-Feb | 9 | 4 | ||||||||
Other | May-82 | 42 | 41 | ||||||||
Total property, plant and equipment | 15,594 | 14,592 | |||||||||
Total accumulated depreciation | (3,347 | ) | (3,125 | ) | |||||||
Total accumulated amortization | (112 | ) | (104 | ) | |||||||
Total net property, plant and equipment | $ | 12,135 | $ | 11,363 | |||||||
We had no capital leases at December 31, 2014 or December 31, 2013. | |||||||||||
Almost 84% of our property, plant and equipment is regulated with estimated useful lives based on rates approved by the FERC. Composite weighted-average depreciation rates were 2.0% for 2014 and 2013 and 2.1% for 2012. | |||||||||||
Amortization expense of intangible assets totaled $10 million in 2014 and $7 million in both 2013 and 2012. Estimated amortization expense for the next five years follows: | |||||||||||
Estimated Amortization Expense | |||||||||||
(in millions) | |||||||||||
2015 | $ | 10 | |||||||||
2016 | 7 | ||||||||||
2017 | 7 | ||||||||||
2018 | 7 | ||||||||||
2019 | 7 |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
Asset Retirement Obligations | 12. Asset Retirement Obligations | |||||||
Our AROs relate mostly to the retirement of offshore pipelines and certain onshore assets, obligations related to right-of-way agreements and contractual leases for land use. However, we have determined that a significant portion of our assets have an indeterminate life, and as such, the fair values of those associated retirement obligations are not reasonably estimable. These assets include onshore and some offshore pipelines, and certain storage facilities, whose retirement dates will depend mostly on the various natural gas supply sources that connect to our systems and the ongoing demand for natural gas usage in the markets we serve. We expect these supply sources and market demands to continue for the foreseeable future, therefore we are unable to estimate retirement dates that would result in asset retirement obligations. | ||||||||
AROs are adjusted each period for liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. | ||||||||
Reconciliation of Changes in Asset Retirement Obligation Liabilities | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Balance at Beginning of year | $ | 17 | $ | 17 | ||||
Accretion expense | 1 | 1 | ||||||
Revisions in estimated cash flows | 2 | (1 | ) | |||||
Balance at the end of the year (a) | $ | 20 | $ | 17 | ||||
_________ | ||||||||
(a)Amounts included in Deferred Credits and Other Liabilities in the Consolidated Balance Sheets. |
Debt_and_Credit_Facility
Debt and Credit Facility | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Debt and Credit Facility | 13. Debt and Credit Facility | |||||||||||||
Summary of Debt and Related Terms | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
Spectra Energy Partners, LP 2.95% senior unsecured notes due June 2016 | $ | 250 | $ | 250 | ||||||||||
Spectra Energy Partners, LP 2.95% senior unsecured notes due September 2018 | 500 | 500 | ||||||||||||
Spectra Energy Partners, LP variable-rate senior unsecured term loan due November 2018 | 400 | 400 | ||||||||||||
Spectra Energy Partners, LP 4.60% senior unsecured notes due June 2021 | 250 | 250 | ||||||||||||
Spectra Energy Partners, LP 4.75% senior unsecured noted due March 2024 | 1,000 | 1,000 | ||||||||||||
Spectra Energy Partners, LP 5.95% senior unsecured notes due September 2043 | 400 | 400 | ||||||||||||
Texas Eastern 6.00% senior unsecured notes due September 2017 | 400 | 400 | ||||||||||||
Texas Eastern 4.13% senior unsecured notes due December 2020 | 300 | 300 | ||||||||||||
Texas Eastern 2.80% senior unsecured notes due October 2022 | 500 | 500 | ||||||||||||
Texas Eastern 7.00% senior unsecured notes due July 2032 | 450 | 450 | ||||||||||||
Algonquin 3.51% senior unsecured notes due July 2024 | 350 | 350 | ||||||||||||
East Tennessee Natural Gas, LLC 3.10% senior unsecured notes due December 2024 | 200 | 200 | ||||||||||||
M&N U.S. 7.50% senior unsecured notes due May 2014 | — | 411 | ||||||||||||
Express-Platte 6.09% senior secured notes due January 2020 | 110 | 110 | ||||||||||||
Express-Platte 7.39% subordinated secured notes due 2014 to 2019 | 74 | 104 | ||||||||||||
Long-term debt principal (including current maturities) | 5,184 | 5,625 | ||||||||||||
Change in fair value of debt hedged | 4 | — | ||||||||||||
Unamortized debt discount, net | (3 | ) | (2 | ) | ||||||||||
Commercial paper (a) | 907 | 338 | ||||||||||||
Total debt | 6,092 | 5,961 | ||||||||||||
Current maturities of long-term debt | (36 | ) | (445 | ) | ||||||||||
Commercial paper (b) | (907 | ) | (338 | ) | ||||||||||
Total long-term debt | $ | 5,149 | $ | 5,178 | ||||||||||
_________ | ||||||||||||||
(a)The weighted-average days to maturity were 11 days as of December 31, 2014 and 10 days as of December 31, 2013. | ||||||||||||||
(b) | Weighted-average rates outstanding on commercial paper were 0.49% as of December 31, 2014 and 0.33% as of December 31, 2013. | |||||||||||||
Unsecured Debt. In September 2013, we issued $1.9 billion aggregate principal amount of senior unsecured notes, comprised of $500 million of 2.95% senior notes due in 2018, $1 billion of 4.75% senior notes due in 2024 and $400 million of 5.95% senior notes due in 2043. Net proceeds from the offering were used in connection with the U.S. Assets Dropdown from Spectra Energy which closed on November 1, 2013. | ||||||||||||||
Term Loan Agreement. In November 2013, we entered into and borrowed $400 million under a senior unsecured five-year term loan agreement. A portion of the proceeds was used in connection with the U.S. Assets Dropdown. | ||||||||||||||
Secured Debt. Secured debt, totaling $184 million as of December 31, 2014, includes project financings for Express-Platte. The notes are secured by the assignment of the Express-Platte transportation receivables and by the Canadian portion of the Express-Platte pipeline system assets. | ||||||||||||||
Floating Rate Debt. Debt included approximately $1,307 million of floating-rate debt as of December 31, 2014 and $738 million as of December 31, 2013. The weighted average interest rate of borrowings outstanding that contained floating rates was 0.74% at December 31, 2014 and 0.85% at December 31, 2013. | ||||||||||||||
Annual Maturities | ||||||||||||||
December 31, 2014 | ||||||||||||||
(in millions) | ||||||||||||||
2015 | $ | 36 | ||||||||||||
2016 | 280 | |||||||||||||
2017 | 412 | |||||||||||||
2018 | 900 | |||||||||||||
2019 | — | |||||||||||||
Thereafter | 3,557 | |||||||||||||
Total long-term debt, including current maturities (a) | $ | 5,185 | ||||||||||||
_________ | ||||||||||||||
(a)Excludes commercial paper of $907 million. Includes other non-principal amounts of $1 million. | ||||||||||||||
We have the ability under certain debt facilities to repay the obligations prior to scheduled maturities. Therefore, the actual timing of future cash repayments could be materially different than presented above. | ||||||||||||||
Credit Facility | ||||||||||||||
Expiration | Total | Commercial | Available | |||||||||||
Date | Credit Facility | Paper Outstanding at | Credit Facility | |||||||||||
Capacity | December 31, | Capacity | ||||||||||||
2014 | ||||||||||||||
(in millions) | ||||||||||||||
Spectra Energy Partners, LP | 2019 | $ | 2,000 | $ | 907 | $ | 1,093 | |||||||
On December 11, 2014, we amended our credit agreement. The expiration date was extended one year expiring in December 2019. | ||||||||||||||
The issuances of commercial paper, letters of credit and revolving borrowings reduce the amount available under the credit facility. As of December 31, 2014, there were no letters of credit issued or revolving borrowings outstanding under the credit facility. | ||||||||||||||
Our credit agreements contain various covenants, including the maintenance of a consolidated leverage ratio, as defined in the agreements. Failure to meet those covenants beyond applicable grace periods could result in accelerated due dates and/or termination of the agreements. As of December 31, 2014, we were in compliance with those covenants. In addition, our credit agreements allow for acceleration of payments or termination of the agreements due to nonpayment, or in some cases, due to the acceleration of our other significant indebtedness or other significant indebtedness of some of our subsidiaries. Our credit agreements do not contain provisions that trigger an acceleration of indebtedness based solely on the occurrence of a material adverse change in our financial condition or results of operations. | ||||||||||||||
As noted above, the terms of our credit agreements require us to maintain a ratio of total Consolidated Indebtedness-to-Consolidated EBITDA, as defined in the agreements, of 5.0 to 1 or less. As of December 31, 2014, this ratio was 3.7 to 1. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 14. Fair Value Measurements | ||||||||||||||||
The following presents, for each of the fair value hierarchy levels, assets that are measured at fair value on a recurring basis as of December 31, 2014. There were no assets or liabilities measured at fair value on a recurring basis at December 31, 2013. | |||||||||||||||||
Consolidated Balance Sheet Caption | 31-Dec-14 | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in millions) | |||||||||||||||||
Corporate debt securities | Cash and cash equivalents | $ | 43 | $ | — | $ | 43 | $ | — | ||||||||
Interest rate swaps | Investments and other assets — other | 5 | — | 5 | — | ||||||||||||
Total Assets | $ | 48 | $ | — | $ | 48 | $ | — | |||||||||
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. | |||||||||||||||||
Level 3 Valuation Techniques | |||||||||||||||||
Level 3 valuation techniques include the use of pricing models, discounted cash flow methodologies or similar techniques where at least one significant model assumption or input is unobservable. Level 3 financial instruments also include those for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||||||
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-Dec-14 | 31-Dec-13 | ||||||||||||||||
Consolidated Balance Sheet Caption | 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) | 5,184 | 5,554 | 5,625 | 5,813 | |||||||||||||
________ | |||||||||||||||||
(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 long-term debt is determined based on market-based prices as described in the Level 2 valuation technique described above and are classified as Level 2. | |||||||||||||||||
The fair values of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, notes receivable-noncurrent, accounts payable, commercial paper and short-term money market securities - affiliates are not materially different from their carrying amounts because of the short-term nature of these instruments or because the stated rates approximate market rates. | |||||||||||||||||
During the 2014 and 2013 periods, there were no material adjustments to assets and liabilities measured at fair value on a nonrecurring basis. |
Risk_Management_and_Hedging_Ac
Risk Management and Hedging Activities | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Risk Management and Hedging Activities | 15. Risk Management and Hedging Activities | ||||||||||||||
Interest Rate Swaps. Changes in interest rates expose us to risk as a result of our issuance of variable and fixed-rate debt and commercial paper. We manage our interest rate exposure by limiting our variable-rate exposures to percentages of total debt and by monitoring the effects of market changes in interest rates. We also enter into financial derivative instruments including, but not limited to, interest rate swaps to manage and mitigate interest rate risk exposure. For interest rate derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk is recognized in the Consolidated Statements of Operations. There were no significant amounts of gains or losses recognized in net income in 2014, 2013 or 2012. | |||||||||||||||
At December 31, 2014, we had “pay floating - receive fixed” interest rate swaps outstanding with a total notional amount of $300 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 interest rate swaps expire in 2020 and thereafter. 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. | |||||||||||||||
Our floating-to-fixed interest rate swaps expired or were terminated in 2011 in conjunction with the pay down of our credit facility and were designated and qualified as cash flow hedges. Through December 31, 2014, non-cash market-to-market losses on the agreements have been deferred in AOCI in the Consolidated Balance Sheets. The reclassifications from Other Comprehensive Income into income on derivatives follow: | |||||||||||||||
Derivatives | Consolidated Statements of Operations Caption | 2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||||
Interest rate swaps | Interest expense | $ | (1 | ) | $ | (1 | ) | $ | (1 | ) | |||||
Foreign Currency Risk. We are exposed to minimal foreign currency risk from our Express Canada operations. | |||||||||||||||
Credit Risk. Our principal customers for natural gas transmission and storage services are local distribution companies, industrial end-users, and natural gas marketers located throughout the United States and Canada. Customers on the Express-Platte system are primarily refineries located in the Rocky Mountain and Midwestern states of the United States. Other customers include oil producers and marketing entities. We have concentrations of receivables, including gas imbalance receivables, from these sectors throughout these regions. These concentrations of customers may affect our overall credit risk in that risk factors can negatively affect the credit quality of the entire sector. Where exposed to credit risk, we analyze the customers’ financial condition prior to entering into an agreement, establish credit limits and monitor the appropriateness of those limits on an ongoing basis. We also obtain parental guarantees, cash deposits, or letters of credit from customers to provide credit support, where appropriate, based on our financial analysis of the customer and the regulatory or contractual terms and conditions applicable to each contract. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | 16. Commitments and Contingencies | |||
General Insurance | ||||
