Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | FALSE |
Document Period End Date | 31-Mar-15 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | SEP |
Entity Registrant Name | SPECTRA ENERGY PARTNERS, LP |
Entity Central Index Key | 1394074 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 295,435,903 |
Entity General Partner, Units Outstanding | 6,029,304 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Revenues | ||
Transportation of natural gas | $464 | $426 |
Transportation of crude oil | 84 | 71 |
Storage of natural gas and other | 58 | 84 |
Total operating revenues | 606 | 581 |
Operating Expenses | ||
Operating, maintenance and other | 181 | 156 |
Depreciation and amortization | 73 | 73 |
Property and other taxes | 41 | 44 |
Total operating expenses | 295 | 273 |
Operating Income | 311 | 308 |
Other Income and Expenses | ||
Equity in earnings of unconsolidated affiliates | 40 | 28 |
Other income and expenses, net | 9 | 3 |
Total other income and expenses | 49 | 31 |
Interest Expense | 57 | 67 |
Earnings Before Income Taxes | 303 | 272 |
Income Tax Expense | 2 | 26 |
Net Income | 301 | 246 |
Net Income—Noncontrolling Interests | 8 | 4 |
Net Income—Controlling Interests | 293 | 242 |
Calculation of Limited Partners’ Interest in Net Income: | ||
Net Income—Controlling Interests | 293 | 242 |
Less: General partner’s interest in net income | 57 | 42 |
Limited partners’ interest in net income | $236 | $200 |
Weighted-average limited partner units outstanding—basic and diluted | 295 | 284 |
Net income per limited partner unit-basic and diluted (in dollars per share) | $0.80 | $0.70 |
Distributions paid per limited partner unit | $0.59 | $0.55 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Income | $301 | $246 |
Other comprehensive loss: | ||
Foreign currency translation adjustments | -15 | -5 |
Total other comprehensive loss | -15 | -5 |
Total Comprehensive Income | 286 | 241 |
Less: Comprehensive Income—Noncontrolling Interests | 8 | 4 |
Comprehensive Income—Controlling Interests | $278 | $237 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $242 | $140 |
Receivables, net | 310 | 306 |
Inventory | 41 | 42 |
Fuel tracker | 58 | 44 |
Other | 21 | 23 |
Total current assets | 672 | 555 |
Investments and Other Assets | ||
Investments in and loans to unconsolidated affiliates | 1,584 | 1,589 |
Goodwill | 3,238 | 3,244 |
Other | 16 | 8 |
Total investments and other assets | 4,838 | 4,841 |
Property, Plant and Equipment | ||
Cost | 15,792 | 15,594 |
Less accumulated depreciation and amortization | 3,523 | 3,459 |
Net property, plant and equipment | 12,269 | 12,135 |
Regulatory Assets and Deferred Debits | 277 | 262 |
Total Assets | 18,056 | 17,793 |
Current Liabilities | ||
Accounts payable | 167 | 246 |
Commercial paper | 121 | 907 |
Taxes accrued | 58 | 63 |
Interest accrued | 36 | 60 |
Current Maturities of long-term debt | 36 | 36 |
Other | 175 | 170 |
Total current liabilities | 593 | 1,482 |
Long-term Debt | 6,147 | 5,149 |
Deferred Credits and Other Liabilities | ||
Deferred income taxes | 38 | 37 |
Regulatory and other | 114 | 119 |
Total deferred credits and other liabilities | 152 | 156 |
Commitments and Contingencies | ||
Partners’ Capital | ||
Common units (295.4 million and 294.7 million units issued and outstanding at March 31, 2015 and December 31, 2014, respectively) | 10,576 | 10,474 |
General partner units (6.0 million units issued and outstanding at March 31, 2015 and December 31, 2014) | 296 | 284 |
Accumulated other comprehensive loss | -35 | -20 |
Total partners’ capital | 10,837 | 10,738 |
Noncontrolling interests | 327 | 268 |
Total equity | 11,164 | 11,006 |
Total Liabilities and Equity | $18,056 | $17,793 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Common units, units issued | 295.4 | 294.7 |
Common units, units outstanding | 295.4 | 294.7 |
General partner units, units issued | 6 | 6 |
General partner units, units outstanding | 6 | 6 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $301 | $246 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 75 | 75 |
Deferred income tax expense | 1 | 24 |
Equity in earnings of unconsolidated affiliates | -40 | -28 |
Distributions received from unconsolidated affiliates | 38 | 27 |
Other | -94 | 10 |
Net cash provided by operating activities | 281 | 354 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | -240 | -181 |
