Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 10, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Registrant Name | Crestwood Equity Partners LP | ||
Entity File Number | 001-34664 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 43-1918951 | ||
Entity Address, Address Line One | 811 Main Street | ||
Entity Address, Address Line Two | Suite 3400 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77002 | ||
City Area Code | 832 | ||
Local Phone Number | 519-2200 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,800,000,000 | ||
Entity Common Stock, Shares Outstanding | 72,725,966 | ||
Entity Central Index Key | 0001136352 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE Portions of the following documents are incorporated by reference into the indicated parts of this report: Crestwood Equity Partners LP None Crestwood Midstream Partners LP None Crestwood Midstream Partners LP, as a wholly-owned subsidiary of a reporting company, meets the conditions set forth in General Instruction (I)(1)(a) and (b) of Form 10-K and is therefore filing this report with the reduced disclosure format as permitted by such instruction. | ||
CMLP | |||
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Entity Registrant Name | Crestwood Midstream Partners LP | ||
Entity File Number | 001-35377 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-1647837 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Central Index Key | 0001304464 | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common units | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Units representing limited partnership interests | ||
Trading Symbol | CEQP | ||
Security Exchange Name | NYSE | ||
Preferred Units | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Preferred Units representing limited partner interests | ||
Trading Symbol | CEQP-P | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash | $ 25.7 | $ 0.9 |
Restricted cash | 0 | 16.3 |
Accounts receivable, less allowance for doubtful accounts | 242.2 | 251.5 |
Inventory | 53.7 | 64.6 |
Assets from price risk management activities | 43.2 | 34.7 |
Prepaid expenses and other current assets | 11.6 | 11.3 |
Total current assets | 376.4 | 379.3 |
Property, plant and equipment | 3,612.5 | 2,598.1 |
Less: accumulated depreciation | 703.4 | 568.4 |
Property, plant and equipment, net | 2,909.1 | 2,029.7 |
Intangible assets | 1,076.3 | 770.3 |
Less: accumulated amortization | 271.1 | 216.5 |
Intangible assets, net | 805.2 | 553.8 |
Goodwill | 218.9 | 138.6 |
Operating lease right-of-use assets, net | 53.8 | |
Investments in unconsolidated affiliates | 980.4 | 1,188.2 |
Other non-current assets | 5.5 | 4.9 |
Total assets | 5,349.3 | 4,294.5 |
Current liabilities: | ||
Accounts payable | 189.2 | 213 |
Accrued expenses and other liabilities | 161.7 | 112.4 |
Liabilities from price risk management activities | 6.7 | 5.8 |
Current portion of long-term debt | 0.2 | 0.9 |
Total current liabilities | 357.8 | 332.1 |
Long-term debt, less current portion | 2,328.3 | 1,752.4 |
Operating leases | 41.5 | 0 |
Other long-term liabilities | 301.6 | 173.6 |
Deferred income taxes | 2.6 | 2.6 |
Liabilities | 2,990.3 | 2,260.7 |
Commitments and contingencies (Note 15) | ||
Interest of non-controlling partner in subsidiary (Note 12) | 426.2 | |
Interest of non-controlling partner in subsidiary (Note 12) | ||
Partners' capital | 1,320.8 | 1,240.5 |
Preferred units | 612 | 612 |
Total CEQP/CMLP partners’ capital | 1,932.8 | 1,852.5 |
Interest of non-controlling partner in subsidiary (Note 12) | 181.3 | |
Total partners’ capital | 1,932.8 | 2,033.8 |
Total liabilities and capital | 5,349.3 | 4,294.5 |
CMLP | ||
Assets | ||
Cash | 25.4 | 0.2 |
Restricted cash | 0 | 16.3 |
Accounts receivable, less allowance for doubtful accounts | 241.9 | 249.9 |
Inventory | 53.7 | 64.6 |
Assets from price risk management activities | 43.2 | 34.7 |
Prepaid expenses and other current assets | 11.6 | 11.3 |
Total current assets | 375.8 | 377 |
Property, plant and equipment | 3,942.6 | 2,928.2 |
Less: accumulated depreciation | 875.1 | 725.9 |
Property, plant and equipment, net | 3,067.5 | 2,202.3 |
Intangible assets | 1,076.3 | 770.3 |
Less: accumulated amortization | 271.1 | 216.5 |
Intangible assets, net | 805.2 | 553.8 |
Goodwill | 218.9 | 138.6 |
Operating lease right-of-use assets, net | 53.8 | |
Investments in unconsolidated affiliates | 980.4 | 1,188.2 |
Other non-current assets | 2.4 | 2.1 |
Total assets | 5,504 | 4,462 |
Current liabilities: | ||
Accounts payable | 186.6 | 210.5 |
Accrued expenses and other liabilities | 160.4 | 111.3 |
Liabilities from price risk management activities | 6.7 | 5.8 |
Current portion of long-term debt | 0.2 | 0.9 |
Total current liabilities | 353.9 | 328.5 |
Long-term debt, less current portion | 2,328.3 | 1,752.4 |
Other long-term liabilities | 295.6 | 171 |
Deferred income taxes | 0.7 | 0.6 |
Liabilities | 2,978.5 | 2,252.5 |
Interest of non-controlling partner in subsidiary (Note 12) | 426.2 | |
Interest of non-controlling partner in subsidiary (Note 12) | ||
Total CEQP/CMLP partners’ capital | 2,099.3 | 2,028.2 |
Interest of non-controlling partner in subsidiary (Note 12) | 181.3 | |
Total partners’ capital | 2,099.3 | 2,209.5 |
Total liabilities and capital | $ 5,504 | $ 4,462 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 0.3 | $ 0.3 |
Limited partners' units, issued | 72,282,942 | 71,659,385 |
Limited partners' units, outstanding | 72,282,942 | 71,659,385 |
Preferred units, issued | 71,257,445 | 71,257,445 |
Preferred units, outstanding (in units) | 71,257,445 | 71,257,445 |
CMLP | ||
Allowance for doubtful accounts | $ 0.3 | $ 0.3 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Revenues | $ 3,181.9 | $ 3,654.1 | $ 3,880.9 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Product costs - related party (Note 16) | 45.4 | 134.7 | 15.3 |
Total costs of products/services sold | 2,544.9 | 3,129.4 | 3,374.7 |
Operating expenses and other: | |||
Operations and maintenance | 138.8 | 125.8 | 136 |
General and administrative | 103.4 | 88.1 | 96.5 |
Depreciation, amortization and accretion | 195.8 | 168.7 | 191.7 |
Loss on long-lived assets, net | 6.2 | 28.6 | 65.6 |
Gain on acquisition | (209.4) | 0 | 0 |
Goodwill impairment | 0 | 0 | 38.8 |
Loss on contingent consideration | 0 | 0 | 57 |
Total expenses | 234.8 | 411.2 | 585.6 |
Operating income (loss) | 402.2 | 113.5 | (79.4) |
Earnings from unconsolidated affiliates, net | 32.8 | 53.3 | 47.8 |
Interest and debt expense, net | (115.4) | (99.2) | (99.4) |
Loss on modification/extinguishment of debt | 0 | (0.9) | (37.7) |
Other income, net | 0.6 | 0.4 | 1.3 |
Income (loss) before income taxes | 320.2 | 67.1 | (167.4) |
(Provision) benefit for income taxes | (0.3) | (0.1) | 0.8 |
Net income (loss) | 319.9 | 67 | (166.6) |
Net income attributable to non-controlling partner | 34.8 | 16.2 | 25.3 |
Net income (loss) attributable to parent | 285.1 | 50.8 | (191.9) |
Net income attributable to preferred units | 60.1 | 60.1 | 62.5 |
Net income (loss) attributable to partners | 225 | (9.3) | (254.4) |
Subordinated unitholders’ interest in net income | 1.4 | 0 | 0 |
Common unitholders’ interest in net income (loss) | $ 223.6 | $ (9.3) | $ (254.4) |
Net income (loss) per limited partner unit: | |||
Basic (dollars per unit) | $ 3.11 | $ (0.13) | $ (3.64) |
Diluted (dollars per unit) | $ 2.93 | $ (0.13) | $ (3.64) |
Weighted-average limited partners’ units outstanding: | |||
Basic (units) | 71.8 | 71.2 | 69.8 |
Dilutive units (units) | 5.1 | 0 | 0 |
Diluted (units) | 76.9 | 71.2 | 69.8 |
CMLP | |||
Revenues: | |||
Revenues | $ 3,181.9 | $ 3,654.1 | $ 3,880.9 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Product costs - related party (Note 16) | 45.4 | 134.7 | 15.3 |
Total costs of products/services sold | 2,544.9 | 3,129.4 | 3,374.7 |
Operating expenses and other: | |||
Operations and maintenance | 138.8 | 125.8 | 136 |
General and administrative | 98.2 | 83.5 | 93.1 |
Depreciation, amortization and accretion | 209.9 | 181.4 | 202.7 |
Loss on long-lived assets, net | 6.2 | 28.6 | 65.6 |
Gain on acquisition | (209.4) | 0 | 0 |
Goodwill impairment | 0 | 0 | 38.8 |
Loss on contingent consideration | 0 | 0 | 57 |
Total expenses | 243.7 | 419.3 | 593.2 |
Operating income (loss) | 393.3 | 105.4 | (87) |
Earnings from unconsolidated affiliates, net | 32.8 | 53.3 | 47.8 |
Interest and debt expense, net | (115.4) | (99.2) | (99.4) |
Loss on modification/extinguishment of debt | 0 | (0.9) | (37.7) |
Other income, net | 0.2 | 0 | 0.8 |
Income (loss) before income taxes | 310.9 | 58.6 | (175.5) |
(Provision) benefit for income taxes | (0.3) | 0 | 0 |
Net income (loss) | 310.6 | 58.6 | (175.5) |
Net income attributable to non-controlling partner | 34.8 | 16.2 | 25.3 |
Net income (loss) attributable to parent | 275.8 | 42.4 | (200.8) |
Service | |||
Revenues: | |||
Revenues | 426.6 | 344.4 | 418.7 |
Related party (Note 16) | 0 | 1 | 1.8 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Product and service costs | 29.8 | 44.2 | 49.9 |
Service | CMLP | |||
Revenues: | |||
Revenues | 426.6 | 344.4 | 418.7 |
Related party (Note 16) | 0 | 1 | 1.8 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Product and service costs | 29.8 | 44.2 | 49.9 |
Product | |||
Revenues: | |||
Revenues | 2,755.3 | 3,309.7 | 3,462.2 |
Related party (Note 16) | 2.9 | 0 | 0 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Product and service costs | 2,469.7 | 2,950.5 | 3,309.5 |
Product | CMLP | |||
Revenues: | |||
Revenues | 2,755.3 | 3,309.7 | 3,462.2 |
Related party (Note 16) | 2.9 | 0 | 0 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Product and service costs | 2,469.7 | 2,950.5 | 3,309.5 |
Gathering and Processing Segment | Service | |||
Revenues: | |||
Revenues | 380 | 276.1 | 317.3 |
Gathering and Processing Segment | Service | CMLP | |||
Revenues: | |||
Revenues | 380 | 276.1 | 317.3 |
Gathering and Processing Segment | Product | |||
Revenues: | |||
Revenues | 455.8 | 670.5 | 1,369.1 |
Gathering and Processing Segment | Product | CMLP | |||
Revenues: | |||
Revenues | 455.8 | 670.5 | 1,369.1 |
Marketing Supply and Logistics | |||
Revenues: | |||
Revenues | 2,690.3 | ||
Marketing Supply and Logistics | Service | |||
Revenues: | |||
Revenues | 26.2 | 50.2 | 62.4 |
Marketing Supply and Logistics | Service | CMLP | |||
Revenues: | |||
Revenues | 26.2 | 50.2 | 62.4 |
Marketing Supply and Logistics | Product | |||
Revenues: | |||
Revenues | 2,296.6 | 2,639.2 | 2,093.1 |
Marketing Supply and Logistics | Product | CMLP | |||
Revenues: | |||
Revenues | 2,296.6 | 2,639.2 | 2,093.1 |
Storage and Transportation | Service | |||
Revenues: | |||
Revenues | 20.4 | 17.1 | 37.2 |
Storage and Transportation | Service | CMLP | |||
Revenues: | |||
Revenues | $ 20.4 | $ 17.1 | $ 37.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 319.9 | $ 67 | $ (166.6) |
Change in fair value of Suburban Propane Partners, L.P. units | 0.3 | (0.7) | (0.8) |
Comprehensive income (loss) | 320.2 | 66.3 | (167.4) |
Comprehensive income (loss) attributable to non-controlling partners | 34.8 | 16.2 | 25.3 |
Comprehensive income (loss) attributable to Crestwood Equity Partners LP | $ 285.4 | $ 50.1 | $ (192.7) |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital - USD ($) $ in Millions | Total | CMLP | Preferred Units | Common Unit Capital | Common Unit CapitalCMLP | Limited Partners | Limited PartnersCMLP | Non-Controlling Partner | Non-Controlling PartnerCMLP | Total Partners’ Capital | Total Partners’ CapitalCMLP | Subordinated units | Common units | Preferred Units |
Balance at the beginning of the period at Dec. 31, 2016 | $ 564.5 | $ 1,782 | $ 2,550.7 | $ 192.5 | $ 192.5 | $ 2,539 | $ 2,743.2 | |||||||
Balance at the beginning of the period (in units) at Dec. 31, 2016 | 400,000 | 69,100,000 | ||||||||||||
Preferred units balance at the beginning of the period (in units) at Dec. 31, 2016 | 66,500,000 | |||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||
Proceeds from the issuance of common units | $ 15.2 | 15.2 | ||||||||||||
Redemption of non-controlling interest | (202.7) | (202.7) | (202.7) | (202.7) | ||||||||||
Issuance of common units (in units) | 633,271 | 600,000 | ||||||||||||
Unit-based compensation charges | 25.5 | 25.5 | 25.5 | 25.5 | ||||||||||
Unit-based compensation charges (in units) | 800,000 | |||||||||||||
Taxes paid for unit-based compensation vesting | (5.5) | (5.5) | (5.5) | (5.5) | ||||||||||
Taxes paid for unit-based compensation vesting (in units) | (200,000) | |||||||||||||
Distributions to partners | (15) | (167.6) | (174) | (15.2) | (15.2) | (197.8) | (189.2) | |||||||
Issuance of non-controlling interest | 175 | 175 | 175 | 175 | ||||||||||
Distributions to partners (in units) | 4,800,000 | |||||||||||||
Change in fair value of Suburban Propane Partners, L.P. units | (0.8) | (0.8) | ||||||||||||
Other | (0.9) | $ (0.5) | 0.1 | 0.1 | (0.8) | (0.4) | ||||||||
Net income (loss) | $ (166.6) | $ (175.5) | 62.5 | (254.4) | (200.8) | 25.3 | 25.3 | (166.6) | (175.5) | |||||
Balance at the beginning of the period (in units) at Dec. 31, 2017 | 400,000 | 70,300,000 | ||||||||||||
Preferred units balance at the end of the period (in units) at Dec. 31, 2017 | 71,300,000 | |||||||||||||
Balance at the end of the period at Dec. 31, 2017 | 612 | 1,393.5 | 2,195.4 | 175 | 175 | 2,180.5 | 2,370.4 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||
Issuance of common units (in units) | 0 | |||||||||||||
Unit-based compensation charges | 28.5 | 28.5 | (9.9) | 28.5 | 28.5 | |||||||||
Unit-based compensation charges (in units) | 1,100,000 | |||||||||||||
Taxes paid for unit-based compensation vesting | (7.4) | (7.4) | (7.4) | (7.4) | ||||||||||
Taxes paid for unit-based compensation vesting (in units) | (200,000) | |||||||||||||
Distributions to partners | (60.1) | (170.8) | (238.4) | (9.9) | (240.8) | (248.3) | ||||||||
Change in fair value of Suburban Propane Partners, L.P. units | (0.7) | (0.7) | ||||||||||||
Other | (0.8) | 0.2 | (0.8) | 0.2 | ||||||||||
Net income (loss) | $ 67 | 58.6 | 60.1 | (9.3) | 42.4 | 16.2 | 16.2 | 67 | 58.6 | |||||
Balance at the beginning of the period (in units) at Dec. 31, 2018 | 400,000 | 71,200,000 | ||||||||||||
Preferred units balance at the end of the period (in units) at Dec. 31, 2018 | 71,257,445 | 71,300,000 | ||||||||||||
Balance at the end of the period at Dec. 31, 2018 | $ 1,852.5 | 2,028.2 | 612 | 1,240.5 | 2,028.2 | 181.3 | 181.3 | 2,033.8 | 2,209.5 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||
Preferred units, issued | 71,257,445 | |||||||||||||
Issuance of common units (in units) | 0 | |||||||||||||
Unit-based compensation charges | 42.4 | 42.4 | (6.6) | 42.4 | 42.4 | |||||||||
Unit-based compensation charges (in units) | 1,000,000 | |||||||||||||
Taxes paid for unit-based compensation vesting | (11) | (11) | (11) | (11) | ||||||||||
Taxes paid for unit-based compensation vesting (in units) | (300,000) | |||||||||||||
Distributions to partners | (60.1) | (172.4) | (235.8) | (6.6) | (239.1) | (242.4) | ||||||||
Change in fair value of Suburban Propane Partners, L.P. units | 0.3 | 0.3 | ||||||||||||
Non-controlling interest reclassification (Note 12) | $ 178.8 | (178.8) | (178.8) | (178.8) | (178.8) | |||||||||
Other | (4) | (0.3) | 0.1 | 0.1 | (3.9) | (0.2) | ||||||||
Net income (loss) | $ 319.9 | 310.6 | 60.1 | 225 | 275.8 | 4 | 4 | 289.1 | 279.8 | |||||
Balance at the beginning of the period (in units) at Dec. 31, 2019 | 400,000 | 71,900,000 | ||||||||||||
Preferred units balance at the end of the period (in units) at Dec. 31, 2019 | 71,257,445 | 71,300,000 | ||||||||||||
Balance at the end of the period at Dec. 31, 2019 | $ 1,932.8 | $ 2,099.3 | $ 612 | $ 1,320.8 | $ 2,099.3 | $ 0 | $ 0 | 1,932.8 | 2,099.3 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||
Preferred units, issued | 71,257,445 | |||||||||||||
Cumulative effect of accounting change (Note 2) | $ 7.5 | $ 7.5 | $ 7.5 | $ 7.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Net income (loss) | $ 319.9 | $ 67 | $ (166.6) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 195.8 | 168.7 | 191.7 |
Amortization of debt-related deferred costs | 6.2 | 6.8 | 7.2 |
Unit-based compensation charges | 47 | 28.5 | 25.5 |
Loss on long-lived assets, net | 6.2 | 28.6 | 65.6 |
Gain on acquisition | (209.4) | 0 | 0 |
Goodwill impairment | 0 | 0 | 38.8 |
Loss on contingent consideration | 0 | 0 | 57 |
Loss on modification/extinguishment of debt | 0 | 0.9 | 37.7 |
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | 6.9 | 0.5 | (0.1) |
Deferred income taxes | 0 | (0.7) | (2.1) |
Other | 0 | 0.2 | 0.9 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 42.9 | 167.8 | (170.7) |
Inventory | 10.9 | (24.1) | (9.9) |
Prepaid expenses and other current assets | 0.1 | (3.1) | 1.8 |
Accounts payable, accrued expenses and other liabilities | (23.3) | (138.6) | 140.1 |
Reimbursements of property, plant and equipment | 24.8 | 21.7 | 19.6 |
Change in price risk management activities, net | (7.6) | (70.6) | 19.4 |
Net cash provided by operating activities | 420.4 | 253.6 | 255.9 |
Investing activities | |||
Acquisition, net of cash acquired (Note 3) | (462.1) | 0 | 0 |
Purchases of property, plant and equipment | (455.5) | (305.5) | (188.4) |
Investment in unconsolidated affiliates | (61.3) | (64.4) | (58) |
Capital distributions from unconsolidated affiliates | 35.5 | 49.2 | 59.9 |
Net proceeds from sale of assets | 0.8 | 79.5 | 225.2 |
Other | (1.1) | 0 | 0 |
Net cash provided by (used in) investing activities | (943.7) | (241.2) | 38.7 |
Financing activities | |||
Proceeds from the issuance of long-term debt | 2,307.3 | 2,274.8 | 2,838.6 |
Payments on long-term debt | (1,729.5) | (2,015.7) | (2,913.9) |
Payments on finance leases | 3.5 | ||
Payments on capital leases | (1.6) | (2.7) | |
Payments for deferred financing costs | (9) | (5.7) | (1) |
Redemption of non-controlling interest | 0 | 0 | (202.7) |
Net proceeds from issuance of non-controlling interest | 235 | 0 | 175 |
Distributions to partners | (172.4) | (170.8) | (167.6) |
Distributions to non-controlling partner | (25) | (9.9) | (15.2) |
Distributions to preferred unitholders | (60.1) | (60.1) | (15) |
Net proceeds from issuance of common units | 0 | 0 | 15.2 |
Taxes paid for unit-based compensation vesting | (11) | (7.4) | (5.5) |
Other | 0 | (0.1) | (0.1) |
Net cash provided by (used in) financing activities | 531.8 | 3.5 | (294.9) |
Net change in cash and restricted cash | 8.5 | 15.9 | (0.3) |
Cash and restricted cash at beginning of period | 17.2 | 1.3 | 1.6 |
Cash and restricted cash at end of period | 25.7 | 17.2 | 1.3 |
Supplemental disclosure of cash flow information | |||
Cash paid during the period for interest | 123.7 | 97.4 | 95.1 |
Cash paid during the period for income taxes | 0.6 | 3.1 | 3.1 |
Supplemental schedule of noncash investing activities | |||
Net change to property, plant and equipment through accounts payable and accrued expenses | (27.7) | 0.3 | (20.4) |
CMLP | |||
Operating activities | |||
Net income (loss) | 310.6 | 58.6 | (175.5) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 209.9 | 181.4 | 202.7 |
Amortization of debt-related deferred costs | 6.2 | 6.8 | 7.2 |
Unit-based compensation charges | 47 | 28.5 | 25.5 |
Loss on long-lived assets, net | 6.2 | 28.6 | 65.6 |
Gain on acquisition | (209.4) | 0 | 0 |
Goodwill impairment | 0 | 0 | 38.8 |
Loss on contingent consideration | 0 | 0 | 57 |
Loss on modification/extinguishment of debt | 0 | 0.9 | 37.7 |
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | 6.9 | 0.5 | (0.1) |
Deferred income taxes | 0.2 | (0.1) | 0 |
Other | 0 | 0.2 | 0.9 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 41.6 | 169.3 | (170.5) |
Inventory | 10.9 | (24.1) | (9.9) |
Prepaid expenses and other current assets | 0.1 | (3.1) | 1.8 |
Accounts payable, accrued expenses and other liabilities | (23.3) | (138.1) | 142 |
Reimbursements of property, plant and equipment | 24.8 | 21.7 | 19.6 |
Change in price risk management activities, net | (7.6) | (70.6) | 19.4 |
Net cash provided by operating activities | 424.1 | 260.5 | 262.2 |
Investing activities | |||
Acquisition, net of cash acquired (Note 3) | (462.1) | 0 | 0 |
Purchases of property, plant and equipment | (455.5) | (305.5) | (188.4) |
Investment in unconsolidated affiliates | (61.3) | (64.4) | (58) |
Capital distributions from unconsolidated affiliates | 35.5 | 49.2 | 59.9 |
Net proceeds from sale of assets | 0.8 | 79.5 | 225.2 |
Other | (1.1) | 0 | 0 |
Net cash provided by (used in) investing activities | (943.7) | (241.2) | 38.7 |
Financing activities | |||
Proceeds from the issuance of long-term debt | 2,307.3 | 2,274.8 | 2,838.6 |
Payments on long-term debt | (1,729.5) | (2,015.7) | (2,913.9) |
Payments on finance leases | 3.5 | ||
Payments on capital leases | (1.6) | (2.7) | |
Payments for deferred financing costs | (9) | (5.7) | (1) |
Redemption of non-controlling interest | 0 | 0 | (202.7) |
Net proceeds from issuance of non-controlling interest | 235 | 0 | 175 |
Distributions to partners | (235.8) | (238.4) | (174) |
Distributions to non-controlling partner | (25) | (9.9) | (15.2) |
Taxes paid for unit-based compensation vesting | (11) | (7.4) | (5.5) |
Other | 0 | 0.1 | 0.2 |
Net cash provided by (used in) financing activities | 528.5 | (3.8) | (301.2) |
Net change in cash and restricted cash | 8.9 | 15.5 | (0.3) |
Cash and restricted cash at beginning of period | 16.5 | 1 | 1.3 |
Cash and restricted cash at end of period | 25.4 | 16.5 | 1 |
Supplemental disclosure of cash flow information | |||
Cash paid during the period for interest | 123.7 | 97.4 | 95.1 |
Cash paid during the period for income taxes | 0.6 | 0.6 | 0.6 |
Supplemental schedule of noncash investing activities | |||
Net change to property, plant and equipment through accounts payable and accrued expenses | $ (27.7) | $ 0.3 | $ (20.4) |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Partnership Organization And Basis Of Presentation Narrative [Abstract] | |
Organization and Description of Business | Organization and Description of Business The accompanying notes to the consolidated financial statements apply to Crestwood Equity Partners LP (the Company, Crestwood Equity or CEQP) and Crestwood Midstream Partners LP (Crestwood Midstream or CMLP) unless otherwise indicated. Organization Crestwood Equity Partners LP . CEQP is a publicly-traded (NYSE: CEQP) Delaware limited partnership formed in March 2001. Crestwood Equity GP LLC, which is indirectly owned by Crestwood Holdings LLC (Crestwood Holdings), owns our non-economic general partnership interest. Crestwood Holdings, which is substantially owned and controlled by First Reserve Management, L.P. (First Reserve), also owns approximately 25% of Crestwood Equity’s common units and all of its subordinated units. Crestwood Midstream Partners LP . Crestwood Equity owns a 99.9% limited partnership interest in Crestwood Midstream and Crestwood Gas Services GP LLC (CGS GP), a wholly-owned subsidiary of Crestwood Equity, owns a 0.1% limited partnership interest in Crestwood Midstream. Crestwood Midstream GP LLC, a wholly-owned subsidiary of Crestwood Equity, owns the non-economic general partnership interest of Crestwood Midstream. The diagram below reflects a simplified version of our ownership structure as of December 31, 2019 : Unless otherwise indicated, references in this report to “we,” “us,” “our,” “ours,” “our company,” the “partnership,” the “Company,” “Crestwood Equity,” “CEQP,” and similar terms refer to either Crestwood Equity Partners LP itself or Crestwood Equity Partners LP and its consolidated subsidiaries, as the context requires. Unless otherwise indicated, references to “Crestwood Midstream” and “CMLP” refer to Crestwood Midstream Partners LP and its consolidated subsidiaries. Description of Business Crestwood Equity develops, acquires, owns or controls, and operates primarily fee-based assets and operations within the energy midstream sector. We provide broad-ranging infrastructure solutions across the value chain to service premier liquids-rich natural gas and crude oil shale plays across the United States. We own and operate a diversified portfolio of crude oil and natural gas gathering, processing, storage and transportation assets that connect fundamental energy supply with energy demand across the United States. Crestwood Equity is a holding company and all of its consolidated operating assets are owned by or through its wholly-owned subsidiary, Crestwood Midstream. Our financial statements reflect three operating and reporting segments described below. • Gathering and Processing . Our gathering and processing (G&P) operations provide gathering and transportation services (natural gas, crude oil and produced water) and processing, treating and compression services (natural gas) to producers in unconventional shale plays and tight-gas plays in North Dakota, Wyoming, West Virginia, Texas, New Mexico and Arkansas. This segment primarily includes (i) our operations that own crude oil, rich and dry gas gathering systems, produced water gathering systems and processing plants in the Bakken, Powder River Basin, Marcellus, Barnett and Fayetteville Shale plays; and (ii) a joint venture that owns rich and dry gas gathering systems and processing systems in the Delaware Permian region. • Storage and Transportation . Our storage and transportation (S&T) operations provide crude oil and natural gas storage and transportation services to producers, utilities and other customers. This segment primarily includes (i) the COLT Hub which consists of our integrated crude oil loading, storage and pipeline terminal located in the heart of the Bakken and Three Forks Shale oil-producing areas in Williams County, North Dakota; and (ii) joint ventures that own regulated natural gas storage and transportation facilities in New York and Pennsylvania, natural gas storage facilities in Texas and a crude-by-rail terminal in Wyoming. • Marketing, Supply and Logistics . Our marketing, supply and logistics (MS&L) operations provide NGL, crude oil and natural gas marketing, storage and transportation services to producers, refiners, marketers and other customers. This segment primarily includes (i) our fleet of rail and rolling stock, which includes our rail-to-truck NGL terminals located in Florida, New Jersey, New York, Rhode Island, North Carolina and Connecticut, and our truck maintenance facilities located in North Dakota, Indiana, West Virginia and New Jersey; (ii) our Bath and Seymour NGL storage facilities located in New York and Indiana; and (iii) our crude oil transportation assets. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation Our consolidated financial statements are prepared in accordance with GAAP and include the accounts of all consolidated subsidiaries after the elimination of all intercompany accounts and transactions. In management’s opinion, all necessary adjustments to fairly present our results of operations, financial position and cash flows for the periods presented have been made and all such adjustments are of a normal and recurring nature. Significant Accounting Policies Principles of Consolidation We consolidate entities when we have the ability to control or direct the operating and financial decisions of the entity or when we have a significant interest in the entity that gives us the ability to direct the activities that are significant to that entity. The determination to consolidate or apply the equity method of accounting to an entity can also require us to evaluate whether that entity is considered a variable interest entity (VIE). This evaluation, along with the determination of our ability to control, direct or exert significant influence over an entity involves the use of judgment. We apply the equity method of accounting where we can exert significant influence over, but do not control or direct the policies, decisions or activities of an entity and in the case of a VIE, are not the primary beneficiary. We use the cost method of accounting where we are unable to exert significant influence over the entity. All of our consolidated entities and equity method investments are not VIEs except for our investment in Crestwood Permian Basin Holdings LLC (Crestwood Permian). Our equity interest in Crestwood Permian is considered a VIE because CEQP has provided a guarantee to a third party that requires CEQP to pay up to $10 million if Crestwood Permian fails to honor its obligations to its equity investee, Crestwood Permian Basin, in the event Crestwood Permian Basin fails to satisfy its obligations under its gas gathering agreement with a third party. We account for our investment in Crestwood Permian as an equity method investment because we are not the primary beneficiary of the VIE as of December 31, 2019 and 2018 . See Note 6 for a further discussion of our investment in Crestwood Permian. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts we report as assets, liabilities, revenues and expenses and our disclosures in these consolidated financial statements. Actual results can differ from those estimates. Cash We consider all highly liquid investments with an original maturity of less than three months to be cash. Restricted Cash On January 1, 2018, we adopted the provisions of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) which changed the classification and presentation of restricted cash in the statement of cash flows. The standard requires us to include restricted cash in our total cash when reconciling the beginning of period and end of period amounts shown on our consolidated statements of cash flows. The retrospective application of this ASU did not have an impact on our consolidated statement of cash flows for the year ended December 31, 2017. Our restricted cash represents cash held under the terms of certain contractual agreements and is classified as current on our consolidated balance sheets. The $16.3 million decrease in restricted cash during the year ended December 31, 2019 and the $16.3 million increase in restricted cash during the year ended December 31, 2018 is included in operating activities (change in accounts payable, accrued expenses and other liabilities) in the consolidated statements of cash flows. Inventory Our inventory is stated at the lower of cost or net realizable value and cost is computed predominantly using the average cost method. Inventory consisted of the following at December 31, 2019 and 2018 ( in millions ): December 31, 2019 2018 Crude oil and NGLs $ 53.2 $ 64.2 Spare parts 0.5 0.4 Total inventory $ 53.7 $ 64.6 Property, Plant and Equipment Property, plant and equipment is recorded at is original cost of construction or, upon acquisition, at the fair value of the assets acquired. For assets we construct, we capitalize direct costs, such as labor and materials, and indirect costs, such as overhead and interest. We capitalize major units of property replacements or improvement and expense minor items. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, as follows: Years Gathering systems and pipelines 15 - 20 Facilities and equipment 3 - 25 Buildings, rights-of-way and easements 1 - 40 Office furniture and fixtures 5 - 10 Vehicles 5 We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or changes in circumstances are present, a loss is recognized if the carrying value of the asset is in excess of the sum of the undiscounted cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset, which is typically based on discounted cash flow projections using assumptions as to revenues, costs and discount rates typical of third party market participants, which is a Level 3 fair value measurement. During 2019 and 2017, we recorded impairments of our property, plant and equipment and we reflected these impairments in long on long-lived assets in our consolidated statements of operations. We did not record impairments of our property, plant and equipment during the year ended December 31, 2018. During 2019 , we incurred $4.3 million of impairments of our property, plant and equipment related to certain of our water gathering facilities in our Arrow operations which is further discussed in Note 15 . During 2017, we incurred $81.4 million of impairments of our property, plant and equipment related to our MS&L West Coast operations, which resulted from decreasing the forecasted cash flows to be generated by those operations. At December 31, 2017 , our estimates of fair value considered a number of factors, including the potential value if we sold the asset, a 12% discount rate and projected cash flows, which is a Level 3 fair value measurement. During 2018, we sold our MS&L West Coast operations for $70.5 million , and recorded a loss on long-lived assets of approximately $26.9 million (including $9.0 million related to the write off of goodwill). See “ Goodwill ” below and Note 3 for further information on the sale of these assets. Projected cash flows of our property, plant and equipment are generally based on current and anticipated future market conditions, which require significant judgment to make projections and assumptions about pricing, demand, competition, operating costs, constructions costs, legal and regulatory issues and other factors that may extend many years into the future and are often outside of our control. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. Identifiable Intangible Assets Our identifiable intangible assets consist of customer accounts, trademarks and certain revenue contracts. These intangible assets have arisen primarily from acquisitions. We amortize certain of our revenue contracts based on the projected cash flows associated with these contracts if the projected cash flows are readily determinable, otherwise we amortize our revenue contracts on a straight-line basis. We recognize acquired intangible assets separately if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. We did not record impairments of our intangible assets during the years ended December 31, 2019 and 2018 . During 2017, we fully impaired $0.8 million of intangible assets related to our MS&L West Coast operations, which resulted from decreasing forecasted cash flows to be generated by those operations and we reflected the impairment in loss on long-lived assets in our consolidated statements of operations. During 2018, we sold our MS&L West Coast operations for $70.5 million , and recorded a $26.9 million of loss on long-lived assets associated with the sale. See Note 3 for further information on the sale of these assets. Projected cash flows of our intangible assets are generally based on current and anticipated future market conditions, which require significant judgment to make projections and assumptions about pricing, demand, competition, operating costs, construction costs, legal and regulatory issues and other factors that may extend many years into the future and are often outside of our control. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. Certain intangible assets are amortized on a straight-line basis over their estimated economic lives, as follows: Weighted-Average Life (years) Customer accounts and revenue contracts 20 Trademarks 10 Goodwill Our goodwill represents the excess of the amount we paid for a business over the fair value of the net identifiable assets acquired. We evaluate goodwill for impairment annually on December 31, and whenever events indicate that it is more likely than not that the fair value of a reporting unit could be less than its carrying amount. This evaluation requires us to compare the fair value of each of our reporting units to its carrying value (including goodwill). If the fair value exceeds the carrying amount, goodwill of the reporting unit is not considered impaired. We estimate the fair value of our reporting units based on a number of factors, including discount rates, projected cash flows and the potential value we would receive if we sold the reporting unit. We also compare the total fair value of our reporting units to our overall enterprise value, which considers the market value for our common and preferred units. Estimating projected cash flows requires us to make certain assumptions as it relates to the future operating performance of each of our reporting units (which includes assumptions, among others, about estimating future operating margins and related future growth in those margins, contracting efforts and the cost and timing of facility expansions) and assumptions related to our customers, such as their future capital and operating plans and their financial condition. When considering operating performance, various factors are considered such as current and changing economic conditions and the commodity price environment, among others. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. If the assumptions embodied in the projections prove inaccurate, we could incur a future impairment charge. In addition, the use of the income approach to determine the fair value of our reporting units (see further discussion of the use of the income approach below) could result in a different fair value if we had utilized a market approach, or a combination thereof. Upon acquisition, we are required to record the assets, liabilities and goodwill of a reporting unit at its fair value on the date of acquisition. As a result, any level of decrease in the forecasted cash flows of these businesses or increases in the discount rates utilized to value those businesses from their respective acquisition dates would likely result in the fair value of the reporting unit falling below the carrying value of the reporting unit, and could result in an assessment of whether that reporting unit’s goodwill is impaired. Current commodity prices are significantly lower compared to commodity prices during 2014, and that decrease has adversely impacted forecasted cash flows, discount rates and stock/unit prices for most companies in the midstream industry, including us. As a result, we recorded goodwill impairments on several of our reporting units during 2017. We did not record impairments of our goodwill during the years ended December 31, 2019 and 2018 . At December 31, 2019 , our accumulated goodwill impairments at CEQP and CMLP were approximately $1,656.5 million and $1,399.3 million , respectively. The following table summarizes the goodwill of our various reporting units ( in millions ): Goodwill Impairments during the Year Ended December 31, 2017 Goodwill at January 1, 2018 Other Impact of Sale of West Coast Goodwill at December 31, 2018 Goodwill Addition during the Year Ended December 31, 2019 Goodwill at December 31, 2019 G&P Arrow $ — $ 45.9 $ — $ — $ 45.9 $ — $ 45.9 Powder River Basin — — — — — 80.3 (3) 80.3 MS&L NGL Marketing and Logistics — — 101.7 (1) (9.0 ) (2) 92.7 — 92.7 West Coast 2.4 — — — — — — Supply and Logistics — 101.7 (101.7 ) (1) — — — — Storage and Terminals 36.4 — — — — — — Total $ 38.8 $ 147.6 $ — $ (9.0 ) $ 138.6 $ 80.3 $ 218.9 (1) Reflects the combination of the MS&L reporting units into one NGL Marketing and Logistics reporting unit as further discussed below. (2) In October 2018, we sold our West Coast assets and wrote off the goodwill attributable to these assets as further discussed below. (3) In April 2019, we acquired the remaining 50% equity interest in Jackalope from Williams. See Note 3 for a further discussion of the acquisition. On January 1, 2018, we combined the four reporting units included in the MS&L segment into one NGL Marketing and Logistics reporting unit for the purpose of evaluating goodwill for impairment on an ongoing basis. We combined these reporting units based on a strategic shift in the way in which we manage, operate and report our NGL operations as an integrated platform instead of as four individual stand-alone operations. We allocated approximately $9.0 million of the goodwill associated with our NGL Marketing and Logistics reporting unit to the West Coast facilities during 2018, and this goodwill was included in the loss on the sale of the West Coast assets. See Note 3 for a further discussion of the sale of our West Coast assets. The goodwill impairments recorded during 2017 related to our MS&L West Coast and Storage and Terminals operations. The goodwill impairment related to our MS&L West Coast operations resulted from decreasing forecasted cash flows to be generated by those operations. Our West Coast customers experienced headwinds during 2017, with both producers and refineries located in the Western U.S. experiencing regulatory challenges and an inflow of NGLs from the Eastern U.S., which caused demand for gathering, processing and logistics services from our West Coast operations to remain relatively flat over the past several years. The goodwill impairment related to our MS&L Storage and Terminals operations resulted from decreasing forecasted cash flows to be generated by those operations. During 2017, we experienced NGL market headwinds in the Northeast with NGL exports and other market dynamics causing price differentials to narrow between purchasing NGLs in the summer (which are then stored in our NGL facilities) and selling NGLs in the winter. These dynamics also caused the rates that we are able to charge for storing NGLs in our facilities to decline from their historical levels. Although our MS&L Storage and Terminals operations’ results have been relatively consistent over the past several years, these operations have not experienced growth as fast or to the decrease that we expected when we merged with Inergy, LP in 2013, and during 2017, we revised our forecasted cash flows to reflect current market dynamics, which we believe will continue for the foreseeable future. We utilized the income approach to determine the fair value of our reporting units given the limited availability of comparable market-based transactions during 2017, and we utilized discount rates ranging from 10% to 12% in applying the income approach to determine the fair value of our reporting units with goodwill as of December 31, 2017, which is a Level 3 fair value measurement. Leases We maintain leases in the ordinary course of our business activities. Our leases include those for office buildings, crude oil railroad cars, certain vehicles and other operating facilities and equipment. We also sublease certain of our crude oil railroad cars and trucks to a third party. We do not have any material leases where we are considered to be the lessor. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Prior to January 1, 2019, we classified our leases as either capital or operating leases under ASC Topic 840, Leases (Topic 840) . We recognized assets (included in property, plant and equipment) and liabilities (included in accrued expenses and other liabilities and other long-term liabilities) related to our capital leases on our consolidated balance sheets. We also recognized depreciation expense and interest expense related to our capital leases on our consolidated statements of operations. The majority of our lease arrangements were classified as operating leases, under which we did not recognize assets or liabilities on our consolidated balance sheets, but rather recognized lease payments on our consolidated statements of operations as either costs of product/services sold or operations and maintenance expense on a straight-line basis over the lease term. On January 1, 2019, we adopted the provisions of ASC Topic 842, Leases (Topic 842) , which revises the accounting for leases by requiring certain leases to be recognized as assets and liabilities on the balance sheet, and requiring companies to disclose additional information about their leasing arrangements. We adopted the standard using the modified retrospective method. Based on the practical expedients allowed for in the standard, we did not reassess the current GAAP classification of leases, easements and rights of way that existed as of January 1, 2019, and we did not utilize the hindsight method in determining the assets and liabilities to be recorded for our existing leases on January 1, 2019. The adoption of this standard required us to make significant judgments on whether our revenue and expenditure-related contracts were considered to be leases (or contain leases) under Topic 842 , and if contracts were considered to be leases whether they should be considered operating leases or finance leases under the new standard. We do not have any material revenue contracts that are considered leases under Topic 842 . Upon the adoption of this standard, on January 1, 2019, we recorded a $67.5 million increase to our operating lease right-of-use assets, an $18.6 million increase to our accrued expenses and other liabilities and a $48.9 million increase to our long-term operating lease liabilities, related to reflecting our operating leases on our consolidated balance sheet as a result of adopting the new standard. We also recorded a $1.6 million increase to our property, plant and equipment, $0.3 million increase to our accrued expenses and other liabilities and a $1.3 million increase to our other long-term liabilities, related to our finance leases (which were all formerly capital leases under Topic 840 ) as a result of applying the provisions of the new standard to the leases. The adoption of the standard did not result in a material cumulative effect of accounting change to our consolidated financial statements. See Note 15 for a further discussion of our leases. Investments in Unconsolidated Affiliates Equity method investments in which we exercise significant influence, but do not control and are not the primary beneficiary, are accounted for using the equity method of accounting. Differences in the basis of investments and the separate net asset values of the investees, if any, are amortized into net income or loss over the remaining useful lives of the underlying assets and liabilities, except for the excess related to goodwill. We evaluate our equity method investments for impairment when events or circumstances indicate that the carrying value of the equity method investment may be impaired and that impairment is other than temporary. If an event occurs, we evaluate the recoverability of our carrying value based on the fair value of the investment. If an impairment is indicated, or if we decide to sell an investment in unconsolidated affiliate, we adjust the carrying values of the asset downward, if necessary, to their estimated fair values. We did not record impairments of our equity method investments during the years ended December 31, 2019 , 2018 and 2017 . Asset Retirement Obligations An asset retirement obligation (ARO) is an estimated liability for the cost to retire a tangible asset. We record a liability for legal or contractual obligations to retire our long-lived assets associated with our facilities and right-of-way contracts we hold. We record a liability in the period the obligation is incurred and estimable. An ARO is initially recorded at its estimated fair value with a corresponding increase to property, plant and equipment. This increase in property, plant and equipment is then depreciated over the useful life of the asset to which that liability relates. An ongoing expense is recognized for changes in the fair value of the liability as a result of the passage of time, which we record as depreciation, amortization and accretion expense on our consolidated statements of operations. We have various obligations to remove property, plant and equipment on rights-of-way and leases for which we cannot currently estimate the fair value of those obligations because the associated assets have indeterminate lives. An asset retirement obligation liability (and related assets), if any, will be recorded for these obligations once sufficient information is available to reasonably estimate the fair value of the obligations. Our current AROs are reflected in accrued expenses and other liabilities and our long-term AROs are reflected in other long-term liabilities on our consolidated balance sheets. See Note 5 for a further discussion of our AROs. Deferred Financing Costs Deferred financing costs represent costs associated with obtaining long-term financing and are amortized over the term of the related debt using a method which approximates the effective interest method and has a weighted average life of five years. Our net deferred financing costs are reflected as a reduction of long-term debt on our consolidated balance sheets. Revenue Recognition We provide gathering, processing, compression, storage, fractionation, and transportation (consisting of pipelines, truck and rail terminals, truck/trailer units and rail cars) services and we sell commodities (including crude oil, natural gas, NGLs and water) under various contracts. These contracts include: • Fixed-fee contracts . Under these contracts, we do not take title to the underlying crude oil, natural gas, NGLs and water but charge our customers a fixed-fee for the services we provide, which can be a firm reservation charge and/or a charge per volume gathered, processed, compressed, stored, loaded and/or transported (which, in certain contracts, can be subject to a minimum level of volumes); • Percentage-of-proceeds service contracts . Under these contracts, we take title to crude oil, natural gas or NGLs after the commodity leaves our gathering and processing facilities. We often market and sell those commodities to third parties after they leave our facilities and we will remit a portion of the sales proceeds to our producers; • Percentage-of-proceeds product contracts. Under these contracts, we take title to crude oil, natural gas or NGLs before the commodity enters our facilities. We market and sell those commodities to third parties and we will remit a portion of the sales proceeds to our producers; and • Purchase and sale contracts . Under these contracts, we purchase crude oil, natural gas or NGLs before the commodity enters our facilities, and we market and sell those commodities to third parties. On January 1, 2018, we adopted the provisions of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. We adopted the standard using the modified retrospective method for all revenue contracts that involve revenue generating activities that occur after January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the new standard, while amounts prior to January 1, 2018 continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic 605) . Prior to January 1, 2018, we recognized revenues for services and products when all of the following criteria were met under Topic 605 : (i) services had been rendered or products delivered or sold; (ii) persuasive evidence of an exchange arrangement existed; (iii) the price for services was fixed or determinable; and (iv) collectability was reasonably assured. We recorded deferred revenue when we received amounts from our customers but had not yet met the criteria listed above. We recognized deferred revenue in our consolidated statement of operations when the criteria had been met and all services had been rendered. Beginning January 1, 2018, we recognize revenues for services and products under revenue contracts as our obligations to perform services or deliver/sell products under the contracts are satisfied. A contract’s transaction price is allocated to each performance obligation in the contract and recognized as revenue when, or as, the performance obligation is satisfied. Our fixed-fee contracts and our percentage-of-proceeds service contracts primarily have a single performance obligation to deliver a series of distinct goods or services that are substantially the same and have the same pattern of transfer to our customers. For performance obligations associated with these contracts, we recognize revenues over time utilizing the output method based on the actual volumes of products delivered/sold or services performed, because the single performance obligation is satisfied over time using the same performance measure of progress toward satisfaction of the performance obligation . The transaction price under certain of our fixed-fee contracts and percentage-of-proceeds service contracts includes variable consideration that varies primarily based on actual volumes that are delivered under the contracts. Because the variable consideration specifically relates to our efforts to transfer the services and/or products under the contracts, we allocate the variable consideration entirely to the distinct service utilizing the allocation exception guidance under Topic 606 , and accordingly recognize the variable consideration as revenues at the time the good or service is transferred to the customer. Certain of our fixed-fee contracts contain minimum volume features under which the customers must utilize our services to gather, compress or load a specified quantity of crude oil or natural gas or pay a deficiency fee based on the difference between actual volumes and the contractual minimum volume. We recognize revenues from these contracts when actual volumes are gathered, compressed or loaded and the likelihood of a customer exercising its remaining rights to make up the deficient volumes under minimum volume commitments becomes remote. We recognize revenues at a point in time for performance obligations associated with our percentage-of proceeds product contracts and purchase and sale contracts, and these revenues are recognized because control of the underlying product is transferred to the customer when the distinct good is provided to the customer. The evaluation of when performance obligations have been satisfied and the transaction price that is allocated to our performance obligations requires significant judgments and assumptions, including our evaluation of the timing of when control of the underlying good or service has transferred to our customers and the relative standalone selling price of goods and services provided to customers under contracts with multiple performance obligations. Actual results can significantly vary from those judgments and assumptions. We did not have any material contracts with multiple performance obligations or under which we receive material amounts of non-cash consideration during the year ended December 31, 2019 . Contract Assets and Contract Liabilities . Amounts due from our customers under our revenue contracts are typically billed as the service is being provided or on a weekly, bi-weekly or monthly basis and are due within 30 days of billing. Under certain of our contracts, we recognize revenues in excess of billings which we present as contract assets on our consolidated balance sheets. Under certain contracts, we may be entitled to receive payments in advance of satisfying our performance obligations under the contract. We recognize a liability for these payments in excess of revenue recognized and present it as deferred revenue or contract liabilities on our consolidated balance sheets. Our deferred revenue primarily relates to: • Capital Reimbursements. Certain contracts in our G&P segment require that our customers reimburse us for capital expenditures related to the construction of long-lived assets utilized to provide services to them under the revenue contracts. Because we consider these amounts as consideration from customers associated with ongoing services to be provided to customers, we defer these upfront payments in deferred revenue and recognize the amounts in revenue over the life of the associated revenue contract as the performance obligations are satisfied under the contract. On January 1, 2018, we recorded an $87.6 million increase to our property, plant and equipment, net, a $69.1 million increase to our deferred revenue liability and an $18.5 million increase to partners’ capital as a result of applying the cumulative impact of adopting the new standard on these types of contracts. • Contracts with Increasing (Decreasing) Rates per Unit. Certain contracts in our G&P, S&T and MS&L segments have fixed rates per volume that increase and/or decrease over the life of the contract once certain time periods or thresholds are met. We record revenues on these contracts ratably per unit over the life of the contract based on the remaining performance obligations to be performed, which can result in the deferral of revenue for the difference between the consideration received and the ratable revenue recognized. On January 1, 2018, we recorded a $1.5 million increase to our deferred revenue liability and a corresponding decrease to partners’ capital as a result of applying the cumulative impact of adopting the new standard on these types of contracts. Credit Risk and Concentrations Inherent in our contractual portfolio are certain credit risks. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. We take an active role in managing credit risk and have established control procedures, which are reviewed on an ongoing basis. We attempt to minimize credit risk exposure through credit policies and periodic monitoring procedures as well as through customer deposits, letters of credit and entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate. Income Taxes Crestwood Equity is a master limited partnership and Crestwood Midstream is a limited partnership. Partnerships are generally not subject to federal income tax, although publicly-traded partnerships are treated as corporations for federal income tax purposes and therefore are subject to federal income tax, unless the partnership generates at least 90% of its gross income from qualifying sources. If the qualifying income requirement is satisfied, the publicly-traded partnership will be treated as a partnership for federal income tax purposes. We satisfy the qualifying income requirement and are treated as a partnership for federal and state income tax purp |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Divestitures | Divestitures Acquisition On April 9, 2019, Crestwood Niobrara LLC (Crestwood Niobrara), our consolidated subsidiary, acquired Williams Partners LP’s (Williams) 50% equity interest in Jackalope Gas Gathering Services, L.L.C. (Jackalope) for approximately $484.6 million (Jackalope Acquisition). The acquisition was funded through a combination of borrowings under the CMLP credit facility and the issuance of $235 million of new preferred units to CN Jackalope Holdings LLC (Jackalope Holdings) (see Note 12 for a further discussion of the issuance of the new preferred units). Prior to the Jackalope Acquisition, Crestwood Niobrara owned a 50% equity interest in Jackalope, which we accounted for under the equity method of accounting. As a result of this transaction, Crestwood Niobrara controls and owns 100% of the equity interests in Jackalope. The financial results of Jackalope are included in our gathering and processing segment from the date of the acquisition. Transaction costs related to the Jackalope Acquisition were approximately $2.8 million during the year ended December 31, 2019 . These costs are included in operations and maintenance expenses in our consolidated statements of operations. The fair values of the assets acquired and liabilities assumed were determined primarily utilizing market-related information and other projections on the performance of the assets acquired, including an analysis of the discounted cash flows at a discount rate of approximately 12% . Those fair values are Level 3 fair value measurements and were developed by management with the assistance of a third-party valuation firm. The following table summarizes the final valuation of the assets acquired and liabilities assumed at the acquisition date (in millions ): Cash $ 22.5 Other current assets 30.9 Property, plant and equipment 532.9 Intangible assets 306.0 Goodwill 80.3 Current liabilities (30.4 ) Other long-term liabilities (21.5 ) Estimated fair value of 100% interest in Jackalope 920.7 Less: Elimination of equity investment in Jackalope 226.7 Gain on acquisition of Jackalope 209.4 Total purchase price $ 484.6 The identifiable intangible assets primarily consists of a customer contract that has a weighted-average remaining life of 17 years . The goodwill recognized relates primarily to anticipated operating synergies between the assets acquired and our existing operations. The fair value of the assets acquired and liabilities assumed in the Jackalope Acquisition exceeded the sum of the cash consideration paid and the historical book value of our 50% equity interest in Jackalope (which was remeasured at fair value and derecognized) and, as a result, we recognized a gain of approximately $209.4 million . This gain is included in gain on acquisition in our consolidated statements of operations. Our consolidated statements of operations include the results of Jackalope since April 9, 2019, the closing date of the acquisition. During the year ended December 31, 2019 , we recognized approximately $70.1 million of revenues and $20.9 million of net income related to Jackalope’s operations. The tables below presents selected unaudited pro forma information as if the Jackalope Acquisition had occurred on January 1, 2017 (in millions) . The pro forma information is not necessarily indicative of the financial results that would have occurred if the transaction had been completed as of the dates indicated. The amounts have been calculated after applying our accounting policies and adjusting the results to reflect the depreciation, amortization and accretion expense that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been made at the beginning of the respective reporting period. The pro forma net income also includes the effects of interest expense on incremental borrowings and recognition of deferred revenue. Crestwood Equity Year Ended December 31, 2019 2018 2017 Revenues $ 3,202.6 $ 3,729.5 $ 3,935.4 Net income (loss) $ 313.5 $ 45.0 $ (193.0 ) Crestwood Midstream Year ended December 31, 2019 2018 2017 Revenues $ 3,202.6 $ 3,729.5 $ 3,935.4 Net income (loss) $ 304.2 $ 36.6 $ (201.9 ) Divestitures In October 2018, we sold our West Coast assets to a third party for proceeds of approximately $70.5 million . The West Coast assets included a gas gathering and processing system, fractionator, butamer and various rail and truck terminal and storage facilities located in California, Nevada, Wyoming and Utah. The sale of West Coast resulted in a decrease of $61.8 million of property, plant and equipment, net, $9.0 million of goodwill and $26.6 million of other assets and liabilities, net. During the year ended December 31, 2018, we recognized a loss from the sale of approximately $26.9 million (including the goodwill write off discussed in Note 2), which is included in loss on long-lived assets, net in our consolidated statement of operations. Our West Coast assets were previously included in our MS&L segment. In December 2017, we sold 100% of our equity interests in US Salt, a solution-mining and salt production company located on the shores of Seneca Lake near Watkins Glen in Schuyler County, New York, to an affiliate of Kissner Group Holdings LP, for net proceeds of approximately $223.6 million , and we recognized a gain from the sale of approximately $33.6 million , which is included in loss on long-lived assets, net in our consolidated statement of operations. US Salt was previously included in our MS&L segment. |
Certain Balance Sheet Informati
Certain Balance Sheet Information | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Information | Certain Balance Sheet Information Property, Plant and Equipment Property, plant and equipment consisted of the following at December 31, 2019 and 2018 ( in millions ): CEQP CMLP December 31, December 31, 2019 2018 2019 2018 Gathering systems and pipelines and related assets $ 1,017.8 $ 758.6 $ 1,160.6 $ 901.5 Facilities and equipment 1,797.7 1,230.7 1,982.8 1,415.9 Buildings, land, rights-of-way, storage rights and easements 370.6 331.7 374.3 335.4 Vehicles 27.7 17.9 26.0 16.1 Construction in process 368.7 230.8 368.7 230.8 Office furniture and fixtures 30.0 28.4 30.2 28.5 3,612.5 2,598.1 3,942.6 2,928.2 Less: accumulated depreciation 703.4 568.4 875.1 725.9 Total property, plant and equipment, net $ 2,909.1 $ 2,029.7 $ 3,067.5 $ 2,202.3 Depreciation. CEQP’s depreciation expense totaled $139.5 million , $123.6 million and $135.9 million for the years ended December 31, 2019 , 2018 and 2017 . CMLP’s depreciation expense totaled $153.5 million , $137.7 million and $150.0 million for the years ended December 31, 2019 , 2018 and 2017 . Capitalized Interest. During the years ended December 31, 2019 , 2018 and 2017 , CEQP and CMLP capitalized interest of $14.4 million , $5.0 million and $2.9 million related to certain expansion projects. Finance Leases. We had finance lease assets of $9.5 million and $9.7 million included in property, plant and equipment, net at December 31, 2019 and 2018, primarily related to certain vehicle leases. See Notes 2 and 15 for a further discussion of our finance lease assets. Intangible Assets Intangible assets at CEQP and CMLP consisted of the following at December 31, 2019 and 2018 ( in millions ): December 31, 2019 2018 Customer accounts $ 438.9 $ 438.9 Gas gathering, compression and processing contracts (1) 631.2 325.2 Trademarks 6.2 6.2 1,076.3 770.3 Less: accumulated amortization 271.1 216.5 Total intangible assets, net $ 805.2 $ 553.8 (1) Includes $306.0 million related to a revenue contract acquired from the Jackalope Acquisition, which is further discussed in Note 3. The following table summarizes total accumulated amortization of CEQP’s and CMLP’s intangible assets at December 31, 2019 and 2018 ( in millions ): December 31, 2019 2018 Customer accounts $ 134.4 $ 112.1 Gas gathering, compression and processing contracts 132.5 100.8 Trademarks 4.2 3.6 Total accumulated amortization $ 271.1 $ 216.5 Crestwood Equity’s amortization expense related to its intangible assets for the years ended December 31, 2019 , 2018 and 2017 , was approximately $54.6 million , $43.5 million and $53.7 million . Crestwood Midstream’s amortization expense related to its intangible assets for the years ended December 31, 2019 , 2018 and 2017 was approximately $54.6 million , $42.1 million and $50.6 million . Estimated amortization of CEQP’s and CMLP’s intangible assets for the next five years is as follows ( in millions ): Year Ending December 31, 2020 $ 58.9 2021 $ 58.9 2022 $ 58.9 2023 $ 55.0 2024 $ 50.1 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following at December 31, 2019 and 2018 ( in millions ): CEQP CMLP December 31, December 31, 2019 2018 2019 2018 Accrued expenses (1) $ 61.6 $ 64.8 $ 60.3 $ 63.7 Accrued property taxes 6.1 2.6 6.1 2.6 Income tax payable 0.3 0.3 0.3 0.3 Interest payable 25.6 19.8 25.6 19.8 Accrued additions to property, plant and equipment 38.0 10.5 38.0 10.5 Operating leases 18.1 — 18.1 — Finance leases 3.2 2.4 3.2 2.4 Deferred revenue 8.8 12.0 8.8 12.0 Total accrued expenses and other liabilities $ 161.7 $ 112.4 $ 160.4 $ 111.3 (1) Includes $16.2 million of related party accrued expenses at December 31, 2018 related to deposits received from Jackalope prior to the acquisition of the remaining 50% equity interest in Jackalope from Williams in April 2019. Other Long-Term Liabilities Other long-term liabilities consisted of the following at December 31, 2019 and 2018 ( in millions ): CEQP CMLP December 31, December 31, 2019 2018 2019 2018 Contract liabilities $ 144.7 $ 65.4 $ 144.7 $ 65.4 Contingent consideration 57.0 57.0 57.0 57.0 Operating leases 41.5 — 41.5 — Asset retirement obligations 33.3 27.6 33.3 27.6 Other 25.1 23.6 19.1 21.0 Total other long-term liabilities $ 301.6 $ 173.6 $ 295.6 $ 171.0 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Asset Retirement Obligations We have legal obligations associated with our facilities and right-of-way contracts we hold. Where we can reasonably estimate the ARO, we accrue a liability based on an estimate of the timing and amount of settlement. We record changes in these estimates based on changes in the expected amount and timing of payments to settle our obligations. We did not have any material assets that were legally restricted for use in settling asset retirement obligations as of December 31, 2019 and 2018 . The following table presents the changes in the net asset retirement obligations for the years ended December 31, 2019 and 2018 ( in millions ): 2019 2018 Net asset retirement obligations at January 1 $ 28.1 $ 28.1 Liabilities acquired (1) 1.7 — Liabilities incurred 3.4 1.2 Liabilities settled (0.1 ) (2.8 ) Accretion expense 1.7 1.6 Net asset retirement obligations at December 31 (2) $ 34.8 $ 28.1 (1) Relates to the Jackalope Acquisition, which is further discussed in Note 3. (2) Includes $1.5 million and $0.5 million of current ARO liabilities at December 31, 2019 and 2018. |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Net Investments and Earnings (Loss) Our net investments in and earnings (loss) from our unconsolidated affiliates are as follows ( in millions, unless otherwise stated): Ownership Percentage Investment Earnings (Loss) from Unconsolidated Affiliates December 31, December 31, Year Ended December 31, 2019 2019 2018 2019 2018 2017 Stagecoach Gas Services LLC 50.00 % $ 814.4 $ 830.4 $ 34.2 $ 29.3 $ 25.3 Jackalope Gas Gathering Services, L.L.C. (1) — % (1) — 210.2 3.7 18.1 10.5 Crestwood Permian Basin Holdings LLC (2) 50.00 % 121.8 104.3 (5.8 ) 4.4 8.4 Tres Palacios Holdings LLC 50.01 % 35.9 35.0 0.9 — 2.2 Powder River Basin Industrial Complex, LLC 50.01 % 8.3 8.3 (0.2 ) 1.5 1.4 Total $ 980.4 $ 1,188.2 $ 32.8 $ 53.3 $ 47.8 (1) On April 9, 2019, Crestwood Niobrara acquired Williams’ 50% equity interest in Jackalope and, as a result, Crestwood Niobrara controls and owns 100% of the equity interests in Jackalope. See Note 3 for a further discussion of this acquisition. (2) Pursuant to the Crestwood Permian limited liability company agreement, we were allocated 100% of Crestwood New Mexico’s earnings through June 30, 2018. Effective July 1, 2018, our equity earnings from Crestwood New Mexico is based on our ownership percentage of Crestwood Permian, which is currently 50% . Description of Investments Stagecoach Gas Services LLC Crestwood Pipeline and Storage Northeast LLC, our wholly-owned subsidiary, owns a 50% equity interest in Stagecoach Gas Services LLC (Stagecoach Gas), and Con Edison Gas Pipeline and Storage Northeast, LLC (CEGP) owns the remaining 50% equity interest in Stagecoach Gas. We account for our 50% equity interest in Stagecoach Gas under the equity method of accounting. Our Stagecoach Gas investment is included in our storage and transportation segment. Pursuant to the Stagecoach Gas limited liability company agreement, we may be required to make payments of up to $57 million to CEGP after December 31, 2020 if certain criteria are not met by Stagecoach Gas by December 31, 2020, including achieving certain performance targets on growth capital projects. These growth capital projects depend on the construction of other third-party expansion projects, and during 2017, those third-party projects experienced regulatory and other delays that caused Stagecoach Gas to delay its growth capital projects. As a result, our consolidated balance sheets reflect an other long-term liability of $57 million at December 31, 2019 and 2018 , and our consolidated income statement for the year ended December 31, 2017 reflects a $57 million loss on contingent consideration related to this obligation. Jackalope Gas Gathering Services, L.L.C. On April 9, 2019, Crestwood Niobrara, our consolidated subsidiary, acquired Williams’ 50% equity interest in Jackalope and, as a result, Crestwood Niobrara controls and owns 100% of the equity interests in Jackalope. As a result of this transaction, we eliminated our historical equity investment in Jackalope of approximately $226.7 million as of April 9, 2019 and began consolidating Jackalope’s operations. Our Jackalope investment was included in our gathering and processing segment. On January 1, 2018, Jackalope adopted the provisions of Topic 606 , and we recorded a $9.5 million decrease to our equity method investment and a corresponding decrease to our partners’ capital to reflect our proportionate share of the cumulative effect of accounting change recorded by Jackalope related to the new standard. In addition, our earnings from unconsolidated affiliates decreased by approximately $9.7 million during the year ended December 31, 2018 to reflect our proportionate share of Jackalope’s deferred revenues related to the new standard. Crestwood Permian Basin Holdings LLC Crestwood Infrastructure, our wholly-owned subsidiary, owns a 50% equity interest in Crestwood Permian and an affiliate of First Reserve owns the remaining 50% equity interest in Crestwood Permian. We manage and account for our 50% ownership interest in Crestwood Permian, which is a VIE, under the equity method of accounting as we exercise significant influence, but do not control Crestwood Permian and we are not its primary beneficiary due to First Reserve’s rights to exercise control over the entity. Our Crestwood Permian investment is included in our gathering and processing segment. Prior to October 2017, Crestwood Permian owned 100% of the equity interest of Crestwood Permian Basin LLC (Crestwood Permian Basin). Crestwood Permian Basin has a long-term agreement with SWEPI LP (SWEPI), a subsidiary of Royal Dutch Shell plc, to construct, own and operate a natural gas gathering system (the Nautilus gathering system) in SWEPI’s operated position in the Delaware Permian. In conjunction with the Crestwood Permian Basin’s agreement with SWEPI, Crestwood Permian granted Shell Midstream Partners L.P. (Shell Midstream), a subsidiary of Royal Dutch Shell plc, an option to purchase up to 50% equity interest in Crestwood Permian Basin. In October 2017, Shell Midstream exercised its option and purchased a 50% equity interest in Crestwood Permian Basin from Crestwood Permian for approximately $37.9 million in cash. Crestwood Permian distributed to us approximately $18.9 million of the cash proceeds received. CEQP issued a guarantee in conjunction with the Crestwood Permian Basin gas gathering agreement with SWEPI described above, under which CEQP agreed to fund 100% of the costs to build the Nautilus gathering system if Crestwood Permian failed to do so. In conjunction with the expiration of that guarantee during 2019, a guarantee became effective that would require CEQP to pay up to $10 million if Crestwood Permian fails to honor its obligations to Crestwood Permian Basin in the event Crestwood Permian Basin fails to satisfy its obligations under its gas gathering agreement with SWEPI. We do not believe this guarantee is probable of resulting in future losses based on our assessment of the nature of the guarantee, the financial condition of the guaranteed party and the period of time that the guarantee has been outstanding, and as a result, we have not recorded a liability on our balance sheet at December 31, 2019 and 2018 . Tres Palacios Holdings LLC Crestwood Midstream owns a 50.01% ownership interest in Tres Palacios Holdings LLC (Tres Holdings) and is the operator of Tres Palacios Gas Storage LLC (Tres Palacios) and its assets. Brookfield Infrastructure Group owns the remaining 49.99% ownership interest in Tres Holdings. We account for our investment in Tres Holdings under the equity method of accounting. Our Tres Holdings investment is included in our storage and transportation segment. Powder River Basin Industrial Complex, LLC Crestwood Crude Logistics LLC, our wholly-owned subsidiary, owns a 50% ownership interest in PRBIC which we account for under the equity method of accounting. Twin Eagle Powder River Basin, LLC owns the remaining 50% ownership interest in PRBIC. Our PRBIC investment is included in our storage and transportation segment Summarized Financial Information of Unconsolidated Affiliates Below is summarized financial information for our significant unconsolidated affiliates ( in millions; amounts represent 100% of unconsolidated affiliate information ): Financial Position Data December 31, 2019 2018 Current Assets Non-Current Assets Current Liabilities Non-Current Liabilities Members’ Equity Current Assets Non-Current Assets Current Liabilities Non-Current Liabilities Members’ Equity Stagecoach (1) $ 50.6 $ 1,686.3 $ 3.9 $ 1.5 $ 1,731.5 $ 50.1 $ 1,725.1 $ 4.2 $ 0.9 $ 1,770.1 Crestwood Permian (2) 15.9 386.8 16.3 72.1 314.3 17.7 372.6 16.8 94.7 278.8 Other (3) 11.7 277.9 21.0 121.1 147.5 59.3 658.0 17.4 129.6 570.3 Total $ 78.2 $ 2,351.0 $ 41.2 $ 194.7 $ 2,193.3 $ 127.1 $ 2,755.7 $ 38.4 $ 225.2 $ 2,619.2 (1) As of December 31, 2019 , our equity in the underlying net assets of Stagecoach Gas exceeded our investment balance by approximately $51.3 million . This excess amount is entirely attributable to goodwill and, as such, is not subject to amortization. (2) As of December 31, 2019 , the difference of approximately $11.5 million between our equity in Crestwood Permian’s net assets and our investment balance is not subject to amortization. (3) Includes our Tres Holdings and PRBIC equity investments at December 31, 2019 and 2018 , and our Jackalope equity investment at December 31, 2018 . As of December 31, 2019 , our equity in the underlying net assets of Tres Holdings and PRBIC exceeded our investment balance by approximately $24.0 million and $5.5 million , respectively. Operating Results Data Year Ended December 31, 2019 2018 2017 Operating Revenues Operating Expenses Net Income (Loss) Operating Revenues Operating Expenses Net Income Operating Revenues Operating Expenses Net Income Stagecoach $ 163.8 $ 83.6 $ 80.6 $ 171.4 $ 79.3 $ 92.1 $ 168.6 $ 77.7 $ 91.1 Crestwood 64.8 76.0 (11.1 ) 82.2 81.3 5.7 87.3 74.1 14.1 Other (1) 55.1 49.9 5.1 116.9 81.5 35.6 94.5 69.5 24.8 Total $ 283.7 $ 209.5 $ 74.6 $ 370.5 $ 242.1 $ 133.4 $ 350.4 $ 221.3 $ 130.0 (1) Includes our Jackalope (prior to the acquisition of the remaining 50% interest from Williams in April 2019), Tres Holdings and PRBIC equity investments. We amortize the excess basis in certain of our equity investments as an increase in our earnings from unconsolidated affiliates. We recorded amortization of the excess basis in our Jackalope equity investment of less than $0.1 million for each of the years ended December 31, 2019 , 2018 and 2017 , which we amortized over the life of Jackalope’s gathering agreement with Chesapeake Energy Corporation (Chesapeake). We recorded amortization of the excess basis in our Tres Holdings equity investment of approximately $1.3 million for each of the years ended December 31, 2019 , 2018 and 2017 , which we amortize over the life of Tres Palacios’ sublease agreement. We recorded amortization of the excess basis in our PRBIC equity investment of approximately $0.4 million , $0.5 million and $0.6 million for the years ended December 31, 2019 , 2018 and 2017 , which we amortize over the life of PRBIC’s property, plant and equipment. Distributions and Contributions Distributions Contributions Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 Stagecoach Gas $ 52.3 $ 48.7 $ 47.3 $ 2.1 $ — $ 0.8 Jackalope 11.6 32.4 26.3 24.4 49.1 3.5 Crestwood Permian (1) 5.0 14.7 23.4 28.3 12.6 117.5 Tres Holdings (2) 6.3 5.3 9.0 6.3 2.5 5.6 PRBIC (3) — 1.9 1.6 0.2 0.2 — Total $ 75.2 $ 103.0 $ 107.6 $ 61.3 $ 64.4 $ 127.4 (1) On June 21, 2017, we contributed to Crestwood Permian 100% of the equity interest of Crestwood New Mexico Pipeline LLC (Crestwood New Mexico) at our historical book value of approximately $69.4 million . This contribution was treated as a non-cash transaction between entities under common control. (2) Tres Holdings is required, within 30 days following the end of each quarter, to make quarterly distributions of its available cash (as defined in its limited liability company agreement) to its members based on their respective ownership percentage. (3) PRBIC is required to make quarterly distributions of its available cash to its members based on their respective ownership percentage. Stagecoach Gas . Stagecoach Gas is required, within 30 days following the end of each quarter, to distribute its available cash (as defined in its limited liability company agreement) to its members. Pursuant to the Stagecoach limited liability company agreement, our share of Stagecoach’s available cash increased from 40% to 50% effective July 1, 2019. Prior to July 1, 2019, Stagecoach Gas distributed 40% of its available cash to us and prior to July 1, 2018, Stagecoach Gas distributed 35% of its available cash to us. Because our ownership and distribution percentages differed prior to July 1, 2019, equity earnings from Stagecoach Gas were determined using the Hypothetical Liquidation at Book Value (HLBV) method. Under the HLBV method, a calculation is prepared at each balance sheet date to determine the amount of cash an equity investment would distribute to its members if the equity investment were to liquidate all of its assets, as valued in accordance with GAAP. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the members’ share of the earnings or losses from the equity investment for the period, which approximates how earnings are allocated under the terms of the limited liability company agreement. In January 2020, we received a cash distribution from Stagecoach Gas of approximately $15.5 million . Crestwood Permian . Crestwood Permian is required, within 30 days following the end of each quarter to distribute 100% of its available cash (as defined in its limited liability company agreement) to its members based on their respective ownership percentages. Pursuant to Crestwood Permian's limited liability company agreement, we received 100% of Crestwood New Mexico's available cash (as defined in the limited liability company agreement) through June 30, 2018, and subsequent to June 30, 2018, our distributions are based on the members respective ownership percentages. Because our ownership and distribution percentages differed prior to June 30, 2018, equity earnings from Crestwood Permian were determined using the HLBV method discussed above. In January 2020, we received a cash distribution from Crestwood Permian of approximately $3.8 million . |
Risk Management
Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Risk Management - Notional Amounts and Terms of Companys Derivative Financial Instruments [Abstract] | |
Risk Management | Risk Management We are exposed to certain market risks related to our ongoing business operations. These risks include exposure to changing commodity prices. We utilize derivative instruments to manage our exposure to fluctuations in commodity prices, which is discussed below. Additional information related to our derivatives is discussed in Note 2 and Note 8 . Commodity Derivative Instruments and Price Risk Management Risk Management Activities We sell NGLs (such as propane, ethane, butane and heating oil), crude oil and natural gas to energy-related businesses and may use a variety of financial and other instruments including forward contracts involving physical delivery of NGLs, crude oil and natural gas. We periodically enter into offsetting positions to economically hedge against the exposure our customer contracts create. Certain of these contracts and positions are derivative instruments. We do not designate any of our commodity-based derivatives as hedging instruments for accounting purposes. Our commodity-based derivatives are reflected at fair value in the consolidated balance sheets, and changes in the fair value of these derivatives that impact the consolidated statements of operations are reflected in costs of product/services sold. Our commodity-based derivatives that are settled with physical commodities are reflected as an increase to product revenues, and the commodity inventory that is utilized to satisfy those physical obligations is reflected as an increase to costs of product sold in our consolidated statements of operations. The following table summarizes the impact to our consolidated statements of operations related to our commodity-based derivatives reflected in operating revenues and costs of product/services sold during the years ended December 31, 2019 , 2018 and 2017 ( in millions ): December 31, 2019 2018 2017 Product revenues $ 252.3 $ 343.3 $ 234.1 Gain (loss) reflected in costs of product/services sold $ 19.5 $ 29.6 $ (31.2 ) We attempt to balance our contractual portfolio in terms of notional amounts and timing of performance and delivery obligations. This balance in the contractual portfolio significantly reduces the volatility in costs of product/services sold related to these instruments. Commodity Price and Credit Risk Notional Amounts and Terms The notional amounts and terms of our derivative financial instruments include the following: December 31, 2019 December 31, 2018 Fixed Price Payor Fixed Price Receiver Fixed Price Payor Fixed Price Receiver Propane, ethane, butane, heating oil and crude oil (MMBbls) 33.5 36.6 27.8 30.1 Natural gas (Bcf) 3.7 8.7 1.8 1.8 Notional amounts reflect the volume of transactions, but do not represent the amounts exchanged by the parties to the financial instruments. Accordingly, notional amounts do not reflect our monetary exposure to market or credit risks. All contracts subject to price risk had a maturity of 37 months or less; however, 85% of the contracted volumes will be delivered or settled within 12 months . Credit Risk Inherent in our contractual portfolio are certain credit risks. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. We take an active role in managing credit risk and have established control procedures, which are reviewed on an ongoing basis. We attempt to minimize credit risk exposure through credit policies and periodic monitoring procedures as well as through customer deposits, letters of credit and entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate. The counterparties associated with our price risk management activities are energy marketers and propane retailers, resellers and dealers. Certain of our derivative instruments have credit limits that require us to post collateral. The amount of collateral required to be posted is a function of the net liability position of the derivative as well as our established credit limit with the respective counterparty. If our credit rating were to change, the counterparties could require us to post additional collateral. The amount of additional collateral that would be required to be posted would vary depending on the extent of change in our credit rating as well as the requirements of the individual counterparty. In addition, we have margin requirements with a New York Mercantile Exchange (NYMEX) broker related to our net asset or liability position with such broker. All collateral amounts have been netted against the asset or liability with the respective counterparty and are reflected in our consolidated balance sheets as assets and liabilities from price risk management activities. The following table presents the fair value of our commodity derivative instruments with credit-risk-related contingent features and their associated collateral ( in millions ): December 31, 2019 2018 Aggregate fair value of derivative instruments with credit-risk-related contingent features (1) $ 1.6 $ 2.2 NYMEX-related net derivative liability position $ 28.8 $ 9.4 NYMEX-related cash collateral posted $ 40.4 $ 21.7 Cash collateral received, net $ 16.9 $ 14.2 (1) At December 31, 2019 and 2018 , we posted less than $0.1 million of collateral associated with these derivatives. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The accounting standard for fair value measurement establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed equities and US government treasury securities. • Level 2—Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange-traded derivatives such as over the counter (OTC) forwards, options and physical exchanges. • Level 3—Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. Cash, Accounts Receivable and Accounts Payable As of December 31, 2019 and 2018 , the carrying amounts of cash, accounts receivable and accounts payable approximate fair value based on the short-term nature of these instruments. Credit Facility The fair value of the amounts outstanding under our Crestwood Midstream credit facility approximates the carrying amounts as of December 31, 2019 and 2018 , due primarily to the variable nature of the interest rate of the instrument, which is considered a Level 2 fair value measurement. Senior Notes We estimate the fair value of our senior notes primarily based on quoted market prices for the same or similar issuances (representing a Level 2 fair value measurement). The following table represents the carrying amount (reduced for deferred financing costs associated with the respective notes) and fair value of our senior notes ( in millions ): December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair 2023 Senior Notes $ 695.1 $ 714.0 $ 693.6 $ 668.1 2025 Senior Notes $ 494.4 $ 514.4 $ 493.4 $ 466.2 2027 Senior Notes $ 592.1 $ 610.1 $ — $ — Financial Assets and Liabilities As of December 31, 2019 and 2018 , we held certain assets and liabilities that are required to be measured at fair value on a recurring basis, which include our derivative instruments related to heating oil, crude oil, and NGLs. Our derivative instruments consist of forwards, swaps, futures, physical exchanges and options. Our derivative instruments that are traded on the NYMEX have been categorized as Level 1. Our derivative instruments also include OTC contracts, which are not traded on a public exchange. The fair values of these derivative instruments are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. These instruments have been categorized as Level 2. Our OTC options are valued based on the Black Scholes option pricing model that considers time value and volatility of the underlying commodity. The inputs utilized in the model are based on publicly available information as well as broker quotes. These options have been categorized as Level 2. Our financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following tables set forth by level within the fair value hierarchy, our financial instruments that were accounted for at fair value on a recurring basis at December 31, 2019 and 2018 ( in millions ): December 31, 2019 Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Fair Value Assets Assets from price risk management $ 3.7 $ 164.0 $ — $ 167.7 $ (122.3 ) $ (2.2 ) $ 43.2 Suburban Propane Partners, L.P. units (2) 3.1 — — 3.1 — — 3.1 Total assets at fair value $ 6.8 $ 164.0 $ — $ 170.8 $ (122.3 ) $ (2.2 ) $ 46.3 Liabilities Liabilities from price risk management $ 2.8 $ 151.9 $ — $ 154.7 $ (122.3 ) $ (25.7 ) $ 6.7 Total liabilities at fair value $ 2.8 $ 151.9 $ — $ 154.7 $ (122.3 ) $ (25.7 ) $ 6.7 December 31, 2018 Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Fair Value Assets Assets from price risk management $ 12.4 $ 160.7 $ — $ 173.1 $ (140.3 ) $ 1.9 $ 34.7 Suburban Propane Partners, L.P. units (2) 2.8 — — 2.8 — — 2.8 Total assets at fair value $ 15.2 $ 160.7 $ — $ 175.9 $ (140.3 ) $ 1.9 $ 37.5 Liabilities Liabilities from price risk management $ 7.0 $ 144.7 $ — $ 151.7 $ (140.3 ) $ (5.6 ) $ 5.8 Total liabilities at fair value $ 7.0 $ 144.7 $ — $ 151.7 $ (140.3 ) $ (5.6 ) $ 5.8 (1) Amounts represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions. (2) Amount is reflected in other assets on CEQP’s consolidated balance sheets. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at December 31, 2019 and 2018 , ( in millions ): December 31, 2019 2018 Credit Facility $ 557.0 $ 578.2 2023 Senior Notes 700.0 700.0 2025 Senior Notes 500.0 500.0 2027 Senior Notes 600.0 — Other 0.6 1.5 Less: deferred financing costs, net 29.1 26.4 Total debt 2,328.5 1,753.3 Less: current portion 0.2 0.9 Total long-term debt, less current portion $ 2,328.3 $ 1,752.4 Credit Facility In October 2018, Crestwood Midstream entered into a Second Amended and Restated Agreement (the CMLP Credit Agreement). The CMLP Credit Agreement provides for a five -year $1.25 billion revolving credit facility (the CMLP Credit Facility), which expires in October 2023 and is available to fund acquisitions, working capital and internal growth projects and for general partnership purposes. The CMLP Credit Facility allows Crestwood Midstream to increase its available borrowings under the facility by $350.0 million , subject to lender approval and the satisfaction of certain other conditions, as described in the CMLP Credit Agreement. The CMLP Credit Facility also includes a sub-limit of up to $25.0 million for same-day swing line advances and a sub-limit up to $350.0 million for letters of credit. Subject to limited exception, the CMLP Credit Facility is guaranteed and secured by substantially all of the equity interests and assets of Crestwood Midstream’s subsidiaries, except for Crestwood Infrastructure, Crestwood Niobrara, Crestwood Northeast, PRBIC and Tres Holdings and their respective subsidiaries. The Company also guarantees Crestwood Midstream’s payment obligations under its $1.25 billion credit agreement. Prior to amending and restating its credit agreement in October 2018, Crestwood Midstream had a five-year $1.5 billion senior secured revolving credit facility, which would have expired September 2020 (2020 Credit Facility). We recognized a loss on modification of debt of approximately $0.9 million for the year ended December 31, 2018 in conjunction with amending and restating the CMLP Credit Agreement. Borrowings under the CMLP Credit Facility (other than the swing line loans) bear interest at either: • the Alternate Base Rate, which is defined as the highest of (i) the federal funds rate plus 0.50% ; (ii) Wells Fargo Bank’s prime rate; or (iii) the Eurodollar Rate adjusted for certain reserve requirements plus 1% ; plus a margin varying from 0.50% to 1.50% at December 31, 2019 depending on Crestwood Midstream’s most recent consolidated total leverage ratio; or • the Eurodollar Rate, adjusted for certain reserve requirements plus a margin varying from 1.50% to 2.50% at December 31, 2019 depending on Crestwood Midstream’s most recent consolidated total leverage ratio. Swing line loans bear interest at the Alternate Base Rate as described above. The unused portion of the CMLP Credit Facility is subject to a commitment fee ranging from 0.25% to 0.45% according to its most recent consolidated total leverage ratio. Interest on the Alternate Base Rate loans is payable quarterly, or if the adjusted Eurodollar Rate applies, interest is payable at certain intervals selected by Crestwood Midstream. At December 31, 2019 , Crestwood Midstream had $661.3 million of available capacity under its credit facility considering the most restrictive covenants in its credit agreement. At December 31, 2019 and 2018 , Crestwood Midstream’s outstanding standby letters of credit were $31.7 million and $68.0 million . Borrowings under the credit facility accrue interest at prime or Eurodollar based rates plus applicable spreads, which resulted in interest rates between 3.96% and 6.00% at December 31, 2019 and 4.63% and 6.75% at December 31, 2018 . The weighted-average interest rates on outstanding borrowings as of December 31, 2019 and 2018 was 4.00% and 4.79% . In April 2019, Crestwood Niobrara acquired the remaining 50% equity interest in Jackalope and funded approximately $250 million of the total purchase price through borrowings under Crestwood Midstream’s credit facility. Contemporaneously with the acquisition of the remaining interest in Jackalope, Crestwood Midstream entered into the First Amendment to the CMLP Credit Agreement to modify certain defined terms and calculations, among other things, to account for the Jackalope Acquisition. The CMLP Credit Facility contains various covenants and restrictive provisions that limit our ability to, among other things, (i) incur additional debt; (ii) make distributions on or redeem or repurchase units; (iii) make certain investments and acquisitions; (iv) incur or permit certain liens to exist; (v) merge, consolidate or amalgamate with another company; (vi) transfer or dispose of assets; and (vii) incur a change in control at either Crestwood Equity or Crestwood Midstream, including an acquisition of Crestwood Holdings’ ownership of Crestwood Equity’s general partner by any third party, including Crestwood Holdings’ debtors under an event of default of their debt since Crestwood Equity’s non-economic general partner interest is pledged as collateral under that debt. Crestwood Midstream is required under its credit agreement to maintain a net debt to consolidated EBITDA ratio (as defined in its credit agreement) of not more than 5.50 to 1.0, a consolidated EBITDA to consolidated interest expense ratio (as defined in its credit agreement) of not less than 2.50 to 1.0, and a senior secured leverage ratio (as defined in its credit agreement) of not more than 3.75 to 1.0. At December 31, 2019 , the net debt to consolidated EBITDA was approximately 4.13 to 1.0, the consolidated EBITDA to consolidated interest expense was approximately 4.47 to 1.0, and the senior secured leverage ratio was 0.98 to 1.0. If Crestwood Midstream fails to perform its obligations under these and other covenants, the lenders’ credit commitment could be terminated and any outstanding borrowings, together with accrued interest, under the CMLP Credit Facility could be declared immediately due and payable. The CMLP Credit Facility also has cross default provisions that apply to any of its other material indebtedness. Senior Notes 2023 Senior Notes . The 6.25% Senior Notes due 2023 (the 2023 Senior Notes) mature on April 1, 2023, and interest is payable semi-annually in arrears on April 1 and October 1 of each year. 2025 Senior Notes. The 5.75% Senior Notes due 2025 (the 2025 Senior Notes) mature on April 1, 2025, and interest is payable semi-annually in arrears on April 1 and October 1 of each year. The net proceeds from the private offering of approximately $492 million were used to repay amounts previously outstanding under CMLP’s senior notes due in 2020 and 2022 as discussed below. 2027 Senior Notes. In April, 2019, Crestwood Midstream issued $600 million of 5.625% unsecured senior notes due 2027 (the 2027 Senior Notes). The 2027 Senior Notes mature on May 1, 2027, and interest is payable semi-annually in arrears on May 1 and November 1 of each year, beginning November 1, 2019. The net proceeds from this offering of approximately $591.1 million were used to fund the acquisition of the remaining 50% equity interest in Jackalope. In general, each series of Crestwood Midstream’s senior notes are fully and unconditionally guaranteed, joint and severally, on a senior unsecured basis by Crestwood Midstream’s domestic restricted subsidiaries (other than Crestwood Midstream Finance Corp., which has no assets). The indentures contain customary release provisions, such as (i) disposition of all or substantially all the assets of, or the capital stock of, a guarantor subsidiary to a third person if the disposition complies with the indentures; (ii) designation of a guarantor subsidiary as an unrestricted subsidiary in accordance with its indentures; (iii) legal or covenant defeasance of a series of senior notes, or satisfaction and discharge of the related indenture; and (iv) guarantor subsidiary ceases to guarantee any other indebtedness of Crestwood Midstream or any other guarantor subsidiary, provided it no longer guarantees indebtedness under the CMLP Credit Facility. The indentures restricts the ability of Crestwood Midstream and its restricted subsidiaries to, among other things, sell assets; redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; create or incur certain liens; enter into agreements that restrict distributions or other payments to Crestwood Midstream from its restricted subsidiaries; consolidate, merge or transfer all or substantially all of their assets; engage in affiliate transactions; create unrestricted subsidiaries; and incur a change in control at either Crestwood Equity or Crestwood Midstream, including an acquisition of Crestwood Holdings’ ownership of Crestwood Equity’s general partner by any third party including Crestwood Holdings’ debtors under an event of default of their debt since Crestwood Equity’s non-economic general partner interest is pledged as collateral under that debt. These restrictions are subject to a number of exceptions and qualifications, and many of these restrictions will terminate when the senior notes are rated investment grade by either Moody’s Investors Service, Inc. or Standard & Poor’s Rating Services and no default or event of default (each as defined in the respective indentures) under the indentures has occurred and is continuing. At December 31, 2019 , Crestwood Midstream was in compliance with the debt covenants and restrictions in each of its credit agreements discussed above. Crestwood Midstream’s Credit Facility and senior notes are secured by the net assets of its guarantor subsidiaries. Accordingly, such assets are only available to the creditors of Crestwood Midstream. Crestwood Equity had restricted net assets of approximately $2,099.3 million as of December 31, 2019 . Repayments. During the year ended December 31, 2017, Crestwood Midstream paid approximately $349.9 million and $457.8 million to purchase, redeem and/or cancel all of the principal amounts previously outstanding under CMLP’s senior notes due in 2020 and 2022, respectively. Crestwood Midstream funded the repayments with a combination of net proceeds from the issuance of the 2025 Senior Notes described above and borrowings under the 2020 Credit Facility. In conjunction with these note repayments, Crestwood Midstream (i) recognized a loss on extinguishment of debt of approximately $37.7 million during the year ended December 31, 2017 (including the write off of approximately $6.8 million of deferred financing costs associated with the senior notes due in 2022); and (ii) paid $5.1 million and $1.0 million of accrued interest on CMLP’s senior notes due in 2020 and 2022, respectively, on the date they were tendered. Other Obligations Our non-interest bearing obligations due under noncompetition agreements consist of agreements between Crestwood Midstream and sellers of certain companies acquired in 2014 with payments due through 2022 and imputed interest ranging from 5.02% to 6.75% . Non-interest bearing obligations at December 31, 2019 and 2018 consisted of $0.7 million and $1.7 million in total payments due under these agreements, less unamortized discount based on imputed interest of $0.1 million and $0.2 million , respectively. Maturities The aggregate maturities of principal amounts on our outstanding long-term debt and other notes payable as of December 31, 2019 for the next five years and in total thereafter are as follows ( in millions ): 2020 $ 0.2 2021 0.2 2022 0.2 2023 1,257.0 2024 — Thereafter 1,100.0 Total debt $ 2,357.6 |
Earnings Per Limited Partner Un
Earnings Per Limited Partner Unit | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Limited Partner Unit | Earnings Per Limited Partner Unit Our net income (loss) attributable to Crestwood Equity Partners is allocated to the subordinated and limited partner unitholders based on their ownership percentage after giving effect to net income attributable to the preferred units. We calculate basic net income per limited partner unit using the two-class method. Diluted net income per limited partner unit is computed using the treasury stock method, which considers the impact to net income or loss attributable to Crestwood Equity Partners and limited partner units from the potential issuance of limited partner units. We exclude potentially dilutive securities from the determination of diluted earnings per unit (as well as their related income statement impacts) when their impact on net income attributable to Crestwood Equity Partners per limited partner unit is anti-dilutive. The following table summarizes information regarding the weighted-average of common units excluded during the years ended December 31, 2019 , 2018 and 2017 (in millions) : Year Ended December 31, 2019 2018 2017 Preferred units (1) 7.1 7.1 7.0 Crestwood Niobrara’s preferred units (1) — 6.5 7.1 Subordinated units (2) — 0.4 0.4 Stock-based compensation performance units (2) — 0.4 0.3 (1) See Note 12 for additional information regarding the potential conversion of our preferred units and Crestwood Niobrara’s preferred units to common units. (2) For a description of our subordinated and stock-based compensation performance units, see Note 12 and Note 13 , respectively. The table below shows CEQP’s net income (loss) per limited partner unit based on the number of basic and diluted limited partner units outstanding for the year ended December 31, 2019 , 2018 and 2017 (in millions, except per unit data) : Year Ended December 31, 2019 2018 2017 Common unitholders’ interest in net income (loss) $ 223.6 $ (9.3 ) $ (254.4 ) Net income attributable to subordinated units 1.4 — — Diluted net income (loss) $ 225.0 $ (9.3 ) $ (254.4 ) Weighted-average limited partners’ units outstanding - basic 71.8 71.2 69.8 Dilutive effect of Crestwood Niobrara preferred units 4.3 — — Dilutive effect of stock-based compensation performance units 0.4 — — Dilutive effect of subordinated units 0.4 — — Weighted-average limited partners’ units outstanding - diluted 76.9 71.2 69.8 Basic earnings per unit: Net income (loss) per limited partner unit $ 3.11 $ (0.13 ) $ (3.64 ) Diluted earnings per unit: Net income (loss) per limited partner unit $ 2.93 $ (0.13 ) $ (3.64 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The (provision) benefit for income taxes for the years ended December 31, 2019 , 2018 , and 2017 consisted of the following (in millions) : CEQP CMLP Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 (1) Current: Federal $ (0.1 ) $ (0.5 ) $ (1.1 ) $ 0.1 $ 0.1 $ — State (0.2 ) (0.3 ) (0.2 ) (0.2 ) (0.2 ) — Total current (0.3 ) (0.8 ) (1.3 ) (0.1 ) (0.1 ) — Deferred: Federal 0.1 0.5 2.1 — — — State (0.1 ) 0.2 — (0.2 ) 0.1 — Total deferred — 0.7 2.1 (0.2 ) 0.1 — (Provision) benefit for income taxes $ (0.3 ) $ (0.1 ) $ 0.8 $ (0.3 ) $ — $ — (1) For the year ended December 31, 2017, our benefit for income taxes was not material to CMLP’s consolidated statement of operations. The effective rate differs from the statutory rate for the years ended December 31, 2019 , 2018 and 2017 , primarily due to the partnerships not being treated as a corporation for federal income tax purposes as discussed in Note 2 . Deferred income taxes related to CEQP’s wholly owned subsidiaries, IPCH Acquisition Corp. and Crestwood Gas Services GP LLC, and our Texas Margin tax which reflects the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Components of our deferred income taxes at December 31, 2019 and 2018 are as follows (in millions). CEQP CMLP December 31, December 31, 2019 2018 2019 2018 Total deferred tax asset (1) $ 0.2 $ 0.2 $ — $ — Total deferred tax liability (1) (2.8 ) (2.8 ) (0.7 ) (0.6 ) Net deferred tax liability $ (2.6 ) $ (2.6 ) $ (0.7 ) $ (0.6 ) (1) Relates to the basis difference in the stock of a company. Uncertain Tax Positions. We evaluate the uncertainty in tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are more likely than not of being sustained by the applicable tax authority. Such tax positions, if any, would be recorded as a tax benefit or expense in the current year. We believe that there were no uncertain tax positions that would impact our results of operations for the years ended December 31, 2019 , 2018 and 2017 and that no provision for income tax was required for these consolidated financial statements. However, our conclusions regarding the evaluation of uncertain tax positions are subject to review and may change based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2019 | |
Partners' Capital [Abstract] | |
Partners' Capital | Partners’ Capital Preferred Units Subject to certain conditions, the holders of the preferred units will have the right to convert preferred units into (i) common units on a 1-for-10 basis, or (ii) a number of common units determined pursuant to a conversion ratio set forth in Crestwood Equity’s partnership agreement upon the occurrence of certain events, such as a change in control. The preferred units have voting rights that are identical to the voting rights of the common units and will vote with the common units as a single class, with each preferred units entitled to one vote for each common unit into which such preferred unit is convertible, except that the preferred units are entitled to vote as a separate class on any matter on which all unitholders are entitled to vote that adversely affects the rights, powers, privileges or preferences of the preferred units in relation to CEQP’s other securities outstanding. In 2018, Crestwood Equity registered 71,257,445 preferred units under a shelf registration statement filed with the SEC under which holders of the preferred units may sell their preferred units. The preferred units representing limited partner interests are listed on the NYSE under the symbol “CEQP-P.” Common Units On August 4, 2017, we entered into an equity distribution agreement with certain financial institutions (each, a Manager), under which we may offer and sell from time to time through one or more of the Managers, common units having an aggregate offering price of up to $250 million . Common units sold pursuant to this at-the-market (ATM) equity distribution program are issued under a registration statement that became effective on April 12, 2017. We are required to pay the Managers an aggregate fee of up to 2.0% of the gross sales price per common unit sold under our ATM equity distribution program. There were no units issued under our ATM equity distribution program during the years ended December 31, 2019 and 2018 . During the year ended December 31, 2017, we issued 633,271 common units under the ATM equity distribution program for net proceeds of approximately $15.2 million and we paid a manager fee of approximately $0.3 million related to the sale of these common units. Subordinated Units In conjunction with Crestwood Holdings’ acquisition of Crestwood Equity’s general partner, Crestwood Equity issued 438,789 subordinated units, which are considered limited partnership interests, and have the same rights and obligations as its common units, except that the subordinated units are entitled to receive distributions of available cash for a particular quarter only after each of our common units has received a distribution of at least $1.30 for that quarter. The subordinated units convert to common units after (i) CEQP’s common units have received a cumulative distribution in excess of $5.20 during a consecutive four quarter period; and (ii) its Adjusted Operating Surplus (as defined in the agreement) exceeds the distribution on a fully dilutive basis. Distributions Crestwood Equity Limited Partners . Crestwood Equity makes quarterly distributions to its partners within approximately 45 days after the end of each quarter in an aggregate amount equal to its available cash for such quarter. Available cash generally means, with respect to each quarter, all cash on hand at the end of the quarter less the amount of cash that the general partner determines in its reasonable discretion is necessary or appropriate to: • provide for the proper conduct of its business; • comply with applicable law, any of its debt instruments, or other agreements; or • provide funds for distributions to unitholders for any one or more of the next four quarters; plus all cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. The amount of cash CEQP has available for distribution depends primarily upon its cash flow (which consists of the cash distributions it receives in connection with its ownership of Crestwood Midstream). A summary of CEQP’s limited partner quarterly cash distributions for the years ended December 31, 2019 , 2018 and 2017 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2019 February 7, 2019 February 14, 2019 $ 0.60 $ 43.1 May 8, 2019 May 15, 2019 0.60 43.1 August 7, 2019 August 14, 2019 0.60 43.1 November 7, 2019 November 14, 2019 0.60 43.1 $ 172.4 2018 February 7, 2018 February 14, 2018 $ 0.60 $ 42.7 May 8, 2018 May 15, 2018 0.60 42.7 August 7, 2018 August 14, 2018 0.60 42.7 November 7, 2018 November 14, 2018 0.60 42.7 $ 170.8 2017 February 7, 2017 February 14, 2017 $ 0.60 $ 41.8 May 8, 2017 May 15, 2017 0.60 41.8 August 7, 2017 August 14, 2017 0.60 41.8 November 7, 2017 November 14, 2017 0.60 42.2 $ 167.6 On February 14, 2020 , we paid a distribution of $0.625 per limited partner unit to unitholders of record on February 7, 2020 with respect to the fourth quarter of 2019 . Preferred Unitholders . The holders of our preferred units are entitled to receive fixed quarterly distributions of $0.2111 per unit. Through the quarters ending September 30, 2017 (the Initial Distribution Period), distributions on the preferred units could be made in additional preferred units, cash, or a combination thereof, at our election. We paid distributions on our preferred units through the issuance of additional preferred units through and for the quarter ended June 30, 2017. The number of units distributed was calculated as the fixed quarterly distribution of $0.2111 per unit divided by the cash purchase price of $9.13 per unit. We accrued the fair value of such distribution at the end of the quarterly period and adjusted the fair value of the distribution on the date the additional preferred units were distributed. Distributions on the preferred units following the Initial Distribution Period will be paid in cash unless, subject to certain exceptions, (i) there is no distribution being paid on our common units; and (ii) our available cash (as defined in our partnership agreement) is insufficient to make a cash distribution to our preferred unitholders. If we fail to pay the full amount payable to our preferred unitholders in cash following the Initial Distribution Period, then (x) the fixed quarterly distribution on the preferred units will increase to $0.2567 per unit, and (y) we will not be permitted to declare or make any distributions to our common unitholders until such time as all accrued and unpaid distributions on the preferred units have been paid in full in cash. In addition, if we fail to pay in full any Preferred Distribution (as defined in our partnership agreement), the amount of such unpaid distribution will accrue and accumulate from the last day of the quarter for which such distribution is due until paid in full, and any accrued and unpaid distributions will be increased at a rate of 2.8125% per quarter. During the year ended December 31, 2019 and 2018 , we made cash distributions to our preferred unitholders of approximately $60.1 million in both periods. In November 2017, we made a cash distribution to our preferred unitholders of approximately $15.0 million for the quarter ended September 30, 2017. During the year ended December 31, 2017 , we issued 4,724,030 preferred units to our preferred unitholders in lieu of paying quarterly cash distributions of $43.1 million . On February 14, 2020 , we made a cash distribution of approximately $15.0 million to our preferred unitholders for the quarter ended December 31, 2019 . Crestwood Midstream In accordance with the partnership agreement, Crestwood Midstream’s general partner may, from time to time, cause Crestwood Midstream to make cash distributions at the sole discretion of the general partner. During the years ended December 31, 2019 , 2018 and 2017 , Crestwood Midstream made distributions of $235.8 million , $238.4 million and $174.0 million , which represented net amounts due to Crestwood Midstream related to cash advances to CEQP for its general corporate activities. Non-Controlling Partner Crestwood Niobrara, our consolidated subsidiary, issued a preferred interest (Series A Preferred Units) to a subsidiary of General Electric Capital Corporation and GE Structured Finance, Inc. (collectively, GE) in conjunction with the acquisition of its initial 50% equity interest in Jackalope. In December 2017, Crestwood Niobrara redeemed 100% of the outstanding Series A Preferred Units from GE for an aggregate purchase price of approximately $202.7 million and issued $175 million in new Series A-2 Preferred Units to CN Jackalope Holdings LLC (Jackalope Holdings), which is reflected as interest of non-controlling partner in subsidiary and a component of total partners’ capital on our consolidated balance sheet at December 31, 2018. In April 2019, Crestwood Niobrara issued $235 million in new Series A-3 Preferred Units (collectively with the Series A-2 Preferred Units defined as the Crestwood Niobrara Preferred Units) to Jackalope Holdings in conjunction with Crestwood Niobrara’s acquisition of the remaining 50% equity interest in Jackalope from Williams. In connection with the issuance of the Series A-3 Preferred Units, we entered into a Third Amended and Restated Limited Liability Company Agreement (Crestwood Niobrara Amended Agreement) with Jackalope Holdings, pursuant to which we serve as managing member of Crestwood Niobrara. The Crestwood Niobrara Amended Agreement modified certain provisions under the previous limited liability company agreement related to the conversion and redemption of the Series A-2 Preferred Units, as follows: • The Crestwood Niobrara Preferred Units are convertible by the preferred interest holder starting on January 1, 2021 into Crestwood Niobrara common units. The preferred interest holder has the option to contribute additional capital to Crestwood Niobrara to increase their common ownership percentage in Crestwood Niobrara to 50% upon the conversion. • The Crestwood Niobrara Preferred Units are redeemable by the preferred interest holder starting on December 31, 2023 for an amount equal to the Liquidation Preference (as defined in the Crestwood Niobrara Amended Agreement). If redemption is elected by the preferred interest holder, we have the option to elect to give consideration equal to the Liquidation Preference in either (i) unregistered CEQP common units (subject to a Registration Rights Agreement) with a total value of up to $100 million and/or cash; or (ii) proceeds from a full liquidation of Crestwood Niobrara’s assets and unregistered CEQP common units (subject to a Registration Rights Agreement). • The Crestwood Niobrara Preferred Units are redeemable by us starting on January 1, 2023 for either (i) unregistered CEQP common units (subject to a Registration Rights Agreement) with a total value of up to $100 million and/or cash; or (ii) proceeds from a full liquidation of Crestwood Niobrara’s assets and registered CEQP common units (subject to a Registration Rights Agreement). As a result of the modification of the conversion and redemption provisions of the Crestwood Niobrara Preferred Units, we continue to consolidate Crestwood Niobrara and have reflected these preferred interests as a non-controlling interest in subsidiary apart from partners’ capital (i.e., temporary equity) on our consolidated balance sheet at December 31, 2019. The following table shows the change in our non-controlling interest in subsidiary at December 31, 2019 (in millions) : Balance at April 9, 2019 (1) $ — Reclassification of Series A-2 Preferred Units 178.8 Issuance of Series A-3 Preferred Units 235.0 Distributions to non-controlling partner (18.4 ) Net income attributable to non-controlling partner (2) 30.8 Balance at December 31, 2019 $ 426.2 (1) For further detail related to our non-controlling interest in subsidiary for the period December 31, 2018 to April 8, 2019, see our consolidated statements of partners’ capital. (2) We adjust the carrying amount of our non-controlling interest to its redemption value each period through net income attributable to non-controlling partner. Crestwood Niobrara is required to make quarterly cash distributions on its preferred interest within 30 days after the end of each quarter. During the years ended December 31, 2019 , 2018 and 2017 , Crestwood Niobrara paid cash distributions of $25.0 million , $9.9 million and $15.2 million to its preferred interest owners. In January 2020, Crestwood Niobrara paid a cash distribution of $9.2 million |
Equity Plans
Equity Plans | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity Plan | Equity Plans Long-term incentive awards are granted under the Crestwood Equity Partners LP Long Term Incentive Plan (Crestwood LTIP) in order to align the economic interests of key employees and directors with those of CEQP’s common unitholders and to provide an incentive for continuous employment. Long-term incentive compensation consist of grants of restricted, phantom and performance units which vest based upon continued service. The following table summarizes information regarding restricted, phantom and performance unit activity during the years ended December 31, 2019 , 2018 and 2017 . Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2017 1,292,330 $ 24.67 Granted - restricted units 919,411 $ 25.69 Granted - phantom units 15,849 $ 25.02 Granted - performance units 405,620 $ 30.21 Vested - restricted units (607,115 ) $ 28.00 Vested - performance units (31,106 ) $ 30.27 Forfeited - restricted units (140,137 ) $ 23.73 Forfeited - performance units (24,756 ) $ 30.45 Unvested - December 31, 2017 1,830,096 $ 25.21 Granted - restricted units 1,144,017 $ 25.80 Granted - phantom units 7,750 $ 26.10 Granted - performance units 901 $ 25.60 Vested - restricted units (617,807 ) $ 23.73 Vested - phantom units (105,809 ) $ 49.45 Vested - performance units (11,772 ) $ 28.87 Forfeited - restricted units (53,530 ) $ 23.36 Forfeited - phantom units (6 ) $ 49.45 Forfeited - performance units (5,870 ) $ 30.45 Unvested - December 31, 2018 2,187,970 $ 24.78 Granted - restricted units 988,096 $ 31.48 Granted - phantom units 7,164 $ 29.03 Granted - performance units 238,263 $ 34.21 Vested - restricted units (985,751 ) $ 23.39 Vested - performance units (32,246 ) $ 34.21 Forfeited - restricted units (47,547 ) $ 27.85 Unvested - December 31, 2019 2,355,949 $ 28.94 As of December 31, 2019 and 2018 , we had total unamortized compensation expense of approximately $34.6 million and $28.0 million related to restricted, phantom, and performance units, which will be amortized during the next three years (or sooner in certain cases, which generally represents the original vesting period of these instruments), except for grants to non-employee directors of our general partner, which vest over one year. We recognized compensation expense of approximately $45.1 million , $24.3 million and $22.4 million under the Crestwood LTIP during the years ended December 31, 2019 , 2018 and 2017 , which is included in general and administrative expenses on our consolidated statements of operations. During the year ended December 31, 2019, compensation expense includes approximately $4.6 million related to equity awards under the Crestwood LTIP that was included in accrued expenses and other liabilities on our consolidated balance sheet. As of February 10, 2020, we had 2,593,885 units available for issuance under the Crestwood LTIP. Restricted Units. Under the Crestwood LTIP, participants who have been granted restricted units may elect to have us withhold common units to satisfy minimum statutory tax withholding obligations arising in connection with the vesting of non-vested common units. Any such common units withheld are returned to the Crestwood LTIP on the applicable vesting dates, which correspond to the times at which income is recognized by the employee. When we withhold these common units, we are required to remit to the appropriate taxing authorities the fair value of the units withheld as of the vesting date. The number of units withheld is determined based on the closing price per common unit as reported on the NYSE on such dates. During the years ended December 31, 2019 , 2018 , and 2017 , we withheld 336,548 , 221,576 and 206,600 common units to satisfy employee tax withholding obligations. Phantom Units. The Crestwood LTIP permits grants of phantom units that entitle the holder thereof to receive upon vesting one CEQP common unit granted pursuant to the Crestwood LTIP and a phantom unit award agreement (the Crestwood Equity Phantom Unit Agreement). The Crestwood Equity Phantom Unit Agreement provides for vesting to occur at the end of three years following the grant date or, if earlier, upon the named executive officer’s termination without cause or due to death or disability or the named executive officer’s resignation for employee cause (each, as defined in the Crestwood Equity Phantom Unit Agreement). In addition, the Crestwood Equity Phantom Unit Agreement provides for distribution equivalent rights with respect to each phantom unit which are paid in additional phantom units and settled in common units upon vesting of the underlying phantom units. Performance Units. The Crestwood LTIP permits grants of performance units that are designed to provide an incentive for continuous employment to certain key employees. Performance units vest over a three-year performance period and the number of units issued are based on a performance multiplier ranging between 50% and 200% , determined based on the actual performance in the third year of the performance period compared to pre-established performance goals. The performance goals are based on achieving a specified level of distributable cash flow per unit, Adjusted EBITDA, return on capital invested, and three-year relative total shareholder return. The vesting of performance units is subject to the attainment of certain performance and market goals over a three-year period and entitle a participant to receive common units of Crestwood Equity without payment of an exercise price upon vesting. Employee Unit Purchase Plan In August 2018, the board of directors of our general partner approved an employee unit purchase plan under which employees of the general partner may purchase our common units through payroll deductions up to a maximum of 10% of the employees’ eligible compensation, not to exceed $25,000 for any calendar year. Under the plan, we anticipate purchasing our common units on the open market for the benefit of participating employees based on their payroll deductions. In addition, we may match up to 10% of participating employees’ payroll deductions to purchase additional Crestwood common units for participating employees. The board of directors of our general partner authorized 1,500,000 common units (subject to adjustment as provided in the employee unit purchase plan) to be available for purchase. During the year ended December 31, 2019, 6,341 common units were purchased under the plan. There were no common units purchased under the employee unit purchase plan in 2018. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plan A 401(k) plan is available to all of our employees after meeting certain requirements. The plan permits employees to make contributions up to 90% of their salary, up to statutory limits, which was $19,000 in 2019 , $18,500 in 2018 and $18,000 in 2017 . We match 100% of participants basic contribution up to 6% of eligible compensation. Employees may participate in the plans immediately and certain employees are not eligible for matching contributions until after a 90 -day waiting period. Aggregate matching contributions made by us were $4.7 million , $4.6 million and $4.0 million during the years ended December 31, 2019 , 2018 and 2017 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings Linde Lawsuit . On December 23, 2019, Linde Engineering North America Inc. (Linde) filed a lawsuit in Harris County, Texas alleging that Arrow Field Services, LLC, our consolidated subsidiary, and Crestwood Midstream breached a contract entered into in March 2018 under which Linde was to provide engineering, procurement and construction services to us related to the completion of the construction of the Bear Den II cryogenic processing plant. Linde claims damages of $55 million in unpaid invoices and other damages. This matter is not an insurable event based on our insurance policies and, we are unable to predict the outcome for this matter. General . We are periodically involved in litigation proceedings. If we determine that a negative outcome is probable and the amount of loss is reasonably estimable, then we accrue the estimated amount. The results of litigation proceedings cannot be predicted with certainty. We could incur judgments, enter into settlements or revise our expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on our results of operations or cash flows in the period in which the amounts are paid and/or accrued. As of December 31, 2019 and 2018 , both CEQP and CMLP had approximately $10.7 million and $0.1 million accrued for outstanding legal matters. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures for which we can estimate will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Any loss estimates are inherently subjective, based on currently available information, and are subject to management’s judgment and various assumptions. Due to the inherently subjective nature of these estimates and the uncertainty and unpredictability surrounding the outcome of legal proceedings, actual results may differ materially from any amounts that have been accrued. Regulatory Compliance In the ordinary course of our business, we are subject to various laws and regulations. In the opinion of our management, compliance with current laws and regulations will not have a material effect on our results of operations, cash flows or financial condition. Environmental Compliance Our operations are subject to stringent and complex laws and regulations pertaining to worker health, safety, and the environment. We are subject to laws and regulations at the federal, state, regional and local levels that relate to air and water quality, hazardous and solid waste management and disposal, and other environmental matters. The cost of planning, designing, constructing and operating our facilities must incorporate compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures. During 2014, we experienced three releases totaling approximately 28,000 barrels of produced water on our Arrow water gathering system located on the Fort Berthold Indian Reservation in North Dakota. We immediately notified the National Response Center, the Three Affiliated Tribes and numerous other regulatory authorities. Thereafter, we contained and cleaned up the releases, and placed the impacted segments of these water lines back into service. In May 2015, we experienced a release of approximately 5,200 barrels of produced water on our Arrow water gathering system, immediately notified numerous regulatory authorities and other third parties, and thereafter contained and cleaned up the releases. In August 2015, we received a notice of violation from the Three Affiliated Tribes’ Environmental Division related to our 2014 produced water releases on the Fort Berthold Indian Reservation. The notice of violation imposes fines and requests reimbursements exceeding $1.1 million ; however, the notice of violation was stayed on September 15, 2015. Our discussions regarding the notice of violation continue with the Three Affiliated Tribes. During September 2019, we experienced two produced water releases totaling approximately 5,000 barrels on our Arrow system located on the Fort Berthold Indian Reservation in North Dakota. We immediately notified the National Response Center, the State of North Dakota, the Three Affiliated Tribes, affected landowners and numerous other regulatory authorities. We are substantially complete with the remediation efforts and continue to monitor the impact of both spills. In response to the water releases on our Arrow system, we removed approximately 30 miles of water gathering pipeline from service and incurred a $4.3 million impairment charge during the three months ended December 31, 2019 related to idling those facilities. In addition, we are currently in the process of replacing approximately 12 miles of water gathering pipeline with pipeline composed of higher capacity material that is more suitable to the environment and climate conditions in the Bakken, which will increase water gathering capacity on the Arrow system and further our commitment to sustainability and environmental stewardship in the areas where we live and operate. We will continue our remediation efforts to ensure the impacted lands are restored to their prior state. We believe these releases are insurable events under our policies, and we have notified our carriers of these events. We have not recorded an insurance receivable as of December 31, 2019 . At December 31, 2019 and 2018 , our accrual of approximately $6.7 million and $1.8 million was based on our undiscounted estimate of amounts we will spend on compliance with environmental and other regulations, and any associated fines or penalties. We estimate that our potential liability for reasonably possible outcomes related to our environmental exposures could range from approximately $6.7 million to $11.1 million at December 31, 2019 . Self-Insurance We utilize third-party insurance subject to varying retention levels of self-insurance, which management considers prudent. Such self-insurance relates to losses and liabilities primarily associated with medical claims, workers’ compensation claims and general, product, vehicle and environmental liability. Losses are accrued based upon management’s estimates of the aggregate liability for claims incurred using certain assumptions followed in the insurance industry and based on past experience. The primary assumption utilized is actuarially determined loss development factors. The loss development factors are based primarily on historical data. Our self insurance reserves could be affected if future claim developments differ from the historical trends. We believe changes in health care costs, trends in health care claims of our employee base, accident frequency and severity and other factors could materially affect the estimate for these liabilities. We continually monitor changes in employee demographics, incident and claim type and evaluate our insurance accruals and adjust our accruals based on our evaluation of these qualitative data points. We are liable for the development of claims for our disposed retail propane operations, provided they were reported prior to August 1, 2012. The following table summarizes CEQP’s and CMLP’s self-insurance reserves at December 31, 2019 and 2018 (in millions) : CEQP CMLP December 31, December 31, 2019 2018 2019 2018 Self-insurance reserves (1) $ 9.7 $ 11.3 $ 8.3 $ 9.6 (1) At December 31, 2019 , CEQP and CMLP classified approximately $6.2 million and $5.2 million , respectively of these reserves as other long-term liabilities on their consolidated balance sheets. Leases The following table summarizes the balance sheet information related to our operating and finance leases at December 31, 2019 ( in millions ): Operating Leases Operating lease right-of-use assets, net $ 53.8 Accrued expenses and other liabilities $ 18.1 Other long-term liabilities 41.5 Total operating lease liabilities $ 59.6 Finance Leases Property, plant and equipment $ 14.9 Less: accumulated depreciation 5.4 Property, plant and equipment, net $ 9.5 Accrued expenses and other liabilities $ 3.2 Other long-term liabilities 5.2 Total finance lease liabilities $ 8.4 The following table presents the weighted-average remaining lease term and the weighted-average discount rate associated with our operating and finance leases as of December 31, 2019 : Weighted-average remaining lease term (in years) : Operating leases (1) 4.4 Finance leases (2) 2.6 Weighted-average discount rate: Operating leases (3) 5.9 % Finance leases (3) 7.3 % (1) Remaining terms vary from one year to 20 years . (2) Remaining terms vary from one year to four years . (3) We utilized discount rates ranging from 3.5% to 8.3% to estimate the discounted cash flows used in estimating our right-of-use assets and lease liabilities as of December 31, 2019, which were primarily based on our credit-adjusted collateralized incremental borrowing rate. The estimation of our right-of-use assets and lease liabilities requires us to make significant assumptions and judgments about the terms of the leases, variable payments, and discount rates. Our operating leases have renewal options to extend the leases from one year to 10 years at the end of each lease term, or terminate the leases at our sole discretion. In addition, our finance leases have options to purchase the lease property by the end of the lease term. We make significant assumptions on the likelihood on whether we will renew our leases or purchase the property at the end of the lease terms in determining the discounted cash flows to measure our right-of-use assets and lease liabilities. The estimation of variable lease payments in determining discounted cash flows, including those with usage-based costs, also requires us to make significant assumptions on the timing and nature of the variability of those payments based on the lease terms. We recognize operating lease expense and amortize our right-of-use assets for our finance leases on a straight-line basis over the term of the respective leases. We have applied the practical expedient of not separating the lease and non-lease components for our leases where the predominant consideration paid related to the underlying operating and finance lease contracts relate to the lease component. The following table presents the costs and sublease income associated with our operating and finance leases for the year ended December 31, 2019 ( in millions ): Operating leases: Operating lease expense (1)(2) $ 28.3 Sublease income (3) (1.0 ) Total operating lease expense, net $ 27.3 Finance leases: Amortization of right-of-use assets (4) $ 3.6 Interest on lease liabilities (5) 0.7 Total finance lease expense $ 4.3 (1) Approximately $17.5 million is included in costs of product/services sold and $10.8 million is included in operations and maintenance expense on our consolidated statements of operations for the year ended December 31, 2019. (2) Includes short-term and variable lease costs of approximately $3.7 million for the year ended December 31, 2019. (3) Included in marketing, supply and logistics service revenues on our consolidated statements of operations. (4) Included in depreciation, amortization and accretion expense on our consolidated statements of operations. (5) Included in interest and debt expense, net on our consolidated statements of operations. The following table presents supplemental cash flow information for our operating and finance leases for the year ended December 31, 2019 ( in millions ): Cash paid for lease liabilities: Operating cash flows from operating leases $ 22.9 Operating cash flows from finance leases $ 0.7 Financing cash flows from finance leases $ 3.5 Right-of-use assets obtained in exchange for lease obligations: Operating leases (1) $ 4.2 Finance leases $ 1.8 (1) Includes approximately $2.9 million of operating leases obtained from the Jackalope Acquisition, which is further discussed in Note 3. The following table presents the future minimum lease liabilities under Topic 842 for our leases as of December 31, 2019 for the next five years and in total thereafter ( in millions ): Year Ending December 31, Operating Leases Finance Leases Total 2020 $ 20.9 $ 3.6 $ 24.5 2021 16.3 3.6 19.9 2022 11.1 1.9 13.0 2023 6.7 0.1 6.8 2024 6.0 — 6.0 Thereafter 7.5 — 7.5 Total lease payments 68.5 9.2 77.7 Less: Interest 8.9 0.8 9.7 Present value of lease liabilities $ 59.6 $ 8.4 $ 68.0 Purchase Commitments We periodically enter into agreements with suppliers to purchase fixed quantities of NGLs, distillates, crude oil and natural gas at fixed prices. At December 31, 2019 , the total of these firm purchase commitments was $792.4 million , of which approximately $712.3 million will occur over the course of the next twelve months. We also enter into non-binding agreements with suppliers to purchase quantities of NGLs, distillates and natural gas at variable prices at future dates at the then prevailing market prices. We have entered into certain purchase commitments primarily related to our gathering and processing segment. At December 31, 2019 , our total purchase commitments were approximately $126.6 million , which primarily relate to future growth projects and maintenance obligations in our gathering and processing segment. The purchases associated with these commitments are expected to occur over the next twelve months. Guarantees and Indemnifications We are involved in various joint ventures that sometimes require financial and performance guarantees. In a financial guarantee, we are obligated to make payments if the guaranteed party fails to make payments under, or violates the terms of, the financial arrangement. In a performance guarantee, we provide assurance that the guaranteed party will execute on the terms of the contract. If they do not, we are required to perform on their behalf. We also periodically provide indemnification arrangements related to assets or businesses we have sold. For a further description of our guarantees associated with our joint ventures, see Note 6 . Our potential exposure under guarantee and indemnification arrangements can range from a specified amount to an unlimited dollar amount, depending on the nature of the claim, specificity as to duration, and the particular transaction. As of December 31, 2019 , we have no amounts accrued for these guarantees. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Crestwood Holdings indirectly owns both CEQP’s and CMLP’s general partner. The affiliates of Crestwood Holdings and its owners are considered CEQP’s and CMLP’s related parties. We enter into transactions with our affiliates within the ordinary course of business and the services are based on the same terms as non-affiliates, including gas gathering and processing services under long-term contracts, product purchases, marketing and various operating agreements. We also enter into transactions with our affiliates related to services provided on our expansion projects. During the years ended December 31, 2019 and 2018 , we paid approximately $9.9 million and $7.2 million of capital expenditures to Applied Consultants, Inc., an affiliate of Crestwood Holdings. Below is a discussion of certain of our related party agreements. Shared Services. CMLP shares common management, general and administrative and overhead costs with CEQP. CEQP grants long-term incentive awards under the Crestwood LTIP as discussed in Note 13 and, as such, CEQP allocates a portion of its unit-based compensation costs to CMLP. Stagecoach Gas Management Agreement. In May 2016, Crestwood Midstream Operations, LLC (Crestwood Midstream Operations), our wholly-owned subsidiary and Stagecoach Gas entered into a management agreement under which Crestwood Midstream Operations provides the management and operating services required by Stagecoach Gas’ facilities. The initial term of the agreement will expire in May 2021, and is automatically extended for three-year periods unless otherwise terminated pursuant to the terms of the agreement. Reimbursements received from Stagecoach Gas under this agreement are reflected as operations and maintenance expenses at CEQP and CMLP in the table below. Tres Palacios Operating Agreement. A consolidated subsidiary of Crestwood Midstream entered into an operating agreement with Tres Palacios, pursuant to which we assumed the responsibility of operating and maintaining the facilities as well as certain administrative and other general services identified in the agreement. Under the operating agreement, Tres Palacios reimburses us for all costs incurred on its behalf. These reimbursements are reflected as operations and maintenance expenses at CEQP and CMLP in the table below. Crestwood Permian Operating Agreement. In October 2016, Crestwood Midstream Operations entered into an operating agreement with Crestwood Permian, pursuant to which we provide operating services for Crestwood Permian’s facilities, as well as certain administrative and other general services identified in the agreement. Under this operating agreement, Crestwood Permian reimburses us for all costs incurred on its behalf. These reimbursements are reflected as operations and maintenance expenses at CEQP and CMLP in the table below. Jackalope Gas Gathering Services, L.L.C. On April 9, 2019, Crestwood Niobrara, our consolidated subsidiary, acquired Williams’ 50% equity interest in Jackalope, and as a result, Crestwood Niobrara controls and owns 100% of the equity interests in Jackalope. Prior to the acquisition of the remaining interest in Jackalope, a consolidated subsidiary of Crestwood Midstream entered into a marketing services agreement with Jackalope under which we provided marketing services for Jackalope as well as certain administrative and other general services identified in the agreement. Under this marketing services agreement, Jackalope reimbursed us for all costs incurred on its behalf. These reimbursements are reflected as operations and maintenance expenses at CEQP and CMLP in the table below. The following table shows transactions with our affiliates which are reflected in our consolidated statements of operations for the years December 31, 2019 , 2018 and 2017 ( in millions ): Year Ended December 31, 2019 2018 2017 Revenues at CEQP and CMLP $ 2.9 $ 1.0 $ 1.8 Costs of product/services sold at CEQP and CMLP (1) $ 45.4 $ 134.7 $ 15.3 Operations and maintenance expenses at CEQP and CMLP (2) $ 25.9 $ 28.7 $ 22.3 General and administrative expenses charged by CEQP to CMLP, net (3) $ 41.4 $ 20.7 $ 19.4 General and administrative expenses at CEQP charged from Crestwood Holdings, net (4) $ (0.6 ) $ (2.7 ) $ (1.7 ) (1) Includes (i) $19.0 million and $56.1 million during the years ended December 31, 2019 and 2018 related to purchases of NGLs from a subsidiary of Crestwood Permian; (ii) $23.9 million and $78.6 million during the years ended December 31, 2019 and 2018 related to an agency marketing agreement with Ascent Resources - Utica, LLC (Ascent); (iii) $0.2 million during the year ended December 31, 2019 related to an agreement with Blue Racer Midstream, LLC (Blue Racer); (iv) $2.3 million during the year ended December 31, 2019 related to purchases of natural gas from a subsidiary of Stagecoach Gas; and (v) $15.3 million during the year ended December 31, 2017 related to natural gas purchases from Sabine Oil and Gas (Sabine). Ascent, Blue Racer and Sabine are affiliates of Crestwood Holdings for the respective periods presented. (2) We have operating agreements with certain of our unconsolidated affiliates pursuant to which we charge them operations and maintenance expenses in accordance with their respective agreements, and these charges are reflected as a reduction of operations and maintenance expenses in our consolidated statements of operations. During the year ended December 31, 2019 , we charged $7.5 million to Stagecoach Gas, $4.4 million to Tres Palacios, $13.5 million to Crestwood Permian and $0.5 million to Jackalope. During the year ended December 31, 2018 , we charged $7.9 million to Stagecoach Gas, $3.8 million to Tres Palacios, $15.9 million to Crestwood Permian and $1.1 million to Jackalope. During the year ended December 31, 2017 , we charged $8.4 million to Stagecoach Gas, $3.5 million to Tres Palacios, $10.0 million to Crestwood Permian and $0.4 million to Jackalope. (3) Includes $45.1 million , $24.3 million and $22.4 million of net unit-based compensation charges allocated from CEQP to CMLP for the years ended December 31, 2019 , 2018 and 2017 . In addition, includes $3.7 million , $3.6 million and $3.0 million of CMLP’s general and administrative costs allocated to CEQP during the years ended December 31, 2019 , 2018 and 2017 . (4) Includes $1.9 million , $4.2 million and $3.1 million of unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the years ended December 31, 2019 , 2018 and 2017 . The following table shows accounts receivable and accounts payable from our affiliates as of December 31, 2019 and 2018 ( in millions ): December 31, 2019 2018 Accounts receivable at CEQP and CMLP $ 7.3 $ 4.1 Accounts payable at CEQP $ 15.6 $ 16.1 Accounts payable at CMLP $ 13.1 $ 13.6 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segments | Segments Financial Information We have three operating and reportable segments: (i) gathering and processing operations; (ii) storage and transportation operations; and (iii) marketing, supply and logistics operations. Our corporate operations include all general and administrative expenses that are not allocated to our reportable segments. For a further description of our operating and reporting segments, see Note 1. We assess the performance of our operating segments based on EBITDA, which is defined as income before income taxes, plus debt-related costs (net interest and debt expense and loss on modification/extinguishment of debt) and depreciation, amortization and accretion expense. Below is a reconciliation of CEQP’s net income (loss) to EBITDA ( in millions ): Year Ended December 31, 2019 2018 2017 Net income (loss) $ 319.9 $ 67.0 $ (166.6 ) Add: Interest and debt expense, net 115.4 99.2 99.4 Loss on modification/extinguishment of debt — 0.9 37.7 Provision (benefit) for income taxes 0.3 0.1 (0.8 ) Depreciation, amortization and accretion 195.8 168.7 191.7 EBITDA $ 631.4 $ 335.9 $ 161.4 Below is a reconciliation of CMLP’s net income (loss) to EBITDA ( in millions ): Year Ended December 31, 2019 2018 2017 Net income (loss) $ 310.6 $ 58.6 $ (175.5 ) Add: Interest and debt expense, net 115.4 99.2 99.4 Loss on modification/extinguishment of debt — 0.9 37.7 Provision for income taxes 0.3 — — Depreciation, amortization and accretion 209.9 181.4 202.7 EBITDA $ 636.2 $ 340.1 $ 164.3 The following tables summarize CEQP’s and CMLP’s reportable segment data for the years ended December 31, 2019 , 2018 and 2017 ( in millions ). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policy described in Note 2 . Included in earnings from unconsolidated affiliates below was approximately $42.1 million , $42.3 million and $32.5 million of our proportionate share of interest expense, depreciation and amortization expense and gains (losses) on long-lived assets, net recorded by our equity investments for the years ended December 31, 2019 , 2018 and 2017 , respectively. Crestwood Equity Year Ended December 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 835.8 $ 20.4 $ 2,325.7 $ — $ 3,181.9 Intersegment revenues 175.0 14.2 (189.2 ) — — Costs of product/services sold 526.1 0.2 2,018.6 — 2,544.9 Operations and maintenance expense 98.7 4.0 36.1 — 138.8 General and administrative expense — — — 103.4 103.4 Gain (loss) on long-lived assets, net (6.2 ) — (0.2 ) 0.2 (6.2 ) Gain on acquisition 209.4 — — — 209.4 Earnings (loss) from unconsolidated affiliates, net (2.1 ) 34.9 — — 32.8 Other income, net — — — 0.6 0.6 EBITDA $ 587.1 $ 65.3 $ 81.6 $ (102.6 ) $ 631.4 Goodwill $ 126.2 $ — $ 92.7 $ — $ 218.9 Total assets $ 3,715.3 $ 980.2 $ 624.7 $ 29.1 $ 5,349.3 Purchases of property, plant and equipment $ 447.7 $ 0.1 $ 5.8 $ 1.9 $ 455.5 Year Ended December 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 946.7 $ 17.1 $ 2,690.3 $ — $ 3,654.1 Intersegment revenues 192.4 10.5 (202.9 ) — — Costs of product/services sold 767.0 0.2 2,362.2 — 3,129.4 Operations and maintenance expense 71.7 3.3 50.8 — 125.8 General and administrative expense — — — 88.1 88.1 Gain (loss) on long-lived assets, net (3.0 ) — (27.3 ) 1.7 (28.6 ) Earnings from unconsolidated affiliates, net 22.5 30.8 — — 53.3 Other income, net — — — 0.4 0.4 EBITDA $ 319.9 $ 54.9 $ 47.1 $ (86.0 ) $ 335.9 Goodwill $ 45.9 $ — $ 92.7 $ — $ 138.6 Total assets $ 2,633.4 $ 1,004.4 $ 612.5 $ 44.2 $ 4,294.5 Purchases of property, plant and equipment $ 294.7 $ 0.6 $ 5.6 $ 4.6 $ 305.5 Year Ended December 31, 2017 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 1,688.2 $ 37.2 $ 2,155.5 $ — $ 3,880.9 Intersegment revenues 134.5 6.7 (141.2 ) — — Costs of product/services sold 1,480.8 0.3 1,893.6 — 3,374.7 Operations and maintenance expense 68.4 4.2 63.4 — 136.0 General and administrative expense — — — 96.5 96.5 Loss on long-lived assets (14.4 ) — (48.2 ) (3.0 ) (65.6 ) Goodwill impairment — — (38.8 ) — (38.8 ) Loss on contingent consideration — (57.0 ) — — (57.0 ) Earnings from unconsolidated affiliates, net 18.9 28.9 — — 47.8 Other income, net 0.8 — — 0.5 1.3 EBITDA $ 278.8 $ 11.3 $ (29.7 ) $ (99.0 ) $ 161.4 Purchases of property, plant and equipment $ 162.7 $ 1.3 $ 17.7 $ 6.7 $ 188.4 Crestwood Midstream Year Ended December 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 835.8 $ 20.4 $ 2,325.7 $ — $ 3,181.9 Intersegment revenues 175.0 14.2 (189.2 ) — — Costs of product/services sold 526.1 0.2 2,018.6 — 2,544.9 Operations and maintenance expense 98.7 4.0 36.1 — 138.8 General and administrative expense — — — 98.2 98.2 Gain (loss) on long-lived assets, net (6.2 ) — (0.2 ) 0.2 (6.2 ) Gain on acquisition 209.4 — — — 209.4 Earnings (loss) from unconsolidated affiliates, net (2.1 ) 34.9 — — 32.8 Other income, net — — — 0.2 0.2 EBITDA $ 587.1 $ 65.3 $ 81.6 $ (97.8 ) $ 636.2 Goodwill $ 126.2 $ — $ 92.7 $ — $ 218.9 Total assets $ 3,874.7 $ 980.2 $ 624.7 $ 24.4 $ 5,504.0 Purchases of property, plant and equipment $ 447.7 $ 0.1 $ 5.8 $ 1.9 $ 455.5 Year Ended December 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 946.7 $ 17.1 $ 2,690.3 $ — $ 3,654.1 Intersegment revenues 192.4 10.5 (202.9 ) — — Costs of product/services sold 767.0 0.2 2,362.2 — 3,129.4 Operations and maintenance expense 71.7 3.3 50.8 — 125.8 General and administrative expense — — — 83.5 83.5 Gain (loss) on long-lived assets, net (3.0 ) — (27.3 ) 1.7 (28.6 ) Earnings from unconsolidated affiliates, net 22.5 30.8 — — 53.3 EBITDA $ 319.9 $ 54.9 $ 47.1 $ (81.8 ) $ 340.1 Goodwill $ 45.9 $ — $ 92.7 $ — $ 138.6 Total assets $ 2,807.1 $ 1,004.4 $ 612.5 $ 38.0 $ 4,462.0 Purchases of property, plant and equipment $ 294.7 $ 0.6 $ 5.6 $ 4.6 $ 305.5 Year Ended December 31, 2017 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 1,688.2 $ 37.2 $ 2,155.5 $ — $ 3,880.9 Intersegment revenues 134.5 6.7 (141.2 ) — — Costs of product/services sold 1,480.8 0.3 1,893.6 — 3,374.7 Operations and maintenance expense 68.4 4.2 63.4 — 136.0 General and administrative expense — — — 93.1 93.1 Loss on long-lived assets, net (14.4 ) — (48.2 ) (3.0 ) (65.6 ) Goodwill impairment — — (38.8 ) — (38.8 ) Loss on contingent consideration — (57.0 ) — — (57.0 ) Earnings from unconsolidated affiliates, net 18.9 28.9 — — 47.8 Other income, net 0.8 — — — 0.8 EBITDA $ 278.8 $ 11.3 $ (29.7 ) $ (96.1 ) $ 164.3 Purchases of property, plant and equipment $ 162.7 $ 1.3 $ 17.7 $ 6.7 $ 188.4 Major Customers For the year ended December 31, 2019 , we had revenues from British Petroleum and its affiliates of approximately $333.9 million , reflected primarily in our Marketing, Supply and Logistics segment, which exceeded 10% of the total consolidated revenues at CEQP and CMLP. No customer accounted for 10% or more of our total consolidated revenues for the years ended December 31, 2018 or 2017 |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenues Contract Assets and Contract Liabilities Our contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Our receivables related to our revenue contracts accounted for under Topic 606 totaled $225.0 million and $209.7 million for both CEQP and CMLP at December 31, 2019 and 2018 , and are included in accounts receivable on our consolidated balance sheets. Our contract assets are included in other non-current assets on our consolidated balance sheets. Our contract liabilities primarily consist of current and non-current deferred revenues. On our consolidated balance sheets, our current deferred revenues are included in accrued expenses and other liabilities and our non-current deferred revenues are included in other long-term liabilities. The majority of revenues associated with our deferred revenues is expected to be recognized as the performance obligations under the related contracts are satisfied over the next 17 years . The following table provides a summary of the opening and closing balances of our contract assets and contract liabilities (in millions) : December 31, 2019 2018 Contract assets (non-current) $ 1.2 $ 1.0 Contract liabilities (current) (1) $ 8.8 $ 12.0 Contract liabilities (non-current) (1) $ 144.7 $ 65.4 (1) During the year ended December 31, 2019 , we recognized revenues of approximately $13.3 million that were previously included in contract liabilities (current) at December 31, 2018. The remaining change in our contract liabilities during the year ended December 31, 2019 partially related to approximately $21.5 million of deferred revenues recorded in the purchase price allocation for the Jackalope Acquisition described in more detail in Note 3 , and the remainder related primarily to capital reimbursements associated with our revenue contracts and revenue deferrals associated with our contracts with increasing (decreasing) rates. The following table summarizes the transaction price allocated to our remaining performance obligations under certain contracts that have not been recognized as of December 31, 2019 (in millions) : 2020 $ 99.4 2021 86.2 2022 79.3 2023 7.4 2024 3.3 Total $ 275.6 Our remaining performance obligations presented in the table above exclude estimates of variable rate escalation clauses in our contracts with customers, and is generally limited to fixed-fee and percentage-of-proceeds service contracts which have fixed pricing and minimum volume terms and conditions. Our remaining performance obligations generally exclude, based on the following practical expedients that we elected to apply, disclosures for (i) variable consideration allocated to a wholly-unsatisfied promise to transfer a distinct service that forms part of the identified single performance obligation; (ii) unsatisfied performance obligations where the contract term is one year or less; and (iii) contracts for which we recognize revenues as amounts are invoiced. Disaggregation of Revenues The following tables summarize our revenues from contracts with customers disaggregated by type of product/service sold and by commodity type for each of our segments for the years ended December 31, 2019 and 2018 ( in millions ). We believe this summary best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. Year Ended December 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Revenues: Topic 606 revenues Gathering Natural gas $ 163.2 $ — $ — $ — $ 163.2 Crude oil 75.0 — — — 75.0 Water 79.6 — — — 79.6 Processing Natural gas 28.9 — — — 28.9 Compression Natural gas 24.9 — — — 24.9 Storage Crude oil 1.9 5.4 — (2.3 ) 5.0 NGLs — — 6.3 — 6.3 Pipeline Crude oil — 7.9 — (2.7 ) 5.2 Transportation Crude oil 7.0 — 5.8 (0.1 ) 12.7 NGLs — — 11.7 — 11.7 Water — — 0.2 — 0.2 Rail Loading Crude oil — 16.7 — (5.7 ) 11.0 Product Sales Natural gas 56.8 — 72.3 (33.4 ) 95.7 Crude oil 532.1 — 1,315.6 (121.1 ) 1,726.6 NGLs 41.4 — 659.3 (20.0 ) 680.7 Other — 4.6 1.2 (3.9 ) 1.9 Total Topic 606 revenues 1,010.8 34.6 2,072.4 (189.2 ) 2,928.6 Non-Topic 606 revenues (1) — — 253.3 — 253.3 Total revenues $ 1,010.8 $ 34.6 $ 2,325.7 $ (189.2 ) $ 3,181.9 (1) Represents revenues primarily related to our commodity-based derivatives. See Note 7 for additional information related to our price risk management activities. Year Ended December 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Revenues: Topic 606 revenues Gathering Natural gas $ 134.9 $ — $ — $ — $ 134.9 Crude oil 38.8 — — — 38.8 Water 58.0 — — — 58.0 Processing Natural gas 10.7 — — — 10.7 NGLs — — 6.1 — 6.1 Compression Natural gas 29.1 — — — 29.1 Storage Crude oil 1.8 4.2 — (1.5 ) 4.5 NGLs — — 8.6 — 8.6 Pipeline Crude oil — 7.1 — (2.3 ) 4.8 Transportation Crude oil 2.9 — 5.9 — 8.8 NGLs — — 26.9 — 26.9 Water — — 0.3 — 0.3 Rail Loading Crude oil — 14.3 0.2 (5.2 ) 9.3 NGLs — — 3.1 — 3.1 Product Sales Natural gas 55.8 — 70.9 (16.6 ) 110.1 Crude oil 722.9 — 978.0 (151.3 ) 1,549.6 NGLs 84.2 — 1,247.0 (24.5 ) 1,306.7 Other — 2.0 — (1.5 ) 0.5 Total Topic 606 revenues 1,139.1 27.6 2,347.0 (202.9 ) 3,310.8 Non-Topic 606 revenues (1) — — 343.3 — 343.3 Total revenues $ 1,139.1 $ 27.6 $ 2,690.3 $ (202.9 ) $ 3,654.1 (1) Represents revenues related to our commodity-based derivatives. See Note 7 for additional information related to our price risk management activities. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information Disclosure | Condensed Consolidating Financial Information Crestwood Midstream is a holding company (Parent) and owns no operating assets and has no significant operations independent of its subsidiaries. Obligations under Crestwood Midstream’s senior notes and its credit facility are jointly and severally guaranteed by substantially all of its subsidiaries, except for Crestwood Infrastructure, Crestwood Niobrara, Crestwood Northeast, PRBIC and Tres Holdings and their respective subsidiaries (collectively, Non-Guarantor Subsidiaries). Crestwood Midstream Finance Corp., the co-issuer of the senior notes, is Crestwood Midstream’s 100% owned subsidiary and has no material assets, operations, revenues or cash flows other than those related to its service as co-issuer of the Crestwood Midstream senior notes. The tables below present condensed consolidating financial statements for Crestwood Midstream as Parent on a stand-alone, unconsolidated basis, and Crestwood Midstream’s combined guarantor and combined non-guarantor subsidiaries as of and for the years ended December 31, 2019 , 2018 and 2017 . The financial information may not necessarily be indicative of the results of operations, cash flows or financial position had the subsidiaries operated as independent entities. Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet December 31, 2019 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 1.8 $ — $ 23.6 $ — $ 25.4 Accounts receivable — 229.1 12.8 — 241.9 Inventory — 53.7 — — 53.7 Other current assets — 54.6 0.2 — 54.8 Total current assets 1.8 337.4 36.6 — 375.8 Property, plant and equipment, net — 2,331.3 736.2 — 3,067.5 Goodwill and intangible assets, net — 650.7 373.4 — 1,024.1 Operating lease right-of-use assets, net — 51.0 2.8 — 53.8 Investments in consolidated affiliates 4,451.6 — — (4,451.6 ) — Investments in unconsolidated affiliates — — 980.4 — 980.4 Other non-current assets — 1.9 0.5 — 2.4 Total assets $ 4,453.4 $ 3,372.3 $ 2,129.9 $ (4,451.6 ) $ 5,504.0 Liabilities and capital Current liabilities: Accounts payable $ — $ 175.9 $ 10.7 $ — $ 186.6 Other current liabilities 25.8 123.9 17.6 — 167.3 Total current liabilities 25.8 299.8 28.3 — 353.9 Long-term liabilities: Long-term debt, less current portion 2,328.3 — — — 2,328.3 Other long-term liabilities — 174.8 120.8 — 295.6 Deferred income taxes — 0.7 — — 0.7 Total liabilities 2,354.1 475.3 149.1 — 2,978.5 Interest of non-controlling partner in subsidiary — — 426.2 — 426.2 Partners’ capital 2,099.3 2,897.0 1,554.6 (4,451.6 ) 2,099.3 Total liabilities and capital $ 4,453.4 $ 3,372.3 $ 2,129.9 $ (4,451.6 ) $ 5,504.0 Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 0.2 $ — $ — $ — $ 0.2 Restricted cash 16.3 — — — 16.3 Accounts receivable — 246.3 19.9 (16.3 ) 249.9 Inventory — 64.6 — — 64.6 Other current assets — 46.0 — — 46.0 Total current assets 16.5 356.9 19.9 (16.3 ) 377.0 Property, plant and equipment, net — 2,202.3 — — 2,202.3 Goodwill and intangible assets, net — 692.4 — — 692.4 Investments in consolidated affiliates 3,800.4 — — (3,800.4 ) — Investments in unconsolidated affiliates — — 1,188.2 — 1,188.2 Other non-current assets — 2.1 — — 2.1 Total assets $ 3,816.9 $ 3,253.7 $ 1,208.1 $ (3,816.7 ) $ 4,462.0 Liabilities and partners’ capital Current liabilities: Accounts payable $ 16.3 $ 210.5 $ — $ (16.3 ) $ 210.5 Other current liabilities 20.0 81.8 16.2 — 118.0 Total current liabilities 36.3 292.3 16.2 (16.3 ) 328.5 Long-term liabilities: Long-term debt, less current portion 1,752.4 — — — 1,752.4 Other long-term liabilities — 114.0 57.0 — 171.0 Deferred income taxes — 0.6 — — 0.6 Total liabilities 1,788.7 406.9 73.2 (16.3 ) 2,252.5 Partners’ capital 2,028.2 2,846.8 953.6 (3,800.4 ) 2,028.2 Interest of non-controlling partner in subsidiary — — 181.3 — 181.3 Total partners’ capital 2,028.2 2,846.8 1,134.9 (3,800.4 ) 2,209.5 Total liabilities and partners’ capital $ 3,816.9 $ 3,253.7 $ 1,208.1 $ (3,816.7 ) $ 4,462.0 Crestwood Midstream Partners LP Condensed Consolidating Statements of Operations Year Ended December 31, 2019 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 3,111.8 $ 70.1 $ — $ 3,181.9 Costs of product/services sold — 2,544.9 — — 2,544.9 Operating expenses and other: Operations and maintenance — 120.0 18.8 — 138.8 General and administrative 51.2 47.0 — — 98.2 Depreciation, amortization and accretion — 179.4 30.5 — 209.9 Loss on long-lived assets, net — 6.2 — — 6.2 Gain on acquisition — — (209.4 ) — (209.4 ) 51.2 352.6 (160.1 ) — 243.7 Operating income (loss) (51.2 ) 214.3 230.2 — 393.3 Earnings from unconsolidated affiliates, net — — 32.8 — 32.8 Interest and debt income (expense), net (115.5 ) — 0.1 — (115.4 ) Other income, net — 0.2 — — 0.2 Equity in net income (loss) of subsidiaries 442.5 — — (442.5 ) — Income (loss) before income taxes 275.8 214.5 263.1 (442.5 ) 310.9 Provision for income taxes — (0.3 ) — — (0.3 ) Net income (loss) 275.8 214.2 263.1 (442.5 ) 310.6 Net income attributable to non-controlling partner — — 34.8 — 34.8 Net income (loss) attributable to Crestwood Midstream Partners LP $ 275.8 $ 214.2 $ 228.3 $ (442.5 ) $ 275.8 Crestwood Midstream Partners LP Condensed Consolidating Statements of Operations Year Ended December 31, 2018 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 3,654.1 $ — $ — $ 3,654.1 Costs of product/services sold — 3,129.4 — — 3,129.4 Operating expenses and other: Operations and maintenance — 125.8 — — 125.8 General and administrative 55.1 28.4 — — 83.5 Depreciation, amortization and accretion — 181.4 — — 181.4 Loss on long-lived assets, net — 28.6 — — 28.6 55.1 364.2 — — 419.3 Operating income (loss) (55.1 ) 160.5 — — 105.4 Earnings from unconsolidated affiliates, net — — 53.3 — 53.3 Interest and debt expense, net (99.2 ) — — — (99.2 ) Loss on modification/extinguishment of debt (0.9 ) — — — (0.9 ) Equity in net income (loss) of subsidiaries 197.6 — — (197.6 ) — Net income (loss) 42.4 160.5 53.3 (197.6 ) 58.6 Net income attributable to non-controlling partner — — 16.2 — 16.2 Net income (loss) attributable to Crestwood Midstream Partners LP $ 42.4 $ 160.5 $ 37.1 $ (197.6 ) $ 42.4 Crestwood Midstream Partners Condensed Consolidating Statements of Operations Year Ended December 31, 2017 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 3,880.9 $ — $ — $ 3,880.9 Costs of product/services sold — 3,374.7 — — 3,374.7 Operating expenses and other: Operations and maintenance — 136.0 — — 136.0 General and administrative 67.6 25.5 — — 93.1 Depreciation, amortization and accretion — 202.7 — — 202.7 Loss on long-lived assets, net — 65.6 — — 65.6 Goodwill impairment — 38.8 — — 38.8 Loss on contingent consideration — — 57.0 — 57.0 67.6 468.6 57.0 — 593.2 Operating income (loss) (67.6 ) 37.6 (57.0 ) — (87.0 ) Earnings from unconsolidated affiliates, net — — 47.8 — 47.8 Interest and debt expense, net (99.4 ) — — — (99.4 ) Loss on modification/extinguishment of debt (37.7 ) — — — (37.7 ) Other income, net — 0.8 — — 0.8 Equity in net income (loss) of subsidiaries 3.9 — — (3.9 ) — Net income (loss) (200.8 ) 38.4 (9.2 ) (3.9 ) (175.5 ) Net income attributable to non-controlling partner — — 25.3 — 25.3 Net income (loss) attributable to Crestwood Midstream Partners LP $ (200.8 ) $ 38.4 $ (34.5 ) $ (3.9 ) $ (200.8 ) Crestwood Midstream Partners LP Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2019 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (171.0 ) $ 469.1 $ 126.0 $ — $ 424.1 Cash flows from investing activities: Acquisition, net of cash acquired — — (462.1 ) — (462.1 ) Purchases of property, plant and equipment — (258.1 ) (197.4 ) — (455.5 ) Investment in unconsolidated affiliates — — (61.3 ) — (61.3 ) Capital distributions from unconsolidated affiliates — — 35.5 — 35.5 Net proceeds from sale of assets — 0.8 — — 0.8 Other — (1.1 ) — — (1.1 ) Capital contributions to consolidated affiliates (203.8 ) — — 203.8 — Net cash provided by (used in) investing activities (203.8 ) (258.4 ) (685.3 ) 203.8 (943.7 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,307.3 — — — 2,307.3 Payments on long-term debt (1,728.6 ) (0.9 ) — — (1,729.5 ) Payments on finance leases — (3.5 ) — — (3.5 ) Payments for debt-related deferred costs (9.0 ) — — — (9.0 ) Net proceeds from the issuance of non-controlling interest — — 235.0 — 235.0 Distributions to partners (235.8 ) — (25.0 ) — (260.8 ) Contributions from parent — — 203.8 (203.8 ) — Taxes paid for unit-based compensation vesting — (11.0 ) — — (11.0 ) Change in intercompany balances 26.2 (195.3 ) 169.1 — — Net cash provided by (used in) financing activities 360.1 (210.7 ) 582.9 (203.8 ) 528.5 Net change in cash and restricted cash (14.7 ) — 23.6 — 8.9 Cash and restricted cash at beginning of period 16.5 — — — 16.5 Cash and restricted cash at end of period $ 1.8 $ — $ 23.6 $ — $ 25.4 Crestwood Midstream Partners LP Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (131.7 ) $ 339.2 $ 53.0 $ — $ 260.5 Cash flows from investing activities: Purchases of property, plant and equipment — (305.5 ) — — (305.5 ) Investment in unconsolidated affiliates — — (64.4 ) — (64.4 ) Capital distributions from unconsolidated affiliates — — 49.2 — 49.2 Net proceeds from sale of assets — 79.5 — — 79.5 Capital distributions from consolidated affiliates 27.9 — — (27.9 ) — Net cash provided by (used in) investing activities 27.9 (226.0 ) (15.2 ) (27.9 ) (241.2 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,274.8 — — — 2,274.8 Payments on long-term debt (2,014.8 ) (0.9 ) — — (2,015.7 ) Payments on capital leases — (1.6 ) — — (1.6 ) Payments for deferred financing costs (5.7 ) — — — (5.7 ) Distributions to partners (238.4 ) — (9.9 ) — (248.3 ) Distributions to parent — — (27.9 ) 27.9 — Taxes paid for unit-based compensation vesting — (7.4 ) — — (7.4 ) Change in intercompany balances 103.4 (103.4 ) — — — Other — 0.1 — — 0.1 Net cash provided by (used in) financing activities 119.3 (113.2 ) (37.8 ) 27.9 (3.8 ) Net change in cash and restricted cash 15.5 — — — 15.5 Cash and restricted cash at beginning of period 1.0 — — — 1.0 Cash and restricted cash at end of period $ 16.5 $ — $ — $ — $ 16.5 Crestwood Midstream Partners LP Condensed Consolidating Statements of Cash Flows December 31, 2017 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (162.3 ) $ 379.2 $ 45.3 $ — $ 262.2 Cash flows from investing activities: Purchases of property, plant and equipment — (188.4 ) — — (188.4 ) Investment in unconsolidated affiliates — — (58.0 ) — (58.0 ) Capital distributions from unconsolidated affiliates — — 59.9 — 59.9 Net proceeds from sale of assets — 225.2 — — 225.2 Capital contributions to consolidated affiliates 4.3 — — (4.3 ) — Net cash provided by (used in) investing activities 4.3 36.8 1.9 (4.3 ) 38.7 Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,838.6 — — — 2,838.6 Payments on long-term debt (2,912.6 ) (1.3 ) — — (2,913.9 ) Payments on capital leases — (2.7 ) — — (2.7 ) Payments for deferred financing costs (1.0 ) — — — (1.0 ) Redemption of non-controlling interest — — (202.7 ) — (202.7 ) Net proceeds from issuance of non-controlling interest — — 175.0 — 175.0 Distributions to partners (174.0 ) — (15.2 ) — (189.2 ) Distributions to parent — — (4.3 ) 4.3 — Taxes paid for unit-based compensation vesting — (5.5 ) — — (5.5 ) Change in intercompany balances 406.7 (406.7 ) — — — Other — 0.2 — — 0.2 Net cash provided by (used in) financing activities 157.7 (416.0 ) (47.2 ) 4.3 (301.2 ) Net change in cash and restricted cash (0.3 ) — — — (0.3 ) Cash and restricted cash at beginning of period 1.3 — — — 1.3 Cash and restricted cash at end of period $ 1.0 $ — $ — $ — $ 1.0 |
Schedule I - Crestwood Equity P
Schedule I - Crestwood Equity Partners LP - Parent Only | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I - Crestwood Equity Partners LP - Parent Only | Schedule I Crestwood Equity Partners LP Parent Only Condensed Balance Sheets (in millions) December 31, 2019 2018 Assets Current assets: Cash $ 0.2 $ 0.2 Total current assets 0.2 0.2 Property, plant and equipment, net 1.0 1.1 Investments in subsidiaries 1,935.9 1,854.7 Other assets 3.1 2.8 Total assets $ 1,940.2 $ 1,858.8 Liabilities and partners’ capital Current liabilities: Accounts payable $ 0.1 $ 2.6 Accrued expenses 1.3 1.1 Total current liabilities 1.4 3.7 Other long-term liabilities 6.0 2.6 Total partners’ capital 1,932.8 1,852.5 Total liabilities and partners’ capital $ 1,940.2 $ 1,858.8 See accompanying notes. Schedule I Crestwood Equity Partners LP Parent Only Condensed Statements of Operations (in millions) Year Ended December 31, 2019 2018 2017 Revenues $ — $ — $ — Expenses 5.3 6.1 6.7 Operating loss (5.3 ) (6.1 ) (6.7 ) Equity in net income (loss) of subsidiaries 290.0 56.5 (185.7 ) Other income, net 0.4 0.4 0.5 Net income (loss) attributable to Crestwood Equity Partners LP $ 285.1 $ 50.8 $ (191.9 ) See accompanying notes. Schedule I Crestwood Equity Partners LP Parent Only Condensed Statements of Comprehensive Income (in millions) Year Ended December 31, 2019 2018 2017 Net income (loss) attributable to Crestwood Equity Partners LP $ 285.1 $ 50.8 $ (191.9 ) Change in fair value of Suburban Propane Partners, LP units 0.3 (0.7 ) (0.8 ) Comprehensive income (loss) attributable to Crestwood Equity Partners LP $ 285.4 $ 50.1 $ (192.7 ) See accompanying notes. Schedule I Crestwood Equity Partners LP Parent Only Condensed Statements of Cash Flows (in millions) Year Ended December 31, 2019 2018 2017 Cash flows from operating activities $ (3.7 ) $ (3.8 ) $ (3.6 ) Cash flows from investing activities 235.8 238.4 174.0 Cash flows from financing activities: Distributions paid to partners (232.5 ) (230.9 ) (182.6 ) Proceeds from issuance of common units — — 15.2 Change in intercompany balances 0.4 (3.8 ) (3.0 ) Net cash used in financing activities (232.1 ) (234.7 ) (170.4 ) Net change in cash — (0.1 ) — Cash at beginning of period 0.2 0.3 0.3 Cash at end of period $ 0.2 $ 0.2 $ 0.3 See accompanying notes. Schedule I Crestwood Equity Partners LP Parent Only Notes to Condensed Financial Statements Note 1. Basis of Presentation In the parent-only financial statements, our investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. Our share of net income of our unconsolidated subsidiaries is included in consolidated income using the equity method. The parent-only financial statements should be read in conjunction with our consolidated financial statements. The condensed statements of operations for the years ended December 31, 2018 and 2017 include reclassifications that were made to conform to the current year presentation, none of which impacted previously reported net income (loss) attributable to Crestwood Equity Partners LP or partners’ capital. Note 2. Distributions During the years ended December 31, 2019 , 2018 and 2017 , we received cash distributions from Crestwood Midstream Partners LP of approximately $235.8 million , $238.4 million and $174.0 million . |
Schedule II - Crestwood Equity
Schedule II - Crestwood Equity Parnters LP - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Crestwood Equity Partners LP - Valuation and Qualifying Accounts | Schedule II Crestwood Equity Partners LP Crestwood Midstream Partners LP Valuation and Qualifying Accounts For the Years Ended December 31, 2019 , 2018 and 2017 (in millions) Balance at beginning of period Charged to costs and expenses Other Additions Deductions (write-offs) Balance at end of period Allowance for doubtful accounts 2019 $ 0.3 $ 0.1 $ — $ (0.1 ) $ 0.3 2018 $ 2.4 $ 0.2 $ — $ (2.3 ) $ 0.3 2017 $ 1.9 $ 1.5 $ — $ (1.0 ) $ 2.4 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts we report as assets, liabilities, revenues and expenses and our disclosures in these consolidated financial statements. Actual results can differ from those estimates. |
Cash and Restricted Cash | Cash We consider all highly liquid investments with an original maturity of less than three months to be cash. Restricted Cash On January 1, 2018, we adopted the provisions of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) which changed the classification and presentation of restricted cash in the statement of cash flows. The standard requires us to include restricted cash in our total cash when reconciling the beginning of period and end of period amounts shown on our consolidated statements of cash flows. The retrospective application of this ASU did not have an impact on our consolidated statement of cash flows for the year ended December 31, 2017. Our restricted cash represents cash held under the terms of certain contractual agreements and is classified as current on our consolidated balance sheets. The $16.3 million decrease in restricted cash during the year ended December 31, 2019 and the $16.3 million increase in restricted cash during the year ended December 31, 2018 is included in operating activities (change in accounts payable, accrued expenses and other liabilities) in the consolidated statements of cash flows. |
Inventory | Inventory |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at is original cost of construction or, upon acquisition, at the fair value of the assets acquired. For assets we construct, we capitalize direct costs, such as labor and materials, and indirect costs, such as overhead and interest. We capitalize major units of property replacements or improvement and expense minor items. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, as follows: Years Gathering systems and pipelines 15 - 20 Facilities and equipment 3 - 25 Buildings, rights-of-way and easements 1 - 40 Office furniture and fixtures 5 - 10 Vehicles 5 We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or changes in circumstances are present, a loss is recognized if the carrying value of the asset is in excess of the sum of the undiscounted cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset, which is typically based on discounted cash flow projections using assumptions as to revenues, costs and discount rates typical of third party market participants, which is a Level 3 fair value measurement. During 2019 and 2017, we recorded impairments of our property, plant and equipment and we reflected these impairments in long on long-lived assets in our consolidated statements of operations. We did not record impairments of our property, plant and equipment during the year ended December 31, 2018. During 2019 , we incurred $4.3 million of impairments of our property, plant and equipment related to certain of our water gathering facilities in our Arrow operations which is further discussed in Note 15 . During 2017, we incurred $81.4 million of impairments of our property, plant and equipment related to our MS&L West Coast operations, which resulted from decreasing the forecasted cash flows to be generated by those operations. At December 31, 2017 , our estimates of fair value considered a number of factors, including the potential value if we sold the asset, a 12% discount rate and projected cash flows, which is a Level 3 fair value measurement. During 2018, we sold our MS&L West Coast operations for $70.5 million , and recorded a loss on long-lived assets of approximately $26.9 million (including $9.0 million related to the write off of goodwill). See “ Goodwill ” below and Note 3 for further information on the sale of these assets. |
Identifiable Intangible Assets | Identifiable Intangible Assets Our identifiable intangible assets consist of customer accounts, trademarks and certain revenue contracts. These intangible assets have arisen primarily from acquisitions. We amortize certain of our revenue contracts based on the projected cash flows associated with these contracts if the projected cash flows are readily determinable, otherwise we amortize our revenue contracts on a straight-line basis. We recognize acquired intangible assets separately if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer’s intent to do so. |
Goodwill | Goodwill Our goodwill represents the excess of the amount we paid for a business over the fair value of the net identifiable assets acquired. We evaluate goodwill for impairment annually on December 31, and whenever events indicate that it is more likely than not that the fair value of a reporting unit could be less than its carrying amount. This evaluation requires us to compare the fair value of each of our reporting units to its carrying value (including goodwill). If the fair value exceeds the carrying amount, goodwill of the reporting unit is not considered impaired. We estimate the fair value of our reporting units based on a number of factors, including discount rates, projected cash flows and the potential value we would receive if we sold the reporting unit. We also compare the total fair value of our reporting units to our overall enterprise value, which considers the market value for our common and preferred units. Estimating projected cash flows requires us to make certain assumptions as it relates to the future operating performance of each of our reporting units (which includes assumptions, among others, about estimating future operating margins and related future growth in those margins, contracting efforts and the cost and timing of facility expansions) and assumptions related to our customers, such as their future capital and operating plans and their financial condition. When considering operating performance, various factors are considered such as current and changing economic conditions and the commodity price environment, among others. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. If the assumptions embodied in the projections prove inaccurate, we could incur a future impairment charge. In addition, the use of the income approach to determine the fair value of our reporting units (see further discussion of the use of the income approach below) could result in a different fair value if we had utilized a market approach, or a combination thereof. |