We are insured through Spectra Energy’s master insurance program for insurance coverages consistent with companies engaged in similar commercial operations with similar type properties. Our insurance program includes (1) commercial general and excess liability insurance for liabilities to third parties for bodily injury and property damage resulting from our operations; (2) workers’ compensation liability coverage to required statutory limits; (3) automobile liability insurance for all owned, non-owned and hired vehicles covering liabilities to third parties for bodily injury and property damage; (4) insurance policies in support of the indemnification provisions of Spectra Energy’s by-laws and (5) property insurance, including machinery breakdown, on an all risk-replacement valued basis, onshore business interruption and extra expense. All coverages are subject to certain deductibles, terms and conditions common for companies with similar types of operations. | ||||
Environmental | ||||
We are subject to various U.S. federal, state and local laws and regulations, as well as Canadian federal and provincial laws, regarding air and water quality, hazardous and solid waste disposal and other environmental matters. These laws and regulations can change from time to time, imposing new obligations on us. | ||||
Like others in the energy industry, we and our affiliates are responsible for environmental remediation at various contaminated sites. These include some properties that are part of our ongoing operations, sites formerly owned or used by us, and sites owned by third parties. Remediation typically involves management of contaminated soils and may involve groundwater remediation. Managed in conjunction with relevant federal, state/provincial and local agencies, activities vary with site conditions and locations, remedial requirements, complexity and sharing of responsibility. If remediation activities involve statutory joint and several liability provisions, strict liability, or cost recovery or contribution actions, we or our affiliates could potentially be held responsible for contamination caused by other parties. In some instances, we may share liability associated with contamination with other potentially responsible parties, and may also benefit from contractual indemnities that cover some or all cleanup costs. All of these sites generally are managed in the normal course of business or affiliated operations. | ||||
Litigation | ||||
Litigation and Legal Proceedings.We are involved in legal, tax and regulatory proceedings in various forums arising in the ordinary course of business, including matters regarding contract and payment claims, some of which involve substantial monetary amounts. We have insurance coverage for certain of these losses should they be incurred. We believe that the final disposition of these proceedings will not have a material effect on our consolidated results of operations, financial position or cash flows. | ||||
Legal costs related to the defense of loss contingencies are expensed as incurred. We had no material reserves for legal matters recorded as of December 31, 2014 or 2013 related to litigation. | ||||
Operating Lease Commitments | ||||
We lease assets in various areas of our operations. Consolidated rental expense for operating leases classified in Net Income was $21 million in 2014, $21 million in 2013 and $22 million in 2012, which is included in Operating, Maintenance and Other on the Consolidated Statements of Operations. The following is a summary of future minimum lease payments under operating leases which at inception had noncancelable terms of more than one year. We had no material capital lease commitments at December 31, 2014. | ||||
Long-term Operating Leases | ||||
(in millions) | ||||
2015 | $ | 15 | ||
2016 | 18 | |||
2017 | 17 | |||
2018 | 15 | |||
2019 | 13 | |||
Thereafter | 95 | |||
Total future minimum lease payments | $ | 173 | ||
Issuances_of_Common_Units
Issuances of Common Units | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Issuance of Common Units | 17. Issuances of Common Units |
On November 3, 2014, we issued 4.3 million common units and 86,000 general partner units to Spectra Energy in connection with the U.S. Assets Dropdown, valued at $186 million. See Note 2 for further discussion of this transaction. | |
In 2013, we entered into an equity distribution agreement under which we may sell and issue common units up to an aggregate amount of $400 million. This at-the-market program allows us to offer and sell common units at prices deemed appropriate through a sales agent. Sales of common units, if any, will be made by means of ordinary brokers’ transactions on the New York Stock Exchange (NYSE), in block transactions, or as otherwise agreed to between the sales agent and us. We issued 6.4 million common units to the public in 2014 under this program, and 132,000 general partner units to Spectra Energy. Total net proceeds were $334 million, including $7 million of proceeds from Spectra Energy. The net proceeds were used for general partnership purposes, which may have included debt repayment, future acquisitions, capital expenditures and/or additions to working capital. | |
We issued 0.6 million common units to the public in 2013 under our at-the-market program for total net proceeds of $24 million. | |
In November 2013, we issued 167.6 million common units and 3.4 million general partner units to Spectra Energy in connection with the U.S. Assets Dropdown, valued at $7.4 billion. See Note 2 for further discussion of the U.S. Assets Dropdown. | |
In August 2013, we issued 7.1 million common units and 0.1 million general partner units to Spectra Energy in connection with the acquisition of Express-Platte, valued at $319 million. See Note 2 for further discussion of the acquisition of Express-Platte. | |
In April 2013, we issued 5.2 million common units to the public and 0.1 million general partner units. The net proceeds from this offering were $193 million. The net proceeds from this issuance were used to fund capital expenditures and acquisitions. Pending such use, the net proceeds of this offering were held as cash or invested in short-term securities, or a combination of both. | |
In 2012, we issued 5.5 million common units to the public. The net proceeds from this offering were $148 million, including our general partner’s proportionate unit purchase of 0.1 million general partner units. The net proceeds from this issuance were held to fund capital expenditures and acquisitions, including the U.S. Assets Dropdown. |
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | ||
Dec. 31, 2014 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Equity-Based Compensation | 18. Equity-Based Compensation | ||
Phantom units are granted under a Long-Term Incentive Plan to certain employees of Spectra Energy and vest over three years. We did not award phantom units in 2014 or 2013. We awarded 7,500 phantom units in 2012. There were no units vested in 2014 and 2013. The total fair value of units vested in 2012 was not significant. | |||
Phantom Unit | |||
Awards | |||
Outstanding at December 31, 2013 | 7,500 | ||
Granted | — | ||
Vested | — | ||
Forfeited | — | ||
Outstanding at December 31, 2014 | 7,500 | ||
Awards expected to vest | 7,500 | ||
We account for the phantom units as liability awards. Compensation expense for these awards was not significant in 2014, 2013 or 2012. As of December 31, 2014 and assuming no change in fair value, we expect to recognize an insignificant amount of future compensation cost related to phantom awards in 2015. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Financial Data (Unaudited) | 19. Quarterly Financial Data (Unaudited) | |||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
(in millions, except per-unit amounts) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Operating revenues | $ | 581 | $ | 531 | $ | 558 | $ | 599 | $ | 2,269 | ||||||||||
Operating income | 308 | 249 | 280 | 299 | 1,136 | |||||||||||||||
Net income | 246 | 220 | 271 | 290 | 1,027 | |||||||||||||||
Net income — controlling interests | 242 | 215 | 264 | 283 | 1,004 | |||||||||||||||
Net income per limited partner unit (a) | 0.7 | 0.59 | 0.75 | 0.79 | 2.84 | |||||||||||||||
2013 | ||||||||||||||||||||
Operating revenues | $ | 459 | $ | 492 | $ | 494 | $ | 520 | $ | 1,965 | ||||||||||
Operating income | 249 | 243 | 234 | 247 | 973 | |||||||||||||||
Net income | 185 | 181 | 176 | 544 | 1,086 | |||||||||||||||
Net income — controlling interests | 181 | 177 | 172 | 540 | 1,070 | |||||||||||||||
Net income per limited partner unit (a,b) | 1.63 | 1.52 | 1.4 | 2.18 | 7.15 | |||||||||||||||
(a) | Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding and changes in outstanding units. | |||||||||||||||||||
(b) | During the fourth quarter of 2013, we recorded a $354 million benefit related to the elimination of accumulated deferred income tax liabilities, which impacted net income and net income-controlling interests. See Note 6 for further discussion. This benefit impacted net income per limited partners unit by $1.56 for the quarter and $2.57 year-to-date. |
Summary_of_Operations_and_Sign1
Summary of Operations and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations. Spectra Energy Partners, through its subsidiaries and equity affiliates, is engaged in the transmission, storage and gathering of natural gas, the transportation and storage of crude oil, and the transportation of natural gas liquids (NGLs) through interstate pipeline systems. We are a Delaware master limited partnership (MLP). As of December 31, 2014, Spectra Energy Corp (Spectra Energy) and its subsidiaries collectively owned 82% of us and the remaining 18% was publicly owned. |
Basis of Presentation | Basis of Presentation. The accompanying Consolidated Financial Statements include our accounts and the accounts of our majority-owned subsidiaries, after eliminating intercompany transactions and balances. |
On August 2, 2013, we acquired a 40% ownership interest in the U.S. portion of the Express-Platte crude oil pipeline system (Express US) and a 100% ownership interest in the Canadian portion of the pipeline system (Express Canada)(collectively, Express-Platte) from subsidiaries of Spectra Energy (the Express-Platte acquisition). On November 1, 2013, we acquired substantially all of Spectra Energy's U.S. transmission, storage and liquid assets, including Spectra Energy's remaining 60% interest in Express US (the U.S. Assets Dropdown). | |
On November, 3 2014, we completed the second of the three planned transactions related to the U.S. Assets Dropdown. This transaction consisted of acquiring an additional 24.95% ownership interest in Southeast Supply Header, LLC (SESH) and an additional 1% interest in Steckman Ridge, LP (Steckman Ridge) from Spectra Energy. | |
The remaining and final transaction, related to the U.S. Assets Dropdown is expected to occur in November 2015, and will consist of Spectra Energy's remaining 0.1% interest in SESH. | |
The Express-Platte acquisition and the U.S. Assets Dropdown have been accounted for as acquisitions under common control, resulting in the recast of our prior results. See Note 2 for further discussion of the transactions. | |
Our costs of doing business have been reflected in our financial accounting records for the periods presented. These costs include direct charges and allocations from Spectra Energy and its affiliates for business services, such as payroll, accounts payable and facilities management; corporate services, such as finance and accounting, legal, human resources, investor relations, public and regulatory policy, and senior executives; and pension and other post-retirement benefit costs. | |
Use of Estimates | Use of Estimates. To conform with generally accepted accounting principles (GAAP) in the United States, we make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and Notes to Consolidated Financial Statements. Although these estimates are based on our best available knowledge at the time, actual results could differ. |
Fair Value Measurements | Fair Value Measurements. We measure the fair value of financial assets and liabilities by maximizing the use of observable inputs and minimizing the use of unobservable inputs. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. |
Cost-Based Regulation | Cost-Based Regulation. The economic effects of regulation can result in a regulated company recording assets for costs that have been or are expected to be approved for recovery from customers or recording liabilities for amounts that are expected to be returned to customers or for instances where the regulator provides current rates that are intended to recover costs that are expected to be incurred in the future. Accordingly, we record assets and liabilities that result from the regulated ratemaking process that may not be recorded under GAAP for non-regulated entities. We continually assess whether regulatory assets are probable of future recovery by considering factors such as applicable regulatory changes and recent rate orders to other regulated entities. Based on this assessment, we believe our existing regulatory assets are probable of recovery. These regulatory assets and liabilities are mostly classified in the Consolidated Balance Sheets as Regulatory Assets and Deferred Debits and Current Liabilities. We evaluate our regulated assets, and consider factors such as regulatory changes and the effect of competition. If cost-based regulation ends or competition increases, we may have to reduce our asset balances to reflect a market basis less than cost and write-off the associated regulatory assets and liabilities. See Note 5 for further discussion. |
Foreign Currency Translation | Foreign Currency Translation. The Canadian dollar has been determined to be the functional currency of Express Canada based on an assessment of the economic circumstances of those operations. Assets and liabilities of Express Canada are translated into U.S. dollars at current exchange rates. Translation adjustments resulting from fluctuations in exchange rates are included as a separate component of Other Comprehensive Loss on the Consolidated Statements of Comprehensive Income. Revenue and expense accounts of these operations are translated at average monthly exchange rates prevailing during the periods. Gains and losses arising from transactions denominated in currencies other than the functional currency are included in the results of operations of the period in which they occur. Foreign currency transaction losses totaled $3 million and $2 million in 2014 and 2013, respectively and are included in Other Income and Expenses, Net on the Consolidated Statements of Operations. There were no foreign currency transaction losses in 2012. |
