Delaware | 76-0568219 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
1100 Louisiana, |
Houston, Texas 77002 |
(Address of Principal Executive Offices, including Zip Code) |
(713) 381-6500 |
(Registrant’s Telephone Number, including Area Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered |
Common Units | EPD | New York Stock Exchange |
Large | Accelerated filer |
Non-accelerated filer | Smaller reporting company |
Emerging growth company |
Page No. | ||
September 30, 2018 | December 31, 2017 | September 30, 2019 | December 31, 2018 | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 30.2 | $ | 5.1 | $ | 1,207.8 | $ | 344.8 | ||||||||
Restricted cash | 248.9 | 65.2 | – | 65.3 | ||||||||||||
Accounts receivable – trade, net of allowance for doubtful accounts of $12.2 at September 30, 2018 and $12.1 at December 31, 2017 | 4,222.9 | 4,358.4 | ||||||||||||||
Accounts receivable – trade, net of allowance for doubtful accounts of $11.3 at September 30, 2019 and $11.5 at December 31, 2018 | 4,261.7 | 3,659.1 | ||||||||||||||
Accounts receivable – related parties | 1.6 | 1.8 | 2.0 | 3.5 | ||||||||||||
Inventories | 2,335.8 | 1,609.8 | 1,644.7 | 1,522.1 | ||||||||||||
Derivative assets | 236.6 | 153.4 | 166.0 | 154.4 | ||||||||||||
Prepaid and other current assets | 609.9 | 312.7 | 631.6 | 311.5 | ||||||||||||
Total current assets | 7,685.9 | 6,506.4 | 7,913.8 | 6,060.7 | ||||||||||||
Property, plant and equipment, net | 37,802.9 | 35,620.4 | 40,763.3 | 38,737.6 | ||||||||||||
Investments in unconsolidated affiliates | 2,603.4 | 2,659.4 | 2,660.9 | 2,615.1 | ||||||||||||
Intangible assets, net of accumulated amortization of $1,693.4 at September 30, 2018 and $1,564.8 at December 31, 2017 (see Note 6) | 3,654.2 | 3,690.3 | ||||||||||||||
Intangible assets, net of accumulated amortization of $1,647.1 at September 30, 2019 and $1,735.1 at December 31, 2018 (see Note 6) | 3,489.4 | 3,608.4 | ||||||||||||||
Goodwill (see Note 6) | 5,745.2 | 5,745.2 | 5,745.2 | 5,745.2 | ||||||||||||
Other assets | 260.6 | 196.4 | 442.7 | 202.8 | ||||||||||||
Total assets | $ | 57,752.2 | $ | 54,418.1 | $ | 61,015.3 | $ | 56,969.8 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Current maturities of debt (see Note 7) | $ | 3,405.5 | $ | 2,855.0 | $ | 2,300.0 | $ | 1,500.1 | ||||||||
Accounts payable – trade | 1,153.2 | 801.7 | 1,057.8 | 1,102.8 | ||||||||||||
Accounts payable – related parties | 136.2 | 127.3 | 125.5 | 140.2 | ||||||||||||
Accrued product payables | 5,149.8 | 4,566.3 | 4,198.8 | 3,475.8 | ||||||||||||
Accrued interest | 190.5 | 358.0 | 237.2 | 395.6 | ||||||||||||
Derivative liabilities | 487.1 | 168.2 | 202.4 | 148.2 | ||||||||||||
Other current liabilities | 400.0 | 418.6 | 547.8 | 404.8 | ||||||||||||
Total current liabilities | 10,922.3 | 9,295.1 | 8,669.5 | 7,167.5 | ||||||||||||
Long-term debt (see Note 7) | 22,508.5 | 21,713.7 | 25,639.2 | 24,678.1 | ||||||||||||
Deferred tax liabilities | 68.4 | 58.5 | 91.4 | 80.4 | ||||||||||||
Other long-term liabilities | 747.2 | 578.4 | 1,089.7 | 751.6 | ||||||||||||
Commitments and contingencies (see Note 16) | ||||||||||||||||
Commitments and contingencies (see Note 15) | ||||||||||||||||
Equity: (see Note 8) | ||||||||||||||||
Partners’ equity: | ||||||||||||||||
Limited partners: | ||||||||||||||||
Common units (2,182,661,550 units outstanding at September 30, 2018 and 2,161,089,479 units outstanding at December 31, 2017) | 23,380.4 | 22,718.9 | ||||||||||||||
Accumulated other comprehensive loss | (307.3 | ) | (171.7 | ) | ||||||||||||
Common units (2,189,169,528 units outstanding at September 30, 2019 and 2,184,869,029 units outstanding at December 31, 2018) | 24,535.1 | 23,802.6 | ||||||||||||||
Accumulated other comprehensive income (loss) | (39.1 | ) | 50.9 | |||||||||||||
Total partners’ equity | 23,073.1 | 22,547.2 | 24,496.0 | 23,853.5 | ||||||||||||
Noncontrolling interests | 432.7 | 225.2 | 1,029.5 | 438.7 | ||||||||||||
Total equity | 23,505.8 | 22,772.4 | 25,525.5 | 24,292.2 | ||||||||||||
Total liabilities and equity | $ | 57,752.2 | $ | 54,418.1 | $ | 61,015.3 | $ | 56,969.8 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Third parties | $ | 9,571.7 | $ | 6,874.4 | $ | 27,257.4 | $ | 20,781.7 | $ | 7,948.5 | $ | 9,571.7 | $ | 24,730.2 | $ | 27,257.4 | ||||||||||||||||
Related parties | 14.2 | 12.5 | 94.5 | 33.2 | 15.6 | 14.2 | 53.7 | 94.5 | ||||||||||||||||||||||||
Total revenues (see Note 9) | 9,585.9 | 6,886.9 | 27,351.9 | 20,814.9 | 7,964.1 | 9,585.9 | 24,783.9 | 27,351.9 | ||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||||||||
Third parties | 7,643.4 | 5,773.8 | 22,722.0 | 17,313.0 | 6,217.6 | 7,643.4 | 19,342.4 | 22,722.0 | ||||||||||||||||||||||||
Related parties | 358.5 | 306.0 | 1,054.6 | 830.2 | 356.1 | 358.5 | 1,051.9 | 1,054.6 | ||||||||||||||||||||||||
Total operating costs and expenses | 8,001.9 | 6,079.8 | 23,776.6 | 18,143.2 | 6,573.7 | 8,001.9 | 20,394.3 | 23,776.6 | ||||||||||||||||||||||||
General and administrative costs: | ||||||||||||||||||||||||||||||||
Third parties | 15.3 | 11.0 | 57.5 | 47.7 | 19.1 | 15.3 | 60.9 | 57.5 | ||||||||||||||||||||||||
Related parties | 37.4 | 30.3 | 99.6 | 89.7 | 36.4 | 37.4 | 99.3 | 99.6 | ||||||||||||||||||||||||
Total general and administrative costs | 52.7 | 41.3 | 157.1 | 137.4 | 55.5 | 52.7 | 160.2 | 157.1 | ||||||||||||||||||||||||
Total costs and expenses (see Note 10) | 8,054.6 | 6,121.1 | 23,933.7 | 18,280.6 | 6,629.2 | 8,054.6 | 20,554.5 | 23,933.7 | ||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 112.0 | 113.4 | 350.0 | 315.2 | 139.3 | 112.0 | 431.3 | 350.0 | ||||||||||||||||||||||||
Operating income | 1,643.3 | 879.2 | 3,768.2 | 2,849.5 | 1,474.2 | 1,643.3 | 4,660.7 | 3,768.2 | ||||||||||||||||||||||||
Other income (expense): | �� | |||||||||||||||||||||||||||||||
Interest expense | (279.5 | ) | (243.9 | ) | (806.2 | ) | (739.0 | ) | ||||||||||||||||||||||||
Change in fair market value of Liquidity Option Agreement (see Note 16) | (18.5 | ) | (8.9 | ) | (34.9 | ) | (33.0 | ) | ||||||||||||||||||||||||
Gain on step acquisition of unconsolidated affiliate (see Note 11) | -- | -- | 39.4 | -- | ||||||||||||||||||||||||||||
Interest expense (see Note 13) | (382.9 | ) | (279.5 | ) | (950.2 | ) | (806.2 | ) | ||||||||||||||||||||||||
Change in fair market value of Liquidity Option Agreement (see Note 15) | (38.7 | ) | (18.5 | ) | (123.1 | ) | (34.9 | ) | ||||||||||||||||||||||||
Gain on step acquisition of unconsolidated affiliate (see Note 16) | – | – | – | 39.4 | ||||||||||||||||||||||||||||
Other, net | 0.3 | 0.3 | 1.3 | 0.9 | 7.6 | 0.3 | 11.7 | 1.3 | ||||||||||||||||||||||||
Total other expense, net | (297.7 | ) | (252.5 | ) | (800.4 | ) | (771.1 | ) | (414.0 | ) | (297.7 | ) | (1,061.6 | ) | (800.4 | ) | ||||||||||||||||
Income before income taxes | 1,345.6 | 626.7 | 2,967.8 | 2,078.4 | 1,060.2 | 1,345.6 | 3,599.1 | 2,967.8 | ||||||||||||||||||||||||
Provision for income taxes | (11.0 | ) | (5.4 | ) | (34.5 | ) | (20.1 | ) | (15.4 | ) | (11.0 | ) | (37.4 | ) | (34.5 | ) | ||||||||||||||||
Net income | 1,334.6 | 621.3 | 2,933.3 | 2,058.3 | 1,044.8 | 1,334.6 | 3,561.7 | 2,933.3 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (21.4 | ) | (10.4 | ) | (45.6 | ) | (33.0 | ) | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests (see Note 8) | (25.6 | ) | (21.4 | ) | (67.3 | ) | (45.6 | ) | ||||||||||||||||||||||||
Net income attributable to limited partners | $ | 1,313.2 | $ | 610.9 | $ | 2,887.7 | $ | 2,025.3 | $ | 1,019.2 | $ | 1,313.2 | $ | 3,494.4 | $ | 2,887.7 | ||||||||||||||||
Earnings per unit: (see Note 12) | ||||||||||||||||||||||||||||||||
Basic earnings per unit | $ | 0.60 | $ | 0.28 | $ | 1.32 | $ | 0.94 | ||||||||||||||||||||||||
Diluted earnings per unit | $ | 0.60 | $ | 0.28 | $ | 1.32 | $ | 0.94 | ||||||||||||||||||||||||
Earnings per unit: (see Note 11) | ||||||||||||||||||||||||||||||||
Basic and diluted earnings per unit | $ | 0.46 | $ | 0.60 | $ | 1.59 | $ | 1.32 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Net income | $ | 1,334.6 | $ | 621.3 | $ | 2,933.3 | $ | 2,058.3 | $ | 1,044.8 | $ | 1,334.6 | $ | 3,561.7 | $ | 2,933.3 | ||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||
Commodity derivative instruments: | ||||||||||||||||||||||||||||||||
Cash flow hedges: (see Note 13) | ||||||||||||||||||||||||||||||||
Commodity hedging derivative instruments: | ||||||||||||||||||||||||||||||||
Changes in fair value of cash flow hedges | (145.8 | ) | (177.8 | ) | (156.0 | ) | (2.6 | ) | 72.3 | (145.8 | ) | 58.6 | (156.0 | ) | ||||||||||||||||||
Reclassification of gains to net income | (53.5 | ) | (10.1 | ) | (28.8 | ) | (49.0 | ) | (91.5 | ) | (53.5 | ) | (152.0 | ) | (28.8 | ) | ||||||||||||||||
Interest rate derivative instruments: | ||||||||||||||||||||||||||||||||
Interest rate hedging derivative instruments: | ||||||||||||||||||||||||||||||||
Changes in fair value of cash flow hedges | 6.1 | (0.3 | ) | 20.7 | (4.8 | ) | (18.6 | ) | 6.1 | (23.8 | ) | 20.7 | ||||||||||||||||||||
Reclassification of losses to net income | 9.1 | 10.3 | 29.0 | 29.9 | 9.4 | 9.1 | 27.8 | 29.0 | ||||||||||||||||||||||||
Total cash flow hedges | (184.1 | ) | (177.9 | ) | (135.1 | ) | (26.5 | ) | (28.4 | ) | (184.1 | ) | (89.4 | ) | (135.1 | ) | ||||||||||||||||
Other | -- | -- | (0.5 | ) | (0.1 | ) | – | – | (0.6 | ) | (0.5 | ) | ||||||||||||||||||||
Total other comprehensive loss | (184.1 | ) | (177.9 | ) | (135.6 | ) | (26.6 | ) | (28.4 | ) | (184.1 | ) | (90.0 | ) | (135.6 | ) | ||||||||||||||||
Comprehensive income | 1,150.5 | 443.4 | 2,797.7 | 2,031.7 | 1,016.4 | 1,150.5 | 3,471.7 | 2,797.7 | ||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (21.4 | ) | (10.4 | ) | (45.6 | ) | (33.0 | ) | (25.6 | ) | (21.4 | ) | (67.3 | ) | (45.6 | ) | ||||||||||||||||
Comprehensive income attributable to limited partners | $ | 1,129.1 | $ | 433.0 | $ | 2,752.1 | $ | 1,998.7 | $ | 990.8 | $ | 1,129.1 | $ | 3,404.4 | $ | 2,752.1 |
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
Operating activities: | ||||||||||||||||
Net income | $ | 2,933.3 | $ | 2,058.3 | $ | 3,561.7 | $ | 2,933.3 | ||||||||
Reconciliation of net income to net cash flows provided by operating activities: | ||||||||||||||||
Depreciation, amortization and accretion | 1,360.5 | 1,221.4 | 1,456.7 | 1,330.8 | ||||||||||||
Asset impairment and related charges (see Note 14) | 21.4 | 35.2 | ||||||||||||||
Asset impairment and related charges | 51.3 | 21.4 | ||||||||||||||
Equity in income of unconsolidated affiliates | (350.0 | ) | (315.2 | ) | (431.3 | ) | (350.0 | ) | ||||||||
Distributions received on earnings from unconsolidated affiliates | 345.7 | 316.2 | 431.2 | 345.7 | ||||||||||||
Net gains attributable to asset sales | (8.1 | ) | (1.1 | ) | (2.6 | ) | (8.1 | ) | ||||||||
Deferred income tax expense | 9.3 | 1.1 | 10.9 | 9.3 | ||||||||||||
Change in fair market value of derivative instruments | 254.9 | (14.2 | ) | 2.0 | 254.9 | |||||||||||
Change in fair market value of Liquidity Option Agreement | 34.9 | 33.0 | 123.1 | 34.9 | ||||||||||||
Gain on step acquisition of unconsolidated affiliate (see Note 11) | (39.4 | ) | -- | |||||||||||||
Net effect of changes in operating accounts (see Note 17) | (261.9 | ) | (512.1 | ) | ||||||||||||
Gain on step acquisition of unconsolidated affiliate (see Note 16) | – | (39.4 | ) | |||||||||||||
Net effect of changes in operating accounts (see Note 16) | (409.0 | ) | (261.9 | ) | ||||||||||||
Other operating activities | (25.3 | ) | (2.7 | ) | 32.2 | 4.4 | ||||||||||
Net cash flows provided by operating activities | 4,275.3 | 2,819.9 | 4,826.2 | 4,275.3 | ||||||||||||
Investing activities: | ||||||||||||||||
Capital expenditures | (3,004.2 | ) | (2,118.2 | ) | (3,302.1 | ) | (3,004.2 | ) | ||||||||
Cash used for business combinations, net of cash received (see Note 11) | (150.6 | ) | (198.7 | ) | ||||||||||||
Cash used for business combination (see Note 16) | – | (150.6 | ) | |||||||||||||
Investments in unconsolidated affiliates | (95.1 | ) | (32.8 | ) | (100.1 | ) | (95.1 | ) | ||||||||
Distributions received for return of capital from unconsolidated affiliates | 47.0 | 36.8 | 53.9 | 47.0 | ||||||||||||
Proceeds from asset sales | 24.1 | 6.2 | 16.8 | 24.1 | ||||||||||||
Other investing activities | (4.0 | ) | 2.8 | (41.3 | ) | (4.0 | ) | |||||||||
Cash used in investing activities | (3,182.8 | ) | (2,303.9 | ) | (3,372.8 | ) | (3,182.8 | ) | ||||||||
Financing activities: | ||||||||||||||||
Borrowings under debt agreements | 67,086.3 | 53,150.4 | 44,629.6 | 67,086.3 | ||||||||||||
Repayments of debt | (65,742.1 | ) | (52,133.2 | ) | (42,855.3 | ) | (65,742.1 | ) | ||||||||
Debt issuance costs | (25.2 | ) | (24.0 | ) | (26.3 | ) | (25.2 | ) | ||||||||
Cash distributions paid to limited partners (see Note 8) | (2,782.9 | ) | (2,660.4 | ) | (2,871.1 | ) | (2,782.9 | ) | ||||||||
Cash payments made in connection with distribution equivalent rights | (13.2 | ) | (11.2 | ) | (16.4 | ) | (13.2 | ) | ||||||||
Cash distributions paid to noncontrolling interests | (50.9 | ) | (35.4 | ) | (69.7 | ) | (50.9 | ) | ||||||||
Cash contributions from noncontrolling interests (see Note 8) | 222.0 | 0.4 | ||||||||||||||
Net cash proceeds from the issuance of common units (see Note 8) | 449.4 | 877.2 | ||||||||||||||
Cash contributions from noncontrolling interests | 590.8 | 222.0 | ||||||||||||||
Net cash proceeds from the issuance of common units | 82.2 | 449.4 | ||||||||||||||
Repurchase of common units under 2019 Buyback Program (see Note 8) | (81.1 | ) | – | |||||||||||||
Other financing activities | (27.1 | ) | 2.3 | (38.4 | ) | (27.1 | ) | |||||||||
Cash used in financing activities | (883.7 | ) | (833.9 | ) | (655.7 | ) | (883.7 | ) | ||||||||
Net change in cash and cash equivalents, including restricted cash | 208.8 | (317.9 | ) | 797.7 | 208.8 | |||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 70.3 | 417.6 | 410.1 | 70.3 | ||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 279.1 | $ | 99.7 | $ | 1,207.8 | $ | 279.1 |
Partners’ Equity | Partners’ Equity | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2018: | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||
Balance, June 30, 2018 | $ | 22,794.8 | $ | (123.2 | ) | $ | 418.9 | $ | 23,090.5 | |||||||||||||||||||||||
For the Three Months Ended September 30, 2019: | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | 24,450.5 | $ | (10.7 | ) | $ | 535.6 | $ | 24,975.4 | |||||||||||||||||||||||
Net income | 1,313.2 | -- | 21.4 | 1,334.6 | 1,019.2 | – | 25.6 | 1,044.8 | ||||||||||||||||||||||||
Cash distributions paid to limited partners | (935.6 | ) | -- | -- | (935.6 | ) | (963.2 | ) | – | – | (963.2 | ) | ||||||||||||||||||||
Cash payments made in connection with distribution equivalent rights | (4.6 | ) | -- | -- | (4.6 | ) | (5.9 | ) | – | – | (5.9 | ) | ||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | -- | (22.6 | ) | (22.6 | ) | – | – | (22.8 | ) | (22.8 | ) | ||||||||||||||||||||
Cash contributions from noncontrolling interests | -- | -- | 15.1 | 15.1 | – | – | 491.2 | 491.2 | ||||||||||||||||||||||||
Net cash proceeds from the issuance of common units | 188.4 | -- | -- | 188.4 | – | – | – | – | ||||||||||||||||||||||||
Common units issued in connection with employee compensation | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Common units issued in connection with land acquisition | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Repurchase of common units under 2019 Buyback Program (see Note 8) | – | – | – | – | ||||||||||||||||||||||||||||
Amortization of fair value of equity-based awards | 24.9 | -- | -- | 24.9 | 36.7 | – | – | 36.7 | ||||||||||||||||||||||||
Cash flow hedges | -- | (184.1 | ) | -- | (184.1 | ) | – | (28.4 | ) | – | (28.4 | ) | ||||||||||||||||||||
Other | (0.7 | ) | -- | (0.1 | ) | (0.8 | ) | (2.2 | ) | – | (0.1 | ) | (2.3 | ) | ||||||||||||||||||
Balance, September 30, 2018 | $ | 23,380.4 | $ | (307.3 | ) | $ | 432.7 | $ | 23,505.8 | |||||||||||||||||||||||
Balance, September 30, 2019 | $ | 24,535.1 | $ | (39.1 | ) | $ | 1,029.5 | $ | 25,525.5 |
Partners’ Equity | Partners’ Equity | |||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2018: | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2017 | $ | 22,718.9 | $ | (171.7 | ) | $ | 225.2 | $ | 22,772.4 | |||||||||||||||||||||||
For the Nine Months Ended September 30, 2019: | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | 23,802.6 | $ | 50.9 | $ | 438.7 | $ | 24,292.2 | ||||||||||||||||||||||||
Net income | 2,887.7 | -- | 45.6 | 2,933.3 | 3,494.4 | – | 67.3 | 3,561.7 | ||||||||||||||||||||||||
Cash distributions paid to limited partners | (2,782.9 | ) | -- | -- | (2,782.9 | ) | (2,871.1 | ) | – | – | (2,871.1 | ) | ||||||||||||||||||||
Cash payments made in connection with distribution equivalent rights | (13.2 | ) | -- | -- | (13.2 | ) | (16.4 | ) | – | – | (16.4 | ) | ||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | -- | (50.9 | ) | (50.9 | ) | – | – | (69.7 | ) | (69.7 | ) | ||||||||||||||||||||
Cash contributions from noncontrolling interests | -- | -- | 222.0 | 222.0 | – | – | 590.8 | 590.8 | ||||||||||||||||||||||||
Net cash proceeds from the issuance of common units | 449.4 | -- | -- | 449.4 | 82.2 | – | – | 82.2 | ||||||||||||||||||||||||
Common units issued in connection with employee compensation | 39.1 | -- | -- | 39.1 | 45.6 | – | – | 45.6 | ||||||||||||||||||||||||
Common units issued in connection with land acquisition | 30.0 | -- | -- | 30.0 | ||||||||||||||||||||||||||||
Repurchase of common units under 2019 Buyback Program | (81.1 | ) | – | – | (81.1 | ) | ||||||||||||||||||||||||||
Amortization of fair value of equity-based awards | 77.5 | -- | -- | 77.5 | 107.2 | – | – | 107.2 | ||||||||||||||||||||||||
Cash flow hedges | -- | (135.1 | ) | -- | (135.1 | ) | – | (89.4 | ) | – | (89.4 | ) | ||||||||||||||||||||
Other | (26.1 | ) | (0.5 | ) | (9.2 | ) | (35.8 | ) | (28.3 | ) | (0.6 | ) | 2.4 | (26.5 | ) | |||||||||||||||||
Balance, September 30, 2018 | $ | 23,380.4 | $ | (307.3 | ) | $ | 432.7 | $ | 23,505.8 | |||||||||||||||||||||||
Balance, September 30, 2019 | $ | 24,535.1 | $ | (39.1 | ) | $ | 1,029.5 | $ | 25,525.5 |
Partners’ Equity | Partners’ Equity | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2017: | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||
Balance, June 30, 2017 | $ | 22,788.8 | $ | (128.7 | ) | $ | 220.1 | $ | 22,880.2 | |||||||||||||||||||||||
For the Three Months Ended September 30, 2018: | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||
Balance, June 30, 2018 | $ | 22,794.8 | $ | (123.2 | ) | $ | 418.9 | $ | 23,090.5 | |||||||||||||||||||||||
Net income | 610.9 | -- | 10.4 | 621.3 | 1,313.2 | – | 21.4 | 1,334.6 | ||||||||||||||||||||||||
Cash distributions paid to limited partners | (902.6 | ) | -- | -- | (902.6 | ) | (935.6 | ) | – | – | (935.6 | ) | ||||||||||||||||||||
Cash payments made in connection with distribution equivalent rights | (4.0 | ) | -- | -- | (4.0 | ) | (4.6 | ) | – | – | (4.6 | ) | ||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | -- | (12.3 | ) | (12.3 | ) | – | – | (22.6 | ) | (22.6 | ) | ||||||||||||||||||||
Cash contributions from noncontrolling interests | -- | -- | 0.1 | 0.1 | – | – | 15.1 | 15.1 | ||||||||||||||||||||||||
Net cash proceeds from the issuance of common units | 120.0 | -- | -- | 120.0 | 188.4 | – | – | 188.4 | ||||||||||||||||||||||||
Common units issued in connection with employee compensation | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Amortization of fair value of equity-based awards | 24.3 | -- | -- | 24.3 | 24.9 | – | – | 24.9 | ||||||||||||||||||||||||
Cash flow hedges | -- | (177.9 | ) | -- | (177.9 | ) | – | (184.1 | ) | – | (184.1 | ) | ||||||||||||||||||||
Other | (0.2 | ) | -- | -- | (0.2 | ) | (0.7 | ) | – | (0.1 | ) | (0.8 | ) | |||||||||||||||||||
Balance, September 30, 2017 | $ | 22,637.2 | $ | (306.6 | ) | $ | 218.3 | $ | 22,548.9 | |||||||||||||||||||||||
Balance, September 30, 2018 | $ | 23,380.4 | $ | (307.3 | ) | $ | 432.7 | $ | 23,505.8 |
Partners’ Equity | Partners’ Equity | |||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2017: | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2016 | $ | 22,327.0 | $ | (280.0 | ) | $ | 219.0 | $ | 22,266.0 | |||||||||||||||||||||||
For the Nine Months Ended September 30, 2018: | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2017 | $ | 22,718.9 | $ | (171.7 | ) | $ | 225.2 | $ | 22,772.4 | |||||||||||||||||||||||
Net income | 2,025.3 | -- | 33.0 | 2,058.3 | 2,887.7 | – | 45.6 | 2,933.3 | ||||||||||||||||||||||||
Cash distributions paid to limited partners | (2,660.4 | ) | -- | -- | (2,660.4 | ) | (2,782.9 | ) | – | – | (2,782.9 | ) | ||||||||||||||||||||
Cash payments made in connection with distribution equivalent rights | (11.2 | ) | -- | -- | (11.2 | ) | (13.2 | ) | – | – | (13.2 | ) | ||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | -- | (35.4 | ) | (35.4 | ) | – | – | (50.9 | ) | (50.9 | ) | ||||||||||||||||||||