Lessee, Leases | Leases We maintain leases in the ordinary course of our business activities. Our leases include those for office buildings, crude oil railroad cars, certain vehicles and other operating facilities and equipment. We also sublease certain of our crude oil railroad cars and trucks to a third party. We do not have any material leases where we are considered to be the lessor. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Prior to January 1, 2019, we classified our leases as either capital or operating leases under ASC Topic 840, Leases (Topic 840) . We recognized assets (included in property, plant and equipment) and liabilities (included in accrued expenses and other liabilities and other long-term liabilities) related to our capital leases on our consolidated balance sheets. We also recognized depreciation expense and interest expense related to our capital leases on our consolidated statements of operations. The majority of our lease arrangements were classified as operating leases, under which we did not recognize assets or liabilities on our consolidated balance sheets, but rather recognized lease payments on our consolidated statements of operations as either costs of product/services sold or operations and maintenance expense on a straight-line basis over the lease term. On January 1, 2019, we adopted the provisions of ASC Topic 842, Leases (Topic 842) , which revises the accounting for leases by requiring certain leases to be recognized as assets and liabilities on the balance sheet, and requiring companies to disclose additional information about their leasing arrangements. We adopted the standard using the modified retrospective method. Based on the practical expedients allowed for in the standard, we did not reassess the current GAAP classification of leases, easements and rights of way that existed as of January 1, 2019, and we did not utilize the hindsight method in determining the assets and liabilities to be recorded for our existing leases on January 1, 2019. The adoption of this standard required us to make significant judgments on whether our revenue and expenditure-related contracts were considered to be leases (or contain leases) under Topic 842 , and if contracts were considered to be leases whether they should be considered operating leases or finance leases under the new standard. We do not have any material revenue contracts that are considered leases under Topic 842 . |
Investment in Unconsolidated Affiliate | Investments in Unconsolidated Affiliates |
Asset Retirement Obligations | Asset Retirement Obligations An asset retirement obligation (ARO) is an estimated liability for the cost to retire a tangible asset. We record a liability for legal or contractual obligations to retire our long-lived assets associated with our facilities and right-of-way contracts we hold. We record a liability in the period the obligation is incurred and estimable. An ARO is initially recorded at its estimated fair value with a corresponding increase to property, plant and equipment. This increase in property, plant and equipment is then depreciated over the useful life of the asset to which that liability relates. An ongoing expense is recognized for changes in the fair value of the liability as a result of the passage of time, which we record as depreciation, amortization and accretion expense on our consolidated statements of operations. |
Revenue Recognition | Revenue Recognition We provide gathering, processing, compression, storage, fractionation, and transportation (consisting of pipelines, truck and rail terminals, truck/trailer units and rail cars) services and we sell commodities (including crude oil, natural gas, NGLs and water) under various contracts. These contracts include: • Fixed-fee contracts . Under these contracts, we do not take title to the underlying crude oil, natural gas, NGLs and water but charge our customers a fixed-fee for the services we provide, which can be a firm reservation charge and/or a charge per volume gathered, processed, compressed, stored, loaded and/or transported (which, in certain contracts, can be subject to a minimum level of volumes); • Percentage-of-proceeds service contracts . Under these contracts, we take title to crude oil, natural gas or NGLs after the commodity leaves our gathering and processing facilities. We often market and sell those commodities to third parties after they leave our facilities and we will remit a portion of the sales proceeds to our producers; • Percentage-of-proceeds product contracts. Under these contracts, we take title to crude oil, natural gas or NGLs before the commodity enters our facilities. We market and sell those commodities to third parties and we will remit a portion of the sales proceeds to our producers; and • Purchase and sale contracts . Under these contracts, we purchase crude oil, natural gas or NGLs before the commodity enters our facilities, and we market and sell those commodities to third parties. On January 1, 2018, we adopted the provisions of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. We adopted the standard using the modified retrospective method for all revenue contracts that involve revenue generating activities that occur after January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the new standard, while amounts prior to January 1, 2018 continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic 605) . Prior to January 1, 2018, we recognized revenues for services and products when all of the following criteria were met under Topic 605 : (i) services had been rendered or products delivered or sold; (ii) persuasive evidence of an exchange arrangement existed; (iii) the price for services was fixed or determinable; and (iv) collectability was reasonably assured. We recorded deferred revenue when we received amounts from our customers but had not yet met the criteria listed above. We recognized deferred revenue in our consolidated statement of operations when the criteria had been met and all services had been rendered. Beginning January 1, 2018, we recognize revenues for services and products under revenue contracts as our obligations to perform services or deliver/sell products under the contracts are satisfied. A contract’s transaction price is allocated to each performance obligation in the contract and recognized as revenue when, or as, the performance obligation is satisfied. Our fixed-fee contracts and our percentage-of-proceeds service contracts primarily have a single performance obligation to deliver a series of distinct goods or services that are substantially the same and have the same pattern of transfer to our customers. For performance obligations associated with these contracts, we recognize revenues over time utilizing the output method based on the actual volumes of products delivered/sold or services performed, because the single performance obligation is satisfied over time using the same performance measure of progress toward satisfaction of the performance obligation . The transaction price under certain of our fixed-fee contracts and percentage-of-proceeds service contracts includes variable consideration that varies primarily based on actual volumes that are delivered under the contracts. Because the variable consideration specifically relates to our efforts to transfer the services and/or products under the contracts, we allocate the variable consideration entirely to the distinct service utilizing the allocation exception guidance under Topic 606 , and accordingly recognize the variable consideration as revenues at the time the good or service is transferred to the customer. Certain of our fixed-fee contracts contain minimum volume features under which the customers must utilize our services to gather, compress or load a specified quantity of crude oil or natural gas or pay a deficiency fee based on the difference between actual volumes and the contractual minimum volume. We recognize revenues from these contracts when actual volumes are gathered, compressed or loaded and the likelihood of a customer exercising its remaining rights to make up the deficient volumes under minimum volume commitments becomes remote. We recognize revenues at a point in time for performance obligations associated with our percentage-of proceeds product contracts and purchase and sale contracts, and these revenues are recognized because control of the underlying product is transferred to the customer when the distinct good is provided to the customer. The evaluation of when performance obligations have been satisfied and the transaction price that is allocated to our performance obligations requires significant judgments and assumptions, including our evaluation of the timing of when control of the underlying good or service has transferred to our customers and the relative standalone selling price of goods and services provided to customers under contracts with multiple performance obligations. Actual results can significantly vary from those judgments and assumptions. We did not have any material contracts with multiple performance obligations or under which we receive material amounts of non-cash consideration during the year ended December 31, 2019 . Contract Assets and Contract Liabilities . Amounts due from our customers under our revenue contracts are typically billed as the service is being provided or on a weekly, bi-weekly or monthly basis and are due within 30 days of billing. Under certain of our contracts, we recognize revenues in excess of billings which we present as contract assets on our consolidated balance sheets. Under certain contracts, we may be entitled to receive payments in advance of satisfying our performance obligations under the contract. We recognize a liability for these payments in excess of revenue recognized and present it as deferred revenue or contract liabilities on our consolidated balance sheets. Our deferred revenue primarily relates to: • Capital Reimbursements. Certain contracts in our G&P segment require that our customers reimburse us for capital expenditures related to the construction of long-lived assets utilized to provide services to them under the revenue contracts. Because we consider these amounts as consideration from customers associated with ongoing services to be provided to customers, we defer these upfront payments in deferred revenue and recognize the amounts in revenue over the life of the associated revenue contract as the performance obligations are satisfied under the contract. On January 1, 2018, we recorded an $87.6 million increase to our property, plant and equipment, net, a $69.1 million increase to our deferred revenue liability and an $18.5 million increase to partners’ capital as a result of applying the cumulative impact of adopting the new standard on these types of contracts. • Contracts with Increasing (Decreasing) Rates per Unit. Certain contracts in our G&P, S&T and MS&L segments have fixed rates per volume that increase and/or decrease over the life of the contract once certain time periods or thresholds are met. We record revenues on these contracts ratably per unit over the life of the contract based on the remaining performance obligations to be performed, which can result in the deferral of revenue for the difference between the consideration received and the ratable revenue recognized. On January 1, 2018, we recorded a $1.5 million increase to our deferred revenue liability and a corresponding decrease to partners’ capital as a result of applying the cumulative impact of adopting the new standard on these types of contracts. |
Credit Risk and Concentrations | Credit Risk and Concentrations Inherent in our contractual portfolio are certain credit risks. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. We take an active role in managing credit risk and have established control procedures, which are reviewed on an ongoing basis. We attempt to minimize credit risk exposure through credit policies and periodic monitoring procedures as well as through customer deposits, letters of credit and entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate. |
Income Taxes | Income Taxes Crestwood Equity is a master limited partnership and Crestwood Midstream is a limited partnership. Partnerships are generally not subject to federal income tax, although publicly-traded partnerships are treated as corporations for federal income tax purposes and therefore are subject to federal income tax, unless the partnership generates at least 90% of its gross income from qualifying sources. If the qualifying income requirement is satisfied, the publicly-traded partnership will be treated as a partnership for federal income tax purposes. We satisfy the qualifying income requirement and are treated as a partnership for federal and state income tax purposes. Our consolidated earnings are included in the federal and state income tax returns of our partners. However, legislation in certain states allows for taxation of partnerships, and as such, certain state taxes have been included in our accompanying financial statements as income taxes due to the nature of the tax in those particular states as discussed below. In addition, federal and state income taxes are provided on the earnings of the subsidiaries incorporated as taxable entities. We are required to recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities using expected rates in effect for the year in which the differences are expected to reverse. We are responsible for the Texas Margin tax computed on the Texas franchise tax returns. The margin tax qualifies as an income tax under GAAP, which requires us to recognize the impact of this tax on the temporary differences between the financial statement assets and liabilities and their tax basis attributable to such tax. Net earnings for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax basis and the financial reporting basis of assets and liabilities and the taxable income allocation requirements under the partnership agreement. |
Environmental Costs and Other Contingencies | Environmental Costs and Other Contingencies We recognize liabilities for environmental and other contingencies when there is an exposure that indicates it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. Where the most likely outcome of a contingency can be reasonably estimated, we accrue a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses is established and if no one amount in that range is more likely than any other, the low end of range is accrued. We record liabilities for environmental contingencies at their undiscounted amounts on our consolidated balance sheets as accrued expenses and other liabilities when environmental assessments indicate that remediation efforts are probable and costs can be reasonably estimated. Estimates of our liabilities are based on currently available facts and presently enacted laws and regulations, taking into consideration the likely effects of other societal and economic factors. These estimates are subject to revision in future periods based on actual costs or new circumstances. We capitalize costs that benefit future periods and recognize a current period charge in operations and maintenance expenses when clean-up efforts do not benefit future periods. We evaluate potential recoveries of amounts from third parties, including insurance coverage, separately from our liability. Recovery is evaluated based on the solvency of the third party, among other factors. When recovery is assured, we record and report an asset separately from the associated liability on our consolidated balance sheet. |
Price Risk Management Activities | Price Risk Management Activities We utilize certain derivative financial instruments to (i) manage our exposure to commodity price risk, specifically, the related change in the fair value of inventory, as well as the variability of cash flows related to forecasted transactions; (ii) ensure the availability of adequate physical supply of commodity; and (iii) manage our exposure to the interest rate risk associated with fixed and variable rate borrowings. We record all derivative instruments on the balance sheet at their fair values as either assets or liabilities measured at fair value. Changes in the fair value of these derivative financial instruments are recorded through current earnings. |
Unit-Based Compensation | Unit-Based Compensation Long-term incentive awards are granted under the Crestwood Equity incentive plan. Unit-based compensation awards consist of restricted units that are valued at the closing market price of CEQP’s common units on the date of grant, which reflects the fair value of such awards. For those awards that are settled in cash, the associated liability is remeasured at every balance sheet date through settlement, such that the vested portion of the liability is adjusted to reflect its revised fair value through compensation expense. We generally recognize the expense associated with the award over the vesting period on a straight line basis. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, Current | Inventory consisted of the following at December 31, 2019 and 2018 ( in millions ): December 31, 2019 2018 Crude oil and NGLs $ 53.2 $ 64.2 Spare parts 0.5 0.4 Total inventory $ 53.7 $ 64.6 |
Estimated Useful Lives Of Property, Plant And Equipment | Depreciation is computed by the straight-line method over the estimated useful lives of the assets, as follows: Years Gathering systems and pipelines 15 - 20 Facilities and equipment 3 - 25 Buildings, rights-of-way and easements 1 - 40 Office furniture and fixtures 5 - 10 Vehicles 5 |
Intangible Assets, Useful life | Certain intangible assets are amortized on a straight-line basis over their estimated economic lives, as follows: Weighted-Average Life (years) Customer accounts and revenue contracts 20 Trademarks 10 Intangible assets at CEQP and CMLP consisted of the following at December 31, 2019 and 2018 ( in millions ): December 31, 2019 2018 Customer accounts $ 438.9 $ 438.9 Gas gathering, compression and processing contracts (1) 631.2 325.2 Trademarks 6.2 6.2 1,076.3 770.3 Less: accumulated amortization 271.1 216.5 Total intangible assets, net $ 805.2 $ 553.8 (1) Includes $306.0 million related to a revenue contract acquired from the Jackalope Acquisition, which is further discussed in Note 3. The following table summarizes total accumulated amortization of CEQP’s and CMLP’s intangible assets at December 31, 2019 and 2018 ( in millions ): December 31, 2019 2018 Customer accounts $ 134.4 $ 112.1 Gas gathering, compression and processing contracts 132.5 100.8 Trademarks 4.2 3.6 Total accumulated amortization $ 271.1 $ 216.5 |
Schedule of Goodwill | The following table summarizes the goodwill of our various reporting units ( in millions ): Goodwill Impairments during the Year Ended December 31, 2017 Goodwill at January 1, 2018 Other Impact of Sale of West Coast Goodwill at December 31, 2018 Goodwill Addition during the Year Ended December 31, 2019 Goodwill at December 31, 2019 G&P Arrow $ — $ 45.9 $ — $ — $ 45.9 $ — $ 45.9 Powder River Basin — — — — — 80.3 (3) 80.3 MS&L NGL Marketing and Logistics — — 101.7 (1) (9.0 ) (2) 92.7 — 92.7 West Coast 2.4 — — — — — — Supply and Logistics — 101.7 (101.7 ) (1) — — — — Storage and Terminals 36.4 — — — — — — Total $ 38.8 $ 147.6 $ — $ (9.0 ) $ 138.6 $ 80.3 $ 218.9 (1) Reflects the combination of the MS&L reporting units into one NGL Marketing and Logistics reporting unit as further discussed below. (2) In October 2018, we sold our West Coast assets and wrote off the goodwill attributable to these assets as further discussed below. (3) In April 2019, we acquired the remaining 50% equity interest in Jackalope from Williams. See Note 3 for a further discussion of the acquisition. |
Acquisition and Divestiture (Ta
Acquisition and Divestiture (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final valuation of the assets acquired and liabilities assumed at the acquisition date (in millions ): Cash $ 22.5 Other current assets 30.9 Property, plant and equipment 532.9 Intangible assets 306.0 Goodwill 80.3 Current liabilities (30.4 ) Other long-term liabilities (21.5 ) Estimated fair value of 100% interest in Jackalope 920.7 Less: Elimination of equity investment in Jackalope 226.7 Gain on acquisition of Jackalope 209.4 Total purchase price $ 484.6 |
Business Acquisition, Pro Forma Information | The tables below presents selected unaudited pro forma information as if the Jackalope Acquisition had occurred on January 1, 2017 (in millions) . The pro forma information is not necessarily indicative of the financial results that would have occurred if the transaction had been completed as of the dates indicated. The amounts have been calculated after applying our accounting policies and adjusting the results to reflect the depreciation, amortization and accretion expense that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been made at the beginning of the respective reporting period. The pro forma net income also includes the effects of interest expense on incremental borrowings and recognition of deferred revenue. Crestwood Equity Year Ended December 31, 2019 2018 2017 Revenues $ 3,202.6 $ 3,729.5 $ 3,935.4 Net income (loss) $ 313.5 $ 45.0 $ (193.0 ) Crestwood Midstream Year ended December 31, 2019 2018 2017 Revenues $ 3,202.6 $ 3,729.5 $ 3,935.4 Net income (loss) $ 304.2 $ 36.6 $ (201.9 ) |
Certain Balance Sheet Informa_2
Certain Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Property, Plant And Equipment | Property, plant and equipment consisted of the following at December 31, 2019 and 2018 ( in millions ): CEQP CMLP December 31, December 31, 2019 2018 2019 2018 Gathering systems and pipelines and related assets $ 1,017.8 $ 758.6 $ 1,160.6 $ 901.5 Facilities and equipment 1,797.7 1,230.7 1,982.8 1,415.9 Buildings, land, rights-of-way, storage rights and easements 370.6 331.7 374.3 335.4 Vehicles 27.7 17.9 26.0 16.1 Construction in process 368.7 230.8 368.7 230.8 Office furniture and fixtures 30.0 28.4 30.2 28.5 3,612.5 2,598.1 3,942.6 2,928.2 Less: accumulated depreciation 703.4 568.4 875.1 725.9 Total property, plant and equipment, net $ 2,909.1 $ 2,029.7 $ 3,067.5 $ 2,202.3 |
Intangible Assets | Certain intangible assets are amortized on a straight-line basis over their estimated economic lives, as follows: Weighted-Average Life (years) Customer accounts and revenue contracts 20 Trademarks 10 Intangible assets at CEQP and CMLP consisted of the following at December 31, 2019 and 2018 ( in millions ): December 31, 2019 2018 Customer accounts $ 438.9 $ 438.9 Gas gathering, compression and processing contracts (1) 631.2 325.2 Trademarks 6.2 6.2 1,076.3 770.3 Less: accumulated amortization 271.1 216.5 Total intangible assets, net $ 805.2 $ 553.8 (1) Includes $306.0 million related to a revenue contract acquired from the Jackalope Acquisition, which is further discussed in Note 3. The following table summarizes total accumulated amortization of CEQP’s and CMLP’s intangible assets at December 31, 2019 and 2018 ( in millions ): December 31, 2019 2018 Customer accounts $ 134.4 $ 112.1 Gas gathering, compression and processing contracts 132.5 100.8 Trademarks 4.2 3.6 Total accumulated amortization $ 271.1 $ 216.5 |
Schedule of Intangible Assets, Future Amortization Expense | Estimated amortization of CEQP’s and CMLP’s intangible assets for the next five years is as follows ( in millions ): Year Ending December 31, 2020 $ 58.9 2021 $ 58.9 2022 $ 58.9 2023 $ 55.0 2024 $ 50.1 |
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consisted of the following at December 31, 2019 and 2018 ( in millions ): CEQP CMLP December 31, December 31, 2019 2018 2019 2018 Accrued expenses (1) $ 61.6 $ 64.8 $ 60.3 $ 63.7 Accrued property taxes 6.1 2.6 6.1 2.6 Income tax payable 0.3 0.3 0.3 0.3 Interest payable 25.6 19.8 25.6 19.8 Accrued additions to property, plant and equipment 38.0 10.5 38.0 10.5 Operating leases 18.1 — 18.1 — Finance leases 3.2 2.4 3.2 2.4 Deferred revenue 8.8 12.0 8.8 12.0 Total accrued expenses and other liabilities $ 161.7 $ 112.4 $ 160.4 $ 111.3 (1) Includes $16.2 million of related party accrued expenses at December 31, 2018 related to deposits received from Jackalope prior to the acquisition of the remaining 50% equity interest in Jackalope from Williams in April 2019. |
Other Noncurrent Liabilities | Other long-term liabilities consisted of the following at December 31, 2019 and 2018 ( in millions ): CEQP CMLP December 31, December 31, 2019 2018 2019 2018 Contract liabilities $ 144.7 $ 65.4 $ 144.7 $ 65.4 Contingent consideration 57.0 57.0 57.0 57.0 Operating leases 41.5 — 41.5 — Asset retirement obligations 33.3 27.6 33.3 27.6 Other 25.1 23.6 19.1 21.0 Total other long-term liabilities $ 301.6 $ 173.6 $ 295.6 $ 171.0 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | The following table presents the changes in the net asset retirement obligations for the years ended December 31, 2019 and 2018 ( in millions ): 2019 2018 Net asset retirement obligations at January 1 $ 28.1 $ 28.1 Liabilities acquired (1) 1.7 — Liabilities incurred 3.4 1.2 Liabilities settled (0.1 ) (2.8 ) Accretion expense 1.7 1.6 Net asset retirement obligations at December 31 (2) $ 34.8 $ 28.1 (1) Relates to the Jackalope Acquisition, which is further discussed in Note 3. (2) Includes $1.5 million and $0.5 million of current ARO liabilities at December 31, 2019 and 2018. |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Net Investments and Earnings (Loss) From Unconsolidated Affiliates | Our net investments in and earnings (loss) from our unconsolidated affiliates are as follows ( in millions, unless otherwise stated): Ownership Percentage Investment Earnings (Loss) from Unconsolidated Affiliates December 31, December 31, Year Ended December 31, 2019 2019 2018 2019 2018 2017 Stagecoach Gas Services LLC 50.00 % $ 814.4 $ 830.4 $ 34.2 $ 29.3 $ 25.3 Jackalope Gas Gathering Services, L.L.C. (1) — % (1) — 210.2 3.7 18.1 10.5 Crestwood Permian Basin Holdings LLC (2) 50.00 % 121.8 104.3 (5.8 ) 4.4 8.4 Tres Palacios Holdings LLC 50.01 % 35.9 35.0 0.9 — 2.2 Powder River Basin Industrial Complex, LLC 50.01 % 8.3 8.3 (0.2 ) 1.5 1.4 Total $ 980.4 $ 1,188.2 $ 32.8 $ 53.3 $ 47.8 (1) On April 9, 2019, Crestwood Niobrara acquired Williams’ 50% equity interest in Jackalope and, as a result, Crestwood Niobrara controls and owns 100% of the equity interests in Jackalope. See Note 3 for a further discussion of this acquisition. (2) Pursuant to the Crestwood Permian limited liability company agreement, we were allocated 100% of Crestwood New Mexico’s earnings through June 30, 2018. Effective July 1, 2018, our equity earnings from Crestwood New Mexico is based on our ownership percentage of Crestwood Permian, which is currently 50% . |
Equity Method Investments | Financial Position Data December 31, 2019 2018 Current Assets Non-Current Assets Current Liabilities Non-Current Liabilities Members’ Equity Current Assets Non-Current Assets Current Liabilities Non-Current Liabilities Members’ Equity Stagecoach (1) $ 50.6 $ 1,686.3 $ 3.9 $ 1.5 $ 1,731.5 $ 50.1 $ 1,725.1 $ 4.2 $ 0.9 $ 1,770.1 Crestwood Permian (2) 15.9 386.8 16.3 72.1 314.3 17.7 372.6 16.8 94.7 278.8 Other (3) 11.7 277.9 21.0 121.1 147.5 59.3 658.0 17.4 129.6 570.3 Total $ 78.2 $ 2,351.0 $ 41.2 $ 194.7 $ 2,193.3 $ 127.1 $ 2,755.7 $ 38.4 $ 225.2 $ 2,619.2 (1) As of December 31, 2019 , our equity in the underlying net assets of Stagecoach Gas exceeded our investment balance by approximately $51.3 million . This excess amount is entirely attributable to goodwill and, as such, is not subject to amortization. (2) As of December 31, 2019 , the difference of approximately $11.5 million between our equity in Crestwood Permian’s net assets and our investment balance is not subject to amortization. (3) Includes our Tres Holdings and PRBIC equity investments at December 31, 2019 and 2018 , and our Jackalope equity investment at December 31, 2018 . As of December 31, 2019 , our equity in the underlying net assets of Tres Holdings and PRBIC exceeded our investment balance by approximately $24.0 million and $5.5 million , respectively. Operating Results Data Year Ended December 31, 2019 2018 2017 Operating Revenues Operating Expenses Net Income (Loss) Operating Revenues Operating Expenses Net Income Operating Revenues Operating Expenses Net Income Stagecoach $ 163.8 $ 83.6 $ 80.6 $ 171.4 $ 79.3 $ 92.1 $ 168.6 $ 77.7 $ 91.1 Crestwood 64.8 76.0 (11.1 ) 82.2 81.3 5.7 87.3 74.1 14.1 Other (1) 55.1 49.9 5.1 116.9 81.5 35.6 94.5 69.5 24.8 Total $ 283.7 $ 209.5 $ 74.6 $ 370.5 $ 242.1 $ 133.4 $ 350.4 $ 221.3 $ 130.0 (1) Includes our Jackalope (prior to the acquisition of the remaining 50% interest from Williams in April 2019), Tres Holdings and PRBIC equity investments. We amortize the excess basis in certain of our equity investments as an increase in our earnings from unconsolidated affiliates. We recorded amortization of the excess basis in our Jackalope equity investment of less than $0.1 million for each of the years ended December 31, 2019 , 2018 and 2017 , which we amortized over the life of Jackalope’s gathering agreement with Chesapeake Energy Corporation (Chesapeake). We recorded amortization of the excess basis in our Tres Holdings equity investment of approximately $1.3 million for each of the years ended December 31, 2019 , 2018 and 2017 , which we amortize over the life of Tres Palacios’ sublease agreement. We recorded amortization of the excess basis in our PRBIC equity investment of approximately $0.4 million , $0.5 million and $0.6 million for the years ended December 31, 2019 , 2018 and 2017 , which we amortize over the life of PRBIC’s property, plant and equipment. Distributions and Contributions Distributions Contributions Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 Stagecoach Gas $ 52.3 $ 48.7 $ 47.3 $ 2.1 $ — $ 0.8 Jackalope 11.6 32.4 26.3 24.4 49.1 3.5 Crestwood Permian (1) 5.0 14.7 23.4 28.3 12.6 117.5 Tres Holdings (2) 6.3 5.3 9.0 6.3 2.5 5.6 PRBIC (3) — 1.9 1.6 0.2 0.2 — Total $ 75.2 $ 103.0 $ 107.6 $ 61.3 $ 64.4 $ 127.4 (1) On June 21, 2017, we contributed to Crestwood Permian 100% of the equity interest of Crestwood New Mexico Pipeline LLC (Crestwood New Mexico) at our historical book value of approximately $69.4 million . This contribution was treated as a non-cash transaction between entities under common control. (2) Tres Holdings is required, within 30 days following the end of each quarter, to make quarterly distributions of its available cash (as defined in its limited liability company agreement) to its members based on their respective ownership percentage. (3) PRBIC is required to make quarterly distributions of its available cash to its members based on their respective ownership percentage. |
Risk Management (Tables)
Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risk Management - Notional Amounts and Terms of Companys Derivative Financial Instruments [Abstract] | |
Derivatives Not Designated as Hedging Instruments | The following table summarizes the impact to our consolidated statements of operations related to our commodity-based derivatives reflected in operating revenues and costs of product/services sold during the years ended December 31, 2019 , 2018 and 2017 ( in millions ): December 31, 2019 2018 2017 Product revenues $ 252.3 $ 343.3 $ 234.1 Gain (loss) reflected in costs of product/services sold $ 19.5 $ 29.6 $ (31.2 ) |
Notional Amounts And Terms Of Company's Derivative Financial Instruments | The notional amounts and terms of our derivative financial instruments include the following: December 31, 2019 December 31, 2018 Fixed Price Payor Fixed Price Receiver Fixed Price Payor Fixed Price Receiver Propane, ethane, butane, heating oil and crude oil (MMBbls) 33.5 36.6 27.8 30.1 Natural gas (Bcf) 3.7 8.7 1.8 1.8 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value of our commodity derivative instruments with credit-risk-related contingent features and their associated collateral ( in millions ): December 31, 2019 2018 Aggregate fair value of derivative instruments with credit-risk-related contingent features (1) $ 1.6 $ 2.2 NYMEX-related net derivative liability position $ 28.8 $ 9.4 NYMEX-related cash collateral posted $ 40.4 $ 21.7 Cash collateral received, net $ 16.9 $ 14.2 (1) At December 31, 2019 and 2018 , we posted less than $0.1 million of collateral associated with these derivatives. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table represents the carrying amount (reduced for deferred financing costs associated with the respective notes) and fair value of our senior notes ( in millions ): December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair 2023 Senior Notes $ 695.1 $ 714.0 $ 693.6 $ 668.1 2025 Senior Notes $ 494.4 $ 514.4 $ 493.4 $ 466.2 2027 Senior Notes $ 592.1 $ 610.1 $ — $ — |
Assets And Liabilities Measured At Fair Value On Recurring Basis | The following tables set forth by level within the fair value hierarchy, our financial instruments that were accounted for at fair value on a recurring basis at December 31, 2019 and 2018 ( in millions ): December 31, 2019 Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Fair Value Assets Assets from price risk management $ 3.7 $ 164.0 $ — $ 167.7 $ (122.3 ) $ (2.2 ) $ 43.2 Suburban Propane Partners, L.P. units (2) 3.1 — — 3.1 — — 3.1 Total assets at fair value $ 6.8 $ 164.0 $ — $ 170.8 $ (122.3 ) $ (2.2 ) $ 46.3 Liabilities Liabilities from price risk management $ 2.8 $ 151.9 $ — $ 154.7 $ (122.3 ) $ (25.7 ) $ 6.7 Total liabilities at fair value $ 2.8 $ 151.9 $ — $ 154.7 $ (122.3 ) $ (25.7 ) $ 6.7 December 31, 2018 Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Fair Value Assets Assets from price risk management $ 12.4 $ 160.7 $ — $ 173.1 $ (140.3 ) $ 1.9 $ 34.7 Suburban Propane Partners, L.P. units (2) 2.8 — — 2.8 — — 2.8 Total assets at fair value $ 15.2 $ 160.7 $ — $ 175.9 $ (140.3 ) $ 1.9 $ 37.5 Liabilities Liabilities from price risk management $ 7.0 $ 144.7 $ — $ 151.7 $ (140.3 ) $ (5.6 ) $ 5.8 Total liabilities at fair value $ 7.0 $ 144.7 $ — $ 151.7 $ (140.3 ) $ (5.6 ) $ 5.8 (1) Amounts represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions. (2) Amount is reflected in other assets on CEQP’s consolidated balance sheets. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Components Of Long-Term Debt | Long-term debt consisted of the following at December 31, 2019 and 2018 , ( in millions ): December 31, 2019 2018 Credit Facility $ 557.0 $ 578.2 2023 Senior Notes 700.0 700.0 2025 Senior Notes 500.0 500.0 2027 Senior Notes 600.0 — Other 0.6 1.5 Less: deferred financing costs, net 29.1 26.4 Total debt 2,328.5 1,753.3 Less: current portion 0.2 0.9 Total long-term debt, less current portion $ 2,328.3 $ 1,752.4 |
Schedule of Maturities of Long-term Debt | The aggregate maturities of principal amounts on our outstanding long-term debt and other notes payable as of December 31, 2019 for the next five years and in total thereafter are as follows ( in millions ): 2020 $ 0.2 2021 0.2 2022 0.2 2023 1,257.0 2024 — Thereafter 1,100.0 Total debt $ 2,357.6 |
Earnings Per Limited Partner _2
Earnings Per Limited Partner Unit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table summarizes information regarding the weighted-average of common units excluded during the years ended December 31, 2019 , 2018 and 2017 (in millions) : Year Ended December 31, 2019 2018 2017 Preferred units (1) 7.1 7.1 7.0 Crestwood Niobrara’s preferred units (1) — 6.5 7.1 Subordinated units (2) — 0.4 0.4 Stock-based compensation performance units (2) — 0.4 0.3 (1) See Note 12 for additional information regarding the potential conversion of our preferred units and Crestwood Niobrara’s preferred units to common units. (2) For a description of our subordinated and stock-based compensation performance units, see Note 12 and Note 13 , respectively. The table below shows CEQP’s net income (loss) per limited partner unit based on the number of basic and diluted limited partner units outstanding for the year ended December 31, 2019 , 2018 and 2017 (in millions, except per unit data) : Year Ended December 31, 2019 2018 2017 Common unitholders’ interest in net income (loss) $ 223.6 $ (9.3 ) $ (254.4 ) Net income attributable to subordinated units 1.4 — — Diluted net income (loss) $ 225.0 $ (9.3 ) $ (254.4 ) Weighted-average limited partners’ units outstanding - basic 71.8 71.2 69.8 Dilutive effect of Crestwood Niobrara preferred units 4.3 — — Dilutive effect of stock-based compensation performance units 0.4 — — Dilutive effect of subordinated units 0.4 — — Weighted-average limited partners’ units outstanding - diluted 76.9 71.2 69.8 Basic earnings per unit: Net income (loss) per limited partner unit $ 3.11 $ (0.13 ) $ (3.64 ) Diluted earnings per unit: Net income (loss) per limited partner unit $ 2.93 $ (0.13 ) $ (3.64 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The (provision) benefit for income taxes for the years ended December 31, 2019 , 2018 , and 2017 consisted of the following (in millions) : CEQP CMLP Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 (1) Current: Federal $ (0.1 ) $ (0.5 ) $ (1.1 ) $ 0.1 $ 0.1 $ — State (0.2 ) (0.3 ) (0.2 ) (0.2 ) (0.2 ) — Total current (0.3 ) (0.8 ) (1.3 ) (0.1 ) (0.1 ) — Deferred: Federal 0.1 0.5 2.1 — — — State (0.1 ) 0.2 — (0.2 ) 0.1 — Total deferred — 0.7 2.1 (0.2 ) 0.1 — (Provision) benefit for income taxes $ (0.3 ) $ (0.1 ) $ 0.8 $ (0.3 ) $ — $ — (1) For the year ended December 31, 2017, our benefit for income taxes was not material to CMLP’s consolidated statement of operations. |
Schedule of Deferred Tax Assets and Liabilities | Components of our deferred income taxes at December 31, 2019 and 2018 are as follows (in millions). CEQP CMLP December 31, December 31, 2019 2018 2019 2018 Total deferred tax asset (1) $ 0.2 $ 0.2 $ — $ — Total deferred tax liability (1) (2.8 ) (2.8 ) (0.7 ) (0.6 ) Net deferred tax liability $ (2.6 ) $ (2.6 ) $ (0.7 ) $ (0.6 ) |
Partners' Capital (Tables)
Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Schedule of Distributions Made to Members or Limited Partners, by Distribution | A summary of CEQP’s limited partner quarterly cash distributions for the years ended December 31, 2019 , 2018 and 2017 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2019 February 7, 2019 February 14, 2019 $ 0.60 $ 43.1 May 8, 2019 May 15, 2019 0.60 43.1 August 7, 2019 August 14, 2019 0.60 43.1 November 7, 2019 November 14, 2019 0.60 43.1 $ 172.4 2018 February 7, 2018 February 14, 2018 $ 0.60 $ 42.7 May 8, 2018 May 15, 2018 0.60 42.7 August 7, 2018 August 14, 2018 0.60 42.7 November 7, 2018 November 14, 2018 0.60 42.7 $ 170.8 2017 February 7, 2017 February 14, 2017 $ 0.60 $ 41.8 May 8, 2017 May 15, 2017 0.60 41.8 August 7, 2017 August 14, 2017 0.60 41.8 November 7, 2017 November 14, 2017 0.60 42.2 $ 167.6 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | The following table shows the change in our non-controlling interest in subsidiary at December 31, 2019 (in millions) : Balance at April 9, 2019 (1) $ — Reclassification of Series A-2 Preferred Units 178.8 Issuance of Series A-3 Preferred Units 235.0 Distributions to non-controlling partner (18.4 ) Net income attributable to non-controlling partner (2) 30.8 Balance at December 31, 2019 $ 426.2 (1) For further detail related to our non-controlling interest in subsidiary for the period December 31, 2018 to April 8, 2019, see our consolidated statements of partners’ capital. (2) We adjust the carrying amount of our non-controlling interest to its redemption value each period through net income attributable to non-controlling partner. |
Equity Plans (Tables)
Equity Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes information regarding restricted, phantom and performance unit activity during the years ended December 31, 2019 , 2018 and 2017 . Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2017 1,292,330 $ 24.67 Granted - restricted units 919,411 $ 25.69 Granted - phantom units 15,849 $ 25.02 Granted - performance units 405,620 $ 30.21 Vested - restricted units (607,115 ) $ 28.00 Vested - performance units (31,106 ) $ 30.27 Forfeited - restricted units (140,137 ) $ 23.73 Forfeited - performance units (24,756 ) $ 30.45 Unvested - December 31, 2017 1,830,096 $ 25.21 Granted - restricted units 1,144,017 $ 25.80 Granted - phantom units 7,750 $ 26.10 Granted - performance units 901 $ 25.60 Vested - restricted units (617,807 ) $ 23.73 Vested - phantom units (105,809 ) $ 49.45 Vested - performance units (11,772 ) $ 28.87 Forfeited - restricted units (53,530 ) $ 23.36 Forfeited - phantom units (6 ) $ 49.45 Forfeited - performance units (5,870 ) $ 30.45 Unvested - December 31, 2018 2,187,970 $ 24.78 Granted - restricted units 988,096 $ 31.48 Granted - phantom units 7,164 $ 29.03 Granted - performance units 238,263 $ 34.21 Vested - restricted units (985,751 ) $ 23.39 Vested - performance units (32,246 ) $ 34.21 Forfeited - restricted units (47,547 ) $ 27.85 Unvested - December 31, 2019 2,355,949 $ 28.94 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitment, Excluding Long-term Commitment | The following table summarizes CEQP’s and CMLP’s self-insurance reserves at December 31, 2019 and 2018 (in millions) : CEQP CMLP December 31, December 31, 2019 2018 2019 2018 Self-insurance reserves (1) $ 9.7 $ 11.3 $ 8.3 $ 9.6 (1) At December 31, 2019 , CEQP and CMLP classified approximately $6.2 million and $5.2 million , respectively of these reserves as other long-term liabilities on their consolidated balance sheets. |
Assets And Liabilities, Lessee | The following table summarizes the balance sheet information related to our operating and finance leases at December 31, 2019 ( in millions ): Operating Leases Operating lease right-of-use assets, net $ 53.8 Accrued expenses and other liabilities $ 18.1 Other long-term liabilities 41.5 Total operating lease liabilities $ 59.6 Finance Leases Property, plant and equipment $ 14.9 Less: accumulated depreciation 5.4 Property, plant and equipment, net $ 9.5 Accrued expenses and other liabilities $ 3.2 Other long-term liabilities 5.2 Total finance lease liabilities $ 8.4 |
Lease, Cost | The following table presents the costs and sublease income associated with our operating and finance leases for the year ended December 31, 2019 ( in millions ): Operating leases: Operating lease expense (1)(2) $ 28.3 Sublease income (3) (1.0 ) Total operating lease expense, net $ 27.3 Finance leases: Amortization of right-of-use assets (4) $ 3.6 Interest on lease liabilities (5) 0.7 Total finance lease expense $ 4.3 (1) Approximately $17.5 million is included in costs of product/services sold and $10.8 million is included in operations and maintenance expense on our consolidated statements of operations for the year ended December 31, 2019. (2) Includes short-term and variable lease costs of approximately $3.7 million for the year ended December 31, 2019. (3) Included in marketing, supply and logistics service revenues on our consolidated statements of operations. (4) Included in depreciation, amortization and accretion expense on our consolidated statements of operations. (5) Included in interest and debt expense, net on our consolidated statements of operations. The following table presents the weighted-average remaining lease term and the weighted-average discount rate associated with our operating and finance leases as of December 31, 2019 : Weighted-average remaining lease term (in years) : Operating leases (1) 4.4 Finance leases (2) 2.6 Weighted-average discount rate: Operating leases (3) 5.9 % Finance leases (3) 7.3 % (1) Remaining terms vary from one year to 20 years . (2) Remaining terms vary from one year to four years . (3) We utilized discount rates ranging from 3.5% to 8.3% to estimate the discounted cash flows used in estimating our right-of-use assets and lease liabilities as of December 31, 2019, which were primarily based on our credit-adjusted collateralized incremental borrowing rate. The following table presents supplemental cash flow information for our operating and finance leases for the year ended December 31, 2019 ( in millions ): Cash paid for lease liabilities: Operating cash flows from operating leases $ 22.9 Operating cash flows from finance leases $ 0.7 Financing cash flows from finance leases $ 3.5 Right-of-use assets obtained in exchange for lease obligations: Operating leases (1) $ 4.2 Finance leases $ 1.8 (1) Includes approximately $2.9 million of operating leases obtained from the Jackalope Acquisition, which is further discussed in Note 3. |