Investments in and loans to unconsolidated affiliates | -15 | -18 |
Purchases of held-to-maturity securities | -10 | -11 |
Proceeds from sales and maturities of held-to-maturity securities | 3 | 3 |
Distributions received from unconsolidated affiliates | 18 | 22 |
Other | 0 | 15 |
Net cash used in investing activities | -244 | -170 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of long-term debt | 994 | 0 |
Net decrease in commercial paper | -786 | -54 |
Distributions to noncontrolling interests | -7 | -5 |
Contributions from noncontrolling interests | 58 | 6 |
Proceeds from the issuances of units | 40 | 53 |
Distributions to partners | -226 | -195 |
Other | -8 | 0 |
Net cash provided by (used in) financing activities | 65 | -195 |
Net increase (decrease) in cash and cash equivalents | 102 | -11 |
Cash and cash equivalents at beginning of period | 140 | 121 |
Cash and cash equivalents at end of period | 242 | 110 |
Supplemental Disclosures | ||
Property, plant and equipment non-cash accruals | $67 | $57 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Equity (Unaudited) (USD $) | Total | Limited Partners Common | General Partner | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
In Millions, unless otherwise specified | |||||
Beginning balance at Dec. 31, 2013 | $10,141 | $9,778 | $241 | ($5) | $127 |
Increase (Decrease) in Equity | |||||
Net income | 246 | 200 | 42 | 4 | |
Other comprehensive loss | -5 | -5 | |||
Adjustment to purchase price under net acquired assets from dropdowns | 29 | 28 | 1 | ||
Attributed deferred tax benefit | 1 | 1 | |||
Issuances of units | 53 | 52 | 1 | ||
Distributions to partners | -195 | -156 | -39 | ||
Contributions from noncontrolling interests | 6 | 6 | |||
Distributions to noncontrolling interests | -5 | -5 | |||
Other, net | -2 | -2 | |||
Ending balance at Mar. 31, 2014 | 10,269 | 9,901 | 246 | -10 | 132 |
Beginning balance at Dec. 31, 2014 | 11,006 | 10,474 | 284 | -20 | 268 |
Increase (Decrease) in Equity | |||||
Net income | 301 | 236 | 57 | 8 | |
Other comprehensive loss | -15 | -15 | |||
Attributed deferred tax benefit | 7 | 7 | |||
Issuances of units | 40 | 39 | 1 | ||
Distributions to partners | -226 | -173 | -53 | ||
Contributions from noncontrolling interests | 58 | 58 | |||
Distributions to noncontrolling interests | -7 | -7 | |||
Ending balance at Mar. 31, 2015 | $11,164 | $10,576 | $296 | ($35) | $327 |
General
General | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | 1. General |
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. As of March 31, 2015, 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 Condensed Consolidated Financial Statements include our accounts and the accounts of our majority-owned subsidiaries, after eliminating intercompany transactions and balances. These interim financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K, for the year ended December 31, 2014, and reflect all normal recurring adjustments that are, in our opinion, necessary to fairly present our results of operations and financial position. Amounts reported in the Condensed Consolidated Statements of Operations are not necessarily indicative of amounts expected for the respective annual periods. | |
Spectra Energy and its affiliates are solely responsible for providing the employees and other personnel necessary to conduct our operations. 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 Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements. Although these estimates are based on our best available knowledge at the time, actual results could differ. |
Business_Segments
Business Segments | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Business Segments | 2. 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 Natural Gas System, LLC (Gulfstream), Southeast Supply Header, LLC (SESH) and Steckman Ridge, LP (Steckman Ridge) are included in U.S. Transmission. | ||||||||||||
The Liquids segment provides transportation of crude oil and NGLs. These operations are primarily subject to the rules and regulations of the FERC and the National Energy Board (NEB). The Express-Platte pipeline system (Express-Platte) and our investments in DCP Sand Hills Pipeline, LLC (Sand Hills) and DCP Southern Hills Pipeline, LLC (Southern Hills) are included in Liquids. | ||||||||||||