Cash contributions from noncontrolling interests | -- | -- | 0.4 | 0.4 | – | – | 222.0 | 222.0 | ||||||||||||||||||||||||
Net cash proceeds from the issuance of common units | 877.2 | -- | -- | 877.2 | 449.4 | – | – | 449.4 | ||||||||||||||||||||||||
Common units issued in connection with employee compensation | 33.7 | -- | -- | 33.7 | 39.1 | – | – | 39.1 | ||||||||||||||||||||||||
Common units issued in connection with land acquisition | 30.0 | – | – | 30.0 | ||||||||||||||||||||||||||||
Amortization of fair value of equity-based awards | 74.1 | -- | -- | 74.1 | 77.5 | – | – | 77.5 | ||||||||||||||||||||||||
Cash flow hedges | -- | (26.5 | ) | -- | (26.5 | ) | – | (135.1 | ) | – | (135.1 | ) | ||||||||||||||||||||
Other | (28.5 | ) | (0.1 | ) | 1.3 | (27.3 | ) | (26.1 | ) | (0.5 | ) | (9.2 | ) | (35.8 | ) | |||||||||||||||||
Balance, September 30, 2017 | $ | 22,637.2 | $ | (306.6 | ) | $ | 218.3 | $ | 22,548.9 | |||||||||||||||||||||||
Balance, September 30, 2018 | $ | 23,380.4 | $ | (307.3 | ) | $ | 432.7 | $ | 23,505.8 |
September 30, 2018 | December 31, 2017 | September 30, 2019 | December 31, 2018 | |||||||||||||
Cash and cash equivalents | $ | 30.2 | $ | 5.1 | $ | 1,207.8 | $ | 344.8 | ||||||||
Restricted cash | 248.9 | 65.2 | – | 65.3 | ||||||||||||
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows | $ | 279.1 | $ | 70.3 | $ | 1,207.8 | $ | 410.1 |
The impact of adopting ASC 842 was prospective beginning |
September 30, 2018 | December 31, 2017 | September 30, 2019 | December 31, 2018 | |||||||||||||
NGLs | $ | 1,658.6 | $ | 917.4 | $ | 928.2 | $ | 647.7 | ||||||||
Petrochemicals and refined products | 198.6 | 161.5 | 183.2 | 264.7 | ||||||||||||
Crude oil | 467.0 | 516.3 | 520.1 | 593.4 | ||||||||||||
Natural gas | 11.6 | 14.6 | 13.2 | 16.3 | ||||||||||||
Total | $ | 2,335.8 | $ | 1,609.8 | $ | 1,644.7 | $ | 1,522.1 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Cost of sales (1) | $ | 6,838.9 | $ | 5,049.6 | $ | 20,371.2 | $ | 15,116.4 | $ | 5,276.5 | $ | 6,838.9 | $ | 16,721.5 | $ | 20,371.2 | ||||||||||||||||
Lower of cost or net realizable value adjustments recognized within cost of sales | 1.7 | 1.7 | 4.3 | 7.7 | 6.8 | 1.7 | 17.1 | 4.3 | ||||||||||||||||||||||||
(1) Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
(1) | Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
Estimated Useful Life in Years | September 30, 2018 | December 31, 2017 | Estimated Useful Life in Years | September 30, 2019 | December 31, 2018 | |||||||||||||||||||
Plants, pipelines and facilities (1) | 3-45 (5) | $ | 41,939.8 | $ | 37,132.2 | 3-45 | (5) | $ | 45,117.5 | $ | 42,371.0 | |||||||||||||
Underground and other storage facilities (2) | 5-40 (6) | 3,527.8 | 3,460.9 | 5-40 | (6) | 3,888.8 | 3,624.2 | |||||||||||||||||
Transportation equipment (3) | 3-10 | 181.1 | 177.1 | 3-10 | 197.6 | 187.1 | ||||||||||||||||||
Marine vessels (4) | 15-30 | 814.1 | 803.8 | 15-30 | 893.8 | 828.6 | ||||||||||||||||||
Land | 360.0 | 273.1 | 366.1 | 359.5 | ||||||||||||||||||||
Construction in progress | 2,769.9 | 4,698.1 | 3,558.1 | 3,526.8 | ||||||||||||||||||||
Total | 49,592.7 | 46,545.2 | 54,021.9 | 50,897.2 | ||||||||||||||||||||
Less accumulated depreciation | 11,789.8 | 10,924.8 | 13,258.6 | 12,159.6 | ||||||||||||||||||||
Property, plant and equipment, net | $ | 37,802.9 | $ | 35,620.4 | $ | 40,763.3 | $ | 38,737.6 | ||||||||||||||||
(1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets. We placed a number of growth projects into service since December 31, 2017 including our propane dehydrogenation facility, the first processing train at our Orla natural gas processing facility, and our ninth NGL fractionator at Mont Belvieu. (2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets. (3) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. (4) Marine vessels include tow boats, barges and related equipment used in our marine transportation business. (5) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years. (6) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. |
(1) | Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets. |
(2) | Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets. |
(3) | Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. |
(4) | Marine vessels include tow boats, barges and related equipment used in our marine transportation business. |
(5) | In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years. |
(6) | In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Depreciation expense (1) | $ | 368.3 | $ | 327.5 | $ | 1,061.1 | $ | 966.1 | $ | 394.7 | $ | 368.3 | $ | 1,164.6 | $ | 1,061.1 | ||||||||||||||||
Capitalized interest (2) | 28.1 | 53.6 | 113.4 | 137.7 | 33.9 | 28.1 | 102.9 | 113.4 | ||||||||||||||||||||||||
(1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. |
(1) | Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. |
(2) | We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. |
ARO liability balance, December 31, 2017 | $ | 86.7 | ||||||
ARO liability balance, December 31, 2018 | $ | 126.3 | ||||||
Liabilities incurred | 0.5 | 0.8 | ||||||
Liabilities settled | (1.9 | ) | (0.8 | ) | ||||
Revisions in estimated cash flows | 11.4 | (4.9 | ) | |||||
Accretion expense | 4.5 | 5.9 | ||||||
ARO liability balance, September 30, 2018 | $ | 101.2 | ||||||
ARO liability balance, September 30, 2019 | $ | 127.3 |
Ownership Interest at September 30, 2018 | September 30, 2018 | December 31, 2017 | ||||||||||
NGL Pipelines & Services: | ||||||||||||
Venice Energy Service Company, L.L.C. | 13.1% | $ | 24.7 | $ | 25.7 | |||||||
K/D/S Promix, L.L.C. | 50% | 31.2 | 30.9 | |||||||||
Baton Rouge Fractionators LLC | 32.2% | 16.7 | 17.0 | |||||||||
Skelly-Belvieu Pipeline Company, L.L.C. | 50% | 36.6 | 37.0 | |||||||||
Texas Express Pipeline LLC | 35% | 328.6 | 314.4 | |||||||||
Texas Express Gathering LLC | 45% | 44.7 | 35.9 | |||||||||
Front Range Pipeline LLC | 33.3% | 175.7 | 165.7 | |||||||||
Delaware Basin Gas Processing LLC (1) | 100% | -- | 107.3 | |||||||||
Crude Oil Pipelines & Services: | ||||||||||||
Seaway Crude Pipeline Company LLC | 50% | 1,370.3 | 1,378.9 | |||||||||
Eagle Ford Pipeline LLC | 50% | 385.1 | 385.2 | |||||||||
Eagle Ford Terminals Corpus Christi LLC | 50% | 104.4 | 75.1 | |||||||||
Natural Gas Pipelines & Services: | ||||||||||||
White River Hub, LLC | 50% | 20.4 | 20.8 | |||||||||
Old Ocean Pipeline, LLC | 50% | 1.6 | -- | |||||||||
Petrochemical & Refined Products Services: | ||||||||||||
Centennial Pipeline LLC | 50% | 59.5 | 60.8 | |||||||||
Other | Various | 3.9 | 4.7 | |||||||||
Total investments in unconsolidated affiliates | $ | 2,603.4 | $ | 2,659.4 | ||||||||
(1) In March 2018, we acquired the remaining 50% membership interest in our Delaware Processing joint venture. See Note 11 for information regarding this recent acquisition. |
September 30, 2019 | December 31, 2018 | |||||||
NGL Pipelines & Services | $ | 690.9 | $ | 662.0 | ||||
Crude Oil Pipelines & Services | 1,877.2 | 1,867.5 | ||||||
Natural Gas Pipelines & Services | 31.4 | 22.8 | ||||||
Petrochemical & Refined Products Services | 61.4 | 62.8 | ||||||
Total | $ | 2,660.9 | $ | 2,615.1 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
NGL Pipelines & Services | $ | 28.3 | $ | 18.8 | $ | 87.1 | $ | 53.3 | $ | 25.9 | $ | 28.3 | $ | 82.7 | $ | 87.1 | ||||||||||||||||
Crude Oil Pipelines & Services | 83.7 | 95.9 | 265.1 | 266.3 | 113.2 | 83.7 | 348.8 | 265.1 | ||||||||||||||||||||||||
Natural Gas Pipelines & Services | 2.1 | 0.9 | 4.7 | 2.8 | 1.6 | 2.1 | 4.9 | 4.7 | ||||||||||||||||||||||||
Petrochemical & Refined Products Services | (2.1 | ) | (2.2 | ) | (6.9 | ) | (7.2 | ) | (1.4 | ) | (2.1 | ) | (5.1 | ) | (6.9 | ) | ||||||||||||||||
Total | $ | 112.0 | $ | 113.4 | $ | 350.0 | $ | 315.2 | $ | 139.3 | $ | 112.0 | $ | 431.3 | $ | 350.0 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Income Statement Data: | ||||||||||||||||||||||||||||||||
Revenues | $ | 439.1 | $ | 401.6 | $ | 1,296.4 | $ | 1,116.7 | $ | 470.2 | $ | 439.1 | $ | 1,484.6 | $ | 1,296.4 | ||||||||||||||||
Operating income | 258.0 | 249.3 | 789.8 | 682.8 | 300.3 | 258.0 | 938.1 | 789.8 | ||||||||||||||||||||||||
Net income | 256.9 | 247.5 | 785.6 | 688.0 | 299.5 | 256.9 | 935.9 | 785.6 |
September 30, 2018 | December 31, 2017 | September 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Gross Value | Accumulated Amortization | Carrying Value | Gross Value | Accumulated Amortization | Carrying Value | Gross Value | Accumulated Amortization | Carrying Value | Gross Value | Accumulated Amortization | Carrying Value | |||||||||||||||||||||||||||||||||||||
NGL Pipelines & Services: | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | $ | 457.3 | $ | (198.4 | ) | $ | 258.9 | $ | 447.4 | $ | (187.5 | ) | $ | 259.9 | $ | 447.8 | $ | (202.8 | ) | $ | 245.0 | $ | 457.3 | $ | (201.9 | ) | $ | 255.4 | ||||||||||||||||||||
Contract-based intangibles | 363.4 | (233.1 | ) | 130.3 | 280.8 | (218.4 | ) | 62.4 | 162.6 | (40.9 | ) | 121.7 | 363.4 | (238.7 | ) | 124.7 | ||||||||||||||||||||||||||||||||
Segment total | 820.7 | (431.5 | ) | 389.2 | 728.2 | (405.9 | ) | 322.3 | 610.4 | (243.7 | ) | 366.7 | 820.7 | (440.6 | ) | 380.1 | ||||||||||||||||||||||||||||||||
Crude Oil Pipelines & Services: | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | 2,203.5 | (161.8 | ) | 2,041.7 | 2,203.5 | (127.0 | ) | 2,076.5 | 2,203.5 | (226.9 | ) | 1,976.6 | 2,203.5 | (174.1 | ) | 2,029.4 | ||||||||||||||||||||||||||||||||
Contract-based intangibles | 281.0 | (203.5 | ) | 77.5 | 281.0 | (171.0 | ) | 110.0 | 276.9 | (230.1 | ) | 46.8 | 276.9 | (211.7 | ) | 65.2 | ||||||||||||||||||||||||||||||||
Segment total | 2,484.5 | (365.3 | ) | 2,119.2 | 2,484.5 | (298.0 | ) | 2,186.5 | 2,480.4 | (457.0 | ) | 2,023.4 | 2,480.4 | (385.8 | ) | 2,094.6 | ||||||||||||||||||||||||||||||||
Natural Gas Pipelines & Services: | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | 1,350.3 | (439.9 | ) | 910.4 | 1,350.3 | (417.1 | ) | 933.2 | 1,350.3 | (473.3 | ) | 877.0 | 1,350.3 | (447.8 | ) | 902.5 | ||||||||||||||||||||||||||||||||
Contract-based intangibles | 464.7 | (385.8 | ) | 78.9 | 464.7 | (379.5 | ) | 85.2 | 468.0 | (393.6 | ) | 74.4 | 464.7 | (387.9 | ) | 76.8 | ||||||||||||||||||||||||||||||||
Segment total | 1,815.0 | (825.7 | ) | 989.3 | 1,815.0 | (796.6 | ) | 1,018.4 | 1,818.3 | (866.9 | ) | 951.4 | 1,815.0 | (835.7 | ) | 979.3 | ||||||||||||||||||||||||||||||||
Petrochemical & Refined Products Services: | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | 181.4 | (50.3 | ) | 131.1 | 181.4 | (45.9 | ) | 135.5 | 181.4 | (56.2 | ) | 125.2 | 181.4 | (51.8 | ) | 129.6 | ||||||||||||||||||||||||||||||||
Contract-based intangibles | 46.0 | (20.6 | ) | 25.4 | 46.0 | (18.4 | ) | 27.6 | 46.0 | (23.3 | ) | 22.7 | 46.0 | (21.2 | ) | 24.8 | ||||||||||||||||||||||||||||||||
Segment total | 227.4 | (70.9 | ) | 156.5 | 227.4 | (64.3 | ) | 163.1 | 227.4 | (79.5 | ) | 147.9 | 227.4 | (73.0 | ) | 154.4 | ||||||||||||||||||||||||||||||||
Total intangible assets | $ | 5,347.6 | $ | (1,693.4 | ) | $ | 3,654.2 | $ | 5,255.1 | $ | (1,564.8 | ) | $ | 3,690.3 | $ | 5,136.5 | $ | (1,647.1 | ) | $ | 3,489.4 | $ | 5,343.5 | $ | (1,735.1 | ) | $ | 3,608.4 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
NGL Pipelines & Services | $ | 9.2 | $ | 7.2 | $ | 25.6 | $ | 21.8 | $ | 7.3 | $ | 9.2 | $ | 25.4 | $ | 25.6 | ||||||||||||||||
Crude Oil Pipelines & Services | 20.7 | 22.6 | 67.3 | 68.0 | 25.1 | 20.7 | 71.2 | 67.3 | ||||||||||||||||||||||||
Natural Gas Pipelines & Services | 9.8 | 9.3 | 29.1 | 26.3 | 10.3 | 9.8 | 31.2 | 29.1 | ||||||||||||||||||||||||
Petrochemical & Refined Products Services | 2.2 | 2.3 | 6.6 | 7.0 | 2.1 | 2.2 | 6.5 | 6.6 | ||||||||||||||||||||||||
Total | $ | 41.9 | $ | 41.4 | $ | 128.6 | $ | 123.1 | $ | 44.8 | $ | 41.9 | $ | 134.3 | $ | 128.6 |
Remainder of 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||||
Remainder of 2019 | Remainder of 2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||||||||
$ | 36.8 | $ | 151.7 | $ | 140.7 | $ | 148.4 | $ | 144.6 | 40.5 | $ | 161.8 | $ | 162.8 | $ | 168.4 | $ | 168.5 |
September 30, 2018 | December 31, 2017 | September 30, 2019 | December 31, 2018 | |||||||||||||
EPO senior debt obligations: | ||||||||||||||||
Commercial Paper Notes, variable-rates | $ | 2,707.6 | $ | 1,755.7 | $ | – | $ | – | ||||||||
Senior Notes V, 6.65% fixed-rate, repaid April 2018 | -- | 349.7 | ||||||||||||||
Senior Notes OO, 1.65% fixed-rate, repaid May 2018 | -- | 750.0 | ||||||||||||||
Senior Notes N, 6.50% fixed-rate, due January 2019 | 700.0 | 700.0 | ||||||||||||||
364-Day Revolving Credit Agreement, variable-rate, due September 2019 | -- | -- | ||||||||||||||
Senior Notes LL, 2.55% fixed-rate, due October 2019 | 800.0 | 800.0 | ||||||||||||||
Senior Notes N, 6.50% fixed-rate, repaid January 2019 | – | 700.0 | ||||||||||||||
Senior Notes LL, 2.55% fixed-rate, repaid October 2019 | 800.0 | 800.0 | ||||||||||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020 | 500.0 | 500.0 | 500.0 | 500.0 | ||||||||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020 | 1,000.0 | 1,000.0 | 1,000.0 | 1,000.0 | ||||||||||||
364-Day Revolving Credit Agreement, variable-rate, due September 2020 | – | – | ||||||||||||||
Senior Notes TT, 2.80% fixed-rate, due February 2021 | 750.0 | -- | 750.0 | 750.0 | ||||||||||||
Senior Notes RR, 2.85% fixed-rate, due April 2021 | 575.0 | 575.0 | 575.0 | 575.0 | ||||||||||||
Senior Notes VV, 3.50% fixed-rate, due February 2022 | 750.0 | 750.0 | ||||||||||||||
Senior Notes CC, 4.05% fixed-rate, due February 2022 | 650.0 | 650.0 | 650.0 | 650.0 | ||||||||||||
Multi-Year Revolving Credit Facility, variable-rate, due September 2022 | -- | -- | ||||||||||||||
Senior Notes HH, 3.35% fixed-rate, due March 2023 | 1,250.0 | 1,250.0 | 1,250.0 | 1,250.0 | ||||||||||||
Senior Notes JJ, 3.90% fixed-rate, due February 2024 | 850.0 | 850.0 | 850.0 | 850.0 | ||||||||||||
Multi-Year Revolving Credit Agreement, variable-rate, due September 2024 | – | – | ||||||||||||||
Senior Notes MM, 3.75% fixed-rate, due February 2025 | 1,150.0 | 1,150.0 | 1,150.0 | 1,150.0 | ||||||||||||
Senior Notes PP, 3.70% fixed-rate, due February 2026 | 875.0 | 875.0 | 875.0 | 875.0 | ||||||||||||
Senior Notes SS, 3.95% fixed-rate, due February 2027 | 575.0 | 575.0 | 575.0 | 575.0 | ||||||||||||
Senior Notes WW, 4.15% fixed-rate, due October 2028 | 1,000.0 | 1,000.0 | ||||||||||||||
Senior Notes YY, 3.125% fixed-rate, due July 2029 | 1,250.0 | – | ||||||||||||||
Senior Notes D, 6.875% fixed-rate, due March 2033 | 500.0 | 500.0 | 500.0 | 500.0 | ||||||||||||
Senior Notes H, 6.65% fixed-rate, due October 2034 | 350.0 | 350.0 | 350.0 | 350.0 | ||||||||||||
Senior Notes J, 5.75% fixed-rate, due March 2035 | 250.0 | 250.0 | 250.0 | 250.0 | ||||||||||||
Senior Notes W, 7.55% fixed-rate, due April 2038 | 399.6 | 399.6 | 399.6 | 399.6 | ||||||||||||
Senior Notes R, 6.125% fixed-rate, due October 2039 | 600.0 | 600.0 | 600.0 | 600.0 | ||||||||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040 | 600.0 | 600.0 | 600.0 | 600.0 | ||||||||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041 | 750.0 | 750.0 | 750.0 | 750.0 | ||||||||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042 | 600.0 | 600.0 | 600.0 | 600.0 | ||||||||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042 | 750.0 | 750.0 | 750.0 | 750.0 | ||||||||||||
Senior Notes GG, 4.45% fixed-rate, due February 2043 | 1,100.0 | 1,100.0 | 1,100.0 | 1,100.0 | ||||||||||||
Senior Notes II, 4.85% fixed-rate, due March 2044 | 1,400.0 | 1,400.0 | 1,400.0 | 1,400.0 | ||||||||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045 | 1,150.0 | 1,150.0 | 1,150.0 | 1,150.0 | ||||||||||||
Senior Notes QQ, 4.90% fixed-rate, due May 2046 | 975.0 | 975.0 | 975.0 | 975.0 | ||||||||||||
Senior Notes UU, 4.25% fixed-rate, due February 2048 | 1,250.0 | -- | 1,250.0 | 1,250.0 | ||||||||||||
Senior Notes XX, 4.80% fixed-rate, due February 2049 | 1,250.0 | 1,250.0 | ||||||||||||||
Senior Notes ZZ, 4.20% fixed-rate, due January 2050 | 1,250.0 | – | ||||||||||||||
Senior Notes NN, 4.95% fixed-rate, due October 2054 | 400.0 | 400.0 | 400.0 | 400.0 | ||||||||||||
TEPPCO senior debt obligations: | ||||||||||||||||
TEPPCO Senior Notes, 6.65% fixed-rate, repaid April 2018 | -- | 0.3 | ||||||||||||||
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038 | 0.4 | 0.4 | 0.4 | 0.4 | ||||||||||||
Total principal amount of senior debt obligations | 23,457.6 | 21,605.7 | 25,550.0 | 23,750.0 | ||||||||||||
EPO Junior Subordinated Notes A, variable-rate, redeemed August 2018 | -- | 521.1 | ||||||||||||||
EPO Junior Subordinated Notes B, fixed/variable-rate, redeemed March 2018 | -- | 682.7 | ||||||||||||||
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (1) | 256.4 | 256.4 | 232.2 | 256.4 | ||||||||||||
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (2) | 700.0 | 700.0 | 700.0 | 700.0 | ||||||||||||
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (3) | 1,000.0 | 1,000.0 | 1,000.0 | 1,000.0 | ||||||||||||
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (4) | 700.0 | -- | 700.0 | 700.0 | ||||||||||||
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067 | 14.2 | 14.2 | ||||||||||||||
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (1) | 14.2 | 14.2 | ||||||||||||||
Total principal amount of senior and junior debt obligations | 26,128.2 | 24,780.1 | 28,196.4 | 26,420.6 | ||||||||||||
Other, non-principal amounts | (214.2 | ) | (211.4 | ) | (257.2 | ) | (242.4 | ) | ||||||||
Less current maturities of debt | (3,405.5 | ) | (2,855.0 | ) | (2,300.0 | ) | (1,500.1 | ) | ||||||||
Total long-term debt | $ | 22,508.5 | $ | 21,713.7 | $ | 25,639.2 | $ | 24,678.1 | ||||||||
(1) Variable rate is reset quarterly and based on 3-month LIBOR plus 2.778%. (2) Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. (3) Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. (4) Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%. |
(1) | Variable rate is reset quarterly and based on 3-month LIBOR, or London Inter-Bank Offered Rate, plus 2.778%. During 2019, EPO repurchased and retired $24.2 million in principal amount of these junior subordinated notes. |
(2) | Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. |
(3) | Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. |
(4) | Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%. |
Range of Interest Rates Paid | Weighted-Average Interest Rate Paid | |
Commercial Paper Notes | 1.50% to 2.50% | 2.23% |
Multi-Year Revolving Credit Facility | 2.58% to 5.00% | 3.37% |
EPO Junior Subordinated Notes A (prior to redemption) | 5.08% to 6.07% | 5.71% |
EPO Junior Subordinated Notes B (prior to redemption) | 7.03% | 7.03% |
EPO Junior Subordinated Notes C | 4.26% to 5.10% | 4.80% |
Range of Interest Rates Paid | Weighted-Average Interest Rate Paid | |
Commercial Paper Notes | 2.58% to 2.80% | 2.72% |
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes | 4.91% to 5.52% | 5.34% |
Scheduled Maturities of Debt | ||||||||||||||||||||||||||||
Total | Remainder of 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | ||||||||||||||||||||||
Commercial Paper Notes | $ | 2,707.6 | $ | 2,707.6 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||||
Senior Notes | 20,750.0 | -- | 1,500.0 | 1,500.0 | 1,325.0 | 650.0 | 15,775.0 | |||||||||||||||||||||
Junior Subordinated Notes | 2,670.6 | -- | -- | -- | -- | -- | 2,670.6 | |||||||||||||||||||||
Total | $ | 26,128.2 | $ | 2,707.6 | $ | 1,500.0 | $ | 1,500.0 | $ | 1,325.0 | $ | 650.0 | $ | 18,445.6 |
Scheduled Maturities of Debt | ||||||||||||||||||||||||||||
Total | Remainder of 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | ||||||||||||||||||||||
Principal amount of senior and junior debt obligations at September 30, 2019 | $ | 28,196.4 | $ | 800.0 | $ | 1,500.0 | $ | 1,325.0 | $ | 1,400.0 | $ | 1,250.0 | $ | 21,921.4 |
Common units outstanding at December 31, | ||||
Common unit repurchases under 2019 Buyback Program | (1,852,392 | ) | ||
Common units issued in connection with DRIP and EUPP | ||||
Common units issued in connection with the vesting of phantom unit awards, net | ||||
Common units issued in connection with employee compensation | ||||
Other | ||||
Common units outstanding at March 31, | ||||
Common unit repurchases under 2019 Buyback Program | (1,056,736 | ) | ||
Common units issued in connection with DRIP and EUPP | ||||
Common units issued in connection with the vesting of phantom unit awards, net | ||||
Common units outstanding at June 30, | ||||
Common units issued in connection with the vesting of phantom unit awards, net | ||||
Common units outstanding at September 30, |
Cash Flow Hedges | Cash Flow Hedges | |||||||||||||||||||||||||||||||
