Condensed Consolidating Financial Statement | 12 Months Ended |
Dec. 31, 2013 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Condensed Consolidating Financial Statements | ' |
Condensed Consolidating Financial Statements |
For purposes of the following footnote, MPLX LP is referred to as "Parent Guarantor" and MPLX Operations is referred to as "Subsidiary Issuer." All other consolidated subsidiaries of the Partnership are collectively referred to as "Non-Guarantor Subsidiaries." The condensed consolidating financial information is provided in connection with the potential issuance of debt securities by the Subsidiary Issuer, which are anticipated to be fully and unconditionally guaranteed by the Parent Guarantor. |
The following condensed consolidating financial information reflects the Partnership’s stand-alone accounts, the accounts of the Subsidiary Issuer, the combined accounts of the Non-Guarantor Subsidiaries, consolidating adjustments and the Partnership’s consolidated financial information. The condensed consolidating financial information should be read in conjunction with the Partnership’s accompanying consolidated financial statements and related notes. The Parent Guarantor's and the Subsidiary Issuer’s investment in and equity income from their consolidated subsidiaries are presented in accordance with the equity method of accounting in which the equity income from consolidated subsidiaries includes the results of operations of the Partnership assets for periods including and subsequent to the Offering. For periods prior to the Offering, Non-Guarantor Subsidiaries represent MPLX LP Predecessor. |
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Consolidating Statements of Income |
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| Year Ended December 31, 2013 |
(in millions) | Parent Guarantor | | Subsidiary Issuer | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total |
Revenues and other income: | | | | | | | | | |
Sales and other operating revenues | $ | — | | | $ | — | | | $ | 78.9 | | | $ | — | | | $ | 78.9 | |
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Sales to related parties | — | | | — | | | 384.2 | | | — | | | 384.2 | |
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Other income | — | | | — | | | 4.4 | | | — | | | 4.4 | |
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Other income - related parties | — | | | — | | | 18.8 | | | — | | | 18.8 | |
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Equity in earnings of subsidiaries | 83 | | | 85.3 | | | — | | | (168.3 | ) | | — | |
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Total revenues and other income | 83 | | | 85.3 | | | 486.3 | | | (168.3 | ) | | 486.3 | |
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Costs and expenses: | | | | | | | | | |
Cost of revenues (excludes items below) | — | | | — | | | 135.9 | | | — | | | 135.9 | |
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Purchases from related parties | — | | | — | | | 94.6 | | | — | | | 94.6 | |
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Depreciation | — | | | — | | | 48.9 | | | — | | | 48.9 | |
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General and administrative expenses | 5 | | | — | | | 48.7 | | | — | | | 53.7 | |
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Other taxes | 0.1 | | | — | | | 6.1 | | | — | | | 6.2 | |
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Total costs and expenses | 5.1 | | | — | | | 334.2 | | | — | | | 339.3 | |
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Income from operations | 77.9 | | | 85.3 | | | 152.1 | | | (168.3 | ) | | 147 | |
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Net interest and other financial income (costs) | — | | | (2.3 | ) | | 1.2 | | | — | | | (1.1 | ) |
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Income before income taxes | 77.9 | | | 83 | | | 153.3 | | | (168.3 | ) | | 145.9 | |
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Provision (benefit) for income taxes | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) |
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Net income | 77.9 | | | 83 | | | 153.5 | | | (168.3 | ) | | 146.1 | |
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Less: Net income attributable to MPC-retained interest | — | | | — | | | — | | | 68.2 | | | 68.2 | |
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Net income attributable to MPLX LP | $ | 77.9 | | | $ | 83 | | | $ | 153.5 | | | $ | (236.5 | ) | | $ | 77.9 | |
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Consolidating Statements of Income |
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| Year Ended December 31, 2012 |
(in millions) | Parent Guarantor | | Subsidiary Issuer | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total |
Revenues and other income: | | | | | | | | | |
Sales and other operating revenues | $ | — | | | $ | — | | | $ | 74.4 | | | $ | — | | | $ | 74.4 | |
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Sales to related parties | — | | | — | | | 367.8 | | | — | | | 367.8 | |