Revenue Recognition | Revenue Recognition. Revenues from the transmission, storage and gathering of natural gas, and from the transportation of crude oil are generally recognized when the service is provided. Revenues related to these services provided but not yet billed are estimated each month. These estimates are generally based on contract data, regulatory information and preliminary throughput and allocation measurements. Final bills for the current month are billed and collected in the following month. Differences between actual and estimated unbilled revenues are immaterial. There were no customers accounting for 10% or more of consolidated revenues during 2014 or 2013. National Grid plc accounted for 10% of consolidated revenues in 2012. We also have certain customer contracts with billed amounts that decline annually over the terms of the contracts. Differences between the amounts billed and recognized are deferred on the Consolidated Balance Sheets. |
Allowance for Funds Used During Construction (AFUDC) | Allowance for Funds Used During Construction (AFUDC). AFUDC, which represents the estimated debt and equity costs of capital funds necessary to finance the construction of certain new regulated facilities, consists of two components, an equity component and an interest expense component. The equity component is a non-cash item. After construction is completed, we are permitted to recover these costs through inclusion in the rate base and in the depreciation provision. AFUDC is capitalized as a component of Property, Plant and Equipment - Cost in the Consolidated Balance Sheets, with offsetting credits to the Consolidated Statements of Operations through Other Income and Expenses, Net for the equity component and Interest Expense for the interest expense component. The total amount of AFUDC included in the Consolidated Statements of Operations was $42 million in 2014 (an equity component of $33 million and an interest expense component of $9 million), $96 million in 2013 (an equity component of $58 million and an interest expense component of $38 million) and $46 million in 2012 (an equity component of $27 million and an interest expense component of $19 million). |
Income Taxes | Income Taxes. As a result of our MLP structure, we are not subject to federal income tax. Our federal taxable income or loss is reported on the respective income tax returns of our partners. However, we are subject to Canadian foreign income tax and Tennessee and New Hampshire income tax. Spectra Energy Partners is liable to Spectra Energy for Texas income (margin) tax under a tax sharing agreement. As of December 31, 2014, the difference between the tax basis and the reported amounts of Spectra Energy Partners’ assets and liabilities is $12.5 billion. |
We are subject to cost-based regulation and consequently record a regulatory tax asset in connection with the tax gross up of AFUDC equity. The corresponding deferred tax liability is recognized as an Attributed Deferred Income Tax Benefit in the Consolidated Statements of Equity since we are a pass-through entity. | |
Cash and Cash Equivalents | Cash and Cash Equivalents. Highly liquid investments with original maturities of three months or less at the date of acquisition, except for the investments that were pledged as collateral against long-term debt as discussed in Note 13 and any investments that are considered restricted funds, are considered cash equivalents. |
Inventory | Inventory. Inventory consists of natural gas retained from shippers for fuel and also includes materials and supplies. Natural gas is recorded at the lower of cost or market. Materials and supplies are recorded at cost, using the average cost method. |
Natural Gas Imbalances | Natural Gas Imbalances. The Consolidated Balance Sheets include in-kind balances as a result of differences in gas volumes received and delivered for customers. Since settlement of certain imbalances is in-kind, changes in the balances do not have an effect on our Consolidated Statements of Operations or Consolidated Statements of Cash Flows. Receivables include $68 million and $147 million as of December 31, 2014 and December 31, 2013, respectively, and Other Current Liabilities include $59 million and $116 million as of December 31, 2014 and December 31, 2013, respectively, related to all gas imbalances. Most natural gas volumes owed to or by us are valued at natural gas market index prices as of the balance sheet dates. |
Cash Flow Hedges | Cash Flow and Fair Value Hedges. We have entered into Interest rate swaps which were designated as either a hedge of a forecasted transaction (cash flow hedge) or a hedge of a recognized asset, liability or firm commitment (fair value hedge). For all hedge contracts, we prepare documentation of the hedge in accordance with accounting standards and assess whether the hedge contract is highly effective using regression analysis, both at inception and on a quarterly basis, in offsetting changes in cash flows or fair values of hedged items. |
Changes in the fair value of a derivative designated and qualified as a cash flow hedge, to the extent effective, are included in the Consolidated Statements of Comprehensive Income as Other Comprehensive Income until earnings are affected by the hedged item. We discontinue hedge accounting prospectively when we have determined that a derivative no longer qualifies as an effective hedge or when it is no longer probable that the hedged forecasted transaction will occur. When hedge accounting is discontinued because the derivative no longer qualifies as an effective hedge, the derivative is subject to the mark-to-market model of accounting prospectively. Gains and losses related to discontinued hedges that were previously accumulated in accumulated other comprehensive income (AOCI) remain in AOCI until the underlying transaction is reflected in earnings, unless it is probable that the hedged forecasted transaction will not occur at which time associated deferred amounts in AOCI are immediately recognized in current earnings. | |
For derivatives designated as fair value hedges, we recognize the gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item in earnings, to the extent effective, in the current period. In the event the hedge is not effective, there is no offsetting gain or loss recognized in earnings for the hedged item. All derivatives designated and accounted for as hedges are classified in the same category as the item being hedged in the Consolidated Statements of Cash Flows. All components of each derivative gain or loss are included in the assessment of hedge effectiveness. | |
Investments | Investments. We may actively invest a portion of our available cash and restricted funds balances in various financial instruments, including taxable or tax-exempt debt securities. In addition, we invest in short-term money market securities, some of which are restricted due to debt collateral requirements. Investments in available-for-sale (AFS) securities are carried at fair value and investments in held-to-maturity (HTM) securities are carried at cost. Investments in money market securities are also accounted for at fair value. Realized gains and losses, and dividend and interest income related to these securities, including any amortization of discounts or premiums arising at acquisition, are included in earnings. The costs of securities sold are determined using the specific identification method. Purchases and sales of AFS and HTM securities are presented on a gross basis within Cash Flows From Investing Activities in the accompanying Consolidated Statements of Cash Flows. See also Notes 10 and 14 for additional information. |
Goodwill | Goodwill. We perform our goodwill impairment test annually and evaluate goodwill when events or changes in circumstances indicate that its carrying value may not be recoverable. No impairments of goodwill were recorded in 2014, 2013 or 2012. See Note 9 for further discussion. |
We perform our annual review for goodwill impairment at the reporting unit level, which is identified by assessing whether the components of our operating segments constitute businesses for which discrete financial information is available, whether segment management regularly reviews the operating results of those components and whether the economic and regulatory characteristics are similar. We determined that our reporting units are equivalent to our reportable segments. | |
As permitted under accounting guidance on testing goodwill for impairment, we perform either a qualitative assessment or a quantitative assessment of each of our reporting units based on management’s judgment. With respect to our qualitative assessments, we consider events and circumstances specific to us, such as macroeconomic conditions, industry and market considerations, cost factors and overall financial performance, when evaluating whether it is more likely than not that the fair values of our reporting units are less than their respective carrying amounts. | |
In connection with our quantitative assessments, we primarily use a discounted cash flow analysis to determine the fair values of those reporting units. Key assumptions in the determination of fair value included the use of an appropriate discount rate and estimated future cash flows. In estimating cash flows, we incorporate expected long-term growth rates in key markets served by our operations, regulatory stability, the ability to renew contracts, commodity prices (where appropriate) and foreign currency exchange rates, as well as other factors that affect our reporting units’ revenue, expense and capital expenditure projections. If the carrying amount of the reporting unit exceeds its fair value, a comparison of the fair value and carrying value of the goodwill of that reporting unit needs to be performed. If the carrying value of the goodwill of a reporting unit exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. Additional impairment tests are performed between the annual reviews if events or changes in circumstances make it more likely than not that the fair value of a reporting unit is below its carrying amount. | |
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment is stated at historical cost less accumulated depreciation. We capitalize all construction-related direct labor and material costs, as well as indirect construction costs. Indirect costs include general engineering, taxes and the cost of funds used during construction. The costs of renewals and betterments that extend the useful life or increase the expected output of property, plant and equipment are also capitalized. The costs of repairs, replacements and major maintenance projects that do not extend the useful life or increase the expected output of property, plant and equipment are expensed as incurred. Depreciation is generally computed over the asset’s estimated useful life using the straight-line method. |
When we retire regulated property, plant and equipment, we charge the original cost plus the cost of retirement, less salvage value, to accumulated depreciation and amortization. When we sell entire regulated operating units, or retire non-regulated properties, the cost is removed from the property account and the related accumulated depreciation and amortization accounts are reduced. Any gain or loss is recorded in earnings, unless otherwise required by the applicable regulatory body. | |
Preliminary Project Costs | Preliminary Project Costs. Project development costs, including expenditures for preliminary surveys, plans, investigations, environmental studies, regulatory applications and other costs incurred for the purpose of determining the feasibility of capital expansion projects, are capitalized for rate-regulated enterprises when it is determined that recovery of such costs through regulated revenues of the completed project is probable. Any inception-to-date costs of the projects that were initially expensed are reversed and capitalized as Property, Plant and Equipment. |
Long-Lived Asset Impairments | Long-Lived Asset Impairments. We evaluate whether long-lived assets, excluding goodwill, have been impaired when circumstances indicate the carrying value of those assets may not be recoverable. For such long-lived assets, an impairment exists when its carrying value exceeds the sum of estimates of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. When alternative courses of action to recover the carrying amount of a long-lived asset are under consideration, a probability-weighted approach is used in developing estimates of future undiscounted cash flows. If the carrying value of the long-lived asset is not recoverable based on these estimated future undiscounted cash flows, an impairment loss is measured as the excess of the asset’s carrying value over its fair value, such that the asset’s carrying value is adjusted to its estimated fair value. |
We assess the fair value of long-lived assets using commonly accepted techniques, and may use more than one source. Sources to determine fair value include, but are not limited to, recent third-party comparable sales, internally developed discounted cash flow analyses and analyses from outside advisors. Significant changes in market conditions resulting from events such as changes in natural gas available to our systems, the condition of an asset, a change in our intent to utilize the asset or a significant change in contracted revenues or regulatory recoveries would generally require us to reassess the cash flows related to the long-lived assets. | |
Asset Retirement Obligations | Asset Retirement Obligations. We recognize asset retirement obligations (AROs) for legal commitments associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal use of the asset and conditional AROs in which the timing or method of settlement are conditional on a future event that may or may not be within our control. The fair value of a liability for an ARO is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made and is added to the carrying amount of the associated asset. This additional carrying amount is depreciated over the estimated useful life of the asset. |
Unamortized Debt Premium, Discount and Expense | Unamortized Debt Premium, Discount and Expense. Premiums, discounts, and expenses incurred with the issuance of outstanding long-term debt are amortized over the terms of the debt issues. Any call premiums or unamortized expenses associated with refinancing higher-cost debt obligations to finance regulated assets and operations are amortized consistent with regulatory treatment of those items, where appropriate. |
