Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2015shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | SEP |
Entity Registrant Name | SPECTRA ENERGY PARTNERS, LP |
Entity Central Index Key | 1,394,074 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 301,976,934 |
Entity General Partner, Units Outstanding | 6,162,795 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Revenues | ||||
Transportation of natural gas | $ 461 | $ 409 | $ 1,379 | $ 1,237 |
Transportation of crude oil | 93 | 77 | 267 | 218 |
Storage of natural gas and other | 58 | 72 | 175 | 215 |
Total operating revenues | 612 | 558 | 1,821 | 1,670 |
Operating Expenses | ||||
Operating, maintenance and other | 184 | 175 | 543 | 497 |
Depreciation and amortization | 74 | 73 | 220 | 216 |
Property and other taxes | 35 | 30 | 106 | 120 |
Total operating expenses | 293 | 278 | 869 | 833 |
Operating Income | 319 | 280 | 952 | 837 |
Other Income and Expenses | ||||
Earnings from equity investments | 49 | 36 | 134 | 93 |
Other income and expenses, net | 23 | 10 | 49 | 19 |
Total other income and expenses | 72 | 46 | 183 | 112 |
Interest Expense | 59 | 54 | 179 | 183 |
Earnings Before Income Taxes | 332 | 272 | 956 | 766 |
Income Tax Expense | 1 | 1 | 8 | 29 |
Net Income | 331 | 271 | 948 | 737 |
Net Income—Noncontrolling Interests | 10 | 7 | 27 | 16 |
Net Income—Controlling Interests | 321 | 264 | 921 | 721 |
Calculation of Limited Partners’ Interest in Net Income: | ||||
Net Income—Controlling Interests | 321 | 264 | 921 | 721 |
Less: General partner’s interest in net income | 66 | 48 | 184 | 135 |
Limited partners’ interest in net income | $ 255 | $ 216 | $ 737 | $ 586 |
Weighted-average limited partner units outstanding—basic and diluted | 301 | 288 | 297 | 286 |
Net income per limited partner unit—basic and diluted | $ 0.85 | $ 0.75 | $ 2.48 | $ 2.05 |
Distributions paid per limited partner unit | $ 0.61375 | $ 0.56625 | $ 1.80375 | $ 1.66875 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Income | $ 331 | $ 271 | $ 948 | $ 737 |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (10) | (9) | (23) | (8) |
Total other comprehensive loss | (10) | (9) | (23) | (8) |
Total Comprehensive Income | 321 | 262 | 925 | 729 |
Less: Comprehensive Income—Noncontrolling Interests | 10 | 7 | 27 | 16 |
Comprehensive Income—Controlling Interests | $ 311 | $ 255 | $ 898 | $ 713 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 291 | $ 140 |
Receivables, net | 299 | 306 |
Inventory | 41 | 42 |
Fuel tracker | 56 | 44 |
Other | 33 | 23 |
Total current assets | 720 | 555 |
Investments and Other Assets | ||
Investments in and loans to unconsolidated affiliates | 1,619 | 1,589 |
Goodwill | 3,234 | 3,244 |
Other | 45 | 8 |
Total investments and other assets | 4,898 | 4,841 |
Property, Plant and Equipment | ||
Cost | 16,778 | 15,594 |
Less accumulated depreciation and amortization | 3,569 | 3,459 |
Net property, plant and equipment | 13,209 | 12,135 |
Regulatory Assets and Deferred Debits | 297 | 262 |
Total Assets | 19,124 | 17,793 |
Current Liabilities | ||
Accounts payable | 414 | 246 |
Commercial paper | 0 | 907 |
Taxes accrued | 66 | 63 |
Interest accrued | 36 | 60 |
Current Maturities of long-term debt | 287 | 36 |
Other | 511 | 170 |
Total current liabilities | 1,314 | 1,482 |
Long-term Debt | 5,891 | 5,149 |
Deferred Credits and Other Liabilities | ||
Deferred income taxes | 38 | 37 |
Regulatory and other | 127 | 119 |
Total deferred credits and other liabilities | $ 165 | $ 156 |
Commitments and Contingencies | ||
Partners’ Capital | ||
Common units (302.0 million and 294.7 million units issued and outstanding at September 30, 2015 and December 31, 2014, respectively) | $ 11,025 | $ 10,474 |
General partner units (6.2 million and 6.0 million units issued and outstanding at September 30, 2015 and December 31, 2014, respectively) | 332 | 284 |
Accumulated other comprehensive loss | (43) | (20) |
Total partners’ capital | 11,314 | 10,738 |
Noncontrolling interests | 440 | 268 |
Total equity | 11,754 | 11,006 |
Total Liabilities and Equity | $ 19,124 | $ 17,793 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - shares shares in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Common units, units issued | 302 | 294.7 |
Common units, units outstanding | 302 | 294.7 |
