Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 484,885,418 | ||
Entity General Partner, Units Outstanding | 0 | ||
Entity Public Float | $ 3,426,000,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Operating revenues | |||||
Transportation of natural gas | $ 1,331 | $ 1,951 | $ 1,858 | ||
Transportation of crude oil | 394 | 359 | 357 | ||
Storage of natural gas and other | 225 | 223 | 240 | ||
Total operating revenues | 1,950 | 2,533 | 2,455 | ||
Operating expenses | |||||
Operating, maintenance and other | 844 | 822 | 750 | ||
Depreciation and amortization | 346 | 314 | 295 | ||
Property and other taxes | 197 | 169 | 137 | ||
Total operating expenses | 1,387 | 1,305 | 1,182 | ||
Operating income | 563 | 1,228 | 1,273 | ||
Other income and expenses | |||||
Earnings from equity investments | 307 | 127 | 167 | ||
Other income and expenses, net | 117 | 126 | 76 | ||
Total other income and expenses | 424 | 253 | 243 | ||
Interest expense | 265 | 224 | 239 | ||
Earnings before income taxes | 722 | 1,257 | 1,277 | ||
Income tax expense | 19 | 18 | 12 | ||
Net income | 703 | 1,239 | 1,265 | ||
Net income attributable to controlling interests | 609 | 1,161 | 1,225 | ||
Calculation of Limited Partners’ Interest in Net Income: | |||||
Net income attributable to controlling interests | 609 | 1,161 | 1,225 | ||
Net income attributable to general partner | 369 | 311 | 249 | ||
Net income attributable to limited partners | $ 240 | $ 850 | $ 976 | ||
Weighted average limited partners units outstanding — basic and diluted (in units) | 310 | 299 | 296 | ||
Net income per limited partner unit (in dollars per unit) | $ 0.77 | [1] | $ 2.84 | [1] | $ 3.30 |
Distributions paid per limited partner unit (in dollars per unit) | $ 2.83 | $ 2.63 | $ 2.43 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ 94 | $ 78 | $ 40 | ||
[1] | Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding and changes in outstanding units. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 703 | $ 1,239 | $ 1,265 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 15 | 5 | (29) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (3) | 0 | 0 |
Reclassification to net income of gain on cash flow hedges | 0 | 0 | (1) |
Total other comprehensive income (loss) | 12 | 5 | (30) |
Comprehensive income | 715 | 1,244 | 1,235 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 94 | 78 | 40 |
Comprehensive income attributable to controlling interests | $ 621 | $ 1,166 | $ 1,195 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 107 | $ 216 |
Receivables (net of allowance for doubtful accounts of $10 and $6 at December 31, 2017 and 2016, respectively) | 372 | 380 |
Inventory | 40 | 40 |
Other assets, net | 42 | 24 |
Total current assets | 561 | 660 |
Investments and Other Assets | ||
Investments in and loans to unconsolidated affiliates | 3,302 | 1,127 |
Goodwill | 2,957 | 3,234 |
Property, Plant and Equipment | ||
Cost | 18,993 | 19,958 |
Net property, plant and equipment | 14,899 | 16,092 |
Regulatory and other assets | 337 | 493 |
Total Assets | 22,056 | 21,606 |
Current Liabilities | ||
Accounts payable | 259 | 441 |
Commercial paper | 0 | 574 |
Interest payable | 68 | 79 |
Other | 194 | 193 |
Total current liabilities | 1,105 | 1,779 |
Long-term debt | 7,963 | 6,223 |
Partners’ Capital | ||
General partner units | 386 | 452 |
Accumulated other comprehensive loss | (33) | (45) |
Total partners’ capital | 11,536 | 12,057 |
Noncontrolling interests | 365 | 1,347 |
Total Equity | 11,901 | 13,404 |
Total Liabilities and Equity | 22,056 | 21,606 |
Taxes Payable, Current | 84 | 76 |
Long-term Debt, Current Maturities | 500 | 416 |
Deferred Income Tax Liabilities, Net | 46 | 42 |
Regulatory and other liabilities | 1,041 | 158 |
Liabilities | 10,155 | 8,202 |
Common Stock, Value, Outstanding | $ 11,183 | $ 11,650 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Jan. 21, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | |||||
Limited Partners' Capital Account, Units Issued | 172,500,000 | 4,000,000 | 23,300,000 | 12,000,000 | |
Limited Partners' Capital Account, Units Outstanding | 312,400,000 | 308,400,000 | 285,100,000 | 294,700,000 | |
General Partners' Capital Account, Units Issued | 100,000 | 500,000 | 200,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net income | $ 703 | $ 1,239 | $ 1,265 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 338 | 320 | 304 |
Deferred income tax expense | 3 | 4 | 3 |
Earnings from equity investments | (307) | (127) | (167) |
Distributions from equity investments | 152 | 110 | 160 |
Change in operating assets and liabilities | |||
Other current assets | (31) | 5 | 5 |
Increase (decrease) in: | |||
Accounts payable | (11) | 20 | (27) |
Taxes accrued | (7) | (16) | 3 |
Increase (Decrease) in Regulatory Liabilities | 860 | 0 | 0 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (139) | (84) | (43) |
Net cash provided by operating activities | 1,610 | 1,462 | 1,522 |
INVESTING ACTIVITIES | |||
Capital expenditures | (1,888) | (2,334) | (1,883) |
Investments in and loans to unconsolidated affiliates | (337) | (251) | (124) |
Additions to intangible assets | (40) | (80) | 0 |
Distributions from equity investments | 33 | 50 | 450 |
Distributions to equity investment | 0 | (148) | (248) |
Purchases of held-to-maturity securities | (20) | (39) | (44) |
Proceeds from sales and maturities of held-to-maturity securities | 20 | 39 | 44 |
Purchases of available-for-sale securities | (69) | (714) | (95) |
Proceeds from sales and maturities of available-for-sale securities | 76 | 715 | 84 |
Cash Divested from Deconsolidation | 67 | 0 | 0 |
Other changes in restricted funds | 1 | 9 | (14) |
Other | 2 | (1) | 0 |
Net cash used in investing activities | (2,289) | (2,754) | (1,830) |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt | 670 | 800 | 994 |
Payments for the redemption of long-term debt | (822) | (280) | (32) |
Net change in credit facility draws | 1,408 | 98 | (431) |
Distributions to noncontrolling interests | (49) | (30) | (31) |
Contributions from noncontrolling interests | 418 | 743 | 248 |
Proceeds from the issuances of units | 174 | 1,080 | 558 |
Distributions to partners | (1,227) | (1,061) | (961) |
Other | (2) | (10) | (9) |
Net cash provided by (used in) financing activities | 570 | 1,340 | 336 |
Net increase in cash and cash equivalents | (109) | 48 | 28 |
Cash and cash equivalents at beginning of the period | 216 | 168 | 140 |
Cash and cash equivalents at end of the period | 107 | 216 | 168 |
Supplemental Disclosures | |||
Cash paid for interest, net of amount capitalized | 267 | 209 | 218 |
Cash paid for income taxes | 15 | 10 | 12 |
Property, plant and equipment noncash accruals | $ 54 | $ 247 | $ 140 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Limited Partner [Member] | General Partner [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | $ 11,006 | $ 10,474 | $ 284 | $ (20) | $ 268 |
Net income | 1,265 | 976 | 249 | 40 | |
Other Comprehensive Income (Loss), Net of Tax | (30) | (30) | |||
Partners' Capital Account, Redemptions | (809) | (794) | (15) | ||
Consideration over net disposed assets | 52 | 51 | 1 | ||
Attributed Deferred Tax Expense Benefit | 47 | 39 | 8 | ||
Partners' Capital Account, Sale of Units | 558 | 547 | 11 | ||
Partners' Capital Account, Distributions | 961 | 728 | 233 | ||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 248 | 248 | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 31 | 31 | |||
Partners' Capital, Other | 1 | 1 | |||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 11,346 | 10,527 | 336 | (50) | 533 |
Net income | 1,239 | 850 | 311 | 78 | |
Other Comprehensive Income (Loss), Net of Tax | 5 | 5 | |||
Attributed Deferred Tax Expense Benefit | 82 | 59 | 23 | ||
Partners' Capital Account, Sale of Units | 1,080 | 1,058 | 22 | ||
Partners' Capital Account, Distributions | 1,061 | 785 | 276 | ||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 743 | 743 | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 30 | 30 | |||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 13,404 | 11,650 | 452 | (45) | 1,347 |
Net income | 703 | 240 | 369 | 94 | |
Other Comprehensive Income (Loss), Net of Tax | 12 | ||||
Attributed Deferred Tax Expense Benefit | (94) | (89) | (5) | ||
Partners' Capital Account, Sale of Units | 174 | 171 | 3 | ||
Partners' Capital Account, Distributions | 1,227 | 878 | 349 | ||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 418 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 49 | ||||
Noncontrolling Interest, Decrease from Deconsolidation | 1,440 | ||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | $ 11,901 | $ 11,183 | $ 386 | $ (33) | $ 365 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Operations and Significant Accounting Policies | Significant Accounting Policies These consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP). Basis of Presentation . The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosure of contingent assets and liabilities in the consolidated financial statements. We regularly evaluate these estimates utilizing historical experience, consultation with experts and other methods we consider reasonable in the circumstances. Nevertheless, actual results may differ from these estimates. We record the effect of any revisions to these estimates in our consolidated financial statements in the period in which the facts that give rise to the revision become known. 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. Fair Value Measurements. We measure the fair value of financial assets and liabilities by maximizing the use of observable inputs and minimizing the use of unobservable inputs. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Regulation . Our businesses are subject to regulation by various authorities including, but not limited to, the Federal Energy Regulatory Commission (FERC) and the National Energy Board (NEB). Regulatory bodies exercise statutory authority over matters such as construction, rates and ratemaking and agreements with customers. To recognize the economic effects of the actions of the regulator, the timing of recognition of certain revenues and expenses in these operations may differ from that otherwise expected under U.S. GAAP for non rate-regulated entities. Regulatory assets represent amounts that are expected to be recovered from customers in future periods through rates. Regulatory liabilities represent amounts that are expected to be refunded to customers in future periods through rates. These regulatory assets and liabilities are mostly classified in the Consolidated Balance Sheets as Regulatory and other assets and Regulatory and other liabilities. Regulatory assets are assessed for impairment if we identify an event indicative of possible impairment. The recognition of regulatory assets and liabilities is based on the actions, or expected future actions, of the regulator. To the extent that the regulator’s actions differ from our expectations, the timing and amount of recovery or settlement of regulatory balances could differ from those recorded. In the absence of rate regulation, we would generally not recognize regulatory assets or liabilities and the income impact would be recorded in the period the expenses are incurred or revenues are earned. Foreign Currency Translation. The Canadian dollar has been determined to be the functional currency of the Canadian portion of the Express-Platte pipeline system (Express Canada) based on an assessment of the economic circumstances of those operations. Assets and liabilities of Express Canada are translated into U.S. dollars at current exchange rates. Translation adjustments resulting from fluctuations in exchange rates are included as a separate component of Other Comprehensive Income (Loss) on the Consolidated Statements of Comprehensive Income. Revenue and expense accounts of these operations are translated at average monthly exchange rates prevailing during the periods. Gains and losses arising from transactions denominated in currencies other than the functional currency are included in the results of operations of the period in which they occur. Foreign currency transaction gain totaled $1 million in 2017 , and losses totaled $1 million , and $6 million in 2016 and 2015 respectively and are included in Other Income and Expenses, Net on the Consolidated Statements of Income. Revenue Recognition . Revenues from the transmission, storage and gathering of natural gas, and from the transportation of crude oil are generally recognized when the service is provided. Revenues related to these services provided but not yet billed are estimated each month. These estimates are generally based on contract data, regulatory information and preliminary throughput and allocation measurements. Final bills for the current month are billed and collected in the following month. Differences between actual and estimated revenues are immaterial. There was one customer, National Grid PLC, in the U.S. Transmission segment accounting for $244 million, or approximately 13%, of consolidated revenues during 2017 . There were no customers accounting for 10% or more of consolidated revenues during 2016 or 2015 . We also have certain customer contracts with billed amounts that decline annually over the terms of the contracts. Differences between the amounts billed and recognized are deferred on the Consolidated Balance Sheets. Allowance for Equity Used During Construction (AFUDC). AFUDC, which represents the estimated debt and equity costs of capital funds necessary to finance the construction and expansion of certain new regulated facilities, consists of two components, an equity component and an interest expense component. After construction is completed, we are permitted to recover these costs through inclusion in the rate base and in the depreciation provision. AFUDC is capitalized as a component of Property, plant and equipment - net in the Consolidated Balance Sheets, with offsetting credits to the Consolidated Statements of Income through Other Income and Expenses, net for the equity component and Interest Expense for the interest expense component. The total amount of AFUDC included in the Consolidated Statements of Income was $153 million in 2017 (an equity component of $115 million and an interest expense component of $38 million ), $168 million in 2016 (an equity component of $121 million and an interest expense component of $47 million ) and $95 million in 2015 (an equity component of $76 million and an interest expense component of $19 million ). The equity component of AFUDC, a non-cash item, is included as a reconciling item to net income within Cash Flows from Operating Activities - Change in Operating Assets and Liabilities in the Consolidated Statements of Cash Flows. Income Taxes . As a result of our MLP structure, we are not subject to federal income tax. Our federal taxable income or loss is reported on the respective income tax returns of our partners. However, we are subject to Canadian income tax and Tennessee and New Hampshire income tax. Spectra Energy Partners is liable to Spectra Energy for Texas income (margin) tax under a tax sharing agreement. As of December 31, 2017 , the difference between the tax basis and the reported amounts of Spectra Energy Partners’ assets and liabilities is $14.7 billion . We are subject to cost-based regulation and consequently record a regulatory tax asset in connection with the tax gross up of AFUDC equity. The corresponding deferred tax liability is recognized as an Attributed Deferred Tax Benefit in the Consolidated Statements of Equity since we are a pass-through entity. Cash and Cash Equivalents. Highly liquid investments with original maturities of three months or less at the date of acquisition are considered cash equivalents, except for the investments that were pledged as collateral against long-term debt as discussed in Note 14 and any investments that are considered restricted funds. Inventory. Inventory consists of natural gas retained from shippers for fuel and also includes materials and supplies. Natural gas is recorded at the lower of cost or market. Materials and supplies are recorded at cost, using the average cost method. Upon disposition, natural gas inventory is recorded to Operating, maintenance and other expenses at the weighted average cost of inventory, including any adjustments recorded to reduce inventory to market value. Disposition of materials and supplies will be recorded to Operating, maintenance and other expenses. Natural Gas Imbalances. The Consolidated Balance Sheets include in-kind balances as a result of differences in gas volumes received and delivered for customers. Since settlement of certain imbalances is in-kind, changes in the balances do not have an effect on our Consolidated Statements of Income or Consolidated Statements of Cash Flows. Receivables include $106 million and $99 million as of December 31, 2017 and December 31, 2016 , respectively, and Other Current Liabilities include $80 million and $74 million as of December 31, 2017 and December 31, 2016 , respectively, related to all gas imbalances. Most natural gas volumes owed to or by us are valued at natural gas market index prices as of the balance sheet dates. Cash Flow and Fair Value Hedges . We have entered into interest rate swaps which were designated as either a hedge of a forecasted transaction (cash flow hedge) or a hedge of a recognized asset, liability or firm commitment (fair value hedge). For all hedge contracts, we prepare documentation of the hedge in accordance with accounting standards and assess whether the hedge contract is highly effective using regression analysis, both at inception and on a quarterly basis, in offsetting changes in cash flows or fair values of hedged items. Changes in the fair value of a derivative designated and qualified as a cash flow hedge, to the extent effective, are included in the Consolidated Statements of Comprehensive Income as Other Comprehensive Income (Loss) until earnings are affected by the hedged item. We discontinue hedge accounting prospectively when we have determined that a derivative no longer qualifies as an effective hedge or when it is no longer probable that the hedged forecasted transaction will occur. When hedge accounting is discontinued because the derivative no longer qualifies as an effective hedge, the derivative is subject to the mark-to-market model of accounting prospectively. Gains and losses related to discontinued hedges that were previously accumulated in accumulated other comprehensive income (AOCI) remain in AOCI until the underlying transaction is reflected in earnings, unless it is probable that the hedged forecasted transaction will not occur at which time associated deferred amounts in AOCI are immediately recognized in current earnings. For derivatives designated as fair value hedges, we recognize the gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item in earnings, to the extent effective, in the current period. In the event the hedge is not effective, there is no offsetting gain or loss recognized in earnings for the hedged item. All derivatives designated and accounted for as hedges are classified in the same category as the item being hedged in the Consolidated Statements of Cash Flows. All components of each derivative gain or loss are included in the assessment of hedge effectiveness. Investments . We may actively invest a portion of our available cash and restricted funds balances in various financial instruments, including taxable or tax-exempt debt securities. In addition, we invest in short-term money market securities, some of which are restricted due to debt collateral requirements. Investments in available-for-sale (AFS) securities are carried at fair value and investments in held-to-maturity (HTM) securities are carried at cost. Investments in money market securities are also accounted for at fair value. Realized gains and losses, and dividend and interest income related to these securities, including any amortization of discounts or premiums arising at acquisition, are included in earnings. The costs of securities sold are determined using the specific identification method. Purchases and sales of AFS and HTM securities are presented on a gross basis within Cash Flows from Investing Activities in the accompanying Consolidated Statements of Cash Flows. See also Notes 11 and 15 for additional information. Goodwill . Goodwill represents the excess of the purchase price over the fair value of net identifiable assets on acquisition of a business. The carrying value of goodwill, which is not amortized, is assessed for impairment annually, or more frequently if events or changes in circumstances arise that suggest the carrying value of goodwill may be impaired. We perform our annual review for impairment at the reporting unit level, which is identified by assessing whether the components of our operating segments constitute businesses for which discrete information is available, whether segment management regularly reviews the operating results of those components and whether the economic and regulatory characteristics are similar. We have the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. The quantitative goodwill impairment test involves determining the fair value of our reporting units and comparing those values to the carrying value of each reporting unit. If the carrying value of a reporting unit, including allocated goodwill, exceeds its fair value, goodwill impairment is measured at the amount by which the reporting unit’s carrying value exceeds its fair value. This amount should not exceed the carrying amount of goodwill. No impairments of goodwill were recorded in 2017 , 2016 or 2015 . We had goodwill balances of $2,957 million at December 31, 2017 and $3,234 million at December 31, 2016 . The decrease in goodwill in 2017 was the result of $282 million relating to the deconsolidation of Sabal Trail, partially offset by foreign currency translation. Property, Plant and Equipment . Property, plant and equipment is recorded at historical cost. Expenditures for construction, expansion, major renewals and betterments are capitalized. Maintenance and repair costs are expensed as incurred. Expenditures for project development are capitalized if they are expected to have future benefit. We capitalize interest incurred during construction for non rate-regulated assets. For rate-regulated assets, AFUDC is included in the cost of property, plant and equipment and is depreciated over future periods as part of the total cost of the related asset. AFUDC includes both an interest component and, if approved by the regulator, a cost of equity component. Depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets commencing when the asset is placed in service. When group assets are retired or otherwise disposed of, gains and losses are not reflected in earnings but are booked as an adjustment to accumulated depreciation. When we retire regulated property, plant and equipment, we charge the original cost plus the cost of retirement, less salvage value, to accumulated depreciation and amortization. When we sell entire regulated operating units, or retire non-regulated properties, the cost is removed from the property account and the related accumulated depreciation and amortization accounts are reduced. Any gain and loss is recorded in earnings, unless otherwise required by the applicable regulatory body. Preliminary Project Costs . Project development costs, including expenditures for preliminary surveys, plans, investigations, environmental studies, regulatory applications and other costs incurred for the purpose of determining the feasibility of capital expansion projects, are capitalized for rate-regulated enterprises