Lessee, Operating Lease, Liability, Maturity | The following table presents the future minimum lease liabilities under Topic 842 for our leases as of December 31, 2019 for the next five years and in total thereafter ( in millions ): Year Ending December 31, Operating Leases Finance Leases Total 2020 $ 20.9 $ 3.6 $ 24.5 2021 16.3 3.6 19.9 2022 11.1 1.9 13.0 2023 6.7 0.1 6.8 2024 6.0 — 6.0 Thereafter 7.5 — 7.5 Total lease payments 68.5 9.2 77.7 Less: Interest 8.9 0.8 9.7 Present value of lease liabilities $ 59.6 $ 8.4 $ 68.0 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table shows transactions with our affiliates which are reflected in our consolidated statements of operations for the years December 31, 2019 , 2018 and 2017 ( in millions ): Year Ended December 31, 2019 2018 2017 Revenues at CEQP and CMLP $ 2.9 $ 1.0 $ 1.8 Costs of product/services sold at CEQP and CMLP (1) $ 45.4 $ 134.7 $ 15.3 Operations and maintenance expenses at CEQP and CMLP (2) $ 25.9 $ 28.7 $ 22.3 General and administrative expenses charged by CEQP to CMLP, net (3) $ 41.4 $ 20.7 $ 19.4 General and administrative expenses at CEQP charged from Crestwood Holdings, net (4) $ (0.6 ) $ (2.7 ) $ (1.7 ) (1) Includes (i) $19.0 million and $56.1 million during the years ended December 31, 2019 and 2018 related to purchases of NGLs from a subsidiary of Crestwood Permian; (ii) $23.9 million and $78.6 million during the years ended December 31, 2019 and 2018 related to an agency marketing agreement with Ascent Resources - Utica, LLC (Ascent); (iii) $0.2 million during the year ended December 31, 2019 related to an agreement with Blue Racer Midstream, LLC (Blue Racer); (iv) $2.3 million during the year ended December 31, 2019 related to purchases of natural gas from a subsidiary of Stagecoach Gas; and (v) $15.3 million during the year ended December 31, 2017 related to natural gas purchases from Sabine Oil and Gas (Sabine). Ascent, Blue Racer and Sabine are affiliates of Crestwood Holdings for the respective periods presented. (2) We have operating agreements with certain of our unconsolidated affiliates pursuant to which we charge them operations and maintenance expenses in accordance with their respective agreements, and these charges are reflected as a reduction of operations and maintenance expenses in our consolidated statements of operations. During the year ended December 31, 2019 , we charged $7.5 million to Stagecoach Gas, $4.4 million to Tres Palacios, $13.5 million to Crestwood Permian and $0.5 million to Jackalope. During the year ended December 31, 2018 , we charged $7.9 million to Stagecoach Gas, $3.8 million to Tres Palacios, $15.9 million to Crestwood Permian and $1.1 million to Jackalope. During the year ended December 31, 2017 , we charged $8.4 million to Stagecoach Gas, $3.5 million to Tres Palacios, $10.0 million to Crestwood Permian and $0.4 million to Jackalope. (3) Includes $45.1 million , $24.3 million and $22.4 million of net unit-based compensation charges allocated from CEQP to CMLP for the years ended December 31, 2019 , 2018 and 2017 . In addition, includes $3.7 million , $3.6 million and $3.0 million of CMLP’s general and administrative costs allocated to CEQP during the years ended December 31, 2019 , 2018 and 2017 . (4) Includes $1.9 million , $4.2 million and $3.1 million of unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the years ended December 31, 2019 , 2018 and 2017 . |
Schedule of Related Party Receivables and Payables | The following table shows accounts receivable and accounts payable from our affiliates as of December 31, 2019 and 2018 ( in millions ): December 31, 2019 2018 Accounts receivable at CEQP and CMLP $ 7.3 $ 4.1 Accounts payable at CEQP $ 15.6 $ 16.1 Accounts payable at CMLP $ 13.1 $ 13.6 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes, Depreciation and Amortization] | Below is a reconciliation of CEQP’s net income (loss) to EBITDA ( in millions ): Year Ended December 31, 2019 2018 2017 Net income (loss) $ 319.9 $ 67.0 $ (166.6 ) Add: Interest and debt expense, net 115.4 99.2 99.4 Loss on modification/extinguishment of debt — 0.9 37.7 Provision (benefit) for income taxes 0.3 0.1 (0.8 ) Depreciation, amortization and accretion 195.8 168.7 191.7 EBITDA $ 631.4 $ 335.9 $ 161.4 |
Reportable Segments | Crestwood Equity Year Ended December 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 835.8 $ 20.4 $ 2,325.7 $ — $ 3,181.9 Intersegment revenues 175.0 14.2 (189.2 ) — — Costs of product/services sold 526.1 0.2 2,018.6 — 2,544.9 Operations and maintenance expense 98.7 4.0 36.1 — 138.8 General and administrative expense — — — 103.4 103.4 Gain (loss) on long-lived assets, net (6.2 ) — (0.2 ) 0.2 (6.2 ) Gain on acquisition 209.4 — — — 209.4 Earnings (loss) from unconsolidated affiliates, net (2.1 ) 34.9 — — 32.8 Other income, net — — — 0.6 0.6 EBITDA $ 587.1 $ 65.3 $ 81.6 $ (102.6 ) $ 631.4 Goodwill $ 126.2 $ — $ 92.7 $ — $ 218.9 Total assets $ 3,715.3 $ 980.2 $ 624.7 $ 29.1 $ 5,349.3 Purchases of property, plant and equipment $ 447.7 $ 0.1 $ 5.8 $ 1.9 $ 455.5 Year Ended December 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 946.7 $ 17.1 $ 2,690.3 $ — $ 3,654.1 Intersegment revenues 192.4 10.5 (202.9 ) — — Costs of product/services sold 767.0 0.2 2,362.2 — 3,129.4 Operations and maintenance expense 71.7 3.3 50.8 — 125.8 General and administrative expense — — — 88.1 88.1 Gain (loss) on long-lived assets, net (3.0 ) — (27.3 ) 1.7 (28.6 ) Earnings from unconsolidated affiliates, net 22.5 30.8 — — 53.3 Other income, net — — — 0.4 0.4 EBITDA $ 319.9 $ 54.9 $ 47.1 $ (86.0 ) $ 335.9 Goodwill $ 45.9 $ — $ 92.7 $ — $ 138.6 Total assets $ 2,633.4 $ 1,004.4 $ 612.5 $ 44.2 $ 4,294.5 Purchases of property, plant and equipment $ 294.7 $ 0.6 $ 5.6 $ 4.6 $ 305.5 Year Ended December 31, 2017 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 1,688.2 $ 37.2 $ 2,155.5 $ — $ 3,880.9 Intersegment revenues 134.5 6.7 (141.2 ) — — Costs of product/services sold 1,480.8 0.3 1,893.6 — 3,374.7 Operations and maintenance expense 68.4 4.2 63.4 — 136.0 General and administrative expense — — — 96.5 96.5 Loss on long-lived assets (14.4 ) — (48.2 ) (3.0 ) (65.6 ) Goodwill impairment — — (38.8 ) — (38.8 ) Loss on contingent consideration — (57.0 ) — — (57.0 ) Earnings from unconsolidated affiliates, net 18.9 28.9 — — 47.8 Other income, net 0.8 — — 0.5 1.3 EBITDA $ 278.8 $ 11.3 $ (29.7 ) $ (99.0 ) $ 161.4 Purchases of property, plant and equipment $ 162.7 $ 1.3 $ 17.7 $ 6.7 $ 188.4 |
CMLP | |
Segment Reporting Information [Line Items] | |
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes, Depreciation and Amortization] | Below is a reconciliation of CMLP’s net income (loss) to EBITDA ( in millions ): Year Ended December 31, 2019 2018 2017 Net income (loss) $ 310.6 $ 58.6 $ (175.5 ) Add: Interest and debt expense, net 115.4 99.2 99.4 Loss on modification/extinguishment of debt — 0.9 37.7 Provision for income taxes 0.3 — — Depreciation, amortization and accretion 209.9 181.4 202.7 EBITDA $ 636.2 $ 340.1 $ 164.3 |
Reportable Segments | Crestwood Midstream Year Ended December 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 835.8 $ 20.4 $ 2,325.7 $ — $ 3,181.9 Intersegment revenues 175.0 14.2 (189.2 ) — — Costs of product/services sold 526.1 0.2 2,018.6 — 2,544.9 Operations and maintenance expense 98.7 4.0 36.1 — 138.8 General and administrative expense — — — 98.2 98.2 Gain (loss) on long-lived assets, net (6.2 ) — (0.2 ) 0.2 (6.2 ) Gain on acquisition 209.4 — — — 209.4 Earnings (loss) from unconsolidated affiliates, net (2.1 ) 34.9 — — 32.8 Other income, net — — — 0.2 0.2 EBITDA $ 587.1 $ 65.3 $ 81.6 $ (97.8 ) $ 636.2 Goodwill $ 126.2 $ — $ 92.7 $ — $ 218.9 Total assets $ 3,874.7 $ 980.2 $ 624.7 $ 24.4 $ 5,504.0 Purchases of property, plant and equipment $ 447.7 $ 0.1 $ 5.8 $ 1.9 $ 455.5 Year Ended December 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 946.7 $ 17.1 $ 2,690.3 $ — $ 3,654.1 Intersegment revenues 192.4 10.5 (202.9 ) — — Costs of product/services sold 767.0 0.2 2,362.2 — 3,129.4 Operations and maintenance expense 71.7 3.3 50.8 — 125.8 General and administrative expense — — — 83.5 83.5 Gain (loss) on long-lived assets, net (3.0 ) — (27.3 ) 1.7 (28.6 ) Earnings from unconsolidated affiliates, net 22.5 30.8 — — 53.3 EBITDA $ 319.9 $ 54.9 $ 47.1 $ (81.8 ) $ 340.1 Goodwill $ 45.9 $ — $ 92.7 $ — $ 138.6 Total assets $ 2,807.1 $ 1,004.4 $ 612.5 $ 38.0 $ 4,462.0 Purchases of property, plant and equipment $ 294.7 $ 0.6 $ 5.6 $ 4.6 $ 305.5 Year Ended December 31, 2017 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 1,688.2 $ 37.2 $ 2,155.5 $ — $ 3,880.9 Intersegment revenues 134.5 6.7 (141.2 ) — — Costs of product/services sold 1,480.8 0.3 1,893.6 — 3,374.7 Operations and maintenance expense 68.4 4.2 63.4 — 136.0 General and administrative expense — — — 93.1 93.1 Loss on long-lived assets, net (14.4 ) — (48.2 ) (3.0 ) (65.6 ) Goodwill impairment — — (38.8 ) — (38.8 ) Loss on contingent consideration — (57.0 ) — — (57.0 ) Earnings from unconsolidated affiliates, net 18.9 28.9 — — 47.8 Other income, net 0.8 — — — 0.8 EBITDA $ 278.8 $ 11.3 $ (29.7 ) $ (96.1 ) $ 164.3 Purchases of property, plant and equipment $ 162.7 $ 1.3 $ 17.7 $ 6.7 $ 188.4 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following table provides a summary of the opening and closing balances of our contract assets and contract liabilities (in millions) : December 31, 2019 2018 Contract assets (non-current) $ 1.2 $ 1.0 Contract liabilities (current) (1) $ 8.8 $ 12.0 Contract liabilities (non-current) (1) $ 144.7 $ 65.4 (1) During the year ended December 31, 2019 , we recognized revenues of approximately $13.3 million that were previously included in contract liabilities (current) at December 31, 2018. The remaining change in our contract liabilities during the year ended December 31, 2019 partially related to approximately $21.5 million of deferred revenues recorded in the purchase price allocation for the Jackalope Acquisition described in more detail in Note 3 , and the remainder related primarily to capital reimbursements associated with our revenue contracts and revenue deferrals associated with our contracts with increasing (decreasing) rates. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table summarizes the transaction price allocated to our remaining performance obligations under certain contracts that have not been recognized as of December 31, 2019 (in millions) : 2020 $ 99.4 2021 86.2 2022 79.3 2023 7.4 2024 3.3 Total $ 275.6 |
Disaggregation of Revenue | The following tables summarize our revenues from contracts with customers disaggregated by type of product/service sold and by commodity type for each of our segments for the years ended December 31, 2019 and 2018 ( in millions ). We believe this summary best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. Year Ended December 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Revenues: Topic 606 revenues Gathering Natural gas $ 163.2 $ — $ — $ — $ 163.2 Crude oil 75.0 — — — 75.0 Water 79.6 — — — 79.6 Processing Natural gas 28.9 — — — 28.9 Compression Natural gas 24.9 — — — 24.9 Storage Crude oil 1.9 5.4 — (2.3 ) 5.0 NGLs — — 6.3 — 6.3 Pipeline Crude oil — 7.9 — (2.7 ) 5.2 Transportation Crude oil 7.0 — 5.8 (0.1 ) 12.7 NGLs — — 11.7 — 11.7 Water — — 0.2 — 0.2 Rail Loading Crude oil — 16.7 — (5.7 ) 11.0 Product Sales Natural gas 56.8 — 72.3 (33.4 ) 95.7 Crude oil 532.1 — 1,315.6 (121.1 ) 1,726.6 NGLs 41.4 — 659.3 (20.0 ) 680.7 Other — 4.6 1.2 (3.9 ) 1.9 Total Topic 606 revenues 1,010.8 34.6 2,072.4 (189.2 ) 2,928.6 Non-Topic 606 revenues (1) — — 253.3 — 253.3 Total revenues $ 1,010.8 $ 34.6 $ 2,325.7 $ (189.2 ) $ 3,181.9 (1) Represents revenues primarily related to our commodity-based derivatives. See Note 7 for additional information related to our price risk management activities. Year Ended December 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Revenues: Topic 606 revenues Gathering Natural gas $ 134.9 $ — $ — $ — $ 134.9 Crude oil 38.8 — — — 38.8 Water 58.0 — — — 58.0 Processing Natural gas 10.7 — — — 10.7 NGLs — — 6.1 — 6.1 Compression Natural gas 29.1 — — — 29.1 Storage Crude oil 1.8 4.2 — (1.5 ) 4.5 NGLs — — 8.6 — 8.6 Pipeline Crude oil — 7.1 — (2.3 ) 4.8 Transportation Crude oil 2.9 — 5.9 — 8.8 NGLs — — 26.9 — 26.9 Water — — 0.3 — 0.3 Rail Loading Crude oil — 14.3 0.2 (5.2 ) 9.3 NGLs — — 3.1 — 3.1 Product Sales Natural gas 55.8 — 70.9 (16.6 ) 110.1 Crude oil 722.9 — 978.0 (151.3 ) 1,549.6 NGLs 84.2 — 1,247.0 (24.5 ) 1,306.7 Other — 2.0 — (1.5 ) 0.5 Total Topic 606 revenues 1,139.1 27.6 2,347.0 (202.9 ) 3,310.8 Non-Topic 606 revenues (1) — — 343.3 — 343.3 Total revenues $ 1,139.1 $ 27.6 $ 2,690.3 $ (202.9 ) $ 3,654.1 (1) Represents revenues related to our commodity-based derivatives. See Note 7 for additional information related to our price risk management activities. |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet December 31, 2019 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 1.8 $ — $ 23.6 $ — $ 25.4 Accounts receivable — 229.1 12.8 — 241.9 Inventory — 53.7 — — 53.7 Other current assets — 54.6 0.2 — 54.8 Total current assets 1.8 337.4 36.6 — 375.8 Property, plant and equipment, net — 2,331.3 736.2 — 3,067.5 Goodwill and intangible assets, net — 650.7 373.4 — 1,024.1 Operating lease right-of-use assets, net — 51.0 2.8 — 53.8 Investments in consolidated affiliates 4,451.6 — — (4,451.6 ) — Investments in unconsolidated affiliates — — 980.4 — 980.4 Other non-current assets — 1.9 0.5 — 2.4 Total assets $ 4,453.4 $ 3,372.3 $ 2,129.9 $ (4,451.6 ) $ 5,504.0 Liabilities and capital Current liabilities: Accounts payable $ — $ 175.9 $ 10.7 $ — $ 186.6 Other current liabilities 25.8 123.9 17.6 — 167.3 Total current liabilities 25.8 299.8 28.3 — 353.9 Long-term liabilities: Long-term debt, less current portion 2,328.3 — — — 2,328.3 Other long-term liabilities — 174.8 120.8 — 295.6 Deferred income taxes — 0.7 — — 0.7 Total liabilities 2,354.1 475.3 149.1 — 2,978.5 Interest of non-controlling partner in subsidiary — — 426.2 — 426.2 Partners’ capital 2,099.3 2,897.0 1,554.6 (4,451.6 ) 2,099.3 Total liabilities and capital $ 4,453.4 $ 3,372.3 $ 2,129.9 $ (4,451.6 ) $ 5,504.0 Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 0.2 $ — $ — $ — $ 0.2 Restricted cash 16.3 — — — 16.3 Accounts receivable — 246.3 19.9 (16.3 ) 249.9 Inventory — 64.6 — — 64.6 Other current assets — 46.0 — — 46.0 Total current assets 16.5 356.9 19.9 (16.3 ) 377.0 Property, plant and equipment, net — 2,202.3 — — 2,202.3 Goodwill and intangible assets, net — 692.4 — — 692.4 Investments in consolidated affiliates 3,800.4 — — (3,800.4 ) — Investments in unconsolidated affiliates — — 1,188.2 — 1,188.2 Other non-current assets — 2.1 — — 2.1 Total assets $ 3,816.9 $ 3,253.7 $ 1,208.1 $ (3,816.7 ) $ 4,462.0 Liabilities and partners’ capital Current liabilities: Accounts payable $ 16.3 $ 210.5 $ — $ (16.3 ) $ 210.5 Other current liabilities 20.0 81.8 16.2 — 118.0 Total current liabilities 36.3 292.3 16.2 (16.3 ) 328.5 Long-term liabilities: Long-term debt, less current portion 1,752.4 — — — 1,752.4 Other long-term liabilities — 114.0 57.0 — 171.0 Deferred income taxes — 0.6 — — 0.6 Total liabilities 1,788.7 406.9 73.2 (16.3 ) 2,252.5 Partners’ capital 2,028.2 2,846.8 953.6 (3,800.4 ) 2,028.2 Interest of non-controlling partner in subsidiary — — 181.3 — 181.3 Total partners’ capital 2,028.2 2,846.8 1,134.9 (3,800.4 ) 2,209.5 Total liabilities and partners’ capital $ 3,816.9 $ 3,253.7 $ 1,208.1 $ (3,816.7 ) $ 4,462.0 |
Condensed Consolidating Statements of Operations | Crestwood Midstream Partners LP Condensed Consolidating Statements of Operations Year Ended December 31, 2019 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 3,111.8 $ 70.1 $ — $ 3,181.9 Costs of product/services sold — 2,544.9 — — 2,544.9 Operating expenses and other: Operations and maintenance — 120.0 18.8 — 138.8 General and administrative 51.2 47.0 — — 98.2 Depreciation, amortization and accretion — 179.4 30.5 — 209.9 Loss on long-lived assets, net — 6.2 — — 6.2 Gain on acquisition — — (209.4 ) — (209.4 ) 51.2 352.6 (160.1 ) — 243.7 Operating income (loss) (51.2 ) 214.3 230.2 — 393.3 Earnings from unconsolidated affiliates, net — — 32.8 — 32.8 Interest and debt income (expense), net (115.5 ) — 0.1 — (115.4 ) Other income, net — 0.2 — — 0.2 Equity in net income (loss) of subsidiaries 442.5 — — (442.5 ) — Income (loss) before income taxes 275.8 214.5 263.1 (442.5 ) 310.9 Provision for income taxes — (0.3 ) — — (0.3 ) Net income (loss) 275.8 214.2 263.1 (442.5 ) 310.6 Net income attributable to non-controlling partner — — 34.8 — 34.8 Net income (loss) attributable to Crestwood Midstream Partners LP $ 275.8 $ 214.2 $ 228.3 $ (442.5 ) $ 275.8 Crestwood Midstream Partners LP Condensed Consolidating Statements of Operations Year Ended December 31, 2018 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 3,654.1 $ — $ — $ 3,654.1 Costs of product/services sold — 3,129.4 — — 3,129.4 Operating expenses and other: Operations and maintenance — 125.8 — — 125.8 General and administrative 55.1 28.4 — — 83.5 Depreciation, amortization and accretion — 181.4 — — 181.4 Loss on long-lived assets, net — 28.6 — — 28.6 55.1 364.2 — — 419.3 Operating income (loss) (55.1 ) 160.5 — — 105.4 Earnings from unconsolidated affiliates, net — — 53.3 — 53.3 Interest and debt expense, net (99.2 ) — — — (99.2 ) Loss on modification/extinguishment of debt (0.9 ) — — — (0.9 ) Equity in net income (loss) of subsidiaries 197.6 — — (197.6 ) — Net income (loss) 42.4 160.5 53.3 (197.6 ) 58.6 Net income attributable to non-controlling partner — — 16.2 — 16.2 Net income (loss) attributable to Crestwood Midstream Partners LP $ 42.4 $ 160.5 $ 37.1 $ (197.6 ) $ 42.4 Crestwood Midstream Partners Condensed Consolidating Statements of Operations Year Ended December 31, 2017 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 3,880.9 $ — $ — $ 3,880.9 Costs of product/services sold — 3,374.7 — — 3,374.7 Operating expenses and other: Operations and maintenance — 136.0 — — 136.0 General and administrative 67.6 25.5 — — 93.1 Depreciation, amortization and accretion — 202.7 — — 202.7 Loss on long-lived assets, net — 65.6 — — 65.6 Goodwill impairment — 38.8 — — 38.8 Loss on contingent consideration — — 57.0 — 57.0 67.6 468.6 57.0 — 593.2 Operating income (loss) (67.6 ) 37.6 (57.0 ) — (87.0 ) Earnings from unconsolidated affiliates, net — — 47.8 — 47.8 Interest and debt expense, net (99.4 ) — — — (99.4 ) Loss on modification/extinguishment of debt (37.7 ) — — — (37.7 ) Other income, net — 0.8 — — 0.8 Equity in net income (loss) of subsidiaries 3.9 — — (3.9 ) — Net income (loss) (200.8 ) 38.4 (9.2 ) (3.9 ) (175.5 ) Net income attributable to non-controlling partner — — 25.3 — 25.3 Net income (loss) attributable to Crestwood Midstream Partners LP $ (200.8 ) $ 38.4 $ (34.5 ) $ (3.9 ) $ (200.8 ) |
Condensed Consolidating Statements of Cash Flows | Crestwood Midstream Partners LP Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2019 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (171.0 ) $ 469.1 $ 126.0 $ — $ 424.1 Cash flows from investing activities: Acquisition, net of cash acquired — — (462.1 ) — (462.1 ) Purchases of property, plant and equipment — (258.1 ) (197.4 ) — (455.5 ) Investment in unconsolidated affiliates — — (61.3 ) — (61.3 ) Capital distributions from unconsolidated affiliates — — 35.5 — 35.5 Net proceeds from sale of assets — 0.8 — — 0.8 Other — (1.1 ) — — (1.1 ) Capital contributions to consolidated affiliates (203.8 ) — — 203.8 — Net cash provided by (used in) investing activities (203.8 ) (258.4 ) (685.3 ) 203.8 (943.7 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,307.3 — — — 2,307.3 Payments on long-term debt (1,728.6 ) (0.9 ) — — (1,729.5 ) Payments on finance leases — (3.5 ) — — (3.5 ) Payments for debt-related deferred costs (9.0 ) — — — (9.0 ) Net proceeds from the issuance of non-controlling interest — — 235.0 — 235.0 Distributions to partners (235.8 ) — (25.0 ) — (260.8 ) Contributions from parent — — 203.8 (203.8 ) — Taxes paid for unit-based compensation vesting — (11.0 ) — — (11.0 ) Change in intercompany balances 26.2 (195.3 ) 169.1 — — Net cash provided by (used in) financing activities 360.1 (210.7 ) 582.9 (203.8 ) 528.5 Net change in cash and restricted cash (14.7 ) — 23.6 — 8.9 Cash and restricted cash at beginning of period 16.5 — — — 16.5 Cash and restricted cash at end of period $ 1.8 $ — $ 23.6 $ — $ 25.4 Crestwood Midstream Partners LP Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (131.7 ) $ 339.2 $ 53.0 $ — $ 260.5 Cash flows from investing activities: Purchases of property, plant and equipment — (305.5 ) — — (305.5 ) Investment in unconsolidated affiliates — — (64.4 ) — (64.4 ) Capital distributions from unconsolidated affiliates — — 49.2 — 49.2 Net proceeds from sale of assets — 79.5 — — 79.5 Capital distributions from consolidated affiliates 27.9 — — (27.9 ) — Net cash provided by (used in) investing activities 27.9 (226.0 ) (15.2 ) (27.9 ) (241.2 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,274.8 — — — 2,274.8 Payments on long-term debt (2,014.8 ) (0.9 ) — — (2,015.7 ) Payments on capital leases — (1.6 ) — — (1.6 ) Payments for deferred financing costs (5.7 ) — — — (5.7 ) Distributions to partners (238.4 ) — (9.9 ) — (248.3 ) Distributions to parent — — (27.9 ) 27.9 — Taxes paid for unit-based compensation vesting — (7.4 ) — — (7.4 ) Change in intercompany balances 103.4 (103.4 ) — — — Other — 0.1 — — 0.1 Net cash provided by (used in) financing activities 119.3 (113.2 ) (37.8 ) 27.9 (3.8 ) Net change in cash and restricted cash 15.5 — — — 15.5 Cash and restricted cash at beginning of period 1.0 — — — 1.0 Cash and restricted cash at end of period $ 16.5 $ — $ — $ — $ 16.5 Crestwood Midstream Partners LP Condensed Consolidating Statements of Cash Flows December 31, 2017 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (162.3 ) $ 379.2 $ 45.3 $ — $ 262.2 Cash flows from investing activities: Purchases of property, plant and equipment — (188.4 ) — — (188.4 ) Investment in unconsolidated affiliates — — (58.0 ) — (58.0 ) Capital distributions from unconsolidated affiliates — — 59.9 — 59.9 Net proceeds from sale of assets — 225.2 — — 225.2 Capital contributions to consolidated affiliates 4.3 — — (4.3 ) — Net cash provided by (used in) investing activities 4.3 36.8 1.9 (4.3 ) 38.7 Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,838.6 — — — 2,838.6 Payments on long-term debt (2,912.6 ) (1.3 ) — — (2,913.9 ) Payments on capital leases — (2.7 ) — — (2.7 ) Payments for deferred financing costs (1.0 ) — — — (1.0 ) Redemption of non-controlling interest — — (202.7 ) — (202.7 ) Net proceeds from issuance of non-controlling interest — — 175.0 — 175.0 Distributions to partners (174.0 ) — (15.2 ) — (189.2 ) Distributions to parent — — (4.3 ) 4.3 — Taxes paid for unit-based compensation vesting — (5.5 ) — — (5.5 ) Change in intercompany balances 406.7 (406.7 ) — — — Other — 0.2 — — 0.2 Net cash provided by (used in) financing activities 157.7 (416.0 ) (47.2 ) 4.3 (301.2 ) Net change in cash and restricted cash (0.3 ) — — — (0.3 ) Cash and restricted cash at beginning of period 1.3 — — — 1.3 Cash and restricted cash at end of period $ 1.0 $ — $ — $ — $ 1.0 |
Organization and Description _2
Organization and Description of Business (Narrative) (Details) - 12 months ended Dec. 31, 2019 | Total | segment | reporting_units |
Partnership Organization And Basis Of Presentation [Line Items] | |||
Number of operating segments | 3 | 3 | |
Crestwood Equity Partners LP | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
Limited partnership interest | 99.90% | ||
Crestwood Gas Services GP, LLC | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
Limited partnership interest | 0.10% | ||
Common Unit Capital | Crestwood Holdings | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
General partner ownership percentage | 25.00% |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | Jun. 21, 2017 | Oct. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jul. 01, 2018 | Jan. 01, 2018 |
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Increase (decrease) in restricted cash | $ (16.3) | $ 16.3 | ||||||
Operating leases | 41.5 | 0 | ||||||
Property, plant and equipment, net | 2,909.1 | 2,029.7 | ||||||
Inventory | 53.7 | 64.6 | ||||||
Contribution of Property | $ 69.4 | |||||||
Net proceeds from sale of assets | 0.8 | 79.5 | $ 225.2 | |||||
Debt Issuance Costs, Net | 29.1 | 26.4 | ||||||
Property, plant and equipment | $ 3,612.5 | 2,598.1 | ||||||
Percentage of gross income from qualifying sources required to be subject to federal income tax, minimum | 90.00% | |||||||
Goodwill impairment | $ 0 | 0 | 38.8 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0.7 | |||||||
Goodwill, Written off Related to Sale of Business Unit | 9 | |||||||
Liabilities, Current | 357.8 | 332.1 | ||||||
Operating lease right-of-use assets, net | 53.8 | |||||||
Accrued expenses and other liabilities | 161.7 | 112.4 | ||||||
Other long-term liabilities | 301.6 | 173.6 | ||||||
West Coast | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Impairment of intangible assets | 0.8 | |||||||
Goodwill impairment | 2.4 | |||||||
Natural Gas Liquids | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Inventory | 53.2 | 64.2 | ||||||
CMLP | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, plant and equipment, net | 3,067.5 | 2,202.3 | ||||||
Inventory | 53.7 | 64.6 | ||||||
Net proceeds from sale of assets | 0.8 | 79.5 | 225.2 | |||||
Property, plant and equipment | 3,942.6 | 2,928.2 | ||||||
Goodwill impairment | 0 | 0 | $ 38.8 | |||||
Goodwill, Impaired, Accumulated Impairment Loss | 1,399.3 | |||||||
Liabilities, Current | 353.9 | 328.5 | ||||||
Operating lease right-of-use assets, net | 53.8 | |||||||
Accrued expenses and other liabilities | 160.4 | 111.3 | ||||||
Other long-term liabilities | 295.6 | 171 | ||||||
Crestwood Equity Partners LP | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, plant and equipment, net | 2,909.1 | 2,029.7 | ||||||
Property, plant and equipment | 3,612.5 | 2,598.1 | ||||||
Goodwill, Impaired, Accumulated Impairment Loss | 1,656.5 | |||||||
Accrued expenses and other liabilities | 161.7 | $ 112.4 | ||||||
Crestwood Permian Basin Holdings LLC | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Guarantee to third party amount | $ 10 | |||||||
Equity method ownership percentage | 50.00% | |||||||
Crestwood Permian Basin Holdings LLC | Crestwood Equity Partners LP | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Equity method ownership percentage | 50.00% | |||||||
Stagecoach Gas Services LLC | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Equity method ownership percentage | 50.00% | 50.00% | ||||||
Stagecoach Gas Services LLC | CMLP | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Equity method ownership percentage | 50.00% | |||||||
Measurement Input, Discount Rate | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Fair Value Inputs | 12.00% | |||||||
Measurement Input, Discount Rate | Minimum | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Fair Value Inputs | 10.00% | |||||||
Measurement Input, Discount Rate | Maximum | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Fair Value Inputs | 12.00% | |||||||
Accounting Standards Update 2014-09 | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, plant and equipment, net | $ 87.6 | |||||||
West Coast | Marketing Supply and Logistics | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Gross, Period Increase (Decrease) | $ (61.8) | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 70.5 | |||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 26.9 | $ 81.4 | ||||||
Operating Leases [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Operating leases | 41.5 | |||||||
Operating lease right-of-use assets, net | 53.8 | |||||||
Accrued expenses and other liabilities | 18.1 | |||||||
Operating Leases [Member] | Accounting Standards Update 2016-02 | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Operating leases | $ 48.9 | |||||||
Operating lease right-of-use assets, net | 67.5 | |||||||
Accrued expenses and other liabilities | 18.6 | |||||||
Finance Lease [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, plant and equipment, net | 9.5 | |||||||
Property, plant and equipment | 14.9 | |||||||
Accrued expenses and other liabilities | 3.2 | |||||||
Other long-term liabilities | $ 5.2 | |||||||
Finance Lease [Member] | Accounting Standards Update 2016-02 | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, plant and equipment | 1.6 | |||||||
Accrued expenses and other liabilities | 0.3 | |||||||
Other long-term liabilities | $ 1.3 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Estimated Useful Lives Of Property, Plant And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Gathering systems and pipelines and related assets | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Gathering systems and pipelines and related assets | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Facilities and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Facilities and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 25 years |
Buildings, land, rights-of-way, storage rights and easements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 1 year |
Buildings, land, rights-of-way, storage rights and easements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Office furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Office furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies (Estimated Economic Lives Of Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Customer Relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-Average Life (years) | 20 years |
Maximum | Trademarks | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-Average Life (years) | 10 years |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies (Goodwill, by Reporting Unit) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 09, 2019 | |
Goodwill [Line Items] | ||||
Goodwill | $ 80.3 | |||
Goodwill [Roll Forward] | ||||
Beginning Balance | 138.6 | $ 147.6 | ||
Goodwill Impairments during the Period | 0 | 0 | $ 38.8 | |
Goodwill, Transfers | 0 | |||
Goodwill, Written off Related to Sale of Business Unit | (9) | |||
Ending Balance | 218.9 | 138.6 | 147.6 | |
Goodwill, Other Increase (Decrease) | (9) | |||
Arrow | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | 45.9 | 45.9 | ||
Goodwill Impairments during the Period | 0 | |||
Ending Balance | 45.9 | 45.9 | 45.9 | |
West Coast | ||||
Goodwill [Line Items] | ||||
Impairment of intangible assets | 0.8 | |||
Goodwill [Roll Forward] | ||||
Beginning Balance | 0 | 0 | ||
Goodwill Impairments during the Period | 2.4 | |||
Ending Balance | 0 | 0 | ||
NGL Marketing and Logistics | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | 92.7 | |||
Goodwill, Transfers | 101.7 | |||
Goodwill, Written off Related to Sale of Business Unit | (9) | |||
Ending Balance | 92.7 | 92.7 | ||
Supply and Logistics | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | 0 | 101.7 | ||
Goodwill Impairments during the Period | 0 | |||
Goodwill, Transfers | (101.7) | |||
Ending Balance | 0 | 101.7 | ||
Storage and Terminals | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | 0 | 0 | ||
Goodwill Impairments during the Period | 36.4 | |||
Ending Balance | 0 | 0 | ||
Powder River Basin [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 80.3 | |||
Goodwill [Roll Forward] | ||||
Ending Balance | 80.3 | |||
CMLP | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | 138.6 | |||
Goodwill Impairments during the Period | 0 | 0 | $ 38.8 | |
Ending Balance | 218.9 | $ 138.6 | ||
Williams Partners LP | Crestwood Niobrara LLC | ||||
Goodwill [Line Items] | ||||
Additional voting interest acquired | 50.00% | |||
Arrow | Marketing Supply and Logistics | ||||
Goodwill [Line Items] | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 4.3 |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies (Revenue Recognition) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 09, 2019 |
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment | $ 3,612.5 | $ 2,598.1 | |||
Revenues | 3,181.9 | 3,654.1 | $ 3,880.9 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0.7 | ||||
ASC 606 Accounts Receivable | $ 225 | 209.7 | |||
Revenue, remaining performance obligations, expected timing of satisfaction, period | 17 years | ||||
Contract with Customer, Asset, Gross, Noncurrent | $ 1.2 | 1 | |||
Deferred revenue | 8.8 | 12 | |||
Contract liabilities | 144.7 | 65.4 | |||
Contract with Customer, Liability, Revenue Recognized | 13.3 | ||||
Depreciation, amortization and accretion | 195.8 | 168.7 | 191.7 | ||
Earnings from unconsolidated affiliates, net | 32.8 | 53.3 | 47.8 | ||
Net income (loss) | 319.9 | 67 | (166.6) | ||
Less: accumulated depreciation | 703.4 | 568.4 | |||
Investments in unconsolidated affiliates | 980.4 | 1,188.2 | |||
Accrued expenses and other liabilities | 161.7 | 112.4 | |||
Other long-term liabilities | 301.6 | 173.6 | |||
Partners' capital | 1,320.8 | 1,240.5 | |||
Total CEQP/CMLP partners’ capital | 1,932.8 | 1,852.5 | |||
Property, plant and equipment, net | 2,909.1 | 2,029.7 | |||
Accounting Standards Update 2014-09 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Deferred Revenue | $ 69.1 | ||||
Property, plant and equipment, net | 87.6 | ||||
Product | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 2,755.3 | 3,309.7 | 3,462.2 | ||
Product and service costs | 2,469.7 | 2,950.5 | 3,309.5 | ||
Service | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 426.6 | 344.4 | 418.7 | ||
Product and service costs | 29.8 | 44.2 | 49.9 | ||
Gathering and Processing Segment | Product | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 455.8 | 670.5 | 1,369.1 | ||
Gathering and Processing Segment | Service | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 380 | 276.1 | 317.3 | ||
Marketing Supply and Logistics | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 2,690.3 | ||||
Marketing Supply and Logistics | Product | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 2,296.6 | 2,639.2 | 2,093.1 | ||
Marketing Supply and Logistics | Service | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 26.2 | 50.2 | 62.4 | ||
CMLP | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment | 3,942.6 | 2,928.2 | |||
Revenues | 3,181.9 | 3,654.1 | 3,880.9 | ||
Deferred revenue | 8.8 | 12 | |||
Depreciation, amortization and accretion | 209.9 | 181.4 | 202.7 | ||
Earnings from unconsolidated affiliates, net | 32.8 | 53.3 | 47.8 | ||
Net income (loss) | 310.6 | 58.6 | (175.5) | ||
Less: accumulated depreciation | 875.1 | 725.9 | |||
Investments in unconsolidated affiliates | 980.4 | 1,188.2 | |||
Accrued expenses and other liabilities | 160.4 | 111.3 | |||
Other long-term liabilities | 295.6 | 171 | |||
Total CEQP/CMLP partners’ capital | 2,099.3 | 2,028.2 | |||
Property, plant and equipment, net | 3,067.5 | 2,202.3 | |||
CMLP | Product | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 2,755.3 | 3,309.7 | 3,462.2 | ||
Product and service costs | 2,469.7 | 2,950.5 | 3,309.5 | ||
CMLP | Service | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 426.6 | 344.4 | 418.7 | ||
Product and service costs | 29.8 | 44.2 | 49.9 | ||
CMLP | Gathering and Processing Segment | Product | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 455.8 | 670.5 | 1,369.1 | ||
CMLP | Gathering and Processing Segment | Service | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 380 | 276.1 | 317.3 | ||
CMLP | Marketing Supply and Logistics | Product | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 2,296.6 | 2,639.2 | 2,093.1 | ||
CMLP | Marketing Supply and Logistics | Service | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenues | 26.2 | 50.2 | 62.4 | ||
Jackalope Gas Gathering Services, LLC | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Earnings from unconsolidated affiliates, net | 3.7 | 18.1 | $ 10.5 | ||
Investments in unconsolidated affiliates | 0 | $ 210.2 | $ 226.7 | ||
Jackalope Gas Gathering Services, LLC | Accounting Standards Update 2014-09 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 9.5 | ||||
New Accounting Pronouncement, Equity Earnings Decrease | $ 9.7 | ||||
Capital Reimbursements [Member] | Accounting Standards Update 2014-09 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 18.5 | ||||
Contracts with Increasing (Decreasing) Rates per Unit [Member] | Accounting Standards Update 2014-09 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 1.5 |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Significant Accounting Policies (Remaining Performance Obligations) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 17 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, amount | $ 99.4 |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, amount | $ 86.2 |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, amount | $ 79.3 |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, amount | $ 3.3 |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, amount | $ 275.6 |
Basis of Presentation and Su_10
Basis of Presentation and Summary of Significant Accounting Policies Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Inventory | $ 53.7 | $ 64.6 |
Natural Gas Liquids | ||
Inventory [Line Items] | ||
Inventory | 53.2 | 64.2 |
Spare Parts | ||
Inventory [Line Items] | ||
Inventory | $ 0.5 | $ 0.4 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Acquisition) (Details) - USD ($) $ in Millions | Apr. 09, 2019 | Apr. 30, 2019 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 08, 2019 |
Business Acquisition [Line Items] | |||||||
Proceeds from Noncontrolling Interests | $ 175 | $ 235 | $ 0 | $ 175 | |||
Goodwill | 80.3 | ||||||
Investments in unconsolidated affiliates | 980.4 | 1,188.2 | |||||
Gain on acquisition | 209.4 | 0 | 0 | ||||
Revenues | 3,181.9 | 3,654.1 | 3,880.9 | ||||
Net income (loss) | 319.9 | 67 | (166.6) | ||||
Revenues | 3,202.6 | 3,729.5 | 3,935.4 | ||||
Net income (loss) | 313.5 | 45 | (193) | ||||
Jackalope Gas Gathering Services, LLC | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Transaction Costs | 2.8 | ||||||
Cash | $ 22.5 | ||||||
Other current assets | 30.9 | ||||||
Property, plant and equipment | 532.9 | ||||||
Intangible assets | 306 | ||||||
Goodwill | 80.3 | ||||||
Current liabilities | (30.4) | ||||||
Other long-term liabilities | (21.5) | ||||||
Estimated fair value of 100% interest in Jackalope | 920.7 | ||||||
Gain on acquisition | 209.4 | $ 209.4 | |||||
Total purchase price | $ 484.6 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | ||||||
Revenues | $ 70.1 | ||||||
Net income (loss) | 20.9 | ||||||
CMLP | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from Noncontrolling Interests | 235 | 0 | 175 | ||||
Investments in unconsolidated affiliates | 980.4 | 1,188.2 | |||||
Gain on acquisition | 209.4 | 0 | 0 | ||||
Revenues | 3,181.9 | 3,654.1 | 3,880.9 | ||||
Net income (loss) | 310.6 | 58.6 | (175.5) | ||||
Revenues | 3,202.6 | 3,729.5 | 3,935.4 | ||||
Net income (loss) | $ 304.2 | 36.6 | $ (201.9) | ||||
Crestwood Niobrara LLC | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from Noncontrolling Interests | $ 235 | ||||||
Crestwood Niobrara LLC | Williams Partners LP | |||||||
Business Acquisition [Line Items] | |||||||
Additional voting interest acquired | 50.00% | ||||||
Business Acquisition, Percentage of Voting Interest After Acquisition | 100.00% | ||||||
Crestwood Niobrara LLC | Jackalope Gas Gathering Services, LLC | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from Noncontrolling Interests | $ 235 | ||||||
Valuation Technique, Discounted Cash Flow | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination Discount Rate | 12.00% | ||||||
Jackalope Gas Gathering Services, LLC | |||||||
Business Acquisition [Line Items] | |||||||
Equity method ownership percentage | 50.00% | 50.00% | 0.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 226.7 | $ 0 | $ 210.2 | ||||
Jackalope Gas Gathering Services, LLC | Jackalope Gas Gathering Services, LLC | |||||||
Business Acquisition [Line Items] | |||||||
Investments in unconsolidated affiliates | $ 226.7 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Narrative) (Details) - Marketing Supply and Logistics - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
West Coast | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 70.5 | ||
Property, Plant and Equipment, Gross, Period Decrease | 61.8 | ||
Goodwill, Period Decrease | 9 | ||
Decrease in Other Operating Assets | $ 26.6 | ||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 26.9 | $ 81.4 | |
US Salt, LLC | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | 223.6 | ||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 33.6 |
Certain Balance Sheet Informa_3
Certain Balance Sheet Information (Property, Plant And Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 3,612.5 | $ 2,598.1 | |
Less: accumulated depreciation | 703.4 | 568.4 | |
Property, plant and equipment, net | 2,909.1 | 2,029.7 | |
Capitalized interests | 14.4 | 5 | $ 2.9 |
Finance Lease, Right-of-Use Asset | 9.5 | ||
Capital Leases, Balance Sheet, Assets by Major Class, Net | 9.7 | ||
Crestwood Equity Partners LP | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 3,612.5 | 2,598.1 | |
Less: accumulated depreciation | 703.4 | 568.4 | |
Property, plant and equipment, net | 2,909.1 | 2,029.7 | |
Depreciation | 139.5 | 123.6 | 135.9 |
Crestwood Equity Partners LP | Gathering systems and pipelines and related assets | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,017.8 | 758.6 | |
Crestwood Equity Partners LP | Facilities and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,797.7 | 1,230.7 | |
Crestwood Equity Partners LP | Buildings, land, rights-of-way, storage rights and easements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 370.6 | 331.7 | |
Crestwood Equity Partners LP | Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 27.7 | 17.9 | |
Crestwood Equity Partners LP | Construction in process | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 368.7 | 230.8 | |
Crestwood Equity Partners LP | Office furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 30 | 28.4 | |
CMLP | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 3,942.6 | 2,928.2 | |
Less: accumulated depreciation | 875.1 | 725.9 | |
Property, plant and equipment, net | 3,067.5 | 2,202.3 | |
Depreciation | 153.5 | 137.7 | $ 150 |
CMLP | Gathering systems and pipelines and related assets | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,160.6 | 901.5 | |
CMLP | Facilities and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,982.8 | 1,415.9 | |
CMLP | Buildings, land, rights-of-way, storage rights and easements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 374.3 | 335.4 | |
CMLP | Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 26 | 16.1 | |
CMLP | Construction in process | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 368.7 | 230.8 | |
CMLP | Office furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 30.2 | $ 28.5 |
Certain Balance Sheet Informa_4
Certain Balance Sheet Information (Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | $ 1,076.3 | $ 770.3 | |
Less: accumulated amortization | 271.1 | 216.5 | |
Total intangible assets, net | 805.2 | 553.8 | |
Customer accounts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 438.9 | 438.9 | |
Less: accumulated amortization | 134.4 | 112.1 | |
Gathering systems and pipelines and related assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 631.2 | 325.2 | |
Gathering systems and pipelines and related assets | Jackalope Gas Gathering Services, LLC | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 306 | ||
Acquired storage contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Less: accumulated amortization | 4.2 | 3.6 | |
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 6.2 | 6.2 | |
Less: accumulated amortization | 132.5 | 100.8 | |
Crestwood Equity Partners LP | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 54.6 | 43.5 | $ 53.7 |
CMLP | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 54.6 | 42.1 | $ 50.6 |
Less: accumulated amortization | $ 271.1 | $ 216.5 |
Certain Balance Sheet Informa_5
Certain Balance Sheet Information (Amortization and Interest Expense, Fiscal Year Maturity) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2020 | $ 58.9 |
2021 | 58.9 |
2022 | 58.9 |
2023 | 55 |
2024 | $ 50.1 |
Certain Balance Sheet Informa_6
Certain Balance Sheet Information (Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Apr. 30, 2019 | Apr. 09, 2019 | Apr. 08, 2019 | Dec. 31, 2018 |
Accrued Expenses and Other Liabilities [Line Items] | |||||
Deferred revenue | $ 8.8 | $ 12 | |||
Accrued expenses and other liabilities | 161.7 | 112.4 | |||
CMLP | |||||
Accrued Expenses and Other Liabilities [Line Items] | |||||
Accrued expenses | 60.3 | 63.7 | |||
Accrued property taxes | 6.1 | 2.6 | |||
Income tax payable | 0.3 | 0.3 | |||
Interest payable | 25.6 | 19.8 | |||
Accrued additions to property, plant and equipment | 38 | 10.5 | |||
Operating leases | 18.1 | ||||
Finance leases | 3.2 | ||||
Finance leases | 2.4 | ||||
Deferred revenue | 8.8 | 12 | |||
Accrued expenses and other liabilities | 160.4 | 111.3 | |||
Crestwood Equity Partners LP | |||||
Accrued Expenses and Other Liabilities [Line Items] | |||||
Accrued expenses | 61.6 | 64.8 | |||
Accrued property taxes | 6.1 | 2.6 | |||
Income tax payable | 0.3 | 0.3 | |||
Interest payable | 25.6 | 19.8 | |||
Accrued additions to property, plant and equipment | 38 | 10.5 | |||
Operating leases | 18.1 | ||||
Finance leases | 3.2 | ||||
Finance leases | 2.4 | ||||
Deferred revenue | 8.8 | 12 | |||
Accrued expenses and other liabilities | $ 161.7 | $ 112.4 | |||
Jackalope Gas Gathering Services, LLC | |||||
Accrued Expenses and Other Liabilities [Line Items] | |||||
Equity method ownership percentage | 0.00% | 50.00% | 50.00% | 50.00% | |
Jackalope Gas Gathering Services, LLC | |||||
Accrued Expenses and Other Liabilities [Line Items] | |||||
Accrued expenses | $ 16.2 |
Certain Balance Sheet Informa_7
Certain Balance Sheet Information (Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Contract liabilities | $ 144.7 | $ 65.4 |
Contingent consideration | 57 | 57 |
Operating leases | 41.5 | 0 |
Asset retirement obligations | 33.3 | 27.6 |
Other long-term liabilities | 301.6 | 173.6 |
CMLP | ||
Other long-term liabilities | 295.6 | 171 |
Other | ||
Other long-term liabilities | 25.1 | 23.6 |
Other | CMLP | ||
Other long-term liabilities | $ 19.1 | $ 21 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Net asset retirement obligation at January 1 | $ 28.1 | $ 28.1 |
Liabilities acquired | 1.7 | 0 |
Liabilities incurred | 3.4 | 1.2 |
Liabilities settled | (0.1) | (2.8) |
Accretion expense | (1.7) | (1.6) |
Net asset retirement obligation at December 31 | 34.8 | 28.1 |
Current ARO liabilities | $ 1.5 | $ 0.5 |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates Table (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 30, 2019 | Apr. 09, 2019 | Apr. 08, 2019 | Jul. 01, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Investments in unconsolidated affiliates | $ 980.4 | $ 1,188.2 | ||||||
Earnings from unconsolidated affiliates, net | 32.8 | 53.3 | $ 47.8 | |||||