Commodity Derivative Instruments | Interest Rate Derivative Instruments | Other | Total | Commodity Derivative Instruments | Interest Rate Derivative Instruments | Other | Total | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2017 | $ | (10.1 | ) | $ | (165.1 | ) | $ | 3.5 | $ | (171.7 | ) | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2018 | $ | 152.7 | $ | (104.8 | ) | $ | 3.0 | $ | 50.9 | |||||||||||||||||||||||
Other comprehensive income (loss) for period, before reclassifications | (156.0 | ) | 20.7 | (0.5 | ) | (135.8 | ) | 58.6 | (23.8 | ) | (0.6 | ) | 34.2 | |||||||||||||||||||
Reclassification of losses (gains) to net income during period | (28.8 | ) | 29.0 | -- | 0.2 | (152.0 | ) | 27.8 | – | (124.2 | ) | |||||||||||||||||||||
Total other comprehensive income (loss) for period | (184.8 | ) | 49.7 | (0.5 | ) | (135.6 | ) | (93.4 | ) | 4.0 | (0.6 | ) | (90.0 | ) | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), September 30, 2018 | $ | (194.9 | ) | $ | (115.4 | ) | $ | 3.0 | $ | (307.3 | ) | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), September 30, 2019 | $ | 59.3 | $ | (100.8 | ) | $ | 2.4 | $ | (39.1 | ) |
Cash Flow Hedges | Cash Flow Hedges | |||||||||||||||||||||||||||||||
Commodity Derivative Instruments | Interest Rate Derivative Instruments | Other | Total | Commodity Derivative Instruments | Interest Rate Derivative Instruments | Other | Total | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2016 | $ | (83.8 | ) | $ | (199.8 | ) | $ | 3.6 | $ | (280.0 | ) | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), December 31, 2017 | $ | (10.1 | ) | $ | (165.1 | ) | $ | 3.5 | $ | (171.7 | ) | |||||||||||||||||||||
Other comprehensive income (loss) for period, before reclassifications | (2.6 | ) | (4.8 | ) | (0.1 | ) | (7.5 | ) | (156.0 | ) | 20.7 | (0.5 | ) | (135.8 | ) | |||||||||||||||||
Reclassification of losses (gains) to net income during period | (49.0 | ) | 29.9 | -- | (19.1 | ) | (28.8 | ) | 29.0 | – | 0.2 | |||||||||||||||||||||
Total other comprehensive income (loss) for period | �� | (51.6 | ) | 25.1 | (0.1 | ) | (26.6 | ) | (184.8 | ) | 49.7 | (0.5 | ) | (135.6 | ) | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), September 30, 2017 | $ | (135.4 | ) | $ | (174.7 | ) | $ | 3.5 | $ | (306.6 | ) | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), September 30, 2018 | $ | (194.9 | ) | $ | (115.4 | ) | $ | 3.0 | $ | (307.3 | ) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
Location | 2018 | 2017 | 2018 | 2017 | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||
Losses (gains) on cash flow hedges: | Location | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | 9.1 | $ | 10.3 | $ | 29.0 | $ | 29.9 | Interest expense | $ | 9.4 | $ | 9.1 | $ | 27.8 | $ | 29.0 | ||||||||||||||||
Commodity derivatives | Revenue | (53.9 | ) | (10.6 | ) | (28.5 | ) | (49.1 | ) | Revenue | (93.6 | ) | (53.9 | ) | (161.4 | ) | (28.5 | ) | ||||||||||||||||
Commodity derivatives | Operating costs and expenses | 0.4 | 0.5 | (0.3 | ) | 0.1 | Operating costs and expenses | 2.1 | 0.4 | 9.4 | (0.3 | ) | ||||||||||||||||||||||
Total | $ | (44.4 | ) | $ | 0.2 | $ | 0.2 | $ | (19.1 | ) | $ | (82.1 | ) | $ | (44.4 | ) | $ | (124.2 | ) | $ | 0.2 |
Noncontrolling interest balance in Equity, December 31, 2018 | $ | 438.7 | ||
Net income attributable to noncontrolling interests | 67.3 | |||
Cash distributions paid to noncontrolling interests | (69.7 | ) | ||
Cash contributions from noncontrolling interests | 590.8 | |||
Other | 2.4 | |||
Noncontrolling interest balance in Equity, September 30, 2019 | $ | 1,029.5 |
Distribution Per Common Unit | Record Date | Payment Date | ||||
2017 | ||||||
1st Quarter | $ | 0.4150 | 4/28/2017 | 5/8/2017 | ||
2nd Quarter | $ | 0.4200 | 7/31/2017 | 8/7/2017 | ||
3rd Quarter | $ | 0.4225 | 10/31/2017 | 11/7/2017 | ||
2018 | ||||||
1st Quarter | $ | 0.4275 | 4/30/2018 | 5/8/2018 | ||
2nd Quarter | $ | 0.4300 | 7/31/2018 | 8/8/2018 | ||
3rd Quarter | $ | 0.4325 | 10/31/2018 | 11/8/2018 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 (1) | 2017 (2) | 2018 (1) | 2017 (2) | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
NGL Pipelines & Services: | ||||||||||||||||||||||||||||||||
Sales of NGLs and related products | $ | 3,898.2 | $ | 2,415.3 | $ | 9,324.5 | $ | 7,460.5 | $ | 2,624.9 | $ | 3,898.2 | $ | 7,955.5 | $ | 9,324.5 | ||||||||||||||||
Midstream services | 724.7 | 499.0 | 1,985.4 | 1,420.2 | ||||||||||||||||||||||||||||
Total | 4,622.9 | 2,914.3 | 11,309.9 | 8,880.7 | ||||||||||||||||||||||||||||
Segment midstream services: | ||||||||||||||||||||||||||||||||
Natural gas processing and fractionation | 279.6 | 397.2 | 837.3 | 982.2 | ||||||||||||||||||||||||||||
Transportation | 248.2 | 241.8 | 767.4 | 725.5 | ||||||||||||||||||||||||||||
Storage and terminals | 99.4 | 85.7 | 291.0 | 277.7 | ||||||||||||||||||||||||||||
Total segment midstream services | 627.2 | 724.7 | 1,895.7 | 1,985.4 | ||||||||||||||||||||||||||||
Total NGL Pipelines & Services | 3,252.1 | 4,622.9 | 9,851.2 | 11,309.9 | ||||||||||||||||||||||||||||
Crude Oil Pipelines & Services: | ||||||||||||||||||||||||||||||||
Sales of crude oil | 2,209.0 | 1,589.0 | 8,082.9 | 4,912.7 | 2,130.0 | 2,209.0 | 6,990.1 | 8,082.9 | ||||||||||||||||||||||||
Midstream services | 285.9 | 207.7 | 764.1 | 590.8 | ||||||||||||||||||||||||||||
Total | 2,494.9 | 1,796.7 | 8,847.0 | 5,503.5 | ||||||||||||||||||||||||||||
Segment midstream services: | ||||||||||||||||||||||||||||||||
Transportation | 209.1 | 187.9 | 598.1 | 490.7 | ||||||||||||||||||||||||||||
Storage and terminals | 139.2 | 98.0 | 364.0 | 273.4 | ||||||||||||||||||||||||||||
Total segment midstream services | 348.3 | 285.9 | 962.1 | 764.1 | ||||||||||||||||||||||||||||
Total Crude Oil Pipelines & Services | 2,478.3 | 2,494.9 | 7,952.2 | 8,847.0 | ||||||||||||||||||||||||||||
Natural Gas Pipelines & Services: | ||||||||||||||||||||||||||||||||
Sales of natural gas | 589.0 | 568.9 | �� | 1,681.5 | 1,673.5 | 440.0 | 589.0 | 1,627.1 | 1,681.5 | |||||||||||||||||||||||
Midstream services | 261.2 | 227.7 | 766.3 | 670.5 | ||||||||||||||||||||||||||||
Total | 850.2 | 796.6 | 2,447.8 | 2,344.0 | ||||||||||||||||||||||||||||
Segment midstream services: | ||||||||||||||||||||||||||||||||
Transportation | 275.5 | 261.2 | 835.2 | 766.3 | ||||||||||||||||||||||||||||
Total segment midstream services | 275.5 | 261.2 | 835.2 | 766.3 | ||||||||||||||||||||||||||||
Total Natural Gas Pipelines & Services | 715.5 | 850.2 | 2,462.3 | 2,447.8 | ||||||||||||||||||||||||||||
Petrochemical & Refined Products Services: | ||||||||||||||||||||||||||||||||
Sales of petrochemicals and refined products | 1,408.9 | 1,194.2 | 4,111.6 | 3,519.4 | 1,299.0 | 1,408.9 | 3,867.3 | 4,111.6 | ||||||||||||||||||||||||
Midstream services | 209.0 | 185.1 | 635.6 | 567.3 | ||||||||||||||||||||||||||||
Total | 1,617.9 | 1,379.3 | 4,747.2 | 4,086.7 | ||||||||||||||||||||||||||||
Segment midstream services: | ||||||||||||||||||||||||||||||||
Fractionation and isomerization | 43.2 | 45.9 | 125.5 | 146.8 | ||||||||||||||||||||||||||||
Transportation, including marine logistics | 134.4 | 119.2 | 393.2 | 353.0 | ||||||||||||||||||||||||||||
Storage and terminals | 41.6 | 43.9 | 132.2 | 135.8 | ||||||||||||||||||||||||||||
Total segment midstream services | 219.2 | 209.0 | 650.9 | 635.6 | ||||||||||||||||||||||||||||
Total Petrochemical & Refined Products Services | 1,518.2 | 1,617.9 | 4,518.2 | 4,747.2 | ||||||||||||||||||||||||||||
Total consolidated revenues | $ | 9,585.9 | $ | 6,886.9 | $ | 27,351.9 | $ | 20,814.9 | $ | 7,964.1 | $ | 9,585.9 | $ | 24,783.9 | $ | 27,351.9 | ||||||||||||||||
(1) Revenues are accounted for under ASC 606 upon implementation at January 1, 2018. (2) Revenues are accounted for under ASC 605 for historical periods prior to January 1, 2018. |
Contract Asset | Location | Balance | Location | Balance | ||||||
Unbilled revenue (current amount) | Prepaid and other current assets | $ | 188.6 | Prepaid and other current assets | $ | 223.8 | ||||
Unbilled revenue (noncurrent) | Other assets | -- | ||||||||
Total | $ | 188.6 | $ | 223.8 |
Contract Liability | Location | Balance | Location | Balance | ||||||
Deferred revenue (current amount) | Other current liabilities | $ | 94.4 | Other current liabilities | $ | 137.4 | ||||
Deferred revenue (noncurrent) | Other long-term liabilities | 191.2 | Other long-term liabilities | 192.2 | ||||||
Total | $ | 285.6 | $ | 329.6 |
Unbilled Revenue | Deferred Revenue | |||||||
Balance at January 1, 2018 (upon adoption of ASC 606) | $ | -- | $ | 224.7 | ||||
Amount included in opening balance transferred to other accounts during period (1) | -- | (83.5 | ) | |||||
Amount recorded during period | 224.1 | 334.3 | ||||||
Amounts recorded during period transferred to other accounts (1) | (37.7 | ) | (189.9 | ) | ||||
Amount recorded in connection with business combination | 2.2 | -- | ||||||
Balance at September 30, 2018 | $ | 188.6 | $ | 285.6 | ||||
(1) Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer. |
Unbilled Revenue | Deferred Revenue | |||||||
Balance at December 31, 2018 | $ | 13.3 | $ | 291.2 | ||||
Amount included in opening balance transferred to other accounts during period (1) | (13.3 | ) | (110.9 | ) | ||||
Amount recorded during period | 270.5 | 430.7 | ||||||
Amounts recorded during period transferred to other accounts (1) | (46.7 | ) | (278.7 | ) | ||||
Other changes | – | (2.7 | ) | |||||
Balance at September 30, 2019 | $ | 223.8 | $ | 329.6 |
(1) | Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer. |
Remainder of 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | ||||||||||||||||||||
$ | 816.6 | $ | 3,361.4 | $ | 3,036.9 | $ | 2,528.8 | $ | 2,050.0 | $ | 8,718.0 | $ | 20,511.7 |
Period | Fixed Consideration | |||
Three Months Ended December 31, 2019 | $ | 945.0 | ||
One Year Ended December 31, 2020 | 3,505.7 | |||
One Year Ended December 31, 2021 | 3,075.3 | |||
One Year Ended December 31, 2022 | 2,636.9 | |||
One Year Ended December 31, 2023 | 2,203.9 | |||
Thereafter | 10,576.7 | |||
Total | $ | 22,943.5 |
Impact of change in accounting policy | ||||||||||||
Balances without adoption of ASC 606 | Impact of adoption of ASC 606 | As Reported | ||||||||||
Assets | ||||||||||||
Accounts receivable – trade, net | $ | 4,411.5 | $ | (188.6 | ) | $ | 4,222.9 | |||||
Prepaid and other current assets | $ | 421.3 | $ | 188.6 | $ | 609.9 | ||||||
Property, plant and equipment, net | $ | 37,727.7 | $ | 75.2 | $ | 37,802.9 | ||||||
Other assets | $ | 260.6 | $ | -- | $ | 260.6 | ||||||
Liabilities and Equity | ||||||||||||
Other long-term liabilities | $ | 679.3 | $ | 67.9 | $ | 747.2 | ||||||
Partners' equity | $ | 23,065.8 | $ | 7.3 | $ | 23,073.1 |
Impact of change in accounting policy | ||||||||||||
Balances without adoption of ASC 606 | Impact of adoption of ASC 606 | As Reported | ||||||||||
Revenues | $ | 9,367.6 | $ | 218.3 | $ | 9,585.9 | ||||||
Costs and expenses: | ||||||||||||
Operating costs and expenses: | $ | 7,786.1 | $ | 215.8 | $ | 8,001.9 |
Impact of change in accounting policy | ||||||||||||
Balances without adoption of ASC 606 | Impact of adoption of ASC 606 | As Reported | ||||||||||
Revenues | $ | 26,853.2 | $ | 498.7 | $ | 27,351.9 | ||||||
Costs and expenses: | ||||||||||||
Operating costs and expenses: | $ | 23,285.2 | $ | 491.4 | $ | 23,776.6 |
Impact of change in accounting policy | ||||||||||||
Balances without adoption of ASC 606 | Impact of adoption of ASC 606 | As Reported | ||||||||||
Operating activities: | ||||||||||||
Net income | $ | 2,926.0 | $ | 7.3 | $ | 2,933.3 | ||||||
Net effect of changes in operating accounts | $ | (329.8 | ) | $ | 67.9 | $ | (261.9 | ) | ||||
Investing activities: | ||||||||||||
Contributions in aid of construction costs | $ | 67.9 | $ | (67.9 | ) | $ | -- |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operating income | $ | 1,643.3 | $ | 879.2 | $ | 3,768.2 | $ | 2,849.5 | ||||||||
Adjustments to reconcile operating income to total gross operating margin: | ||||||||||||||||
Add depreciation, amortization and accretion expense in operating costs and expenses | 429.4 | 383.9 | 1,249.0 | 1,139.3 | ||||||||||||
Add asset impairment and related charges in operating costs and expenses | 4.6 | 10.0 | 21.4 | 35.2 | ||||||||||||
Subtract net gains attributable to asset sales in operating costs and expenses | (6.7 | ) | (1.1 | ) | (8.1 | ) | (1.1 | ) | ||||||||
Add general and administrative costs | 52.7 | 41.3 | 157.1 | 137.4 | ||||||||||||
Adjustments for make-up rights on certain new pipeline projects: | ||||||||||||||||
Add non-refundable payments received from shippers attributable to make-up rights (1) | 6.5 | (1.9 | ) | 14.8 | 19.7 | |||||||||||
Subtract the subsequent recognition of revenues attributable to make-up rights (2) | (6.2 | ) | (7.0 | ) | (42.4 | ) | (22.9 | ) | ||||||||
Total segment gross operating margin | $ | 2,123.6 | $ | 1,304.4 | $ | 5,160.0 | $ | 4,157.1 | ||||||||
(1) Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper. (2) As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Operating income | $ | 1,474.2 | $ | 1,643.3 | $ | 4,660.7 | $ | 3,768.2 | ||||||||
Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign): | ||||||||||||||||
Depreciation, amortization and accretion expense in operating costs and expenses | 467.1 | 429.4 | 1,380.8 | 1,249.0 | ||||||||||||
Asset impairment and related charges in operating costs and expenses | 39.4 | 4.6 | 51.2 | 21.4 | ||||||||||||
Net gains attributable to asset sales in operating costs and expenses | (0.1 | ) | (6.7 | ) | (2.6 | ) | (8.1 | ) | ||||||||
General and administrative costs | 55.5 | 52.7 | 160.2 | 157.1 | ||||||||||||
Non-refundable payments received from shippers attributable to make-up rights (1) | 20.8 | 6.5 | 34.3 | 14.8 | ||||||||||||
Subsequent recognition of revenues attributable to make-up rights (2) | (5.5 | ) | (6.2 | ) | (18.6 | ) | (42.4 | ) | ||||||||
Total segment gross operating margin | $ | 2,051.4 | $ | 2,123.6 | $ | 6,266.0 | $ | 5,160.0 |
(1) | Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper. |
(2) | As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Gross operating margin by segment: | ||||||||||||||||||||||||||||||||
NGL Pipelines & Services | $ | 1,063.1 | $ | 770.9 | $ | 2,861.7 | $ | 2,386.8 | $ | 1,008.3 | $ | 1,063.1 | $ | 2,933.8 | $ | 2,861.7 | ||||||||||||||||
Crude Oil Pipelines & Services | 594.2 | 190.4 | 867.0 | 691.7 | 496.2 | 594.2 | 1,671.7 | 867.0 | ||||||||||||||||||||||||
Natural Gas Pipelines & Services | 216.9 | 170.7 | 628.2 | 536.0 | 258.5 | 216.9 | 824.6 | 628.2 | ||||||||||||||||||||||||
Petrochemical & Refined Products Services | 249.4 | 172.4 | 803.1 | 542.6 | 288.4 | 249.4 | 835.9 | 803.1 | ||||||||||||||||||||||||
Total segment gross operating margin | $ | 2,123.6 | $ | 1,304.4 | $ | 5,160.0 | $ | 4,157.1 | $ | 2,051.4 | $ | 2,123.6 | $ | 6,266.0 | $ | 5,160.0 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Mark-to-market gains (losses) in gross operating margin: | ||||||||||||||||
NGL Pipelines & Services | $ | (0.7 | ) | $ | 0.1 | $ | (0.1 | ) | $ | 7.9 | ||||||
Crude Oil Pipelines & Services | 9.8 | 200.2 | 95.0 | (267.4 | ) | |||||||||||
Natural Gas Pipelines & Services | 1.3 | 4.7 | 1.3 | 5.9 | ||||||||||||
Petrochemical & Refined Products Services | (1.3 | ) | (0.9 | ) | (3.3 | ) | (1.2 | ) | ||||||||
Total mark-to-market impact on gross operating margin | 9.1 | 204.1 | 92.9 | (254.8 | ) | |||||||||||
Mark-to-market loss in interest expense | (94.9 | ) | – | (94.9 | ) | (0.1 | ) | |||||||||
Total | $ | (85.8 | ) | $ | 204.1 | $ | (2.0 | ) | $ | (254.9 | ) |
Reportable Business Segments | Reportable Business Segments | |||||||||||||||||||||||||||||||||||||||||||||||
NGL Pipelines & Services | Crude Oil Pipelines & Services | Natural Gas Pipelines & Services | Petrochemical & Refined Products Services | Adjustments and Eliminations | Consolidated Total | NGL Pipelines & Services | Crude Oil Pipelines & Services | Natural Gas Pipelines & Services | Petrochemical & Refined Products Services | Adjustments and Eliminations | Consolidated Total | |||||||||||||||||||||||||||||||||||||
Revenues from third parties: | ||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2019 | $ | 3,250.1 | $ | 2,467.9 | $ | 712.3 | $ | 1,518.2 | $ | – | $ | 7,948.5 | ||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2018 | $ | 4,616.7 | $ | 2,490.7 | $ | 846.4 | $ | 1,617.9 | $ | -- | $ | 9,571.7 | 4,616.7 | 2,490.7 | 846.4 | 1,617.9 | – | 9,571.7 | ||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | 2,911.1 | 1,790.7 | 793.3 | 1,379.3 | -- | 6,874.4 | ||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | 9,843.9 | 7,916.5 | 2,451.6 | 4,518.2 | – | 24,730.2 | ||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2018 | 11,295.1 | 8,777.2 | 2,437.9 | 4,747.2 | -- | 27,257.4 | 11,295.1 | 8,777.2 | 2,437.9 | 4,747.2 | – | 27,257.4 | ||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2017 | 8,871.9 | 5,489.1 | 2,334.0 | 4,086.7 | -- | 20,781.7 | ||||||||||||||||||||||||||||||||||||||||||
Revenues from related parties: | ||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2019 | 2.0 | 10.4 | 3.2 | – | – | 15.6 | ||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2018 | 6.2 | 4.2 | 3.8 | -- | -- | 14.2 | 6.2 | 4.2 | 3.8 | – | – | 14.2 | ||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | 3.2 | 6.0 | 3.3 | -- | -- | 12.5 | ||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | 7.3 | 35.7 | 10.7 | – | – | 53.7 | ||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2018 | 14.8 | 69.8 | 9.9 | -- | -- | 94.5 | 14.8 | 69.8 | 9.9 | – | – | 94.5 | ||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2017 | 8.8 | 14.4 | 10.0 | -- | -- | 33.2 | ||||||||||||||||||||||||||||||||||||||||||
Intersegment and intrasegment revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2019 | 4,729.3 | 9,479.7 | 141.7 | 558.1 | (14,908.8 | ) | – | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2018 | 6,814.9 | 6,278.8 | 186.6 | 844.3 | (14,124.6 | ) | -- | 6,814.9 | 6,278.8 | 186.6 | 844.3 | (14,124.6 | ) | – | ||||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | 5,055.1 | 2,552.9 | 220.1 | 426.4 | (8,254.5 | ) | -- | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | 14,715.5 | 26,818.0 | 500.2 | 1,890.4 | (43,924.1 | ) | – | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2018 | 19,384.4 | 27,683.6 | 522.5 | 2,241.6 | (49,832.1 | ) | -- | 19,384.4 | 27,683.6 | 522.5 | 2,241.6 | (49,832.1 | ) | – | ||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2017 | 19,572.0 | 9,410.6 | 635.2 | 1,230.8 | (30,848.6 | ) | -- | |||||||||||||||||||||||||||||||||||||||||
Total revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2019 | 7,981.4 | 11,958.0 | 857.2 | 2,076.3 | (14,908.8 | ) | 7,964.1 | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2018 | 11,437.8 | 8,773.7 | 1,036.8 | 2,462.2 | (14,124.6 | ) | 9,585.9 | 11,437.8 | 8,773.7 | 1,036.8 | 2,462.2 | (14,124.6 | ) | 9,585.9 | ||||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | 7,969.4 | 4,349.6 | 1,016.7 | 1,805.7 | (8,254.5 | ) | 6,886.9 | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | 24,566.7 | 34,770.2 | 2,962.5 | 6,408.6 | (43,924.1 | ) | 24,783.9 | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2018 | 30,694.3 | 36,530.6 | 2,970.3 | 6,988.8 | (49,832.1 | ) | 27,351.9 | 30,694.3 | 36,530.6 | 2,970.3 | 6,988.8 | (49,832.1 | ) | 27,351.9 | ||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2017 | 28,452.7 | 14,914.1 | 2,979.2 | 5,317.5 | (30,848.6 | ) | 20,814.9 | |||||||||||||||||||||||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates: | ||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2019 | 25.9 | 113.2 | 1.6 | (1.4 | ) | – | 139.3 | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2018 | 28.3 | 83.7 | 2.1 | (2.1 | ) | -- | 112.0 | 28.3 | 83.7 | 2.1 | (2.1 | ) | – | 112.0 | ||||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | 18.8 | 95.9 | 0.9 | (2.2 | ) | -- | 113.4 | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | 82.7 | 348.8 | 4.9 | (5.1 | ) | – | 431.3 | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2018 | 87.1 | 265.1 | 4.7 | (6.9 | ) | -- | 350.0 | 87.1 | 265.1 | 4.7 | (6.9 | ) | – | 350.0 | ||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2017 | 53.3 | 266.3 | 2.8 | (7.2 | ) | -- | 315.2 |
Reportable Business Segments | ||||||||||||||||||||||||
NGL Pipelines & Services | Crude Oil Pipelines & Services | Natural Gas Pipelines & Services | Petrochemical & Refined Products Services | Adjustments and Eliminations | Consolidated Total | |||||||||||||||||||
Property, plant and equipment, net: (see Note 4) | �� | |||||||||||||||||||||||
At September 30, 2018 | $ | 14,847.7 | $ | 5,665.2 | $ | 8,325.2 | $ | 6,194.9 | $ | 2,769.9 | $ | 37,802.9 | ||||||||||||
At December 31, 2017 | 13,831.2 | 5,208.4 | 8,375.0 | 3,507.7 | 4,698.1 | 35,620.4 | ||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 5) | ||||||||||||||||||||||||
At September 30, 2018 | 658.2 | 1,859.8 | 22.0 | 63.4 | -- | 2,603.4 | ||||||||||||||||||