when it is determined that recovery of such costs through regulated revenues of the completed project is probable. Any inception-to-date costs of the projects that were initially incurred are reversed and capitalized as Property, Plant and Equipment. Asset Impairments. We review the carrying values of its long-lived assets as events or changes in circumstances warrant. If it is determined that the carrying value of an asset exceeds the undiscounted cash flows expected from the asset, the asset is written down to fair value. With respect to investments in debt and equity securities, we assess at each balance sheet date whether there is objective evidence that a financial asset is impaired by completing a quantitative or qualitative analysis of factors impacting the investment. If there is determined to be objective evidence of impairment, we value the expected discounted cash flows using observable market inputs and determines whether the decline below carrying value is other than temporary. If the decline is determined to be other than temporary, an impairment charge is recorded in earnings with an offsetting reduction to the carrying value of the asset. With respect to other financial assets, we assess the assets for impairment when it no longer has reasonable assurance of timely collection. If evidence of impairment is noted, we reduce the value of the financial asset to its estimated realizable amount, determined using discounted expected future cash flows. We recorded a $9 million non-cash impairment charge on Ozark Gas Gathering, L.L.C. in the first quarter of 2015 included in Operating, Maintenance and Other on the Consolidated Statements of Income. Asset Retirement Obligations (AROs). AROs associated with the retirement of long-lived assets are measured at fair value and recognized in the period in which they can be reasonably determined. The fair value approximates the cost a third party would charge to perform the tasks necessary to retire such assets and is recognized at the present value of expected future cash flows. AROs are added to the carrying value of the associated asset and depreciated over the asset’s useful life. The corresponding liability is accreted over time through charges to earnings and is reduced by actual costs of decommissioning and reclamation. Our estimates of retirement costs could change as a result of changes in cost estimates and regulatory requirements. Unamortized Debt Premium, Discount and Expense . Premiums, discounts, and expenses incurred with the issuance of outstanding long-term debt are amortized over the terms of the debt issued. Any call premiums or unamortized expenses associated with refinancing higher-cost debt obligations to finance regulated assets and operations are amortized consistent with regulatory treatment of those items, where appropriate. Environmental Expenditures . We expense environmental expenditures related to conditions caused by past operations that do not generate current or future revenues. Environmental expenditures related to operations that generate current or future revenues are expensed or capitalized, as appropriate. Undiscounted liabilities are recorded when the necessity for environmental remediation becomes probable and the costs can be reasonably estimated, or when other potential environmental liabilities are reasonably estimable and probable. Segment Reporting. Operating segments are components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and evaluate performance. Two or more operating segments may be aggregated into a single reportable segment provided certain criteria are met. There is no such aggregation within our defined business segments. A description of our reportable segments consistent with how business results are reported internally to management, and the disclosure of segment information is presented in Note 5. Consolidated Statements of Cash Flows. Cash received from insurance proceeds are classified depending on the activity that resulted in the insurance proceeds. For example, business interruption insurance proceeds are included as a component of operating activities while insurance proceeds from damaged property are included as a component of investing activities. With respect to cash overdrafts, book overdrafts are included within operating cash flows while bank overdrafts, if any, are included within financing cash flows. Distributions from Equity Investments . We consider distributions received from equity investments which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and classify these amounts as Cash Flows from Operating Activities within the accompanying Consolidated Statements of Cash Flows. Cumulative distributions received in excess of cumulative equity in earnings subsequent to the date of investment are considered to be a return of investment and are classified as Cash Flows from Investing Activities. New Accounting Pronouncements. The following new Accounting Standards Updates (ASUs) were adopted during 2017 and the effects of such adoptions, if any, are presented in the accompanying Consolidated Financial Statements: Simplifying the Measurement of Goodwill Impairment. Effective January 1, 2017, we early adopted ASU 2017-04 and applied the standard on a prospective basis. Under the new guidance, goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value; this amount should not exceed the carrying amount of goodwill. The adoption of the pronouncement did not have a material impact on our consolidated financial statements. Clarifying the Definition of a Business in an Acquisition. Effective January 1, 2017, we early adopted ASU 2017-01 on a prospective basis. The new standard was issued with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (disposals) of assets or businesses. The adoption of the pronouncement did not have a material impact on our consolidated financial statements. Accounting for Intra-Entity Asset Transfers. Effective January 1, 2017, we early adopted ASU 2016-16 on a modified retrospective basis. The new standard was issued with the intent of improving the accounting for the income tax consequences of intra-entity asset transfers other than inventory. Under the new guidance, an entity should recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The adoption of the pronouncement did not have a material impact on our consolidated financial statements. Improvements to Employee Share-Based Payment Accounting. Effective January 1, 2017, we adopted ASU 2016-09 and applied certain amendments on a modified retrospective basis with the remaining amendments applied on a prospective basis. The new standard was issued with the intent of simplifying and improving several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The adoption of the pronouncement did not have a material impact on our consolidated financial statements. Simplifying the Embedded Derivatives Analysis for Debt Instruments. Effective January 1, 2017, we adopted ASU 2016-06 on a modified retrospective basis. The new guidance simplifies the embedded derivative analysis for debt instruments containing contingent call or put options. The adoption of the pronouncement did not have a material impact on our consolidated financial statements. Pending. The following new ASUs have been issued but not yet adopted: Improvements to Accounting for Hedging Activities. ASU 2017-12 was issued in August 2017 with the objective of better aligning a company’s risk management activities and the resulting hedge accounting reflected in the financial statements. The accounting update allows cash flow hedging of contractually specified components in financial and non-financial items. Under the new guidance, hedge ineffectiveness is no longer required to be measured and hedging instruments’ fair value changes will be recorded in the same statement of income line as the hedged item. The ASU also allows the initial quantitative hedge effectiveness assessment to be performed at any time before the end of the quarter in which the hedge is designated. After initial quantitative testing is performed, an ongoing qualitative effectiveness assessment is permitted. The accounting update is effective January 1, 2019 and is to be applied on a modified retrospective basis. We are currently assessing the impact of the new standard on our consolidated financial statements. Clarifying Guidance on the Application of Modification Accounting on Stock Compensation. ASU 2017-09 was issued in May 2017 with the intent to clarify the scope of modification accounting and when it should be applied to a change to the terms or conditions of a share based payment award. Under the new guidance, modification accounting is required for all changes to share based payment awards, unless all of the following are met: 1) there is no change to the fair value of the award, 2) the vesting conditions have not changed, and 3) the classification of the award as an equity instrument or a debt instrument has not changed. The accounting update is effective January 1, 2018 and will be applied on a prospective basis. We do not expect the adoption of this accounting update to have a material impact on our consolidated financial statements. Improving the Presentation of Net Periodic Benefit Cost related to Defined Benefit Plans. ASU 2017-07 was issued in March 2017 primarily to improve the statement of income presentation of the components of net periodic pension cost and net periodic postretirement benefit cost for an entity’s sponsored defined benefit pension and other postretirement plans. In addition, only the service cost component of net benefit cost is eligible for capitalization. The accounting update is effective January 1, 2018 and will be applied on a retrospective basis for the statement of income presentation component and a prospective basis for the capitalization component. We do not expect the adoption of this accounting update to have a material impact on our consolidated financial statements. Clarifying Guidance on Derecognition and Partial Sales of Nonfinancial Assets. ASU 2017-05 was issued in February 2017 with the intent of clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. The ASU clarifies the scope provisions of nonfinancial assets and how to allocate consideration to each distinct asset, and amends the guidance for derecognition of a distinct nonfinancial asset in partial sale transactions. The accounting update is effective January 1, 2018 and will be applied on a modified retrospective basis. We do not expect the adoption of this accounting update to have a material impact on our consolidated financial statements. Clarifying the Presentation of Restricted Cash in the Statement of Cash Flows. ASU 2016-18 was issued in November 2016 with the intent to clarify guidance on the classification and presentation of changes in Restricted cash and restricted cash equivalents within the Consolidated Statement of Cash Flows. The accounting update requires that changes in Restricted cash and restricted cash equivalents be included within Cash and cash equivalents when reconciling the opening and closing period amounts shown on the Consolidated Statement of Cash Flows. We currently present the changes in Restricted cash and restricted cash equivalents under Investing activities in the Consolidated Statement of Cash Flows. The accounting update is effective January 1, 2018 and will be applied on a retrospective basis. We will amend the presentation in the Consolidated Statement of Cash Flows to include Restricted cash and restricted cash equivalents with cash and cash equivalents and we will retrospectively reclassify all periods presented. Simplifying Cash Flow Classification. ASU 2016-15 was issued in August 2016 with the intent of reducing diversity in practice of how certain cash receipts and cash payments are classified in the Consolidated Statement of Cash Flows. The new guidance addresses eight specific presentation issues. The accounting update is effective January 1, 2018 and will be applied on a retrospective basis. We assessed each of the eight specific presentation issues and the adoption of this ASU does not have a material impact on our consolidated financial statements. Accounting for Credit Losses. ASU 2016-13 was issued in June 2016 with the intent of providing financial statement users with more useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Current treatment uses the incurred loss methodology for recognizing credit losses that delays the recognition until it is probable a loss has been incurred. The accounting update adds a new impairment model, known as the current expected credit loss model, which is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the Financial Accounting Standards Board believes will result in more timely recognition of such losses. We are currently assessing the impact of the new standard on our consolidated financial statements. The accounting update is effective January 1, 2020. Recognition of Leases. ASU 2016-02 was issued in February 2016 with the intent to increase transparency and comparability among organizations. It requires lessees of operating lease arrangements to recognize lease assets and lease liabilities on the Consolidated Balance Sheets and disclose additional key information about lease agreements. The accounting update also replaces the current definition of a lease and requires that an arrangement be recognized as a lease when a customer has the right to obtain substantially all of the economic benefits from the use of an asset, as well as the right to direct the use of the asset. We are currently gathering a complete inventory of our lease contracts in order to assess the impact of the new standard on our consolidated financial statements. The accounting update is effective January 1, 2019 and will be applied using a modified retrospective approach. Recognition and Measurement of Financial Assets and Liabilities. ASU 2016-01 was issued in January 2016 with the intent to address certain aspects of recognition, measurement, presentation and disclosure of financial assets and liabilities. Investments in equity securities, excluding equity method and consolidated investments, are no longer classified as trading or available-for-sale securities. All investments in equity securities with readily determinable fair values are classified as investments at fair value through net income. Investments in equity securities without readily determinable fair values are measured using the fair value measurement alternative and are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Investments in equity securities measured using the fair value measurement alternative are reviewed for indicators of impairment each reporting period. Fair value of financial instruments for disclosure purposes is measured using exit price. The accounting update is effective January 1, 2018 and will be applied on a prospective basis. We do not expect the adoption of this accounting update to have a material impact on our consolidated financial statements. Revenue from Contracts with Customers. ASU 2014-09 was issued in 2014 with the intent of significantly enhancing consistency and comparability of revenue recognition practices across entities and industries. The new standard establishes a single, principles-based five-step model to be applied to all contracts with customers and introduces new and enhanced disclosure requirements. It also requires the use of more estimates and judgments than the present standards in addition to additional disclosures. The |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisition and Disposition U.S. Assets Dropdown. During 2013, we completed the closing of substantially all of the U.S. Assets Dropdown, excluding a 25.05% ownership interest in SESH and a 1% ownership interest in Steckman Ridge. This was the first of three planned transactions. In November 2014, we completed the second of the three planned transactions related to the U.S. Assets Dropdown. This transaction consisted of acquiring an additional 24.95% ownership interest in SESH and the remaining 1% ownership interest in Steckman Ridge from Spectra Energy. Total consideration was approximately 4.3 million newly issued common units. Also in connection with this transaction, we issued approximately 86,000 general partner units to our general partner in exchange for the same amount of common units in order to maintain the general partner's 2% general partner interest. In November 2015, we acquired the remaining 0.1% ownership interest in SESH from Spectra Energy. Total consideration was 17,114 newly issued common units. This was the last of three planned transactions related to the U.S. Assets Dropdown. Also in connection with this transaction, we issued 342 general partner units to our general patner in exchange for the same amount of common units in order to maintain the general partner's 2% general partner interest. Disposition. In October 2015, Spectra Energy acquired our 33.3% ownership interests in DCP Sand Hills Pipeline, LLC (Sand Hills) and DCP Southern Hills Pipeline, LLC (Southern Hills). In consideration for this transaction, we retired 21,560,000 of our common units and 440,000 of our general partner units beneficially held by Spectra Energy, which will result in the reduction of distributions ultimately payable to Spectra Energy for the related units retired. Additional consideration consisted of a reduction in the aggregate quarterly distributions, if any, to our general partner, 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 on September 30, 2018. The total reduction of distributions to our general partner was $16 million and $16 million for the years ended December 31, 2017 and 2016, respectively. This transfer of assets between entities under common control is included as a non-cash transaction in the Consolidated Statements of Cash Flows. See Note 7 for additional information on the Equity Restructure Agreement entered into on January 21, 2018 with our General Partner. |
Transactions with Affiliates
Transactions with Affiliates | 12 Months Ended |
Dec. 31, 2017 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Transactions with Affiliates | In the normal course of business, we provide natural gas transmission, storage and other services to Spectra Energy and its affiliates. In addition, pursuant to an agreement with Spectra Energy, Spectra Energy and its affiliates perform centralized corporate functions for us, including legal, accounting, compliance, treasury and other areas. We reimburse Spectra Energy for the expenses to provide these services as well as other expenses it incurs on our behalf, such as salaries of personnel performing services for our benefit and the cost of employee benefits and general and administrative expenses associated with such personnel, capital expenditures, maintenance and repair costs, taxes and direct expenses, including operating expenses and certain allocated operating expenses associated with the ownership and operation of the contributed assets. Spectra Energy and its affiliates charge such expenses based on the cost of actual services provided or using various allocation methodologies based on our percentage of assets, employees, earnings or other measures, as compared to Spectra Energy’s other affiliates. Transactions with affiliates are summarized in the tables below: Consolidated Statements of Income 2017 2016 2015 (in millions) Operating revenues $ 41 $ 34 $ 53 Operating, maintenance and other expenses 314 310 457 We are party to an agreement with DCP Midstream, LLC (DCP Midstream), an equity investment of Spectra Energy, in which DCP Midstream processes certain of our customers' gas to meet quality specifications in order to be transported on our system. DCP Midstream processes the gas and sells the natural gas liquids that are extracted from the gas. A portion of the proceeds from those sales are retained by DCP Midstream and the balance is remitted to us. We recognized revenues of $36 million , $31 million and $46 million in 2017 , 2016 and 2015 , respectively, related to those services, classified as Storage of Natural Gas and Other in our Consolidated Statements of Income. We recorded natural gas transmission revenues from DCP Midstream and its affiliates totaling $1 million in 2017 , $1 million in 2016 and $4 million in 2015 , classified as Transportation of Natural Gas in our Consolidated Statements of Income. In addition to the above, we recorded other revenues from DCP Midstream and its affiliates totaling $2 million in 2017 , $2 million in 2016 and $3 million in 2015 , classified as Storage of Natural Gas and Other in our Consolidated Statements of Income. Consolidated Balance Sheets December 31, 2017 2016 (in millions) Receivables $ 10 $ 22 Current assets — other 1 2 Accounts payable 32 27 Current liabilities — other 16 10 Transactions billed from affiliates, included within Property, Plant and Equipment in the Consolidated Balance Sheets, were $93 million in 2017 and $46 million in 2016 . Gulfstream . During the third quarter of 2015, Gulfstream Natural Gas System, LLC (Gulfstream) issued unsecured debt of $800 million to fund the repayment of its current debt. Gulfstream distributed $396 million , our proportionate share of proceeds, to us, classified as Cash Flows from Investing Activities - Distributions from Equity Investments, of which we contributed $248 million back to Gulfstream in the fourth quarter of 2015 and the remaining $148 million , classified as Cash Flows from Investing Activities - Distributions to Equity Investment, in the second quarter of 2016. See also Notes 1, 8 and 15 for discussion of specific related party transactions. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | 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 FERC and the Department of Transportation’s (DOT’s) rules and regulations. Our investments in Gulfstream, SESH, Steckman Ridge and Sabal Trail are included in U.S. Transmission. The Liquids segment provides transportation of crude oil. The Express-Platte pipeline system (Express-Platte) is a crude oil pipeline system that connects Canadian and U.S. producers to refineries in the U.S. Rocky Mountain and Midwest regions. These operations are primarily subject to the rules and regulations of the FERC and the NEB. We held direct one-third ownership interests in Sand Hills and Southern Hills until October 30, 2015. Our reportable segments offer different products and services and are managed separately as business units. Management evaluates segment performance based on earnings before interest, taxes, and depreciation and amortization (EBITDA). Cash, cash equivalents and investments are managed centrally, so the gains and losses on foreign currency remeasurement, and interest and dividend income, are excluded from the segments’ EBITDA. Our segment EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate EBITDA in the same manner. Business Segment Data Total Revenues Segment EBITDA/Consolidated Earnings Before Income Taxes Depreciation and Amortization Capital and Investment Expenditures Asset (in millions) 2017 U.S. Transmission $ 1,545 $ 1,199 $ 314 $ 2,204 $ 20,157 Liquids 405 259 32 21 1,875 Total 1,950 1,458 346 2,225 22,032 Other — (127 ) — — 24 Depreciation and amortization — 346 — — — Interest expense — 265 — — — Interest income and other — 2 — — — Total consolidated $ 1,950 $ 722 $ 346 $ 2,225 $ 22,056 2016 U.S. Transmission $ 2,167 $ 1,639 $ 285 $ 2,514 $ 19,747 Liquids 366 237 29 71 1,841 Total 2,533 1,876 314 2,585 21,588 Other — (82 ) — — 18 Depreciation and amortization — 314 — — — Interest expense — 224 — — — Interest income and other — 1 — — — Total consolidated $ 2,533 $ 1,257 $ 314 $ 2,585 $ 21,606 2015 U.S. Transmission $ 2,087 $ 1,599 $ 264 $ 1,952 $ 17,050 Liquids 368 283 31 55 1,778 Total 2,455 1,882 295 2,007 18,828 Other — (66 ) — — 23 Depreciation and amortization — 295 — — — Interest expense — 239 — — — Interest income and other — (5 ) — — — Total consolidated $ 2,455 $ 1,277 $ 295 $ 2,007 $ 18,851 Geographic Data U.S. Canada Consolidated (in millions) 2017 Consolidated revenues $ 1,865 $ 85 $ 1,950 Consolidated long-lived assets 17,958 227 18,185 2016 Consolidated revenues $ 2,456 $ 77 $ 2,533 Consolidated long-lived assets 19,580 215 19,795 2015 Consolidated revenues $ 2,383 $ 72 $ 2,455 Consolidated long-lived assets 18,104 203 18,307 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Regulatory Matters Regulatory Assets and Liabilities We record assets and liabilities that result from the regulated ratemaking process that would not be recorded under GAAP for non-regulated entities. See Note 2 for further discussion. Financial Statement Effects The following items are reflected in the consolidated balance sheets. All regulatory assets and liabilities are excluded from rate base unless otherwise noted below. Recovery/Refund Period Ends December 31, 2017 2016 (in millions) Regulatory Assets (a) Regulatory asset related to income taxes (b) Various $ 137 $ 297 Vacation accrual Various 17 19 Deferred debt expense/premium Various 14 18 Asset retirement obligations Various 22 17 Under-recovery of fuel costs (c,d) — 19 6 Project development costs Through 2036 8 9 Other — 3 10 Total Regulatory Assets $ 220 $ 376 Regulatory Liabilities Over-recovery of fuel costs (d,e) — $ 15 $ 38 Deferred income taxes (f,g) Various 860 — Pipeline rate credit (g) Life of associated liability 21 23 Total Regulatory Liabilities $ 896 $ 61 ________ (a) Included in Regulatory and Other Assets, unless otherwise noted. (b) Relates to tax gross-up of the AFUDC equity portion on certain pipelines' rate mechanisms. All amounts are expected to be included in future rate filings. (c) Included in Fuel Tracker. (d) Includes amounts settled in cash annually through transportation rates in accordance with FERC gas tariffs. (e) Included in Current Liabilities - Other. (f) Relates to the establishment of a regulatory liability as a result of the U.S. tax reform legislation dated December 22, 2017. (g) Included in Regulatory and Other Liabilities. |