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Loss on sale of assets | — | | | — | | | (0.3 | ) | | — | | | (0.3 | ) |
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Other income | — | | | — | | | 6.9 | | | — | | | 6.9 | |
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Other income - related parties | — | | | — | | | 13.1 | | | — | | | 13.1 | |
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Equity in earnings of subsidiaries | 14 | | | 14.2 | | | — | | | (28.2 | ) | | — | |
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Total revenues and other income | 14 | | | 14.2 | | | 461.9 | | | (28.2 | ) | | 461.9 | |
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Costs and expenses: | | | | | | | | | |
Cost of revenues (excludes items below) | — | | | — | | | 173.8 | | | — | | | 173.8 | |
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Purchases from related parties | — | | | — | | | 44.4 | | | — | | | 44.4 | |
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Depreciation | — | | | — | | | 39.4 | | | — | | | 39.4 | |
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General and administrative expenses | 0.9 | | | — | | | 48.9 | | | — | | | 49.8 | |
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Other taxes | — | | | — | | | 11.3 | | | — | | | 11.3 | |
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Total costs and expenses | 0.9 | | | — | | | 317.8 | | | — | | | 318.7 | |
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Income from operations | 13.1 | | | 14.2 | | | 144.1 | | | (28.2 | ) | | 143.2 | |
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Related party interest and other financial income | — | | | — | | | 1.3 | | | — | | | 1.3 | |
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Net interest and other financial income (costs) | — | | | (0.2 | ) | | — | | | — | | | (0.2 | ) |
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Income before income taxes | 13.1 | | | 14 | | | 145.4 | | | (28.2 | ) | | 144.3 | |
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Provision for income taxes | — | | | — | | | 0.3 | | | — | | | 0.3 | |
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Net income | 13.1 | | | 14 | | | 145.1 | | | (28.2 | ) | | 144 | |
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Less: Net income attributable to MPC-retained interest | — | | | — | | | — | | | 13.2 | | | 13.2 | |
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Net income attributable to MPLX LP | 13.1 | | | 14 | | | 145.1 | | | (41.4 | ) | | 130.8 | |
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Less: Predecessor income prior to initial public offering on October 31, 2012 | — | | | — | | | 117.7 | | | — | | | 117.7 | |
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Net income attributable to MPLX LP subsequent to initial public offering | $ | 13.1 | | | $ | 14 | | | $ | 27.4 | | | $ | (41.4 | ) | | $ | 13.1 | |
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Consolidating Statements of Income |
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| Year Ended December 31, 2011 |
(in millions) | Parent Guarantor | | Subsidiary Issuer | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total |
Revenues and other income: | | | | | | | | | |
Sales and other operating revenues | $ | — | | | $ | — | | | $ | 62.1 | | | $ | — | | | $ | 62.1 | |
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Sales to related parties | — | | | — | | | 334.8 | | | — | | | 334.8 | |
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Other income | — | | | — | | | 4.3 | | | — | | | 4.3 | |
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Other income - related parties | — | | | — | | | 9.4 | | | — | | | 9.4 | |
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Total revenues and other income | — | | | — | | | 410.6 | | | — | | | 410.6 | |
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Costs and expenses: | | | | | | | | | |
Cost of revenues (excludes items below) | — | | | — | | | 162.9 | | | — | | | 162.9 | |
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Purchases from related parties | — | | | — | | | 29 | | | — | | | 29 | |
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Depreciation | — | | | — | | | 36.3 | | | — | | | 36.3 | |
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General and administrative expenses | — | | | — | | | 38.5 | | | — | | | 38.5 | |
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Other taxes | — | | | — | | | 11.9 | | | — | | | 11.9 | |
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Total costs and expenses | — | | | — | | | 278.6 | | | — | | | 278.6 | |
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Income from operations | — | | | — | | | 132 | | | — | | | 132 | |
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Related party interest and other financial income | — | | | — | | | 2.3 | | | — | | | 2.3 | |
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Net interest and other financial income (costs) | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) |
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Income before income taxes | — | | | — | | | 134.1 | | | — | | | 134.1 | |