Environmental Expenditures | Environmental Expenditures. We expense environmental expenditures related to conditions caused by past operations that do not generate current or future revenues. Environmental expenditures related to operations that generate current or future revenues are expensed or capitalized, as appropriate. Undiscounted liabilities are recorded when the necessity for environmental remediation becomes probable and the costs can be reasonably estimated, or when other potential environmental liabilities are reasonably estimable and probable. |
Segment Reporting | Segment Reporting. Operating segments are components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and evaluate performance. Two or more operating segments may be aggregated into a single reportable segment provided certain criteria are met. There is no such aggregation within our defined business segments. A description of our reportable segments consistent with how business results are reported internally to management, and the disclosure of segment information is presented in Note 4. |
Consolidated Statements of Cash Flows | Consolidated Statements of Cash Flows. Cash received from insurance proceeds are classified depending on the activity that resulted in the insurance proceeds. For example, business interruption insurance proceeds are included as a component of operating activities while insurance proceeds from damaged property are included as a component of investing activities. With respect to cash overdrafts, book overdrafts are included within operating cash flows while bank overdrafts, if any, are included within financing cash flows. |
Distributions from Unconsolidated Affiliates | Distributions from Unconsolidated Affiliates. We consider distributions received from unconsolidated affiliates which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and classify these amounts as Cash Flows From Operating Activities within the accompanying Consolidated Statements of Cash Flows. Cumulative distributions received in excess of cumulative equity in earnings subsequent to the date of investment are considered to be a return of investment and are classified as Cash Flows From Investing Activities. |
New Accounting Pronouncements | New Accounting Pronouncements. There were no significant accounting pronouncements adopted in 2014, 2013, and 2012 that had a material impact on our consolidated results of operations, financial position or cash flows. The following new Accounting Standard Updates (ASUs) were issued but not adopted as of December 31, 2014: |
ASU No. 2014-08. In April 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU revises the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have or will have a major effect on an entity’s operations and financial results, removing the lack of continuing involvement criteria and requiring discontinued operations reporting for the disposal of an equity method investment that meets the definition of discontinued operations. The update also requires expanded disclosures for discontinued operations, and disclosure of pretax profit or loss of certain individually significant components of an entity that do not qualify for discontinued operations reporting. This ASU was effective for us on January 1, 2015 and had no impact on our consolidated results of operations, financial position or cash flows. | |
ASU No. 2014-09. In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements of “Revenue Recognition (Topic 605),” and clarifies the principles of recognizing revenue. This ASU is effective for us January 1, 2017. We are currently evaluating this ASU and its potential impact on us. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the fair values of the assets and liabilities as of the acquisition date of Express-Platte from third-parties by Spectra Energy. | |||||||
Purchase Price | ||||||||
Allocation | ||||||||
(in millions) | ||||||||
Cash | $ | 67 | ||||||
Receivables | 25 | |||||||
Other current assets | 9 | |||||||
Goodwill | 523 | |||||||
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 | $ | 1,321 | ||||||
Business Acquisition, Pro Forma Information | The following table presents unaudited pro forma results of operations information that reflect the acquisition of Express-Platte as if the acquisition had occurred as of January 1, 2012, adjusted for items that are directly attributable to the acquisition. This information has been compiled from current and historical financial statements, and is not necessarily indicative of the results that actually would have been achieved had the transaction occurred at the beginning of the periods presented or that may be achieved in the future. | |||||||
Years ended December 31, | ||||||||
2013 | 2012 | |||||||
(in millions, except per-unit amounts) | ||||||||
Operating revenues | $ | 2,024 | $ | 2,022 | ||||
Earnings before income taxes | 751 | 707 | ||||||
Net income | 1,099 | 697 | ||||||
Net income-controlling interests | 1,083 | 682 | ||||||
Net income per limited partner unit—basic and diluted | 7.01 | 6.15 | ||||||
Transactions_with_Affiliates_T
Transactions with Affiliates (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||||||||||
Transactions with Affiliates Consolidated Statements of Operations | Consolidated Statements of Operations | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Operating revenues | $ | 88 | $ | 58 | $ | 65 | ||||||
Operating, maintenance and other expenses | 317 | 252 | 218 | |||||||||
Interest expense | — | 222 | 260 | |||||||||
Transactions with Affiliates Consolidated Balance Sheets | Consolidated Balance Sheets | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Receivables | $ | — | $ | 17 | ||||||||
Current assets — other | 3 | 3 | ||||||||||
Property, plant and equipment | 40 | 17 | ||||||||||
Accounts payable | 61 | 60 | ||||||||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Business Segment Data | Business Segment Data | |||||||||||||||||||
Total | Segment EBITDA/ | Depreciation | Capital and | Assets | ||||||||||||||||
Revenues | Consolidated | and | Investment | |||||||||||||||||
Earnings Before | Amortization | Expenditures (a,b) | ||||||||||||||||||
Income Taxes | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
U.S. Transmission | $ | 1,939 | $ | 1,415 | $ | 256 | $ | 1,160 | $ | 15,182 | ||||||||||
Liquids | 330 | 240 | 32 | 81 | 2,567 | |||||||||||||||
Total | 2,269 | 1,655 | 288 | 1,241 | 17,749 | |||||||||||||||
Other | — | (64 | ) | — | — | 44 | ||||||||||||||
Depreciation and amortization | — | 288 | — | — | — | |||||||||||||||
Interest expense | — | 238 | — | — | — | |||||||||||||||
Interest income and other | — | (3 | ) | — | — | — | ||||||||||||||
Total consolidated | $ | 2,269 | $ | 1,062 | $ | 288 | $ | 1,241 | $ | 17,793 | ||||||||||
2013 | ||||||||||||||||||||
U.S. Transmission | $ | 1,727 | $ | 1,279 | $ | 241 | $ | 1,000 | $ | 14,174 | ||||||||||
Liquids | 238 | 132 | 21 | 299 | 2,604 | |||||||||||||||
Total | 1,965 | 1,411 | 262 | 1,299 | 16,778 | |||||||||||||||
Other | — | (27 | ) | — | — | 16 | ||||||||||||||
Depreciation and amortization | — | 262 | — | — | — | |||||||||||||||
Interest expense | — | 383 | — | — | — | |||||||||||||||
Interest income and other | — | (1 | ) | — | — | — | ||||||||||||||
Total consolidated | $ | 1,965 | $ | 738 | $ | 262 | $ | 1,299 | $ | 16,794 | ||||||||||
2012 | ||||||||||||||||||||
U.S. Transmission | $ | 1,754 | $ | 1,251 | $ | 231 | $ | 930 | $ | 13,199 | ||||||||||
Liquids | — | — | — | 513 | 517 | |||||||||||||||
Total | 1,754 | 1,251 | 231 | 1,443 | 13,716 | |||||||||||||||
Other | — | (9 | ) | — | — | 169 | ||||||||||||||
Depreciation and amortization | — | 231 | — | — | — | |||||||||||||||
Interest expense | — | 407 | — | — | — | |||||||||||||||
Interest income and other | — | 1 | — | — | — | |||||||||||||||
Total consolidated | $ | 1,754 | $ | 605 | $ | 231 | $ | 1,443 | $ | 13,885 | ||||||||||
________ | ||||||||||||||||||||
(a) | Excludes the $2,210 million net cash outlay for the U.S. Assets Dropdown in 2013, the $343 million cash outlay for the acquisition of Express-Platte in 2013 and the $319 million acquisition of M&N U.S. in 2012. | |||||||||||||||||||
(b) | ||||||||||||||||||||
Excludes a $71 million loan to an unconsolidated affiliate in 2013. | ||||||||||||||||||||
Geographic Data | Geographic Data (a) | |||||||||||||||||||
U.S. | Canada | Consolidated | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Consolidated revenues | $ | 2,205 | $ | 64 | $ | 2,269 | ||||||||||||||
Consolidated long-lived assets | 17,002 | 236 | 17,238 | |||||||||||||||||
2013 | ||||||||||||||||||||
Consolidated revenues | $ | 1,919 | $ | 46 | $ | 1,965 | ||||||||||||||
Consolidated long-lived assets | 15,975 | 254 | 16,229 | |||||||||||||||||
________ | ||||||||||||||||||||
(a) We did not own any Canadian assets prior to 2013. |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Regulated Operations [Abstract] | ||||||||||
Regulatory Assets and Liabilities | We record assets and liabilities that result from the regulated ratemaking process that would not be recorded under GAAP for non-regulated entities. See Note 1 for further discussion. | |||||||||
December 31, | Recovery/Refund | |||||||||
2014 | 2013 | Period Ends | ||||||||
(in millions) | ||||||||||
Regulatory Assets (a,b) | ||||||||||
Regulatory asset related to income taxes (c) | $ | 174 | $ | 156 | (d) | |||||
Vacation accrual | 19 | 17 | (f) | |||||||
Deferred debt expense/premium (g) | 31 | 32 | (e) | |||||||
Asset retirement obligations | 2 | 2 | (m) | |||||||
Under-recovery of fuel costs(h,i) | 44 | 28 | 2015 | |||||||
Project development costs | 10 | 10 | 2036 | |||||||
Other | 10 | 9 | 2017 | |||||||
Total Regulatory Assets | $ | 290 | $ | 254 | ||||||
Regulatory Liabilities (b) | ||||||||||
Removal costs (g,l) | 3 | 5 | (k) | |||||||
Over-recovery of fuel costs (i,j) | 1 | 35 | 2015 | |||||||
Pipeline rate credit (l) | 25 | 26 | (e) | |||||||
Total Regulatory Liabilities | $ | 29 | $ | 66 | ||||||
________ | ||||||||||
(a)Included in Regulatory Assets and Deferred Debits, unless otherwise noted. | ||||||||||
(b)All regulatory assets and liabilities are excluded from rate base unless otherwise noted. | ||||||||||
(c)Relates to tax gross-up of the AFUDC equity portion. All amounts are expected to be included in future rate filings. | ||||||||||
(d)Amortized over the life of the related property, plant and equipment. | ||||||||||
(e)Recovery/refund is over the life of the associated debt. | ||||||||||
(f)Recoverable in future periods. | ||||||||||
(g) Included in rate base. | ||||||||||
(h) Included in Other Current Assets. | ||||||||||
(i) | Amounts settled in cash annually through transportation rates in accordance with FERC gas tariffs. | |||||||||
(j) Included in Other Current Liabilities. | ||||||||||
(k) Liability is extinguished as the associated assets are retired. | ||||||||||
(l) Included in Deferred Credits and Other Liabilities. | ||||||||||
(m) Recovery/refund period currently unknown. |
Net_Income_Per_Limited_Partner1
Net Income Per Limited Partner Unit and Cash Distributions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Net Income Per Limited Partner Unit Calculations | The following table presents our net income per limited partner unit calculations: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions, except per-unit | ||||||||||||
amounts) | ||||||||||||
Net income—controlling interests (a,b) | $ | 1,004 | $ | 1,070 | $ | 580 | ||||||
Less: | ||||||||||||
General partner’s interest in net income — 2% | 20 | 21 | 12 | |||||||||
General partner’s interest in net income attributable to incentive distribution rights | 167 | 62 | 25 | |||||||||
Limited partners’ interest in net income | $ | 817 | $ | 987 | $ | 543 | ||||||
Weighted average limited partner units outstanding — basic and diluted (a) | 288 | 138 | 97 | |||||||||
Net income per limited partner unit — basic and diluted | $ | 2.84 | $ | 7.15 | $ | 5.6 | ||||||
________ | ||||||||||||
(a) | As discussed in Note 1, the Consolidated Financial Statements for periods prior to the November 1, 2013 U.S. Assets Dropdown, including Net Income—Controlling Interests as presented on our Consolidated Statements of Operations, have been recast. Weighted average limited partners units outstanding used in the calculation of net income per limited partner unit for periods prior to the U.S. Assets Dropdown has not been recast. | |||||||||||
(b) Includes a $354 million benefit in 2013 related to the elimination of accumulated deferred income tax liabilities. See Note 6 for further discussion. | ||||||||||||
Incentive Distribution Rights in Accordance with Partnership Agreement | The general partner holds incentive distribution rights beyond the first target distribution in accordance with the partnership agreement as follows: | |||||||||||
Total Quarterly Distribution | Marginal Percentage | |||||||||||
Interest in Distributions | ||||||||||||
Target Per-Unit Amount | Common | General | ||||||||||
Unitholders | Partner | |||||||||||
Minimum Quarterly Distribution | $0.30 | 98 | % | 2 | % | |||||||
First Target Distribution | up to $0.345 | 98 | % | 2 | % | |||||||
Second Target Distribution | above $0.345 up to $0.375 | 85 | % | 15 | % | |||||||
Third Target Distribution | above $0.375 up to $0.45 | 75 | % | 25 | % | |||||||
Thereafter | above $0.45 | 50 | % | 50 | % |
Investments_in_and_Loans_to_Un1
Investments in and Loans to Unconsolidated Affiliates (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates | Investments in and Loans to Unconsolidated Affiliates | |||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
U.S. Transmission | $ | 843 | $ | 670 | ||||||||||||||||||||||||||||||||
Liquids | 746 | 726 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,589 | $ | 1,396 | ||||||||||||||||||||||||||||||||
Schedule Of Equity In Earnings Of Unconsolidated Affiliates | Equity in Earnings of Unconsolidated Affiliates | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
U.S. Transmission | $ | 90 | $ | 87 | $ | 86 | ||||||||||||||||||||||||||||||
Liquids | 43 | 2 | — | |||||||||||||||||||||||||||||||||
Total | $ | 133 | $ | 89 | $ | 86 | ||||||||||||||||||||||||||||||
Summarized Statements of Operations of Unconsolidated Affiliates Presented at 100% | Statements of Operations | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Gulfstream | Other | Total | Gulfstream | Other | Total | Gulfstream | Other | Total | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 275 | $ | 373 | $ | 648 | $ | 274 | $ | 210 | $ | 484 | $ | 275 | $ | 157 | $ | 432 | ||||||||||||||||||
Operating expenses | 74 | 153 | 227 | 69 | 118 | 187 | 76 | 67 | 143 | |||||||||||||||||||||||||||
Operating income | 201 | 220 | 421 | 205 | 92 | 297 | 199 | 90 | 289 | |||||||||||||||||||||||||||
Net income | 131 | 197 | 328 | 135 | 70 | 205 | 129 | 69 | 198 | |||||||||||||||||||||||||||