Net Income Per Limited Partner
Net Income Per Limited Partner Unit and Cash Distributions | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Limited Partner Unit and Cash Distributions | Net Income Per Limited Partner Unit and Cash Distributions We allocate our net income among our general partner interest and our limited partner units using the two-class method in accordance with applicable authoritative accounting guidance. Under the two-class method, we allocate our net income attributable to our General Partner and our limited partners according to the distribution formula for available cash as set forth in our partnership agreement. We also allocate any earnings in excess of distributions to our General Partner and limited partners utilizing the distribution formula for available cash specified in our partnership agreement. On January 21, 2018, we entered into an Equity Restructuring Agreement with our GP, LP, pursuant to which the incentive distribution rights and the 2% general partner interest in us held by GP, LP were converted into 172,500,000 newly issued common units of Spectra Energy Partners and a non-economic general partner interest in us. Immediately after the execution of our Equity Restructuring Agreement, a new limited partnership agreement was entered into. The distribution for the fourth quarter of 2017 was declared after January 21, 2018, and will be paid in accordance with this new limited partnership agreement. We determined basic and diluted net income per limited partner unit as follows: 2017 2016 2015 (in millions, except per unit amounts) Net income—controlling interests $ 609 $ 1,161 $ 1,225 Less net income attributable to: General partner’s interest in general partner units—2% 12 23 24 General partner’s interest in incentive distribution rights 357 288 225 Limited partners’ interest in net income attributable to common units $ 240 $ 850 $ 976 Weighted average limited partner units outstanding—basic and diluted 310 299 296 Net income per limited partner unit—basic and diluted $ 0.77 $ 2.84 $ 3.30 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. GP, LP, our general partner held through January 21, 2018 a 2% partner interest and incentive distribution rights (IDRs) in accordance with the Second Amended and Restated Agreement of Limited Partnership of Spectra Energy Partners, LP dated as of November 1, 2013, as amended by Amendment No.1 dated as of July 2, 2015 and Amendment No. 2 dated as of November 20, 2017 as follows: Portion of Quarterly Distribution per Common Unit Marginal Percentage Interest in Distributions Distribution Targets Unitholders General Partner Minimum Quarterly Distribution up to $0.30 98 % 2 % First Target Distribution >$0.30 to $0.345 98 % 2 % Second Target Distribution >$0.345 to $0.375 85 % 15 % Third Target Distribution >$0.375 to $0.45 75 % 25 % Thereafter >$0.45 50 % 50 % To the extent distributions are made to GP, LP with respect to its IDRs, there would be more Available Cash proportionately allocated to GP, LP than to holders of common units. A cash distribution of $0.73875 per limited partner unit was declared on February 8, 2018 and is payable on February 28, 2018 to unitholders of record at the close of business on February 20, 2018 . As a result of the sale of our interests in Sand Hills and Southern Hills to Spectra Energy in October 2015, there was a reduction in the aggregate quarterly distributions, if any, to our general partner, (as holder of the IDRs), by $4 million per quarter for a period of 12 consecutive quarters ending on September 30, 2018 (the IDR Give-Back). See Note 3 for more information. As a result of the Equity Restructuring Agreement, the IDRs, the 2% general partner interest, and the IDR Give-Back were eliminated effective January 21, 2018, and distributions by us with a record date after January 21, 2018, will be made based on the terms of our limited partnership agreement in effect at the time of declaration. Immediately after the execution of our Equity Restructuring Agreement, a new limited partnership agreement was entered into. The distribution for the fourth quarter of 2017 was declared after January 21, 2018, and will be paid in accordance with this new limited partnership agreement. |
Investments in and Loans to Unc
Investments in and Loans to Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2016 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in and Loans to Unconsolidated Affiliates | Investments in and Loans to Unconsolidated Affiliates Investments in affiliates for which we are not the primary beneficiary, but over which we have significant influence, are accounted for using the equity method. As of December 31, 2017 and 2016 , the carrying amounts of investments in affiliates approximated the amounts of underlying equity in net assets. We received distributions from our equity investments of $185 million in 2017 , $160 million in 2016 and $610 million in 2015 . Cumulative undistributed earnings from equity investments totaled $47 million , $15 million , and $5 million in 2017 , 2016 , and 2015 , respectively. U.S. Transmission. Investments are comprised of a 50% interest in Sabal Trail, 50% interest in Gulfstream, a 50% interest in SESH, a 50% interest in Steckman Ridge, a 50% interest in Nexus Gas Transmission, LLC (Nexus), and a 20% interest in PennEast Pipeline (PennEast). We have a loan outstanding to Steckman Ridge in connection with the construction of its storage facilities. The loan carries market-based interest rates and is due the earlier of October 1, 2023 or coincident with the closing of any long-term financings by Steckman Ridge. The loan receivable from Steckman Ridge, including accrued interest, totaled $71 million at both December 31, 2017 and 2016 . Liquids. Investments were comprised of 33.3% interests in Sand Hills and Southern Hills. The Sand Hills and Southern Hills pipelines were placed in service in the second quarter of 2013 and acquired by Spectra Energy in the fourth quarter of 2015. Earnings from Equity Investments 2017 2016 2015 (in millions) U.S. Transmission (a) $ 307 $ 127 $ 112 Liquids — — 55 Total $ 307 $ 127 $ 167 _________ (a) Includes $106 million related to the gain recognized as a result of the deconsolidation and re-measurement of Sabal Trail. Summarized Combined Financial Information of Unconsolidated Affiliates (Presented at 100%) Statements of Income 2017 2016 2015 Sabal Trail (a) Other Total Total Total (in millions) Operating revenues $ 124 $ 430 $ 554 $ 430 $ 702 Operating expenses 52 118 170 118 229 Operating income 72 312 384 312 473 Net income 74 346 420 253 380 _________ (a) Sabal Trail was deconsolidated as of July 1, 2017. (b) Refer to Earnings from Equity Investments table above for net income attributable to the general partner. Balance Sheets December 31, 2017 2016 Sabal Trail (a) Other Total Total (in millions) Current assets $ 67 $ 245 $ 312 $ 154 Non-current assets 2,977 4,441 7,418 3,665 Current liabilities 60 154 214 112 Non-current liabilities — 1,680 1,680 1,678 _________ (a) Sabal Trail was deconsolidated in Q3 2017. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entity Disclosure | Variable Interest Entities Unconsolidated Variable Interest Entities Sabal Trail. We own a 50% interest in Sabal Trail, a joint venture that operates a pipeline originating in Alabama that transports natural gas to Florida (the Sabal Trail pipeline). Sabal Trail is a variable interest entity (VIE) due to insufficient equity at risk to finance its activities. On July 3, 2017, the Sabal Trail pipeline was placed into service. In accordance with the Sabal Trail LLC Agreement, upon the commencement of commercial service of the Sabal Trail pipeline, the power to direct Sabal Trail’s activities became shared with its members. Consequently, we are no longer the primary beneficiary and as a result deconsolidated the assets, liabilities and non-controlling interests related to Sabal Trail at the in-service date. At deconsolidation, our interest in Sabal Trail was recorded at its fair value of $1.9 billion . We recognized a gain of $106 million related to the remeasurement of the retained equity interest to its fair value. The gain was recorded in Earnings from Equity Investments on the Consolidated Statements of Income. The fair value was determined using the income approach which is based on the present value of future cash flows. The inputs used in the development of the fair value, representative of a Level 3 fair value measurement, include, but are not limited to, the amount and timing of projected future cash flows and a 9% discount rate used to measure the risks inherent in the future cash flows. Subsequent to deconsolidation, we determined that we continue to have the ability to exercise significant influence over Sabal Trail and accounted for it under the equity method. Our maximum exposure to loss is $2.0 billion . We have an investment in Sabal Trail of $1.9 billion as of December 31, 2017, classified as Investments in and Loans to Unconsolidated Affiliates on our Consolidated Balance Sheets. Nexus. We own a 50% equity investment in Nexus, a joint venture that is constructing a greenfield natural gas pipeline from Ohio to Michigan and leasing capacity on third party pipelines in order to provide transportation of Appalachian Basin natural gas to markets in Ohio, Michigan, and the Dawn Hub in Ontario, Canada through the Vector Pipeline. Nexus is a VIE due to insufficient equity at risk to finance its activities. We determined that we are not the primary beneficiary because the power to direct the activities of Nexus that most significantly impact its economic performance is shared. Our maximum exposure to loss is $1.2 billion . We have an investment in Nexus of $640 million and $356 million as of December 31, 2017 and December 31, 2016, respectively, classified as Investments in and Loans to Unconsolidated Affiliates on our Consolidated Balance Sheets. On December 29, 2016, we issued performance guarantees to a third party and an affiliate on behalf of Nexus. See Note 19 for further discussion of the guarantee arrangement. PennEast Pipeline. In June 2017, we purchased an additional 10% interest in PennEast from PSEG Power Gas Holdings, LLC, increasing our ownership interest in PennEast to 20% . PennEast is a joint venture that is proposing to construct a natural gas pipeline originating in northeastern Pennsylvania, and ending near Pennington, Mercer County, New Jersey. PennEast is a VIE due to insufficient equity at risk to finance its activities. We determined that we are not the primary beneficiary because the power to direct the activities of PennEast that most significantly impact its economic performance is shared. We account for PennEast under the equity method. Our maximum exposure to loss is $275 million . We have an investment in PennEast of $55 million and $11 million as of December 31, 2017 and December 31, 2016, respectively, classified as Investments in and Loans to Unconsolidated Affiliates on our Consolidated Balance Sheets. The maximum exposure to loss for these entities is limited to our current equity investment and the remaining expected contributions for each joint venture. |
Intangible Asset
Intangible Asset | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Asset During the first quarter of 2016 we entered into a project coordination agreement (PCA) with NextEra, Duke Energy Corporation and Williams Partners L.P. In accordance with the agreement, payments were made based on our proportional ownership interest in the Sabal Trail project as certain milestones of the project were met. As December 31, 2017, all milestones were achieved and paid, totaling $120 million . As of December 31, 2016, two of the three milestones had been achieved and payments totaling $80 million were made. Payments are classified as Investing Activities — Additions to Intangible Assets, Net on our Consolidated Statements of Cash Flows. This PCA is an intangible asset and is classified as Regulatory and Other Assets on our Consolidated Balance Sheets. The intangible asset is amortized over a period of 25 years, beginning at the in-service date of the project, which was July 3, 2017. The weighted average amortization rate of intangible assets is 4% as of December 31, 2017. For the year ended December 31, 2017, our amortization expense related to the intangible asset totaled $2 million . The amortization expense for each of the next five years is estimated to be approximately $5 million . |
Marketable Securities and Restr
Marketable Securities and Restricted Funds | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities and Restricted Funds | Marketable Securities and Restricted Funds We routinely invest excess cash and various restricted balances in securities such as commercial paper, corporate debt securities, and other money market securities in the United States, as well as equity securities in Canada. We do not purchase marketable securities for speculative purposes, therefore, we do not have any securities classified as trading securities. While we do not routinely sell marketable securities prior to their scheduled maturity dates, some of our investments may be held and restricted for the purposes of funding future capital expenditures and NEB regulatory requirements, so these investments are classified as AFS marketable securities as they may occasionally be sold prior to their scheduled maturity dates due to the unexpected timing of cash needs. Initial investments in securities are classified as purchases of the respective type of securities (AFS marketable securities or HTM marketable securities). Maturities of securities are classified within Proceeds from Sales and Maturities of Securities in the Consolidated Statements of Cash Flows. AFS Securities. We had $3 million and $10 million of AFS securities classified as Regulatory and other assets on Consolidated Balance Sheets as of December 31, 2017 and December 31, 2016, respectively. At December 31, 2017 and December 31, 2016, these investments include less than $1 million and $9 million of restricted funds related to certain construction projects and $3 million and $1 million restricted funds held and collected from customers for Canadian pipeline abandonment in accordance with the NEB's regulatory requirements, respectively. At December 31, 2017, the weighted-average contractual maturity of outstanding AFS securities was less than one year . There were no material gross unrecognized holding gains or losses associated with investments in AFS securities at December 31, 2017 or December 31, 2016. HTM Securities. All of our HTM securities are restricted funds. We had $3 million of money market securities classified as Other assets, net on the Consolidated Balance Sheets as of December 31, 2017 and December 31, 2016. These securities are restricted pursuant to certain Express-Platte debt agreements. At December 31, 2017, the weighted-average contractual maturity of outstanding HTM securities was less than one year . There were no material gross unrecognized holding gains or losses associated with investments in HTM securities at December 31, 2017 or December 31, 2016. Interest income. We had interest income of $1 million in 2017 and $2 million in 2016, which is included in Other income and expenses, net on the Consolidated Statements of Income. We had no interest income in 2015. Other Restricted Funds. In addition to the AFS and HTM securities that were restricted funds as described above, we had other restricted funds totaling $4 million and $5 million classified as Regulatory and other assets on the Consolidated Balance Sheets at December 31, 2017 and December 31, 2016, respectively. These restricted funds are related to certain construction projects. Changes in restricted balances are presented within Cash Flows from Investing Activities on our Consolidated Statements of Cash Flows. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Weighted Average Depreciation Rate December 31, 2017 2016 (%) (in millions) Plant Natural gas transmission 1.88 % $ 14,558 $ 13,702 Natural gas storage 2.04 % 1,655 1,638 Gathering and processing facilities 3.75 % 3 3 Crude oil transportation and storage 2.15 % 1,335 1,321 Land rights and rights of way 1.65 % 517 510 Other buildings and improvements 5.22 % 42 37 Equipment 4.79 % 81 81 Vehicles 4.34 % 10 12 Land — 76 75 Construction in process (a) — 482 2,494 Software 4.05 % 13 11 Other 1.48 % 221 74 Total property, plant and equipment 18,993 19,958 Total accumulated depreciation (3,928 ) (3,741 ) Total accumulated amortization (166 ) (125 ) Total net property, plant and equipment $ 14,899 $ 16,092 _________ (a) Sabal Trail Construction in process is no longer included in the 2017 PPE balance as a result of deconsolidation in Q3 2017. Approximately 84% of our property, plant and equipment is regulated with estimated useful lives based on rates approved by the FERC. Composite weighted-average depreciation rates were 2% for 2017 , 2016 and 2015 . Amortization expense of intangible assets totaled $12 million in 2017 , $9 million in 2016, and $10 million in 2015 . Estimated amortization expense for the next five years is approximately $12 million for 2018 and $14 million for 2019 through to 2022. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations Our AROs relate mostly to the retirement of offshore pipelines and certain onshore assets, obligations related to right-of-way agreements and contractual leases for land use. AROs are adjusted each period for liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. A reconciliation of movements to our ARO liabilities is as follows: 2017 2016 (in millions) Balance at beginning of year $ 46 $ 48 Accretion expense 2 2 Revisions in estimated cash flows 1 (4 ) Liabilities settled (11 ) — Balance at the end of year (a) $ 38 $ 46 __________ (a) Amounts included in Regulatory and other liabilities in the Consolidated Balance Sheets |
Debt and Credit Facility