General partner units, units issued | 6.2 | 6 |
General partner units, units outstanding | 6.2 | 6 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 948 | $ 737 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 226 | 223 |
Deferred income tax expense | 2 | 25 |
Earnings from equity investments | (134) | (93) |
Distributions received from unconsolidated affiliates | 146 | 92 |
Other | (58) | (71) |
Net cash provided by operating activities | 1,130 | 913 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (1,161) | (755) |
Investments in and loans to unconsolidated affiliates | (91) | (134) |
Purchases of held-to-maturity securities | (33) | (31) |
Proceeds from sales and maturities of held-to-maturity securities | 25 | 24 |
Distributions received from unconsolidated affiliates | 440 | 150 |
Other changes in restricted funds | (15) | 0 |
Other | 0 | 1 |
Net cash used in investing activities | (835) | (745) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 994 | 0 |
Payments for the redemption of long-term debt | (16) | (427) |
Net increase (decrease) in commercial paper | (907) | 475 |
Distributions to noncontrolling interests | (23) | (22) |
Contributions from noncontrolling interests | 164 | 139 |
Proceeds from the issuances of units | 358 | 283 |
Distributions to partners | (705) | (601) |
Other | (9) | 0 |
Net cash used in financing activities | (144) | (153) |
Net increase in cash and cash equivalents | 151 | 15 |
Cash and cash equivalents at beginning of period | 140 | 121 |
Cash and cash equivalents at end of period | 291 | 136 |
Supplemental Disclosures | ||
Property, plant and equipment non-cash accruals | $ 202 | $ 106 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | Limited Partners Common | General Partner | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning balance at Dec. 31, 2013 | $ 10,141 | $ 9,778 | $ 241 | $ (5) | $ 127 |
Increase (Decrease) in Equity | |||||
Net income | 737 | 586 | 135 | 16 | |
Other comprehensive loss | (8) | (8) | |||
Adjustment to purchase price under net acquired assets from dropdowns | 11 | 11 | |||
Attributed deferred tax benefit | 10 | 9 | 1 | ||
Issuances of units | 283 | 277 | 6 | ||
Distributions to partners | (601) | (478) | (123) | ||
Contributions from noncontrolling interests | 139 | 139 | |||
Distributions to noncontrolling interests | (22) | (22) | |||
Other, net | (2) | (2) | |||
Ending balance at Sep. 30, 2014 | 10,688 | 10,172 | 268 | (13) | 261 |
Beginning balance at Dec. 31, 2014 | 11,006 | 10,474 | 284 | (20) | 268 |
Increase (Decrease) in Equity | |||||
Net income | 948 | 737 | 184 | 27 | |
Other comprehensive loss | (23) | (23) | |||
Attributed deferred tax benefit | 29 | 25 | 4 | ||
Issuances of units | 358 | 351 | 7 | ||
Distributions to partners | (705) | (537) | (168) | ||
Contributions from noncontrolling interests | 164 | 164 | |||
Distributions to noncontrolling interests | (23) | (23) | |||
Ending balance at Sep. 30, 2015 | $ 11,754 | $ 11,025 | $ 332 | $ (43) | $ 440 |
General
General | 9 Months Ended |
Sep. 30, 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 September 30, 2015 , Spectra Energy Corp (Spectra Energy) and its subsidiaries collectively owned 80% of us and the remaining 20% 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 | 9 Months Ended |
Sep. 30, 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 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, the DOT 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 September 30, 2015 U.S. Transmission $ 515 $ 67 $ 401 Liquids 97 7 79 Total reportable segments 612 74 480 Other — — (13 ) Depreciation and amortization — — 74 Interest expense — — 59 Interest income and other — — (2 ) Total consolidated $ 612 $ 74 $ 332 Three Months Ended September 30, 2014 U.S. Transmission $ 477 $ 64 $ 352 Liquids 81 9 60 Total reportable segments 558 73 412 Other — — (11 ) Depreciation and amortization — — 73 Interest expense — — 54 Interest income and other — — (2 ) Total consolidated $ 558 $ 73 $ 272 Nine Months Ended September 30, 2015 U.S. Transmission $ 1,546 $ 197 $ 1,186 Liquids 275 23 221 Total reportable segments 1,821 220 1,407 Other — — (48 ) Depreciation and amortization — — 220 Interest expense — — 179 Interest income and other — — (4 ) Total consolidated $ 1,821 $ 220 $ 956 Nine Months Ended September 30, 2014 U.S. Transmission $ 1,431 $ 192 $ 1,046 Liquids 239 24 169 Total reportable segments 1,670 216 1,215 Other — — (48 ) Depreciation and amortization — — 216 Interest expense — — 183 Interest income and other — — (2 ) Total consolidated $ 1,670 $ 216 $ 766 |