Summarized Balance Sheets of Unconsolidated Affiliates Presented at 100% | Balance Sheets | |||||||||||||||||||||||||||||||||||
31-Dec-14 | December 31, 2013 | |||||||||||||||||||||||||||||||||||
Gulfstream | Other | Total | Gulfstream | Other | Total | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Current assets | $ | 92 | $ | 115 | $ | 207 | $ | 92 | $ | 124 | $ | 216 | ||||||||||||||||||||||||
Non-current assets | 1,720 | 3,579 | 5,299 | 1,751 | 3,536 | 5,287 | ||||||||||||||||||||||||||||||
Current liabilities | 520 | 101 | 621 | 18 | 118 | 136 | ||||||||||||||||||||||||||||||
Non-current liabilities | 650 | 545 | 1,195 | 1,150 | 518 | 1,668 | ||||||||||||||||||||||||||||||
Equity | $ | 642 | $ | 3,048 | $ | 3,690 | $ | 675 | $ | 3,024 | $ | 3,699 | ||||||||||||||||||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Schedule of Goodwill | The following table presents activity within goodwill based on the reporting unit determination: | ||||||||||||
U.S. Transmission | Liquids | Total Goodwill | |||||||||||
(in millions) | |||||||||||||
31-Dec-12 | $ | 2,814 | $ | — | $ | 2,814 | |||||||
Acquisition of Express-Platte | — | 486 | 486 | ||||||||||
Foreign currency translation | (82 | ) | (3 | ) | (85 | ) | |||||||
31-Dec-13 | 2,732 | 483 | 3,215 | ||||||||||
Acquisition of Express-Platte | — | 37 | 37 | ||||||||||
Foreign currency translation | — | (8 | ) | (8 | ) | ||||||||
31-Dec-14 | $ | 2,732 | $ | 512 | $ | 3,244 | |||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property Plant and Equipment | |||||||||||
Estimated | December 31, | ||||||||||
Useful Life | 2014 | 2013 | |||||||||
(years) | (in millions) | ||||||||||
Plant | |||||||||||
Natural gas transmission | 15-100 | $ | 11,516 | $ | 10,872 | ||||||
Natural gas storage | 10-122 | 1,546 | 1,454 | ||||||||
Gathering and processing facilities | 25-40 | 12 | 12 | ||||||||
Crude oil transportation and storage | 30-75 | 1,169 | 1,243 | ||||||||
Land rights and rights of way | 20-122 | 439 | 421 | ||||||||
Other buildings and improvements | Oct-50 | 35 | 33 | ||||||||
Equipment | Mar-75 | 80 | 58 | ||||||||
Vehicles | 15-May | 11 | 9 | ||||||||
Land | — | 71 | 70 | ||||||||
Construction in process | — | 664 | 375 | ||||||||
Software | 15-Feb | 9 | 4 | ||||||||
Other | May-82 | 42 | 41 | ||||||||
Total property, plant and equipment | 15,594 | 14,592 | |||||||||
Total accumulated depreciation | (3,347 | ) | (3,125 | ) | |||||||
Total accumulated amortization | (112 | ) | (104 | ) | |||||||
Total net property, plant and equipment | $ | 12,135 | $ | 11,363 | |||||||
Schedule of Finite-Lived Intangible Assets | Estimated amortization expense for the next five years follows: | ||||||||||
Estimated Amortization Expense | |||||||||||
(in millions) | |||||||||||
2015 | $ | 10 | |||||||||
2016 | 7 | ||||||||||
2017 | 7 | ||||||||||
2018 | 7 | ||||||||||
2019 | 7 |
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
Schedule of Asset Retirement Obligations | Reconciliation of Changes in Asset Retirement Obligation Liabilities | |||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Balance at Beginning of year | $ | 17 | $ | 17 | ||||
Accretion expense | 1 | 1 | ||||||
Revisions in estimated cash flows | 2 | (1 | ) | |||||
Balance at the end of the year (a) | $ | 20 | $ | 17 | ||||
_________ | ||||||||
(a)Amounts included in Deferred Credits and Other Liabilities in the Consolidated Balance Sheets. |
Debt_and_Credit_Facility_Table
Debt and Credit Facility (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Summary of Debt and Related Terms | Summary of Debt and Related Terms | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
Spectra Energy Partners, LP 2.95% senior unsecured notes due June 2016 | $ | 250 | $ | 250 | ||||||||||
Spectra Energy Partners, LP 2.95% senior unsecured notes due September 2018 | 500 | 500 | ||||||||||||
Spectra Energy Partners, LP variable-rate senior unsecured term loan due November 2018 | 400 | 400 | ||||||||||||
Spectra Energy Partners, LP 4.60% senior unsecured notes due June 2021 | 250 | 250 | ||||||||||||
Spectra Energy Partners, LP 4.75% senior unsecured noted due March 2024 | 1,000 | 1,000 | ||||||||||||
Spectra Energy Partners, LP 5.95% senior unsecured notes due September 2043 | 400 | 400 | ||||||||||||
Texas Eastern 6.00% senior unsecured notes due September 2017 | 400 | 400 | ||||||||||||
Texas Eastern 4.13% senior unsecured notes due December 2020 | 300 | 300 | ||||||||||||
Texas Eastern 2.80% senior unsecured notes due October 2022 | 500 | 500 | ||||||||||||
Texas Eastern 7.00% senior unsecured notes due July 2032 | 450 | 450 | ||||||||||||
Algonquin 3.51% senior unsecured notes due July 2024 | 350 | 350 | ||||||||||||
East Tennessee Natural Gas, LLC 3.10% senior unsecured notes due December 2024 | 200 | 200 | ||||||||||||
M&N U.S. 7.50% senior unsecured notes due May 2014 | — | 411 | ||||||||||||
Express-Platte 6.09% senior secured notes due January 2020 | 110 | 110 | ||||||||||||
Express-Platte 7.39% subordinated secured notes due 2014 to 2019 | 74 | 104 | ||||||||||||
Long-term debt principal (including current maturities) | 5,184 | 5,625 | ||||||||||||
Change in fair value of debt hedged | 4 | — | ||||||||||||
Unamortized debt discount, net | (3 | ) | (2 | ) | ||||||||||
Commercial paper (a) | 907 | 338 | ||||||||||||
Total debt | 6,092 | 5,961 | ||||||||||||
Current maturities of long-term debt | (36 | ) | (445 | ) | ||||||||||
Commercial paper (b) | (907 | ) | (338 | ) | ||||||||||
Total long-term debt | $ | 5,149 | $ | 5,178 | ||||||||||
_________ | ||||||||||||||
(a)The weighted-average days to maturity were 11 days as of December 31, 2014 and 10 days as of December 31, 2013. | ||||||||||||||
(b) | Weighted-average rates outstanding on commercial paper were 0.49% as of December 31, 2014 and 0.33% as of December 31, 2013. | |||||||||||||
Annual Maturities | Annual Maturities | |||||||||||||
December 31, 2014 | ||||||||||||||
(in millions) | ||||||||||||||
2015 | $ | 36 | ||||||||||||
2016 | 280 | |||||||||||||
2017 | 412 | |||||||||||||
2018 | 900 | |||||||||||||
2019 | — | |||||||||||||
Thereafter | 3,557 | |||||||||||||
Total long-term debt, including current maturities (a) | $ | 5,185 | ||||||||||||
_________ | ||||||||||||||
(a)Excludes commercial paper of $907 million. Includes other non-principal amounts of $1 million. | ||||||||||||||
Credit Facility | Credit Facility | |||||||||||||
Expiration | Total | Commercial | Available | |||||||||||
Date | Credit Facility | Paper Outstanding at | Credit Facility | |||||||||||
Capacity | December 31, | Capacity | ||||||||||||
2014 | ||||||||||||||
(in millions) | ||||||||||||||
Spectra Energy Partners, LP | 2019 | $ | 2,000 | $ | 907 | $ | 1,093 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Hierarchy Levels, Assets that are Measured at Fair Value on Recurring Basis | The following presents, for each of the fair value hierarchy levels, assets that are measured at fair value on a recurring basis as of December 31, 2014. There were no assets or liabilities measured at fair value on a recurring basis at December 31, 2013. | ||||||||||||||||
Consolidated Balance Sheet Caption | 31-Dec-14 | ||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in millions) | |||||||||||||||||
Corporate debt securities | Cash and cash equivalents | $ | 43 | $ | — | $ | 43 | $ | — | ||||||||
Interest rate swaps | Investments and other assets — other | 5 | — | 5 | — | ||||||||||||
Total Assets | $ | 48 | $ | — | $ | 48 | $ | — | |||||||||
Fair Values of Financial Instruments That are Recorded and Carried at Book Value | 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-Dec-14 | 31-Dec-13 | ||||||||||||||||
Consolidated Balance Sheet Caption | 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) | 5,184 | 5,554 | 5,625 | 5,813 | |||||||||||||
________ | |||||||||||||||||
(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) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Reclassifications from Other Comprehensive Income into Income on Derivatives | |||||||||||||||
Derivatives | Consolidated Statements of Operations Caption | 2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||||
Interest rate swaps | Interest expense | $ | (1 | ) | $ | (1 | ) | $ | (1 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | The following is a summary of future minimum lease payments under operating leases which at inception had noncancelable terms of more than one year. We had no material capital lease commitments at December 31, 2014. | |||
Long-term Operating Leases | ||||
(in millions) | ||||
2015 | $ | 15 | ||
2016 | 18 | |||
2017 | 17 | |||
2018 | 15 | |||
2019 | 13 | |||
Thereafter | 95 | |||
Total future minimum lease payments | $ | 173 | ||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Phantom Unit Awards | |||
Phantom Unit | |||
Awards | |||
Outstanding at December 31, 2013 | 7,500 | ||
Granted | — | ||
Vested | — | ||
Forfeited | — | ||
Outstanding at December 31, 2014 | 7,500 | ||
Awards expected to vest | 7,500 | ||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Consolidated Results of Operations by Quarter | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
(in millions, except per-unit amounts) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Operating revenues | $ | 581 | $ | 531 | $ | 558 | $ | 599 | $ | 2,269 | ||||||||||
Operating income | 308 | 249 | 280 | 299 | 1,136 | |||||||||||||||
Net income | 246 | 220 | 271 | 290 | 1,027 | |||||||||||||||
Net income — controlling interests | 242 | 215 | 264 | 283 | 1,004 | |||||||||||||||
Net income per limited partner unit (a) | 0.7 | 0.59 | 0.75 | 0.79 | 2.84 | |||||||||||||||
2013 | ||||||||||||||||||||
Operating revenues | $ | 459 | $ | 492 | $ | 494 | $ | 520 | $ | 1,965 | ||||||||||
Operating income | 249 | 243 | 234 | 247 | 973 | |||||||||||||||
Net income | 185 | 181 | 176 | 544 | 1,086 | |||||||||||||||
Net income — controlling interests | 181 | 177 | 172 | 540 | 1,070 | |||||||||||||||
Net income per limited partner unit (a,b) | 1.63 | 1.52 | 1.4 | 2.18 | 7.15 | |||||||||||||||
(a) | Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding and changes in outstanding units. | |||||||||||||||||||
(b) | During the fourth quarter of 2013, we recorded a $354 million benefit related to the elimination of accumulated deferred income tax liabilities, which impacted net income and net income-controlling interests. See Note 6 for further discussion. This benefit impacted net income per limited partners unit by $1.56 for the quarter and $2.57 year-to-date. |
Summary_of_Operations_and_Sign2
Summary of Operations and Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 03, 2014 | Nov. 01, 2013 | Aug. 31, 2013 | Aug. 02, 2013 | Nov. 01, 2015 | |
Significant Accounting Policies [Line Items] | ||||||||
General partner's interest in net income, ownership interest percentage | 2.00% | 2.00% | 2.00% | |||||
Receivables, net, current | $306,000,000 | $355,000,000 | ||||||
Total allowance for funds used during construction | 42,000,000 | 96,000,000 | 46,000,000 | |||||
Allowance for funds used during construction equity component | 33,000,000 | 58,000,000 | 27,000,000 | |||||
Allowance for funds used during construction interest expense component | 9,000,000 | 38,000,000 | 19,000,000 | |||||
Difference between the tax basis and the reported amounts of assets and liabilities | 12,500,000,000 | |||||||
Other liabilities, current | 170,000,000 | 216,000,000 | ||||||
Spectra Energy Corp | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Ownership percentage by parent and subsidiaries | 82.00% | |||||||
Publicly Owned | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Ownership percentage by public | 18.00% | |||||||
Southeast Supply Header LLC | Spectra Energy Corp | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of ownership interests acquired | 24.95% | |||||||
Steckman Ridge | Spectra Energy Corp | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of ownership interests acquired | 50.00% | 1.00% | ||||||
U.S. | Express-Platte | Spectra Energy Corp | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of ownership interests acquired | 60.00% | 60.00% | 40.00% | 40.00% | ||||
Canada | Express-Platte | Spectra Energy Corp | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of ownership interests acquired | 100.00% | 100.00% | ||||||
Nonoperating Income Expense | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Foreign currency transaction losses | 3,000,000 | 2,000,000 | 0 | |||||
Natural gas imbalances | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Receivables, net, current | 68,000,000 | 147,000,000 | ||||||
Other liabilities, current | $59,000,000 | $116,000,000 | ||||||
Scenario, Forecast | Southeast Supply Header LLC | Spectra Energy Corp | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of ownership interests acquired | 50.00% | |||||||
Business acquisition percentage of voting interests acquired in next twelve months | 0.10% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Nov. 03, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Mar. 31, 2014 | Nov. 01, 2013 | Aug. 02, 2013 | Nov. 01, 2015 | |
Business Acquisition [Line Items] | |||||||||||||
Adjustment of deferred tax liability to income tax benefit | $354,000,000 | $354,000,000 | |||||||||||
Limited Partner | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Partners units issued | 5,200,000 | 600,000 | 6,400,000 | 5,500,000 | |||||||||
General Partner | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Partners units issued | 100,000 | 132,000 | 100,000 | ||||||||||
US Assets Acquisition | Limited Partner | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Partners units issued | 4,300,000 | 167,600,000 | |||||||||||
US Assets Acquisition | General Partner | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Partners units issued | 86,000 | 3,400,000 | |||||||||||
US Assets Acquisition | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase price | 2,300,000,000 | ||||||||||||
Assumed third-party indebtedness of contributed entities | 2,400,000,000 | ||||||||||||
SESH | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of ownership interests not acquired | 25.05% | ||||||||||||
Percentage of ownership interests acquired | 24.95% | ||||||||||||
Steckman Ridge | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of ownership interests not acquired | 1.00% | ||||||||||||
Percentage of ownership interests acquired | 50.00% | 1.00% | |||||||||||
Texas Eastern | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of ownership interests acquired | 100.00% | ||||||||||||
Algonquin | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of ownership interests acquired | 100.00% | ||||||||||||