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Provision for income taxes | — | | | — | | | 0.1 | | | — | | | 0.1 | |
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Net income | $ | — | | | $ | — | | | $ | 134 | | | $ | — | | | $ | 134 | |
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Consolidating Balance Sheets |
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| 31-Dec-13 |
(in millions) | Parent Guarantor | | Subsidiary Issuer | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
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Cash and cash equivalents | $ | — | | | $ | 7.2 | | | $ | 46.9 | | | $ | — | | | $ | 54.1 | |
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Receivables | 0.4 | | | — | | | 11.8 | | | — | | | 12.2 | |
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Receivables from related parties | — | | | — | | | 132.2 | | | (83.9 | ) | | 48.3 | |
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Materials and supplies inventories | — | | | — | | | 11.6 | | | — | | | 11.6 | |
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Other current assets | 0.3 | | | — | | | 8.6 | | | — | | | 8.9 | |
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Total current assets | 0.7 | | | 7.2 | | | 211.1 | | | (83.9 | ) | | 135.1 | |
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Property, plant and equipment, net | — | | | — | | | 966.6 | | | — | | | 966.6 | |
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Investment in subsidiaries | 647.1 | | | 721.6 | | | — | | | (1,368.7 | ) | | — | |
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Goodwill | — | | | — | | | 104.7 | | | — | | | 104.7 | |
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Other noncurrent assets | — | | | 1.8 | | | 0.3 | | | — | | | 2.1 | |
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Total assets | $ | 647.8 | | | $ | 730.6 | | | $ | 1,282.70 | | | $ | (1,452.6 | ) | | $ | 1,208.50 | |
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Liabilities | | | | | | | | | |
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Current liabilities: | | | | | | | | | |
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Accounts payable | $ | 0.2 | | | $ | 0.3 | | | $ | 30 | | | $ | — | | | $ | 30.5 | |
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Payables to related parties | 0.7 | | | 83.2 | | | 12.8 | | | (83.9 | ) | | 12.8 | |
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Deferred revenue - related parties | — | | | — | | | 34 | | | — | | | 34 | |
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Accrued taxes | 0.3 | | | — | | | 3.7 | | | — | | | 4 | |
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Long-term debt due within one year | — | | | — | | | 0.7 | | | — | | | 0.7 | |
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Other current liabilities | — | | | — | | | 1.4 | | | — | | | 1.4 | |
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Total current liabilities | 1.2 | | | 83.5 | | | 82.6 | | | (83.9 | ) | | 83.4 | |
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Long-term debt | — | | | — | | | 9.8 | | | — | | | 9.8 | |
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Deferred credits and other liabilities | 0.4 | | | — | | | 0.8 | | | — | | | 1.2 | |
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Total liabilities | 1.6 | | | 83.5 | | | 93.2 | | | (83.9 | ) | | 94.4 | |
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Equity | | | | | | | | | |
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MPLX LP partners’ capital | 646.2 | | | 647.1 | | | 1,189.50 | | | (1,836.6 | ) | | 646.2 | |
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Noncontrolling interest retained by MPC | — | | | — | | | — | | | 467.9 | | | 467.9 | |
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Total equity | 646.2 | | | 647.1 | | | 1,189.50 | | | (1,368.7 | ) | | 1,114.10 | |
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Total liabilities and equity | $ | 647.8 | | | $ | 730.6 | | | $ | 1,282.70 | | | $ | (1,452.6 | ) | | $ | 1,208.50 | |
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Consolidating Balance Sheets |
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| 31-Dec-12 |
(in millions) | Parent Guarantor | | Subsidiary Issuer | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 1 | | | $ | 9.7 | | | $ | 206 | | | $ | — | | | $ | 216.7 | |
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Receivables | — | | | — | | | 17.6 | | | — | | | 17.6 | |
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Receivables from related parties | 2.9 | | | 0.2 | | | 37.6 | | | (2.7 | ) | | 38 | |
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Materials and supplies inventories | — | | | — | | | 8.9 | | | — | | | 8.9 | |
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Other current assets | 0.3 | | | — | | | 2.3 | | | — | | | 2.6 | |
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Total current assets | 4.2 | | | 9.9 | | | 272.4 | | | (2.7 | ) | | 283.8 | |