Transaction with Affiliate
Transaction with Affiliate | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Transaction with Affiliate During the third quarter of 2015, Gulfstream issued unsecured debt of $800 million to fund the repayment of its current debt. Gulfstream distributed $396 million of proceeds to us, which we will contribute back to Gulfstream as its current debt matures, $248 million in the fourth quarter of 2015 and the remaining $148 million in the first half of 2016. At September 30, 2015, our Condensed Consolidated Balance Sheets include $396 million in Current Liabilities - Other related to this matter. |
Net Income Per Limited Partner
Net Income Per Limited Partner Unit and Cash Distributions | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Net Income Per Limited Partner Unit and Cash Distributions | 4. Net Income Per Limited Partner Unit and Cash Distributions The following table presents our net income per limited partner unit calculations: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions, except per unit amounts) Net income—controlling interests $ 321 $ 264 $ 921 $ 721 Less: General partner’s interest in net income—2% 6 6 18 15 General partner’s interest in net income attributable to incentive distribution rights 60 42 166 120 Limited partners’ interest in net income $ 255 $ 216 $ 737 $ 586 Weighted average limited partner units outstanding—basic and diluted 301 288 297 286 Net income per limited partner unit—basic and diluted $ 0.85 $ 0.75 $ 2.48 $ 2.05 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 Unitholders General 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 $0.62625 per limited partner unit was declared on October 19, 2015 and is payable on November 25, 2015 to unitholders of record at the close of business on October 29, 2015 . |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | 5. 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. We completed our annual goodwill impairment test as of April 1, 2015 and no impairments were identified. 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. |
Marketable Securities and Restr
Marketable Securities and Restricted Funds | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities and Restricted Funds | 6. 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 $11 million and $3 million of money market securities classified as Current Assets - Other on the Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014 , respectively. These securities are restricted pursuant to certain Express-Platte debt agreements. At September 30, 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 September 30, 2015 or December 31, 2014 . Other Restricted Funds. In addition to the HTM securities that were restricted funds as described above, we had other restricted funds totaling $15 million at September 30, 2015 classified as Investments and Other Assets - Other. These restricted funds are related to certain construction projects. Changes in restricted balances are presented within Cash Flows from Investing Activities on our Condensed Consolidated Statements of Cash Flows. |
Debt and Credit Facility
Debt and Credit Facility | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facility | 7. Debt and Credit Facility Available Credit Facility and Restricted Debt Covenants Expiration Date Total Credit Facility Capacity Commercial Available Credit Facility Capacity (in millions) Spectra Energy Partners, LP 2019 $ 2,000 $ — $ 2,000 The issuances of commercial paper, letters of credit and revolving borrowings reduce the amount available under the credit facility. As of September 30, 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 September 30, 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 September 30, 2015 , this ratio was 3.4 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 | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. 