Debt and Credit Facility | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facility | Debt December 31, 2017 2016 (in millions) Spectra Energy Partners 2.95% senior notes due September 2018 $ 500 $ 500 Variable-rate senior term loan due November 2018 — 400 Variable-rate senior notes due June 2020 400 — 4.60% senior notes due June 2021 250 250 4.75% senior notes due March 2024 1,000 1,000 3.50% senior notes due March 2025 500 500 3.375% senior notes due October 2026 600 600 5.95% senior notes due September 2043 400 400 4.50% senior notes due March 2045 700 700 Texas Eastern 6.00% senior notes due September 2017 — 400 4.125% senior notes due December 2020 300 300 2.80% senior notes due October 2022 500 500 7.00% senior notes due July 2032 450 450 Algonquin 3.51% senior notes due July 2024 350 350 East Tennessee 3.10% senior notes due December 2024 190 200 Express-Platte 6.09% senior secured notes due January 2020 110 110 7.39% subordinated secured notes due 2017 — 12 Change in fair value of debt hedged (2 ) 4 Other (a) (39 ) (37 ) Credit Facility borrowings (b)(d) 270 — Commercial paper (c)(d) 1,984 574 Total debt 8,463 7,213 Current portions of long-term debt (500 ) (416 ) Commercial paper (c)(d) — (574 ) Total long-term debt $ 7,963 $ 6,223 _________ (a) Primarily debt discount and debt issuance costs. (b) Weighted-average rate was 2.61% as of December 31, 2017. (c) Weighted-average rate was 1.92% as of December 31, 2017 and 1.12% as of December 31, 2016. (d) Credit facility borrowings and commercial paper are supported by our long-term committed credit facility. In the fourth quarter, we determined we had both the intent and ability to refinance them on a long-term and therefore reclassified the corresponding amounts as long-term debt on the Consolidated Balance Sheet effective December 31, 2017. Secured Debt. Secured debt, totaling $110 million as of December 31, 2017, includes project financings for Express-Platte. The notes are secured by the assignment of the Express-Platte transportation receivables and by the Express Canada assets. Floating Rate Debt. Debt included approximately $2,654 million of floating-rate debt as of December 31, 2017 and $974 million as of December 31, 2016. The weighted average interest rate of borrowings outstanding that contained floating rates was 2.03% at December 31, 2017 and 1.44% at December 31, 2016. Credit Facility The following table provides details of our external committed credit facility at December 31, 2017. Maturity Dates (a) Total Facility Draws (b) Available (in millions) Spectra Energy Partners, LP 2022 $ 2,500 $ 2,254 $ 246 _______ (a) Includes $336 million of commitments that expire in 2021. (b) Includes facility draws and commercial paper issuances that are back-stopped by the credit facility. Debt Covenant Our credit facility agreement and term debt indentures include common events of default and covenant provisions, including a financial covenant, whereby accelerated repayment and/or termination of the agreements may result if we were to default on payment or violate certain covenants. As of December 31, 2017, we were in compliance with those covenants. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following presents, for each of the fair value hierarchy levels, assets that are measured at fair value on a recurring basis as of December 31, 2017 and December 31, 2016. Consolidated Balance Sheet Caption December 31, 2017 Description Total Level 1 Level 2 Level 3 (in millions) Canadian equity securities Regulatory and other assets 3 3 — — Interest rate swaps Other assets, net 4 — 4 — Commodity swaps Other assets, net 2 — — 2 Total Assets $ 9 $ 3 $ 4 $ 2 Interest rate swaps Current Liabilities - Other 3 — 3 — Interest rate swaps Regulatory and other liabilities 5 — 5 — Total Liabilities 8 — 8 — Consolidated Balance Sheet Caption December 31, 2016 Description Total Level 1 Level 2 Level 3 (in millions) Corporate debt securities Cash and cash equivalents $ 145 $ — $ 145 $ — Corporate debt securities Regulatory and other assets 9 — 9 — Canadian equity securities Cash and cash equivalents 1 1 — — Interest rate swaps Regulatory and other assets 9 — 9 — Total Assets $ 164 $ 1 $ 163 $ — 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. December 31, 2017 December 31, 2016 Consolidated Balance Sheet Caption Book Value Approximate Fair Value Book Value Approximate Fair Value (in millions) Note receivable, noncurrent (a) $ 71 $ 71 $ 71 $ 71 Long-term fixed - rate debt, including current maturities (b) 5,850 6,211 6,272 6,455 ________ (a) Included within Investments in and Loans to Unconsolidated Affiliates. (b) Excludes unamortized items and fair value hedge carrying value adjustments. The fair value of long-term debt is determined based on market-based prices as described in the Level 2 valuation technique described above and are classified as Level 2. The fair values of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, note receivable-noncurrent, accounts payable, credit facility borrowings, long-term variable-rate debt, commercial paper and short-term money market securities 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 2017 and 2016 periods, 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 | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Assets And Liabilities Offsetting Table [Text Block] | Risk Management and Hedging Activities Interest Rate Risk . Changes in interest rates expose us to risk as a result of our issuance of variable and fixed-rate debt and commercial paper. We manage our interest rate exposure by limiting our variable-rate exposures to percentages of total debt and by monitoring the effects of market changes in interest rates. We also enter into financial derivative instruments including, but not limited to, interest rate swaps to manage and mitigate interest rate risk exposure. For interest rate derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk is recognized in the Consolidated Statements of Income. There were no significant amounts of gains or losses recognized in net income related to fair value hedges in 2017, 2016 or 2015. At December 31, 2017 , 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 interest rate swaps expire in 2018 and thereafter. These swaps also allow us to transform a portion of the underlying interest payments related to our long-term fixed-rate debt securities into variable-rate interest payments in order to achieve our desired mix of fixed and variable-rate debt. We have elected to present the fair value of interest rate swaps that had netting or rights of offset arrangements on a gross basis in the Consolidated Balance Sheets. The following table shows the impact of interest rate swaps assets and liabilities had we elected to present these contracts on a net basis: December 31, 2017 December 31, 2016 Gross Amounts Presented in the Consolidated Balance Sheets Amounts Available for Offset Net Amount Gross Amounts Presented in the Consolidated Balance Sheets Amounts Available for Offset Net Amount Description (in millions) Assets $ 4 $ (1 ) $ 3 $ 9 $ — $ 9 Liabilities (8 ) 1 (7 ) — — — For interest rate derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is recorded in Other Comprehensive Income (Loss) and is reclassified into earnings when the hedge item impacts earnings. Any ineffective portion of a cash flow hedge’s change in fair value is recognized each period in earnings. Since the third quarter of 2017, we have entered into pre-issuance interest rate swaps which were designated and qualified as cash flow hedges. The information of these cash flow swaps are presented as follows: Date of Maturity & Contract Type Accounting Treatment Average Interest Rate Notional Amount Fair Value at December 31, 2017 2016 (in millions) Contracts maturing in 2018 Cash Flow Hedge 2.44 % 1,360 $ 1 — Contracts maturing in 2020 Cash Flow Hedge 2.70 % 250 (3 ) — We estimate that less than $1 million of AOCI will be reclassified into net income in the next 12 months related to these swaps. The effects of derivative instruments on the Statements of Income and the Statements of Other Comprehensive Income are shown as follows: Years ended December 31, 2017 2016 2015 (in millions) Amount of unrealized loss recognized in Other Comprehensive Income Cash flow hedges - interest rate swaps $ (2 ) $ — $ — Amount of (gain)/loss reclassified from AOCI to earnings (effective portion) Cash flow hedges - interest rate swaps (a) — — (1 ) Amount of (gain)/loss reclassified from AOCI to earnings (ineffective portion) Cash flow hedges - interest rate swaps (a) (1 ) — — _________ (a) Reported within Interest Expense in the Consolidated Statements of Income. Foreign Currency Risk . We are exposed to minimal foreign currency risk from our Express Canada operations. As a result, our earnings, cash flows and other comprehensive income (loss) are exposed to minimal fluctuations resulting from foreign exchange rate variability. There are no hedges in place to mitigate the exposure. Commodity Price Risk Our earnings and cash flows are exposed to changes in commodity prices as a result of our ownership interests in certain assets. These commodities include natural gas, crude oil, power and NGL. We employ financial derivative instruments to fix a portion of the variable price exposures that arise from physical transactions involving these commodities. We use non-qualifying derivative instruments to manage commodity price risk. In July 2017, we entered into a power swap to fix a portion of the variable price exposure for power costs in our Express Canada operations until 2020. As a result, we recognized an unrealized gain of $2 million included with Storage of Natural Gas and Other on the Consolidated Statements of Income and a hedge asset of $2 million included with Other Assets, net on the Consolidated Balance Sheets. Credit Risk. Our principal customers for natural gas transmission and storage services are local distribution companies, industrial end-users, and natural gas marketers located throughout the United States and Canada. Customers on the Express-Platte system are primarily refineries located in the Rocky Mountain and Midwestern states of the United States. Other customers include oil producers and marketing entities. We have concentrations of receivables from these sectors throughout these regions. These concentrations of customers may affect our overall credit risk in that risk factors can negatively affect the credit quality of the entire sector. Where exposed to credit risk, we analyze the customers’ financial condition prior to entering into an agreement, establish credit limits and monitor the appropriateness of those limits on an ongoing basis. We also obtain parental guarantees, cash deposits, or letters of credit from customers to provide credit support, where appropriate, based on our financial analysis of the customer and the regulatory or contractual terms and conditions applicable to each contract. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Future Minimum Commitments At December 31, 2017, we had commitments that have remaining non-cancelable terms in excess of one year as details below: 2018 2019 2020 2021 2022 Thereafter Total (in millions) Annual debt maturities (a) (b) $ 500 $ — $ 810 $ 250 $ 2,754 $ 4,190 $ 8,504 Interest obligations (b) 260 247 238 210 204 1,756 2,915 Operating leases 15 19 18 17 19 120 208 Total $ 775 $ 266 $ 1,066 $ 477 $ 2,977 $ 6,066 $ 11,627 _________ (a) Includes senior notes, commercial paper, and credit facility borrowings based on the credit facility's maturity date. We have the ability under certain debt agreements to call and repay the obligations prior to scheduled maturities. Therefore, the actual timing of future cash repayments could be materially different than presented above. (b) This table excludes the debt issuance that occurred subsequent to December 31, 2017 (Note 23). We lease assets in various areas of our operations. Consolidated rental expense for operating leases classified in Net Income was $21 million in 2017 , $22 million in 2016 and $23 million in 2015 , which is included in Operating, Maintenance and Other on the Consolidated Statements of Income. Above is a summary of future minimum lease payments under operating leases which at inception had noncancellable terms of more than one year. We had no capital lease commitments at December 31, 2017 . We have the ability under certain debt facilities to repay the obligations prior to scheduled maturities. Therefore, the actual timing of future cash repayments could be materially different than presented above. Environmental We are subject to various federal, state and local laws relating to the protection of the environment. These laws and regulations can change from time to time, imposing new obligations on us. Environmental risk is inherent to liquid hydrocarbon and natural gas pipeline operations, and we and our affiliates are, at times, subject to environmental remediation at various contaminated sites. We manage this environmental risk through appropriate environmental policies and practices to minimize any impact our operations may have on the environment. We expense or capitalize, as appropriate, expenditures for ongoing compliance with environmental regulations that relate to past or current operations. We expense amounts we incur for remediation of existing environmental contamination caused by past operations that do not benefit future periods by preventing or eliminating future contamination. We record liabilities for environmental matters when assessments indicate that remediation efforts are probable, and the costs can be reasonably estimated. Estimates of environmental liabilities are based on currently available facts, existing technology and presently enacted laws and regulations taking into consideration the likely effects of inflation and other factors. These amounts also consider prior experience in remediating contaminated sites, other companies’ clean-up experience and data released by government organizations. Our estimates are subject to revision in future periods based on actual costs or new information and are included in Regulatory and other liabilities in our consolidated balance sheets at their undiscounted amounts. We always have the potential of incurring additional costs in connection with environmental liabilities due to variations in any or all of the categories described above, including modified or revised requirements from regulatory agencies, in addition to fines and penalties, as well as expenditures associated with litigation and settlement of claims. We evaluate recoveries from insurance coverage separately from the liability and, when recovery is probable, we record and report an asset separately from the associated liability in our consolidated financial statements. We recognize liabilities for other commitments and contingencies when, after fully analyzing the available information, we determine it is either probable that an asset has been impaired, or that a liability has been incurred and the amount of impairment or loss can be reasonably estimated. When a range of probable loss can be estimated, we accrue the most likely amount, or if no amount is more likely than another, we accrue the minimum of the range of probable loss. We expense legal costs associated with loss contingencies as such costs are incurred. General Insurance We are included in the comprehensive insurance program maintained by Enbridge for its subsidiaries. This program includes insurance coverage in types and amounts and is subject to certain deductibles, terms, exclusions and conditions that are generally consistent with coverage considered customary for our industry. Other Litigation We are subject to various other legal and regulatory actions and proceedings which arise in the normal course of business, including interventions in regulatory proceedings and challenges to regulatory approvals and permits by special interest groups. While the final outcome of such actions and proceedings cannot be predicted with certainty, we believe that the resolution of such actions and proceedings will not have a material impact on the consolidated financial position or results of operations. Legal costs related to the defense of loss contingencies are expensed as incurred. We had no material reserves for legal matters recorded as of December 31, 2017 or 2016 related to litigation. Other Commitments and Contingencies See Note 19 for a discussion of guarantees and indemnifications. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Guarantees | Guarantees In the normal course of conducting business, we enter into agreements which indemnify third parties and affiliates. Examples include indemnifying counterparties pursuant to sale agreements for assets or businesses in matters such as breaches of representations, warranties or covenants, loss or damages to property, environmental liabilities, changes in laws, valuation differences, litigation and contingent liabilities. On December 29, 2016, we issued performance guarantees to a third party and an affiliate on behalf of an equity method investee. These guarantees were issued to enable the equity method investee to enter into long-term transportation contracts with the third party. While the likelihood is remote, the maximum potential amount of future payments we could have been required to make as of December 31, 2017 was $90 million . These performance guarantees expire in 2032. We cannot reasonably estimate the maximum potential amounts that could become payable to third parties and affiliates under these agreements; however, historically, we have not made any significant payments under indemnification provisions. While these agreements may specify a maximum potential exposure, or a specified duration to the indemnification obligation, there are circumstances where the amount and duration are unlimited. The indemnifications and guarantees have not had, and are not reasonably likely to have, a material effect on our financial condition, changes in financial condition, earnings, liquidity, capital expenditures or capital resources. |
Issuances of Common Units
Issuances of Common Units | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Issuance of Common Units | Issuances of Units We have entered into equity distribution agreements for our at-the-market offering program up to $1 billion, pursuant to which we may offer and sell, through sales agents, common units representing limited partner interests at prices we deem appropriate. Sales of common units, if any, will be made by means of ordinary brokers’ transactions on the New York Stock Exchange (NYSE), in block transactions, or as otherwise agreed to between the sales agent and us. We intend to use the net proceeds from sales under the program for general partnership purposes, which may include debt repayment, future acquisitions and capital expenditures. December 31, 2017 2016 2015 Number of Units Amount Number of Units Amount Number of Units Amount Common Units (in millions) Balance at beginning of year 308.4 $ 11,650 285.1 $ 10,527 294.7 $ 10,474 Net income — 240 — 850 — 976 Common units issued (a) 4.0 171 23.3 1,058 12.0 547 Common units retired — — — — (21.6 ) (794 ) Distribution to limited partners — (878 ) — (785 ) — (728 ) Consideration over net disposed assets — — — — — 51 Other, net — — — — — 1 Balance at end of year 312.4 $ 11,183 308.4 $ 11,650 285.1 $ 10,527 _________ (a) Gross proceeds of $173 million, $1,064 million and $553 million for the years ended December 31, 2017, 2016, and 2015, respectively; net issuance costs of $2 million, $6 million and $7 million for the years ended December 31, 2017, 2016 and 2015, respectively. December 31, 2017 2016 2015 Number of Units Amount Number of Units Amount Number of Units Amount General Partner Units (in millions) Balance at beginning of year 6.3 $ 452 5.8 $ 336 6.0 $ 284 Net income — 369 — 311 — 249 General partner units issued 0.1 3 0.5 22 0.2 11 General partner units retired — — — — (0.4 ) (15 ) Attributed deferred tax benefit — (89 ) — 59 — 39 Distribution to general partner — (349 ) — (276 ) — (233 ) Consideration over net disposed assets — — — — — 1 Balance at end of year 6.4 $ 386 6.3 $ 452 5.8 $ 336 |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation Phantom units are granted under a Long-Term Incentive Plan to certain employees of Spectra Energy and vest over three years. We did not award phantom units in 2017 , 2016 or 2015. The remaining 7,500 units vested in 2015. We account for the phantom units as liability awards. Compensation expense for these awards was not significant in 2017 , 2016 or 2015 . |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter Total (in millions, except per-unit amounts) 2017 Operating revenues (a) $ 700 $ 695 $ 693 $ (138 ) $ 1,950 Operating income (loss) 332 343 374 (486 ) 563 Net income (loss) 354 367 471 (489 ) 703 Net income (loss) attributable to controlling interests 317 328 460 (496 ) 609 Net income (loss) per limited partner unit (a) 0.74 0.75 1.15 (1.86 ) 0.77 2016 Operating revenues $ 624 $ 618 $ 628 $ 663 $ 2,533 Operating income 324 305 280 319 1,228 Net income 311 305 296 327 1,239 Net income attributable to controlling interests 298 287 275 301 1,161 Net income per limited partner unit (b) 0.80 0.71 0.64 0.70 2.84 (a) Operating revenues in the fourth quarter of 2017 are presented inclusive of the establishment of an $860 million estimated regulatory liability for the cost of service assets as a result of the 2017 US tax reform. (b) Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding and changes in outstanding units. |
Business Overview (Notes)
Business Overview (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Business Overview Text Block [Abstract] | |
Business Overview [Text Block] | Nature of Operations . Spectra Energy Partners, through its subsidiaries and equity investments, is engaged in the transmission, storage and gathering of natural gas and the transportation and storage of crude oil through interstate pipeline systems. We are a Delaware master limited partnership (MLP). On February 27, 2017 , Enbridge Inc. (Enbridge) and Spectra Energy Corp (Spectra Energy) completed a merger transaction (the Merger) resulting in Spectra Energy being a wholly-owned subsidiary of Enbridge. As a result of the Merger, we became an indirect subsidiary of Enbridge through Enbridge's ownership of Spectra Energy. As of December 31, 2017 , Enbridge and its subsidiaries collectively owned a 74% ownership interest in us, with the remaining 26% publicly owned. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 23. Subsequent Events On January 9, 2018, Texas Eastern issued $400 million in aggregate principal amount of 3.50% senior notes due in 2028 and $400 million in aggregate principal amount of 4.15% senior notes due in 2048. Texas Eastern used a portion of the net proceeds from the offering to fund expansion projects and capital expenditures on the Texas Eastern pipeline system. In addition, Texas Eastern used a portion of the net proceeds from the offering to make a distribution to Spectra Energy Partners to repay funds advanced to Texas Eastern in September 2017, which Texas Eastern used to repay a $400 million debt maturity. We used the proceeds received to repay commercial paper and credit facility borrowings, which was incurred primarily to fund Texas Eastern’s capital expenditures, as well as those of our other subsidiaries. On January 21, 2018, we entered into an Equity Restructuring Agreement with our GP, LP (the Equity Restructuring Agreement), pursuant to which the incentive distribution rights and the 2% general partner interest in us held by GP, LP were converted into 172,500,000 newly issued common units and a non-economic general partner interest in us. Distributions by us with a record date after January 21, 2018 will be made based on the terms of our limited partnership agreement in effect at the time the distribution is declared. Immediately after the execution of our Equity Restructuring Agreement, a new limited partnership agreement was entered into. The distribution for the fourth quarter of 2017 was declared after January 21, 2018, and will be paid in accordance with this new limited partnership agreement. |
Significant Accounting Polici30
Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | ||
Derivatives, Offsetting Fair Value Amounts | For interest rate derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk is recognized in the Consolidated Statements of Income. | |
Nature of Operations | s | |
Basis of Presentation | Basis of Presentation . The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosure of contingent assets and liabilities in the consolidated financial statements. We regularly evaluate these estimates utilizing historical experience, consultation with experts and other methods we consider reasonable in the circumstances. Nevertheless, actual results may differ from these estimates. We record the effect of any revisions to these estimates in our consolidated financial statements in the period in which the facts that give rise to the revision become known. 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 | ||
Fair Value Measurements | Fair Value Measurements. We measure the fair value of financial assets and liabilities by maximizing the use of observable inputs and minimizing the use of unobservable inputs. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |
Cost-Based Regulation | Regulation . Our businesses are subject to regulation by various authorities including, but not limited to, the Federal Energy Regulatory Commission (FERC) and the National Energy Board (NEB). Regulatory bodies exercise statutory authority over matters such as construction, rates and ratemaking and agreements with customers. To recognize the economic effects of the actions of the regulator, the timing of recognition of certain revenues and expenses in these operations may differ from that otherwise expected under U.S. GAAP for non rate-regulated entities. Regulatory assets represent amounts that are expected to be recovered from customers in future periods through rates. Regulatory liabilities represent amounts that are expected to be refunded to customers in future periods through rates. These regulatory assets and liabilities are mostly classified in the Consolidated Balance Sheets as Regulatory and other assets and Regulatory and other liabilities. Regulatory assets are assessed for impairment if we identify an event indicative of possible impairment. The recognition of regulatory assets and liabilities is based on the actions, or expected future actions, of the regulator. To the extent that the regulator’s actions differ from our expectations, the timing and amount of recovery or settlement of regulatory balances could differ from those recorded. In the absence of rate regulation, we would generally not recognize regulatory assets or liabilities and the income impact would be recorded in the period the expenses are incurred or revenues are earned. | |