Our reportable segments offer different products and services and are managed separately as business units. Management evaluates segment performance based on earnings from continuing operations before interest, taxes, and depreciation and amortization (EBITDA). Cash, cash equivalents and short-term investments are managed centrally, so the associated gains and losses from 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 | ||||||||||||
Condensed Consolidated Statements of Operations | Total Operating Revenues | Depreciation and Amortization | Segment EBITDA/Consolidated Earnings Before Income Taxes | |||||||||
(in millions) | ||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||
U.S. Transmission | $ | 522 | $ | 65 | $ | 389 | ||||||
Liquids | 84 | 8 | 64 | |||||||||
Total reportable segments | 606 | 73 | 453 | |||||||||
Other | — | — | (17 | ) | ||||||||
Depreciation and amortization | — | — | 73 | |||||||||
Interest expense | — | — | 57 | |||||||||
Other income | — | — | (3 | ) | ||||||||
Total consolidated | $ | 606 | $ | 73 | $ | 303 | ||||||
Three Months Ended March 31, 2014 | ||||||||||||
U.S. Transmission | $ | 500 | $ | 65 | $ | 374 | ||||||
Liquids | 81 | 8 | 58 | |||||||||
Total reportable segments | 581 | 73 | 432 | |||||||||
Other | — | — | (19 | ) | ||||||||
Depreciation and amortization | — | — | 73 | |||||||||
Interest expense | — | — | 67 | |||||||||
Other income | — | — | (1 | ) | ||||||||
Total consolidated | $ | 581 | $ | 73 | $ | 272 | ||||||
Net_Income_Per_Limited_Partner
Net Income Per Limited Partner Unit and Cash Distributions | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity [Abstract] | |||||||||
Net Income Per Limited Partner Unit and Cash Distributions | 3. Net Income Per Limited Partner Unit and Cash Distributions | ||||||||
The following table presents our net income per limited partner unit calculations: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in millions, except per unit amounts) | |||||||||
Net income—controlling interests | $ | 293 | $ | 242 | |||||
Less: | |||||||||
General partner’s interest in net income—2% | 6 | 5 | |||||||
General partner’s interest in net income attributable to incentive distribution rights | 51 | 37 | |||||||
Limited partners’ interest in net income | $ | 236 | $ | 200 | |||||
Weighted average limited partner units outstanding—basic and diluted | 295 | 284 | |||||||
Net income per limited partner unit—basic and diluted | $ | 0.8 | $ | 0.7 | |||||
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 our general partner than to holders of common units. A cash distribution of $0.60125 per limited partner unit was declared on May 6, 2015 and is payable on May 29, 2015 to unitholders of record at the close of business on May 15, 2015. |
Marketable_Securities_and_Rest
Marketable Securities and Restricted Funds | 3 Months Ended |
Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities and Restricted Funds | 4. 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. Initial investments in securities are classified as purchases of the respective type of securities (available-for-sale marketable securities or held-to-maturity (HTM) marketable securities). Maturities of securities are classified within proceeds from sales and maturities of securities in the Condensed Consolidated Statements of Cash Flows. | |
HTM Securities. All of our HTM securities are restricted funds. We had $10 million and $3 million of money market securities classified as Current Assets - Other on the Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014, respectively. These securities are restricted pursuant to certain Express-Platte debt agreements. | |
At March 31, 2015, the weighted-average contractual maturity of outstanding HTM securities was less than one year. | |
There were no material gross unrecognized holding gains or losses associated with investments in HTM securities at March 31, 2015 or December 31, 2014. |
Debt_and_Credit_Facility
Debt and Credit Facility | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Debt and Credit Facility | 5. Debt and Credit Facility | ||||||||||||||
Available Credit Facility and Restricted Debt Covenants | |||||||||||||||
Expiration Date | Total Credit Facility Capacity | Commercial | Available | ||||||||||||
Paper Outstanding at | Credit Facility | ||||||||||||||
March 31, | Capacity | ||||||||||||||
2015 | |||||||||||||||