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 September 30, 2015 and December 31, 2014 . Description Condensed Consolidated Balance Sheet Caption September 30, 2015 Total Level 1 Level 2 Level 3 (in millions) Corporate debt securities Cash and cash equivalents $ 226 $ — $ 226 $ — Interest rate swaps Investments and other assets — other 26 — 26 — Total Assets $ 252 $ — $ 252 $ — Description Condensed Consolidated Balance Sheet Caption December 31, 2014 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. September 30, 2015 December 31, 2014 Book Value Approximate Fair Value Book Value Approximate Fair Value (in millions) Note receivable, noncurrent (a) $ 71 $ 71 $ 71 $ 71 Long-term debt, including current maturities (b) 6,169 6,217 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, note 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 nine months ended September 30, 2015 and 2014 , there were no material adjustments to assets and liabilities measured at fair value on a nonrecurring basis. |
Risk Management and Hedging Act
Risk Management and Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management and Hedging Activities | 9. 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 (Express Canada). 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 nine months ended September 30, 2015 . At September 30, 2015 , we had “pay floating — receive fixed” interest rate swaps outstanding with a total notional amount of $900 million to hedge against changes in the fair value of our fixed-rate debt that arise as a result of changes in market interest rates . These swaps also allow us to transform a portion of the underlying interest payments related to our long-term fixed-rate debt securities into variable-rate interest payments in order to achieve our desired mix of fixed and variable-rate debt. Information about our interest rate swaps that had netting or rights of offset arrangements are as follows: September 30, 2015 December 31, 2014 Gross Amounts Presented in the Condensed Consolidated Balance Sheets Amounts Not Offset in the Condensed Consolidated Balance Sheets Net Amount Gross Amounts Presented in the Condensed Consolidated Balance Sheets Amounts Not Offset in the Condensed Consolidated Balance Sheets Net Amount Description (in millions) Assets $ 26 $ — $ 26 $ 5 $ — $ 5 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Environmental We are subject to various U.S. federal, state and local laws and regulations, as well as Canadian federal and provincial laws, regarding air and water quality, hazardous and solid waste disposal and other environmental matters. These laws and regulations can change from time to time, imposing new obligations on us. Like others in the energy industry, we and our affiliates are responsible for environmental remediation at various contaminated sites. These include some properties that are part of our ongoing operations, sites formerly owned or used by us, and sites owned by third parties. Remediation typically involves management of contaminated soils and may involve groundwater remediation. Managed in conjunction with relevant federal, state/provincial and local agencies, activities vary with site conditions and locations, remedial requirements, complexity and sharing of responsibility. If remediation activities involve statutory joint and several liability provisions, strict liability, or cost recovery or contribution actions, we or our affiliates could potentially be held responsible for contamination caused by other parties. In some instances, we may share liability associated with contamination with other potentially responsible parties, and may also benefit from contractual indemnities that cover some or all cleanup costs. All of these sites generally are managed in the normal course of business or affiliated operations. We believe there are no matters outstanding that upon resolution will have a material effect on our consolidated results of operations, financial position or cash flows. Litigation Litigation and Legal Proceedings. We are involved in legal, tax and regulatory proceedings in various forums arising in the ordinary course of business, including matters regarding contract and payment claims, some of which involve substantial monetary amounts. We have insurance coverage for certain of these losses should they be incurred. We believe that the final disposition of these proceedings will not have a material effect on our consolidated results of operations, financial position or cash flows. Legal costs related to the defense of loss contingencies are expensed as incurred. We had no material reserves for legal matters recorded as of September 30, 2015 or December 31, 2014 related to litigation. |