Distributions | 75.2 | 103 | 107.6 | |||||
Contributions | 127.4 | |||||||
Contributions | 61.3 | 64.4 | 58 | |||||
Current Assets | 78.2 | 127.1 | ||||||
Non-Current Assets | 2,351 | 2,755.7 | ||||||
Current Liabilities | 41.2 | 38.4 | ||||||
Non-Current Liabilities | 194.7 | 225.2 | ||||||
Members’ Equity | 2,193.3 | 2,619.2 | ||||||
Operating Revenues | 283.7 | 370.5 | 350.4 | |||||
Operating Expenses | 209.5 | 242.1 | 221.3 | |||||
Net Income (Loss) | $ 74.6 | 133.4 | 130 | |||||
Stagecoach Gas Services LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method ownership percentage | 50.00% | 50.00% | ||||||
Investments in unconsolidated affiliates | $ 814.4 | 830.4 | ||||||
Earnings from unconsolidated affiliates, net | 34.2 | 29.3 | 25.3 | |||||
Distributions | 52.3 | 48.7 | 47.3 | |||||
Contributions | 2.1 | 0 | 0.8 | |||||
Current Assets | 50.6 | 50.1 | ||||||
Non-Current Assets | 1,686.3 | 1,725.1 | ||||||
Current Liabilities | 3.9 | 4.2 | ||||||
Non-Current Liabilities | 1.5 | 0.9 | ||||||
Members’ Equity | 1,731.5 | 1,770.1 | ||||||
Operating Revenues | 163.8 | 171.4 | 168.6 | |||||
Operating Expenses | 83.6 | 79.3 | 77.7 | |||||
Net Income (Loss) | 80.6 | 92.1 | 91.1 | |||||
Difference between carrying amount and underlying equity | 51.3 | |||||||
Crestwood Permian Basin LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Operating Revenues | 64.8 | 82.2 | 87.3 | |||||
Operating Expenses | 76 | 81.3 | 74.1 | |||||
Net Income (Loss) | (11.1) | 5.7 | 14.1 | |||||
Difference between carrying amount and underlying equity | $ 11.5 | |||||||
Jackalope Gas Gathering Services, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method ownership percentage | 0.00% | 50.00% | 50.00% | 50.00% | ||||
Investments in unconsolidated affiliates | $ 0 | 210.2 | $ 226.7 | |||||
Earnings from unconsolidated affiliates, net | 3.7 | 18.1 | 10.5 | |||||
Distributions | 11.6 | 32.4 | 26.3 | |||||
Operating Revenues | 55.1 | 116.9 | 94.5 | |||||
Operating Expenses | 49.9 | 81.5 | 69.5 | |||||
Net Income (Loss) | 5.1 | 35.6 | 24.8 | |||||
Amortization | 0.1 | 0.1 | 0.1 | |||||
Other Equity Method Investments | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Current Assets | 11.7 | 59.3 | ||||||
Non-Current Assets | 277.9 | 658 | ||||||
Current Liabilities | 21 | 17.4 | ||||||
Non-Current Liabilities | 121.1 | 129.6 | ||||||
Members’ Equity | $ 147.5 | 570.3 | ||||||
Crestwood Permian Basin Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method ownership percentage | 50.00% | |||||||
Investments in unconsolidated affiliates | $ 121.8 | 104.3 | ||||||
Earnings from unconsolidated affiliates, net | (5.8) | 4.4 | 8.4 | |||||
Distributions | $ 18.9 | 5 | 14.7 | 23.4 | ||||
Contributions | 117.5 | |||||||
Contributions | 28.3 | 12.6 | ||||||
Current Assets | 15.9 | 17.7 | ||||||
Non-Current Assets | 386.8 | 372.6 | ||||||
Current Liabilities | 16.3 | 16.8 | ||||||
Non-Current Liabilities | 72.1 | 94.7 | ||||||
Members’ Equity | $ 314.3 | 278.8 | ||||||
Tres Palacios Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method ownership percentage | 50.01% | |||||||
Investments in unconsolidated affiliates | $ 35.9 | 35 | ||||||
Earnings from unconsolidated affiliates, net | 0.9 | 0 | 2.2 | |||||
Distributions | 6.3 | 5.3 | 9 | |||||
Contributions | 6.3 | 2.5 | 5.6 | |||||
Difference between carrying amount and underlying equity | 24 | |||||||
Amortization | $ 1.3 | 1.3 | 1.3 | |||||
Powder River Basin Industrial Complex, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method ownership percentage | 50.01% | |||||||
Investments in unconsolidated affiliates | $ 8.3 | 8.3 | ||||||
Earnings from unconsolidated affiliates, net | (0.2) | 1.5 | 1.4 | |||||
Distributions | 0 | 1.9 | 1.6 | |||||
Contributions | 0.2 | 0.2 | 0 | |||||
Difference between carrying amount and underlying equity | 5.5 | |||||||
Amortization | 0.4 | 0.5 | 0.6 | |||||
Crestwood Niobrara LLC | Jackalope Gas Gathering Services, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Contributions | $ 24.4 | $ 49.1 | $ 3.5 | |||||
Crestwood Niobrara LLC | Williams Partners LP | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Additional voting interest acquired | 50.00% |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates - Narrative (Details) - USD ($) $ in Millions | Jul. 01, 2018 | Jan. 01, 2018 | Jun. 21, 2017 | Jan. 31, 2020 | Oct. 31, 2017 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Apr. 30, 2019 | Apr. 09, 2019 | Apr. 08, 2019 |
Schedule of Equity Method Investments [Line Items] | |||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0.7 | ||||||||||||
Contributions | 61.3 | $ 64.4 | $ 58 | ||||||||||
Investments in unconsolidated affiliates | 980.4 | 1,188.2 | |||||||||||
Contingent consideration | 57 | 57 | |||||||||||
Loss on contingent consideration | 0 | 0 | 57 | ||||||||||
Earnings from unconsolidated affiliates, net | 32.8 | 53.3 | 47.8 | ||||||||||
Net proceeds from sale of assets | 0.8 | 79.5 | 225.2 | ||||||||||
Contribution of Property | $ 69.4 | ||||||||||||
Distributions | 75.2 | 103 | 107.6 | ||||||||||
Jackalope Gas Gathering Services, LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Investments in unconsolidated affiliates | 0 | 210.2 | $ 226.7 | ||||||||||
Earnings from unconsolidated affiliates, net | 3.7 | 18.1 | 10.5 | ||||||||||
Amortization | $ 0.1 | 0.1 | 0.1 | ||||||||||
Equity method ownership percentage | 0.00% | 50.00% | 50.00% | 50.00% | |||||||||
Distributions | $ 11.6 | 32.4 | 26.3 | ||||||||||
Tres Palacios Holdings LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Contributions | 6.3 | 2.5 | 5.6 | ||||||||||
Investments in unconsolidated affiliates | 35.9 | 35 | |||||||||||
Earnings from unconsolidated affiliates, net | 0.9 | 0 | 2.2 | ||||||||||
Difference between carrying amount and underlying equity | 24 | ||||||||||||
Amortization | $ 1.3 | 1.3 | 1.3 | ||||||||||
Equity method ownership percentage | 50.01% | ||||||||||||
Distributions | $ 6.3 | 5.3 | 9 | ||||||||||
Powder River Basin Industrial Complex, LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Contributions | 0.2 | 0.2 | 0 | ||||||||||
Investments in unconsolidated affiliates | 8.3 | 8.3 | |||||||||||
Earnings from unconsolidated affiliates, net | (0.2) | 1.5 | 1.4 | ||||||||||
Difference between carrying amount and underlying equity | 5.5 | ||||||||||||
Amortization | $ 0.4 | 0.5 | 0.6 | ||||||||||
Equity method ownership percentage | 50.01% | ||||||||||||
Distributions | $ 0 | 1.9 | 1.6 | ||||||||||
Crestwood Permian Basin Holdings | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Percentage of Available Cash Distributed | 100.00% | ||||||||||||
Crestwood Permian Basin Holdings | Subsequent Event | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Distributions | $ 3.8 | ||||||||||||
Crestwood Permian Basin LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Difference between carrying amount and underlying equity | $ 11.5 | ||||||||||||
Net proceeds from sale of assets | $ 37.9 | ||||||||||||
Stagecoach Gas Services LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Percentage of Available Cash Distributed | 40.00% | ||||||||||||
Contributions | 2.1 | 0 | 0.8 | ||||||||||
Investments in unconsolidated affiliates | 814.4 | 830.4 | |||||||||||
Contingent consideration | 57 | 57 | |||||||||||
Earnings from unconsolidated affiliates, net | 34.2 | 29.3 | 25.3 | ||||||||||
Difference between carrying amount and underlying equity | $ 51.3 | ||||||||||||
Equity Method Investment Distribution Percentage | 40.00% | ||||||||||||
Equity method ownership percentage | 50.00% | 50.00% | |||||||||||
Distributions | $ 52.3 | 48.7 | 47.3 | ||||||||||
Stagecoach Gas Services LLC | Subsequent Event | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Distributions | $ 15.5 | ||||||||||||
Crestwood Permian Basin Holdings LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Contributions | 28.3 | 12.6 | |||||||||||
Investments in unconsolidated affiliates | 121.8 | 104.3 | |||||||||||
Earnings from unconsolidated affiliates, net | $ (5.8) | 4.4 | 8.4 | ||||||||||
Equity method ownership percentage | 50.00% | ||||||||||||
Distributions | $ 18.9 | $ 5 | 14.7 | 23.4 | |||||||||
Guarantee to third party amount | 10 | ||||||||||||
Crestwood Niobrara LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||
Crestwood Niobrara LLC | Jackalope Gas Gathering Services, LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Contributions | $ 24.4 | 49.1 | $ 3.5 | ||||||||||
Crestwood Equity Partners LP | Crestwood Permian Basin Holdings LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity method ownership percentage | 50.00% | ||||||||||||
First Reserve Management, L.P. | Crestwood Permian Basin Holdings LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity method ownership percentage | 50.00% | ||||||||||||
SWEPI LP | Crestwood Permian Basin LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity method ownership percentage | 50.00% | ||||||||||||
Twin Eagle Powder River Basin, LLC | Powder River Basin Industrial Complex, LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity method ownership percentage | 50.00% | ||||||||||||
CEGP | Stagecoach Gas Services LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Percentage of Available Cash Distributed | 35.00% | ||||||||||||
CMLP | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Contributions | $ 61.3 | 64.4 | $ 58 | ||||||||||
Investments in unconsolidated affiliates | 980.4 | 1,188.2 | |||||||||||
Loss on contingent consideration | 0 | 0 | 57 | ||||||||||
Earnings from unconsolidated affiliates, net | 32.8 | 53.3 | 47.8 | ||||||||||
Net proceeds from sale of assets | $ 0.8 | $ 79.5 | $ 225.2 | ||||||||||
CMLP | Tres Palacios Holdings LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity method ownership percentage | 50.01% | ||||||||||||
CMLP | Stagecoach Gas Services LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity method ownership percentage | 50.00% | ||||||||||||
Brookfield Infrastructure Group | Tres Palacios Holdings LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity method ownership percentage | 49.99% | ||||||||||||
Accounting Standards Update 2014-09 | Jackalope Gas Gathering Services, LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 9.5 | ||||||||||||
New Accounting Pronouncement, Equity Earnings Decrease | $ 9.7 | ||||||||||||
Williams Partners LP | Crestwood Niobrara LLC | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Additional voting interest acquired | 50.00% | ||||||||||||
Business Acquisition, Percentage of Voting Interest After Acquisition | 100.00% |
Risk Management (Notional Amoun
Risk Management (Notional Amounts and Terms of Company's Derivative Financial Instruments) (Details) bcf in Millions, MMBbls in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)MMBblsbcf | Dec. 31, 2018USD ($)MMBblsbcf | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | |||
Product revenues | $ 252.3 | $ 343.3 | $ 234.1 |
Cash collateral received, net | 16.9 | 14.2 | |
Commodity Contract With Credit Contingent Features | |||
Derivative [Line Items] | |||
Aggregate fair value of commodity derivative instruments | 1.6 | 2.2 | |
NYMEX-related net derivative liability position | |||
Derivative [Line Items] | |||
Derivative Liability | 28.8 | 9.4 | |
NYMEX-related cash collateral posted | |||
Derivative [Line Items] | |||
NYMEX margin deposit | 40.4 | 21.7 | |
Commodity Contract | |||
Derivative [Line Items] | |||
Gain (loss) reflected in costs of product/services sold | 19.5 | 29.6 | $ (31.2) |
Cash collateral received, net | $ 0.1 | $ 0.1 | |
Propane, ethane, butane, heating oil and crude oil (MMBbls) | Fixed Price Payor | |||
Derivative [Line Items] | |||
Notional amount | MMBbls | 33.5 | 27.8 | |
Propane, ethane, butane, heating oil and crude oil (MMBbls) | Fixed Price Receiver | |||
Derivative [Line Items] | |||
Notional amount | MMBbls | 36.6 | 30.1 | |
Natural gas (Bcf) | Fixed Price Payor | |||
Derivative [Line Items] | |||
Notional amount | bcf | 3.7 | 1.8 | |
Natural gas (Bcf) | Fixed Price Receiver | |||
Derivative [Line Items] | |||
Notional amount | bcf | 8.7 | 1.8 |
Risk Management (Narrative) (De
Risk Management (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Cash collateral received, net | $ 16.9 | $ 14.2 | |
Price Risk Contracts | Maximum | |||
Derivative [Line Items] | |||
Remaining maturity | 37 months | ||
Percent of contracts expiring in next twelve months | 85.00% | ||
Commodity Contract | |||
Derivative [Line Items] | |||
Gain (loss) reflected in costs of product/services sold | $ 19.5 | 29.6 | $ (31.2) |
Cash collateral received, net | $ 0.1 | $ 0.1 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Senior Notes) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
2023 Senior Notes | Crestwood Midstream Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 700 | $ 700 |
2023 Senior Notes | CMLP | Crestwood Midstream Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair Value | 714 | 668.1 |
Carrying Amount | 695.1 | 693.6 |
2025 Senior Notes | Crestwood Midstream Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 500 | 500 |
2025 Senior Notes | CMLP | Crestwood Midstream Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair Value | 514.4 | 466.2 |
Carrying Amount | 494.4 | 493.4 |
2027 Senior Notes | CMLP | ||
Debt Instrument [Line Items] | ||
Fair Value | 610.1 | 0 |
Carrying Amount | $ 592.1 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets, Fair Value Disclosure [Abstract] | ||
Assets from price risk management | $ 167.7 | $ 173.1 |
SPH units | 3.1 | 2.8 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 170.8 | 175.9 |
Netting Agreements | (122.3) | (140.3) |
Derivative Asset, Fair Value of Collateral | (2.2) | 1.9 |
Assets from price risk management, Total | 43.2 | 34.7 |
Total assets at fair value | 46.3 | 37.5 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Liabilities from price risk management | 154.7 | 151.7 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 154.7 | 151.7 |
Netting Agreements | (122.3) | (140.3) |
Derivative Liability, Fair Value of Collateral | (25.7) | (5.6) |
Liabilities from price risk management, Total | 6.7 | 5.8 |
Total liabilities at fair value | 5.8 | |
Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets from price risk management | 3.7 | 12.4 |
SPH units | 3.1 | 2.8 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 6.8 | 15.2 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Liabilities from price risk management | 2.8 | 7 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 2.8 | 7 |
Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets from price risk management | 164 | 160.7 |
SPH units | 0 | 0 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 164 | 160.7 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Liabilities from price risk management | 151.9 | 144.7 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 151.9 | 144.7 |
Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets from price risk management | 0 | 0 |
SPH units | 0 | 0 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Liabilities from price risk management | 0 | 0 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | $ 0 | $ 0 |
Long-Term Debt (Components Of L
Long-Term Debt (Components Of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Apr. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Obligations under noncompetition agreements and notes to former owners of businesses acquired | $ 0.6 | $ 1.5 | |
Debt Issuance Costs, Net | 29.1 | 26.4 | |
Debt, Long-term and Short-term, Combined Amount | 2,328.5 | 1,753.3 | |
Less: current portion | 0.2 | 0.9 | |
Total long-term debt | 2,328.3 | 1,752.4 | |
Crestwood Midstream Revolver | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit agreement outstanding carrying value | 557 | 578.2 | |
2023 Senior Notes | Crestwood Midstream 2022 senior unsecured notes | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 700 | 700 | |
2025 Senior Notes | Crestwood Midstream 2022 senior unsecured notes | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 500 | 500 | |
2027 Senior Notes | Crestwood Midstream 2019 Senior Notes | |||
Debt Instrument [Line Items] | |||
Carrying Amount | $ 600 | $ 600 | $ 0 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2019 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 09, 2019 | Apr. 08, 2019 | |
Debt Instrument [Line Items] | |||||||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $ 2,099,300,000 | ||||||
Gains (Losses) on Extinguishment of Debt | 0 | $ (900,000) | $ (37,700,000) | ||||
Debt Issuance Costs, Net | 29,100,000 | 26,400,000 | |||||
CMLP | |||||||
Debt Instrument [Line Items] | |||||||
Gains (Losses) on Extinguishment of Debt | $ 0 | (900,000) | (37,700,000) | ||||
Revolving Loan Facility | CMLP | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Term | 5 years | ||||||
Credit agreement outstanding carrying value | $ 1,250,000,000 | 1,500,000,000 | |||||
Crestwood Midstream Revolver | |||||||
Debt Instrument [Line Items] | |||||||
Gains (Losses) on Extinguishment of Debt | $ 900,000 | ||||||
2023 Senior Notes | Crestwood Midstream 2019 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 6.25% | ||||||
2023 Senior Notes | Crestwood Midstream 2022 senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount | $ 700,000,000 | 700,000,000 | |||||
2023 Senior Notes | Crestwood Midstream 2022 senior unsecured notes | CMLP | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount | 695,100,000 | 693,600,000 | |||||
2025 Senior Notes | Crestwood Midstream 2019 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 5.75% | ||||||
2025 Senior Notes | Crestwood Midstream 2019 Senior Notes | CMLP | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from Issuance of Debt | $ 492,000,000 | ||||||
2025 Senior Notes | Crestwood Midstream 2022 senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount | 500,000,000 | 500,000,000 | |||||
2025 Senior Notes | Crestwood Midstream 2022 senior unsecured notes | CMLP | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount | 494,400,000 | 493,400,000 | |||||
2027 Senior Notes | CMLP | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount | 592,100,000 | 0 | |||||
2027 Senior Notes | Crestwood Midstream 2019 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount | $ 600,000,000 | 600,000,000 | 0 | ||||
Interest rate, stated percentage | 5.625% | ||||||
2027 Senior Notes | Crestwood Midstream 2019 Senior Notes | CMLP | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from Issuance of Debt | $ 591,100,000 | ||||||
Crestwood Midstream Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Additional Potential Capacity | 350,000,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | 350,000,000 | ||||||
Crestwood Midstream Credit Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Commitment Fee Amount | 0.0025 | ||||||
Crestwood Midstream Credit Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Commitment Fee Amount | $ 0.0045 | ||||||
Senior Notes, 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Issuance Costs, Net | 6,800,000 | ||||||
Repayments of Senior Debt | 457,800,000 | ||||||
Senior Notes, 2022 | Crestwood Midstream 2019 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 1,000,000 | ||||||
Senior Notes, 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Senior Debt | 349,900,000 | ||||||
Senior Notes, 2020 | Crestwood Midstream 2019 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 5,100,000 | ||||||
Crestwood Midstream Revolver | |||||||
Debt Instrument [Line Items] | |||||||
Consolidated leverage ratio, maximum | 5.50 | ||||||
Crestwood Midstream Revolver | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit agreement outstanding carrying value | $ 557,000,000 | 578,200,000 | |||||
Letters of credit outstanding | $ 31,700,000 | $ 68,000,000 | |||||
Total funded debt to consolidated EBITDA | 4.13 | ||||||
Consolidated EBITDA to consolidated interest expense | 4.47 | ||||||
Senior Secured Leverage Ratio | 0.98 | ||||||
Weighted average interest rate | 4.00% | 4.79% | |||||
Unused borrowing capacity | $ 661,300,000 | ||||||
Interest coverage ratio, minimum | 2.50 | ||||||
Senior Secured Leverage Ratio, maximum | 3.75 | ||||||
Line of Credit Facility, Increase (Decrease), Net | $ 250,000,000 | ||||||
Crestwood Midstream Revolver | Revolving Credit Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate | 3.96% | 4.63% | |||||
Crestwood Midstream Revolver | Revolving Credit Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate | 6.00% | 6.75% | |||||
Crestwood Midstream Revolver | Bridge Loan | |||||||
Debt Instrument [Line Items] | |||||||
Credit agreement outstanding carrying value | $ 25,000,000 | ||||||
Obligations Under Noncompetition Agreements And Notes To Former Owners Of Businesses Acquired | CMLP | |||||||
Debt Instrument [Line Items] | |||||||
Total payments due | 700,000 | $ 1,700,000 | |||||
Obligations under noncompete agreements, unamortized discount | $ 100,000 | $ 200,000 | |||||
Obligations Under Noncompetition Agreements And Notes To Former Owners Of Businesses Acquired | Minimum | CMLP | |||||||
Debt Instrument [Line Items] | |||||||
Inputed interest | 5.02% | ||||||
Obligations Under Noncompetition Agreements And Notes To Former Owners Of Businesses Acquired | Maximum | CMLP | |||||||
Debt Instrument [Line Items] | |||||||
Inputed interest | 6.75% | ||||||
Federal Funds Rate | Revolving Credit Facility | Crestwood Midstream Revolver | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 0.50% | ||||||
Eurodollar [Member] | Revolving Credit Facility | Crestwood Midstream Credit Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 1.50% | ||||||
Eurodollar [Member] | Revolving Credit Facility | Crestwood Midstream Credit Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 2.50% | ||||||
Eurodollar [Member] | Revolving Credit Facility | Crestwood Midstream Revolver | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 1.00% | ||||||
Eurodollar [Member] | Revolving Credit Facility | Crestwood Midstream Revolver | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 0.50% | ||||||
Eurodollar [Member] | Revolving Credit Facility | Crestwood Midstream Revolver | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 1.50% | ||||||
Jackalope Gas Gathering Services, LLC | |||||||
Debt Instrument [Line Items] | |||||||
Equity Interest | 50.00% | 50.00% | |||||
Equity method ownership percentage | 50.00% | 0.00% | 50.00% | 50.00% |
Long-Term Debt (Maturities of L
Long-Term Debt (Maturities of Long Term Debt) (Details) - CMLP $ in Millions | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2019 | $ 0.2 |
2020 | 0.2 |
2021 | 0.2 |
2022 | 1,257 |
2023 | 0 |
Thereafter | 1,100 |
Total debt | $ 2,357.6 |
Earnings Per Limited Partner _3
Earnings Per Limited Partner Unit (Schedule of Reconciliation of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net Income (Loss) Allocated to Limited Partners | $ 223.6 | $ (9.3) | $ (254.4) |
Subordinated unitholders’ interest in net income | 1.4 | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 225 | $ (9.3) | $ (254.4) |
Basic (units) | 71.8 | 71.2 | 69.8 |
Dilutive units (units) | 5.1 | 0 | 0 |
Weighted Average Limited Partnership Units Outstanding, Diluted | 76.9 | 71.2 | 69.8 |
Earnings Per Share, Basic | $ 3.11 | $ (0.13) | $ (3.64) |
Earnings Per Share, Diluted | $ 2.93 | $ (0.13) | $ (3.64) |
Niobrara Preferred Units [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Dilutive units (units) | 4.3 | 0 | 0 |
Preferred Units | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 7.1 | 7.1 | 7 |
Subordinated units | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 0 | 0.4 | 0.4 |
Dilutive units (units) | 0.4 | 0 | 0 |
Performance Shares | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 0 | 0.4 | 0.3 |
Dilutive units (units) | 0.4 | 0 | 0 |
Crestwood Niobrara LLC | Preferred Units | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 0 | 6.5 | 7.1 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred: | |||
Total deferred | $ 0 | $ 0.7 | $ 2.1 |
(Provision) benefit for income taxes | (0.3) | (0.1) | 0.8 |
Crestwood Equity Partners LP | |||
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Gross | 0.2 | 0.2 | |
Current: | |||
Federal | (0.1) | (0.5) | (1.1) |
State | (0.2) | (0.3) | (0.2) |
Total current | (0.3) | (0.8) | (1.3) |
Deferred: | |||
Federal | 0.1 | 0.5 | 2.1 |
State | (0.1) | 0.2 | 0 |
Total deferred | 0 | 0.7 | 2.1 |
(Provision) benefit for income taxes | (0.3) | (0.1) | 0.8 |
Deferred tax asset: | |||
Total deferred tax liability | (2.8) | (2.8) | |
Deferred tax liability: | |||
Total deferred tax liability(1) | (2.6) | (2.6) | |
CMLP | |||
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Gross | 0 | 0 | |
Current: | |||
Federal | 0.1 | 0.1 | 0 |
State | (0.2) | (0.2) | 0 |
Total current | (0.1) | (0.1) | 0 |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | (0.2) | 0.1 | 0 |
Total deferred | (0.2) | 0.1 | 0 |
(Provision) benefit for income taxes | (0.3) | 0 | $ 0 |
Deferred tax asset: | |||
Total deferred tax liability | (0.7) | (0.6) | |
Deferred tax liability: | |||
Total deferred tax liability(1) | $ (0.7) | $ (0.6) |
Partners' Capital (Schedule of
Partners' Capital (Schedule of Issuance of Units) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Partners' Capital [Abstract] | |||
Issuance of common units (in units) | 0 | 0 | 633,271 |
Proceeds from Issuance or Sale of Equity | $ 15.2 | ||
Units | 72,282,942 | 71,659,385 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 14, 2020 | Feb. 07, 2020 | Nov. 14, 2019 | Nov. 07, 2019 | Aug. 14, 2019 | Aug. 07, 2019 | May 15, 2019 | May 08, 2019 | Feb. 14, 2019 | Feb. 07, 2019 | Nov. 14, 2018 | Nov. 07, 2018 | Aug. 14, 2018 | Aug. 07, 2018 | May 15, 2018 | May 08, 2018 | Feb. 14, 2018 | Feb. 07, 2018 | Nov. 14, 2017 | Nov. 07, 2017 | Aug. 14, 2017 | Aug. 07, 2017 | May 15, 2017 | May 08, 2017 | Feb. 14, 2017 | Feb. 07, 2017 | Jan. 31, 2020 | Apr. 30, 2019 | Dec. 31, 2017 | Nov. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 09, 2019 | Apr. 08, 2019 |
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Distribution to limited partner, distribution date | Nov. 14, 2019 | Aug. 14, 2019 | May 15, 2019 | Feb. 14, 2019 | Nov. 14, 2018 | Aug. 14, 2018 | May 15, 2018 | Feb. 14, 2018 | Nov. 14, 2017 | Aug. 14, 2017 | May 15, 2017 | Feb. 14, 2017 | |||||||||||||||||||||||
Maximum Period For Distribution Of Available Cash | 45 days | ||||||||||||||||||||||||||||||||||
Per unit rate, in dollars per unit | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | |||||||||||||||||||||||
Distributions to partners | $ (172.4) | $ (170.8) | $ (167.6) | ||||||||||||||||||||||||||||||||
Contributions | 61.3 | 64.4 | 58 | ||||||||||||||||||||||||||||||||
Loss on contingent consideration | 0 | 0 | $ (57) | ||||||||||||||||||||||||||||||||
Distribution made to limited partners | 4,724,030 | ||||||||||||||||||||||||||||||||||
Distributions paid to non-controlling partners | $ 25 | $ 9.9 | $ 15.2 | ||||||||||||||||||||||||||||||||
Limited partners' units, issued | 72,282,942 | 71,659,385 | |||||||||||||||||||||||||||||||||
Dividends, Paid-in-kind | $ 43.1 | ||||||||||||||||||||||||||||||||||
Preferred units, outstanding (in units) | 71,257,445 | 71,257,445 | |||||||||||||||||||||||||||||||||
Preferred units, issued | 71,257,445 | 71,257,445 | |||||||||||||||||||||||||||||||||
Equity Offering Program Authorized Amount | $ 250 | ||||||||||||||||||||||||||||||||||
Equity Distribution Program Management Fee Percentage | 2.00% | ||||||||||||||||||||||||||||||||||
Payments of Stock Issuance Costs | $ 0.3 | ||||||||||||||||||||||||||||||||||
Issuance of common units (in units) | 0 | 0 | 633,271 | ||||||||||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 15.2 | ||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders | $ 15 | $ 60.1 | 60.1 | $ 15 | |||||||||||||||||||||||||||||||
Distribution to limited partner, record date | Nov. 7, 2019 | Aug. 7, 2019 | May 8, 2019 | Feb. 7, 2019 | Nov. 7, 2018 | Aug. 7, 2018 | May 8, 2018 | Feb. 7, 2018 | Nov. 7, 2017 | Aug. 7, 2017 | May 8, 2017 | Feb. 7, 2017 | |||||||||||||||||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 202.7 | 0 | 0 | 202.7 | |||||||||||||||||||||||||||||||
Proceeds from Noncontrolling Interests | $ 175 | 235 | 0 | 175 | |||||||||||||||||||||||||||||||
Maximum Value of Common Units to be Issued Under Optional Redemption | $ 100 | ||||||||||||||||||||||||||||||||||
Preferred Units, Class A | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Partners' Capital Account, Private Placement of Units, Price Per Unit | $ 9.13 | ||||||||||||||||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders | $ 15 | ||||||||||||||||||||||||||||||||||
Crestwood Equity Partners LP | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 99.90% | ||||||||||||||||||||||||||||||||||
Crestwood Niobrara LLC | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||||||||||||||
Proceeds from Noncontrolling Interests | $ 235 | ||||||||||||||||||||||||||||||||||
Crestwood Niobrara LLC | Cash distribution | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Distributions paid to non-controlling partners | $ 25 | 9.9 | 15.2 | ||||||||||||||||||||||||||||||||
Crestwood Niobrara LLC | Subsequent Event | Cash distribution | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Distributions paid to non-controlling partners | $ 9.2 | ||||||||||||||||||||||||||||||||||
Crestwood Gas Services GP, LLC | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 0.10% | ||||||||||||||||||||||||||||||||||
CMLP | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Distributions to partners | $ (235.8) | (238.4) | (174) | ||||||||||||||||||||||||||||||||
Contributions | 61.3 | 64.4 | 58 | ||||||||||||||||||||||||||||||||
Loss on contingent consideration | 0 | 0 | (57) | ||||||||||||||||||||||||||||||||
Distributions paid to non-controlling partners | 25 | 9.9 | 15.2 | ||||||||||||||||||||||||||||||||
Distribution Made to General Partner, Cash Distributions Paid | 235.8 | 238.4 | 174 | ||||||||||||||||||||||||||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 0 | 0 | 202.7 | ||||||||||||||||||||||||||||||||
Proceeds from Noncontrolling Interests | 235 | 0 | 175 | ||||||||||||||||||||||||||||||||
Tres Palacios Holdings LLC | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Contributions | $ 6.3 | 2.5 | 5.6 | ||||||||||||||||||||||||||||||||
Equity method ownership percentage | 50.01% | ||||||||||||||||||||||||||||||||||
Tres Palacios Holdings LLC | CMLP | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Equity method ownership percentage | 50.01% | ||||||||||||||||||||||||||||||||||
Jackalope Gas Gathering Services, LLC | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Equity method ownership percentage | 50.00% | 0.00% | 50.00% | 50.00% | |||||||||||||||||||||||||||||||
Equity Interest | 50.00% | 50.00% | |||||||||||||||||||||||||||||||||
Jackalope Gas Gathering Services, LLC | Crestwood Niobrara LLC | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Contributions | $ 24.4 | $ 49.1 | $ 3.5 | ||||||||||||||||||||||||||||||||
Cash distribution | Subsequent Event | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Distribution to limited partner, distribution date | Feb. 14, 2020 | ||||||||||||||||||||||||||||||||||
Distribution declared per limited partner unit | $ 0.625 | ||||||||||||||||||||||||||||||||||
Distribution to limited partner, record date | Feb. 7, 2020 | ||||||||||||||||||||||||||||||||||
Preferred Partner | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Partners' Capital, Distribution Amount Per Share | $ 0.2567 | ||||||||||||||||||||||||||||||||||
Partners' Capital, Contingent Distribution Amount Per Share | $ 0.2111 | ||||||||||||||||||||||||||||||||||
Partner's Capital, Unpaid Distribution, Accrual Percentage | 2.8125% | ||||||||||||||||||||||||||||||||||
Subordinated Unit | Limited Partners | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Limited partners' units, issued | 438,789 | 438,789 | |||||||||||||||||||||||||||||||||
Partners' Capital Account, Units, Cash Distribution Threshold, Quarterly Distribution | $ 1.30 | ||||||||||||||||||||||||||||||||||
Partners' Capital Account, Units, Conversion Threshold, Cumulative Distribution | $ 5.20 | ||||||||||||||||||||||||||||||||||
Non-Controlling Partner | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Issuance of non-controlling interest | $ 175 | ||||||||||||||||||||||||||||||||||
Non-Controlling Partner | CMLP | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Issuance of non-controlling interest | $ 175 | ||||||||||||||||||||||||||||||||||
Williams Partners LP | Crestwood Niobrara LLC | |||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||||||||||||||||||||||||||||||
Additional voting interest acquired | 50.00% |
Partners' Capital (Schedule o_2
Partners' Capital (Schedule of Partnership Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 14, 2020 | Feb. 07, 2020 | Nov. 14, 2019 | Nov. 07, 2019 | Aug. 14, 2019 | Aug. 07, 2019 | May 15, 2019 | May 08, 2019 | Feb. 14, 2019 | Feb. 07, 2019 | Nov. 14, 2018 | Nov. 07, 2018 | Aug. 14, 2018 | Aug. 07, 2018 | May 15, 2018 | May 08, 2018 | Feb. 14, 2018 | Feb. 07, 2018 | Nov. 14, 2017 | Nov. 07, 2017 | Aug. 14, 2017 | Aug. 07, 2017 | May 15, 2017 | May 08, 2017 | Feb. 14, 2017 | Feb. 07, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Partners Capital Summary Of Quarterly Distributions Of Available Cash [Abstract] | |||||||||||||||||||||||||||||
Distribution to limited partner, record date | Nov. 7, 2019 | Aug. 7, 2019 | May 8, 2019 | Feb. 7, 2019 | Nov. 7, 2018 | Aug. 7, 2018 | May 8, 2018 | Feb. 7, 2018 | Nov. 7, 2017 | Aug. 7, 2017 | May 8, 2017 | Feb. 7, 2017 | |||||||||||||||||
Distribution to limited partner, distribution date | Nov. 14, 2019 | Aug. 14, 2019 | May 15, 2019 | Feb. 14, 2019 | Nov. 14, 2018 | Aug. 14, 2018 | May 15, 2018 | Feb. 14, 2018 | Nov. 14, 2017 | Aug. 14, 2017 | May 15, 2017 | Feb. 14, 2017 | |||||||||||||||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | |||||||||||||||||
Distribution amount | $ 43.1 | $ 43.1 | $ 43.1 | $ 43.1 | $ 42.7 | $ 42.7 | $ 42.7 | $ 42.7 | $ 42.2 | $ 41.8 | $ 41.8 | $ 41.8 | $ 172.4 | $ 170.8 | $ 167.6 | ||||||||||||||
Cash distribution | Subsequent Event | |||||||||||||||||||||||||||||
Disclosure Partners Capital Summary Of Quarterly Distributions Of Available Cash [Abstract] | |||||||||||||||||||||||||||||
Distribution to limited partner, record date | Feb. 7, 2020 | ||||||||||||||||||||||||||||
Distribution to limited partner, distribution date | Feb. 14, 2020 | ||||||||||||||||||||||||||||
Distribution declared per limited partner unit | $ 0.625 |
Partners' Capital Net Income (L
Partners' Capital Net Income (Loss) Attributable to NonControlling Partners (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Limited Partners' Capital Account [Line Items] | |||
Net income (loss) attributable to non-controlling partners in subsidiary | $ 34.8 | $ 16.2 | $ 25.3 |
CMLP | |||
Limited Partners' Capital Account [Line Items] | |||
Net income (loss) attributable to non-controlling partners in subsidiary | $ 34.8 | $ 16.2 | $ 25.3 |
Partners' Capital Rollforward o
Partners' Capital Rollforward of non-controlling interest (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 09, 2019 | |
Temporary Equity [Line Items] | |||||
Interest of non-controlling partner in subsidiary | $ 426.2 | $ 0 | |||
Non-controlling interest reclassification (Note 12) | 178.8 | ||||
Proceeds from Noncontrolling Interests | $ 175 | 235 | $ 0 | $ 175 | |
Temporary Equity, Net Income | 30.8 | ||||
Series A-3 | |||||
Temporary Equity [Line Items] | |||||
Proceeds from Noncontrolling Interests | 235 | ||||
Non-Controlling Partner | |||||
Temporary Equity [Line Items] | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (18.4) |
Equity Plans (Schedule of Phant
Equity Plans (Schedule of Phantom and Restricted Unit Activity) (Details) - Crestwood Long-Term Incentive Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested units - December 31, units | 2,187,970 | 1,830,096 | 1,292,330 |
Unvested units - December 31 | $ 24.78 | $ 25.21 | $ 24.67 |
Unvested units - December 31, units | 2,355,949 | 2,187,970 | 1,830,096 |
Unvested units - December 31 | $ 28.94 | $ 24.78 | $ 25.21 |
Restricted units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted, units | 988,096 | 1,144,017 | 919,411 |
Granted | $ 31.48 | $ 25.80 | $ 25.69 |
Vested, units | (985,751) | (617,807) | (607,115) |
Vested | $ 23.39 | $ 23.73 | $ 28 |
Canceled, units | (47,547) | (53,530) | (140,137) |
Canceled | $ 27.85 | $ 23.36 | $ 23.73 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted, units | 238,263 | 901 | 405,620 |
Granted | $ 34.21 | $ 25.60 | $ 30.21 |
Vested, units | (32,246) | (11,772) | (31,106) |
Vested | $ 34.21 | $ 28.87 | $ 30.27 |
Canceled, units | (5,870) | (24,756) | |
Canceled | $ 30.45 | $ 30.45 | |
Phantom Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted, units | 7,164 | 7,750 | 15,849 |
Granted | $ 29.03 | $ 26.10 | $ 25.02 |
Vested, units | (105,809) | ||
Vested | $ 49.45 | ||
Canceled, units | (6) | ||
Canceled | $ 49.45 |
Equity Plans (Narrative) (Detai
Equity Plans (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 10, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 45,100,000 | $ 24,300,000 | $ 22,400,000 | |
Employer matching contribution, percent | 6.00% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 10.00% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 25,000 | |||
Common Stock, Shares Authorized | 1,500,000 | |||
Unit Purchase Plan, Shares Purchased Under Plan | 6,341 | 0 | ||
Crestwood Long-Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation costs not yet recognized | $ 34,600,000 | $ 28,000,000 | ||
Common units to satisfy employee tax withholding obligations | 336,548 | 221,576 | 206,600 | |
Equity Securities | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 4,600,000 | |||
Subsequent Event | Crestwood Long-Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future issuance | 2,593,885 | |||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance multiplier | 50.00% | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance multiplier | 200.00% |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 90.00% | ||
Defined Benefit Plan, Employee Contributions, Statutory Maximum Per Employee | $ 19,000 | $ 18,500 | $ 18,000 |
Defined Contribution Plan Participants Basic Contribution | 100.00% | ||
Employer matching contribution, percent | 6.00% | ||
Defined Contribution Plan, Requisite Service Period | 90 days | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 4,700,000 | $ 4,600,000 | $ 4,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019bblRelease | Dec. 31, 2019USD ($)miles | Dec. 31, 2019USD ($)miles | Dec. 31, 2014bblRelease | Dec. 31, 2018USD ($) | Sep. 15, 2015USD ($) | May 31, 2015bbl | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | $ 55 | ||||||
Loss Contingency Accrual, at Carrying Value | $ 10.7 | $ 10.7 | $ 0.1 | ||||
Miles of Water Gathering Pipeline Removed | miles | 30 | 30 | |||||
Asset Impairment Charges | $ 4.3 | ||||||
Miles of Water Gathering Pipeline Replaced | miles | 12 | 12 | |||||
Accrual for Environmental Loss Contingencies | $ 6.7 | $ 6.7 | 1.8 | ||||
Other Growth and Maintenance Contractual Purchase Obligations | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Firm Purchase Commitments | 126.6 | 126.6 | |||||
Commodity | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Firm Purchase Commitments | 792.4 | 792.4 | |||||
Purchase Obligation, Due in Next Twelve Months | 712.3 | 712.3 | |||||
Crestwood Equity Partners LP | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Self-insurance reserves | 9.7 | 9.7 | 11.3 | ||||
Self-insurance reserve expected to be paid in next fiscal year | 6.2 | 6.2 | |||||
CMLP | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Self-insurance reserves | 8.3 | 8.3 | $ 9.6 | ||||
Self-insurance reserve expected to be paid in next fiscal year | 5.2 | 5.2 | |||||
Maximum | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | 11.1 | 11.1 | $ 1.1 | ||||
Minimum | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | $ 6.7 | $ 6.7 | |||||
Fort Berthold Indian Reservation | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Site Contingency, Loss Exposure, Number of Releases of Produced Water | Release | 2 | 3 | |||||
Site Contingency, Loss Exposure, Release of Produced Water | bbl | 5,000 | 28,000 | 5,200 |
Commitments and Contingencies L
Commitments and Contingencies Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
Total costs of products/services sold | $ 2,544.9 | $ 3,129.4 | $ 3,374.7 |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 20.9 | ||
Operating Lease, Payments | 22.9 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 4.2 | ||
Operations and maintenance | 138.8 | 125.8 | $ 136 |
Operating Lease, Expense | $ 28.3 | ||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 4 months 24 days | ||
Operating lease right-of-use assets, net | $ 53.8 | ||
Accrued expenses and other liabilities | 161.7 | 112.4 | |
Operating leases | 41.5 | 0 | |
Operating Lease, Liability | 59.6 | ||
Property, plant and equipment | 3,612.5 | 2,598.1 | |
Less: accumulated depreciation | 703.4 | 568.4 | |
Property, plant and equipment, net | 2,909.1 | 2,029.7 | |
Other long-term liabilities | 301.6 | $ 173.6 | |
Finance Lease, Liability | $ 8.4 | ||
Finance Lease, Weighted Average Remaining Lease Term | 2 years 7 months 6 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.90% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 7.30% | ||
Sublease Income | $ (1) | ||
Operating Lease Expense, Net | 27.3 | ||
Finance Lease, Right-of-Use Asset, Amortization | 3.6 | ||
Finance Lease, Interest Expense | 0.7 | ||
Finance Lease Expense | 4.3 | ||
Short-term Lease, Cost | 3.7 | ||
Finance Lease, Interest Payment on Liability | 0.7 | ||
Payments on finance leases | 3.5 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 1.8 | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | 3.6 | ||
Operating and Finance Lease Liability, Due Next Twelve Months | 24.5 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 16.3 | ||
Finance Lease, Liability, Payments, Due Year Two | 3.6 | ||
Operating and Finance Lease Liability Payments, Due Year Two | 19.9 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 11.1 | ||
Finance Lease, Liability, Payments, Due Year Three | 1.9 | ||
Operating and Finance Lease Liability Payments, Due Year Three | 13 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 6.7 | ||
Finance Lease, Liability, Payments, Due Year Four | 0.1 | ||
Operating and Finance Lease Liability Payments, Due Year Four | 6.8 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 6 | ||
Finance Lease, Liability, Payments, Due Year Five | 0 | ||
Operating and Finance Lease Liability Payments, Due Year Five | 6 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 7.5 | ||
Finance Lease, Liability, Payments, Due after Year Five | 0 | ||
Operating and Finance Lease Liability Payments, Due after Year Five | 7.5 | ||
Lessee, Operating Lease, Liability, Payments, Due | 68.5 | ||
Finance Lease, Liability, Payment, Due | 9.2 | ||
Operating and Finance Lease Liability, Payments, Due | 77.7 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 8.9 | ||
Finance Lease, Liability, Undiscounted Excess Amount | 0.8 | ||
Operating and Finance Lease Liability, Undiscounted Excess Amount | 9.7 | ||
Operating and Finance Lease Liability | 68 | ||
Operating Leases [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Total costs of products/services sold | 17.5 | ||
Operations and maintenance | 10.8 | ||
Operating lease right-of-use assets, net | 53.8 | ||
Accrued expenses and other liabilities | 18.1 | ||
Operating leases | 41.5 | ||
Operating Lease, Liability | 59.6 | ||
Finance Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Accrued expenses and other liabilities | 3.2 | ||
Property, plant and equipment | 14.9 | ||
Less: accumulated depreciation | 5.4 | ||
Property, plant and equipment, net | 9.5 | ||
Other long-term liabilities | $ 5.2 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Remaining Term Of Contract | 1 year | ||
Lessee, Finance Lease, Remaining Term Of Contract | 1 year | ||
Lessee, Operating and Finance Leases, Discount Rate | 3.50% | ||
Lessee, Operating Lease, Renewal Term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Remaining Term Of Contract | 20 years | ||
Lessee, Finance Lease, Remaining Term Of Contract | 4 years | ||
Lessee, Operating and Finance Leases, Discount Rate | 8.30% | ||
Lessee, Operating Lease, Renewal Term | 10 years | ||
Jackalope Gas Gathering Services, LLC | |||
Lessee, Lease, Description [Line Items] | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 2.9 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Purchases of property, plant and equipment | $ 455.5 | $ 305.5 | $ 188.4 |
Related Parties Amount in Cost of Sales | 45.4 | 134.7 | 15.3 |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 25.9 | 28.7 | 22.3 |
Applied Consultants, Inc. | |||
Related Party Transaction [Line Items] | |||
Purchases of property, plant and equipment | 9.9 | 7.2 | |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenues at CEQP and CMLP | 2.9 | 1 | 1.8 |
Related Parties Amount in Cost of Sales | 45.4 | 134.7 | 15.3 |
General and administrative expenses charged by CEQP to CMLP, net(3) | 41.4 | 20.7 | 19.4 |
Crestwood Permian Basin Holdings LLC | |||
Related Party Transaction [Line Items] | |||
Related Parties Amount in Cost of Sales | 19 | 56.1 | |
Ascent Resources - Utica, LLC | |||
Related Party Transaction [Line Items] | |||
Related Parties Amount in Cost of Sales | 23.9 | 78.6 | |