(in millions) | |||||||||||||||
Spectra Energy Partners, LP | 2019 | $ | 2,000 | $ | 121 | $ | 1,879 | ||||||||
The issuances of commercial paper, letters of credit and revolving borrowings reduce the amount available under the credit facility. As of March 31, 2015, 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 March 31, 2015, 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 debt and credit agreements do not contain provisions that trigger an acceleration of indebtedness based solely on the occurrence of a material adverse change in our financial condition or results of operations. | |||||||||||||||
As noted above, the terms of our credit agreements require us to maintain a ratio of total Consolidated Indebtedness-to-Consolidated EBITDA, as defined in the agreement, of 5.0 to 1 or less. As of March 31, 2015, this ratio was 3.8 to 1. | |||||||||||||||
Debt Issuances. On March 12, 2015, we issued $1.0 billion aggregate principal amount of senior unsecured notes, comprised of $500 million of 3.50% senior notes due in 2025 and $500 million of 4.50% senior notes due in 2045. Net proceeds from the offering were used to repay a portion of outstanding commercial paper, to fund capital expenditures and for general partnership purposes. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Fair Value Measurements | 6. 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. There were no liabilities measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014. | ||||||||||||||||||
Description | Condensed Consolidated Balance Sheet Caption | 31-Mar-15 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
(in millions) | ||||||||||||||||||
Corporate debt securities | Cash and cash equivalents | $ | 153 | $ | — | $ | 153 | $ | — | |||||||||
Interest rate swaps | Investments and other assets — other | 13 | — | 13 | — | |||||||||||||
Total Assets | $ | 166 | $ | — | $ | 166 | $ | — | ||||||||||
Description | Condensed Consolidated Balance Sheet Caption | 31-Dec-14 | ||||||||||||||||
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-Mar-15 | 31-Dec-14 | |||||||||||||||||
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) | 6,184 | 6,685 | 5,184 | 5,554 | ||||||||||||||
(a) | Included within Investments in and Loans to Unconsolidated Affiliates. | |||||||||||||||||
(b) | Excludes unamortized items and fair value hedge carrying value adjustments. | |||||||||||||||||
The fair value of our long-term debt is determined based on market-based prices as described in the Level 2 valuation technique described above and is classified as Level 2. | ||||||||||||||||||
The fair values of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, 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 three month periods ended March 31, 2015 and 2014, there were no material adjustments to assets and liabilities measured at fair value on a nonrecurring basis. |
Risk_Management_and_Hedging_Ac
Risk Management and Hedging Activities | 3 Months Ended |
Mar. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management and Hedging Activities | 7. Risk Management and Hedging Activities |
Changes in interest rates expose us to risk as a result of our issuance of variable and fixed-rate debt and commercial paper. We are exposed to foreign currency risk from the Canadian portion of Express-Platte. We employ established policies and procedures to manage our risks associated with these market fluctuations, which may include the use of derivatives, mostly around interest rate exposures. 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 Condensed Consolidated Statements of Operations. There were no significant amounts of gains or losses recognized in net income during the three months ended March 31, 2015. | |
At March 31, 2015, 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 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. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies |
Environmental | |
We are subject to various U.S. federal, state and local laws and regulations, as well as Canadian federal and provincial laws, regarding air and water quality, hazardous and solid waste disposal and other environmental matters. These laws and regulations can change from time to time, imposing new obligations on us. | |