Issuances of Common Units
Issuances of Common Units | 9 Months Ended |
Sep. 30, 2015 | |
Issuances of Common Units [Abstract] | |
Issuances of Common Units | 11. Issuances of Common Units During the nine months ended September 30, 2015 , we issued 7.3 million common units to the public under our at-the-market program, and approximately 149,000 general partner units to Spectra Energy. Total net proceeds were $358 million , including approximately $7 million of proceeds from Spectra Energy. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 12. 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. In July 2015, the FASB 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. This ASU is effective for us January 1, 2018. 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. We intend to early adopt the provisions of this ASU as of December 31, 2015. 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. We intend to early adopt the provisions of this ASU as of December 31, 2015. We are currently evaluating this ASU and its potential impact on us. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. This ASU is effective for us January 1, 2016. This ASU is not expected to have a material impact on our consolidated results of operations, financial position or cash flow. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments,” to simplify accounting for adjustments made to provisional amounts recognized in a business combination and to eliminate the retrospective accounting for those adjustments. This ASU is effective for us January 1, 2016. This ASU is not expected to have a material impact on our consolidated results of operations, financial position or cash flow. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 13. Subsequent Events On October 18, 2015, we entered into a definitive agreement with Spectra Energy to acquire our 33.3% ownership interests in Sand Hills and Southern Hills. In consideration for this transaction, we retired 21,560,000 of our common units and 440,000 of our general partner units held by Spectra Energy, which will result in the reduction of any associated distribution payable to Spectra Energy, beginning in 2016. There will also be a reduction in the aggregate quarterly distributions, if any, to Spectra Energy, (as holder of incentive distribution rights), by $4 million per quarter for a period of 12 consecutive quarters commencing with the quarter ending on December 31, 2015 and ending with the quarter ending on September 30, 2018. This transaction was completed on October 30, 2015. On November 4, 2015, we acquired the remaining 0.1% ownership interest in SESH from Spectra Energy. Total consideration was 17,114 newly issued common units. This is the last of three planned transactions related to Spectra Energy contributing all of its remaining U.S. transmission, storage, and liquids assets to us (the U.S. Assets Dropdown). Also, in connection with this transaction, we issued 342 of 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. |
Summary of Operations and Signi
Summary of Operations and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Goodwill Policy [Policy Text Block] | 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. We completed our annual goodwill impairment test as of April 1, 2015 and no impairments were identified. 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. |