Foreign Currency Translation | Foreign Currency Translation. The Canadian dollar has been determined to be the functional currency of the Canadian portion of the Express-Platte pipeline system (Express Canada) based on an assessment of the economic circumstances of those operations. Assets and liabilities of Express Canada are translated into U.S. dollars at current exchange rates. Translation adjustments resulting from fluctuations in exchange rates are included as a separate component of Other Comprehensive Income (Loss) on the Consolidated Statements of Comprehensive Income. Revenue and expense accounts of these operations are translated at average monthly exchange rates prevailing during the periods. Gains and losses arising from transactions denominated in currencies other than the functional currency are included in the results of operations of the period in which they occur. Foreign currency transaction gain totaled $1 million in 2017 , and losses totaled $1 million , and $6 million in 2016 and 2015 respectively and are included in Other Income and Expenses, Net on the Consolidated Statements of Income. | |
Revenue Recognition | Revenue Recognition . Revenues from the transmission, storage and gathering of natural gas, and from the transportation of crude oil are generally recognized when the service is provided. Revenues related to these services provided but not yet billed are estimated each month. These estimates are generally based on contract data, regulatory information and preliminary throughput and allocation measurements. Final bills for the current month are billed and collected in the following month. Differences between actual and estimated revenues are immaterial. There was one customer, National Grid PLC, in the U.S. Transmission segment accounting for $244 million, or approximately 13%, of consolidated revenues during 2017 . There were no customers accounting for 10% or more of consolidated revenues during 2016 or 2015 . We also have certain customer contracts with billed amounts that decline annually over the terms of the contracts. Differences between the amounts billed and recognized are deferred on the Consolidated Balance Sheets. | |
Allowance for Funds Used During Construction (AFUDC) | Allowance for Equity Used During Construction (AFUDC). AFUDC, which represents the estimated debt and equity costs of capital funds necessary to finance the construction and expansion of certain new regulated facilities, consists of two components, an equity component and an interest expense component. After construction is completed, we are permitted to recover these costs through inclusion in the rate base and in the depreciation provision. AFUDC is capitalized as a component of Property, plant and equipment - net in the Consolidated Balance Sheets, with offsetting credits to the Consolidated Statements of Income through Other Income and Expenses, net for the equity component and Interest Expense for the interest expense component. The total amount of AFUDC included in the Consolidated Statements of Income was $153 million in 2017 (an equity component of $115 million and an interest expense component of $38 million ), $168 million in 2016 (an equity component of $121 million and an interest expense component of $47 million ) and $95 million in 2015 (an equity component of $76 million and an interest expense component of $19 million ). The equity component of AFUDC, a non-cash item, is included as a reconciling item to net income within Cash Flows from Operating Activities - Change in Operating Assets and Liabilities in the Consolidated Statements of Cash Flows. | |
Income Taxes | Income Taxes . As a result of our MLP structure, we are not subject to federal income tax. Our federal taxable income or loss is reported on the respective income tax returns of our partners. However, we are subject to Canadian income tax and Tennessee and New Hampshire income tax. Spectra Energy Partners is liable to Spectra Energy for Texas income (margin) tax under a tax sharing agreement. As of December 31, 2017 , the difference between the tax basis and the reported amounts of Spectra Energy Partners’ assets and liabilities is $14.7 billion . We are subject to cost-based regulation and consequently record a regulatory tax asset in connection with the tax gross up of AFUDC equity. The corresponding deferred tax liability is recognized as an Attributed Deferred Tax Benefit in the Consolidated Statements of Equity since we are a pass-through entity. | |
Cash and Cash Equivalents | Cash and Cash Equivalents. Highly liquid investments with original maturities of three months or less at the date of acquisition are considered cash equivalents, except for the investments that were pledged as collateral against long-term debt as discussed in Note 14 and any investments that are considered restricted funds. | |
Inventory | Inventory. Inventory consists of natural gas retained from shippers for fuel and also includes materials and supplies. Natural gas is recorded at the lower of cost or market. Materials and supplies are recorded at cost, using the average cost method. | |
Natural Gas Imbalances | Natural Gas Imbalances. The Consolidated Balance Sheets include in-kind balances as a result of differences in gas volumes received and delivered for customers. Since settlement of certain imbalances is in-kind, changes in the balances do not have an effect on our Consolidated Statements of Income or Consolidated Statements of Cash Flows. Receivables include $106 million and $99 million as of December 31, 2017 and December 31, 2016 , respectively, and Other Current Liabilities include $80 million and $74 million as of December 31, 2017 and December 31, 2016 , respectively, related to all gas imbalances. Most natural gas volumes owed to or by us are valued at natural gas market index prices as of the balance sheet dates. | |
Cash Flow Hedges | Cash Flow and Fair Value Hedges . We have entered into interest rate swaps which were designated as either a hedge of a forecasted transaction (cash flow hedge) or a hedge of a recognized asset, liability or firm commitment (fair value hedge). For all hedge contracts, we prepare documentation of the hedge in accordance with accounting standards and assess whether the hedge contract is highly effective using regression analysis, both at inception and on a quarterly basis, in offsetting changes in cash flows or fair values of hedged items. Changes in the fair value of a derivative designated and qualified as a cash flow hedge, to the extent effective, are included in the Consolidated Statements of Comprehensive Income as Other Comprehensive Income (Loss) until earnings are affected by the hedged item. We discontinue hedge accounting prospectively when we have determined that a derivative no longer qualifies as an effective hedge or when it is no longer probable that the hedged forecasted transaction will occur. When hedge accounting is discontinued because the derivative no longer qualifies as an effective hedge, the derivative is subject to the mark-to-market model of accounting prospectively. Gains and losses related to discontinued hedges that were previously accumulated in accumulated other comprehensive income (AOCI) remain in AOCI until the underlying transaction is reflected in earnings, unless it is probable that the hedged forecasted transaction will not occur at which time associated deferred amounts in AOCI are immediately recognized in current earnings. For derivatives designated as fair value hedges, we recognize the gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item in earnings, to the extent effective, in the current period. In the event the hedge is not effective, there is no offsetting gain or loss recognized in earnings for the hedged item. All derivatives designated and accounted for as hedges are classified in the same category as the item being hedged in the Consolidated Statements of Cash Flows. All components of each derivative gain or loss are included in the assessment of hedge effectiveness. | |
Investments | Investments . We may actively invest a portion of our available cash and restricted funds balances in various financial instruments, including taxable or tax-exempt debt securities. In addition, we invest in short-term money market securities, some of which are restricted due to debt collateral requirements. Investments in available-for-sale (AFS) securities are carried at fair value and investments in held-to-maturity (HTM) securities are carried at cost. Investments in money market securities are also accounted for at fair value. Realized gains and losses, and dividend and interest income related to these securities, including any amortization of discounts or premiums arising at acquisition, are included in earnings. The costs of securities sold are determined using the specific identification method. Purchases and sales of AFS and HTM securities are presented on a gross basis within Cash Flows from Investing Activities in the accompanying Consolidated Statements of Cash Flows. See also Notes 11 and 15 for additional information. | |
Goodwill | Goodwill . Goodwill represents the excess of the purchase price over the fair value of net identifiable assets on acquisition of a business. The carrying value of goodwill, which is not amortized, is assessed for impairment annually, or more frequently if events or changes in circumstances arise that suggest the carrying value of goodwill may be impaired. We perform our annual review for impairment at the reporting unit level, which is identified by assessing whether the components of our operating segments constitute businesses for which discrete information is available, whether segment management regularly reviews the operating results of those components and whether the economic and regulatory characteristics are similar. We have the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. The quantitative goodwill impairment test involves determining the fair value of our reporting units and comparing those values to the carrying value of each reporting unit. If the carrying value of a reporting unit, including allocated goodwill, exceeds its fair value, goodwill impairment is measured at the amount by which the reporting unit’s carrying value exceeds its fair value. This amount should not exceed the carrying amount of goodwill. No impairments of goodwill were recorded in 2017 , 2016 or 2015 . We had goodwill balances of $2,957 million at December 31, 2017 and $3,234 million at December 31, 2016 . The decrease in goodwill in 2017 was the result of $282 million relating to the deconsolidation of Sabal Trail, partially offset by foreign currency translation | |
Property, Plant and Equipment | Property, Plant and Equipment . Property, plant and equipment is recorded at historical cost. Expenditures for construction, expansion, major renewals and betterments are capitalized. Maintenance and repair costs are expensed as incurred. Expenditures for project development are capitalized if they are expected to have future benefit. We capitalize interest incurred during construction for non rate-regulated assets. For rate-regulated assets, AFUDC is included in the cost of property, plant and equipment and is depreciated over future periods as part of the total cost of the related asset. AFUDC includes both an interest component and, if approved by the regulator, a cost of equity component. Depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets commencing when the asset is placed in service. When group assets are retired or otherwise disposed of, gains and losses are not reflected in earnings but are booked as an adjustment to accumulated depreciation. When we retire regulated property, plant and equipment, we charge the original cost plus the cost of retirement, less salvage value, to accumulated depreciation and amortization. When we sell entire regulated operating units, or retire non-regulated properties, the cost is removed from the property account and the related accumulated depreciation and amortization accounts are reduced. Any gain and loss is recorded in earnings, unless otherwise required by the applicable regulatory body. | |
Preliminary Project Costs | Preliminary Project Costs . Project development costs, including expenditures for preliminary surveys, plans, investigations, environmental studies, regulatory applications and other costs incurred for the purpose of determining the feasibility of capital expansion projects, are capitalized for rate-regulated enterprises when it is determined that recovery of such costs through regulated revenues of the completed project is probable. Any inception-to-date costs of the projects that were initially incurred are reversed and capitalized as Property, Plant and Equipment. | |
Long-Lived Asset Impairments | Asset Impairments. We review the carrying values of its long-lived assets as events or changes in circumstances warrant. If it is determined that the carrying value of an asset exceeds the undiscounted cash flows expected from the asset, the asset is written down to fair value. With respect to investments in debt and equity securities, we assess at each balance sheet date whether there is objective evidence that a financial asset is impaired by completing a quantitative or qualitative analysis of factors impacting the investment. If there is determined to be objective evidence of impairment, we value the expected discounted cash flows using observable market inputs and determines whether the decline below carrying value is other than temporary. If the decline is determined to be other than temporary, an impairment charge is recorded in earnings with an offsetting reduction to the carrying value of the asset. With respect to other financial assets, we assess the assets for impairment when it no longer has reasonable assurance of timely collection. If evidence of impairment is noted, we reduce the value of the financial asset to its estimated realizable amount, determined using discounted expected future cash flows. We recorded a $9 million non-cash impairment charge on Ozark Gas Gathering, L.L.C. in the first quarter of 2015 included in Operating, Maintenance and Other on the Consolidated Statements of Income. | |
Asset Retirement Obligations | Asset Retirement Obligations (AROs). AROs associated with the retirement of long-lived assets are measured at fair value and recognized in the period in which they can be reasonably determined. The fair value approximates the cost a third party would charge to perform the tasks necessary to retire such assets and is recognized at the present value of expected future cash flows. AROs are added to the carrying value of the associated asset and depreciated over the asset’s useful life. The corresponding liability is accreted over time through charges to earnings and is reduced by actual costs of decommissioning and reclamation. Our estimates of retirement costs could change as a result of changes in cost estimates and regulatory requirements. | |
Unamortized Debt Premium, Discount and Expense | Unamortized Debt Premium, Discount and Expense . Premiums, discounts, and expenses incurred with the issuance of outstanding long-term debt are amortized over the terms of the debt issued. Any call premiums or unamortized expenses associated with refinancing higher-cost debt obligations to finance regulated assets and operations are amortized consistent with regulatory treatment of those items, where appropriate. | |
Environmental Expenditures | Environmental Expenditures . We expense environmental expenditures related to conditions caused by past operations that do not generate current or future revenues. Environmental expenditures related to operations that generate current or future revenues are expensed or capitalized, as appropriate. Undiscounted liabilities are recorded when the necessity for environmental remediation becomes probable and the costs can be reasonably estimated, or when other potential environmental liabilities are reasonably estimable and probable. | |
Segment Reporting | Segment Reporting. Operating segments are components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and evaluate performance. Two or more operating segments may be aggregated into a single reportable segment provided certain criteria are met. There is no such aggregation within our defined business segments. A description of our reportable segments consistent with how business results are reported internally to management, and the disclosure of segment information is presented in Note 5. | |
Consolidated Statements of Cash Flows | Consolidated Statements of Cash Flows. Cash received from insurance proceeds are classified depending on the activity that resulted in the insurance proceeds. For example, business interruption insurance proceeds are included as a component of operating activities while insurance proceeds from damaged property are included as a component of investing activities. With respect to cash overdrafts, book overdrafts are included within operating cash flows while bank overdrafts, if any, are included within financing cash flows. | |
Distributions from Equity Investments | Distributions from Equity Investments . We consider distributions received from equity investments which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and classify these amounts as Cash Flows from Operating Activities within the accompanying Consolidated Statements of Cash Flows. Cumulative distributions received in excess of cumulative equity in earnings subsequent to the date of investment are considered to be a return of investment and are classified as Cash Flows from Investing Activities. | |
New Accounting Pronouncements | New Accounting Pronouncements. The following new Accounting Standards Updates (ASUs) were adopted during 2017 and the effects of such adoptions, if any, are presented in the accompanying Consolidated Financial Statements: Simplifying the Measurement of Goodwill Impairment. Effective January 1, 2017, we early adopted ASU 2017-04 and applied the standard on a prospective basis. Under the new guidance, goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value; this amount should not exceed the carrying amount of goodwill. The adoption of the pronouncement did not have a material impact on our consolidated financial statements. Clarifying the Definition of a Business in an Acquisition. Effective January 1, 2017, we early adopted ASU 2017-01 on a prospective basis. The new standard was issued with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (disposals) of assets or businesses. The adoption of the pronouncement did not have a material impact on our consolidated financial statements. Accounting for Intra-Entity Asset Transfers. Effective January 1, 2017, we early adopted ASU 2016-16 on a modified retrospective basis. The new standard was issued with the intent of improving the accounting for the income tax consequences of intra-entity asset transfers other than inventory. Under the new guidance, an entity should recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The adoption of the pronouncement did not have a material impact on our consolidated financial statements. Improvements to Employee Share-Based Payment Accounting. Effective January 1, 2017, we adopted ASU 2016-09 and applied certain amendments on a modified retrospective basis with the remaining amendments applied on a prospective basis. The new standard was issued with the intent of simplifying and improving several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The adoption of the pronouncement did not have a material impact on our consolidated financial statements. Simplifying the Embedded Derivatives Analysis for Debt Instruments. Effective January 1, 2017, we adopted ASU 2016-06 on a modified retrospective basis. The new guidance simplifies the embedded derivative analysis for debt instruments containing contingent call or put options. The adoption of the pronouncement did not have a material impact on our consolidated financial statements. Pending. The following new ASUs have been issued but not yet adopted: Improvements to Accounting for Hedging Activities. ASU 2017-12 was issued in August 2017 with the objective of better aligning a company’s risk management activities and the resulting hedge accounting reflected in the financial statements. The accounting update allows cash flow hedging of contractually specified components in financial and non-financial items. Under the new guidance, hedge ineffectiveness is no longer required to be measured and hedging instruments’ fair value changes will be recorded in the same statement of income line as the hedged item. The ASU also allows the initial quantitative hedge effectiveness assessment to be performed at any time before the end of the quarter in which the hedge is designated. After initial quantitative testing is performed, an ongoing qualitative effectiveness assessment is permitted. The accounting update is effective January 1, 2019 and is to be applied on a modified retrospective basis. We are currently assessing the impact of the new standard on our consolidated financial statements. Clarifying Guidance on the Application of Modification Accounting on Stock Compensation. ASU 2017-09 was issued in May 2017 with the intent to clarify the scope of modification accounting and when it should be applied to a change to the terms or conditions of a share based payment award. Under the new guidance, modification accounting is required for all changes to share based payment awards, unless all of the following are met: 1) there is no change to the fair value of the award, 2) the vesting conditions have not changed, and 3) the classification of the award as an equity instrument or a debt instrument has not changed. The accounting update is effective January 1, 2018 and will be applied on a prospective basis. We do not expect the adoption of this accounting update to have a material impact on our consolidated financial statements. Improving the Presentation of Net Periodic Benefit Cost related to Defined Benefit Plans. ASU 2017-07 was issued in March 2017 primarily to improve the statement of income presentation of the components of net periodic pension cost and net periodic postretirement benefit cost for an entity’s sponsored defined benefit pension and other postretirement plans. In addition, only the service cost component of net benefit cost is eligible for capitalization. The accounting update is effective January 1, 2018 and will be applied on a retrospective basis for the statement of income presentation component and a prospective basis for the capitalization component. We do not expect the adoption of this accounting update to have a material impact on our consolidated financial statements. Clarifying Guidance on Derecognition and Partial Sales of Nonfinancial Assets. ASU 2017-05 was issued in February 2017 with the intent of clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. The ASU clarifies the scope provisions of nonfinancial assets and how to allocate consideration to each distinct asset, and amends the guidance for derecognition of a distinct nonfinancial asset in partial sale transactions. The accounting update is effective January 1, 2018 and will be applied on a modified retrospective basis. We do not expect the adoption of this accounting update to have a material impact on our consolidated financial statements. Clarifying the Presentation of Restricted Cash in the Statement of Cash Flows. ASU 2016-18 was issued in November 2016 with the intent to clarify guidance on the classification and presentation of changes in Restricted cash and restricted cash equivalents within the Consolidated Statement of Cash Flows. The accounting update requires that changes in Restricted cash and restricted cash equivalents be included within Cash and cash equivalents when reconciling the opening and closing period amounts shown on the Consolidated Statement of Cash Flows. We currently present the changes in