At December 31, 2017 | 733.9 | 1,839.2 | 20.8 | 65.5 | -- | 2,659.4 | ||||||||||||||||||
Intangible assets, net: (see Note 6) | ||||||||||||||||||||||||
At September 30, 2018 | 389.2 | 2,119.2 | 989.3 | 156.5 | -- | 3,654.2 | ||||||||||||||||||
At December 31, 2017 | 322.3 | 2,186.5 | 1,018.4 | 163.1 | -- | 3,690.3 | ||||||||||||||||||
Goodwill: (see Note 6) | ||||||||||||||||||||||||
At September 30, 2018 | 2,651.7 | 1,841.0 | 296.3 | 956.2 | -- | 5,745.2 | ||||||||||||||||||
At December 31, 2017 | 2,651.7 | 1,841.0 | 296.3 | 956.2 | -- | 5,745.2 | ||||||||||||||||||
Segment assets: | ||||||||||||||||||||||||
At September 30, 2018 | 18,546.8 | 11,485.2 | 9,632.8 | 7,371.0 | 2,769.9 | 49,805.7 | ||||||||||||||||||
At December 31, 2017 | 17,539.1 | 11,075.1 | 9,710.5 | 4,692.5 | 4,698.1 | 47,715.3 |
Reportable Business Segments | ||||||||||||||||||||||||
NGL Pipelines & Services | Crude Oil Pipelines & Services | Natural Gas Pipelines & Services | Petrochemical & Refined Products Services | Adjustments and Eliminations | Consolidated Total | |||||||||||||||||||
Property, plant and equipment, net: (see Note 4) | ||||||||||||||||||||||||
At September 30, 2019 | $ | 16,212.2 | $ | 6,316.2 | $ | 8,320.5 | $ | 6,356.3 | $ | 3,558.1 | $ | 40,763.3 | ||||||||||||
At December 31, 2018 | 14,845.4 | 5,847.7 | 8,303.8 | 6,213.9 | 3,526.8 | 38,737.6 | ||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 5) | ||||||||||||||||||||||||
At September 30, 2019 | 690.9 | 1,877.2 | 31.4 | 61.4 | – | 2,660.9 | ||||||||||||||||||
At December 31, 2018 | 662.0 | 1,867.5 | 22.8 | 62.8 | – | 2,615.1 | ||||||||||||||||||
Intangible assets, net: (see Note 6) | ||||||||||||||||||||||||
At September 30, 2019 | 366.7 | 2,023.4 | 951.4 | 147.9 | – | 3,489.4 | ||||||||||||||||||
At December 31, 2018 | 380.1 | 2,094.6 | 979.3 | 154.4 | – | 3,608.4 | ||||||||||||||||||
Goodwill: (see Note 6) | ||||||||||||||||||||||||
At September 30, 2019 | 2,651.7 | 1,841.0 | 296.3 | 956.2 | – | 5,745.2 | ||||||||||||||||||
At December 31, 2018 | 2,651.7 | 1,841.0 | 296.3 | 956.2 | – | 5,745.2 | ||||||||||||||||||
Segment assets: | ||||||||||||||||||||||||
At September 30, 2019 | 19,921.5 | 12,057.8 | 9,599.6 | 7,521.8 | 3,558.1 | 52,658.8 | ||||||||||||||||||
At December 31, 2018 | 18,539.2 | 11,650.8 | 9,602.2 | 7,387.3 | 3,526.8 | 50,706.3 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Consolidated revenues: | ||||||||||||||||||||||||||||||||
NGL Pipelines & Services | $ | 4,622.9 | $ | 2,914.3 | $ | 11,309.9 | $ | 8,880.7 | $ | 3,252.1 | $ | 4,622.9 | $ | 9,851.2 | $ | 11,309.9 | ||||||||||||||||
Crude Oil Pipelines & Services | 2,494.9 | 1,796.7 | 8,847.0 | 5,503.5 | 2,478.3 | 2,494.9 | 7,952.2 | 8,847.0 | ||||||||||||||||||||||||
Natural Gas Pipelines & Services | 850.2 | 796.6 | 2,447.8 | 2,344.0 | 715.5 | 850.2 | 2,462.3 | 2,447.8 | ||||||||||||||||||||||||
Petrochemical & Refined Products Services | 1,617.9 | 1,379.3 | 4,747.2 | 4,086.7 | 1,518.2 | 1,617.9 | 4,518.2 | 4,747.2 | ||||||||||||||||||||||||
Total consolidated revenues | $ | 9,585.9 | $ | 6,886.9 | $ | 27,351.9 | $ | 20,814.9 | $ | 7,964.1 | $ | 9,585.9 | $ | 24,783.9 | $ | 27,351.9 | ||||||||||||||||
Consolidated costs and expenses | ||||||||||||||||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||||||||
Cost of sales | $ | 6,838.9 | $ | 5,049.6 | $ | 20,371.2 | $ | 15,116.4 | $ | 5,276.5 | $ | 6,838.9 | $ | 16,721.5 | $ | 20,371.2 | ||||||||||||||||
Other operating costs and expenses (1) | 735.7 | 637.4 | 2,143.1 | 1,853.4 | 790.8 | 735.7 | 2,243.4 | 2,143.1 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 429.4 | 383.9 | 1,249.0 | 1,139.3 | 467.1 | 429.4 | 1,380.8 | 1,249.0 | ||||||||||||||||||||||||
Asset impairment and related charges | 4.6 | 10.0 | 21.4 | 35.2 | 39.4 | 4.6 | 51.2 | 21.4 | ||||||||||||||||||||||||
Net gains attributable to asset sales | (6.7 | ) | (1.1 | ) | (8.1 | ) | (1.1 | ) | (0.1 | ) | (6.7 | ) | (2.6 | ) | (8.1 | ) | ||||||||||||||||
General and administrative costs | 52.7 | 41.3 | 157.1 | 137.4 | 55.5 | 52.7 | 160.2 | 157.1 | ||||||||||||||||||||||||
Total consolidated costs and expenses | $ | 8,054.6 | $ | 6,121.1 | $ | 23,933.7 | $ | 18,280.6 | $ | 6,629.2 | $ | 8,054.6 | $ | 20,554.5 | $ | 23,933.7 | ||||||||||||||||
(1) Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales. |
(1) | Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales. |
Purchase price for remaining 50% equity interest in Delaware Processing | $ | 154.5 | ||
Fair value of our 50% equity interest in Delaware Processing held before the acquisition | 146.4 | |||
Total | 300.9 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Assets acquired in business combination: | ||||
Current assets, including cash of $3.9 million | $ | 10.8 | ||
Property, plant and equipment | 200.0 | |||
Contract-based intangible assets | 82.6 | |||
Customer relationship intangible assets | 9.9 | |||
Total assets acquired | $ | 303.3 | ||
Liabilities assumed in business combination: | ||||
Current liabilities | $ | (1.8 | ) | |
Long-term liabilities | (0.6 | ) | ||
Total liabilities assumed | $ | (2.4 | ) | |
Total identifiable net assets | $ | 300.9 | ||
Goodwill | $ | -- |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
BASIC EARNINGS PER UNIT | ||||||||||||||||||||||||||||||||
Net income attributable to limited partners | $ | 1,313.2 | $ | 610.9 | $ | 2,887.7 | $ | 2,025.3 | $ | 1,019.2 | $ | 1,313.2 | $ | 3,494.4 | $ | 2,887.7 | ||||||||||||||||
Undistributed earnings allocated and cash payments on phantom unit awards (1) | (6.2 | ) | (4.0 | ) | (15.5 | ) | (12.0 | ) | (6.1 | ) | (6.2 | ) | (21.3 | ) | (15.5 | ) | ||||||||||||||||
Net income available to common unitholders | $ | 1,307.0 | $ | 606.9 | $ | 2,872.2 | $ | 2,013.3 | $ | 1,013.1 | $ | 1,307.0 | $ | 3,473.1 | $ | 2,872.2 | ||||||||||||||||
Basic weighted-average number of common units outstanding | 2,179.9 | 2,151.1 | 2,173.8 | 2,140.7 | 2,189.1 | 2,179.9 | 2,188.4 | 2,173.8 | ||||||||||||||||||||||||
Basic earnings per unit | $ | 0.60 | $ | 0.28 | $ | 1.32 | $ | 0.94 | $ | 0.46 | $ | 0.60 | $ | 1.59 | $ | 1.32 | ||||||||||||||||
DILUTED EARNINGS PER UNIT | ||||||||||||||||||||||||||||||||
Net income attributable to limited partners | $ | 1,313.2 | $ | 610.9 | $ | 2,887.7 | $ | 2,025.3 | $ | 1,019.2 | $ | 1,313.2 | $ | 3,494.4 | $ | 2,887.7 | ||||||||||||||||
Diluted weighted-average number of units outstanding: | ||||||||||||||||||||||||||||||||
Distribution-bearing common units | 2,179.9 | 2,151.1 | 2,173.8 | 2,140.7 | 2,189.1 | 2,179.9 | 2,188.4 | 2,173.8 | ||||||||||||||||||||||||
Phantom units (1) | 10.6 | 9.5 | 10.6 | 9.3 | 13.2 | 10.6 | 13.1 | 10.6 | ||||||||||||||||||||||||
Total | 2,190.5 | 2,160.6 | 2,184.4 | 2,150.0 | 2,202.3 | 2,190.5 | 2,201.5 | 2,184.4 | ||||||||||||||||||||||||
Diluted earnings per unit | $ | 0.60 | $ | 0.28 | $ | 1.32 | $ | 0.94 | $ | 0.46 | $ | 0.60 | $ | 1.59 | $ | 1.32 | ||||||||||||||||
(1) Each phantom unit award includes a distribution equivalent right (“DER”), which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to our common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. |
(1) | Each phantom unit award includes a distribution equivalent right ("DER"), which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to EPD’s common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Equity-classified awards: | ||||||||||||||||||||||||||||||||
Phantom unit awards | $ | 24.2 | $ | 23.1 | $ | 74.7 | $ | 69.4 | $ | 34.7 | $ | 24.2 | $ | 99.6 | $ | 74.7 | ||||||||||||||||
Restricted common unit awards | -- | -- | -- | 0.5 | ||||||||||||||||||||||||||||
Profits interest awards | 1.2 | 1.4 | 3.8 | 4.5 | 2.5 | 1.2 | 8.1 | 3.8 | ||||||||||||||||||||||||
Liability-classified awards | 0.1 | 0.1 | 0.3 | 0.3 | 0.1 | 0.1 | 0.1 | 0.3 | ||||||||||||||||||||||||
Total | $ | 25.5 | $ | 24.6 | $ | 78.8 | $ | 74.7 | $ | 37.3 | $ | 25.5 | $ | 107.8 | $ | 78.8 |
Number of Units | Weighted- Average Grant Date Fair Value per Unit (1) | Number of Units | Weighted- Average Grant Date Fair Value per Unit (1) | |||||||||||||
Phantom unit awards at January 1, 2018 | 9,289,501 | $ | 27.65 | |||||||||||||
Phantom unit awards at December 31, 2018 | 10,333,277 | $ | 26.97 | |||||||||||||
Granted (2) | 4,988,081 | $ | 26.82 | 6,851,920 | $ | 27.75 | ||||||||||
Vested | (3,437,668 | ) | $ | 28.59 | (3,810,666 | ) | $ | 27.54 | ||||||||
Forfeited | (434,164 | ) | $ | 26.89 | (268,621 | ) | $ | 27.21 | ||||||||
Phantom unit awards at September 30, 2018 | 10,405,750 | $ | 26.97 | |||||||||||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. (2) The aggregate grant date fair value of phantom unit awards issued during 2018 was $133.8 million based on a grant date market price of our common units ranging from $25.40 to $29.22 per unit. An estimated annual forfeiture rate of 3.2% was applied to these awards. | ||||||||||||||||
Phantom unit awards at September 30, 2019 | 13,105,910 | $ | 27.21 |
(1) | Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. |
(2) | The aggregate grant date fair value of phantom unit awards issued during 2019 was $190.2 million based on a grant date market price of EPD common units ranging from $27.75 to $29.29 per unit. An estimated annual forfeiture rate of 3.0% was applied to these awards. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Cash payments made in connection with DERs | $ | 4.6 | $ | 4.0 | $ | 13.2 | $ | 11.2 | $ | 5.9 | $ | 4.6 | $ | 16.4 | $ | 13.2 | ||||||||||||||||
Total intrinsic value of phantom unit awards that vested during period | 4.5 | 1.6 | 89.6 | 67.9 | 7.2 | 4.5 | 108.9 | 89.6 |
Employee Partnership | Enterprise Common Units contributed to Employee Partnership by EPCO Holdings | Class A Capital Base (1) | Class A Preference Return (2) | Expected Vesting/ Liquidation Date | Estimated Grant Date Fair Value of Profits Interest Awards (3) | Unrecognized Compensation Cost (4) | ||||||
PubCo I | 2,723,052 | $63.7 million | $ | 0.39 | Feb. 2020 | $13.0 million | $5.3 million | |||||
PubCo II | 2,834,198 | $66.3 million | $ | 0.39 | Feb. 2021 | $14.9 million | $8.1 million | |||||
PubCo III | 105,000 | $2.5 million | $ | 0.39 | Apr. 2020 | $0.5 million | $0.2 million | |||||
PrivCo I | 1,111,438 | $26.0 million | $ | 0.39 | Feb. 2021 | $5.8 million | $0.6 million | |||||
(1) Represents fair market value of the Enterprise common units contributed to each Employee Partnership at the applicable contribution date. (2) Each quarter, the Class A limited partner in each Employee Partnership is paid a cash distribution equal to the product of (i) the number of common units owned by the Employee Partnership and (ii) the Class A Preference Return of $0.39 per unit (subject to equitable adjustment in order to reflect any equity split, equity distribution or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting such common units). To the extent that the Employee Partnership has cash remaining after making this quarterly payment to the Class A limited partner, the residual cash is distributed to the Class B limited partners on a quarterly basis. (3) Represents the total grant date fair value of the profits interest awards irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates. (4) Represents our expected share of the unrecognized compensation cost at September 30, 2018. We expect to recognize our share of the unrecognized compensation cost for PubCo I, PubCo II, PubCo III and PrivCo I over a weighted-average period of 1.4 years, 2.4 years, 1.5 years and 2.4 years, respectively. |
Hedged Transaction | Number and Type of Derivatives Outstanding | Notional Amount | Expected Settlement Date | Average Rate Locked | Accounting Treatment | Number and Type of Derivatives Outstanding | Notional Amount | Expected Settlement Date | Weighted-Average Fixed Rate Locked | Accounting Treatment |
Future long-term debt offering | 2 forward starting swaps | $175.0 | 2/2019 | 2.56% | Cash flow hedge | 1 forward-starting swap (1) | $75.0 | 9/2020 | 2.39% | Cash flow hedge |
Future long-term debt offering | 1 forward-starting swap (1) | $75.0 | 4/2021 | 2.41% | Cash flow hedge | |||||
Future long-term debt offering | 5 forward-starting swaps (2) | $500.0 | 9/2020 | 2.12% | Cash flow hedge | |||||
Future long-term debt offering | 5 forward-starting swaps (2) | $500.0 | 4/2021 | 2.13% | Cash flow hedge |
(1) | These swaps were entered into in May 2019. |
(2) | These swaps were entered into in September 2019 as a result of the swaption exercise. |
Volume (1) | Accounting | Volume (1) | Accounting | |||
Derivative Purpose | Current (2) | Long-Term (2) | Treatment | Current (2) | Long-Term (2) | Treatment |
Derivatives designated as hedging instruments: | ||||||
Natural gas processing: | ||||||
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”)) | 11.2 | n/a | Cash flow hedge | 15.2 | n/a | Cash flow hedge |
Forecasted sales of NGLs (million barrels (“MMBbls”)) | 0.2 | 0.1 | Cash flow hedge | 1.8 | n/a | Cash flow hedge |
Octane enhancement: | ||||||
Forecasted purchase of NGLs (MMBbls) | 1.1 | 0.2 | Cash flow hedge | 1.0 | n/a | Cash flow hedge |
Forecasted sales of octane enhancement products (MMBbls) | 2.3 | 0.4 | Cash flow hedge | 8.1 | 1.6 | Cash flow hedge |
Natural gas marketing: | ||||||
Natural gas storage inventory management activities (Bcf) | 2.0 | n/a | Fair value hedge | 3.2 | n/a | Fair value hedge |
NGL marketing: | ||||||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) | 36.8 | 0.2 | Cash flow hedge | 100.0 | 1.5 | Cash flow hedge |
Forecasted sales of NGLs and related hydrocarbon products (MMBbls) | 60.0 | 0.2 | Cash flow hedge | 121.7 | 1.2 | Cash flow hedge |
NGLs inventory management activities (MMBbls) | 0.2 | n/a | Fair value hedge | 0.3 | n/a | Fair value hedge |
Refined products marketing: | ||||||
Forecasted purchase of refined products (MMBbls) | 0.6 | n/a | Cash flow hedge | |||
Forecasted purchases of refined products (MMBbls) | 0.9 | n/a | Cash flow hedge | |||
Forecasted sales of refined products (MMBbls) | 0.5 | n/a | Cash flow hedge | 0.9 | n/a | Cash flow hedge |
Refined products inventory management activities (MMBbls) | 0.7 | n/a | Fair value hedge | |||
Crude oil marketing: | ||||||
Forecasted purchases of crude oil (MMBbls) | 13.7 | 4.1 | Cash flow hedge | 10.4 | n/a | Cash flow hedge |
Forecasted sales of crude oil (MMBbls) | 20.2 | 4.1 | Cash flow hedge | 13.8 | n/a | Cash flow hedge |
Propylene marketing: | ||||||
Forecasted sales of NGLs for propylene marketing activities (MMBbls) | 0.3 | n/a | Cash flow hedge | |||
Derivatives not designated as hedging instruments: | ||||||
Natural gas risk management activities (Bcf) (3,4) | 89.7 | 2.5 | Mark-to-market | |||
NGL risk management activities (MMBbls) (4) | 1.9 | 0.2 | Mark-to-market | |||
Refined products risk management activities (MMBbls) (4) | 1.9 | n/a | Mark-to-market | |||
Crude oil risk management activities (MMBbls) (4) | 54.2 | 17.7 | Mark-to-market | |||
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. (2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2020, March 2019 and December 2020, respectively. (3) Current volumes include 33.3 Bcf of physical derivative instruments that are predominantly priced at a market-based index plus a premium or minus a discount related to location differences. (4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. | ||||||
Natural gas risk management activities (Bcf) (3) | 38.2 | 0.6 | Mark-to-market | |||
NGL risk management activities (MMBbls) (3) | 2.4 | n/a | Mark-to-market | |||
Refined products risk management activities (MMBbls) (3) | 7.6 | n/a | Mark-to-market | |||
Crude oil risk management activities (MMBbls) (3) | 22.2 | 6.1 | Mark-to-market |
(1) | Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. |
(2) | The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is January 2021, December 2019 and December 2022, respectively. |
(3) | Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. |
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||
September 30, 2018 | December 31, 2017 | September 30, 2018 | December 31, 2017 | |||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||
Interest rate derivatives | Current assets | $ | 19.1 | Current assets | $ | -- | Current liabilities | $ | -- | Current liabilities | $ | 1.5 | ||||||||||
Interest rate derivatives | Other assets | -- | Other assets | 0.1 | Other liabilities | -- | Other liabilities | 0.2 | ||||||||||||||
Total interest rate derivatives | 19.1 | 0.1 | -- | 1.7 | ||||||||||||||||||
Commodity derivatives | Current assets | 210.5 | Current assets | 109.5 | Current liabilities | 348.5 | Current liabilities | 104.4 | ||||||||||||||
Commodity derivatives | Other assets | 63.1 | Other assets | 6.4 | Other liabilities | 62.8 | Other liabilities | 6.8 | ||||||||||||||
Total commodity derivatives | 273.6 | 115.9 | 411.3 | 111.2 | ||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 292.7 | $ | 116.0 | $ | 411.3 | $ | 112.9 | ||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||
Commodity derivatives | Current assets | $ | 7.0 | Current assets | $ | 43.9 | Current liabilities | $ | 138.6 | Current liabilities | $ | 62.3 | ||||||||||
Commodity derivatives | Other assets | 2.8 | Other assets | 1.9 | Other liabilities | 10.6 | Other liabilities | 3.4 | ||||||||||||||
Total commodity derivatives | $ | 9.8 | $ | 45.8 | $ | 149.2 | $ | 65.7 |
Asset Derivatives | Liability Derivatives | ||||||||||||||
September 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | ||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments | |||||||||||||||
Interest rate derivatives | Current assets | $ | – | Current assets | $ | – | Current liabilities | $ | 11.8 | Current liabilities | $ | – | |||
Interest rate derivatives | Other assets | – | Other assets | – | Other liabilities | 11.9 | Other liabilities | – | |||||||
Total interest rate derivatives | – | – | 23.7 | – | |||||||||||
Commodity derivatives | Current assets | 149.3 | Current assets | 138.5 | Current liabilities | 139.2 | Current liabilities | 115.0 | |||||||
Commodity derivatives | Other assets | 5.6 | Other assets | 5.6 | Other liabilities | 6.8 | Other liabilities | 11.1 | |||||||
Total commodity derivatives | 154.9 | 144.1 | 146.0 | 126.1 | |||||||||||
Total derivatives designated as hedging instruments | $ | 154.9 | $ | 144.1 | $ | 169.7 | $ | 126.1 | |||||||
Derivatives not designated as hedging instruments | |||||||||||||||
Interest rate derivatives | Current assets | $ | – | Current assets | $ | – | Current liabilities | $ | 47.2 | Current liabilities | $ | – | |||
Interest rate derivatives | Other assets | – | Other assets | – | Other liabilities | 47.7 | Other liabilities | – | |||||||
Total interest rate derivatives | – | – | 94.9 | – | |||||||||||
Commodity derivatives | Current assets | 16.7 | Current assets | 15.9 | Current liabilities | 4.2 | Current liabilities | 33.2 | |||||||
Commodity derivatives | Other assets | 1.0 | Other assets | 1.9 | Other liabilities | 0.3 | Other liabilities | 3.1 | |||||||
Total commodity derivatives | 17.7 | 17.8 | 4.5 | 36.3 | |||||||||||
Total derivatives not designated as hedging instruments | $ | 17.7 | $ | 17.8 | $ | 99.4 | $ | 36.3 |
Offsetting of Financial Assets and Derivative Assets | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Balance Sheet | Amounts of Assets Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Amounts That Would Have Been Presented On Net Basis | ||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | Cash Collateral Paid | ||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | ||||||||||||||||||||||||
As of September 30, 2018: | ||||||||||||||||||||||||||||
Interest rate derivatives | $ | 19.1 | $ | -- | $ | 19.1 | $ | -- | $ | -- | $ | -- | $ | 19.1 | ||||||||||||||
Commodity derivatives | 283.4 | -- | 283.4 | (279.7 | ) | -- | -- | 3.7 | ||||||||||||||||||||
As of December 31, 2017: | ||||||||||||||||||||||||||||
Interest rate derivatives | $ | 0.1 | $ | -- | $ | 0.1 | $ | (0.1 | ) | $ | -- | $ | -- | $ | -- | |||||||||||||
Commodity derivatives | 161.7 | -- | 161.7 | (157.8 | ) | -- | -- | 3.9 |
Offsetting of Financial Assets and Derivative Assets | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Balance Sheet | Amounts of Assets Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Amounts That Would Have Been Presented On Net Basis | ||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | Cash Collateral Paid | ||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | ||||||||||||||||||||||||
As of September 30, 2019: | ||||||||||||||||||||||||||||
Commodity derivatives | $ | 172.6 | $ | – | $ | 172.6 | $ | (149.0 | ) | $ | – | $ | (22.4 | ) | $ | 1.2 | ||||||||||||
As of December 31, 2018: | ||||||||||||||||||||||||||||
Commodity derivatives | $ | 161.9 | $ | – | $ | 161.9 | $ | (158.6 | ) | $ | – | $ | – | $ | 3.3 |