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) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 U.S. Transmission $ 515 $ 67 $ 401 Liquids 97 7 79 Total reportable segments 612 74 480 Other — — (13 ) Depreciation and amortization — — 74 Interest expense — — 59 Interest income and other — — (2 ) Total consolidated $ 612 $ 74 $ 332 Three Months Ended September 30, 2014 U.S. Transmission $ 477 $ 64 $ 352 Liquids 81 9 60 Total reportable segments 558 73 412 Other — — (11 ) Depreciation and amortization — — 73 Interest expense — — 54 Interest income and other — — (2 ) Total consolidated $ 558 $ 73 $ 272 Nine Months Ended September 30, 2015 U.S. Transmission $ 1,546 $ 197 $ 1,186 Liquids 275 23 221 Total reportable segments 1,821 220 1,407 Other — — (48 ) Depreciation and amortization — — 220 Interest expense — — 179 Interest income and other — — (4 ) Total consolidated $ 1,821 $ 220 $ 956 Nine Months Ended September 30, 2014 U.S. Transmission $ 1,431 $ 192 $ 1,046 Liquids 239 24 169 Total reportable segments 1,670 216 1,215 Other — — (48 ) Depreciation and amortization — — 216 Interest expense — — 183 Interest income and other — — (2 ) Total consolidated $ 1,670 $ 216 $ 766 |
Net Income Per Limited Partne23
Net Income Per Limited Partner Unit and Cash Distributions (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2015 2014 2015 2014 (in millions, except per unit amounts) Net income—controlling interests $ 321 $ 264 $ 921 $ 721 Less: General partner’s interest in net income—2% 6 6 18 15 General partner’s interest in net income attributable to incentive distribution rights 60 42 166 120 Limited partners’ interest in net income $ 255 $ 216 $ 737 $ 586 Weighted average limited partner units outstanding—basic and diluted 301 288 297 286 Net income per limited partner unit—basic and diluted $ 0.85 $ 0.75 $ 2.48 $ 2.05 |
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 Unitholders General 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) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facility Summary | Available Credit Facility and Restricted Debt Covenants Expiration Date Total Credit Facility Capacity Commercial Available Credit Facility Capacity (in millions) Spectra Energy Partners, LP 2019 $ 2,000 $ — $ 2,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014 . Description Condensed Consolidated Balance Sheet Caption September 30, 2015 Total Level 1 Level 2 Level 3 (in millions) Corporate debt securities Cash and cash equivalents $ 226 $ — $ 226 $ — Interest rate swaps Investments and other assets — other 26 — 26 — Total Assets $ 252 $ — $ 252 $ — Description Condensed Consolidated Balance Sheet Caption December 31, 2014 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. September 30, 2015 December 31, 2014 Book Value Approximate Fair Value Book Value Approximate Fair Value (in millions) Note receivable, noncurrent (a) $ 71 $ 71 $ 71 $ 71 Long-term debt, including current maturities (b) 6,169 6,217 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. |
Risk Management and Hedging A26
Risk Management and Hedging Activities Derivative Assets and Liabilities Offsetting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Assets and Liabilities Offsetting [Abstract] | |
Derivative Assets And Liabilities Offsetting Table [Text Block] | Information about our interest rate swaps that had netting or rights of offset arrangements are as follows: September 30, 2015 December 31, 2014 Gross Amounts Presented in the Condensed Consolidated Balance Sheets Amounts Not Offset in the Condensed Consolidated Balance Sheets Net Amount Gross Amounts Presented in the Condensed Consolidated Balance Sheets Amounts Not Offset in the Condensed Consolidated Balance Sheets Net Amount Description (in millions) Assets $ 26 $ — $ 26 $ 5 $ — $ 5 |
General (Details)
General (Details) | Sep. 30, 2015 |
Spectra Energy Corp | |
Business Acquisition | |
Ownership percentage by parent | 80.00% |
Publicly Owned | |
Business Acquisition | |
Ownership percentage by public | 20.00% |
Business Segments (Additional I
Business Segments (Additional Information) (Details) | 9 Months Ended |
Sep. 30, 2015reportable_segments | |
Segment Reporting Information | |
Number of reportable segments | 2 |
Business Segment Data (Details)
Business Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information | ||||
Total operating revenues | $ 612 | $ 558 | $ 1,821 | $ 1,670 |
Depreciation and amortization | 74 | 73 | 220 | 216 |
Interest expense | 59 | 54 | 179 | 183 |
Interest income and other | (2) | (2) | (4) | (2) |
Earnings from continuing operations before income taxes | 332 | 272 | 956 | 766 |
Total Operating Segments | ||||
Segment Reporting Information | ||||
Earnings before interest taxes depreciation and amortization | 480 | 412 | 1,407 | 1,215 |
US Transmission | ||||
Segment Reporting Information | ||||