Like others in the energy industry, we and our affiliates are responsible for environmental remediation at various contaminated sites. These include some properties that are part of our ongoing operations, sites formerly owned or used by us, and sites owned by third parties. Remediation typically involves management of contaminated soils and may involve groundwater remediation. Managed in conjunction with relevant federal, state/provincial and local agencies, activities vary with site conditions and locations, remedial requirements, complexity and sharing of responsibility. If remediation activities involve statutory joint and several liability provisions, strict liability, or cost recovery or contribution actions, we or our affiliates could potentially be held responsible for contamination caused by other parties. In some instances, we may share liability associated with contamination with other potentially responsible parties, and may also benefit from contractual indemnities that cover some or all cleanup costs. All of these sites generally are managed in the normal course of business or affiliated operations. | |
Litigation | |
Litigation and Legal Proceedings. We are involved in legal, tax and regulatory proceedings in various forums arising in the ordinary course of business, including matters regarding contract and payment claims, some of which involve substantial monetary amounts. We have insurance coverage for certain of these losses should they be incurred. We believe that the final disposition of these proceedings will not have a material effect on our consolidated results of operations, financial position or cash flows. | |
Legal costs related to the defense of loss contingencies are expensed as incurred. We had no material reserves for legal matters recorded as of March 31, 2015 or December 31, 2014 related to litigation. |
Issuances_of_Common_Units
Issuances of Common Units | 3 Months Ended |
Mar. 31, 2015 | |
Issuances of Common Units [Abstract] | |
Issuances of Common Units | 9. Issuances of Common Units |
During the three months ended March 31, 2015, we issued 0.8 million common units to the public under our at-the-market program, and approximately 16,000 general partner units to Spectra Energy. Total net proceeds were $40 million, including $1 million of proceeds from Spectra Energy. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 10. New Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which supersedes the revenue recognition requirements of “Revenue Recognition (Topic 605)” and clarifies the principles of recognizing revenue. This ASU is effective for us January 1, 2017. In April 2015, the FASB tentatively decided to defer the effective date of the new revenue standard for one year and to permit entities to early adopt the standard as of the original effective date. We are currently evaluating this ASU and its potential impact on us. | |
In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis", which makes changes to both the variable interest model and the voting model. These changes will require re-evaluation of certain entities for consolidation and will require us to revise our documentation regarding the consolidation or deconsolidation of such entities. ASU No. 2015-02 is effective for us January 1, 2016. We are currently evaluating this ASU and its potential impact on us. | |
In April 2015, the FASB issued ASU No. 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, rather than as a deferred charge asset. ASU No. 2015-03 is effective for us January 1, 2016 and is to be applied retrospectively. This ASU is not expected to have a material impact on our consolidated results of operations, financial position or cash flow. | |
In April 2015, the FASB issued ASU No. 2015-06, “Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (a consensus of the FASB Emerging Issues Task Force),” which applies to master limited partnerships that receive net assets through a dropdown transaction. ASU 2015-06 specifies that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. ASU 2015-06 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and will be applied retrospectively. Earlier application is permitted. We are currently evaluating this ASU and its potential impact on us. |
Summary_of_Operations_and_Sign
Summary of Operations and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy | Use of Estimates. To conform with generally accepted accounting principles (GAAP) in the United States, we make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements. Although these estimates are based on our best available knowledge at the time, actual results could differ. |