Restricted cash and restricted cash equivalents under Investing activities in the Consolidated Statement of Cash Flows. The accounting update is effective January 1, 2018 and will be applied on a retrospective basis. We will amend the presentation in the Consolidated Statement of Cash Flows to include Restricted cash and restricted cash equivalents with cash and cash equivalents and we will retrospectively reclassify all periods presented. Simplifying Cash Flow Classification. ASU 2016-15 was issued in August 2016 with the intent of reducing diversity in practice of how certain cash receipts and cash payments are classified in the Consolidated Statement of Cash Flows. The new guidance addresses eight specific presentation issues. The accounting update is effective January 1, 2018 and will be applied on a retrospective basis. We assessed each of the eight specific presentation issues and the adoption of this ASU does not have a material impact on our consolidated financial statements. Accounting for Credit Losses. ASU 2016-13 was issued in June 2016 with the intent of providing financial statement users with more useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Current treatment uses the incurred loss methodology for recognizing credit losses that delays the recognition until it is probable a loss has been incurred. The accounting update adds a new impairment model, known as the current expected credit loss model, which is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the Financial Accounting Standards Board believes will result in more timely recognition of such losses. We are currently assessing the impact of the new standard on our consolidated financial statements. The accounting update is effective January 1, 2020. Recognition of Leases. ASU 2016-02 was issued in February 2016 with the intent to increase transparency and comparability among organizations. It requires lessees of operating lease arrangements to recognize lease assets and lease liabilities on the Consolidated Balance Sheets and disclose additional key information about lease agreements. The accounting update also replaces the current definition of a lease and requires that an arrangement be recognized as a lease when a customer has the right to obtain substantially all of the economic benefits from the use of an asset, as well as the right to direct the use of the asset. We are currently gathering a complete inventory of our lease contracts in order to assess the impact of the new standard on our consolidated financial statements. The accounting update is effective January 1, 2019 and will be applied using a modified retrospective approach. Recognition and Measurement of Financial Assets and Liabilities. ASU 2016-01 was issued in January 2016 with the intent to address certain aspects of recognition, measurement, presentation and disclosure of financial assets and liabilities. Investments in equity securities, excluding equity method and consolidated investments, are no longer classified as trading or available-for-sale securities. All investments in equity securities with readily determinable fair values are classified as investments at fair value through net income. Investments in equity securities without readily determinable fair values are measured using the fair value measurement alternative and are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Investments in equity securities measured using the fair value measurement alternative are reviewed for indicators of impairment each reporting period. Fair value of financial instruments for disclosure purposes is measured using exit price. The accounting update is effective January 1, 2018 and will be applied on a prospective basis. We do not expect the adoption of this accounting update to have a material impact on our consolidated financial statements. Revenue from Contracts with Customers. ASU 2014-09 was issued in 2014 with the intent of significantly enhancing consistency and comparability of revenue recognition practices across entities and industries. The new standard establishes a single, principles-based five-step model to be applied to all contracts with customers and introduces new and enhanced disclosure requirements. It also requires the use of more estimates and judgments than the present standards in addition to additional disclosures. The new standard is effective January 1, 2018. The new standard permits either a full retrospective method of adoption with restatement of all prior periods presented, or a modified retrospective method with the cumulative effect of applying the new standard recognized as an adjustment to opening retained earnings in the period of adoption. We have decided to adopt the new standard using the modified retrospective method. We have reviewed our revenue contracts in order to evaluate the effect of the new standard on our revenue recognition practices. Based on this assessment, the application of the standard will result in the following change to our financial statements and revenue recognition methods: • Certain payments received from customers to offset the cost of constructing assets required to provide services to those customers, referred to as Contributions in Aid of Construction ("CIACs") were previously recorded as reductions of property, plant and equipment regardless of whether the amounts were imposed by regulation or negotiated. Under the new standard, negotiated CIACs are deemed to be advance payments for services and must be recognized when those future services are provided. Negotiated CIACs will be accounted for as deferred revenue and recognized over the term of the associated revenue contract. After conducting this assessment any adjustments to our partner's capital account will be immaterial as of January 1, 2018. We have also developed and tested processes to generate the disclosures which will be required under the new standard commencing in the first quarter of 2018. | |
Sabal Trail Transmission, LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Consolidation, Variable Interest Entity, Policy | Sabal Trail. We own a 50% interest in Sabal Trail, a joint venture that operates a pipeline originating in Alabama that transports natural gas to Florida (the Sabal Trail pipeline). Sabal Trail is a variable interest entity (VIE) due to insufficient equity at risk to finance its activities. On July 3, 2017, the Sabal Trail pipeline was placed into service. In accordance with the Sabal Trail LLC Agreement, upon the commencement of commercial service of the Sabal Trail pipeline, the power to direct Sabal Trail’s activities became shared with its members. Consequently, we are no longer the primary beneficiary and as a result deconsolidated the assets, liabilities and non-controlling interests related to Sabal Trail at the in-service date. At deconsolidation, our interest in Sabal Trail was recorded at its fair value of $1.9 billion . We recognized a gain of $106 million related to the remeasurement of the retained equity interest to its fair value. The gain was recorded in Earnings from Equity Investments on the Consolidated Statements of Income. The fair value was determined using the income approach which is based on the present value of future cash flows. The inputs used in the development of the fair value, representative of a Level 3 fair value measurement, include, but are not limited to, the amount and timing of projected future cash flows and a 9% discount rate used to measure the risks inherent in the future cash flows. Subsequent to deconsolidation, we determined that we continue to have the ability to exercise significant influence over Sabal Trail and accounted for it under the equity method. Our maximum exposure to loss is $2.0 billion . We have an investment in Sabal Trail of $1.9 billion as of December 31, 2017, classified as Investments in and Loans to Unconsolidated Affiliates on our Consolidated Balance Sheets. | |
Nexus Gas Transmission, LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Consolidation, Variable Interest Entity, Policy | Nexus. We own a 50% equity investment in Nexus, a joint venture that is constructing a greenfield natural gas pipeline from Ohio to Michigan and leasing capacity on third party pipelines in order to provide transportation of Appalachian Basin natural gas to markets in Ohio, Michigan, and the Dawn Hub in Ontario, Canada through the Vector Pipeline. Nexus is a VIE due to insufficient equity at risk to finance its activities. We determined that we are not the primary beneficiary because the power to direct the activities of Nexus that most significantly impact its economic performance is shared. Our maximum exposure to loss is $1.2 billion . We have an investment in Nexus of $640 million and $356 million as of December 31, 2017 and December 31, 2016, respectively, classified as Investments in and Loans to Unconsolidated Affiliates on our Consolidated Balance Sheets. On December 29, 2016, we issued performance guarantees to a third party and an affiliate on behalf of Nexus. See Note 19 for further discussion of the guarantee arrangement. |
Transactions with Affiliates (T
Transactions with Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Transactions with Affiliates Consolidated Statements of Operations | Consolidated Statements of Income 2017 2016 2015 (in millions) Operating revenues $ 41 $ 34 $ 53 Operating, maintenance and other expenses 314 310 457 |
Transactions with Affiliates Consolidated Balance Sheets | Consolidated Balance Sheets December 31, 2017 2016 (in millions) Receivables $ 10 $ 22 Current assets — other 1 2 Accounts payable 32 27 Current liabilities — other 16 10 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Data | Business Segment Data Total Revenues Segment EBITDA/Consolidated Earnings Before Income Taxes Depreciation and Amortization Capital and Investment Expenditures Asset (in millions) 2017 U.S. Transmission $ 1,545 $ 1,199 $ 314 $ 2,204 $ 20,157 Liquids 405 259 32 21 1,875 Total 1,950 1,458 346 2,225 22,032 Other — (127 ) — — 24 Depreciation and amortization — 346 — — — Interest expense — 265 — — — Interest income and other — 2 — — — Total consolidated $ 1,950 $ 722 $ 346 $ 2,225 $ 22,056 2016 U.S. Transmission $ 2,167 $ 1,639 $ 285 $ 2,514 $ 19,747 Liquids 366 237 29 71 1,841 Total 2,533 1,876 314 2,585 21,588 Other — (82 ) — — 18 Depreciation and amortization — 314 — — — Interest expense — 224 — — — Interest income and other — 1 — — — Total consolidated $ 2,533 $ 1,257 $ 314 $ 2,585 $ 21,606 2015 U.S. Transmission $ 2,087 $ 1,599 $ 264 $ 1,952 $ 17,050 Liquids 368 283 31 55 1,778 Total 2,455 1,882 295 2,007 18,828 Other — (66 ) — — 23 Depreciation and amortization — 295 — — — Interest expense — 239 — — — Interest income and other — (5 ) — — — Total consolidated $ 2,455 $ 1,277 $ 295 $ 2,007 $ 18,851 |
Geographic Data | Geographic Data U.S. Canada Consolidated (in millions) 2017 Consolidated revenues $ 1,865 $ 85 $ 1,950 Consolidated long-lived assets 17,958 227 18,185 2016 Consolidated revenues $ 2,456 $ 77 $ 2,533 Consolidated long-lived assets 19,580 215 19,795 2015 Consolidated revenues $ 2,383 $ 72 $ 2,455 Consolidated long-lived assets 18,104 203 18,307 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Abstract] | |
Regulatory Assets and Liabilities | We record assets and liabilities that result from the regulated ratemaking process that would not be recorded under GAAP for non-regulated entities. See Note 2 for further discussion. Financial Statement Effects The following items are reflected in the consolidated balance sheets. All regulatory assets and liabilities are excluded from rate base unless otherwise noted below. Recovery/Refund Period Ends December 31, 2017 2016 (in millions) Regulatory Assets (a) Regulatory asset related to income taxes (b) Various $ 137 $ 297 Vacation accrual Various 17 19 Deferred debt expense/premium Various 14 18 Asset retirement obligations Various 22 17 Under-recovery of fuel costs (c,d) — 19 6 Project development costs Through 2036 8 9 Other — 3 10 Total Regulatory Assets $ 220 $ 376 Regulatory Liabilities Over-recovery of fuel costs (d,e) — $ 15 $ 38 Deferred income taxes (f,g) Various 860 — Pipeline rate credit (g) Life of associated liability 21 23 Total Regulatory Liabilities $ 896 $ 61 ________ (a) Included in Regulatory and Other Assets, unless otherwise noted. (b) Relates to tax gross-up of the AFUDC equity portion on certain pipelines' rate mechanisms. All amounts are expected to be included in future rate filings. (c) Included in Fuel Tracker. (d) Includes amounts settled in cash annually through transportation rates in accordance with FERC gas tariffs. (e) Included in Current Liabilities - Other. (f) Relates to the establishment of a regulatory liability as a result of the U.S. tax reform legislation dated December 22, 2017. (g) Included in Regulatory and Other Liabilities. |
Net Income Per Limited Partne34
Net Income Per Limited Partner Unit and Cash Distributions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Limited Partner Unit Calculations | : 2017 2016 2015 (in millions, except per unit amounts) Net income—controlling interests $ 609 $ 1,161 $ 1,225 Less net income attributable to: General partner’s interest in general partner units—2% 12 23 24 General partner’s interest in incentive distribution rights 357 288 225 Limited partners’ interest in net income attributable to common units $ 240 $ 850 $ 976 Weighted average limited partner units outstanding—basic and diluted 310 299 296 Net income per limited partner unit—basic and diluted $ 0.77 $ 2.84 $ 3.30 |
Incentive Distribution Rights in Accordance with Partnership Agreement | Portion of Quarterly Distribution per Common Unit Marginal Percentage Interest in Distributions Distribution Targets Unitholders General Partner Minimum Quarterly Distribution up to $0.30 98 % 2 % First Target Distribution >$0.30 to $0.345 98 % 2 % Second Target Distribution >$0.345 to $0.375 85 % 15 % Third Target Distribution >$0.375 to $0.45 75 % 25 % Thereafter >$0.45 50 % 50 % |
Investments in and Loans to U35
Investments in and Loans to Unconsolidated Affiliates (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||
Earnings from Equity Investments | Earnings from Equity Investments 2017 2016 2015 (in millions) U.S. Transmission (a) $ 307 $ 127 $ 112 Liquids — — 55 Total $ 307 $ 127 $ 167 | |
Summarized Statements of Operations of Unconsolidated Affiliates Presented at 100% | Statements of Income 2017 2016 2015 Sabal Trail (a) Other Total Total Total (in millions) Operating revenues $ 124 $ 430 $ 554 $ 430 $ 702 Operating expenses 52 118 170 118 229 Operating income 72 312 384 312 473 Net income 74 346 420 253 380 | |
Summarized Balance Sheets of Unconsolidated Affiliates Presented at 100% | Balance Sheets December 31, 2017 2016 Sabal Trail (a) Other Total Total (in millions) Current assets $ 67 $ 245 $ 312 $ 154 Non-current assets 2,977 4,441 7,418 3,665 Current liabilities 60 154 214 112 Non-current liabilities — 1,680 1,680 1,678 _________ (a) Sabal Trail was deconsolidated in Q3 2017. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
PennEast Pipeline [Member] | |
Variable Interest Entity [Line Items] | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | PennEast Pipeline. In June 2017, we purchased an additional 10% interest in PennEast from PSEG Power Gas Holdings, LLC, increasing our ownership interest in PennEast to 20% . PennEast is a joint venture that is proposing to construct a natural gas pipeline originating in northeastern Pennsylvania, and ending near Pennington, Mercer County, New Jersey. PennEast is a VIE due to insufficient equity at risk to finance its activities. We determined that we are not the primary beneficiary because the power to direct the activities of PennEast that most significantly impact its economic performance is shared. We account for PennEast under the equity method. Our maximum exposure to loss is $275 million . We have an investment in PennEast of $55 million and $11 million as of December 31, 2017 and December 31, 2016, respectively, classified as Investments in and Loans to Unconsolidated Affiliates on our Consolidated Balance Sheets. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property Plant and Equipment | Weighted Average Depreciation Rate December 31, 2017 2016 (%) (in millions) Plant Natural gas transmission 1.88 % $ 14,558 $ 13,702 Natural gas storage 2.04 % 1,655 1,638 Gathering and processing facilities 3.75 % 3 3 Crude oil transportation and storage 2.15 % 1,335 1,321 Land rights and rights of way 1.65 % 517 510 Other buildings and improvements 5.22 % 42 37 Equipment 4.79 % 81 81 Vehicles 4.34 % 10 12 Land — 76 75 Construction in process (a) — 482 2,494 Software 4.05 % 13 11 Other 1.48 % 221 74 Total property, plant and equipment 18,993 19,958 Total accumulated depreciation (3,928 ) (3,741 ) Total accumulated amortization (166 ) (125 ) Total net property, plant and equipment $ 14,899 $ 16,092 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | A reconciliation of movements to our ARO liabilities is as follows: 2017 2016 (in millions) Balance at beginning of year $ 46 $ 48 Accretion expense 2 2 Revisions in estimated cash flows 1 (4 ) Liabilities settled (11 ) — Balance at the end of year (a) $ 38 $ 46 __________ (a) Amounts included in Regulatory and other liabilities in the Consolidated Balance Sheets |
Debt and Credit Facility (Table
Debt and Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Debt and Related Terms | December 31, 2017 2016 (in millions) Spectra Energy Partners 2.95% senior notes due September 2018 $ 500 $ 500 Variable-rate senior term loan due November 2018 — 400 Variable-rate senior notes due June 2020 400 — 4.60% senior notes due June 2021 250 250 4.75% senior notes due March 2024 1,000 1,000 3.50% senior notes due March 2025 500 500 3.375% senior notes due October 2026 600 600 5.95% senior notes due September 2043 400 400 4.50% senior notes due March 2045 700 700 Texas Eastern 6.00% senior notes due September 2017 — 400 4.125% senior notes due December 2020 300 300 2.80% senior notes due October 2022 500 500 7.00% senior notes due July 2032 450 450 Algonquin 3.51% senior notes due July 2024 350 350 East Tennessee 3.10% senior notes due December 2024 190 200 Express-Platte 6.09% senior secured notes due January 2020 110 110 7.39% subordinated secured notes due 2017 — 12 Change in fair value of debt hedged (2 ) 4 Other (a) (39 ) (37 ) Credit Facility borrowings (b)(d) 270 — Commercial paper (c)(d) 1,984 574 Total debt 8,463 7,213 Current portions of long-term debt (500 ) (416 ) Commercial paper (c)(d) — (574 ) Total long-term debt $ 7,963 $ 6,223 |
Credit Facility | Credit Facility The following table provides details of our external committed credit facility at December 31, 2017. Maturity Dates (a) Total Facility Draws (b) Available (in millions) Spectra Energy Partners, LP 2022 $ 2,500 $ 2,254 $ 246 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy Levels, Assets that are Measured at Fair Value on Recurring Basis | The following presents, for each of the fair value hierarchy levels, assets that are measured at fair value on a recurring basis as of December 31, 2017 and December 31, 2016. Consolidated Balance Sheet Caption December 31, 2017 Description Total Level 1 Level 2 Level 3 (in millions) Canadian equity securities Regulatory and other assets 3 3 — — Interest rate swaps Other assets, net 4 — 4 — Commodity swaps Other assets, net 2 — — 2 Total Assets $ 9 $ 3 $ 4 $ 2 Interest rate swaps Current Liabilities - Other 3 — 3 — Interest rate swaps Regulatory and other liabilities 5 — 5 — Total Liabilities 8 — 8 — Consolidated Balance Sheet Caption December 31, 2016 Description Total Level 1 Level 2 Level 3 (in millions) Corporate debt securities Cash and cash equivalents $ 145 $ — $ 145 $ — Corporate debt securities Regulatory and other assets 9 — 9 — Canadian equity securities Cash and cash equivalents 1 1 — — Interest rate swaps Regulatory and other assets 9 — 9 — Total Assets $ 164 $ 1 $ 163 $ — |
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. December 31, 2017 December 31, 2016 Consolidated Balance Sheet Caption Book Value Approximate Fair Value Book Value Approximate Fair Value (in millions) Note receivable, noncurrent (a) $ 71 $ 71 $ 71 $ 71 Long-term fixed - rate debt, including current maturities (b) 5,850 6,211 6,272 6,455 ________ (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 A41
Risk Management and Hedging Activities (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Offsetting Assets [Table Text Block] | We have elected to present the fair value of interest rate swaps that had netting or rights of offset arrangements on a gross basis in the Consolidated Balance Sheets. The following table shows the impact of interest rate swaps assets and liabilities had we elected to present these contracts on a net basis: December 31, 2017 December 31, 2016 Gross Amounts Presented in the Consolidated Balance Sheets Amounts Available for Offset Net Amount Gross Amounts Presented in the Consolidated Balance Sheets Amounts Available for Offset Net Amount Description (in millions) Assets $ 4 $ (1 ) $ 3 $ 9 $ — $ 9 Liabilities (8 ) 1 (7 ) — — — | |
Reclassifications from Other Comprehensive Income into Income on Derivatives | Years ended December 31, 2017 2016 2015 (in millions) Amount of unrealized loss recognized in Other Comprehensive Income Cash flow hedges - interest rate swaps $ (2 ) $ — $ — Amount of (gain)/loss reclassified from AOCI to earnings (effective portion) Cash flow hedges - interest rate swaps (a) — — (1 ) Amount of (gain)/loss reclassified from AOCI to earnings (ineffective portion) Cash flow hedges - interest rate swaps (a) (1 ) — — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments [Table Text Block] | 2018 2019 2020 2021 2022 Thereafter Total (in millions) Annual debt maturities (a) (b) $ 500 $ — $ 810 $ 250 $ 2,754 $ 4,190 $ 8,504 Interest obligations (b) 260 247 238 210 204 1,756 2,915 Operating leases 15 19 18 17 19 120 208 Total $ 775 $ 266 $ 1,066 $ 477 $ 2,977 $ 6,066 $ 11,627 |
Quarterly Financial Data (Una43
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Consolidated Results of Operations by Quarter | First Quarter Second Quarter Third Quarter Fourth Quarter Total (in millions, except per-unit amounts) 2017 Operating revenues (a) $ 700 $ 695 $ 693 $ (138 ) $ 1,950 Operating income (loss) 332 343 374 (486 ) 563 Net income (loss) 354 367 471 (489 ) 703 Net income (loss) attributable to controlling interests 317 328 460 (496 ) 609 Net income (loss) per limited partner unit (a) 0.74 0.75 1.15 (1.86 ) 0.77 2016 Operating revenues $ 624 $ 618 $ 628 $ 663 $ 2,533 Operating income 324 305 280 319 1,228 Net income 311 305 296 327 1,239 Net income attributable to controlling interests 298 287 275 301 1,161 Net income per limited partner unit (b) 0.80 0.71 0.64 0.70 2.84 (a) Operating revenues in the fourth quarter of 2017 are presented inclusive of the establishment of an $860 million estimated regulatory liability for the cost of service assets as a result of the 2017 US tax reform. (b) Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding and changes in outstanding units. |
Changes in operating assets and
Changes in operating assets and liabilities Cash flow, operating capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash flow, supplemental disclosures [Abstract] | |
Cash Flow, Operating Capital [Table Text Block] | December 31, 2017 2016 2015 (in millions) Accounts Receivable $ (7 ) $ (26 ) $ 8 Other Current Assets (31 ) 5 5 Accounts Payable 11 (20 ) 27 Taxes Payable 7 16 (3 ) Other Current Liabilities (2 ) 58 (6 ) Other, assets (117 ) (127 ) (70 ) Other, liabilities — 10 (4 ) Changes in Operating Assets and Liabilities, net $ (139 ) $ (84 ) $ (43 ) |