Total operating revenues | 515 | 477 | 1,546 | 1,431 |
Earnings before interest taxes depreciation and amortization | 401 | 352 | 1,186 | 1,046 |
Depreciation and amortization | 67 | 64 | 197 | 192 |
Liquids | ||||
Segment Reporting Information | ||||
Total operating revenues | 97 | 81 | 275 | 239 |
Earnings before interest taxes depreciation and amortization | 79 | 60 | 221 | 169 |
Depreciation and amortization | 7 | 9 | 23 | 24 |
Other | ||||
Segment Reporting Information | ||||
Earnings before interest taxes depreciation and amortization | $ (13) | $ (11) | $ (48) | $ (48) |
Transaction with Affiliate (Det
Transaction with Affiliate (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Mar. 12, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||
Unsecured senior notes issued | $ 1,000 | |||
Distributions received from unconsolidated affiliates | $ 440 | $ 150 | ||
Current Liabilities - Other | 511 | $ 170 | ||
Gulfstream Natural Gas System LLC | Unconsolidated Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Unsecured senior notes issued | 800 | |||
Distributions received from unconsolidated affiliates | 396 | |||
Gulfstream unsecured debt maturing Q42015 | 248 | |||
Gulfstream unsecured debt maturing 1H2016 | 148 | |||
Current Liabilities - Other | $ 396 |
Net Income Per Limited Partne31
Net Income Per Limited Partner Unit and Cash Distributions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Related Party Transaction [Line Items] | ||||
Net income—controlling interests | $ 321 | $ 264 | $ 921 | $ 721 |
Less: General partner’s interest in net income | 66 | 48 | 184 | 135 |
Limited partners’ interest in net income | $ 255 | $ 216 | $ 737 | $ 586 |
Weighted-average limited partner units outstanding—basic and diluted | 301 | 288 | 297 | 286 |
Net income per limited partner unit—basic and diluted | $ 0.85 | $ 0.75 | $ 2.48 | $ 2.05 |
Partnership Interest | ||||
Related Party Transaction [Line Items] | ||||
Less: General partner’s interest in net income | $ 6 | $ 6 | $ 18 | $ 15 |
General partner's interest in net income, ownership interest percentage | 2.00% | 2.00% | 2.00% | 2.00% |
Incentive Distribution Rights | ||||
Related Party Transaction [Line Items] | ||||
Less: General partner’s interest in net income | $ 60 | $ 42 | $ 166 | $ 120 |
Net Income Per Limited Partne32
Net Income Per Limited Partner Unit and Cash Distributions - Incentive Distribution Rights in Accordance with Partnership Agreement (Details) | 9 Months Ended |
Sep. 30, 2015$ / shares | |
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% |
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) | $ 0.30 |
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 | 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 Partne33
Net Income Per Limited Partner Unit and Cash Distributions (Additional Information) (Details) - $ / shares | Oct. 19, 2015 | Sep. 30, 2015 |
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 | $ 0.62625 | |
Distribution to limited partner, declaration date | Oct. 19, 2015 | |
Distribution made to limited partner, distribution date | Nov. 25, 2015 | |
Distribution made to limited partner, date of record | Oct. 29, 2015 |
Marketable Securities and Res34
Marketable Securities and Restricted Funds - Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Current Assets - Other | Money Market Funds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, fair value | $ 11 | $ 3 |
Maximum | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, contractual maturity | 1 year |
Marketable Securities and Res35
Marketable Securities and Restricted Funds Schedule of Gain (Loss) on Investments (Details) $ in Millions | Sep. 30, 2015USD ($) |
Investments and Other Assets | |
Gain (Loss) on Investments [Line Items] | |
Restricted Cash and Cash Equivalents, Noncurrent | $ 15 |
Debt and Credit Facility - Debt
Debt and Credit Facility - Debt Issuance (Details) $ in Millions | Mar. 12, 2015USD ($) |
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 | 2,045 |
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 | 2,025 |
Debt and Credit Facility (Addit
Debt and Credit Facility (Additional Information) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Line of Credit Facility [Line Items] | ||
Expiration Date | 2,019 | |
Total Credit Facility Capacity | $ 2,000 | |