Fair Value Measurement, Policy | Level 1 |
Level 1 valuations represent quoted unadjusted prices for identical instruments in active markets. | |
Level 2 Valuation Techniques | |
Fair values of our financial instruments that are actively traded in the secondary market, including our long-term debt, are determined based on market-based prices. These valuations may include inputs such as quoted market prices of the exact or similar instruments, broker or dealer quotations, or alternative pricing sources that may include models or matrix pricing tools, with reasonable levels of price transparency. | |
For interest rate swaps, we utilize data obtained from a third-party source for the determination of fair value. Both the future cash flows for the fixed-leg and floating-leg of our swaps are discounted to present value. | |
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. | |
Derivatives, Offsetting Fair Value Amounts, Policy | 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 Condensed Consolidated Statements of Operations. |
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Business Segment Data | Business Segment Data | |||||||||||
Condensed Consolidated Statements of Operations | Total Operating Revenues | Depreciation and Amortization | Segment EBITDA/Consolidated Earnings Before Income Taxes | |||||||||
(in millions) | ||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||
U.S. Transmission | $ | 522 | $ | 65 | $ | 389 | ||||||
Liquids | 84 | 8 | 64 | |||||||||
Total reportable segments | 606 | 73 | 453 | |||||||||
Other | — | — | (17 | ) | ||||||||
Depreciation and amortization | — | — | 73 | |||||||||
Interest expense | — | — | 57 | |||||||||
Other income | — | — | (3 | ) | ||||||||
Total consolidated | $ | 606 | $ | 73 | $ | 303 | ||||||
Three Months Ended March 31, 2014 | ||||||||||||
U.S. Transmission | $ | 500 | $ | 65 | $ | 374 | ||||||
Liquids | 81 | 8 | 58 | |||||||||
Total reportable segments | 581 | 73 | 432 | |||||||||
Other | — | — | (19 | ) | ||||||||
Depreciation and amortization | — | — | 73 | |||||||||
Interest expense | — | — | 67 | |||||||||
Other income | — | — | (1 | ) | ||||||||
Total consolidated | $ | 581 | $ | 73 | $ | 272 | ||||||
Net_Income_Per_Limited_Partner1
Net Income Per Limited Partner Unit and Cash Distributions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity [Abstract] | |||||||||
Net Income Per Limited Partner Unit Calculations | The following table presents our net income per limited partner unit calculations: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in millions, except per unit amounts) | |||||||||
Net income—controlling interests | $ | 293 | $ | 242 | |||||
Less: | |||||||||
General partner’s interest in net income—2% | 6 | 5 | |||||||
General partner’s interest in net income attributable to incentive distribution rights | 51 | 37 | |||||||
Limited partners’ interest in net income | $ | 236 | $ | 200 | |||||
Weighted average limited partner units outstanding—basic and diluted | 295 | 284 | |||||||
Net income per limited partner unit—basic and diluted | $ | 0.8 | $ | 0.7 | |||||
Incentive Distribution Rights in Accordance with Partnership Agreement | 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 | % |
Debt_and_Credit_Facility_Table
Debt and Credit Facility (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Debt and Credit Facility Summary | Available Credit Facility and Restricted Debt Covenants | ||||||||||||||
Expiration Date | Total Credit Facility Capacity | Commercial | Available | ||||||||||||
Paper Outstanding at | Credit Facility | ||||||||||||||
March 31, | Capacity | ||||||||||||||
2015 | |||||||||||||||
(in millions) | |||||||||||||||
Spectra Energy Partners, LP | 2019 | $ | 2,000 | $ | 121 | $ | 1,879 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following presents, for each of the fair value hierarchy levels, assets that are measured at fair value on a recurring basis. There were no liabilities measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014. | |||||||||||||||||
Description | Condensed Consolidated Balance Sheet Caption | 31-Mar-15 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
(in millions) | ||||||||||||||||||