Express-Platte | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase price | 410,000,000 | ||||||||||||
Acquisition, newly issued common and general partner units | 7,200,000 | ||||||||||||
Express-Platte | Limited Partner | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Partners units issued | 7,100,000 | ||||||||||||
Express-Platte | General Partner | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Partners units issued | 100,000 | ||||||||||||
M&N US | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase price | 319,000,000 | ||||||||||||
Percentage of ownership interests acquired | 38.76% | 38.77% | |||||||||||
Acquisition of additional interest units issued | 56,000,000 | ||||||||||||
Book value of net assets acquired | 199,000,000 | ||||||||||||
Reduction to partners' capital | 176,000,000 | ||||||||||||
M&N US | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of ownership interests acquired | 38.77% | ||||||||||||
Sand Hills | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of ownership interests acquired | 33.30% | ||||||||||||
Southern Hills | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of ownership interests acquired | 33.30% | ||||||||||||
Gulfstream | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of ownership interests acquired | 1.00% | ||||||||||||
Bobcat | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of ownership interests acquired | 100.00% | ||||||||||||
Market Hub | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of ownership interests acquired | 50.00% | ||||||||||||
U.S. | Express-Platte | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of ownership interests acquired | 60.00% | 40.00% | 60.00% | 40.00% | |||||||||
Canada | Express-Platte | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of ownership interests acquired | 100.00% | 100.00% | |||||||||||
Scenario, Forecast | SESH | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition percentage of voting interests acquired in next twelve months | 0.10% | ||||||||||||
Percentage of ownership interests acquired | 50.00% | ||||||||||||
DCP Midstream LLC | Spectra Energy Corp | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||||||
Approximate Fair Value | Express-Platte | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Adjustment to purchase price allocation - deferred credits and other liabilities | -24,000,000 | ||||||||||||
Adjustment to purchase price allocation - property, plant, and equipment | -60,000,000 | ||||||||||||
Adjustment to purchase price allocation - other current assets | -1,000,000 | ||||||||||||
Adjustment to purchase price allocation - goodwill | 37,000,000 | ||||||||||||
Adjustment of deferred tax liability to income tax benefit | ($23,000,000) |
Acquisitions_Acquisition_of_Ex
Acquisitions - Acquisition of Express-Platte (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Apr. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Mar. 14, 2013 |
Business Acquisition [Line Items] | ||||||
Net proceeds from issuance of common units | $193 | $334 | $217 | $148 | ||
Express-Platte | ||||||
Business Acquisition [Line Items] | ||||||
Net proceeds from issuance of common units | 319 | |||||
Cash | 67 | |||||
Receivables | 25 | |||||
Other current assets | 9 | |||||
Goodwill | 523 | |||||
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 | $1,321 |
Acquisitions_Business_Acquisit
Acquisitions - Business Acquisition Pro Forma Information (Details) (Express-Platte, USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Express-Platte | ||
Business Acquisition, Pro Forma Information | ||
Operating revenues | $2,024 | $2,022 |
Earnings before income taxes | 751 | 707 |
Net income | 1,099 | 697 |
Net income-controlling interests | $1,083 | $682 |
Net income per limited partner unit—basic and diluted (in usd per share) | $7.01 | $6.15 |
Transactions_with_Affiliates_C
Transactions with Affiliates - Consolidated Statements of Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Subsidiary or Equity Method Investee [Line Items] | |||
Revenues | $88 | $58 | $65 |
Operating, maintenance and other expenses | 317 | 252 | 218 |
Interest expense | 0 | 222 | 260 |
Storage of Natural Gas and Other Services | DCP Midstream LLC | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Revenues | 79 | 48 | 53 |
Transmission Of Natural Gas | DCP Midstream LLC | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Revenues | 7 | 7 | 8 |
Other Operating Revenue | DCP Midstream LLC | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Revenues | $2 | $3 | $4 |
Transactions_with_Affiliates_C1
Transactions with Affiliates - Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||
Receivables | $0 | $17 |
Current assets — other | 3 | 3 |
Property, plant, and equipment | 40 | 17 |
Accounts payable | $61 | $60 |
Business_Segments_Additional_I
Business Segments Additional Information (Details) | 12 Months Ended |
Dec. 31, 2014 | |
reportable_segements | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Business_Segment_Data_Detail
Business Segment Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | $599 | $558 | $531 | $581 | $520 | $494 | $492 | $459 | $2,269 | $1,965 | $1,754 | |||
Segment EBITDA/ Consolidated Earnings from Continuing Operations Before Income Taxes | 1,062 | 738 | 605 | |||||||||||
Depreciation and Amortization | 288 | 262 | 231 | |||||||||||
Interest expense | 238 | 383 | 407 | |||||||||||
Interest income and other | -3 | -1 | 1 | |||||||||||
Capital And Investment Expenditures | 1,241 | [1],[2] | 1,299 | [1],[2] | 1,443 | [1],[2] | ||||||||
Assets | 17,793 | 16,794 | 17,793 | 16,794 | 13,885 | |||||||||
Cash outlay for acquisitions | 0 | 2,553 | 319 | |||||||||||
US Assets Acquisition | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Cash outlay for acquisitions | 2,210 | |||||||||||||
Express-Platte | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Cash outlay for acquisitions | 343 | |||||||||||||
M&N US | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Cash outlay for acquisitions | 319 | |||||||||||||
Operating Segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 2,269 | 1,965 | 1,754 | |||||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 1,655 | 1,411 | 1,251 | |||||||||||
Depreciation and Amortization | 288 | 262 | 231 | |||||||||||
Capital And Investment Expenditures | 1,241 | [1],[2] | 1,299 | [1],[2] | 1,443 | [1],[2] | ||||||||
Assets | 17,749 | 16,778 | 17,749 | 16,778 | 13,716 | |||||||||
US Transmission | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 1,939 | 1,727 | 1,754 | |||||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 1,415 | 1,279 | 1,251 | |||||||||||
Depreciation and Amortization | 256 | 241 | 231 | |||||||||||
Capital And Investment Expenditures | 1,160 | [1],[2] | 1,000 | [1],[2] | 930 | [1],[2] | ||||||||
Assets | 15,182 | 14,174 | 15,182 | 14,174 | 13,199 | |||||||||
Liquids | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total operating revenues | 330 | 238 | ||||||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 240 | 132 | ||||||||||||
Depreciation and Amortization | 32 | 21 | ||||||||||||
Capital And Investment Expenditures | 81 | [1],[2] | 299 | [1],[2] | 513 | [1],[2] | ||||||||
Assets | 2,567 | 2,604 | 2,567 | 2,604 | 517 | |||||||||
Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Earnings Before Interest Taxes Depreciation And Amortization | -64 | -27 | -9 | |||||||||||
Assets | 44 | 16 | 44 | 16 | 169 | |||||||||
Unconsolidated affiliates | Spectra Energy Partners, LP | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Loans receivable from related party, including interest | $71 | $71 | ||||||||||||
[1] | Excludes the $2,210 million net cash outlay for the U.S. Assets Dropdown in 2013, the $343 million cash outlay for the acquisition of Express-Platte in 2013 and the $319 million acquisition of M&N U.S. in 2012. | |||||||||||||
[2] | Excludes a $71 million loan to an unconsolidated affiliate in 2013. |
Business_Segments_Geographic_D
Business Segments - Geographic Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total operating revenues | $599 | $558 | $531 | $581 | $520 | $494 | $492 | $459 | $2,269 | $1,965 | $1,754 |
Consolidated long-lived assets | 17,238 | 16,229 | 17,238 | 16,229 | |||||||
U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total operating revenues | 2,205 | 1,919 | |||||||||
Consolidated long-lived assets | 17,002 | 15,975 | 17,002 | 15,975 | |||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total operating revenues | 64 | 46 | |||||||||
Consolidated long-lived assets | $236 | $254 | $236 | $254 |
Business_Segments_Business_Seg
Business Segments Business Segments - Phantom (Details) | Dec. 31, 2014 |
Sand Hills Pipeline LLC | |
Investment | |
Equity method investment, ownership percentage | 33.30% |
Southern Hills Pipeline LLC | |
Investment | |
Equity method investment, ownership percentage | 33.30% |
DCP Midstream LLC | Sand Hills Pipeline LLC | |
Investment | |
Equity method investment, ownership percentage | 33.30% |
DCP Midstream LLC | Southern Hills Pipeline LLC | |
Investment | |
Equity method investment, ownership percentage | 33.30% |
Phillips 66 | Sand Hills Pipeline LLC | |
Investment | |
Equity method investment, ownership percentage | 33.30% |
Phillips 66 | Southern Hills Pipeline LLC | |
Investment | |
Equity method investment, ownership percentage | 33.30% |
Regulatory_Matters_Regulatory_
Regulatory Matters - Regulatory Assets and Liabilities (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Regulatory Assets and Liabilities | ||||
Regulatory Assets | $290 | [1],[2] | $254 | [1],[2] |
Regulatory Liabilities | 29 | [2] | 66 | [2] |
Removal Costs | ||||
Schedule of Regulatory Assets and Liabilities | ||||
Regulatory Liabilities | 3 | [2],[3],[4],[5] | 5 | [2],[3],[4],[5] |
Over-Recovery Of Fuel Costs | ||||
Schedule of Regulatory Assets and Liabilities | ||||
Regulatory Asset/Liability Recovery Refund Period Ends | 2015 | [2],[6],[7] | ||
Regulatory Liabilities | 1 | [2],[6],[7] | 35 | [2],[6],[7] |
Pipeline Rate Credit | ||||
Schedule of Regulatory Assets and Liabilities | ||||
Regulatory Liabilities | 25 | [2],[4],[8] | 26 | [2],[4],[8] |
Net Regulatory Asset Related to Income Taxes | ||||
Schedule of Regulatory Assets and Liabilities | ||||
Regulatory Assets | 174 | [1],[10],[2],[9] | 156 | [1],[10],[2],[9] |
Vacation Accrual | ||||
Schedule of Regulatory Assets and Liabilities | ||||
Regulatory Assets | 19 | [1],[11],[2] | 17 | [1],[11],[2] |
Deferred Debt Expense/ Premium | ||||
Schedule of Regulatory Assets and Liabilities | ||||
Regulatory Assets | 31 | [1],[2],[3],[8] | 32 | [1],[2],[3],[8] |
Asset Retirement Obligations | ||||
Schedule of Regulatory Assets and Liabilities | ||||
Regulatory Assets | 2 | [1],[12],[2] | 2 | [1],[12],[2] |
Under-Recovery Of Fuel Costs | ||||
Schedule of Regulatory Assets and Liabilities | ||||
Regulatory Assets | 44 | [1],[13],[2],[6] | 28 | [1],[13],[2],[6] |
Regulatory Asset/Liability Recovery Refund Period Ends | 2015 | [1],[13],[2],[6] | ||
Project Development Costs | ||||
Schedule of Regulatory Assets and Liabilities | ||||
Regulatory Assets | 10 | [1],[2] | 10 | [1],[2] |
Regulatory Asset/Liability Recovery Refund Period Ends | 2036 | [1],[2] | ||
Other Regulatory Assets (Liabilities) | ||||
Schedule of Regulatory Assets and Liabilities | ||||
Regulatory Assets | $10 | [1],[2] | $9 | [1],[2] |
Regulatory Asset/Liability Recovery Refund Period Ends | 2017 | [1],[2] | ||
[1] | Included in Regulatory Assets and Deferred Debits, unless otherwise noted. | |||
[2] | All regulatory assets and liabilities are excluded from rate base unless otherwise noted. | |||
[3] | Included in rate base. | |||
[4] | Included in Deferred Credits and Other Liabilities. | |||
[5] | Liability is extinguished as the associated assets are retired. | |||
[6] | Amounts settled in cash annually through transportation rates in accordance with FERC gas tariffs. | |||
[7] | Included in Other Current Liabilities. | |||
[8] | Recovery/refund is over the life of the associated debt. | |||
[9] | Relates to tax gross-up of the AFUDC equity portion. All amounts are expected to be included in future rate filings. | |||
[10] | Amortized over the life of the related property, plant and equipment. | |||
[11] | Recoverable in future periods. | |||
[12] | Recovery/refund period currently unknown. | |||
[13] | Included in Other Current Assets. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | |||
Adjustment of deferred tax liability to income tax benefit | $354 | $354 | |
Express-Platte | Approximate Fair Value | |||
Income Tax Disclosure [Abstract] | |||
Adjustment of deferred tax liability to income tax benefit | ($23) |
Net_Income_Per_Limited_Partner2
Net Income Per Limited Partner Unit and Cash Distributions (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Earnings Per Unit [line Items] | ||||||||||||||||||||||
General partner's interest in net income, ownership interest percentage | 2.00% | 2.00% | 2.00% | |||||||||||||||||||
Net income—controlling interests | $283 | $264 | $215 | $242 | $540 | $172 | $177 | $181 | $1,004 | [1],[2] | $1,070 | [1],[2] | $580 | [1],[2] | ||||||||
Less: General partner's interest in net income | -187 | -83 | -37 | |||||||||||||||||||
Limited partners' interest in net income | 817 | 987 | 543 | |||||||||||||||||||
Weighted Average Limited Partnership Units Outstanding, Basic | 288 | [2] | 138 | [2],[3] | 97 | [2],[3] | ||||||||||||||||
Net income per limited partner unit (in dollars per unit) | $0.79 | [4] | $0.75 | [4] | $0.59 | [4] | $0.70 | [4] | $2.18 | [4],[5] | $1.40 | [4] | $1.52 | [4] | $1.63 | [4] | $2.84 | [4] | $7.15 | [3],[4],[5] | $5.60 | [3] |
Partnership Interest | ||||||||||||||||||||||
Earnings Per Unit [line Items] | ||||||||||||||||||||||
Less: General partner's interest in net income | 20 | 21 | 12 | |||||||||||||||||||
Incentive Distribution Rights | ||||||||||||||||||||||
Earnings Per Unit [line Items] | ||||||||||||||||||||||
Less: General partner's interest in net income | $167 | $62 | $25 | |||||||||||||||||||
[1] | Includes a $354 million benefit in 2013 related to the elimination of accumulated deferred income tax liabilities. See Note 6 for further discussion. | |||||||||||||||||||||
[2] | As discussed in Note 1, the Consolidated Financial Statements for periods prior to the November 1, 2013 U.S. Assets Dropdown, including Net Income—Controlling Interests as presented on our Consolidated Statements of Operations, have been recast. Weighted average limited partners units outstanding used in the calculation of net income per limited partner unit for periods prior to the U.S. Assets Dropdown has not been recast. | |||||||||||||||||||||