Offsetting of Financial Liabilities and Derivative Liabilities | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Balance Sheet | Amounts of Liabilities Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Amounts That Would Have Been Presented On Net Basis | ||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | Cash Collateral Paid | ||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | ||||||||||||||||||||||||
As of September 30, 2018: | ||||||||||||||||||||||||||||
Commodity derivatives | $ | 560.5 | $ | -- | $ | 560.5 | $ | (279.7 | ) | $ | -- | $ | (279.2 | ) | $ | 1.6 | ||||||||||||
As of December 31, 2017: | ||||||||||||||||||||||||||||
Interest rate derivatives | $ | 1.7 | $ | -- | $ | 1.7 | $ | (0.1 | ) | $ | -- | $ | -- | $ | 1.6 | |||||||||||||
Commodity derivatives | 176.9 | -- | 176.9 | (157.8 | ) | -- | (17.3 | ) | 1.8 |
Offsetting of Financial Liabilities and Derivative Liabilities | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Balance Sheet | Amounts of Liabilities Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Amounts That Would Have Been Presented On Net Basis | ||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | Cash Collateral Paid | ||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | ||||||||||||||||||||||||
As of September 30, 2019: | ||||||||||||||||||||||||||||
Interest rate derivatives | $ | 118.6 | $ | – | $ | 118.6 | $ | – | $ | – | $ | – | $ | 118.6 | ||||||||||||||
Commodity derivatives | 150.5 | – | 150.5 | (149.0 | ) | – | 0.3 | 1.8 | ||||||||||||||||||||
As of December 31, 2018: | ||||||||||||||||||||||||||||
Commodity derivatives | $ | 162.4 | $ | – | $ | 162.4 | $ | (158.6 | ) | $ | – | $ | (2.3 | ) | $ | 1.5 |
Derivatives in Fair Value Hedging Relationships | Location | Gain (Loss) Recognized in Income on Derivative | Location | Gain (Loss) Recognized in Income on Derivative | ||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | -- | $ | 0.3 | $ | 1.3 | $ | (0.2 | ) | Interest expense | $ | – | $ | – | $ | – | $ | 1.3 | |||||||||||||||
Commodity derivatives | Revenue | (1.4 | ) | (37.9 | ) | 3.2 | (0.3 | ) | Revenue | (0.4 | ) | (1.4 | ) | (2.0 | ) | 3.2 | ||||||||||||||||||
Total | $ | (1.4 | ) | $ | (37.6 | ) | $ | 4.5 | $ | (0.5 | ) | $ | (0.4 | ) | $ | (1.4 | ) | $ | (2.0 | ) | $ | 4.5 |
Derivatives in Fair Value Hedging Relationships | Location | Gain (Loss) Recognized in Income on Hedged Item | Location | Gain (Loss) Recognized in Income on Hedged Item | ||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | -- | $ | (0.3 | ) | $ | (1.4 | ) | $ | 0.3 | Interest expense | $ | – | $ | – | $ | – | $ | (1.4 | ) | |||||||||||||
Commodity derivatives | Revenue | 3.7 | 51.4 | 1.9 | 22.7 | Revenue | 2.4 | 3.7 | 8.7 | 1.9 | ||||||||||||||||||||||||
Total | $ | 3.7 | $ | 51.1 | $ | 0.5 | $ | 23.0 | $ | 2.4 | $ | 3.7 | $ | 8.7 | $ | 0.5 |
Derivatives in Cash Flow Hedging Relationships | Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | |||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Interest rate derivatives | $ | 6.1 | $ | (0.3 | ) | $ | 20.7 | $ | (4.8 | ) | ||||||
Commodity derivatives – Revenue (1) | (145.5 | ) | (177.3 | ) | (156.7 | ) | 1.7 | |||||||||
Commodity derivatives – Operating costs and expenses (1) | (0.3 | ) | (0.5 | ) | 0.7 | (4.3 | ) | |||||||||
Total | $ | (139.7 | ) | $ | (178.1 | ) | $ | (135.3 | ) | $ | (7.4 | ) | ||||
(1) The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate. |
Derivatives in Cash Flow Hedging Relationships | Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | |||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Interest rate derivatives | $ | (18.6 | ) | $ | 6.1 | $ | (23.8 | ) | $ | 20.7 | ||||||
Commodity derivatives – Revenue (1) | 73.5 | (145.5 | ) | 71.1 | (156.7 | ) | ||||||||||
Commodity derivatives – Operating costs and expenses (1) | (1.2 | ) | (0.3 | ) | (12.5 | ) | 0.7 | |||||||||
Total | $ | 53.7 | $ | (139.7 | ) | $ | 34.8 | $ | (135.3 | ) |
(1) | The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate. |
Derivatives in Cash Flow Hedging Relationships | Location | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | Location | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | ||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (9.1 | ) | $ | (10.3 | ) | $ | (29.0 | ) | $ | (29.9 | ) | Interest expense | $ | (9.4 | ) | $ | (9.1 | ) | $ | (27.8 | ) | $ | (29.0 | ) | ||||||||
Commodity derivatives | Revenue | 53.9 | 10.6 | 28.5 | 49.1 | Revenue | 93.6 | 53.9 | 161.4 | 28.5 | ||||||||||||||||||||||||
Commodity derivatives | Operating costs and expenses | (0.4 | ) | (0.5 | ) | 0.3 | (0.1 | ) | Operating costs and expenses | (2.1 | ) | (0.4 | ) | (9.4 | ) | 0.3 | ||||||||||||||||||
Total | $ | 44.4 | $ | (0.2 | ) | $ | (0.2 | ) | $ | 19.1 | $ | 82.1 | $ | 44.4 | $ | 124.2 | $ | (0.2 | ) |
Derivatives Not Designated as Hedging Instruments | Location | Gain (Loss) Recognized in Income on Derivative | Location | Gain (Loss) Recognized in Income on Derivative | ||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (94.9 | ) | $ | – | $ | (94.9 | ) | $ | – | |||||||||||||||||||||||
Commodity derivatives | Revenue | $ | 21.8 | $ | (15.5 | ) | $ | (538.0 | ) | $ | 18.9 | Revenue | 21.8 | 21.8 | 96.7 | (538.0 | ) | |||||||||||||||||
Commodity derivatives | Operating costs and expenses | (2.7 | ) | (4.0 | ) | (4.2 | ) | (0.3 | ) | Operating costs and expenses | (1.6 | ) | (2.7 | ) | (6.3 | ) | (4.2 | ) | ||||||||||||||||
Total | $ | 19.1 | $ | (19.5 | ) | $ | (542.2 | ) | $ | 18.6 | $ | (74.7 | ) | $ | 19.1 | $ | (4.5 | ) | $ | (542.2 | ) |
Unrealized mark-to-market gains (losses) by segment: | ||||
NGL Pipelines & Services | $ | 8.0 | ||
Crude Oil Pipelines & Services | (267.4 | ) | ||
Natural Gas Pipelines & Services | 0.9 | |||
Petrochemical & Refined Products Services | (1.2 | ) | ||
Total | $ | (259.7 | ) |
At September 30, 2018 Fair Value Measurements Using | At September 30, 2019 Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | $ | 54.0 | $ | 365.4 | $ | 14.5 | $ | 433.9 | ||||||||||||||||||||||||
Impact of CME Rule 814 | (44.8 | ) | (206.3 | ) | (10.2 | ) | (261.3 | ) | ||||||||||||||||||||||||
Total commodity derivatives | 9.2 | 159.1 | 4.3 | 172.6 | ||||||||||||||||||||||||||||
Total | $ | 9.2 | $ | 159.1 | $ | 4.3 | $ | 172.6 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Liquidity Option Agreement (see Note 15) | $ | – | $ | – | $ | 513.1 | $ | 513.1 | ||||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | 19.1 | $ | -- | $ | 19.1 | – | 118.6 | – | 118.6 | ||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | 140.5 | 284.0 | 5.9 | 430.4 | 39.8 | 268.3 | 47.9 | 356.0 | ||||||||||||||||||||||||
Impact of CME Rule 814 change | (11.5 | ) | (135.5 | ) | -- | (147.0 | ) | |||||||||||||||||||||||||
Impact of CME Rule 814 | (31.0 | ) | (138.5 | ) | (36.0 | ) | (205.5 | ) | ||||||||||||||||||||||||
Total commodity derivatives | 129.0 | 148.5 | 5.9 | 283.4 | 8.8 | 129.8 | 11.9 | 150.5 | ||||||||||||||||||||||||
Total financial assets | $ | 129.0 | $ | 167.6 | $ | 5.9 | $ | 302.5 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Liquidity Option Agreement (see Note 16) | $ | -- | $ | -- | $ | 368.8 | $ | 368.8 | ||||||||||||||||||||||||
Interest rate derivatives | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | 183.7 | 827.5 | 3.3 | 1,014.5 | ||||||||||||||||||||||||||||
Impact of CME Rule 814 change | (55.5 | ) | (398.5 | ) | -- | (454.0 | ) | |||||||||||||||||||||||||
Total commodity derivatives | 128.2 | 429.0 | 3.3 | 560.5 | ||||||||||||||||||||||||||||
Total financial liabilities | $ | 128.2 | $ | 429.0 | $ | 372.1 | $ | 929.3 | ||||||||||||||||||||||||
Total | $ | 8.8 | $ | 248.4 | $ | 525.0 | $ | 782.2 |
At December 31, 2017 Fair Value Measurements Using | At December 31, 2018 Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | 0.1 | $ | -- | $ | 0.1 | ||||||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | 47.1 | 184.9 | 2.9 | 234.9 | $ | 172.3 | $ | 282.4 | $ | 2.2 | $ | 456.9 | ||||||||||||||||||||
Impact of CME Rule 814 change | (47.1 | ) | (26.1 | ) | -- | (73.2 | ) | |||||||||||||||||||||||||
Impact of CME Rule 814 | (134.8 | ) | (159.3 | ) | (0.9 | ) | (295.0 | ) | ||||||||||||||||||||||||
Total commodity derivatives | -- | 158.8 | 2.9 | 161.7 | 37.5 | 123.1 | 1.3 | 161.9 | ||||||||||||||||||||||||
Total financial assets | $ | -- | $ | 158.9 | $ | 2.9 | $ | 161.8 | ||||||||||||||||||||||||
Total | $ | 37.5 | $ | 123.1 | $ | 1.3 | $ | 161.9 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Liquidity Option Agreement (see Note 16) | $ | -- | $ | -- | $ | 333.9 | $ | 333.9 | ||||||||||||||||||||||||
Interest rate derivatives | -- | 1.7 | -- | 1.7 | ||||||||||||||||||||||||||||
Liquidity Option Agreement (see Note 15) | $ | – | $ | – | $ | 390.0 | $ | 390.0 | ||||||||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||||||||||
Value before application of CME Rule 814 | 118.4 | 270.6 | 1.7 | 390.7 | 85.5 | 291.2 | 21.4 | 398.1 | ||||||||||||||||||||||||
Impact of CME Rule 814 change | (118.4 | ) | (95.4 | ) | -- | (213.8 | ) | |||||||||||||||||||||||||
Impact of CME Rule 814 | (48.6 | ) | (172.9 | ) | (14.2 | ) | (235.7 | ) | ||||||||||||||||||||||||
Total commodity derivatives | -- | 175.2 | 1.7 | 176.9 | 36.9 | 118.3 | 7.2 | 162.4 | ||||||||||||||||||||||||
Total financial liabilities | $ | -- | $ | 176.9 | $ | 335.6 | $ | 512.5 | ||||||||||||||||||||||||
Total | $ | 36.9 | $ | 118.3 | $ | 397.2 | $ | 552.4 |
For the Nine Months Ended September 30, | |||||||||
Location | 2018 | 2017 | |||||||
Financial asset (liability) balance, net, January 1 | $ | (332.7 | ) | $ | (268.2 | ) | |||
Total gains (losses) included in: | |||||||||
Net income (1) | Revenue | (0.5 | ) | 0.7 | |||||
Net income | Other expense, net | (7.5 | ) | (5.5 | ) | ||||
Other comprehensive income | Commodity derivative instruments – changes in fair value of cash flow hedges | -- | -- | ||||||
Settlements (1) | Revenue | (1.2 | ) | (1.4 | ) | ||||
Transfers out of Level 3 | -- | -- | |||||||
Financial asset (liability) balance, net, March 31 | (341.9 | ) | (274.4 | ) | |||||
Total gains (losses) included in: | |||||||||
Net income (1) | Revenue | 1.3 | 0.1 | ||||||
Net income | Other expense, net | (8.9 | ) | (18.6 | ) | ||||
Other comprehensive income | Commodity derivative instruments – changes in fair value of cash flow hedges | -- | 0.1 | ||||||
Settlements (1) | Revenue | 0.5 | (0.7 | ) | |||||
Transfers out of Level 3 | -- | -- | |||||||
Financial asset (liability) balance, net, June 30 | (349.0 | ) | (293.5 | ) | |||||
Total gains (losses) included in: | |||||||||
Net income (1) | Revenue | (0.2 | ) | 0.3 | |||||
Net income | Other expense, net | (18.5 | ) | (8.9 | ) | ||||
Other comprehensive income | Commodity derivative instruments – changes in fair value of cash flow hedges | 2.8 | -- | ||||||
Settlements (1) | Revenue | (1.3 | ) | (0.1 | ) | ||||
Transfers out of Level 3 | -- | -- | |||||||
Financial asset (liability) balance, net, September 30 | $ | (366.2 | ) | $ | (302.2 | ) | |||
(1) There were $1.5 million and $1.4 million of unrealized losses included in these amounts for the three and nine months ended September 30, 2018, respectively. There were unrealized gains of $0.2 million and unrealized losses of $1.1 million included in these amounts for the three and nine months ended September 30, 2017. |
Fair Value | Fair Value | |||||||||||||||||||||
Financial Assets | Financial Liabilities | Valuation Techniques | Unobservable Input | Range | Financial Assets | Financial Liabilities | Valuation Techniques | Unobservable Input | Range | |||||||||||||
Commodity derivatives – Crude oil | $ | 1.5 | $ | 1.5 | Discounted cash flow | Forward commodity prices | $59.41-$73.56/barrel | $ | 0.5 | $ | 0.2 | Discounted cash flow | Forward commodity prices | $54.11-$54.78/barrel | ||||||||
Commodity derivatives – Propane | 1.5 | 1.5 | Discounted cash flow | Forward commodity prices | $0.91-$0.94/gallon | 1.2 | 3.7 | Discounted cash flow | Forward commodity prices | $0.43-$0.49/gallon | ||||||||||||
Commodity derivatives – Natural gasoline | – | 4.3 | Discounted cash flow | Forward commodity prices | $0.96-$1.04/gallon | |||||||||||||||||
Commodity derivatives – Ethane | 0.1 | 0.3 | Discounted cash flow | Forward commodity prices | $0.38-$0.51/gallon | 1.5 | 1.3 | Discounted cash flow | Forward commodity prices | $0.18-$0.19/gallon | ||||||||||||
Commodity derivatives – Normal Butane | 2.8 | -- | Discounted cash flow | Forward commodity prices | $1.06-$1.27/gallon | 0.5 | 2.2 | Discounted cash flow | Forward commodity prices | $0.48-$0.56/gallon | ||||||||||||
Commodity derivatives – Isobutane | 0.6 | 0.2 | Discounted cash flow | Forward commodity prices | $0.53-$0.64/gallon | |||||||||||||||||
Total | $ | 5.9 | $ | 3.3 | $ | 4.3 | $ | 11.9 |
test | For the Nine Months Ended September 30, | ||||||||
test | Location | 2019 | 2018 | ||||||
Financial asset (liability) balance, net, January 1 | $ | (395.9 | ) | $ | (332.7 | ) | |||
Total gains (losses) included in: | |||||||||
Net income (1) | Revenue | 3.1 | (0.5 | ) | |||||
Net income | Other expense, net | (57.8 | ) | (7.5 | ) | ||||
Other comprehensive income | Commodity derivative instruments – changes in fair value of cash flow hedges | 4.0 | – | ||||||
Settlements (1) | Revenue | (0.1 | ) | (1.2 | ) | ||||
Transfers out of Level 3 | (0.2 | ) | – | ||||||
Financial asset (liability) balance, net, March 31 | (446.9 | ) | (341.9 | ) | |||||
Total gains (losses) included in: | |||||||||
Net income (1) | Revenue | (0.1 | ) | 1.3 | |||||
Net income | Other expense, net | (26.6 | ) | (8.9 | ) | ||||
Other comprehensive income | Commodity derivative instruments – changes in fair value of cash flow hedges | (2.9 | ) | – | |||||
Settlements (1) | Revenue | (3.1 | ) | 0.5 | |||||
Transfers out of Level 3 | – | – | |||||||
Financial asset (liability) balance, net, June 30 | (479.6 | ) | (349.0 | ) | |||||
Total gains (losses) included in: | |||||||||
Net income (1) | Revenue | 0.8 | (0.2 | ) | |||||
Net income | Other expense, net | (38.7 | ) | (18.5 | ) | ||||
Other comprehensive income | Commodity derivative instruments – changes in fair value of cash flow hedges | (3.2 | ) | 2.8 | |||||
Settlements (1) | Revenue | – | (1.3 | ) | |||||
Transfers out of Level 3 | – | – | |||||||
Financial asset (liability) balance, net, September 30 | $ | (520.7 | ) | $ | (366.2 | ) |
(1) | There were $0.8 million and $0.6 million of unrealized gains included in these amounts for the three and nine months ended September 30, 2019, respectively. There were unrealized losses of $1.5 million and $1.4 million, respectively, included in these amounts for the three and nine months ended September 30, 2018. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
NGL Pipelines & Services | $ | 1.3 | $ | 5.4 | $ | 13.7 | $ | 8.4 | ||||||||
Crude Oil Pipelines & Services | -- | 1.8 | 0.3 | 2.4 | ||||||||||||
Natural Gas Pipelines & Services | 1.0 | 1.9 | 3.5 | 11.8 | ||||||||||||
Petrochemical & Refined Products Services | 1.6 | 0.6 | 3.1 | 0.6 | ||||||||||||
Total | $ | 3.9 | $ | 9.7 | $ | 20.6 | $ | 23.2 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Revenues – related parties: | ||||||||||||||||||||||||||||||||
Unconsolidated affiliates | $ | 14.2 | $ | 12.5 | $ | 94.5 | $ | 33.2 | $ | 15.6 | $ | 14.2 | $ | 53.7 | $ | 94.5 | ||||||||||||||||
Costs and expenses – related parties: | ||||||||||||||||||||||||||||||||
EPCO and its privately held affiliates | $ | 285.9 | $ | 262.2 | $ | 802.8 | $ | 752.7 | $ | 297.8 | $ | 285.9 | $ | 837.9 | $ | 802.8 | ||||||||||||||||
Unconsolidated affiliates | 110.0 | 74.1 | 351.4 | 167.2 | 94.7 | 110.0 | 313.3 | 351.4 | ||||||||||||||||||||||||
Total | $ | 395.9 | $ | 336.3 | $ | 1,154.2 | $ | 919.9 | $ | 392.5 | $ | 395.9 | $ | 1,151.2 | $ | 1,154.2 |
September 30, 2018 | December 31, 2017 | September 30, 2019 | December 31, 2018 | |||||||||||||
Accounts receivable - related parties: | ||||||||||||||||
Unconsolidated affiliates | $ | 1.6 | $ | 1.8 | $ | 2.0 | $ | 3.5 | ||||||||
Accounts payable - related parties: | ||||||||||||||||
EPCO and its privately held affiliates | $ | 95.2 | $ | 99.3 | $ | 106.6 | $ | 116.3 | ||||||||
Unconsolidated affiliates | 41.0 | 28.0 | 18.9 | 23.9 | ||||||||||||
Total | $ | 136.2 | $ | 127.3 | $ | 125.5 | $ | 140.2 |
Total Number of Units | Percentage of Total Units Outstanding | Percentage of Total Units Outstanding |
697,260,378 | 32% | |
698,313,137 | 31.9% |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Operating costs and expenses | $ | 246.6 | $ | 230.1 | $ | 697.6 | $ | 657.6 | $ | 259.3 | $ | 246.6 | $ | 732.0 | $ | 697.6 | ||||||||||||||||
General and administrative expenses | 35.0 | 27.6 | 92.6 | 81.5 | 34.2 | 35.0 | 92.9 | 92.6 | ||||||||||||||||||||||||
Total costs and expenses | $ | 281.6 | $ | 257.7 | $ | 790.2 | $ | 739.1 | $ | 293.5 | $ | 281.6 | $ | 824.9 | $ | 790.2 |
Asset Category | ROU Asset Carrying Value (1) | Lease Liability Carrying Value (2) | Weighted- Average Remaining Term | Weighted- Average Discount Rate (3) | |||||
Storage and pipeline facilities | $ | 141.0 | $ | 141.6 | 16 years | 4.3% | |||
Transportation equipment | 54.2 | 56.6 | 4 years | 3.4% | |||||
Office and warehouse space | 24.3 | 22.9 | 2 years | 3.5% | |||||
Total | $ | 219.5 | $ | 221.1 |
(1) | ROU asset amounts are a component of “Other assets” on our consolidated balance sheet. |
(2) | At September 30, 2019, lease liabilities of $39.2 million and $181.9 million were included within “Other current liabilities” and “Other liabilities,” respectively. |
(3) | The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842. |
For the Three Months Ended September 30, 2019 | For the Nine Months Ended September 30, 2019 | |||||||
Long-term operating leases: | ||||||||
Fixed lease expense | $ | 12.8 | $ | 39.3 | ||||
Variable lease expense | 1.6 | 4.5 | ||||||
Subtotal operating lease expense | 14.4 | 43.8 | ||||||
Short-term lease expense | 12.4 | 35.9 | ||||||
Total operating lease expense | $ | 26.8 | $ | 79.7 |
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
Decrease (increase) in: | ||||||||||||||||
Accounts receivable – trade | $ | 123.1 | $ | (137.3 | ) | $ | (578.0 | ) | $ | 123.1 | ||||||
Accounts receivable – related parties | (0.3 | ) | (2.2 | ) | 1.6 | (0.3 | ) | |||||||||
Inventories | (474.2 | ) | (92.7 | ) | (44.2 | ) | (474.2 | ) | ||||||||
Prepaid and other current assets | (124.7 | ) | 284.3 | (305.3 | ) | (124.7 | ) | |||||||||
Other assets | (9.9 | ) | (89.3 | ) | (18.3 | ) | (9.9 | ) | ||||||||
Increase (decrease) in: | ||||||||||||||||
Accounts payable – trade | 213.1 | 3.5 | (55.4 | ) | 213.1 | |||||||||||
Accounts payable – related parties | 47.4 | 37.7 | 31.0 | 47.4 | ||||||||||||
Accrued product payables | 356.9 | 98.7 | 666.6 | 356.9 | ||||||||||||
Accrued interest | (167.5 | ) | (134.3 | ) | (158.4 | ) | (167.5 | ) | ||||||||
Other current liabilities | (261.7 | ) | (481.5 | ) | 133.6 | (261.7 | ) | |||||||||
Other liabilities | 35.9 | 1.0 | (82.2 | ) | 35.9 | |||||||||||
Net effect of changes in operating accounts | $ | (261.9 | ) | $ | (512.1 | ) | $ | (409.0 | ) | $ | (261.9 | ) |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | $ | 249.1 | $ | 92.5 | $ | (62.5 | ) | $ | 279.1 | $ | -- | $ | -- | $ | 279.1 | $ | 1,004.2 | $ | 235.7 | $ | (32.1 | ) | $ | 1,207.8 | $ | – | $ | – | $ | 1,207.8 | ||||||||||||||||||||||||||
Accounts receivable – trade, net | 1,644.3 | 2,579.9 | (1.3 | ) | 4,222.9 | -- | -- | 4,222.9 | 1,223.0 | 3,039.4 | (0.7 | ) | 4,261.7 | – | – | 4,261.7 | ||||||||||||||||||||||||||||||||||||||||
Accounts receivable – related parties | 203.0 | 1,472.0 | (1,672.0 | ) | 3.0 | -- | (1.4 | ) | 1.6 | 190.8 | 905.5 | (1,086.2 | ) | 10.1 | – | (8.1 | ) | 2.0 | ||||||||||||||||||||||||||||||||||||||
Inventories | 1,822.2 | 514.4 | (0.8 | ) | 2,335.8 | -- | -- | 2,335.8 | 1,078.5 | 566.5 | (0.3 | ) | 1,644.7 | – | – | 1,644.7 | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | 165.1 | 71.5 | -- | 236.6 | -- | -- | 236.6 | 138.1 | 27.9 | – | 166.0 | – | – | 166.0 | ||||||||||||||||||||||||||||||||||||||||||
Prepaid and other current assets | 176.5 | 450.9 | (17.7 | ) | 609.7 | 0.2 | -- | 609.9 | 275.0 | 402.4 | (46.2 | ) | 631.2 | 0.3 | 0.1 | 631.6 | ||||||||||||||||||||||||||||||||||||||||
Total current assets | 4,260.2 | 5,181.2 | (1,754.3 | ) | 7,687.1 | 0.2 | (1.4 | ) | 7,685.9 | 3,909.6 | 5,177.4 | (1,165.5 | ) | 7,921.5 | 0.3 | (8.0 | ) | 7,913.8 | ||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 6,034.7 | 31,767.1 | 1.1 | 37,802.9 | -- | -- | 37,802.9 | 6,285.6 | 34,522.8 | (45.1 | ) | 40,763.3 | – | – | 40,763.3 | |||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | 42,909.8 | 4,124.2 | (44,430.6 | ) | 2,603.4 | 23,442.2 | (23,442.2 | ) | 2,603.4 | 44,827.7 | 4,174.0 | (46,340.8 | ) | 2,660.9 | 25,016.0 | (25,016.0 | ) | 2,660.9 | ||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 663.4 | 3,004.3 | (13.5 | ) | 3,654.2 | -- | -- | 3,654.2 | 642.0 | 2,860.6 | (13.2 | ) | 3,489.4 | – | – | 3,489.4 | ||||||||||||||||||||||||||||||||||||||||