Significant Accounting Polici45
Significant Accounting Policies - Additional Information (Detail) - USD ($) | Feb. 27, 2017 | Nov. 30, 2015 | Nov. 30, 2014 | Dec. 31, 2017 | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 01, 2013 | ||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||
Goodwill | $ 2,957,000,000 | $ 3,234,000,000 | $ 2,957,000,000 | $ 3,234,000,000 | ||||||||||||||||||||||
Tangible Asset Impairment Charges | $ 9,000,000 | |||||||||||||||||||||||||
General partner's interest in net income, ownership interest percentage | 2.00% | 2.00% | ||||||||||||||||||||||||
Total allowance for funds used during construction | 153,000,000 | 168,000,000 | $ 95,000,000 | |||||||||||||||||||||||
Allowance for funds used during construction equity component | 115,000,000 | 121,000,000 | 76,000,000 | |||||||||||||||||||||||
Allowance for funds used during construction interest expense component | 38,000,000 | $ 47,000,000 | $ 19,000,000 | |||||||||||||||||||||||
Difference between the tax basis and the reported amounts of assets and liabilities | $ 14,700,000,000 | $ 14,700,000,000 | ||||||||||||||||||||||||
Net income per limited partner unit (in dollars per unit) | $ (1.86) | [1] | $ 1.15 | $ 0.75 | $ 0.74 | $ 0.70 | [1] | $ 0.64 | $ 0.71 | $ 0.80 | $ 0.77 | [1] | $ 2.84 | [1] | $ 3.30 | |||||||||||
Publicly Owned | ||||||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||
Ownership percentage by public | 26.00% | 26.00% | ||||||||||||||||||||||||
Enbridge | ||||||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||
Ownership percentage by parent and subsidiaries | 74.00% | 74.00% | ||||||||||||||||||||||||
Spectra Energy Corp | Enbridge | ||||||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Feb. 27, 2017 | |||||||||||||||||||||||||
Southeast Supply Header LLC [Member] | Spectra Energy Corp | ||||||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||
Percentage of ownership interests acquired | 0.10% | 24.95% | ||||||||||||||||||||||||
Business Acquisition, Percentage Of Voting Interests Not Acquired | 25.05% | |||||||||||||||||||||||||
Steckman Ridge | Spectra Energy Corp | ||||||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||
Percentage of ownership interests acquired | 1.00% | |||||||||||||||||||||||||
Business Acquisition, Percentage Of Voting Interests Not Acquired | 1.00% | |||||||||||||||||||||||||
Nonoperating Income Expense | ||||||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||
Foreign currency transaction losses | $ 1,000,000 | $ 1,000,000 | $ 6,000,000 | |||||||||||||||||||||||
Accounts Receivable [Member] | ||||||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||
Gas Balancing Asset (Liability) | $ 106,000,000 | $ 99,000,000 | 106,000,000 | 99,000,000 | ||||||||||||||||||||||
Other Current Liabilities [Member] | ||||||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||||||||
Gas Balancing Asset (Liability) | $ (80,000,000) | $ (74,000,000) | $ (80,000,000) | $ (74,000,000) | ||||||||||||||||||||||
[1] | Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding and changes in outstanding units. |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Detail) - USD ($) $ in Millions | Oct. 30, 2015 | Nov. 30, 2015 | Nov. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 01, 2013 |
Business Acquisition [Line Items] | |||||||
Net proceeds from issuance of common units | $ 174 | $ 1,080 | $ 558 | ||||
General partner's interest in net income, ownership interest percentage | 2.00% | 2.00% | |||||
US Assets Acquisition | Limited Partner [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Partners units issued | 17,114 | 4,300,000 | |||||
US Assets Acquisition | General Partner [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Partners units issued | 342 | 86,000 | |||||
Southeast Supply Header LLC [Member] | Spectra Energy Corp | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Percentage Of Voting Interests Not Acquired | 25.05% | ||||||
Percentage of ownership interests acquired | 0.10% | 24.95% | |||||
Steckman Ridge | Spectra Energy Corp | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Percentage Of Voting Interests Not Acquired | 1.00% | ||||||
Percentage of ownership interests acquired | 1.00% | ||||||
Sand Hills Southern Hills NGL Pipelines | |||||||
Business Acquisition [Line Items] | |||||||
Business disposition, Percentage of Voting Interests | 33.30% | ||||||
Sand Hills Southern Hills NGL Pipelines | General Partner [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Partners' Capital Account, Units, Redeemed | 440,000 | ||||||
Sand Hills Southern Hills NGL Pipelines | Incentive Distribution Rights | |||||||
Business Acquisition [Line Items] | |||||||
Contribution from parent | $ 4 | $ 16 | |||||
Sand Hills Southern Hills NGL Pipelines | Spectra Energy Corp | Limited Partner [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Partners' Capital Account, Units, Redeemed | 21,560,000 |
Transactions with Affiliates -
Transactions with Affiliates - Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Subsidiary or Equity Method Investee [Line Items] | |||
Revenue from Related Parties | $ 41 | $ 34 | $ 53 |
Operating, maintenance and other expenses | 314 | 310 | 457 |
Storage of Natural Gas and Other Services | DCP Midstream LLC | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Revenue from Related Parties | 36 | 31 | 46 |
Transmission Of Natural Gas | DCP Midstream LLC | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Revenue from Related Parties | 1 | 1 | 4 |
Other Operating Revenue | DCP Midstream LLC | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Revenue from Related Parties | $ 2 | $ 2 | $ 3 |
Transactions with Affiliates 48
Transactions with Affiliates - Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Distributions from equity investments | $ 33 | $ 50 | $ 450 | |
Receivables | 10 | 22 | ||
Current assets — other | 1 | 2 | ||
Accounts payable | 32 | 27 | ||
Current liabilities — other | $ 16 | $ 10 | ||
Unconsolidated affiliates | Gulfstream | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Distributions from equity investments | $ 396 |
Transaction with Affiliates - A
Transaction with Affiliates - Additional (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||||
PropertyPlantAndEquipmentRelatedParty | $ 93 | $ 46 | ||||
Revenue from Related Parties | 41 | 34 | $ 53 | |||
Distributions from equity investments | 33 | 50 | 450 | |||
Payments of Distributions to Affiliates | 0 | 148 | 248 | |||
Gulfstream | Unconsolidated affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Unsecured Debt | $ 800 | |||||
Distributions from equity investments | $ 396 | |||||
Payments of Distributions to Affiliates | $ 148 | $ 248 | ||||
Transmission Of Natural Gas | DCP Midstream LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from Related Parties | $ 1 | $ 1 | $ 4 |
Business Segments Additional In
Business Segments Additional Information (Details) | 12 Months Ended |
Dec. 31, 2017reportable_segments | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Business Segment Data (Detail)
Business Segment Data (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | $ (138) | $ 693 | $ 695 | $ 700 | $ 663 | $ 628 | $ 618 | $ 624 | $ 1,950 | $ 2,533 | $ 2,455 |
Other Operating Income (Expense), Net | (127) | (82) | (66) | ||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 1,882 | ||||||||||
Segment EBITDA/ Consolidated Earnings from Continuing Operations Before Income Taxes | 722 | 1,257 | 1,277 | ||||||||
Depreciation and Amortization | 346 | 314 | 295 | ||||||||
Interest expense | 265 | 224 | 239 | ||||||||
Interest income and other | 2 | 1 | (5) | ||||||||
Capital And Investment Expenditures | 2,225 | 2,585 | 2,007 | ||||||||
Assets | 22,056 | 21,606 | 22,056 | 21,606 | 18,851 | ||||||
US Transmission | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 1,545 | 2,167 | 2,087 | ||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 1,199 | 1,639 | 1,599 | ||||||||
Depreciation and Amortization | 314 | 285 | 264 | ||||||||
Capital And Investment Expenditures | 2,204 | 2,514 | 1,952 | ||||||||
Assets | 20,157 | 19,747 | 20,157 | 19,747 | 17,050 | ||||||
Liquids | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 405 | 366 | 368 | ||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 259 | 237 | 283 | ||||||||
Depreciation and Amortization | 32 | 29 | 31 | ||||||||
Capital And Investment Expenditures | 21 | 71 | 55 | ||||||||
Assets | 1,875 | 1,841 | 1,875 | 1,841 | 1,778 | ||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 21,588 | 21,588 | 18,828 | ||||||||
Other Assets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 24 | $ 18 | 24 | 18 | $ 23 | ||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 1,950 | 2,533 | |||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 1,458 | 1,876 | |||||||||
Depreciation and Amortization | 346 | $ 314 | |||||||||
Capital And Investment Expenditures | 2,225 | ||||||||||
Assets | $ 22,032 | $ 22,032 |
Business Segments - Geographic
Business Segments - Geographic Data (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total operating revenues | $ (138) | $ 693 | $ 695 | $ 700 | $ 663 | $ 628 | $ 618 | $ 624 | $ 1,950 | $ 2,533 | $ 2,455 |
Consolidated long-lived assets | 18,185 | 19,795 | 18,185 | 19,795 | 18,307 | ||||||
U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total operating revenues | 1,865 | 2,456 | 2,383 | ||||||||
Consolidated long-lived assets | 17,958 | 19,580 | 17,958 | 19,580 | 18,104 | ||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total operating revenues | 85 | 77 | 72 | ||||||||
Consolidated long-lived assets | $ 227 | $ 215 | $ 227 | $ 215 | $ 203 |
Business Segments - Phantom (De
Business Segments - Phantom (Details) | Oct. 30, 2015 |
Sand Hills Pipeline LLC | |
Investment | |
Equity method investment, ownership percentage | 33.30% |
Southern Hills Pipeline LLC | |
Investment | |
Equity method investment, ownership percentage | 33.30% |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Assets and Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | ||||
Schedule of Regulatory Assets and Liabilities | |||||
Regulatory Assets | [1] | $ 220 | $ 376 | [2] | |
Regulatory Liabilities | 896 | 61 | [3],[4] | ||
Over-Recovery Of Fuel Costs | |||||
Schedule of Regulatory Assets and Liabilities | |||||
Regulatory Liabilities | [3],[4] | 15 | 38 | ||
Pipeline Rate Credit [Member] | |||||
Schedule of Regulatory Assets and Liabilities | |||||
Regulatory Liabilities | [3],[4] | 21 | 23 | ||
Deferred Income Tax Charge [Member] | |||||
Schedule of Regulatory Assets and Liabilities | |||||
Regulatory Liabilities | [3],[4] | 860 | 0 | ||
Net Regulatory Asset Related to Income Taxes | |||||
Schedule of Regulatory Assets and Liabilities | |||||
Regulatory Assets | [1],[2] | 137 | 297 | ||
Vacation Accrual [Member] | |||||
Schedule of Regulatory Assets and Liabilities | |||||
Regulatory Assets | [1],[2] | 17 | 19 | ||
Deferred Debt Expense Premium [Member] | |||||
Schedule of Regulatory Assets and Liabilities | |||||
Regulatory Assets | [1],[2] | 14 | 18 | ||
Asset Retirement Obligation Costs [Member] | |||||
Schedule of Regulatory Assets and Liabilities | |||||
Regulatory Assets | [1],[2] | 22 | 17 | ||
Under-Recovery Of Fuel Costs [Member] | |||||
Schedule of Regulatory Assets and Liabilities | |||||
Regulatory Assets | [1],[2] | 19 | 6 | ||
Project Development Costs | |||||
Schedule of Regulatory Assets and Liabilities | |||||
Regulatory Assets | [1] | $ 8 | [5] | 9 | [2] |
Regulatory Asset/Liability Recovery Refund Period Ends | [1],[5] | 2,036 | |||
Other Regulatory Assets (Liabilities) | |||||
Schedule of Regulatory Assets and Liabilities | |||||
Regulatory Assets | [1] | $ 3 | [5] | $ 10 | [2] |
[1] | Included in Regulatory and Other Assets, unless otherwise noted. | ||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjdkYTcyYTk4Nzk2NzQ0OTg4NjI0NjEzMzI3OWZkODMxfFRleHRTZWxlY3Rpb246Mjg4OEU1NzNEOUZGRjE1RjJCODg0NjgzMEM0QTM3NDIM} | ||||
[3] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjdkYTcyYTk4Nzk2NzQ0OTg4NjI0NjEzMzI3OWZkODMxfFRleHRTZWxlY3Rpb246OTEwMThGODlGNjU5RkFEMjNBREQ0NjgzMEM0QTUyRTAM} | ||||
[4] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjdkYTcyYTk4Nzk2NzQ0OTg4NjI0NjEzMzI3OWZkODMxfFRleHRTZWxlY3Rpb246RTJEREIwN0JGNjhCMEE0RDIzOEI0NjgzMEM0QTU1MzUM} | ||||
[5] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjdkYTcyYTk4Nzk2NzQ0OTg4NjI0NjEzMzI3OWZkODMxfFRleHRTZWxlY3Rpb246QUUxQjEwMUQ5RDFFNTc2NUE3REU0NjgzMEM0QTlCOUQM} |
Net Income Per Limited Partne55
Net Income Per Limited Partner Unit and Cash Distributions (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Nov. 30, 2015 | Nov. 30, 2014 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||||
Earnings Per Unit [line Items] | ||||||||||||||||||||||||
General partner's interest in net income, ownership interest percentage | 2.00% | 2.00% | ||||||||||||||||||||||
Net income—controlling interests | $ (496) | $ 460 | $ 328 | $ 317 | $ 301 | $ 275 | $ 287 | $ 298 | $ 609 | $ 1,161 | $ 1,225 | |||||||||||||
Net income attributable to general partner | 369 | 311 | 249 | |||||||||||||||||||||
Net income attributable to limited partners | $ 240 | $ 850 | $ 976 | |||||||||||||||||||||
Weighted Average Limited Partnership Units Outstanding, Basic | 310 | 299 | 296 | |||||||||||||||||||||
Net income per limited partner unit (in dollars per unit) | $ (1.86) | [1] | $ 1.15 | [1] | $ 0.75 | [1] | $ 0.74 | [1] | $ 0.70 | [1] | $ 0.64 | [1] | $ 0.71 | [1] | $ 0.80 | [1] | $ 0.77 | [1] | $ 2.84 | [1] | $ 3.30 | |||
Partnership Interest | ||||||||||||||||||||||||
Earnings Per Unit [line Items] | ||||||||||||||||||||||||
General partner's interest in net income, ownership interest percentage | 2.00% | 2.00% | 2.00% | |||||||||||||||||||||
Net income attributable to general partner | $ 12 | $ 23 | $ 24 | |||||||||||||||||||||
Incentive Distribution Rights | ||||||||||||||||||||||||
Earnings Per Unit [line Items] | ||||||||||||||||||||||||
Net income attributable to general partner | $ 357 | $ 288 | $ 225 | |||||||||||||||||||||
[1] | Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding and changes in outstanding units. |
Net Income Per Limited Partne56
Net Income Per Limited Partner Unit and Cash Distributions - Incentive Distribution Rights in Accordance with Partnership Agreement (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
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% | |
First Target Distribution | Maximum | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $ 0.345 | |
Second Target Distribution | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Marginal Percentage Interest in Distributions, Common Unitholders | 85.00% | |
Marginal Percentage Interest in Distributions, General Partner | 15.00% | |
Second Target Distribution | Minimum | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $ 0.345 | |
Second Target Distribution | Maximum | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $ 0.375 | |
Third Target Distribution | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Marginal Percentage Interest in Distributions, Common Unitholders | 75.00% | |
Marginal Percentage Interest in Distributions, General Partner | 25.00% | |
Third Target Distribution | Minimum | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $ 0.375 | |
Third Target Distribution | Maximum | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $ 0.45 | |
Thereafter | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Marginal Percentage Interest in Distributions, Common Unitholders | 50.00% | |
Marginal Percentage Interest in Distributions, General Partner | 50.00% | |
Thereafter | Minimum | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Total Quarterly Distribution Target Per-Unit Amount (in dollars per unit) | $ 0.45 |
Net Income Per Limited Partne57
Net Income Per Limited Partner Unit and Cash Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 15, 2018 | Oct. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Earnings Per Unit [line Items] | ||||
Distribution made to member or limited partner distribution period | 60 days | |||
Subsequent Event | ||||
Earnings Per Unit [line Items] | ||||
Distributions to be paid to unit holders (in dollars per unit) | $ 0.73875 | |||
Distributions to be paid to unit holders, declaration date | Feb. 8, 2018 | |||
Distributions to be paid to unit holders, distribution date | Feb. 28, 2018 | |||
Distributions to be paid to unit holders, date of record | Feb. 20, 2018 | |||
Incentive Distribution Rights | Subsequent Event | ||||
Earnings Per Unit [line Items] | ||||
Contribution from parent | $ 4 | |||
Incentive Distribution Rights | Sand Hills Southern Hills NGL Pipelines | ||||
Earnings Per Unit [line Items] | ||||
Contribution from parent | $ 4 | $ 16 |
Investments in and Loans to U58
Investments in and Loans to Unconsolidated Affiliates Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Distributions From Equity Investments | $ 185 | $ 160 | $ 610 | |
Retained Earnings, Undistributed Earnings from Equity Method Investees | $ 47 | $ 15 | 5 | |
Sabal Trail Transmission, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Gulfstream | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Southeast Supply Header LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Steckman Ridge LP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Loans receivable from related party, including interest | $ 71 | $ 71 | ||
Equity method investment, ownership percentage | 50.00% | |||
Sand Hills Pipeline LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 33.30% | |||
Southern Hills Pipeline LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 33.30% | |||
Nexus Gas Transmission, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
PennEast Pipeline [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 20.00% |
Investments in and Loans to U59
Investments in and Loans to Unconsolidated Affiliates - Equity in Earnings of Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Retained Earnings, Undistributed Earnings from Equity Method Investees | $ 47 | $ 15 | $ 5 |
Investments in and loans to unconsolidated affiliates | 3,302 | 1,127 | |
Earnings from equity investments | 307 | 127 | 167 |
US Transmission | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings from equity investments | 307 | 127 | 112 |
Liquids | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings from equity investments | $ 0 | $ 0 | $ 55 |
Investments in and Loans to U60
Investments in and Loans to Unconsolidated Affiliates - Summarized Statements of Operations of Unconsolidated Affiliates Presented at 100 Percent (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||||||||||
Total operating revenues | $ (138) | $ 693 | $ 695 | $ 700 | $ 663 | $ 628 | $ 618 | $ 624 | $ 1,950 | $ 2,533 | $ 2,455 |
Operating expenses | 1,387 | 1,305 | 1,182 | ||||||||
Operating income | (486) | 374 | 343 | 332 | 319 | 280 | 305 | 324 | 563 | 1,228 | 1,273 |
Net income | $ (489) | $ 471 | $ 367 | $ 354 | $ 327 | $ 296 | $ 305 | $ 311 | 703 | 1,239 | 1,265 |
Unconsolidated affiliates | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Total operating revenues | 554 | 430 | 702 | ||||||||
Operating expenses | 170 | 118 | 229 | ||||||||
Operating income | 384 | 312 | 473 | ||||||||
Net income | 420 | $ 253 | $ 380 | ||||||||
Other Affiliates [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Total operating revenues | 430 | ||||||||||
Operating expenses | 118 | ||||||||||
Operating income | 312 | ||||||||||
Net income | 346 | ||||||||||
Sabal Trail Transmission, LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Total operating revenues | 124 | ||||||||||
Operating expenses | 52 | ||||||||||
Operating income | 72 | ||||||||||
Net income | $ 74 |
Investments in and Loans to U61
Investments in and Loans to Unconsolidated Affiliates - Summarized Balance Sheets of Unconsolidated Affiliates Presented at 100 Percent (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Current assets | $ 561 | $ 660 |
Current liabilities | 1,105 | 1,779 |
Other Affiliates [Member] | ||
Related Party Transaction [Line Items] | ||
Current assets | 245 | |
Non-current assets | 4,441 | |
Current liabilities | 154 | |
Non-current liabilities | 1,680 | |
Unconsolidated affiliates | ||
Related Party Transaction [Line Items] | ||
Current assets | 312 | 154 |
Non-current assets | 7,418 | 3,665 |
Current liabilities | 214 | 112 |
Non-current liabilities | 1,680 | $ 1,678 |
Sabal Trail Transmission, LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Current assets | 67 | |
Non-current assets | 2,977 | |
Current liabilities | 60 | |
Non-current liabilities | $ 0 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 03, 2017 | |
Variable Interest Entity [Line Items] | ||||
Contributions from noncontrolling interests | $ 418 | $ 743 | $ 248 | |
Sabal Trail Transmission, LLC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% | |||
Nexus Gas Transmission, LLC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 1,200 | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | |||
Investments | $ 640 | 356 | ||
PennEast Pipeline [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 275 | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 0.00% | |||
Investments | $ 55 | $ 11 | ||
Sabal Trail Transmission, LLC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 2,000 | |||
Investments | 1,900 | $ 1,900 | ||
Deconsolidation, Gain (Loss), Amount | $ 106 |
Intangible Asset (Details)
Intangible Asset (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $ 14 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 12 | ||
Purchase of intangible, net | 40 | $ 80 | $ 0 |
Amortization of Intangible Assets | 12 | 9 | $ 10 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 14 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 14 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 14 | ||
Sabal Trail Transmission, LLC [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 120 | $ 80 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 5 | ||
Finite-Lived Intangible Asset, Useful Life | 25 years | ||
Amortization of Intangible Assets | $ 2 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 5 |
Marketable Securities and Res64
Marketable Securities and Restricted Funds - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Investments-Restricted Funds | Commercial paper and Mutual funds [Domain] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities | $ 3 | ||
Other Investments-Restricted Funds | Commercial Paper [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities | $ 10 | ||
Project Costs | Investments and Other Assets - Other | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities | 1 | 9 | $ 11 |
Canadian Pipeline Abandonment Requirement | Investments and Other Assets - Other | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities | $ 3 | $ 1 | $ 0 |
Maximum | Available-for-sale Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, contractual maturity | 1 year |
Marketable Securities and Res65
Marketable Securities and Restricted Funds - Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2015 | |
Current Assets - Other | Money Market Funds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value | $ 3 | $ 3 |
Held-to-maturity Securities | Maximum | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, contractual maturity | 1 year |
Marketable Securities and Res66
Marketable Securities and Restricted Funds - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Income, Interest [Member] | |||
Net Investment Income [Line Items] | |||
Interest income | $ 1 | $ 2 | $ 0 |
Marketable Securities and Res67
Marketable Securities and Restricted Funds Schedule of Gain (Loss) on Investments (Details) - Corporate Debt Securities - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2015 |