[3] | Weighted average limited partners units outstanding used in the calculation of net income per limited partner unit for periods prior to the November 1, 2013 U.S. Assets Dropdown has not been recast. See Note 7 for further discussion. | |||||||||||||||||||||
[4] | Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding and changes in outstanding units. | |||||||||||||||||||||
[5] | During the fourth quarter of 2013, we recorded a $354 million benefit related to the elimination of accumulated deferred income tax liabilities, which impacted net income and net income-controlling interests. See Note 6 for further discussion. This benefit impacted net income per limited partners unit by $1.56 for the quarter and $2.57 year-to-date. |
Net_Income_Per_Limited_Partner3
Net Income Per Limited Partner Unit and Cash Distributions - Incentive Distribution Rights in Accordance with Partnership Agreement (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum Quarterly Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $0.30 |
Marginal Percentage Interest in Distributions, Common Unitholders | 98.00% |
Marginal Percentage Interest in Distributions, General Partner | 2.00% |
First Target Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Marginal Percentage Interest in Distributions, Common Unitholders | 98.00% |
Marginal Percentage Interest in Distributions, General Partner | 2.00% |
First Target Distribution | Maximum | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $0.35 |
Second Target Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Marginal Percentage Interest in Distributions, Common Unitholders | 85.00% |
Marginal Percentage Interest in Distributions, General Partner | 15.00% |
Second Target Distribution | Minimum | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $0.35 |
Second Target Distribution | Maximum | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $0.38 |
Third Target Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Marginal Percentage Interest in Distributions, Common Unitholders | 75.00% |
Marginal Percentage Interest in Distributions, General Partner | 25.00% |
Third Target Distribution | Minimum | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $0.38 |
Third Target Distribution | Maximum | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $0.45 |
Thereafter | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Marginal Percentage Interest in Distributions, Common Unitholders | 50.00% |
Marginal Percentage Interest in Distributions, General Partner | 50.00% |
Thereafter | Minimum | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $0.45 |
Net_Income_Per_Limited_Partner4
Net Income Per Limited Partner Unit and Cash Distributions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 27, 2015 | Feb. 13, 2015 | Feb. 04, 2015 |
Earnings Per Unit [line Items] | ||||||
Adjustment of deferred tax liability to income tax benefit | $354 | $354 | ||||
Distribution made to member or limited partner distribution period | 60 days | |||||
Cash Distribution | Subsequent Event | ||||||
Earnings Per Unit [line Items] | ||||||
Distributions to be paid to unit holders (in dollars per unit) | $0.59 | |||||
Distributions to be paid to unit holders, declaration date | 4-Feb-15 | |||||
Distributions to be paid to unit holders, distribution date | 27-Feb-15 | |||||
Distributions to be paid to unit holders, date of record | 13-Feb-15 |
Investments_in_and_Loans_to_Un2
Investments in and Loans to Unconsolidated Affiliates Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | |||
Distributions From Equity Investments | $294,000,000 | $180,000,000 | $106,000,000 |
Retained Earnings, Undistributed Earnings from Equity Method Investees | 0 | 0 | |
Gulfstream Natural Gas System LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Southeast Supply Header LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 49.90% | ||
Steckman Ridge LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Loans receivable from related party, including interest | $71,000,000 | $71,000,000 | |
Equity method investment, ownership percentage | 50.00% | ||
Sand Hills Pipeline LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 33.30% | ||
Southern Hills Pipeline LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 33.30% |
Investments_in_and_Loans_to_Un3
Investments in and Loans to Unconsolidated Affiliates - Equity in Earnings of Unconsolidated Affiliates (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in and loans to unconsolidated affiliates | $1,589 | $1,396 | |
Equity in earnings of unconsolidated affiliates | 133 | 89 | 86 |
US Transmission | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and loans to unconsolidated affiliates | 843 | 670 | |
Equity in earnings of unconsolidated affiliates | 90 | 87 | 86 |
Liquids | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and loans to unconsolidated affiliates | 746 | 726 | |
Equity in earnings of unconsolidated affiliates | $43 | $2 | $0 |
Investments_in_and_Loans_to_Un4
Investments in and Loans to Unconsolidated Affiliates - Summarized Statements of Operations of Unconsolidated Affiliates Presented at 100 Percent (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||||||||||
Total operating revenues | $599 | $558 | $531 | $581 | $520 | $494 | $492 | $459 | $2,269 | $1,965 | $1,754 |
Operating expenses | 1,133 | 992 | 857 | ||||||||
Operating income | 299 | 280 | 249 | 308 | 247 | 234 | 243 | 249 | 1,136 | 973 | 897 |
Net income | 290 | 271 | 220 | 246 | 544 | 176 | 181 | 185 | 1,027 | 1,086 | 595 |
Unconsolidated affiliates | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Total operating revenues | 648 | 484 | 432 | ||||||||
Operating expenses | 227 | 187 | 143 | ||||||||
Operating income | 421 | 297 | 289 | ||||||||
Net income | 328 | 205 | 198 | ||||||||
Gulfstream Natural Gas System LLC | Unconsolidated affiliates | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Total operating revenues | 275 | 274 | 275 | ||||||||
Operating expenses | 74 | 69 | 76 | ||||||||
Operating income | 201 | 205 | 199 | ||||||||
Net income | 131 | 135 | 129 | ||||||||
Other | Unconsolidated affiliates | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Total operating revenues | 373 | 210 | 157 | ||||||||
Operating expenses | 153 | 118 | 67 | ||||||||
Operating income | 220 | 92 | 90 | ||||||||
Net income | $197 | $70 | $69 |
Investments_in_and_Loans_to_Un5
Investments in and Loans to Unconsolidated Affiliates - Summarized Balance Sheets of Unconsolidated Affiliates Presented at 100 Percent (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Related Party Transaction [Line Items] | ||
Current assets | $555 | $565 |
Current liabilities | 1,482 | 1,335 |
Unconsolidated affiliates | ||
Related Party Transaction [Line Items] | ||
Current assets | 207 | 216 |
Non-current assets | 5,299 | 5,287 |
Current liabilities | 621 | 136 |
Non-current liabilities | 1,195 | 1,668 |
Equity | 3,690 | 3,699 |
Gulfstream Natural Gas System LLC | Unconsolidated affiliates | ||
Related Party Transaction [Line Items] | ||
Current assets | 92 | 92 |
Non-current assets | 1,720 | 1,751 |
Current liabilities | 520 | 18 |
Non-current liabilities | 650 | 1,150 |
Equity | 642 | 675 |
Other | Unconsolidated affiliates | ||
Related Party Transaction [Line Items] | ||
Current assets | 115 | 124 |
Non-current assets | 3,579 | 3,536 |
Current liabilities | 101 | 118 |
Non-current liabilities | 545 | 518 |
Equity | $3,048 | $3,024 |
Goodwill_Schedule_of_Goodwill_
Goodwill - Schedule of Goodwill (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill | ||
Beginning balance | $3,215 | $2,814 |
Foreign currency translation | -8 | -85 |
Acquisition of Express-Platte | 37 | 486 |
Ending balance | 3,244 | 3,215 |
US Transmission | ||
Goodwill | ||
Beginning balance | 2,732 | 2,814 |
Foreign currency translation | 0 | -82 |
Acquisition of Express-Platte | 0 | 0 |
Ending balance | 2,732 | 2,732 |
Liquids | ||
Goodwill | ||
Beginning balance | 483 | 0 |
Foreign currency translation | -8 | -3 |
Acquisition of Express-Platte | 37 | 486 |
Ending balance | $512 | $483 |
Marketable_Securities_and_Rest1
Marketable Securities and Restricted Funds - Schedule of Available-for-Sale Securities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | |||
Long term debt, restricted | $1,900,000,000 | ||
Other Investments-Restricted Funds | Commercial Paper | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities | $0 | $0 |
Marketable_Securities_and_Rest2
Marketable Securities and Restricted Funds - Schedule of Held-to-Maturity Securities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets - Other | Money Market Funds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, fair value | 3 | $3 |
Maximum | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, contractual maturity | 1 year |
Marketable_Securities_and_Rest3
Marketable Securities and Restricted Funds - Other Information (Details) (Interest Income, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Interest Income | |||
Net Investment Income [Line Items] | |||
Interest Income | $0 | $1,000,000 | $1,000,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 15,594 | $14,592 |
Total accumulated depreciation | -3,347 | -3,125 |
Total accumulated amortization | -112 | -104 |
Net property, plant and equipment | 12,135 | 11,363 |
Plant | Natural gas transmission | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 11,516 | 10,872 |
Plant | Natural gas transmission | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 15 years | |
Plant | Natural gas transmission | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 100 years | |
Plant | Natural gas storage | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,546 | 1,454 |
Plant | Natural gas storage | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Plant | Natural gas storage | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 122 years | |
Plant | Gathering and processing facilities | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 12 | 12 |
Plant | Gathering and processing facilities | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 25 years | |
Plant | Gathering and processing facilities | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 40 years | |
Plant | Crude oil transportation and storage | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,169 | 1,243 |
Plant | Crude oil transportation and storage | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 30 years | |
Plant | Crude oil transportation and storage | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 75 years | |
Plant | Land rights and rights of way | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 439 | 421 |
Plant | Land rights and rights of way | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 20 years | |
Plant | Land rights and rights of way | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 122 years | |
Plant | Other buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 35 | 33 |
Plant | Other buildings and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Plant | Other buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 50 years | |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 80 | 58 |
Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 75 years | |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 11 | 9 |
Vehicles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Vehicles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 15 years | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 71 | 70 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 664 | 375 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 9 | 4 |
Software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 2 years | |
Software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 15 years | |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 42 | $41 |
Other | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Other | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 82 years |
Property_Plant_and_Equipment_E
Property, Plant and Equipment - Estimated Amortization Expense For Next Five Years (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | |
2015 | $10 |
2016 | 7 |
2017 | 7 |
2018 | 7 |
2019 | $7 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Percentage of property, plant and equipment regulated based on rates approved by the FERC | 84.00% | ||
Composite weighted-average depreciation rates | 2.00% | 2.00% | 2.10% |
Amortization expense of intangible assets | $10 | $7 | $7 |
Asset_Retirement_Obligation_De
Asset Retirement Obligation (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Balance at beginning of year | $17 | [1] | $17 | |
Accretion expense | 1 | 1 | ||
Revision in estimated cash flows | 2 | 1 | ||
Balance at the end of the year | $20 | [1] | $17 | [1] |
[1] | Amounts included in Deferred Credits and Other Liabilities in the Consolidated Balance Sheets |
Debt_and_Credit_Facility_Summa
Debt and Credit Facility - Summary of Debt and Related Terms (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 25, 2013 | Nov. 30, 2013 | ||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $5,184,000,000 | $5,625,000,000 | ||||
Change in fair value of debt hedged | 4,000,000 | 0 | ||||
Unamortized debt discount | -3,000,000 | -2,000,000 | ||||
Long-term debt | 6,092,000,000 | 5,961,000,000 | ||||
Current maturities of long-term debt | -36,000,000 | -445,000,000 | ||||
Commercial paper | 907,000,000 | [1],[2] | 338,000,000 | [1],[2] | ||
Total long-term debt | 5,149,000,000 | 5,178,000,000 | ||||
Spectra Energy Partners, LP | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 1,900,000,000 | |||||
Spectra Energy Partners, LP | 2.95% Senior Unsecured Notes due June 2016 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 250,000,000 | 250,000,000 | ||||
Spectra Energy Partners, LP | 2.95% Senior Unsecured Notes due September 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 500,000,000 | 500,000,000 | 500,000,000 | |||
Spectra Energy Partners, LP | Variable-rate Senior Unsecured Term Loan due November 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 400,000,000 | 400,000,000 | 400,000,000 | |||
Spectra Energy Partners, LP | 4.60% Senior Unsecured Notes due June 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 250,000,000 | 250,000,000 | ||||
Spectra Energy Partners, LP | 4.75% Senior Unsecured Notes due March 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||
Spectra Energy Partners, LP | 5.95% Senior Unsecured Notes due September 2043 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 400,000,000 | 400,000,000 | 400,000,000 | |||