Commercial Paper Outstanding at September 30, 2015 | 0 | $ 907 |
Available Credit Facility Capacity | $ 2,000 | |
Debt To EBITDA Ratio | 3.4 | |
Maximum | ||
Line of Credit Facility [Line Items] | ||
Debt To EBITDA Ratio | 5 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy Levels, Assets that are Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Financial Instruments [Line Items] | ||
Assets, Fair Value Disclosure | $ 252 | $ 48 |
Fair Value, Inputs, Level 2 | ||
Financial Instruments [Line Items] | ||
Assets, Fair Value Disclosure | 252 | 48 |
Corporate Debt Securities | Cash and Cash Equivalents | ||
Financial Instruments [Line Items] | ||
Assets, Fair Value Disclosure | 226 | 43 |
Corporate Debt Securities | Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Financial Instruments [Line Items] | ||
Assets, Fair Value Disclosure | 226 | 43 |
Interest Rate Swap | Other Assets | ||
Financial Instruments [Line Items] | ||
Assets, Fair Value Disclosure | 26 | 5 |
Interest Rate Swap | Other Assets | Fair Value, Inputs, Level 2 | ||
Financial Instruments [Line Items] | ||
Assets, Fair Value Disclosure | $ 26 | $ 5 |
Fair Value Measurements - Fai39
Fair Value Measurements - Fair Values of Financial Instruments Recorded and Carried at Book Value (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Book Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Note receivable, noncurrent | [1] | $ 71 | $ 71 |
Long-term debt, including current maturities | [2] | 6,169 | 5,184 |
Approximate Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Note receivable, noncurrent | [1] | 71 | 71 |
Long-term debt, including current maturities | [2] | $ 6,217 | $ 5,554 |
[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 A40
Risk Management and Hedging Activities (Details) - Interest Rate Swap - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 26 | $ 5 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Derivative Asset | $ 26 | $ 5 |
Risk Management and Hedging A41
Risk Management and Hedging Activities Risk Management and Hedging Activities - Additional Detail (Details) $ in Millions | Sep. 30, 2015USD ($) |
Interest Rate Swap | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 900 |
Issuances of Common Units (Addi
Issuances of Common Units (Additional Information) (Detail) - USD ($) shares in Thousands, $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Issuances of Common Units [Line Items] | ||
Net proceeds from issuance of common units | $ 358 | $ 283 |
Limited Partners Common | ||
Issuances of Common Units [Line Items] | ||
Partners units issued (in shares) | 7,300 | |
General Partner | ||
Issuances of Common Units [Line Items] | ||
Partners units issued (in shares) | 149 | |
Net proceeds from issuance of common units | $ 7 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Nov. 04, 2015 | Oct. 18, 2015 | Sep. 30, 2015 |
Spectra Energy Corp | Southern Hills | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Business disposition, Percentage of Voting Interests | 33.30% | ||
Spectra Energy Corp | Sand Hills | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Business disposition, Percentage of Voting Interests | 33.30% | ||
Spectra Energy Corp | Southeast Supply Header LLC | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 0.10% | ||
Limited Partner | |||
Subsequent Event [Line Items] | |||
Partners units issued (in shares) | 7,300,000 | ||
Limited Partner | US Assets Acquisition | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Partners units issued (in shares) | 17,114 | ||
General Partner | |||
Subsequent Event [Line Items] | |||
Partners units issued (in shares) | 149,000 | ||
General Partner | US Assets Acquisition | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Partners units issued (in shares) | 342 | ||
Sand Hills Southern Hills NGL Pipelines | Limited Partner | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Partners' Capital Account, Units, Redeemed | 21,560,000 | ||
Sand Hills Southern Hills NGL Pipelines | General Partner | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Partners' Capital Account, Units, Redeemed | 440,000 | ||
Sand Hills Southern Hills NGL Pipelines | Incentive Distribution Rights | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Proceeds from Contributions from Parent | $ 4 |