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Property, plant and equipment, net | — | | | — | | | 910 | | | — | | | 910 | |
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Investment in subsidiaries | 689.3 | | | 679.6 | | | — | | | (1,368.9 | ) | | — | |
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Goodwill | — | | | — | | | 104.7 | | | — | | | 104.7 | |
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Other noncurrent assets | — | | | 2.3 | | | 0.5 | | | — | | | 2.8 | |
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Total assets | $ | 693.5 | | | $ | 691.8 | | | $ | 1,287.60 | | | $ | (1,371.6 | ) | | $ | 1,301.30 | |
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Liabilities | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable | $ | 0.1 | | | $ | — | | | $ | 38.9 | | | $ | — | | | $ | 39 | |
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Payables to related parties | 2.3 | | | 2.5 | | | 11.3 | | | (2.7 | ) | | 13.4 | |
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Deferred revenue - related parties | — | | | — | | | 4.2 | | | — | | | 4.2 | |
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Accrued taxes | — | | | — | | | 3 | | | — | | | 3 | |
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Long-term debt due within one year | — | | | — | | | 0.7 | | | — | | | 0.7 | |
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Other current liabilities | — | | | — | | | 3 | | | — | | | 3 | |
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Total current liabilities | 2.4 | | | 2.5 | | | 61.1 | | | (2.7 | ) | | 63.3 | |
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Long-term debt | — | | | — | | | 10.6 | | | — | | | 10.6 | |
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Deferred credits and other liabilities | — | | | — | | | 0.6 | | | — | | | 0.6 | |
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Total liabilities | 2.4 | | | 2.5 | | | 72.3 | | | (2.7 | ) | | 74.5 | |
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Equity | | | | | | | | | |
MPLX LP partners’ capital | 691.1 | | | 689.3 | | | 1,215.30 | | | (1,904.6 | ) | | 691.1 | |
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Noncontrolling interest retained by MPC | — | | | — | | | — | | | 535.7 | | | 535.7 | |
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Total equity | 691.1 | | | 689.3 | | | 1,215.30 | | | (1,368.9 | ) | | 1,226.80 | |
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Total liabilities and equity | $ | 693.5 | | | $ | 691.8 | | | $ | 1,287.60 | | | $ | (1,371.6 | ) | | $ | 1,301.30 | |
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Consolidating Statements of Cash Flow |
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| Year Ended December 31, 2013 |
(in millions) | Parent Guarantor | | Subsidiary Issuer | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total |
Net cash provided by (used in) operating activities | $ | 76.8 | | | $ | 102.5 | | | $ | 208.8 | | | $ | (175.9 | ) | | $ | 212.2 | |
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Investing activities: | | | | | | | | | |
Additions to property, plant and equipment | — | | | (0.2 | ) | | (106.3 | ) | | — | | | (106.5 | ) |
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Investment in Pipe Line Holdings | — | | | (100.0 | ) | | — | | | 100 | | | — | |
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Loans to affiliates | — | | | — | | | (100.0 | ) | | 100 | | | — | |
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Repayments of loans from affiliates | — | | | — | | | 26 | | | (26.0 | ) | | — | |
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Disposal of assets | — | | | — | | | 0.2 | | | — | | | 0.2 | |
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All other, net | — | | | — | | | (7.3 | ) | | — | | | (7.3 | ) |
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Net cash provided by (used in) investing activities | — | | | (100.2 | ) | | (187.4 | ) | | 174 | | | (113.6 | ) |
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Financing activities: | | | | | | | | | |
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Proceeds from borrowings from affiliates | — | | | 100 | | | — | | | (100.0 | ) | | — | |
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Payments on borrowings from affiliates | — | | | (26.0 | ) | | — | | | 26 | | | — | |
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Long-term debt - repayments | — | | | — | | | (0.7 | ) | | — | | | (0.7 | ) |
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Quarterly distributions | (77.8 | ) | | (78.8 | ) | | (97.1 | ) | | 175.9 | | | (77.8 | ) |
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Quarterly distributions to noncontrolling interest retained by MPC | — | | | — | | | (82.7 | ) | | — | | | (82.7 | ) |
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Distributions related to purchase of additional interest in Pipe Line Holdings | — | | | — | | | — | | | (100.0 | ) | | (100.0 | ) |
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Net cash provided by (used in) financing activities | (77.8 | ) | | (4.8 | ) | | (180.5 | ) | | 1.9 | | | (261.2 | ) |