Texas Eastern | 6.00% Senior Unsecured Notes due September 2017 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 400,000,000 | 400,000,000 | ||||
Texas Eastern | 4.13% Senior Unsecured Notes due December 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 300,000,000 | 300,000,000 | ||||
Texas Eastern | 2.80% Senior Unsecured Notes due October 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 500,000,000 | 500,000,000 | ||||
Texas Eastern | 7.00% Senior Unsecured Notes due July 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 450,000,000 | 450,000,000 | ||||
Algonquin | 3.51% Senior Unsecured Notes due July 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 350,000,000 | 350,000,000 | ||||
East Tennessee | 3.10% Senior Unsecured Notes due December 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 200,000,000 | 200,000,000 | ||||
M&N US | 7.50% Senior Unsecured Notes due May 2014 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt | 0 | 411,000,000 | ||||
Express-Platte | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt | 184,000,000 | |||||
Express-Platte | 6.09% Senior Secured Notes due January 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt | 110,000,000 | 110,000,000 | ||||
Express-Platte | 7.39% Subordinated Secured Notes due 2014 to 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt | $74,000,000 | $104,000,000 | ||||
[1] | The weighted-average days to maturity were 11 days as of December 31, 2014 and 10 days as of December 31, 2013. | |||||
[2] | Weighted-average rates outstanding on commercial paper were 0.49% as of December 31, 2014 and 0.33% as of December 31, 2013. |
Debt_and_Credit_Facility_Summa1
Debt and Credit Facility - Summary of Debt and Related Terms (Maturity Rates and Years) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Weighted-average days to maturity | 11 days | 10 days |
Weighted average interest rate on commercial paper | 0.49% | 0.33% |
Express-Platte | ||
Debt Instrument [Line Items] | ||
Secured debt | 184 | |
2.95% Senior Unsecured Notes due June 2016 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.95% | |
Debt maturity date | 2016 | |
2.95% Senior Unsecured Notes due September 2018 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.95% | |
Debt maturity date | 2018 | |
Variable-rate Senior Unsecured Term Loan due November 2018 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Debt maturity date | 2018 | |
4.60% Senior Unsecured Notes due June 2021 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.60% | |
Debt maturity date | 2021 | |
4.75% Senior Unsecured Notes due March 2024 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.75% | |
Debt maturity date | 2024 | |
5.95% Senior Unsecured Notes due September 2043 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.95% | |
Debt maturity date | 2043 | |
6.00% Senior Unsecured Notes due September 2017 | Texas Eastern | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.00% | |
Debt maturity date | 2017 | |
4.13% Senior Unsecured Notes due December 2020 | Texas Eastern | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.13% | |
Debt maturity date | 2020 | |
2.80% Senior Unsecured Notes due October 2022 | Texas Eastern | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.80% | |
Debt maturity date | 2022 | |
7.00% Senior Unsecured Notes due July 2032 | Texas Eastern | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.00% | |
Debt maturity date | 2032 | |
3.51% Senior Unsecured Notes due July 2024 | Algonquin | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.51% | |
Debt maturity date | 2024 | |
3.10% Senior Unsecured Notes due December 2024 | East Tennessee | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.10% | |
Debt maturity date | 2024 | |
7.50% Senior Unsecured Notes due May 2014 | M&N US | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.50% | |
Debt maturity date | 2014 | |
6.09% Senior Secured Notes due January 2020 | Express-Platte | ||
Debt Instrument [Line Items] | ||
Secured debt | 110 | 110 |
Stated interest rate | 6.09% | |
Debt maturity date | 2020 | |
7.39% Subordinated Secured Notes due 2014 to 2019 | Express-Platte | ||
Debt Instrument [Line Items] | ||
Secured debt | 74 | 104 |
Stated interest rate | 7.39% | |
Debt maturity date | 2019 |
Debt_and_Credit_Facility_Annua
Debt and Credit Facility - Annual Maturities (Details) (USD $) | Dec. 31, 2014 | |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $36 | |
2016 | 280 | |
2017 | 412 | |
2018 | 900 | |
2019 | 0 | |
Thereafter | 3,557 | |
Total long-term debt, including current maturities | $5,185 | [1] |
[1] | Excludes commercial paper of $907 million. Includes other non-principal amounts of $1 million. |
Debt_and_Credit_Facility_Annua1
Debt and Credit Facility - Annual Maturities Footnote (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Disclosure [Abstract] | ||||
Commercial paper | $907 | [1],[2] | $338 | [1],[2] |
Debt Instrument Total Other Nonprincipal Amounts | $1 | |||
[1] | The weighted-average days to maturity were 11 days as of December 31, 2014 and 10 days as of December 31, 2013. | |||
[2] | Weighted-average rates outstanding on commercial paper were 0.49% as of December 31, 2014 and 0.33% as of December 31, 2013. |
Debt_and_Credit_Facility_Credi
Debt and Credit Facility - Credit Facility (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ||||
Expiration Date | 2019 | |||
Total Credit Facility Capacity | $2,000 | |||
Commercial Paper Outstanding | 907 | [1],[2] | 338 | [1],[2] |
Available Credit Facility Capacity | $1,093 | |||
Debt to adjusted earnings before interest tax depreciation and amortization ratio maximum | 5 | |||
Debt to adjusted earnings before interest tax depreciation and amortization ratio | 3.7 | |||
[1] | The weighted-average days to maturity were 11 days as of December 31, 2014 and 10 days as of December 31, 2013. | |||
[2] | Weighted-average rates outstanding on commercial paper were 0.49% as of December 31, 2014 and 0.33% as of December 31, 2013. |
Debt_and_Credit_Facility_Debt_
Debt and Credit Facility - Debt Additional Information (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 25, 2013 | Nov. 30, 2013 | |
Floating Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | $1,307,000,000 | $738,000,000 | ||
Weighted average interest rate | 0.74% | 0.85% | ||
Spectra Energy Partners, LP | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 1,900,000,000 | |||
Spectra Energy Partners, LP | 2.95% Senior Unsecured Notes due September 2018 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 500,000,000 | 500,000,000 | 500,000,000 | |
Stated interest rate | 2.95% | |||
Debt maturity date | 2018 | |||
Spectra Energy Partners, LP | 4.75% Senior Unsecured Notes due March 2024 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |
Stated interest rate | 4.75% | |||
Debt maturity date | 2024 | |||
Spectra Energy Partners, LP | 5.95% Senior Unsecured Notes due September 2043 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 400,000,000 | 400,000,000 | 400,000,000 | |
Stated interest rate | 5.95% | |||
Debt maturity date | 2043 | |||
Spectra Energy Partners, LP | Variable-rate Senior Unsecured Term Loan due November 2018 | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 400,000,000 | 400,000,000 | 400,000,000 | |
Debt maturity date | 2018 | |||
Express-Platte | ||||
Debt Instrument [Line Items] | ||||
Secured debt | $184,000,000 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Hierarchy Levels, Assets that are Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Financial Instruments [Line Items] | ||
Fair value assets | $48,000,000 | $0 |
Level 2 | ||
Financial Instruments [Line Items] | ||
Fair value assets | 48,000,000 | |
Cash and Cash Equivalents | Corporate Debt Securities | ||
Financial Instruments [Line Items] | ||
Fair value assets | 43,000,000 | |
Cash and Cash Equivalents | Corporate Debt Securities | Level 2 | ||
Financial Instruments [Line Items] | ||
Fair value assets | 43,000,000 | |
Other Assets | Interest Rate Swaps | ||
Financial Instruments [Line Items] | ||
Fair value assets | 5,000,000 | |
Other Assets | Interest Rate Swaps | Level 2 | ||
Financial Instruments [Line Items] | ||
Fair value assets | $5,000,000 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements - Fair Values of Financial Instruments Recorded and Carried at Book Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including current maturities | $5,184 | $5,625 | ||
Book Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes receivable, noncurrent | 71 | [1] | 71 | [1] |
Long-term debt, including current maturities | 5,184 | [2] | 5,625 | [2] |
Approximate Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes receivable, noncurrent | 71 | [1] | 71 | [1] |
Long-term debt, including current maturities | $5,554 | [2] | $5,813 | [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 - Reclassifications from Other Comprehensive Income into Income on Derivatives (Detail) (Cash Flow Hedging Derivatives, Interest Rate Swaps, Interest Expense, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow Hedging Derivatives | Interest Rate Swaps | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Reclassifications from other comprehensive income into income on derivatives | ($1) | ($1) | ($1) |
Risk_Management_and_Hedging_Ac3
Risk Management and Hedging Activities Risk Management and Hedging Activities - Additional Information (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative, Notional Amount | $300 |
Derivative Instrument Maturity Period | 2020 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Rental expenses for leases | $21 | $21 | $22 |
Long-term Operating Leases | |||
2015 | 15 | ||
2016 | 18 | ||
2017 | 17 | ||
2018 | 15 | ||
2019 | 13 | ||
Thereafter | 95 | ||
Total future minimum lease payments | $173 |
Issuances_of_Common_Units_Addi
Issuances of Common Units - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 2 Months Ended | 0 Months Ended | 1 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 03, 2014 | Nov. 30, 2013 | Aug. 31, 2013 |
Capital Unit [Line Items] | ||||||||
Net proceeds from issuance of common units | $193 | $334 | $217 | $148 | ||||
Common Units | ||||||||
Capital Unit [Line Items] | ||||||||
Net proceeds from issuance of common units | 24 | |||||||
Partners units issued | 5,200,000 | 6,400,000 | 5,500,000 | 600,000 | ||||
General Partner | ||||||||
Capital Unit [Line Items] | ||||||||
Net proceeds from issuance of common units | 7 | |||||||
Partners units issued | 100,000 | 132,000 | 100,000 | |||||
US Assets Acquisition | ||||||||
Capital Unit [Line Items] | ||||||||
Net proceeds from issuance of common units | 186 | 7,400 | ||||||
US Assets Acquisition | Common Units | ||||||||
Capital Unit [Line Items] | ||||||||
Partners units issued | 4,300,000 | 167,600,000 | ||||||
US Assets Acquisition | General Partner | ||||||||
Capital Unit [Line Items] | ||||||||
Partners units issued | 86,000 | 3,400,000 | ||||||
Express-Platte | ||||||||
Capital Unit [Line Items] | ||||||||
Net proceeds from issuance of common units | 319 | |||||||
Express-Platte | Common Units | ||||||||
Capital Unit [Line Items] | ||||||||
Partners units issued | 7,100,000 | |||||||
Express-Platte | General Partner | ||||||||
Capital Unit [Line Items] | ||||||||
Partners units issued | 100,000 | |||||||
Maximum | ||||||||
Capital Unit [Line Items] | ||||||||
Net proceeds from issuance of common units | $400 |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (Phantom Unit Awards) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Phantom Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation, vesting period | 3 years | ||
Awarded (in units) | 0 | 0 | 7,500 |
Vested (in units) | 0 | 0 |
EquityBased_Compensation_Phant
Equity-Based Compensation - Phantom Unit Awards (Detail) (Phantom Unit Awards) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Phantom Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at beginning of period (in units) | 7,500 | ||
Granted (in units) | 0 | 0 | 7,500 |
Vested (in units) | 0 | 0 | |
Forfeited (in units) | 0 | ||
Outstanding at end of period (in units) | 7,500 | 7,500 | |
Awards expected to vest (in units) | 7,500 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - Consolidated Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Operating revenues | $599 | $558 | $531 | $581 | $520 | $494 | $492 | $459 | $2,269 | $1,965 | $1,754 | |||||||||||
Operating income | 299 | 280 | 249 | 308 | 247 | 234 | 243 | 249 | 1,136 | 973 | 897 | |||||||||||
Net income | 290 | 271 | 220 | 246 | 544 | 176 | 181 | 185 | 1,027 | 1,086 | 595 | |||||||||||
Net income — controlling interests | $283 | $264 | $215 | $242 | $540 | $172 | $177 | $181 | $1,004 | [1],[2] | $1,070 | [1],[2] | $580 | [1],[2] | ||||||||
Net income per limited partner unit (in dollars per unit) | $0.79 | [3] | $0.75 | [3] | $0.59 | [3] | $0.70 | [3] | $2.18 | [3],[4] | $1.40 | [3] | $1.52 | [3] | $1.63 | [3] | $2.84 | [3] | $7.15 | [3],[4],[5] | $5.60 | [5] |
[1] | Includes a $354 million benefit in 2013 related to the elimination of accumulated deferred income tax liabilities. See Note 6 for further discussion. | |||||||||||||||||||||
[2] | As discussed in Note 1, the Consolidated Financial Statements for periods prior to the November 1, 2013 U.S. Assets Dropdown, including Net Income—Controlling Interests as presented on our Consolidated Statements of Operations, have been recast. Weighted average limited partners units outstanding used in the calculation of net income per limited partner unit for periods prior to the U.S. Assets Dropdown has not been recast. | |||||||||||||||||||||
[3] | Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding and changes in outstanding units. | |||||||||||||||||||||
[4] | During the fourth quarter of 2013, we recorded a $354 million benefit related to the elimination of accumulated deferred income tax liabilities, which impacted net income and net income-controlling interests. See Note 6 for further discussion. This benefit impacted net income per limited partners unit by $1.56 for the quarter and $2.57 year-to-date. | |||||||||||||||||||||
[5] | Weighted average limited partners units outstanding used in the calculation of net income per limited partner unit for periods prior to the November 1, 2013 U.S. Assets Dropdown has not been recast. See Note 7 for further discussion. |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Quarterly Financial Information Disclosure - Additional Information [Abstract] | ||
Adjustment of deferred tax liability to income tax benefit | $354 | $354 |
Income tax expense benefit per outstanding limited partnership unit basic | $1.56 | $2.57 |