Gain (Loss) on Investments [Line Items] | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain (Loss) | $ 0 | $ 0 |
Available-for-sale Securities, Accumulated Unrecognized Holding Gain (Loss) | $ 0 | $ 0 |
Marketable Securities and Res68
Marketable Securities and Restricted Funds Other Restricted Funds (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Project Costs | Investments and Other Assets - Other | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Other Restricted Funds | $ 4 | $ 5 |
Property, Plant and Equipment69
Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Composite weighted-average depreciation rates | 2.00% | 0.00% | 0.00% |
Amortization of Intangible Assets | $ 12 | $ 9 | $ 10 |
Total property, plant and equipment | 18,993 | 19,958 | |
Total accumulated depreciation | (3,928) | (3,741) | |
Total accumulated amortization | (166) | (125) | |
Net property, plant and equipment | 14,899 | 16,092 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 12 | ||
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Composite weighted-average depreciation rates | 5.00% | ||
Total property, plant and equipment | $ 81 | 81 | |
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Composite weighted-average depreciation rates | 4.00% | ||
Total property, plant and equipment | $ 10 | 12 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 76 | 75 | |
Construction in process | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 482 | 2,494 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Composite weighted-average depreciation rates | 4.00% | ||
Total property, plant and equipment | $ 13 | 11 | |
Other | |||
Property, Plant and Equipment [Line Items] | |||
Composite weighted-average depreciation rates | 1.00% | ||
Total property, plant and equipment | $ 221 | 74 | |
Gas Transmission [Member] | Plant | |||
Property, Plant and Equipment [Line Items] | |||
Composite weighted-average depreciation rates | 2.00% | ||
Total property, plant and equipment | $ 14,558 | 13,702 | |
Storage [Member] | Plant | |||
Property, Plant and Equipment [Line Items] | |||
Composite weighted-average depreciation rates | 2.00% | ||
Total property, plant and equipment | $ 1,655 | 1,638 | |
Gas Gathering and Processing Equipment [Member] | Plant | |||
Property, Plant and Equipment [Line Items] | |||
Composite weighted-average depreciation rates | 4.00% | ||
Total property, plant and equipment | $ 3 | 3 | |
Crude Oil Transportation and Storage [Member] | Plant | |||
Property, Plant and Equipment [Line Items] | |||
Composite weighted-average depreciation rates | 2.00% | ||
Total property, plant and equipment | $ 1,335 | 1,321 | |
Land Rights And Rights Of Way [Member] | Plant | |||
Property, Plant and Equipment [Line Items] | |||
Composite weighted-average depreciation rates | 2.00% | ||
Total property, plant and equipment | $ 517 | 510 | |
Other Buildings and Improvements [Member] | Plant | |||
Property, Plant and Equipment [Line Items] | |||
Composite weighted-average depreciation rates | 5.00% | ||
Total property, plant and equipment | $ 42 | $ 37 |
Property, Plant and Equipment -
Property, Plant and Equipment - Estimated Amortization Expense For Next Five Years (Details) $ in Millions | Dec. 31, 2017USD ($) |
Property, Plant and Equipment [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 12 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 14 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 14 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 14 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 14 |
Property, Plant and Equipment71
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $ 14 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 14 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 14 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 14 | ||
Percentage of property, plant and equipment regulated based on rates approved by the FERC | 84.00% | ||
Composite weighted-average depreciation rates | 2.00% | 0.00% | 0.00% |
Asset Retirement Obligation (De
Asset Retirement Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Balance at beginning of year | $ 46 | [1] | $ 48 | ||
Accretion expense | 2 | $ 2 | |||
Revision in estimated cash flows | 1 | (4) | |||
Balance at the end of the year | 38 | [1] | 46 | [1] | $ 48 |
Asset Retirement Obligation, Liabilities Settled | $ (11) | $ 0 | |||
[1] | a) Amounts included in Regulatory and other liabilities in the Consolidated Balance Sheets |
Debt and Credit Facility - Summ
Debt and Credit Facility - Summary of Debt and Related Terms (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Change in fair value of debt hedged | $ (2) | $ 4 |
Unamortized debt discount | 39 | 37 |
Other Borrowings | 270 | |
Long-term Line of Credit | 2,254 | 0 |
Long-term Commercial Paper | 1,984 | 574 |
Long-term debt | 8,463 | 7,213 |
Current maturities of long-term debt | (500) | (416) |
Long-term Commercial Paper, Current | 0 | (574) |
Total long-term debt | 7,963 | 6,223 |
Spectra Energy Partners, LP | 2.95% Senior Unsecured Notes due June 2016 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 500 | 500 |
Spectra Energy Partners, LP | Variable-rate Senior Unsecured Term Loan due November 2018 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 0 | 400 |
Spectra Energy Partners, LP | Senior Unsecured Notes Variable Rate Due Twenty Twenty [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 400 | 0 |
Spectra Energy Partners, LP | 4.60% Senior Unsecured Notes due June 2021 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 250 | 250 |
Spectra Energy Partners, LP | 3.50% Senior Unsecured Notes due March 2025 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 500 | 500 |
Spectra Energy Partners, LP | 3.375% Senior Unsecured Notes due October 2026 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 600 | 600 |
Spectra Energy Partners, LP | 4.50% Senior Unsecured Notes due March 2045 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 700 | 700 |
Spectra Energy Partners, LP | 4.75% Senior Unsecured Notes due March 2024 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 1,000 | 1,000 |
Spectra Energy Partners, LP | 5.95% Senior Unsecured Notes due September 2043 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 400 | 400 |
Texas Eastern | 6.00% Senior Unsecured Notes due September 2017 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 0 | 400 |
Texas Eastern | 4.125% Senior Unsecured Notes due December 2020 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 300 | 300 |
Texas Eastern | 2.80% Senior Unsecured Notes due October 2022 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 500 | 500 |
Texas Eastern | 7.00% Senior Unsecured Notes due July 2032 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 450 | 450 |
Algonquin | 3.51% Senior Unsecured Notes due July 2024 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 350 | 350 |
East Tennessee | 3.10% Senior Unsecured Notes due December 2024 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 190 | 200 |
Express-Platte | ||
Debt Instrument [Line Items] | ||
Secured debt | 110 | |
Express-Platte | 6.09% Senior Secured Notes due January 2020 | ||
Debt Instrument [Line Items] | ||
Secured debt | 110 | 110 |
Express-Platte | 7.39% Subordinated Secured Notes due 2017 to 2019 | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 0 | $ 12 |
Debt and Credit Facility - Su74
Debt and Credit Facility - Summary of Debt and Related Terms (Maturity Rates and Years) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Express-Platte | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 110 | |
2.95% Senior Unsecured Notes due June 2016 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 500 | $ 500 |
Variable-rate Senior Unsecured Term Loan due November 2018 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 0 | 400 |
4.60% Senior Unsecured Notes due June 2021 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 250 | 250 |
3.50% Senior Unsecured Notes due March 2025 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 500 | 500 |
4.50% Senior Unsecured Notes due March 2045 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 700 | 700 |
4.75% Senior Unsecured Notes due March 2024 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 1,000 | 1,000 |
5.95% Senior Unsecured Notes due September 2043 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 400 | 400 |
3.375% Senior Unsecured Notes due October 2026 | Spectra Energy Partners, LP | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 600 | 600 |
6.00% Senior Unsecured Notes due September 2017 | Texas Eastern | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 0 | 400 |
4.125% Senior Unsecured Notes due December 2020 | Texas Eastern | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 300 | 300 |
2.80% Senior Unsecured Notes due October 2022 | Texas Eastern | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 500 | 500 |
7.00% Senior Unsecured Notes due July 2032 | Texas Eastern | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 450 | 450 |
3.51% Senior Unsecured Notes due July 2024 | Algonquin | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 350 | 350 |
3.10% Senior Unsecured Notes due December 2024 | East Tennessee | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 190 | 200 |
6.09% Senior Secured Notes due January 2020 | Express-Platte | ||
Debt Instrument [Line Items] | ||
Secured debt | 110 | 110 |
7.39% Subordinated Secured Notes due 2017 to 2019 | Express-Platte | ||
Debt Instrument [Line Items] | ||
Secured debt | 0 | 12 |
Floating Rate Debt | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 2,654 | $ 974 |
Debt and Credit Facility - Annu
Debt and Credit Facility - Annual Maturities (Details) $ in Millions | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 500 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 810 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 250 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 2,754 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 4,190 |
Debt and Credit Facility - An76
Debt and Credit Facility - Annual Maturities Footnote (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Commercial paper | $ 0 | $ 574 |
Debt and Credit Facility - Cred
Debt and Credit Facility - Credit Facility (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Expiration Date | 2,022 | |
Total Credit Facility Capacity | $ 2,500 | |
Commercial Paper Outstanding | 2,254 | $ 0 |
Available Credit Facility Capacity | $ 246 |
Debt and Credit Facility - Debt
Debt and Credit Facility - Debt Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 0.00% | |
Floating Rate Debt | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 2,654 | $ 974 |
Weighted average interest rate | 0.00% | 0.00% |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 0.00% | 0.00% |
Spectra Energy Partners, LP | 4.75% Senior Unsecured Notes due March 2024 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 1,000 | $ 1,000 |
Spectra Energy Partners, LP | 5.95% Senior Unsecured Notes due September 2043 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 400 | 400 |
Spectra Energy Partners, LP | Variable-rate Senior Unsecured Term Loan due November 2018 | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 0 | $ 400 |
Express-Platte | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 110 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy Levels, Assets that are Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Financial Instruments [Line Items] | ||
Fair value assets | $ 9 | $ 164 |
Liabilities, Fair Value Disclosure, Recurring | 8 | |
Level 2 | ||
Financial Instruments [Line Items] | ||
Fair value assets | 4 | 163 |
Liabilities, Fair Value Disclosure, Recurring | 8 | |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Instruments [Line Items] | ||
Fair value assets | 2 | |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Instruments [Line Items] | ||
Fair value assets | 3 | 1 |
Cash and Cash Equivalents | Corporate Debt Securities | ||
Financial Instruments [Line Items] | ||
Fair value assets | 145 | |
Cash and Cash Equivalents | Corporate Debt Securities | Level 2 | ||
Financial Instruments [Line Items] | ||
Fair value assets | 145 | |
Investments and Other Assets - Other | Corporate Debt Securities | ||
Financial Instruments [Line Items] | ||
Fair value assets | 9 | |
Investments and Other Assets - Other | Corporate Debt Securities | Level 2 | ||
Financial Instruments [Line Items] | ||
Fair value assets | 9 | |
Investments and Other Assets - Other | Interest Rate Swaps | ||
Financial Instruments [Line Items] | ||
Fair value assets | 9 | |
Investments and Other Assets - Other | Interest Rate Swaps | Level 2 | ||
Financial Instruments [Line Items] | ||
Fair value assets | 9 | |
Investments and Other Assets - Other | Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Instruments [Line Items] | ||
Fair value assets | 2 | |
Other Current Assets [Member] | Interest Rate Swaps | ||
Financial Instruments [Line Items] | ||
Fair value assets | 4 | |
Other Current Assets [Member] | Interest Rate Swaps | Level 2 | ||
Financial Instruments [Line Items] | ||
Fair value assets | 4 | |
Other Current Assets [Member] | Commodity Contract [Member] | ||
Financial Instruments [Line Items] | ||
Fair value assets | 2 | |
Other Current Liabilities [Member] | Interest Rate Swaps | ||
Financial Instruments [Line Items] | ||
Liabilities, Fair Value Disclosure, Recurring | 3 | |
Other Current Liabilities [Member] | Interest Rate Swaps | Level 2 | ||
Financial Instruments [Line Items] | ||
Liabilities, Fair Value Disclosure, Recurring | 3 | |
Other Noncurrent Liabilities [Member] | Interest Rate Swaps | ||
Financial Instruments [Line Items] | ||
Liabilities, Fair Value Disclosure, Recurring | 5 | |
Other Noncurrent Liabilities [Member] | Interest Rate Swaps | Level 2 | ||
Financial Instruments [Line Items] | ||
Liabilities, Fair Value Disclosure, Recurring | 5 | |
Canada | Cash and Cash Equivalents | Equity Securities [Member] | ||
Financial Instruments [Line Items] | ||
Fair value assets | 1 | |
Canada | Cash and Cash Equivalents | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Instruments [Line Items] | ||
Fair value assets | $ 1 | |
Canada | Investments and Other Assets - Other | Equity Securities [Member] | ||
Financial Instruments [Line Items] | ||
Fair value assets | 3 | |
Canada | Investments and Other Assets - Other | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Instruments [Line Items] | ||
Fair value assets | $ 3 |
Fair Value Measurements - Fai80
Fair Value Measurements - Fair Values of Financial Instruments Recorded and Carried at Book Value (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Book Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes receivable, noncurrent | [1] | $ 71 | $ 71 |
Long-term debt, including current maturities | [2] | 5,850 | 6,272 |
Approximate Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes receivable, noncurrent | [1] | 71 | 71 |
Long-term debt, including current maturities | [2] | $ 6,211 | $ 6,455 |
[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 A81
Risk Management and Hedging Activities - Reclassifications from Other Comprehensive Income into Income on Derivatives (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | $ 2 | |
Interest Rate Cash Flow Hedge Liability at Fair Value | (3) | $ 0 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 1 | $ 0 |
Unrealized Gain (Loss) on Commodity Contracts | $ 2 |
Risk Management and Hedging A82
Risk Management and Hedging Activities Risk Management and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | ||||
Dec. 01, 2020 | Dec. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1 | |||||
Derivative, Nonmonetary Notional Amount, Mass | 0.0270 | 0.0244 | ||||
Description of Interest Rate Cash Flow Hedge Activities | 250 | 1,360 | ||||
Derivative Asset | $ 1 | $ 0 | ||||
Derivative Instrument Maturity Period | 2,018 | |||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 3 | 0 | ||||
Interest Rate Swaps | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | (8) | 0 | ||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | |||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1 | |||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | $ 0 | $ 0 | |||
Derivative Asset, Fair Value, Gross Asset | 4 | 9 | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (1) | 0 | ||||
Derivative Asset | 3 | 9 | ||||
Derivative, Notional Amount | 900 | |||||
Derivative Liability | (7) | 0 | ||||
Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Swaps | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | (1) | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 2 | 0 | 0 | |||
Derivative Instruments, Gain Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ (1) | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Commitments [Line Items] | |||
Operating Leases, Rent Expense | $ 21 | $ 22 | $ 23 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 500 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 810 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 250 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 2,754 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 4,190 | ||
Repayments of Long-term Capital Lease Obligations | 8,504 | ||
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 775 | ||
Contractual Obligation, Due in Second Year | 266 | ||
Contractual Obligation, Due in Third Year | 1,066 | ||
Contractual Obligation, Due in Fourth Year | 477 | ||
Contractual Obligation, Due in Fifth Year | 2,977 | ||
Contractual Obligation, Due after Fifth Year | 6,066 | ||
Contractual Obligation | 11,627 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 15 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 19 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 18 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 17 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 19 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 120 | ||
Operating Leases, Future Minimum Payments Due | 208 | ||
Interest Expense [Member] | |||
Other Commitments [Line Items] | |||
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 260 | ||
Contractual Obligation, Due in Second Year | 247 | ||
Contractual Obligation, Due in Third Year | 238 | ||
Contractual Obligation, Due in Fourth Year | 210 | ||
Contractual Obligation, Due in Fifth Year | 204 | ||
Contractual Obligation, Due after Fifth Year | 1,756 | ||
Contractual Obligation | $ 2,915 |
Guarantees (Details)
Guarantees (Details) $ in Millions | Dec. 31, 2017USD ($) |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 90 |
Issuances of Common Units - Add
Issuances of Common Units - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2015 | Nov. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 21, 2018 | |
Capital Unit [Line Items] | |||||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | $ 11,901 | $ 13,404 | $ 11,346 | $ 11,006 | |||
Net income attributable to general partner | $ 369 | $ 311 | $ 249 | ||||
General Partners' Capital Account, Units Issued | 100,000 | 500,000 | 200,000 | ||||
General Partner, Units Outstanding | 6,400,000 | 6,300,000 | 5,800,000 | 6,000,000 | |||
Net income attributable to limited partners | $ 240 | $ 850 | $ 976 | ||||
Limited Partners' Capital Account, Units Issued | 4,000,000 | 23,300,000 | 12,000,000 | 172,500,000 | |||
Attributed Deferred Tax Expense Benefit | $ (94) | $ 82 | $ 47 | ||||
General Partner Distributions | (349) | (276) | (233) | ||||
Limited Partners' Capital Account, Distribution Amount | $ (878) | $ (785) | (728) | ||||
Consideration over net disposed assets | 52 | ||||||
Limited Partners' Capital Account, Other | $ 1 | ||||||
Limited Partners' Capital Account, Units Outstanding | 312,400,000 | 308,400,000 | 285,100,000 | 294,700,000 | |||
Net proceeds from issuance of common units | $ 174 | $ 1,080 | $ 558 | ||||
General partner's interest in net income, ownership interest percentage | 2.00% | 2.00% | |||||
General Partner [Member] | |||||||
Capital Unit [Line Items] | |||||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 386 | 452 | 336 | $ 284 | |||
Common Unit, Issuance Value | 3 | 22 | $ 11 | ||||
Stock Repurchased and Retired During Period, Shares | (400,000) | ||||||
Stock Repurchased and Retired During Period, Value | $ (15) | ||||||
Attributed Deferred Tax Expense Benefit | (89) | 59 | 39 | ||||
Consideration over net disposed assets | 1 | ||||||
Common | |||||||
Capital Unit [Line Items] | |||||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 11,183 | 11,650 | 10,527 | $ 10,474 | |||
Common Unit, Issuance Value | 171 | 1,058 | $ 547 | ||||
Stock Repurchased and Retired During Period, Shares | (21,600,000) | ||||||
Stock Repurchased and Retired During Period, Value | $ (794) | ||||||
Consideration over net disposed assets | 51 | ||||||
US Assets Acquisition | General Partner [Member] | |||||||
Capital Unit [Line Items] | |||||||
Partners units issued | 342 | 86,000 | |||||
US Assets Acquisition | Common | |||||||
Capital Unit [Line Items] | |||||||
Partners units issued | 17,114 | 4,300,000 | |||||
Partnership Interest | |||||||
Capital Unit [Line Items] | |||||||
Net income attributable to general partner | $ 12 | $ 23 | $ 24 | ||||
General partner's interest in net income, ownership interest percentage | 2.00% | 2.00% | 2.00% |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - Phantom Unit Awards - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation, vesting period | 3 years | |
Vested (in units) | 7,500 |
Quarterly Financial Data (Una87
Quarterly Financial Data (Unaudited) - Consolidated Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Operating revenues | $ (138) | $ 693 | $ 695 | $ 700 | $ 663 | $ 628 | $ 618 | $ 624 | $ 1,950 | $ 2,533 | $ 2,455 | ||||||||||
Operating income | (486) | 374 | 343 | 332 | 319 | 280 | 305 | 324 | 563 | 1,228 | 1,273 | ||||||||||
Net income | (489) | 471 | 367 | 354 | 327 | 296 | 305 | 311 | 703 | 1,239 | 1,265 | ||||||||||
Net income — controlling interests | $ (496) | $ 460 | $ 328 | $ 317 | $ 301 | $ 275 | $ 287 | $ 298 | $ 609 | $ 1,161 | $ 1,225 | ||||||||||
Net income per limited partner unit (in dollars per unit) | $ (1.86) | [1] | $ 1.15 | [1] | $ 0.75 | [1] | $ 0.74 | [1] | $ 0.70 | [1] | $ 0.64 | [1] | $ 0.71 | [1] | $ 0.80 | [1] | $ 0.77 | [1] | $ 2.84 | [1] | $ 3.30 |
[1] | Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full-year amounts due to rounding and changes in outstanding units. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Jan. 21, 2018 | Jan. 09, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||||
Limited Partners' Capital Account, Units Issued | 172,500,000 | 4,000,000 | 23,300,000 | 12,000,000 | |
Senior Unsecured Notes Three Point Five Percent Due Twenty Twenty Eight [Member] | Texas Eastern Transmission Lp [Member] | |||||
Subsequent Event [Line Items] | |||||
Unsecured Debt | $ 400 | ||||
Senior Unsecured Notes Four Point One Five Percent Due Twenty Twenty Fourty Eight [Member] | Texas Eastern Transmission Lp [Member] | |||||
Subsequent Event [Line Items] | |||||
Unsecured Debt | $ 400 |
Changes in operating assets a89
Changes in operating assets and liabilities Details - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Increase (Decrease) in Accounts Receivable | $ (7) | $ (26) | $ 8 |
Increase (Decrease) in Other Current Assets | (31) | 5 | 5 |
Increase (Decrease) in Accounts Payable | 11 | (20) | 27 |
Increase (Decrease) in Income Taxes Payable | 7 | 16 | (3) |
Increase (Decrease) in Other Accrued Liabilities | (2) | 58 | (6) |
Increase (Decrease) in Other Noncurrent Assets | (117) | (127) | (70) |
Increase (Decrease) in Other Noncurrent Liabilities | 0 | 10 | (4) |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | $ (139) | $ (84) | $ (43) |