Corporate debt securities | Cash and cash equivalents | $ | 153 | $ | — | $ | 153 | $ | — | |||||||||
Interest rate swaps | Investments and other assets — other | 13 | — | 13 | — | |||||||||||||
Total Assets | $ | 166 | $ | — | $ | 166 | $ | — | ||||||||||
Description | Condensed Consolidated Balance Sheet Caption | 31-Dec-14 | ||||||||||||||||
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-Mar-15 | 31-Dec-14 | |||||||||||||||||
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) | 6,184 | 6,685 | 5,184 | 5,554 | ||||||||||||||
(a) | Included within Investments in and Loans to Unconsolidated Affiliates. | |||||||||||||||||
(b) | Excludes unamortized items and fair value hedge carrying value adjustments. |
General_Details
General (Details) | Mar. 31, 2015 |
Spectra Energy Corp | |
Business Acquisition | |
Ownership percentage by parent | 82.00% |
Publicly Owned | |
Business Acquisition | |
Ownership percentage by public | 18.00% |
Business_Segments_Additional_I
Business Segments (Additional Information) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
reportable_segements | |
Segment Reporting Information | |
Number of reportable segments | 2 |
Business_Segment_Data_Details
Business Segment Data (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information | ||
Total operating revenues | $606 | $581 |
Depreciation and amortization | 73 | 73 |
Interest expense | 57 | 67 |
Other income | -3 | -1 |
Earnings from continuing operations before income taxes | 303 | 272 |
Total Operating Segments | ||
Segment Reporting Information | ||
Earnings before interest taxes depreciation and amortization | 453 | 432 |
US Transmission | ||
Segment Reporting Information | ||
Total operating revenues | 522 | 500 |
Earnings before interest taxes depreciation and amortization | 389 | 374 |
Depreciation and amortization | 65 | 65 |
Liquids | ||
Segment Reporting Information | ||
Total operating revenues | 84 | 81 |
Earnings before interest taxes depreciation and amortization | 64 | 58 |
Depreciation and amortization | 8 | 8 |
Other | ||
Segment Reporting Information | ||
Earnings before interest taxes depreciation and amortization | ($17) | ($19) |
Net_Income_Per_Limited_Partner2
Net Income Per Limited Partner Unit and Cash Distributions (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Related Party Transaction [Line Items] | ||
Net income-controlling interests | $293 | $242 |
Less: General partner’s interest in net income | 57 | 42 |
Limited partners' interest in net income | 236 | 200 |
Weighted-average limited partner units outstanding—basic and diluted | 295 | 284 |
Net income per limited partner unit-basic and diluted (in dollars per share) | $0.80 | $0.70 |
Partnership Interest | ||
Related Party Transaction [Line Items] | ||
Less: General partner’s interest in net income | 6 | 5 |
General partner's interest in net income, ownership interest percentage | 2.00% | 2.00% |
Incentive Distribution Rights | ||
Related Party Transaction [Line Items] | ||
Less: General partner’s interest in net income | $51 | $37 |
Net_Income_Per_Limited_Partner3
Net Income Per Limited Partner Unit and Cash Distributions - Incentive Distribution Rights in Accordance with Partnership Agreement (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Minimum Quarterly 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 | |
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% |
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% |
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% |
Target Distribution 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% |
Minimum | Minimum Quarterly Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per share) | 0.3 |
Minimum | Second Target Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per share) | 0.345 |
Minimum | Third Target Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per share) | 0.375 |
Minimum | Target Distribution Thereafter | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per share) | 0.45 |
Maximum | First Target Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per share) | 0.345 |
Maximum | Second Target Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per share) | 0.375 |
Maximum | Third Target Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Total Quarterly Distribution Target Per-Unit Amount (in dollars per share) | 0.45 |