Goodwill | 459.5 | 5,285.7 | -- | 5,745.2 | -- | -- | 5,745.2 | 459.5 | 5,285.7 | – | 5,745.2 | – | – | 5,745.2 | ||||||||||||||||||||||||||||||||||||||||||
Other assets | 292.2 | 189.7 | (222.2 | ) | 259.7 | 0.9 | -- | 260.6 | 373.5 | 290.7 | (222.4 | ) | 441.8 | 0.9 | – | 442.7 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 54,619.8 | $ | 49,552.2 | $ | (46,419.5 | ) | $ | 57,752.5 | $ | 23,443.3 | $ | (23,443.6 | ) | $ | 57,752.2 | $ | 56,497.9 | $ | 52,311.2 | $ | (47,787.0 | ) | $ | 61,022.1 | $ | 25,017.2 | $ | (25,024.0 | ) | $ | 61,015.3 | ||||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of debt | $ | 3,405.4 | $ | 0.1 | $ | -- | $ | 3,405.5 | $ | -- | $ | -- | $ | 3,405.5 | $ | 2,300.0 | $ | – | $ | – | $ | 2,300.0 | $ | – | $ | – | $ | 2,300.0 | ||||||||||||||||||||||||||||
Accounts payable – trade | 434.0 | 781.7 | (62.5 | ) | 1,153.2 | -- | -- | 1,153.2 | 297.1 | 792.8 | (32.1 | ) | 1,057.8 | – | – | 1,057.8 | ||||||||||||||||||||||||||||||||||||||||
Accounts payable – related parties | 1,602.8 | 219.3 | (1,685.9 | ) | 136.2 | 1.4 | (1.4 | ) | 136.2 | 1,042.3 | 182.7 | (1,099.5 | ) | 125.5 | 8.1 | (8.1 | ) | 125.5 | ||||||||||||||||||||||||||||||||||||||
Accrued product payables | 2,646.8 | 2,505.5 | (2.5 | ) | 5,149.8 | -- | -- | 5,149.8 | 1,490.3 | 2,709.6 | (1.1 | ) | 4,198.8 | – | – | 4,198.8 | ||||||||||||||||||||||||||||||||||||||||
Accrued interest | 190.4 | 3.2 | (3.1 | ) | 190.5 | -- | -- | 190.5 | 237.1 | 3.2 | (3.1 | ) | 237.2 | – | – | 237.2 | ||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 286.0 | 201.1 | -- | 487.1 | -- | -- | 487.1 | 194.3 | 8.1 | – | 202.4 | – | – | 202.4 | ||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | 43.5 | 370.3 | (14.0 | ) | 399.8 | -- | 0.2 | 400.0 | 121.3 | 469.5 | (43.0 | ) | 547.8 | – | – | 547.8 | ||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 8,608.9 | 4,081.2 | (1,768.0 | ) | 10,922.1 | 1.4 | (1.2 | ) | 10,922.3 | 5,682.4 | 4,165.9 | (1,178.8 | ) | 8,669.5 | 8.1 | (8.1 | ) | 8,669.5 | ||||||||||||||||||||||||||||||||||||||
Long-term debt | 22,493.9 | 14.6 | -- | 22,508.5 | -- | -- | 22,508.5 | 25,624.5 | 14.7 | – | 25,639.2 | – | – | 25,639.2 | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 11.1 | 56.0 | (1.0 | ) | 66.1 | -- | 2.3 | 68.4 | 21.0 | 68.9 | (1.2 | ) | 88.7 | – | 2.7 | 91.4 | ||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | 59.2 | 541.1 | (221.9 | ) | 378.4 | 368.8 | -- | 747.2 | 195.5 | 603.0 | (221.9 | ) | 576.6 | 513.1 | – | 1,089.7 | ||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners’ and other owners’ equity | 23,446.7 | 44,787.3 | (44,815.9 | ) | 23,418.1 | 23,073.1 | (23,418.1 | ) | 23,073.1 | 24,974.5 | 47,392.8 | (47,381.8 | ) | 24,985.5 | 24,496.0 | (24,985.5 | ) | 24,496.0 | ||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | -- | 72.0 | 387.3 | 459.3 | -- | (26.6 | ) | 432.7 | – | 65.9 | 996.7 | 1,062.6 | – | (33.1 | ) | 1,029.5 | ||||||||||||||||||||||||||||||||||||||||
Total equity | 23,446.7 | 44,859.3 | (44,428.6 | ) | 23,877.4 | 23,073.1 | (23,444.7 | ) | 23,505.8 | 24,974.5 | 47,458.7 | (46,385.1 | ) | 26,048.1 | 24,496.0 | (25,018.6 | ) | 25,525.5 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 54,619.8 | $ | 49,552.2 | $ | (46,419.5 | ) | $ | 57,752.5 | $ | 23,443.3 | $ | (23,443.6 | ) | $ | 57,752.2 | $ | 56,497.9 | $ | 52,311.2 | $ | (47,787.0 | ) | $ | 61,022.1 | $ | 25,017.2 | $ | (25,024.0 | ) | $ | 61,015.3 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | $ | 65.2 | $ | 31.5 | $ | (26.4 | ) | $ | 70.3 | $ | -- | $ | -- | $ | 70.3 | $ | 393.4 | $ | 50.3 | $ | (33.6 | ) | $ | 410.1 | $ | – | $ | – | $ | 410.1 | ||||||||||||||||||||||||||
Accounts receivable – trade, net | 1,382.3 | 2,976.6 | (0.5 | ) | 4,358.4 | -- | -- | 4,358.4 | 1,303.1 | 2,356.8 | (0.8 | ) | 3,659.1 | – | – | 3,659.1 | ||||||||||||||||||||||||||||||||||||||||
Accounts receivable – related parties | 110.3 | 1,182.1 | (1,289.3 | ) | 3.1 | -- | (1.3 | ) | 1.8 | 141.8 | 1,423.7 | (1,530.1 | ) | 35.4 | 0.8 | (32.7 | ) | 3.5 | ||||||||||||||||||||||||||||||||||||||
Inventories | 1,038.9 | 572.3 | (1.4 | ) | 1,609.8 | -- | -- | 1,609.8 | 889.3 | 633.2 | (0.4 | ) | 1,522.1 | – | – | 1,522.1 | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | 110.0 | 43.4 | -- | 153.4 | -- | -- | 153.4 | 105.0 | 49.1 | 0.3 | 154.4 | – | – | 154.4 | ||||||||||||||||||||||||||||||||||||||||||
Prepaid and other current assets | 136.3 | 189.0 | (12.6 | ) | 312.7 | -- | -- | 312.7 | 166.0 | 155.1 | (10.2 | ) | 310.9 | – | 0.6 | 311.5 | ||||||||||||||||||||||||||||||||||||||||
Total current assets | 2,843.0 | 4,994.9 | (1,330.2 | ) | 6,507.7 | -- | (1.3 | ) | 6,506.4 | 2,998.6 | 4,668.2 | (1,574.8 | ) | 6,092.0 | 0.8 | (32.1 | ) | 6,060.7 | ||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 5,622.6 | 29,996.3 | 1.5 | 35,620.4 | -- | -- | 35,620.4 | 6,112.7 | 32,628.7 | (3.8 | ) | 38,737.6 | – | – | 38,737.6 | |||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | 41,616.6 | 4,298.0 | (43,255.2 | ) | 2,659.4 | 22,881.5 | (22,881.5 | ) | 2,659.4 | 43,962.6 | 4,170.6 | (45,518.1 | ) | 2,615.1 | 24,273.6 | (24,273.6 | ) | 2,615.1 | ||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 675.5 | 3,028.6 | (13.8 | ) | 3,690.3 | -- | -- | 3,690.3 | 659.2 | 2,963.0 | (13.8 | ) | 3,608.4 | – | – | 3,608.4 | ||||||||||||||||||||||||||||||||||||||||
Goodwill | 459.5 | 5,285.7 | -- | 5,745.2 | -- | -- | 5,745.2 | 459.5 | 5,285.7 | – | 5,745.2 | – | – | 5,745.2 | ||||||||||||||||||||||||||||||||||||||||||
Other assets | 296.4 | 110.0 | (211.0 | ) | 195.4 | 1.0 | -- | 196.4 | 292.1 | 131.9 | (222.1 | ) | 201.9 | 0.9 | – | 202.8 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 51,513.6 | $ | 47,713.5 | $ | (44,808.7 | ) | $ | 54,418.4 | $ | 22,882.5 | $ | (22,882.8 | ) | $ | 54,418.1 | $ | 54,484.7 | $ | 49,848.1 | $ | (47,332.6 | ) | $ | 57,000.2 | $ | 24,275.3 | $ | (24,305.7 | ) | $ | 56,969.8 | ||||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of debt | $ | 2,854.6 | $ | 0.4 | $ | -- | $ | 2,855.0 | $ | -- | $ | -- | $ | 2,855.0 | $ | 1,500.0 | $ | 0.1 | $ | – | $ | 1,500.1 | $ | – | $ | – | $ | 1,500.1 | ||||||||||||||||||||||||||||
Accounts payable – trade | 290.2 | 537.8 | (26.4 | ) | 801.6 | 0.1 | -- | 801.7 | 404.0 | 734.3 | (35.5 | ) | 1,102.8 | – | – | 1,102.8 | ||||||||||||||||||||||||||||||||||||||||
Accounts payable – related parties | 1,320.3 | 112.0 | (1,305.0 | ) | 127.3 | 1.3 | (1.3 | ) | 127.3 | 1,557.3 | 127.5 | (1,543.9 | ) | 140.9 | 31.9 | (32.6 | ) | 140.2 | ||||||||||||||||||||||||||||||||||||||
Accrued product payables | 1,825.9 | 2,741.7 | (1.3 | ) | 4,566.3 | -- | -- | 4,566.3 | 1,574.7 | 1,902.3 | (1.2 | ) | 3,475.8 | – | – | 3,475.8 | ||||||||||||||||||||||||||||||||||||||||
Accrued interest | 358.0 | -- | -- | 358.0 | -- | -- | 358.0 | 395.5 | 0.9 | (0.8 | ) | 395.6 | – | – | 395.6 | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 115.2 | 53.0 | -- | 168.2 | -- | -- | 168.2 | 86.2 | 61.7 | 0.3 | 148.2 | – | – | 148.2 | ||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | 108.9 | 320.1 | (10.8 | ) | 418.2 | -- | 0.4 | 418.6 | 87.9 | 326.3 | (9.4 | ) | 404.8 | – | – | 404.8 | ||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 6,873.1 | 3,765.0 | (1,343.5 | ) | 9,294.6 | 1.4 | (0.9 | ) | 9,295.1 | 5,605.6 | 3,153.1 | (1,590.5 | ) | 7,168.2 | 31.9 | (32.6 | ) | 7,167.5 | ||||||||||||||||||||||||||||||||||||||
Long-term debt | 21,699.0 | 14.7 | -- | 21,713.7 | -- | -- | 21,713.7 | 24,663.4 | 14.7 | – | 24,678.1 | – | – | 24,678.1 | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 6.7 | 50.2 | (0.5 | ) | 56.4 | -- | 2.1 | 58.5 | 17.0 | 62.0 | (0.9 | ) | 78.1 | – | 2.3 | 80.4 | ||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | 60.4 | 396.5 | (212.4 | ) | 244.5 | 333.9 | -- | 578.4 | 65.2 | 518.4 | (221.9 | ) | 361.7 | 389.9 | – | 751.6 | ||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners’ and other owners’ equity | 22,874.4 | 43,412.0 | (43,433.3 | ) | 22,853.1 | 22,547.2 | (22,853.1 | ) | 22,547.2 | 24,133.5 | 46,031.8 | (45,917.9 | ) | 24,247.4 | 23,853.5 | (24,247.4 | ) | 23,853.5 | ||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | -- | 75.1 | 181.0 | 256.1 | -- | (30.9 | ) | 225.2 | – | 68.1 | 398.6 | 466.7 | – | (28.0 | ) | 438.7 | ||||||||||||||||||||||||||||||||||||||||
Total equity | 22,874.4 | 43,487.1 | (43,252.3 | ) | 23,109.2 | 22,547.2 | (22,884.0 | ) | 22,772.4 | 24,133.5 | 46,099.9 | (45,519.3 | ) | 24,714.1 | 23,853.5 | (24,275.4 | ) | 24,292.2 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 51,513.6 | $ | 47,713.5 | $ | (44,808.7 | ) | $ | 54,418.4 | $ | 22,882.5 | $ | (22,882.8 | ) | $ | 54,418.1 | $ | 54,484.7 | $ | 49,848.1 | $ | (47,332.6 | ) | $ | 57,000.2 | $ | 24,275.3 | $ | (24,305.7 | ) | $ | 56,969.8 |
EPO and Subsidiaries | ||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | ||||||||||||||||||||||
Revenues | $ | 8,268.7 | $ | 5,238.9 | $ | (5,543.5 | ) | $ | 7,964.1 | $ | – | $ | – | $ | 7,964.1 | |||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||
Operating costs and expenses | 7,950.9 | 4,166.6 | (5,543.8 | ) | 6,573.7 | – | – | 6,573.7 | ||||||||||||||||||||
General and administrative costs | 9.4 | 45.4 | 0.4 | 55.2 | 0.3 | – | 55.5 | |||||||||||||||||||||
Total costs and expenses | 7,960.3 | 4,212.0 | (5,543.4 | ) | 6,628.9 | 0.3 | – | 6,629.2 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | 1,131.9 | 167.1 | (1,159.7 | ) | 139.3 | 1,058.2 | (1,058.2 | ) | 139.3 | |||||||||||||||||||
Operating income | 1,440.3 | 1,194.0 | (1,159.8 | ) | 1,474.5 | 1,057.9 | (1,058.2 | ) | 1,474.2 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||
Interest expense | (383.2 | ) | (2.6 | ) | 2.9 | (382.9 | ) | – | – | (382.9 | ) | |||||||||||||||||
Other, net | 8.7 | 1.8 | (2.9 | ) | 7.6 | (38.7 | ) | – | (31.1 | ) | ||||||||||||||||||
Total other expense, net | (374.5 | ) | (0.8 | ) | – | (375.3 | ) | (38.7 | ) | – | (414.0 | ) | ||||||||||||||||
Income before income taxes | 1,065.8 | 1,193.2 | (1,159.8 | ) | 1,099.2 | 1,019.2 | (1,058.2 | ) | 1,060.2 | |||||||||||||||||||
Provision for income taxes | (8.5 | ) | (6.6 | ) | – | (15.1 | ) | – | (0.3 | ) | (15.4 | ) | ||||||||||||||||
Net income | 1,057.3 | 1,186.6 | (1,159.8 | ) | 1,084.1 | 1,019.2 | (1,058.5 | ) | 1,044.8 | |||||||||||||||||||
Net income attributable to noncontrolling interests | – | (1.5 | ) | (25.4 | ) | (26.9 | ) | – | 1.3 | (25.6 | ) | |||||||||||||||||
Net income attributable to entity | $ | 1,057.3 | $ | 1,185.1 | $ | (1,185.2 | ) | $ | 1,057.2 | $ | 1,019.2 | $ | (1,057.2 | ) | $ | 1,019.2 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 11,395.5 | $ | 6,039.5 | $ | (7,849.1 | ) | $ | 9,585.9 | $ | -- | $ | -- | $ | 9,585.9 | $ | 11,395.5 | $ | 6,039.5 | $ | (7,849.1 | ) | $ | 9,585.9 | $ | – | $ | – | $ | 9,585.9 | ||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses | 11,086.5 | 4,764.8 | (7,849.4 | ) | 8,001.9 | -- | -- | 8,001.9 | 11,086.5 | 4,764.8 | (7,849.4 | ) | 8,001.9 | – | – | 8,001.9 | ||||||||||||||||||||||||||||||||||||||||
General and administrative costs | 8.0 | 43.6 | 0.8 | 52.4 | 0.3 | -- | 52.7 | 8.0 | 43.6 | 0.8 | 52.4 | 0.3 | – | 52.7 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 11,094.5 | 4,808.4 | (7,848.6 | ) | 8,054.3 | 0.3 | -- | 8,054.6 | 11,094.5 | 4,808.4 | (7,848.6 | ) | 8,054.3 | 0.3 | – | 8,054.6 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 1,313.4 | 146.8 | (1,348.2 | ) | 112.0 | 1,332.0 | (1,332.0 | ) | 112.0 | 1,313.4 | 146.8 | (1,348.2 | ) | 112.0 | 1,332.0 | (1,332.0 | ) | 112.0 | ||||||||||||||||||||||||||||||||||||||
Operating income | 1,614.4 | 1,377.9 | (1,348.7 | ) | 1,643.6 | 1,331.7 | (1,332.0 | ) | 1,643.3 | 1,614.4 | 1,377.9 | (1,348.7 | ) | 1,643.6 | 1,331.7 | (1,332.0 | ) | 1,643.3 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (279.8 | ) | (2.5 | ) | 2.8 | (279.5 | ) | -- | -- | (279.5 | ) | (279.8 | ) | (2.5 | ) | 2.8 | (279.5 | ) | – | – | (279.5 | ) | ||||||||||||||||||||||||||||||||||
Other, net | 2.6 | 0.5 | (2.8 | ) | 0.3 | (18.5 | ) | -- | (18.2 | ) | 2.6 | 0.5 | (2.8 | ) | 0.3 | (18.5 | ) | – | (18.2 | ) | ||||||||||||||||||||||||||||||||||||
Total other expense, net | (277.2 | ) | (2.0 | ) | -- | (279.2 | ) | (18.5 | ) | -- | (297.7 | ) | (277.2 | ) | (2.0 | ) | – | (279.2 | ) | (18.5 | ) | – | (297.7 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 1,337.2 | 1,375.9 | (1,348.7 | ) | 1,364.4 | 1,313.2 | (1,332.0 | ) | 1,345.6 | 1,337.2 | 1,375.9 | (1,348.7 | ) | 1,364.4 | 1,313.2 | (1,332.0 | ) | 1,345.6 | ||||||||||||||||||||||||||||||||||||||
Provision for income taxes | (5.9 | ) | (4.8 | ) | -- | (10.7 | ) | -- | (0.3 | ) | (11.0 | ) | (5.9 | ) | (4.8 | ) | – | (10.7 | ) | – | (0.3 | ) | (11.0 | ) | ||||||||||||||||||||||||||||||||
Net income | 1,331.3 | 1,371.1 | (1,348.7 | ) | 1,353.7 | 1,313.2 | (1,332.3 | ) | 1,334.6 | 1,331.3 | 1,371.1 | (1,348.7 | ) | 1,353.7 | 1,313.2 | (1,332.3 | ) | 1,334.6 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (2.4 | ) | (20.5 | ) | (22.9 | ) | -- | 1.5 | (21.4 | ) | – | (2.4 | ) | (20.5 | ) | (22.9 | ) | – | 1.5 | (21.4 | ) | ||||||||||||||||||||||||||||||||||
Net income attributable to entity | $ | 1,331.3 | $ | 1,368.7 | $ | (1,369.2 | ) | $ | 1,330.8 | $ | 1,313.2 | $ | (1,330.8 | ) | $ | 1,313.2 | $ | 1,331.3 | $ | 1,368.7 | $ | (1,369.2 | ) | $ | 1,330.8 | $ | 1,313.2 | $ | (1,330.8 | ) | $ | 1,313.2 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 8,199.3 | $ | 4,354.2 | $ | (5,666.6 | ) | $ | 6,886.9 | $ | -- | $ | -- | $ | 6,886.9 | $ | 25,664.8 | $ | 16,618.5 | $ | (17,499.4 | ) | $ | 24,783.9 | $ | – | $ | – | $ | 24,783.9 | ||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses | 8,019.6 | 3,727.0 | (5,666.8 | ) | 6,079.8 | -- | -- | 6,079.8 | 24,670.6 | 13,216.2 | (17,492.5 | ) | 20,394.3 | – | – | 20,394.3 | ||||||||||||||||||||||||||||||||||||||||
General and administrative costs | 8.0 | 32.9 | 0.1 | 41.0 | 0.3 | -- | 41.3 | 22.6 | 133.4 | 2.3 | 158.3 | 1.9 | – | 160.2 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 8,027.6 | 3,759.9 | (5,666.7 | ) | 6,120.8 | 0.3 | -- | 6,121.1 | 24,693.2 | 13,349.6 | (17,490.2 | ) | 20,552.6 | 1.9 | – | 20,554.5 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 692.5 | 141.4 | (720.5 | ) | 113.4 | 620.1 | (620.1 | ) | 113.4 | 3,606.9 | 496.8 | (3,672.4 | ) | 431.3 | 3,619.4 | (3,619.4 | ) | 431.3 | ||||||||||||||||||||||||||||||||||||||
Operating income | 864.2 | 735.7 | (720.4 | ) | 879.5 | 619.8 | (620.1 | ) | 879.2 | 4,578.5 | 3,765.7 | (3,681.6 | ) | 4,662.6 | 3,617.5 | (3,619.4 | ) | 4,660.7 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (244.1 | ) | (2.4 | ) | 2.6 | (243.9 | ) | -- | -- | (243.9 | ) | (950.9 | ) | (7.8 | ) | 8.5 | (950.2 | ) | – | – | (950.2 | ) | ||||||||||||||||||||||||||||||||||
Other, net | 2.3 | 0.6 | (2.6 | ) | 0.3 | (8.9 | ) | -- | (8.6 | ) | 16.0 | 4.2 | (8.5 | ) | 11.7 | (123.1 | ) | – | (111.4 | ) | ||||||||||||||||||||||||||||||||||||
Total other expense, net | (241.8 | ) | (1.8 | ) | -- | (243.6 | ) | (8.9 | ) | -- | (252.5 | ) | (934.9 | ) | (3.6 | ) | – | (938.5 | ) | (123.1 | ) | – | (1,061.6 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 622.4 | 733.9 | (720.4 | ) | 635.9 | 610.9 | (620.1 | ) | 626.7 | 3,643.6 | 3,762.1 | (3,681.6 | ) | 3,724.1 | 3,494.4 | (3,619.4 | ) | 3,599.1 | ||||||||||||||||||||||||||||||||||||||
Provision for income taxes | (3.2 | ) | (1.8 | ) | -- | (5.0 | ) | -- | (0.4 | ) | (5.4 | ) | (18.2 | ) | (18.3 | ) | – | (36.5 | ) | – | (0.9 | ) | (37.4 | ) | ||||||||||||||||||||||||||||||||
Net income | 619.2 | 732.1 | (720.4 | ) | 630.9 | 610.9 | (620.5 | ) | 621.3 | 3,625.4 | 3,743.8 | (3,681.6 | ) | 3,687.6 | 3,494.4 | (3,620.3 | ) | 3,561.7 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (1.5 | ) | (10.1 | ) | (11.6 | ) | -- | 1.2 | (10.4 | ) | – | (4.9 | ) | (66.5 | ) | (71.4 | ) | – | 4.1 | (67.3 | ) | ||||||||||||||||||||||||||||||||||
Net income attributable to entity | $ | 619.2 | $ | 730.6 | $ | (730.5 | ) | $ | 619.3 | $ | 610.9 | $ | (619.3 | ) | $ | 610.9 | $ | 3,625.4 | $ | 3,738.9 | $ | (3,748.1 | ) | $ | 3,616.2 | $ | 3,494.4 | $ | (3,616.2 | ) | $ | 3,494.4 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 31,270.1 | $ | 18,254.8 | $ | (22,173.0 | ) | $ | 27,351.9 | $ | -- | $ | -- | $ | 27,351.9 | $ | 31,270.1 | $ | 18,254.8 | $ | (22,173.0 | ) | $ | 27,351.9 | $ | – | $ | – | $ | 27,351.9 | ||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses | 30,323.2 | 15,626.9 | (22,173.5 | ) | 23,776.6 | -- | -- | 23,776.6 | 30,323.2 | 15,626.9 | (22,173.5 | ) | 23,776.6 | – | – | 23,776.6 | ||||||||||||||||||||||||||||||||||||||||
General and administrative costs | 21.4 | 132.3 | 1.4 | 155.1 | 2.0 | -- | 157.1 | 21.4 | 132.3 | 1.4 | 155.1 | 2.0 | – | 157.1 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 30,344.6 | 15,759.2 | (22,172.1 | ) | 23,931.7 | 2.0 | -- | 23,933.7 | 30,344.6 | 15,759.2 | (22,172.1 | ) | 23,931.7 | 2.0 | – | 23,933.7 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 2,812.1 | 437.8 | (2,899.9 | ) | 350.0 | 2,924.6 | (2,924.6 | ) | 350.0 | 2,812.1 | 437.8 | (2,899.9 | ) | 350.0 | 2,924.6 | (2,924.6 | ) | 350.0 | ||||||||||||||||||||||||||||||||||||||
Operating income | 3,737.6 | 2,933.4 | (2,900.8 | ) | 3,770.2 | 2,922.6 | (2,924.6 | ) | 3,768.2 | 3,737.6 | 2,933.4 | (2,900.8 | ) | 3,770.2 | 2,922.6 | (2,924.6 | ) | 3,768.2 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (806.8 | ) | (7.6 | ) | 8.2 | (806.2 | ) | -- | -- | (806.2 | ) | (806.8 | ) | (7.6 | ) | 8.2 | (806.2 | ) | – | – | (806.2 | ) | ||||||||||||||||||||||||||||||||||
Other, net | 7.8 | 41.1 | (8.2 | ) | 40.7 | (34.9 | ) | -- | 5.8 | 7.8 | 41.1 | (8.2 | ) | 40.7 | (34.9 | ) | – | 5.8 | ||||||||||||||||||||||||||||||||||||||
Total other expense, net | (799.0 | ) | 33.5 | -- | (765.5 | ) | (34.9 | ) | -- | (800.4 | ) | (799.0 | ) | 33.5 | – | (765.5 | ) | (34.9 | ) | – | (800.4 | ) | ||||||||||||||||||||||||||||||||||
Income before income taxes | 2,938.6 | 2,966.9 | (2,900.8 | ) | 3,004.7 | 2,887.7 | (2,924.6 | ) | 2,967.8 | 2,938.6 | 2,966.9 | (2,900.8 | ) | 3,004.7 | 2,887.7 | (2,924.6 | ) | 2,967.8 | ||||||||||||||||||||||||||||||||||||||
Provision for income taxes | (17.5 | ) | (16.2 | ) | -- | (33.7 | ) | -- | (0.8 | ) | (34.5 | ) | (17.5 | ) | (16.2 | ) | – | (33.7 | ) | – | (0.8 | ) | (34.5 | ) | ||||||||||||||||||||||||||||||||
Net income | 2,921.1 | 2,950.7 | (2,900.8 | ) | 2,971.0 | 2,887.7 | (2,925.4 | ) | 2,933.3 | 2,921.1 | 2,950.7 | (2,900.8 | ) | 2,971.0 | 2,887.7 | (2,925.4 | ) | 2,933.3 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (6.1 | ) | (43.6 | ) | (49.7 | ) | -- | 4.1 | (45.6 | ) | – | (6.1 | ) | (43.6 | ) | (49.7 | ) | – | 4.1 | (45.6 | ) | ||||||||||||||||||||||||||||||||||
Net income attributable to entity | $ | 2,921.1 | $ | 2,944.6 | $ | (2,944.4 | ) | $ | 2,921.3 | $ | 2,887.7 | $ | (2,921.3 | ) | $ | 2,887.7 | $ | 2,921.1 | $ | 2,944.6 | $ | (2,944.4 | ) | $ | 2,921.3 | $ | 2,887.7 | $ | (2,921.3 | ) | $ | 2,887.7 |
EPO and Subsidiaries | ||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | ||||||||||||||||||||||
Revenues | $ | 29,273.1 | $ | 12,936.8 | $ | (21,395.0 | ) | $ | 20,814.9 | $ | -- | $ | -- | $ | 20,814.9 | |||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||
Operating costs and expenses | 28,590.7 | 10,947.9 | (21,395.4 | ) | 18,143.2 | -- | -- | 18,143.2 | ||||||||||||||||||||
General and administrative costs | 23.5 | 112.5 | (0.1 | ) | 135.9 | 1.5 | -- | 137.4 | ||||||||||||||||||||
Total costs and expenses | 28,614.2 | 11,060.4 | (21,395.5 | ) | 18,279.1 | 1.5 | -- | 18,280.6 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | 2,137.4 | 417.1 | (2,239.3 | ) | 315.2 | 2,059.8 | (2,059.8 | ) | 315.2 | |||||||||||||||||||
Operating income | 2,796.3 | 2,293.5 | (2,238.8 | ) | 2,851.0 | 2,058.3 | (2,059.8 | ) | 2,849.5 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||
Interest expense | (736.7 | ) | (9.4 | ) | 7.1 | (739.0 | ) | -- | -- | (739.0 | ) | |||||||||||||||||
Other, net | 6.8 | 1.2 | (7.1 | ) | 0.9 | (33.0 | ) | -- | (32.1 | ) | ||||||||||||||||||
Total other expense, net | (729.9 | ) | (8.2 | ) | -- | (738.1 | ) | (33.0 | ) | -- | (771.1 | ) | ||||||||||||||||
Income before income taxes | 2,066.4 | 2,285.3 | (2,238.8 | ) | 2,112.9 | 2,025.3 | (2,059.8 | ) | 2,078.4 | |||||||||||||||||||
Provision for income taxes | (9.4 | ) | (9.4 | ) | -- | (18.8 | ) | -- | (1.3 | ) | (20.1 | ) | ||||||||||||||||
Net income | 2,057.0 | 2,275.9 | (2,238.8 | ) | 2,094.1 | 2,025.3 | (2,061.1 | ) | 2,058.3 | |||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (4.8 | ) | (32.0 | ) | (36.8 | ) | -- | 3.8 | (33.0 | ) | |||||||||||||||||