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Net decrease in cash and cash equivalents | (1.0 | ) | | (2.5 | ) | | (159.1 | ) | | — | | | (162.6 | ) |
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Cash and cash equivalents at beginning of period | 1 | | | 9.7 | | | 206 | | | — | | | 216.7 | |
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Cash and cash equivalents at end of period | $ | — | | | $ | 7.2 | | | $ | 46.9 | | | $ | — | | | $ | 54.1 | |
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Consolidating Statements of Cash Flow |
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| Year Ended December 31, 2012 |
(in millions) | Parent Guarantor | | Subsidiary Issuer | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total |
Net cash provided by (used in) operating activities | $ | (1.4 | ) | | $ | 1.7 | | | $ | 190.3 | | | $ | — | | | $ | 190.6 | |
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Investing activities: | | | | | | | | | |
Additions to property, plant and equipment | — | | | — | | | (135.6 | ) | | — | | | (135.6 | ) |
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Distributions from (contributions to) subsidiaries | (202.0 | ) | | 10.4 | | | 191.6 | | | — | | | — | |
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Disposal of assets | — | | | — | | | 1.3 | | | — | | | 1.3 | |
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Investments - repayments of loans receivable from a related party | — | | | — | | | 221.7 | | | — | | | 221.7 | |
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Net cash provided by (used in) investing activities | (202.0 | ) | | 10.4 | | | 279 | | | — | | | 87.4 | |
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Financing activities: | | | | | | | | | |
Long-term debt - repayments | — | | | — | | | (0.7 | ) | | — | | | (0.7 | ) |
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Debt issuance costs | — | | | (2.4 | ) | | — | | | — | | | (2.4 | ) |
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Net proceeds from initial public offering | 407.1 | | | — | | | — | | | — | | | 407.1 | |
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Proceeds from initial public offering distributed to MPC | (202.7 | ) | | — | | | — | | | — | | | (202.7 | ) |
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Distributions to MPC | — | | | — | | | (262.7 | ) | | — | | | (262.7 | ) |
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Net cash provided by (used in) financing activities | 204.4 | | | (2.4 | ) | | (263.4 | ) | | — | | | (61.4 | ) |
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Net increase in cash and cash equivalents | 1 | | | 9.7 | | | 205.9 | | | — | | | 216.6 | |
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Cash and cash equivalents at beginning of period | — | | | — | | | 0.1 | | | — | | | 0.1 | |
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Cash and cash equivalents at end of period | $ | 1 | | | $ | 9.7 | | | $ | 206 | | | $ | — | | | $ | 216.7 | |
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Consolidating Statements of Cash Flow |
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| Year Ended December 31, 2011 |
(in millions) | Parent Guarantor | | Subsidiary Issuer | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total |
Net cash provided by operating activities | $ | — | | | $ | — | | | $ | 181.9 | | | $ | — | | | $ | 181.9 | |
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Investing activities: | | | | | | | | | |
Additions to property, plant and equipment | — | | | — | | | (49.8 | ) | | — | | | (49.8 | ) |
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Investments in related party debt securities - purchases | — | | | — | | | (260.6 | ) | | — | | | (260.6 | ) |
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- redemptions | — | | | — | | | 311.7 | | | — | | | 311.7 | |
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Investments - loans to a related party | — | | | — | | | (220.0 | ) | | — | | | (220.0 | ) |
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Net cash used in investing activities | — | | | — | | | (218.7 | ) | | — | | | (218.7 | ) |
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Financing activities: | | | | | | | | | |
Long-term debt - repayments | — | | | — | | | (0.6 | ) | | — | | | (0.6 | ) |
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Contributions from MPC | — | | | — | | | 37.3 | | | — | | | 37.3 | |
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Net cash provided by financing activities | — | | | — | | | 36.7 | | | — | | | 36.7 | |
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Net decrease in cash and cash equivalents | — | | | — | | | (0.1 | ) | | — | | | (0.1 | ) |
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Cash and cash equivalents at beginning of period | — | | | — | | | 0.2 | | | — | | | 0.2 | |
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Cash and cash equivalents at end of period | $ | — | | | $ | — | | | $ | 0.1 | | | $ | — | | | $ | 0.1 | |
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