Net_Income_Per_Limited_Partner4
Net Income Per Limited Partner Unit and Cash Distributions (Additional Information) (Details) (USD $) | 3 Months Ended | 0 Months Ended |
Mar. 31, 2015 | 6-May-15 | |
Equity [Abstract] | ||
Distribution Made To Member Or Limited Partner Distribution Period | 60 days | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Distributions to be paid to unit holders | $0.60 | |
Distribution to limited partner, declaration date | 6-May-15 | |
Distribution made to limited partner, distribution date | 29-May-15 | |
Distribution made to limited partner, date of record | 15-May-15 |
Marketable_Securities_and_Rest1
Marketable Securities and Restricted Funds - Schedule of Held-to-Maturity Securities (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Current Assets - Other | Money Market Funds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, fair value | 10 | $3 |
Maximum | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, contractual maturity | 1 year |
Debt_and_Credit_Facility_Debt_
Debt and Credit Facility - Debt Issuance (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Mar. 12, 2015 |
Debt Instrument [Line Items] | |
Unsecured senior notes issued | $1,000 |
Senior notes 4.5% due 2045 | |
Debt Instrument [Line Items] | |
Unsecured senior notes issued | 500 |
Debt instrument, interest rate, stated percentage | 4.50% |
Debt instrument year of maturity | 2045 |
Senior notes 3.5% due 2025 | |
Debt Instrument [Line Items] | |
Unsecured senior notes issued | $500 |
Debt instrument, interest rate, stated percentage | 3.50% |
Debt instrument year of maturity | 2025 |
Debt_and_Credit_Facility_Addit
Debt and Credit Facility (Additional Information) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Expiration Date | 2019 | |
Total Credit Facility Capacity | $2,000 | |
Commercial Paper Outstanding at March 31, 2015 | 121 | 907 |
Available Credit Facility Capacity | $1,879 | |
Debt To EBITDA Ratio | 3.8 | |
Maximum | ||
Line of Credit Facility [Line Items] | ||
Debt To EBITDA Ratio | 5 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Hierarchy Levels, Assets that are Measured at Fair Value on a Recurring Basis (Details) (Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Financial Instruments [Line Items] | ||
Assets, Fair Value Disclosure | $166 | $48 |
Fair Value, Inputs, Level 2 | ||
Financial Instruments [Line Items] | ||
Assets, Fair Value Disclosure | 166 | 48 |
Corporate Debt Securities | Cash and Cash Equivalents | ||
Financial Instruments [Line Items] | ||
Assets, Fair Value Disclosure | 153 | 43 |
Corporate Debt Securities | Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Financial Instruments [Line Items] | ||
Assets, Fair Value Disclosure | 153 | 43 |
Interest Rate Swap | Other Assets | ||
Financial Instruments [Line Items] | ||
Assets, Fair Value Disclosure | 13 | 5 |
Interest Rate Swap | Other Assets | Fair Value, Inputs, Level 2 | ||
Financial Instruments [Line Items] | ||
Assets, Fair Value Disclosure | $13 | $5 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements - Fair Values of Financial Instruments Recorded and Carried at Book Value (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Book Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||||
Note receivable, noncurrent | $71 | [1] | $71 | [1] |
Long-term debt, including current maturities | 6,184 | [2] | 5,184 | [2] |
Approximate Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||||
Note receivable, noncurrent | 71 | [1] | 71 | [1] |
Long-term debt, including current maturities | $6,685 | [2] | $5,554 | [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_Ac1
Risk Management and Hedging Activities (Details) (Interest Rate Swap, USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Interest Rate Swap | |
Derivative [Line Items] | |
Derivative, Notional Amount | $300 |
Issuances_of_Common_Units_Addi
Issuances of Common Units (Additional Information) (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Issuances of Common Units [Line Items] | ||
Net proceeds from issuance of common units | $40 | $53 |
Limited Partners Common | ||
Issuances of Common Units [Line Items] | ||
Partners units issued (in shares) | 800 | |
General Partner | ||
Issuances of Common Units [Line Items] | ||
Partners units issued (in shares) | 16 | |
Net proceeds from issuance of common units | $1 |