Net income attributable to entity | $ | 2,057.0 | $ | 2,271.1 | $ | (2,270.8 | ) | $ | 2,057.3 | $ | 2,025.3 | $ | (2,057.3 | ) | $ | 2,025.3 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 1,177.1 | $ | 1,340.7 | $ | (1,348.2 | ) | $ | 1,169.6 | $ | 1,129.1 | $ | (1,148.2 | ) | $ | 1,150.5 | $ | 1,038.7 | $ | 1,176.8 | $ | (1,159.8 | ) | $ | 1,055.7 | $ | 990.8 | $ | (1,030.1 | ) | $ | 1,016.4 | ||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (2.4 | ) | (20.5 | ) | (22.9 | ) | -- | 1.5 | (21.4 | ) | – | (1.5 | ) | (25.4 | ) | (26.9 | ) | – | 1.3 | (25.6 | ) | ||||||||||||||||||||||||||||||||||
Comprehensive income attributable to entity | $ | 1,177.1 | $ | 1,338.3 | $ | (1,368.7 | ) | $ | 1,146.7 | $ | 1,129.1 | $ | (1,146.7 | ) | $ | 1,129.1 | $ | 1,038.7 | $ | 1,175.3 | $ | (1,185.2 | ) | $ | 1,028.8 | $ | 990.8 | $ | (1,028.8 | ) | $ | 990.8 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 480.2 | $ | 693.3 | $ | (720.4 | ) | $ | 453.1 | $ | 433.0 | $ | (442.7 | ) | $ | 443.4 | $ | 1,177.1 | $ | 1,340.7 | $ | (1,348.2 | ) | $ | 1,169.6 | $ | 1,129.1 | $ | (1,148.2 | ) | $ | 1,150.5 | ||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (1.5 | ) | (10.1 | ) | (11.6 | ) | -- | 1.2 | (10.4 | ) | – | (2.4 | ) | (20.5 | ) | (22.9 | ) | – | 1.5 | (21.4 | ) | ||||||||||||||||||||||||||||||||||
Comprehensive income attributable to entity | $ | 480.2 | $ | 691.8 | $ | (730.5 | ) | $ | 441.5 | $ | 433.0 | $ | (441.5 | ) | $ | 433.0 | $ | 1,177.1 | $ | 1,338.3 | $ | (1,368.7 | ) | $ | 1,146.7 | $ | 1,129.1 | $ | (1,146.7 | ) | $ | 1,129.1 |
EPO and Subsidiaries | ||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | ||||||||||||||||||||||
Comprehensive income | $ | 3,628.6 | $ | 3,650.6 | $ | (3,681.6 | ) | $ | 3,597.6 | $ | 3,404.4 | $ | (3,530.3 | ) | $ | 3,471.7 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | – | (4.9 | ) | (66.5 | ) | (71.4 | ) | – | 4.1 | (67.3 | ) | |||||||||||||||||
Comprehensive income attributable to entity | $ | 3,628.6 | $ | 3,645.7 | $ | (3,748.1 | ) | $ | 3,526.2 | $ | 3,404.4 | $ | (3,526.2 | ) | $ | 3,404.4 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 2,791.2 | $ | 2,943.9 | $ | (2,899.7 | ) | $ | 2,835.4 | $ | 2,752.1 | $ | (2,789.8 | ) | $ | 2,797.7 | $ | 2,791.2 | $ | 2,943.9 | $ | (2,899.7 | ) | $ | 2,835.4 | $ | 2,752.1 | $ | (2,789.8 | ) | $ | 2,797.7 | ||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (6.1 | ) | (43.6 | ) | (49.7 | ) | -- | 4.1 | (45.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | – | (6.1 | ) | (43.6 | ) | (49.7 | ) | – | 4.1 | (45.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to entity | $ | 2,791.2 | $ | 2,937.8 | $ | (2,943.3 | ) | $ | 2,785.7 | $ | 2,752.1 | $ | (2,785.7 | ) | $ | 2,752.1 | $ | 2,791.2 | $ | 2,937.8 | $ | (2,943.3 | ) | $ | 2,785.7 | $ | 2,752.1 | $ | (2,785.7 | ) | $ | 2,752.1 |
EPO and Subsidiaries | ||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | ||||||||||||||||||||||
Comprehensive income | $ | 2,011.6 | $ | 2,294.8 | $ | (2,238.8 | ) | $ | 2,067.6 | $ | 1,998.7 | $ | (2,034.6 | ) | $ | 2,031.7 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (4.8 | ) | (32.0 | ) | (36.8 | ) | -- | 3.8 | (33.0 | ) | |||||||||||||||||
Comprehensive income attributable to entity | $ | 2,011.6 | $ | 2,290.0 | $ | (2,270.8 | ) | $ | 2,030.8 | $ | 1,998.7 | $ | (2,030.8 | ) | $ | 1,998.7 |
EPO and Subsidiaries | ||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | ||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||
Net income | $ | 3,625.4 | $ | 3,743.8 | $ | (3,681.6 | ) | $ | 3,687.6 | $ | 3,494.4 | $ | (3,620.3 | ) | $ | 3,561.7 | ||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | ||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 231.5 | 1,226.5 | (1.3 | ) | 1,456.7 | – | – | 1,456.7 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | (3,606.9 | ) | (496.8 | ) | 3,672.4 | (431.3 | ) | (3,619.4 | ) | 3,619.4 | (431.3 | ) | ||||||||||||||||
Distributions received on earnings from unconsolidated affiliates | 1,170.9 | 243.0 | (982.7 | ) | 431.2 | 3,028.9 | (3,028.9 | ) | 431.2 | |||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | 2,203.8 | (2,549.8 | ) | 19.1 | (326.9 | ) | 134.6 | 0.2 | (192.1 | ) | ||||||||||||||||||
Net cash flows provided by operating activities | 3,624.7 | 2,166.7 | (974.1 | ) | 4,817.3 | 3,038.5 | (3,029.6 | ) | 4,826.2 | |||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||
Capital expenditures | (503.8 | ) | (2,791.2 | ) | (7.1 | ) | (3,302.1 | ) | – | – | (3,302.1 | ) | ||||||||||||||||
Cash used for business combination, net of cash received | – | – | – | – | – | – | – | |||||||||||||||||||||
Proceeds from asset sales | 0.9 | 15.9 | – | 16.8 | – | – | 16.8 | |||||||||||||||||||||
Other investing activities | (1,349.5 | ) | (28.8 | ) | 1,290.8 | (87.5 | ) | (119.3 | ) | 119.3 | (87.5 | ) | ||||||||||||||||
Cash used in investing activities | (1,852.4 | ) | (2,804.1 | ) | 1,283.7 | (3,372.8 | ) | (119.3 | ) | 119.3 | (3,372.8 | ) | ||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||
Borrowings under debt agreements | 44,629.6 | – | – | 44,629.6 | – | – | 44,629.6 | |||||||||||||||||||||
Repayments of debt | (42,855.2 | ) | (0.1 | ) | – | (42,855.3 | ) | – | – | (42,855.3 | ) | |||||||||||||||||
Cash distributions paid to owners | (3,028.9 | ) | (1,484.8 | ) | 1,484.8 | (3,028.9 | ) | (2,871.1 | ) | 3,028.9 | (2,871.1 | ) | ||||||||||||||||
Cash payments made in connection with DERs | – | – | – | – | (16.4 | ) | – | (16.4 | ) | |||||||||||||||||||
Cash distributions paid to noncontrolling interests | – | (7.0 | ) | (63.4 | ) | (70.4 | ) | – | 0.7 | (69.7 | ) | |||||||||||||||||
Cash contributions from noncontrolling interests | – | – | 590.8 | 590.8 | – | – | 590.8 | |||||||||||||||||||||
Net cash proceeds from issuance of common units | – | – | – | – | 82.2 | – | 82.2 | |||||||||||||||||||||
Common units acquired in connection with buyback program | – | – | – | – | (81.1 | ) | – | (81.1 | ) | |||||||||||||||||||
Cash contributions from owners | 119.3 | 2,320.3 | (2,320.3 | ) | 119.3 | – | (119.3 | ) | – | |||||||||||||||||||
Other financing activities | (26.3 | ) | (5.6 | ) | – | (31.9 | ) | (32.8 | ) | – | (64.7 | ) | ||||||||||||||||
Cash provided by (used in) financing activities | (1,161.5 | ) | 822.8 | (308.1 | ) | (646.8 | ) | (2,919.2 | ) | 2,910.3 | (655.7 | ) | ||||||||||||||||
Net change in cash and cash equivalents, including restricted cash | 610.8 | 185.4 | 1.5 | 797.7 | – | – | 797.7 | |||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 393.4 | 50.3 | (33.6 | ) | 410.1 | – | – | 410.1 | ||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 1,004.2 | $ | 235.7 | $ | (32.1 | ) | $ | 1,207.8 | $ | – | $ | – | $ | 1,207.8 |
EPO and Subsidiaries | EPO and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | EPD (Guarantor) | Eliminations and Adjustments | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 2,921.1 | $ | 2,950.7 | $ | (2,900.8 | ) | $ | 2,971.0 | $ | 2,887.7 | $ | (2,925.4 | ) | $ | 2,933.3 | $ | 2,921.1 | $ | 2,950.7 | $ | (2,900.8 | ) | $ | 2,971.0 | $ | 2,887.7 | $ | (2,925.4 | ) | $ | 2,933.3 | ||||||||||||||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 237.0 | 1,123.8 | (0.3 | ) | 1,360.5 | -- | -- | 1,360.5 | 207.3 | 1,123.8 | (0.3 | ) | 1,330.8 | – | – | 1,330.8 | ||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated affiliates | (2,812.1 | ) | (437.8 | ) | 2,899.9 | (350.0 | ) | (2,924.6 | ) | 2,924.6 | (350.0 | ) | (2,812.1 | ) | (437.8 | ) | 2,899.9 | (350.0 | ) | (2,924.6 | ) | 2,924.6 | (350.0 | ) | ||||||||||||||||||||||||||||||||
Distributions received on earnings from unconsolidated affiliates | 915.1 | 191.5 | (760.9 | ) | 345.7 | 2,834.5 | (2,834.5 | ) | 345.7 | 915.1 | 191.5 | (760.9 | ) | 345.7 | 2,834.5 | (2,834.5 | ) | 345.7 | ||||||||||||||||||||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | 2,295.4 | (2,344.0 | ) | (35.0 | ) | (83.6 | ) | 69.4 | -- | (14.2 | ) | 2,325.1 | (2,344.0 | ) | (35.0 | ) | (53.9 | ) | 69.4 | – | 15.5 | |||||||||||||||||||||||||||||||||||
Net cash flows provided by operating activities | 3,556.5 | 1,484.2 | (797.1 | ) | 4,243.6 | 2,867.0 | (2,835.3 | ) | 4,275.3 | 3,556.5 | 1,484.2 | (797.1 | ) | 4,243.6 | 2,867.0 | (2,835.3 | ) | 4,275.3 | ||||||||||||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (605.8 | ) | (2,343.2 | ) | -- | (2,949.0 | ) | (55.2 | ) | -- | (3,004.2 | ) | (605.8 | ) | (2,343.2 | ) | – | (2,949.0 | ) | (55.2 | ) | – | (3,004.2 | ) | ||||||||||||||||||||||||||||||||
Cash used for business combination, net of cash received | -- | (150.6 | ) | -- | (150.6 | ) | -- | -- | (150.6 | ) | – | (150.6 | ) | – | (150.6 | ) | – | – | (150.6 | ) | ||||||||||||||||||||||||||||||||||||
Proceeds from asset sales | 11.4 | 12.7 | -- | 24.1 | -- | -- | 24.1 | 11.4 | 12.7 | – | 24.1 | – | – | 24.1 | ||||||||||||||||||||||||||||||||||||||||||
Other investing activities | (1,701.1 | ) | 180.6 | 1,468.4 | (52.1 | ) | (438.1 | ) | 438.1 | (52.1 | ) | (1,701.1 | ) | 180.6 | 1,468.4 | (52.1 | ) | (438.1 | ) | 438.1 | (52.1 | ) | ||||||||||||||||||||||||||||||||||
Cash used in investing activities | (2,295.5 | ) | (2,300.5 | ) | 1,468.4 | (3,127.6 | ) | (493.3 | ) | 438.1 | (3,182.8 | ) | (2,295.5 | ) | (2,300.5 | ) | 1,468.4 | (3,127.6 | ) | (493.3 | ) | 438.1 | (3,182.8 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings under debt agreements | 67,086.3 | 11.5 | (11.5 | ) | 67,086.3 | -- | -- | 67,086.3 | 67,086.3 | 11.5 | (11.5 | ) | 67,086.3 | – | – | 67,086.3 | ||||||||||||||||||||||||||||||||||||||||
Repayments of debt | (65,741.7 | ) | (0.4 | ) | -- | (65,742.1 | ) | -- | -- | (65,742.1 | ) | (65,741.7 | ) | (0.4 | ) | – | (65,742.1 | ) | – | – | (65,742.1 | ) | ||||||||||||||||||||||||||||||||||
Cash distributions paid to owners | (2,834.5 | ) | (1,003.6 | ) | 1,003.6 | (2,834.5 | ) | (2,782.9 | ) | 2,834.5 | (2,782.9 | ) | (2,834.5 | ) | (1,003.6 | ) | 1,003.6 | (2,834.5 | ) | (2,782.9 | ) | 2,834.5 | (2,782.9 | ) | ||||||||||||||||||||||||||||||||
Cash payments made in connection with DERs | -- | -- | -- | -- | (13.2 | ) | -- | (13.2 | ) | – | – | – | – | (13.2 | ) | – | (13.2 | ) | ||||||||||||||||||||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | (6.8 | ) | (44.9 | ) | (51.7 | ) | -- | 0.8 | (50.9 | ) | – | (6.8 | ) | (44.9 | ) | (51.7 | ) | – | 0.8 | (50.9 | ) | ||||||||||||||||||||||||||||||||||
Cash contributions from noncontrolling interests | -- | -- | 222.0 | 222.0 | -- | -- | 222.0 | – | – | 222.0 | 222.0 | – | – | 222.0 | ||||||||||||||||||||||||||||||||||||||||||
Net cash proceeds from issuance of common units | -- | -- | -- | -- | 449.4 | -- | 449.4 | – | – | – | – | 449.4 | – | 449.4 | ||||||||||||||||||||||||||||||||||||||||||
Cash contributions from owners | 438.1 | 1,876.6 | (1,876.6 | ) | 438.1 | -- | (438.1 | ) | -- | 438.1 | 1,876.6 | (1,876.6 | ) | 438.1 | – | (438.1 | ) | – | ||||||||||||||||||||||||||||||||||||||
Other financing activities | (25.3 | ) | -- | -- | (25.3 | ) | (27.0 | ) | -- | (52.3 | ) | (25.3 | ) | – | – | (25.3 | ) | (27.0 | ) | – | (52.3 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (1,077.1 | ) | 877.3 | (707.4 | ) | (907.2 | ) | (2,373.7 | ) | 2,397.2 | (883.7 | ) | (1,077.1 | ) | 877.3 | (707.4 | ) | (907.2 | ) | (2,373.7 | ) | 2,397.2 | (883.7 | ) | ||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents, including restricted cash | 183.9 | 61.0 | (36.1 | ) | 208.8 | -- | -- | 208.8 | 183.9 | 61.0 | (36.1 | ) | 208.8 | – | – | 208.8 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 65.2 | 31.5 | (26.4 | ) | 70.3 | -- | -- | 70.3 | 65.2 | 31.5 | (26.4 | ) | 70.3 | – | – | 70.3 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 249.1 | $ | 92.5 | $ | (62.5 | ) | $ | 279.1 | $ | -- | $ | -- | $ | 279.1 | $ | 249.1 | $ | 92.5 | $ | (62.5 | ) | $ | 279.1 | $ | – | $ | – | $ | 279.1 |
EPO and Subsidiaries | ||||||||||||||||||||||||||||
Subsidiary Issuer (EPO) | Other Subsidiaries (Non- guarantor) | EPO and Subsidiaries Eliminations and Adjustments | Consolidated EPO and Subsidiaries | Enterprise Products Partners L.P. (Guarantor) | Eliminations and Adjustments | Consolidated Total | ||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||
Net income | $ | 2,057.0 | $ | 2,275.9 | $ | (2,238.8 | ) | $ | 2,094.1 | $ | 2,025.3 | $ | (2,061.1 | ) | $ | 2,058.3 | ||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | ||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 158.9 | 1,062.8 | (0.3 | ) | 1,221.4 | -- | -- | 1,221.4 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | (2,137.4 | ) | (417.1 | ) | 2,239.3 | (315.2 | ) | (2,059.8 | ) | 2,059.8 | (315.2 | ) | ||||||||||||||||
Distributions received on earnings from unconsolidated affiliates | 802.6 | 202.2 | (688.6 | ) | 316.2 | 2,664.2 | (2,664.2 | ) | 316.2 | |||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | 1,662.3 | (2,157.4 | ) | (27.5 | ) | (522.6 | ) | 61.2 | 0.6 | (460.8 | ) | |||||||||||||||||
Net cash flows provided by operating activities | 2,543.4 | 966.4 | (715.9 | ) | 2,793.9 | 2,690.9 | (2,664.9 | ) | 2,819.9 | |||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||
Capital expenditures | (625.8 | ) | (1,492.4 | ) | -- | (2,118.2 | ) | -- | -- | (2,118.2 | ) | |||||||||||||||||
Cash used for business combination, net of cash received | (7.3 | ) | (191.4 | ) | -- | (198.7 | ) | -- | -- | (198.7 | ) | |||||||||||||||||
Proceeds from asset sales | 1.6 | 4.6 | -- | 6.2 | -- | -- | 6.2 | |||||||||||||||||||||
Other investing activities | (1,447.2 | ) | (33.5 | ) | 1,487.5 | 6.8 | (867.5 | ) | 867.5 | 6.8 | ||||||||||||||||||
Cash used in investing activities | (2,078.7 | ) | (1,712.7 | ) | 1,487.5 | (2,303.9 | ) | (867.5 | ) | 867.5 | (2,303.9 | ) | ||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||
Borrowings under debt agreements | 53,184.4 | -- | (34.0 | ) | 53,150.4 | -- | -- | 53,150.4 | ||||||||||||||||||||
Repayments of debt | (52,133.1 | ) | (0.1 | ) | -- | (52,133.2 | ) | -- | -- | (52,133.2 | ) | |||||||||||||||||
Cash distributions paid to owners | (2,664.2 | ) | (734.0 | ) | 734.0 | (2,664.2 | ) | (2,660.4 | ) | 2,664.2 | (2,660.4 | ) | ||||||||||||||||
Cash payments made in connection with DERs | -- | -- | -- | -- | (11.2 | ) | -- | (11.2 | ) | |||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | (7.2 | ) | (28.9 | ) | (36.1 | ) | -- | 0.7 | (35.4 | ) | |||||||||||||||||
Cash contributions from noncontrolling interests | -- | 0.1 | 0.3 | 0.4 | -- | -- | 0.4 | |||||||||||||||||||||
Net cash proceeds from issuance of common units | -- | -- | -- | -- | 877.2 | -- | 877.2 | |||||||||||||||||||||
Cash contributions from owners | 867.5 | 1,470.2 | (1,470.2 | ) | 867.5 | -- | (867.5 | ) | -- | |||||||||||||||||||
Other financing activities | 7.3 | -- | -- | 7.3 | (29.0 | ) | -- | (21.7 | ) | |||||||||||||||||||
Cash provided by (used in) financing activities | (738.1 | ) | 729.0 | (798.8 | ) | (807.9 | ) | (1,823.4 | ) | 1,797.4 | (833.9 | ) | ||||||||||||||||
Net change in cash and cash equivalents, including restricted cash | (273.4 | ) | (17.3 | ) | (27.2 | ) | (317.9 | ) | -- | -- | (317.9 | ) | ||||||||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 366.2 | 58.9 | (7.5 | ) | 417.6 | -- | -- | 417.6 | ||||||||||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 92.8 | $ | 41.6 | $ | (34.7 | ) | $ | 99.7 | $ | -- | $ | -- | $ | 99.7 |
/d | = | per day | MMBbls | = | million barrels |
BBtus | = | billion British thermal units | MMBPD | = | million barrels per day |
Bcf | = | billion cubic feet | MMBtus | = | million British thermal units |
BPD | = | barrels per day | MMcf | = | million cubic feet |
MBPD | = | thousand barrels per day | TBtus | = | trillion British thermal units |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues | $ | 9,585.9 | $ | 6,886.9 | $ | 27,351.9 | $ | 20,814.9 | ||||||||
Costs and expenses: | ||||||||||||||||
Operating costs and expenses: | ||||||||||||||||
Cost of sales | 6,838.9 | 5,049.6 | 20,371.2 | 15,116.4 | ||||||||||||
Other operating costs and expenses | 735.7 | 637.4 | 2,143.1 | 1,853.4 | ||||||||||||
Depreciation, amortization and accretion expenses | 429.4 | 383.9 | 1,249.0 | 1,139.3 | ||||||||||||
Net gains attributable to asset sales | (6.7 | ) | (1.1 | ) | (8.1 | ) | (1.1 | ) | ||||||||
Asset impairment and related charges | 4.6 | 10.0 | 21.4 | 35.2 | ||||||||||||
Total operating costs and expenses | 8,001.9 | 6,079.8 | 23,776.6 | 18,143.2 | ||||||||||||
General and administrative costs | 52.7 | 41.3 | 157.1 | 137.4 | ||||||||||||
Total costs and expenses | 8,054.6 | 6,121.1 | 23,933.7 | 18,280.6 | ||||||||||||
Equity in income of unconsolidated affiliates | 112.0 | 113.4 | 350.0 | 315.2 | ||||||||||||
Operating income | 1,643.3 | 879.2 | 3,768.2 | 2,849.5 | ||||||||||||
Interest expense | (279.5 | ) | (243.9 | ) | (806.2 | ) | (739.0 | ) | ||||||||
Change in fair market value of Liquidity Option Agreement | (18.5 | ) | (8.9 | ) | (34.9 | ) | (33.0 | ) | ||||||||
Other, net | 0.3 | 0.3 | 40.7 | 0.9 | ||||||||||||
Provision for income taxes | (11.0 | ) | (5.4 | ) | (34.5 | ) | (20.1 | ) | ||||||||
Net income | 1,334.6 | 621.3 | 2,933.3 | 2,058.3 | ||||||||||||
Net income attributable to noncontrolling interests | (21.4 | ) | (10.4 | ) | (45.6 | ) | (33.0 | ) | ||||||||
Net income attributable to limited partners | $ | 1,313.2 | $ | 610.9 | $ | 2,887.7 | $ | 2,025.3 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
NGL Pipelines & Services: | ||||||||||||||||
Sales of NGLs and related products | $ | 3,898.2 | $ | 2,415.3 | $ | 9,324.5 | $ | 7,460.5 | ||||||||
Midstream services | 724.7 | 499.0 | 1,985.4 | 1,420.2 | ||||||||||||
Total | 4,622.9 | 2,914.3 | 11,309.9 | 8,880.7 | ||||||||||||
Crude Oil Pipelines & Services: | ||||||||||||||||
Sales of crude oil | 2,209.0 | 1,589.0 | 8,082.9 | 4,912.7 | ||||||||||||
Midstream services | 285.9 | 207.7 | 764.1 | 590.8 | ||||||||||||
Total | 2,494.9 | 1,796.7 | 8,847.0 | 5,503.5 | ||||||||||||
Natural Gas Pipelines & Services: | ||||||||||||||||
Sales of natural gas | 589.0 | 568.9 | 1,681.5 | 1,673.5 | ||||||||||||
Midstream services | 261.2 | 227.7 | 766.3 | 670.5 | ||||||||||||
Total | 850.2 | 796.6 | 2,447.8 | 2,344.0 | ||||||||||||
Petrochemical & Refined Products Services: | ||||||||||||||||
Sales of petrochemicals and refined products | 1,408.9 | 1,194.2 | 4,111.6 | 3,519.4 | ||||||||||||
Midstream services | 209.0 | 185.1 | 635.6 | 567.3 | ||||||||||||
Total | 1,617.9 | 1,379.3 | 4,747.2 | 4,086.7 | ||||||||||||
Total consolidated revenues | $ | 9,585.9 | $ | 6,886.9 | $ | 27,351.9 | $ | 20,814.9 |
Polymer | Refinery | Polymer | Refinery | Indicative Gas | |||||||||||||||||||||||||||||||||||||
Natural | Normal | Natural | Grade | Grade | Natural | Normal | Natural | Grade | Grade | Processing | |||||||||||||||||||||||||||||||
Gas, | Ethane, | Propane, | Butane, | Isobutane, | Gasoline, | Propylene, | Propylene, | Gas, | Ethane, | Propane, | Butane, | Isobutane, | Gasoline, | Propylene, | Propylene, | Gross Spread | |||||||||||||||||||||||||
$/MMBtu | $/gallon | $/gallon | $/gallon | $/gallon | $/gallon | $/pound | $/pound | $/MMBtu | $/gallon | $/gallon | $/gallon | $/gallon | $/pound | $/pound | $/gallon | ||||||||||||||||||||||||||
(1) | (2) | (2) | (2) | (2) | (2) | (3) | (3) | (1) | (2) | (2) | (2) | (2) | (3) | (3) | (4) | ||||||||||||||||||||||||||
2017 by quarter: | |||||||||||||||||||||||||||||||||||||||||
2018 by quarter: | |||||||||||||||||||||||||||||||||||||||||
1st Quarter | $ | 3.32 | $ | 0.23 | $ | 0.71 | $ | 0.98 | $ | 0.94 | $ | 1.10 | $ | 0.47 | $ | 0.32 | $3.01 | $0.25 | $0.85 | $0.96 | $1.00 | $1.41 | $0.53 | $0.33 | $0.40 | ||||||||||||||||
2nd Quarter | $ | 3.19 | $ | 0.25 | $ | 0.63 | $ | 0.76 | $ | 0.75 | $ | 1.07 | $ | 0.41 | $ | 0.28 | $2.80 | $0.29 | $0.87 | $1.00 | $1.20 | $1.53 | $0.52 | $0.37 | $0.47 | ||||||||||||||||
3rd Quarter | $ | 2.99 | $ | 0.26 | $ | 0.77 | $ | 0.91 | $ | 0.92 | $ | 1.10 | $ | 0.42 | $ | 0.28 | $2.91 | $0.43 | $0.99 | $1.21 | $1.25 | $1.54 | $0.60 | $0.45 | $0.58 | ||||||||||||||||
4th Quarter | $ | 2.93 | $ | 0.25 | $ | 0.96 | $ | 1.04 | $ | 1.04 | $ | 1.32 | $ | 0.49 | $ | 0.35 | $3.65 | $0.35 | $0.79 | $0.91 | $0.94 | $1.22 | $0.51 | $0.35 | $0.34 | ||||||||||||||||
2017 Averages | $ | 3.11 | $ | 0.25 | $ | 0.77 | $ | 0.92 | $ | 0.91 | $ | 1.15 | $ | 0.45 | $ | 0.31 | |||||||||||||||||||||||||
2018 Averages | $3.09 | $0.33 | $0.88 | $1.02 | $1.10 | $1.43 | $0.54 | $0.38 | $0.45 | ||||||||||||||||||||||||||||||||
2018 by quarter: | |||||||||||||||||||||||||||||||||||||||||
2019 by quarter: | |||||||||||||||||||||||||||||||||||||||||
1st Quarter | $ | 3.01 | $ | 0.25 | $ | 0.85 | $ | 0.96 | $ | 1.00 | $ | 1.41 | $ | 0.53 | $ | 0.33 | $3.15 | $0.30 | $0.67 | $0.82 | $0.85 | $1.16 | $0.38 | $0.24 | $0.31 | ||||||||||||||||
2nd Quarter | $ | 2.80 | $ | 0.29 | $ | 0.87 | $ | 1.00 | $ | 1.20 | $ | 1.53 | $ | 0.52 | $ | 0.37 | $2.64 | $0.21 | $0.55 | $0.63 | $0.65 | $1.21 | $0.37 | $0.24 | $0.25 | ||||||||||||||||
3rd Quarter | $ | 2.91 | $ | 0.43 | $ | 0.99 | $ | 1.21 | $ | 1.25 | $ | 1.54 | $ | 0.60 | $ | 0.45 | $2.23 | $0.17 | $0.44 | $0.51 | $0.66 | $1.06 | $0.38 | $0.23 | $0.21 | ||||||||||||||||
2018 Averages | $ | 2.91 | $ | 0.32 | $ | 0.90 | $ | 1.06 | $ | 1.15 | $ | 1.49 | $ | 0.55 | $ | 0.38 | |||||||||||||||||||||||||
(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc. (2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service. (3) Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Chemical, a division of IHS Inc. (“IHS Chemical”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS Chemical. | |||||||||||||||||||||||||||||||||||||||||
2019 Averages | $2.67 | $0.23 | $0.55 | $0.65 | $0.72 | $1.14 | $0.38 | $0.24 | $0.26 |
(1) | Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc. |
(2) | NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service. |
(3) | Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Chemical, a division of IHS Inc. (“IHS Chemical”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS Chemical. |
(4) | The “Indicative Gas Processing Gross Spread” represents a generic estimate of the gross economic benefit from extracting NGLs from natural gas production based on certain pricing assumptions. Specifically, it is the amount by which the assumed economic value of a composite gallon of NGLs at Mont Belvieu, Texas exceeds the value of the equivalent amount of energy in natural gas at Henry Hub, Louisiana (as presented in the table above). The indicative spread does not consider the operating costs incurred by a natural gas processing plant to extract the NGLs nor the transportation and fractionation costs to deliver the NGLs to market. In addition, the actual gas processing spread earned at each plant is determined by regional pricing and extraction dynamics. As presented in the table above, the indicative spread assumes that a gallon of NGLs is comprised of 47% ethane, 28% propane, 9% normal butane, 6% isobutane and 10% natural gasoline. The value of an equivalent amount of energy in natural gas to one gallon of NGLs is assumed to be 8.4% of the price of a MMBtu of natural gas at Henry Hub. |
WTI | Midland | Houston | LLS | |||||||||||||||||
WTI | Midland | Houston | LLS | Crude Oil, | Crude Oil | Crude Oil, | ||||||||||||||
Crude Oil, | Crude Oil, | Crude Oil | Crude Oil, | $/barrel | ||||||||||||||||
$/barrel | $/barrel | $/barrel | $/barrel | |||||||||||||||||
(1) | (2) | (2) | (3) | |||||||||||||||||
2017 by quarter: | ||||||||||||||||||||
1st Quarter | $ | 51.91 | $ | 51.72 | $ | 53.27 | $ | 53.52 | ||||||||||||
2nd Quarter | $ | 48.28 | $ | 47.29 | $ | 49.77 | $ | 50.31 | ||||||||||||
3rd Quarter | $ | 48.20 | $ | 47.37 | $ | 50.84 | $ | 51.62 | ||||||||||||
4th Quarter | $ | 55.40 | $ | 55.47 | $ | 59.84 | $ | 61.07 | ||||||||||||
2017 Averages | $ | 50.95 | $ | 50.44 | $ | 53.41 | $ | 54.13 | ||||||||||||
(1) | (2) | (3) | ||||||||||||||||||
2018 by quarter: | ||||||||||||||||||||
1st Quarter | $ | 62.87 | $ | 62.51 | $ | 65.47 | $ | 65.79 | $62.87 | $62.51 | $65.47 | $65.79 | ||||||||
2nd Quarter | $ | 67.88 | $ | 59.93 | $ | 72.38 | $ | 72.97 | $67.88 | $59.93 | $72.38 | $72.97 | ||||||||
3rd Quarter | $ | 69.50 | $ | 55.28 | $ | 73.67 | $ | 74.28 | $69.50 | $55.28 | $73.67 | $74.28 | ||||||||
4th Quarter | $58.81 | $53.64 | $66.34 | $66.20 | ||||||||||||||||
2018 Averages | $ | 66.75 | $ | 59.24 | $ | 70.51 | $ | 71.01 | $64.77 | $57.84 | $69.47 | $69.81 | ||||||||
(1) WTI prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX. (2) Midland and Houston crude oil prices are based on commercial index prices as reported by Argus. (3) Light Louisiana Sweet (“LLS”) prices are based on commercial index prices as reported by Platts. | ||||||||||||||||||||
2019 by quarter: | ||||||||||||||||||||
1st Quarter | $54.90 | $53.70 | $61.19 | $62.35 | ||||||||||||||||
2nd Quarter | $59.81 | $57.62 | $66.47 | $67.07 | ||||||||||||||||
3rd Quarter | $56.45 | $56.12 | $59.75 | $60.64 | ||||||||||||||||
2019 Averages | $57.05 | $55.81 | $62.47 | $63.35 |
(1) | WTI prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX. |
(2) | Midland and Houston crude oil prices are based on commercial index prices as reported by Argus. |
(3) | Light Louisiana Sweet (“LLS”) prices are based on commercial index prices as reported by Platts. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues | $ | 7,964.1 | $ | 9,585.9 | $ | 24,783.9 | $ | 27,351.9 | ||||||||
Costs and expenses: | ||||||||||||||||
Operating costs and expenses: | ||||||||||||||||
Cost of sales | 5,276.5 | 6,838.9 | 16,721.5 | 20,371.2 | ||||||||||||
Other operating costs and expenses | 790.8 | 735.7 | 2,243.4 | 2,143.1 | ||||||||||||
Depreciation, amortization and accretion expenses | 467.1 | 429.4 | 1,380.8 | 1,249.0 | ||||||||||||
Net gains attributable to asset sales | (0.1 | ) | (6.7 | ) | (2.6 | ) | (8.1 | ) | ||||||||
Asset impairment and related charges | 39.4 | 4.6 | 51.2 | 21.4 | ||||||||||||
Total operating costs and expenses | 6,573.7 | 8,001.9 | 20,394.3 | 23,776.6 | ||||||||||||
General and administrative costs | 55.5 | 52.7 | 160.2 | 157.1 | ||||||||||||
Total costs and expenses | 6,629.2 | 8,054.6 | 20,554.5 | 23,933.7 | ||||||||||||
Equity in income of unconsolidated affiliates | 139.3 | 112.0 | 431.3 | 350.0 | ||||||||||||
Operating income | 1,474.2 | 1,643.3 | 4,660.7 | 3,768.2 | ||||||||||||
Interest expense | (382.9 | ) | (279.5 | ) | (950.2 | ) | (806.2 | ) | ||||||||
Change in fair market value of Liquidity Option Agreement | (38.7 | ) | (18.5 | ) | (123.1 | ) | (34.9 | ) | ||||||||
Gain on step acquisition of unconsolidated affiliate | – | – | – | 39.4 | ||||||||||||
Other, net | 7.6 | 0.3 | 11.7 | 1.3 | ||||||||||||
Provision for income taxes | (15.4 | ) | (11.0 | ) | (37.4 | ) | (34.5 | ) | ||||||||
Net income | 1,044.8 | 1,334.6 | 3,561.7 | 2,933.3 | ||||||||||||
Net income attributable to noncontrolling interests | (25.6 | ) | (21.4 | ) | (67.3 | ) | (45.6 | ) | ||||||||
Net income attributable to limited partners | $ | 1,019.2 | $ | 1,313.2 | $ | 3,494.4 | $ | 2,887.7 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
NGL Pipelines & Services: | ||||||||||||||||
Sales of NGLs and related products | $ | 2,624.9 | $ | 3,898.2 | $ | 7,955.5 | $ | 9,324.5 | ||||||||
Midstream services | 627.2 | 724.7 | 1,895.7 | 1,985.4 | ||||||||||||
Total | 3,252.1 | 4,622.9 | 9,851.2 | 11,309.9 | ||||||||||||
Crude Oil Pipelines & Services: | ||||||||||||||||
Sales of crude oil | 2,130.0 | 2,209.0 | 6,990.1 | 8,082.9 | ||||||||||||
Midstream services | 348.3 | 285.9 | 962.1 | 764.1 | ||||||||||||
Total | 2,478.3 | 2,494.9 | 7,952.2 | 8,847.0 | ||||||||||||
Natural Gas Pipelines & Services: | ||||||||||||||||
Sales of natural gas | 440.0 | 589.0 | 1,627.1 | 1,681.5 | ||||||||||||
Midstream services | 275.5 | 261.2 | 835.2 | 766.3 | ||||||||||||
Total | 715.5 | 850.2 | 2,462.3 | 2,447.8 | ||||||||||||
Petrochemical & Refined Products Services: | ||||||||||||||||
Sales of petrochemicals and refined products | 1,299.0 | 1,408.9 | 3,867.3 | 4,111.6 | ||||||||||||
Midstream services | 219.2 | 209.0 | 650.9 | 635.6 | ||||||||||||
Total | 1,518.2 | 1,617.9 | 4,518.2 | 4,747.2 | ||||||||||||
Total consolidated revenues | $ | 7,964.1 | $ | 9,585.9 | $ | 24,783.9 | $ | 27,351.9 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Interest charged on debt principal outstanding | $ | 296.5 | $ | 281.0 | $ | 886.3 | $ | 826.7 | $ | 319.3 | $ | 296.5 | $ | 934.2 | $ | 886.3 | ||||||||||||||||
Impact of interest rate hedging program, including related amortization (1) | (1.7 | ) | 10.1 | (0.5 | ) | 28.1 | 90.3 | (1.7 | ) | 97.9 | (0.5 | ) | ||||||||||||||||||||
Interest costs capitalized in connection with construction projects (2) | (28.1 | ) | (53.6 | ) | (113.4 | ) | (137.7 | ) | (33.9 | ) | (28.1 | ) | (102.9 | ) | (113.4 | ) | ||||||||||||||||
Other (3) | 12.8 | 6.4 | 33.8 | 21.9 | 7.2 | 12.8 | 21.0 | 33.8 | ||||||||||||||||||||||||
Total | $ | 279.5 | $ | 243.9 | $ | 806.2 | $ | 739.0 | $ | 382.9 | $ | 279.5 | $ | 950.2 | $ | 806.2 | ||||||||||||||||
(1) Amount presented for three and nine months ended September 30, 2018 includes $10.4 million and $29.4 million, respectively, of swaption premium income. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. Capitalized interest amounts become part of the historical cost of an asset and are charged to earnings (as a component of depreciation expense) on a straight-line basis over the estimated useful life of the asset once the asset enters its intended service. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Capitalized interest amounts fluctuate based on the timing of when projects are placed into service, our capital spending levels and the interest rates charged on borrowings. (3) Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and amortization and write-off of debt issuance costs. Amount presented for the three and nine months ended September 30, 2018 includes $6.4 million and $14.2 million, respectively, of debt issuance costs that were written off in connection with the redemption of junior subordinated notes. |
(1) | Amount presented for the three and nine months ended September 30, 2019 includes $13.3 million and $23.1 million, respectively, of swaption premium income. Amount presented for the three and nine months ended September 30, 2018 includes $10.4 million and $29.4 million, respectively, of swaption premium income. See discussion below for information regarding an unrealized $94.9 million loss related to forward-starting interest rate swaps recorded. |
(2) | We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. Capitalized interest amounts become part of the historical cost of an asset and are charged to earnings (as a component of depreciation expense) on a straight-line basis over the estimated useful life of the asset once the asset enters its intended service. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Capitalized interest amounts fluctuate based on the timing of when projects are placed into service, our capital investment levels and the interest rates charged on borrowings. |
(3) | Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and amortization of debt issuance costs. Amount presented for the three and nine months ended September 30, 2018 includes $6.4 million and $14.2 million, respectively, of debt issuance costs that were written off in 2018 in connection with the redemption of junior subordinated notes. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Gross operating margin by segment: | ||||||||||||||||||||||||||||||||
NGL Pipelines & Services | $ | 1,063.1 | $ | 770.9 | $ | 2,861.7 | $ | 2,386.8 | $ | 1,008.3 | $ | 1,063.1 | $ | 2,933.8 | $ | 2,861.7 | ||||||||||||||||
Crude Oil Pipelines & Services | 594.2 | 190.4 | 867.0 | 691.7 | 496.2 | 594.2 | 1,671.7 | 867.0 | ||||||||||||||||||||||||
Natural Gas Pipelines & Services | 216.9 | 170.7 | 628.2 | 536.0 | 258.5 | 216.9 | 824.6 | 628.2 | ||||||||||||||||||||||||
Petrochemical & Refined Products Services | 249.4 | 172.4 | 803.1 | 542.6 | 288.4 | 249.4 | 835.9 | 803.1 | ||||||||||||||||||||||||
Total segment gross operating margin (1) | 2,123.6 | 1,304.4 | 5,160.0 | 4,157.1 | 2,051.4 | 2,123.6 | 6,266.0 | 5,160.0 | ||||||||||||||||||||||||
Net adjustment for shipper make-up rights | (0.3 | ) | 8.9 | 27.6 | 3.2 | (15.3 | ) | (0.3 | ) | (15.7 | ) | 27.6 | ||||||||||||||||||||
Total gross operating margin (non-GAAP) | $ | 2,123.3 | $ | 1,313.3 | $ | 5,187.6 | $ | 4,160.3 | $ | 2,036.1 | $ | 2,123.3 | $ | 6,250.3 | $ | 5,187.6 | ||||||||||||||||
(1) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found in Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report. |
(1) | Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found in Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operating income (GAAP) | $ | 1,643.3 | $ | 879.2 | $ | 3,768.2 | $ | 2,849.5 | ||||||||
Adjustments to reconcile operating income to total gross operating margin: | ||||||||||||||||
Add depreciation, amortization and accretion expense in operating costs and expenses | 429.4 | 383.9 | 1,249.0 | 1,139.3 | ||||||||||||
Add asset impairment and related charges in operating costs and expenses | 4.6 | 10.0 | 21.4 | 35.2 | ||||||||||||
Subtract net gains attributable to asset sales in operating costs and expenses | (6.7 | ) | (1.1 | ) | (8.1 | ) | (1.1 | ) | ||||||||
Add general and administrative costs | 52.7 | 41.3 | 157.1 | 137.4 | ||||||||||||
Total gross operating margin (non-GAAP) | $ | 2,123.3 | $ | 1,313.3 | $ | 5,187.6 | $ | 4,160.3 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Operating income (GAAP) | $ | 1,474.2 | $ | 1,643.3 | $ | 4,660.7 | $ | 3,768.2 | ||||||||
Adjustments to reconcile operating income to total gross operating margin (addition or subtraction indicated by sign): | ||||||||||||||||
Depreciation, amortization and accretion expense in operating costs and expenses | 467.1 | 429.4 | 1,380.8 | 1,249.0 | ||||||||||||
Asset impairment and related charges in operating costs and expenses | 39.4 | 4.6 | 51.2 | 21.4 | ||||||||||||
Net gains attributable to asset sales in operating costs and expenses | (0.1 | ) | (6.7 | ) | (2.6 | ) | (8.1 | ) | ||||||||
General and administrative costs | 55.5 | 52.7 | 160.2 | 157.1 | ||||||||||||
Total gross operating margin (non-GAAP) | $ | 2,036.1 | $ | 2,123.3 | $ | 6,250.3 | $ | 5,187.6 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Segment gross operating margin: | ||||||||||||||||||||||||||||||||
Natural gas processing and related NGL marketing activities | $ | 396.8 | $ | 203.2 | $ | 955.0 | $ | 685.8 | $ | 288.0 | $ | 396.8 | $ | 829.3 | $ | 955.0 | ||||||||||||||||
NGL pipelines, storage and terminals | 513.5 | 435.4 | 1,488.2 | 1,326.6 | 593.4 | 513.5 | 1,739.4 | 1,488.2 | ||||||||||||||||||||||||
NGL fractionation | 152.8 | 132.3 | 418.5 | 374.4 | 126.9 | 152.8 | 365.1 | 418.5 | ||||||||||||||||||||||||
Total | $ | 1,063.1 | $ | 770.9 | $ | 2,861.7 | $ | 2,386.8 | $ | 1,008.3 | $ | 1,063.1 | $ | 2,933.8 | $ | 2,861.7 | ||||||||||||||||
Selected volumetric data: | ||||||||||||||||||||||||||||||||
Equity NGL production (MBPD) (1) | 139 | 166 | 156 | 160 | 111 | 139 | 138 | 156 | ||||||||||||||||||||||||
Fee-based natural gas processing (MMcf/d) (2) | 5,080 | 4,753 | 4,751 | 4,650 | 5,291 | 5,080 | 5,275 | 4,751 | ||||||||||||||||||||||||
NGL pipeline transportation volumes (MBPD) | 3,487 | 3,052 | 3,396 | 3,131 | 3,557 | 3,487 | 3,532 | 3,396 | ||||||||||||||||||||||||
NGL marine terminal volumes (MBPD) | 606 | 456 | 592 | 499 | 602 | 606 | 590 | 592 | ||||||||||||||||||||||||
NGL fractionation volumes (MBPD) | 989 | 815 | 942 | 818 | 1,003 | 989 | 990 | 942 | ||||||||||||||||||||||||
(1) Represents the NGL volumes we earn and take title to in connection with our processing activities. (2) Volumes reported correspond to the revenue streams earned by our gas plants. |
(1) | Represents the NGL volumes we earn and take title to in connection with our processing activities. |
(2) | Volumes reported correspond to the revenue streams earned by our gas plants. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Segment gross operating margin: | ||||||||||||||||
Midland-to-ECHO Pipeline and related business activities, excluding associated non-cash mark-to-market results | $ | 94.8 | $ | (0.1 | ) | $ | 242.7 | $ | (0.1 | ) | ||||||
Mark-to-market gain (loss) attributable to the Midland-to-ECHO Pipeline | 186.7 | -- | (237.3 | ) | -- | |||||||||||
Total Midland-to-ECHO Pipeline and related business activities | $ | 281.5 | $ | (0.1 | ) | $ | 5.4 | $ | (0.1 | ) | ||||||
Other crude oil pipelines, terminals and related marketing results | 312.7 | 190.5 | 861.6 | 691.8 | ||||||||||||
Total | $ | 594.2 | $ | 190.4 | $ | 867.0 | $ | 691.7 | ||||||||
Selected volumetric data: | ||||||||||||||||
Crude oil pipeline transportation volumes (MBPD) | 1,961 | 1,458 | 2,015 | 1,430 | ||||||||||||
Crude oil marine terminal volumes (MBPD) | 632 | 452 | 690 | 472 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Midland-to-ECHO pipeline network: | ||||||||||||||||
Midland-to-ECHO 1 pipeline and related business activities, excluding associated non-cash mark-to-market results | $ | 89.3 | $ | 94.8 | $ | 298.6 | $ | 242.7 | ||||||||
Non-cash mark-to-market gain (loss) attributable to the Midland-to-ECHO 1 pipeline | 10.0 | 186.7 | 91.2 | (237.3 | ) | |||||||||||
Total Midland-to-ECHO 1 pipeline and related business activities | 99.3 | 281.5 | 389.8 | 5.4 | ||||||||||||
Midland-to-ECHO 2 pipeline | 27.0 | – | 72.5 | – | ||||||||||||
Total Midland-to-ECHO pipeline network | 126.3 | 281.5 | 462.3 | 5.4 | ||||||||||||
Other crude oil pipelines, terminals and related marketing results | 369.9 | 312.7 | 1,209.4 | 861.6 | ||||||||||||
Segment gross operating margin | $ | 496.2 | $ | 594.2 | $ | 1,671.7 | $ | 867.0 | ||||||||
Selected volumetric data: | ||||||||||||||||
Crude oil pipeline transportation volumes (MBPD) | 2,321 | 1,914 | 2,315 | 1,971 | ||||||||||||
Crude oil marine terminal volumes (MBPD) | 987 | 632 | 972 | 690 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Segment gross operating margin | $ | 216.9 | $ | 170.7 | $ | 628.2 | $ | 536.0 | $ | 258.5 | $ | 216.9 | $ | 824.6 | $ | 628.2 | ||||||||||||||||
Selected volumetric data: | ||||||||||||||||||||||||||||||||
Natural gas pipeline transportation volumes (BBtus/d) | 13,939 | 12,376 | 13,544 | 12,084 | 14,474 | 14,040 | 14,341 | 13,594 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Segment gross operating margin: | ||||||||||||||||||||||||||||||||
Propylene production and related activities | $ | 94.3 | $ | 44.5 | $ | 350.2 | $ | 175.1 | ||||||||||||||||||||||||
Butane isomerization and related operations | 29.4 | 20.6 | 80.2 | 49.7 | ||||||||||||||||||||||||||||
Octane enhancement and related plant operations | 40.3 | 35.1 | 122.2 | 92.6 | ||||||||||||||||||||||||||||
Propylene production and related marketing activities | $ | 130.8 | $ | 94.3 | $ | 366.8 | $ | 350.2 | ||||||||||||||||||||||||
Butane isomerization and related DIB operations | 15.5 | 29.4 | 60.7 | 80.2 | ||||||||||||||||||||||||||||
Octane enhancement and related operations | 54.6 | 40.3 | 131.4 | 122.2 | ||||||||||||||||||||||||||||
Refined products pipelines and related activities | 78.1 | 67.6 | 231.1 | 213.8 | 74.4 | 78.1 | 241.6 | 231.1 | ||||||||||||||||||||||||
Marine transportation and other | 7.3 | 4.6 | 19.4 | 11.4 | 13.1 | 7.3 | 35.4 | 19.4 | ||||||||||||||||||||||||
Total | $ | 249.4 | $ | 172.4 | $ | 803.1 | $ | 542.6 | $ | 288.4 | $ | 249.4 | $ | 835.9 | $ | 803.1 | ||||||||||||||||
Selected volumetric data: | ||||||||||||||||||||||||||||||||
Propylene plant production volumes (MBPD) | 93 | 78 | 97 | 80 | ||||||||||||||||||||||||||||
Propylene production volumes (MBPD) | 105 | 93 | 99 | 97 | ||||||||||||||||||||||||||||
Butane isomerization volumes (MBPD) | 105 | 110 | 111 | 106 | 109 | 105 | 110 | 111 | ||||||||||||||||||||||||
Standalone DIB processing volumes (MBPD) | 100 | 82 | 89 | 82 | 103 | 100 | 97 | 89 | ||||||||||||||||||||||||
Octane additive and related plant production volumes (MBPD) | 29 | 24 | 28 | 25 | 28 | 29 | 28 | 28 | ||||||||||||||||||||||||
Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD) | 796 | 778 | 806 | 801 | 747 | 796 | 742 | 806 | ||||||||||||||||||||||||
Refined products and petrochemical marine terminal volumes (MBPD) | 289 | 359 | 336 | 410 | 297 | 289 | 344 | 336 |
Scheduled Maturities of Debt | ||||||||||||||||||||||||||||
Total | Remainder of 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | ||||||||||||||||||||||
Commercial Paper Notes | $ | 2,707.6 | $ | 2,707.6 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||||
Senior Notes | 20,750.0 | -- | 1,500.0 | 1,500.0 | 1,325.0 | 650.0 | 15,775.0 | |||||||||||||||||||||
Junior Subordinated Notes | 2,670.6 | -- | -- | -- | -- | -- | 2,670.6 | |||||||||||||||||||||
Total | $ | 26,128.2 | $ | 2,707.6 | $ | 1,500.0 | $ | 1,500.0 | $ | 1,325.0 | $ | 650.0 | $ | 18,445.6 |
Scheduled Maturities of Debt | ||||||||||||||||||||||||||||
Total | Remainder of 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | ||||||||||||||||||||||
Principal amount of senior and junior debt obligations at September 30, 2019 | $ | 28,196.4 | $ | 800.0 | $ | 1,500.0 | $ | 1,325.0 | $ | 1,400.0 | $ | 1,250.0 | $ | 21,921.4 |
Number of Common Units Issued | Net Cash Proceeds Received | |||||||
Three months ended March 31, 2018: | ||||||||
Common units issued in connection with DRIP and EUPP | 6,642,286 | $ | 177.0 | |||||
Three months ended June 30, 2018: | ||||||||
Common units issued in connection with DRIP and EUPP | 3,234,804 | 84.0 | ||||||
Three months ended September 30, 2018: | ||||||||
Common units issued in connection with DRIP and EUPP | 6,600,486 | 188.4 | ||||||
Total common units issued during the nine months ended September 30, 2018 | 16,477,576 | $ | 449.4 |
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
Net cash flows provided by operating activities | $ | 4,275.3 | $ | 2,819.9 | $ | 4,826.2 | $ | 4,275.3 | ||||||||
Cash used in investing activities | 3,182.8 | 2,303.9 | 3,372.8 | 3,182.8 | ||||||||||||
Cash used in financing activities | 883.7 | 833.9 | 655.7 | 883.7 |