Blue Racer Midstream, LLC | |||
Related Party Transaction [Line Items] | |||
Related Parties Amount in Cost of Sales | 0.2 | ||
Stagecoach Gas Services LLC | |||
Related Party Transaction [Line Items] | |||
Related Parties Amount in Cost of Sales | 2.3 | ||
Sabine Oil and Gas | |||
Related Party Transaction [Line Items] | |||
Related Parties Amount in Cost of Sales | 15.3 | ||
CMLP | |||
Related Party Transaction [Line Items] | |||
Purchases of property, plant and equipment | 455.5 | 305.5 | 188.4 |
Related Parties Amount in Cost of Sales | 45.4 | 134.7 | 15.3 |
CMLP | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses charged by CEQP to CMLP, net(3) | 3.7 | 3.6 | 3 |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Accounts payable at CEQP | 13.1 | 13.6 | |
Crestwood Equity Partners LP | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, (Income) Expenses from Transactions with Related Party | (0.6) | (2.7) | (1.7) |
Crestwood Equity Partners LP | Affiliated Entity | |||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Accounts receivable at CEQP and CMLP | 7.3 | 4.1 | |
Accounts payable at CEQP | 15.6 | 16.1 | |
Crestwood Long-Term Incentive Plan | CMLP | |||
Related Party Transaction [Line Items] | |||
Allocated share based compensation expense | 45.1 | 24.3 | 22.4 |
Crestwood Long-Term Incentive Plan | Crestwood Holdings | |||
Related Party Transaction [Line Items] | |||
Allocated share based compensation expense | 1.9 | 4.2 | 3.1 |
Stagecoach Gas Services LLC | |||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 7.5 | 7.9 | 8.4 |
Tres Palacios Holdings LLC | |||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 4.4 | 3.8 | 3.5 |
Crestwood Permian Basin Holdings | |||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 13.5 | 15.9 | 10 |
Jackalope Gas Gathering Services, LLC | |||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.5 | $ 1.1 | $ 0.4 |
Segments (Narrative) (Details)
Segments (Narrative) (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Dec. 31, 2019 | Dec. 31, 2019segment | Dec. 31, 2019reporting_units | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Revenue, Major Customer [Line Items] | ||||||
Revenues | $ 3,181.9 | $ 3,654.1 | $ 3,880.9 | |||
Number of operating segments | 3 | 3 | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | |||
Crestwood Equity Partners LP | ||||||
Revenue, Major Customer [Line Items] | ||||||
Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization from Equity Method Investments | 42.1 | $ 42.3 | $ 32.5 | |||
CMLP | ||||||
Revenue, Major Customer [Line Items] | ||||||
Revenues | 3,181.9 | $ 3,654.1 | $ 3,880.9 | |||
British Petroleum and its subsidiaries | ||||||
Revenue, Major Customer [Line Items] | ||||||
Revenues | $ 333.9 |
Segments (Reconciliation of Net
Segments (Reconciliation of Net Income (Loss) to EBITDA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net income (loss) | $ 319.9 | $ 67 | $ (166.6) |
Interest and debt expense, net | (115.4) | (99.2) | (99.4) |
Loss on modification/extinguishment of debt | 0 | 0.9 | 37.7 |
(Provision) benefit for income taxes | 0.3 | 0.1 | (0.8) |
Depreciation, amortization and accretion | 195.8 | 168.7 | 191.7 |
EBITDA | 631.4 | 335.9 | 161.4 |
CMLP | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | 310.6 | 58.6 | (175.5) |
Interest and debt expense, net | (115.4) | (99.2) | (99.4) |
Loss on modification/extinguishment of debt | 0 | 0.9 | 37.7 |
(Provision) benefit for income taxes | 0.3 | 0 | 0 |
Depreciation, amortization and accretion | 209.9 | 181.4 | 202.7 |
EBITDA | $ 636.2 | $ 340.1 | $ 164.3 |
Segments (Summary Of Segment In
Segments (Summary Of Segment Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 3,181.9 | $ 3,654.1 | $ 3,880.9 |
Intersegment Revenues | 0 | 0 | 0 |
Costs of product/services sold | 2,544.9 | 3,129.4 | 3,374.7 |
Operations and maintenance | 138.8 | 125.8 | 136 |
General and administrative | 103.4 | 88.1 | 96.5 |
Gain (loss) on long-lived assets, net | (6.2) | (28.6) | (65.6) |
Goodwill impairment | 0 | 0 | (38.8) |
Loss on contingent consideration | 0 | 0 | (57) |
Gain on acquisition | 209.4 | 0 | 0 |
Earnings from unconsolidated affiliates, net | 32.8 | 53.3 | 47.8 |
Other income, net | 0.6 | 0.4 | 1.3 |
EBITDA | 631.4 | 335.9 | 161.4 |
Goodwill | 218.9 | 138.6 | 147.6 |
Assets | 5,349.3 | 4,294.5 | |
Purchases of property, plant and equipment | 455.5 | 305.5 | 188.4 |
CMLP | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 3,181.9 | 3,654.1 | 3,880.9 |
Intersegment Revenues | 0 | 0 | 0 |
Costs of product/services sold | 2,544.9 | 3,129.4 | 3,374.7 |
Operations and maintenance | 138.8 | 125.8 | 136 |
General and administrative | 98.2 | 83.5 | 93.1 |
Gain (loss) on long-lived assets, net | (6.2) | (28.6) | (65.6) |
Goodwill impairment | 0 | 0 | (38.8) |
Loss on contingent consideration | 0 | 0 | (57) |
Gain on acquisition | 209.4 | 0 | 0 |
Earnings from unconsolidated affiliates, net | 32.8 | 53.3 | 47.8 |
Other income, net | 0.2 | 0 | 0.8 |
EBITDA | 636.2 | 340.1 | 164.3 |
Goodwill | 218.9 | 138.6 | |
Assets | 5,504 | 4,462 | |
Purchases of property, plant and equipment | 455.5 | 305.5 | 188.4 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 0 | 0 | 0 |
Intersegment Revenues | 0 | 0 | 0 |
Costs of product/services sold | 0 | 0 | 0 |
Operations and maintenance | 0 | 0 | 0 |
General and administrative | 103.4 | 88.1 | 96.5 |
Gain (loss) on long-lived assets, net | 0.2 | 1.7 | (3) |
Goodwill impairment | 0 | ||
Loss on contingent consideration | 0 | ||
Gain on acquisition | 0 | ||
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 |
Other income, net | 0.6 | 0.4 | 0.5 |
EBITDA | (102.6) | (86) | (99) |
Goodwill | 0 | 0 | |
Assets | 29.1 | 44.2 | |
Purchases of property, plant and equipment | 1.9 | 4.6 | 6.7 |
Corporate | CMLP | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 0 | 0 | 0 |
Intersegment Revenues | 0 | 0 | 0 |
Costs of product/services sold | 0 | 0 | 0 |
Operations and maintenance | 0 | 0 | 0 |
General and administrative | 98.2 | 83.5 | 93.1 |
Gain (loss) on long-lived assets, net | 0.2 | 1.7 | (3) |
Goodwill impairment | 0 | ||
Loss on contingent consideration | 0 | ||
Gain on acquisition | 0 | ||
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 |
Other income, net | 0.2 | 0 | |
EBITDA | (97.8) | (81.8) | (96.1) |
Goodwill | 0 | 0 | |
Assets | 24.4 | 38 | |
Purchases of property, plant and equipment | 1.9 | 4.6 | 6.7 |
Gathering and Processing Segment | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 835.8 | 946.7 | 1,688.2 |
Intersegment Revenues | 175 | 192.4 | 134.5 |
Costs of product/services sold | 526.1 | 767 | 1,480.8 |
Operations and maintenance | 98.7 | 71.7 | 68.4 |
General and administrative | 0 | 0 | 0 |
Gain (loss) on long-lived assets, net | (6.2) | (3) | (14.4) |
Goodwill impairment | 0 | ||
Loss on contingent consideration | 0 | ||
Gain on acquisition | 209.4 | ||
Earnings from unconsolidated affiliates, net | (2.1) | 22.5 | 18.9 |
Other income, net | 0 | 0 | 0.8 |
EBITDA | 587.1 | 319.9 | 278.8 |
Goodwill | 126.2 | 45.9 | |
Assets | 3,715.3 | 2,633.4 | |
Purchases of property, plant and equipment | 447.7 | 294.7 | 162.7 |
Gathering and Processing Segment | Operating Segments | CMLP | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 835.8 | 946.7 | 1,688.2 |
Intersegment Revenues | 175 | 192.4 | 134.5 |
Costs of product/services sold | 526.1 | 767 | 1,480.8 |
Operations and maintenance | 98.7 | 71.7 | 68.4 |
General and administrative | 0 | 0 | 0 |
Gain (loss) on long-lived assets, net | (6.2) | (3) | (14.4) |
Goodwill impairment | 0 | ||
Loss on contingent consideration | 0 | ||
Gain on acquisition | 209.4 | ||
Earnings from unconsolidated affiliates, net | (2.1) | 22.5 | 18.9 |
Other income, net | 0 | 0.8 | |
EBITDA | 587.1 | 319.9 | 278.8 |
Goodwill | 126.2 | 45.9 | |
Assets | 3,874.7 | 2,807.1 | |
Purchases of property, plant and equipment | 447.7 | 294.7 | 162.7 |
Storage and Transportation | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 20.4 | 17.1 | 37.2 |
Intersegment Revenues | 14.2 | 10.5 | 6.7 |
Costs of product/services sold | 0.2 | 0.2 | 0.3 |
Operations and maintenance | 4 | 3.3 | 4.2 |
General and administrative | 0 | 0 | 0 |
Gain (loss) on long-lived assets, net | 0 | 0 | 0 |
Goodwill impairment | 0 | ||
Loss on contingent consideration | (57) | ||
Gain on acquisition | 0 | ||
Earnings from unconsolidated affiliates, net | 34.9 | 30.8 | 28.9 |
Other income, net | 0 | 0 | 0 |
EBITDA | 65.3 | 54.9 | 11.3 |
Goodwill | 0 | 0 | |
Assets | 980.2 | 1,004.4 | |
Purchases of property, plant and equipment | 0.1 | 0.6 | 1.3 |
Storage and Transportation | Operating Segments | CMLP | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 20.4 | 17.1 | 37.2 |
Intersegment Revenues | 14.2 | 10.5 | 6.7 |
Costs of product/services sold | 0.2 | 0.2 | 0.3 |
Operations and maintenance | 4 | 3.3 | 4.2 |
General and administrative | 0 | 0 | 0 |
Gain (loss) on long-lived assets, net | 0 | 0 | 0 |
Goodwill impairment | 0 | ||
Loss on contingent consideration | (57) | ||
Gain on acquisition | 0 | ||
Earnings from unconsolidated affiliates, net | 34.9 | 30.8 | 28.9 |
Other income, net | 0 | 0 | |
EBITDA | 65.3 | 54.9 | 11.3 |
Goodwill | 0 | 0 | |
Assets | 980.2 | 1,004.4 | |
Purchases of property, plant and equipment | 0.1 | 0.6 | 1.3 |
Marketing Supply and Logistics | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,690.3 | ||
Marketing Supply and Logistics | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,325.7 | 2,690.3 | 2,155.5 |
Intersegment Revenues | (189.2) | (202.9) | (141.2) |
Costs of product/services sold | 2,018.6 | 2,362.2 | 1,893.6 |
Operations and maintenance | 36.1 | 50.8 | 63.4 |
General and administrative | 0 | 0 | 0 |
Gain (loss) on long-lived assets, net | (0.2) | (27.3) | (48.2) |
Goodwill impairment | (38.8) | ||
Loss on contingent consideration | 0 | ||
Gain on acquisition | 0 | ||
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 |
Other income, net | 0 | 0 | 0 |
EBITDA | 81.6 | 47.1 | (29.7) |
Goodwill | 92.7 | 92.7 | |
Assets | 624.7 | 612.5 | |
Purchases of property, plant and equipment | 5.8 | 5.6 | 17.7 |
Marketing Supply and Logistics | Operating Segments | CMLP | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,325.7 | 2,690.3 | 2,155.5 |
Intersegment Revenues | (189.2) | (202.9) | (141.2) |
Costs of product/services sold | 2,018.6 | 2,362.2 | 1,893.6 |
Operations and maintenance | 36.1 | 50.8 | 63.4 |
General and administrative | 0 | 0 | 0 |
Gain (loss) on long-lived assets, net | (0.2) | (27.3) | (48.2) |
Goodwill impairment | (38.8) | ||
Loss on contingent consideration | 0 | ||
Gain on acquisition | 0 | ||
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 |
Other income, net | 0 | 0 | |
EBITDA | 81.6 | 47.1 | (29.7) |
Goodwill | 92.7 | 92.7 | |
Assets | 624.7 | 612.5 | |
Purchases of property, plant and equipment | $ 5.8 | $ 5.6 | $ 17.7 |
Segments Disaggregation of Reve
Segments Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Product revenues | $ 252.3 | $ 343.3 | $ 234.1 |
Revenues | 3,181.9 | 3,654.1 | $ 3,880.9 |
Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue including intersegment eliminations | 1,010.8 | 1,139.1 | |
Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue including intersegment eliminations | 34.6 | 27.6 | |
Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue including intersegment eliminations | 2,325.7 | ||
Revenues | 2,690.3 | ||
Natural Gas Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 163.2 | 134.9 | |
Natural Gas Gathering | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 163.2 | 134.9 | |
Natural Gas Gathering | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Natural Gas Gathering | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Crude Oil Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 75 | 38.8 | |
Crude Oil Gathering | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 75 | 38.8 | |
Crude Oil Gathering | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Crude Oil Gathering | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Water Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 79.6 | 58 | |
Water Gathering | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 79.6 | 58 | |
Water Gathering | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Water Gathering | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Natural Gas Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 28.9 | 10.7 | |
Natural Gas Processing | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 28.9 | 10.7 | |
Natural Gas Processing | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Natural Gas Processing | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
NGL Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6.1 | ||
NGL Processing | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
NGL Processing | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
NGL Processing | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6.1 | ||
Natural Gas Compression | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 24.9 | 29.1 | |
Natural Gas Compression | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 24.9 | 29.1 | |
Natural Gas Compression | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Natural Gas Compression | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Crude Oil Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5 | 4.5 | |
Crude Oil Storage | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.9 | 1.8 | |
Crude Oil Storage | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.4 | 4.2 | |
Crude Oil Storage | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
NGL Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6.3 | 8.6 | |
NGL Storage | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
NGL Storage | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
NGL Storage | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6.3 | 8.6 | |
Crude Oil Pipeline | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.2 | 4.8 | |
Crude Oil Pipeline | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Crude Oil Pipeline | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 7.9 | 7.1 | |
Crude Oil Pipeline | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Crude Oil Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 12.7 | 8.8 | |
Crude Oil Transportation | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 7 | 2.9 | |
Crude Oil Transportation | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Crude Oil Transportation | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.8 | 5.9 | |
NGL Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 11.7 | 26.9 | |
NGL Transportation | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
NGL Transportation | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
NGL Transportation | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 11.7 | 26.9 | |
Water Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.2 | 0.3 | |
Water Transportation | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Water Transportation | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Water Transportation | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.2 | 0.3 | |
Crude Oil Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 11 | 9.3 | |
Crude Oil Rail Loading | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Crude Oil Rail Loading | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 16.7 | 14.3 | |
Crude Oil Rail Loading | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0.2 | |
NGL Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.1 | ||
NGL Rail Loading | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
NGL Rail Loading | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
NGL Rail Loading | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.1 | ||
Natural Gas Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 95.7 | 110.1 | |
Natural Gas Product Sales | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 56.8 | 55.8 | |
Natural Gas Product Sales | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Natural Gas Product Sales | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 72.3 | 70.9 | |
Crude Oil Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,726.6 | 1,549.6 | |
Crude Oil Product Sales | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 532.1 | 722.9 | |
Crude Oil Product Sales | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Crude Oil Product Sales | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,315.6 | 978 | |
NGL Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 680.7 | 1,306.7 | |
NGL Product Sales | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 41.4 | 84.2 | |
NGL Product Sales | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
NGL Product Sales | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 659.3 | 1,247 | |
Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.9 | 0.5 | |
Other revenue | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Other revenue | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.6 | 2 | |
Other revenue | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.2 | 0 | |
Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (189.2) | (202.9) | |
Intersegment Eliminations | Natural Gas Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Crude Oil Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Water Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Natural Gas Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | NGL Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
Intersegment Eliminations | Natural Gas Compression | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Crude Oil Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (2.3) | (1.5) | |
Intersegment Eliminations | NGL Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Crude Oil Pipeline | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (2.7) | (2.3) | |
Intersegment Eliminations | Crude Oil Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.1) | 0 | |
Intersegment Eliminations | NGL Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Water Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Crude Oil Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (5.7) | (5.2) | |
Intersegment Eliminations | NGL Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
Intersegment Eliminations | Natural Gas Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (33.4) | (16.6) | |
Intersegment Eliminations | Crude Oil Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (121.1) | (151.3) | |
Intersegment Eliminations | NGL Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (20) | (24.5) | |
Intersegment Eliminations | Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (3.9) | (1.5) | |
Revenue from Contract with Customer | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,928.6 | 3,310.8 | |
Revenue from Contract with Customer | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,010.8 | 1,139.1 | |
Revenue from Contract with Customer | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 34.6 | 27.6 | |
Revenue from Contract with Customer | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,072.4 | 2,347 | |
Revenue from Contract with Customer | Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (189.2) | $ (202.9) |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Contract liabilities | $ 144.7 | $ 65.4 |
ASC 606 Accounts Receivable | $ 225 | $ 209.7 |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 17 years | |
Jackalope Gas Gathering Services, LLC | ||
Business Acquisition [Line Items] | ||
Contract liabilities | $ 21.5 |
Revenues Contract Assets and Li
Revenues Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with Customer, Asset, Gross, Noncurrent | $ 1.2 | $ 1 |
Deferred revenue | 8.8 | 12 |
Contract liabilities | 144.7 | $ 65.4 |
Contract with Customer, Liability, Revenue Recognized | $ 13.3 |
Revenues Remaining Performance
Revenues Remaining Performance Obligations (Details) $ in Millions | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 17 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligations, amount | $ 99.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligations, amount | $ 86.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligations, amount | $ 79.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligations, amount | $ 3.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligations, amount | $ 275.6 |
Revenues Disaggregation of Reve
Revenues Disaggregation of Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Product revenues | $ 252.3 | $ 343.3 | $ 234.1 |
Revenues | 3,181.9 | 3,654.1 | $ 3,880.9 |
Natural Gas Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 163.2 | 134.9 | |
Crude Oil Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 75 | 38.8 | |
Water Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 79.6 | 58 | |
Natural Gas Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 28.9 | 10.7 | |
Natural Gas Compression | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 24.9 | 29.1 | |
Crude Oil Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5 | 4.5 | |
NGL Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6.3 | 8.6 | |
Crude Oil Pipeline | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.2 | 4.8 | |
Crude Oil Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 12.7 | 8.8 | |
NGL Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 11.7 | 26.9 | |
Crude Oil Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 11 | 9.3 | |
Natural Gas Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 95.7 | 110.1 | |
Crude Oil Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,726.6 | 1,549.6 | |
NGL Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 680.7 | 1,306.7 | |
Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.9 | 0.5 | |
NGL Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6.1 | ||
Water Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.2 | 0.3 | |
NGL Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.1 | ||
Product and Service, Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue Not from Contract with Customer | 253.3 | 343.3 | |
Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue including intersegment eliminations | 1,010.8 | 1,139.1 | |
Gathering and Processing Segment | Natural Gas Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 163.2 | 134.9 | |
Gathering and Processing Segment | Crude Oil Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 75 | 38.8 | |
Gathering and Processing Segment | Water Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 79.6 | 58 | |
Gathering and Processing Segment | Natural Gas Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 28.9 | 10.7 | |
Gathering and Processing Segment | Natural Gas Compression | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 24.9 | 29.1 | |
Gathering and Processing Segment | Crude Oil Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.9 | 1.8 | |
Gathering and Processing Segment | NGL Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Gathering and Processing Segment | Crude Oil Pipeline | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Gathering and Processing Segment | Crude Oil Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 7 | 2.9 | |
Gathering and Processing Segment | NGL Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Gathering and Processing Segment | Crude Oil Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Gathering and Processing Segment | Natural Gas Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 56.8 | 55.8 | |
Gathering and Processing Segment | Crude Oil Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 532.1 | 722.9 | |
Gathering and Processing Segment | NGL Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 41.4 | 84.2 | |
Gathering and Processing Segment | Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Gathering and Processing Segment | NGL Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
Gathering and Processing Segment | Water Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Gathering and Processing Segment | NGL Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
Gathering and Processing Segment | Product and Service, Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue Not from Contract with Customer | 0 | 0 | |
Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue including intersegment eliminations | 34.6 | 27.6 | |
Storage and Transportation | Natural Gas Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Storage and Transportation | Crude Oil Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Storage and Transportation | Water Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Storage and Transportation | Natural Gas Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Storage and Transportation | Natural Gas Compression | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Storage and Transportation | Crude Oil Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.4 | 4.2 | |
Storage and Transportation | NGL Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Storage and Transportation | Crude Oil Pipeline | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 7.9 | 7.1 | |
Storage and Transportation | Crude Oil Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Storage and Transportation | NGL Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Storage and Transportation | Crude Oil Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 16.7 | 14.3 | |
Storage and Transportation | Natural Gas Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Storage and Transportation | Crude Oil Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Storage and Transportation | NGL Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Storage and Transportation | Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.6 | 2 | |
Storage and Transportation | NGL Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
Storage and Transportation | Water Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Storage and Transportation | NGL Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
Storage and Transportation | Product and Service, Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue Not from Contract with Customer | 0 | 0 | |
Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue including intersegment eliminations | 2,325.7 | ||
Revenues | 2,690.3 | ||
Marketing Supply and Logistics | Natural Gas Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Marketing Supply and Logistics | Crude Oil Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Marketing Supply and Logistics | Water Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Marketing Supply and Logistics | Natural Gas Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Marketing Supply and Logistics | Natural Gas Compression | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Marketing Supply and Logistics | Crude Oil Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Marketing Supply and Logistics | NGL Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6.3 | 8.6 | |
Marketing Supply and Logistics | Crude Oil Pipeline | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Marketing Supply and Logistics | Crude Oil Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.8 | 5.9 | |
Marketing Supply and Logistics | NGL Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 11.7 | 26.9 | |
Marketing Supply and Logistics | Crude Oil Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0.2 | |
Marketing Supply and Logistics | Natural Gas Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 72.3 | 70.9 | |
Marketing Supply and Logistics | Crude Oil Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,315.6 | 978 | |
Marketing Supply and Logistics | NGL Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 659.3 | 1,247 | |
Marketing Supply and Logistics | Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.2 | 0 | |
Marketing Supply and Logistics | NGL Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6.1 | ||
Marketing Supply and Logistics | Water Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.2 | 0.3 | |
Marketing Supply and Logistics | NGL Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.1 | ||
Marketing Supply and Logistics | Product and Service, Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue Not from Contract with Customer | 253.3 | 343.3 | |
Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (189.2) | (202.9) | |
Intersegment Eliminations | Natural Gas Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Crude Oil Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Water Gathering | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Natural Gas Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Natural Gas Compression | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Crude Oil Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (2.3) | (1.5) | |
Intersegment Eliminations | NGL Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Crude Oil Pipeline | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (2.7) | (2.3) | |
Intersegment Eliminations | Crude Oil Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.1) | 0 | |
Intersegment Eliminations | NGL Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | Crude Oil Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (5.7) | (5.2) | |
Intersegment Eliminations | Natural Gas Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (33.4) | (16.6) | |
Intersegment Eliminations | Crude Oil Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (121.1) | (151.3) | |
Intersegment Eliminations | NGL Product Sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (20) | (24.5) | |
Intersegment Eliminations | Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (3.9) | (1.5) | |
Intersegment Eliminations | NGL Processing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
Intersegment Eliminations | Water Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations | NGL Rail Loading | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
Intersegment Eliminations | Product and Service, Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue Not from Contract with Customer | 0 | 0 | |
Revenue from Contract with Customer | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,928.6 | 3,310.8 | |
Revenue from Contract with Customer | Gathering and Processing Segment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,010.8 | 1,139.1 | |
Revenue from Contract with Customer | Storage and Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 34.6 | 27.6 | |
Revenue from Contract with Customer | Marketing Supply and Logistics | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,072.4 | 2,347 | |
Revenue from Contract with Customer | Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (189.2) | $ (202.9) |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash | $ 25.7 | $ 0.9 |
Restricted cash | 0 | 16.3 |
Accounts receivable | 242.2 | 251.5 |
Inventory | 53.7 | 64.6 |
Total current assets | 376.4 | 379.3 |
Property, plant and equipment, net | 2,909.1 | 2,029.7 |
Operating lease right-of-use assets, net | 53.8 | |
Investments in unconsolidated affiliates | 980.4 | 1,188.2 |
Other non-current assets | 5.5 | 4.9 |
Total assets | 5,349.3 | 4,294.5 |
Current liabilities: | ||
Accounts payable | 189.2 | 213 |
Total current liabilities | 357.8 | 332.1 |
Long-term liabilities: | ||
Long-term debt, less current portion | 2,328.3 | 1,752.4 |
Other long-term liabilities | 301.6 | 173.6 |
Deferred income taxes | 2.6 | 2.6 |
Liabilities | 2,990.3 | 2,260.7 |
Interest of non-controlling partner in subsidiary (Note 12) | 181.3 | |
Partners' Capital | 1,932.8 | 1,852.5 |
Total partners’ capital | 1,932.8 | 2,033.8 |
Total liabilities and capital | 5,349.3 | 4,294.5 |
Eliminations | ||
Current assets: | ||
Cash | 0 | 0 |
Restricted cash | 0 | |
Accounts receivable | 0 | (16.3) |
Inventory | 0 | 0 |
Other | 0 | 0 |
Total current assets | 0 | (16.3) |
Property, plant and equipment, net | 0 | 0 |
Goodwill and intangible assets, net | 0 | 0 |
Operating lease right-of-use assets, net | 0 | |
Investments in consolidated affiliates | (4,451.6) | (3,800.4) |
Investments in unconsolidated affiliates | 0 | 0 |
Other non-current assets | 0 | 0 |
Total assets | (4,451.6) | (3,816.7) |
Current liabilities: | ||
Accounts payable | 0 | (16.3) |
Total current liabilities | 0 | 0 |
Total current liabilities | 0 | (16.3) |
Long-term liabilities: | ||
Long-term debt, less current portion | 0 | 0 |
Other long-term liabilities | 0 | 0 |
Deferred income taxes | 0 | 0 |
Liabilities | 0 | (16.3) |
Interest of non-controlling partner in subsidiary (Note 12) | 0 | 0 |
Partners' Capital | (4,451.6) | (3,800.4) |
Total partners’ capital | (3,800.4) | |
Total liabilities and capital | (4,451.6) | (3,816.7) |
Parent Company, Crestwood Midstream Partners, LP | Reportable Legal Entities | ||
Current assets: | ||
Cash | 1.8 | 0.2 |
Restricted cash | 16.3 | |
Accounts receivable | 0 | 0 |
Inventory | 0 | 0 |
Other | 0 | 0 |
Total current assets | 1.8 | 16.5 |
Property, plant and equipment, net | 0 | 0 |
Goodwill and intangible assets, net | 0 | 0 |
Operating lease right-of-use assets, net | 0 | |
Investments in consolidated affiliates | 4,451.6 | 3,800.4 |
Investments in unconsolidated affiliates | 0 | 0 |
Other non-current assets | 0 | 0 |
Total assets | 4,453.4 | 3,816.9 |
Current liabilities: | ||
Accounts payable | 0 | 16.3 |
Total current liabilities | 25.8 | 20 |
Total current liabilities | 25.8 | 36.3 |
Long-term liabilities: | ||
Long-term debt, less current portion | 2,328.3 | 1,752.4 |
Other long-term liabilities | 0 | 0 |
Deferred income taxes | 0 | 0 |
Liabilities | 2,354.1 | 1,788.7 |
Interest of non-controlling partner in subsidiary (Note 12) | 0 | 0 |
Partners' Capital | 2,099.3 | 2,028.2 |
Total partners’ capital | 2,028.2 | |
Total liabilities and capital | 4,453.4 | 3,816.9 |
Guarantor Subsidiaries | Reportable Legal Entities | ||
Current assets: | ||
Cash | 0 | 0 |
Restricted cash | 0 | |
Accounts receivable | 229.1 | 246.3 |
Inventory | 53.7 | 64.6 |
Other | 54.6 | 46 |
Total current assets | 337.4 | 356.9 |
Property, plant and equipment, net | 2,331.3 | 2,202.3 |
Goodwill and intangible assets, net | 650.7 | 692.4 |
Operating lease right-of-use assets, net | 51 | |
Investments in consolidated affiliates | 0 | 0 |
Investments in unconsolidated affiliates | 0 | 0 |
Other non-current assets | 1.9 | 2.1 |
Total assets | 3,372.3 | 3,253.7 |
Current liabilities: | ||
Accounts payable | 175.9 | 210.5 |
Total current liabilities | 123.9 | 81.8 |
Total current liabilities | 299.8 | 292.3 |
Long-term liabilities: | ||
Long-term debt, less current portion | 0 | 0 |
Other long-term liabilities | 174.8 | 114 |
Deferred income taxes | 0.7 | 0.6 |
Liabilities | 475.3 | 406.9 |
Interest of non-controlling partner in subsidiary (Note 12) | 0 | 0 |
Partners' Capital | 2,897 | 2,846.8 |
Total partners’ capital | 2,846.8 | |
Total liabilities and capital | 3,372.3 | 3,253.7 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
Current assets: | ||
Cash | 23.6 | 0 |
Restricted cash | 0 | |
Accounts receivable | 12.8 | 19.9 |
Inventory | 0 | 0 |
Other | 0.2 | 0 |
Total current assets | 36.6 | 19.9 |
Property, plant and equipment, net | 736.2 | 0 |
Goodwill and intangible assets, net | 373.4 | 0 |
Operating lease right-of-use assets, net | 2.8 | |
Investments in consolidated affiliates | 0 | 0 |
Investments in unconsolidated affiliates | 980.4 | 1,188.2 |
Other non-current assets | 0.5 | 0 |
Total assets | 2,129.9 | 1,208.1 |
Current liabilities: | ||
Accounts payable | 10.7 | 0 |
Total current liabilities | 17.6 | 16.2 |
Total current liabilities | 28.3 | 16.2 |
Long-term liabilities: | ||
Long-term debt, less current portion | 0 | 0 |
Other long-term liabilities | 120.8 | 57 |
Deferred income taxes | 0 | 0 |
Liabilities | 149.1 | 73.2 |
Interest of non-controlling partner in subsidiary (Note 12) | 426.2 | 181.3 |
Partners' Capital | 1,554.6 | 953.6 |
Total partners’ capital | 1,134.9 | |
Total liabilities and capital | 2,129.9 | 1,208.1 |
CMLP | ||
Current assets: | ||
Cash | 25.4 | 0.2 |
Restricted cash | 16.3 | |
Accounts receivable | 241.9 | 249.9 |
Inventory | 53.7 | 64.6 |
Other | 54.8 | 46 |
Total current assets | 375.8 | 377 |
Property, plant and equipment, net | 3,067.5 | 2,202.3 |
Goodwill and intangible assets, net | 1,024.1 | 692.4 |
Operating lease right-of-use assets, net | 53.8 | |
Investments in consolidated affiliates | 0 | 0 |
Investments in unconsolidated affiliates | 980.4 | 1,188.2 |
Other non-current assets | 2.4 | 2.1 |
Total assets | 5,504 | 4,462 |
Current liabilities: | ||
Accounts payable | 186.6 | 210.5 |
Total current liabilities | 167.3 | 118 |
Total current liabilities | 353.9 | 328.5 |
Long-term liabilities: | ||
Long-term debt, less current portion | 2,328.3 | 1,752.4 |
Other long-term liabilities | 295.6 | 171 |
Deferred income taxes | 0.7 | 0.6 |
Liabilities | 2,978.5 | 2,252.5 |
Interest of non-controlling partner in subsidiary (Note 12) | 426.2 | 181.3 |
Partners' Capital | 2,099.3 | 2,028.2 |
Total partners’ capital | 2,209.5 | |
Total liabilities and capital | $ 5,504 | $ 4,462 |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information (Statements Of Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Revenues | $ 3,181.9 | $ 3,654.1 | $ 3,880.9 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Product costs - related party (Note 16) | 45.4 | 134.7 | 15.3 |
Total costs of products/services sold | 2,544.9 | 3,129.4 | 3,374.7 |
Operating expenses and other: | |||
Operations and maintenance | 138.8 | 125.8 | 136 |
General and administrative | 103.4 | 88.1 | 96.5 |
Depreciation, amortization and accretion | 195.8 | 168.7 | 191.7 |
Goodwill impairment | 0 | 0 | 38.8 |
Loss on contingent consideration | 0 | 0 | 57 |
Loss on long-lived assets, net | 6.2 | 28.6 | 65.6 |
Gain on acquisition | (209.4) | 0 | 0 |
Total expenses | 234.8 | 411.2 | 585.6 |
Operating income (loss) | 402.2 | 113.5 | (79.4) |
Other income (expense): | |||
Earnings from unconsolidated affiliates, net | 32.8 | 53.3 | 47.8 |
Interest and debt expense, net | (115.4) | (99.2) | (99.4) |
Loss on modification/extinguishment of debt | 0 | (0.9) | (37.7) |
Other income, net | 0.6 | 0.4 | 1.3 |
Income (loss) before income taxes | 320.2 | 67.1 | (167.4) |
(Provision) benefit for income taxes | (0.3) | (0.1) | 0.8 |
Net income (loss) | 319.9 | 67 | (166.6) |
Net income attributable to non-controlling partner | 34.8 | 16.2 | 25.3 |
Net income (loss) attributable to parent | 285.1 | 50.8 | (191.9) |
Net income attributable to preferred units | 60.1 | 60.1 | 62.5 |
Net income (loss) attributable to partners | 225 | (9.3) | (254.4) |
Eliminations | |||
Revenues: | |||
Revenues | 0 | 0 | 0 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Total costs of products/services sold | 0 | 0 | 0 |
Operating expenses and other: | |||
Operations and maintenance | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 |
Depreciation, amortization and accretion | 0 | 0 | 0 |
Goodwill impairment | 0 | ||
Loss on contingent consideration | 0 | ||
Loss on long-lived assets, net | 0 | 0 | 0 |
Gain on acquisition | 0 | ||
Total expenses | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 |
Other income (expense): | |||
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 |
Interest and debt expense, net | 0 | 0 | 0 |
Loss on modification/extinguishment of debt | 0 | 0 | |
Other income, net | 0 | ||
Other income, net | 0 | ||
Loss from unconsolidated affiliates | (442.5) | (197.6) | (3.9) |
Income (loss) before income taxes | (442.5) | ||
(Provision) benefit for income taxes | 0 | ||
Net income (loss) | (442.5) | (197.6) | (3.9) |
Net income attributable to non-controlling partner | 0 | 0 | 0 |
Net income (loss) attributable to parent | (442.5) | (197.6) | |
Net income (loss) attributable to partners | (3.9) | ||
Parent Company, Crestwood Midstream Partners, LP | Reportable Legal Entities | |||
Revenues: | |||
Revenues | 0 | 0 | 0 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Total costs of products/services sold | 0 | 0 | 0 |
Operating expenses and other: | |||
Operations and maintenance | 0 | 0 | 0 |
General and administrative | 51.2 | 55.1 | 67.6 |
Depreciation, amortization and accretion | 0 | 0 | 0 |
Goodwill impairment | 0 | ||
Loss on contingent consideration | 0 | ||
Loss on long-lived assets, net | 0 | 0 | 0 |
Gain on acquisition | 0 | ||
Total expenses | 51.2 | 55.1 | 67.6 |
Operating income (loss) | (51.2) | (55.1) | (67.6) |
Other income (expense): | |||
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 |
Interest and debt expense, net | (115.5) | (99.2) | (99.4) |
Loss on modification/extinguishment of debt | (0.9) | (37.7) | |
Other income, net | 0 | ||
Other income, net | 0 | ||
Loss from unconsolidated affiliates | 442.5 | 197.6 | 3.9 |
Income (loss) before income taxes | 275.8 | ||
(Provision) benefit for income taxes | 0 | ||
Net income (loss) | 275.8 | 42.4 | (200.8) |
Net income attributable to non-controlling partner | 0 | 0 | 0 |
Net income (loss) attributable to parent | 275.8 | 42.4 | |
Net income (loss) attributable to partners | (200.8) | ||
Guarantor Subsidiaries | Reportable Legal Entities | |||
Revenues: | |||
Revenues | 3,111.8 | 3,654.1 | 3,880.9 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Total costs of products/services sold | 2,544.9 | 3,129.4 | 3,374.7 |
Operating expenses and other: | |||
Operations and maintenance | 120 | 125.8 | 136 |
General and administrative | 47 | 28.4 | 25.5 |
Depreciation, amortization and accretion | 179.4 | 181.4 | 202.7 |
Goodwill impairment | 38.8 | ||
Loss on contingent consideration | 0 | ||
Loss on long-lived assets, net | 6.2 | 28.6 | 65.6 |
Gain on acquisition | 0 | ||
Total expenses | 352.6 | 364.2 | 468.6 |
Operating income (loss) | 214.3 | 160.5 | 37.6 |
Other income (expense): | |||
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 |
Interest and debt expense, net | 0 | 0 | 0 |
Loss on modification/extinguishment of debt | 0 | 0 | |
Other income, net | 0.8 | ||
Other income, net | 0.2 | ||
Loss from unconsolidated affiliates | 0 | 0 | 0 |
Income (loss) before income taxes | 214.5 | ||
(Provision) benefit for income taxes | (0.3) | ||
Net income (loss) | 214.2 | 160.5 | 38.4 |
Net income attributable to non-controlling partner | 0 | 0 | 0 |
Net income (loss) attributable to parent | 214.2 | 160.5 | |
Net income (loss) attributable to partners | 38.4 | ||
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||
Revenues: | |||
Revenues | 70.1 | 0 | 0 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Total costs of products/services sold | 0 | 0 | 0 |
Operating expenses and other: | |||
Operations and maintenance | 18.8 | 0 | 0 |
General and administrative | 0 | 0 | 0 |
Depreciation, amortization and accretion | 30.5 | 0 | 0 |
Goodwill impairment | 0 | ||
Loss on contingent consideration | 57 | ||
Loss on long-lived assets, net | 0 | 0 | 0 |
Gain on acquisition | (209.4) | ||
Total expenses | (160.1) | 0 | 57 |
Operating income (loss) | 230.2 | 0 | (57) |
Other income (expense): | |||
Earnings from unconsolidated affiliates, net | 32.8 | 53.3 | 47.8 |
Interest and debt expense, net | 0.1 | 0 | 0 |
Loss on modification/extinguishment of debt | 0 | 0 | |
Other income, net | 0 | ||
Other income, net | 0 | ||
Loss from unconsolidated affiliates | 0 | 0 | 0 |
Income (loss) before income taxes | 263.1 | ||
(Provision) benefit for income taxes | 0 | ||
Net income (loss) | 263.1 | 53.3 | (9.2) |
Net income attributable to non-controlling partner | 34.8 | 16.2 | 25.3 |
Net income (loss) attributable to parent | 228.3 | 37.1 | |
Net income (loss) attributable to partners | (34.5) | ||
CMLP | |||
Revenues: | |||
Revenues | 3,181.9 | 3,654.1 | 3,880.9 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Total costs of products/services sold | 2,544.9 | 3,129.4 | 3,374.7 |
Operating expenses and other: | |||
Operations and maintenance | 138.8 | 125.8 | 136 |
General and administrative | 98.2 | 83.5 | 93.1 |
Depreciation, amortization and accretion | 209.9 | 181.4 | 202.7 |
Goodwill impairment | 38.8 | ||
Loss on contingent consideration | 57 | ||
Loss on long-lived assets, net | 6.2 | 28.6 | 65.6 |
Gain on acquisition | (209.4) | ||
Total expenses | 243.7 | 419.3 | 593.2 |
Operating income (loss) | 393.3 | 105.4 | (87) |
Other income (expense): | |||
Earnings from unconsolidated affiliates, net | 32.8 | 53.3 | 47.8 |
Interest and debt expense, net | (115.4) | (99.2) | (99.4) |
Loss on modification/extinguishment of debt | (0.9) | (37.7) | |
Other income, net | 0.8 | ||
Other income, net | 0.2 | ||
Loss from unconsolidated affiliates | 0 | 0 | 0 |
Income (loss) before income taxes | 310.9 | ||
(Provision) benefit for income taxes | (0.3) | ||
Net income (loss) | 310.6 | 58.6 | (175.5) |
Net income attributable to non-controlling partner | 34.8 | 16.2 | 25.3 |
Net income (loss) attributable to parent | $ 275.8 | $ 42.4 | |
Net income (loss) attributable to partners | $ (200.8) |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information (Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | $ 420.4 | $ 253.6 | $ 255.9 | ||
Cash flows from investing activities: | |||||
Acquisition, net of cash acquired | (462.1) | 0 | 0 | ||
Purchases of property, plant and equipment | (455.5) | (305.5) | (188.4) | ||
Investment in unconsolidated affiliates | (61.3) | (64.4) | (58) | ||
Net proceeds from sale of assets | 0.8 | 79.5 | 225.2 | ||
Other | (1.1) | 0 | 0 | ||
Capital distributions from unconsolidated affiliates | 35.5 | 49.2 | 59.9 | ||
Net cash provided by (used in) investing activities | (943.7) | (241.2) | 38.7 | ||
Cash flows from financing activities: | |||||
Proceeds from the issuance of long-term debt | 2,307.3 | 2,274.8 | 2,838.6 | ||
Payments on long-term debt | (1,729.5) | (2,015.7) | (2,913.9) | ||
Payments on finance leases | 3.5 | ||||
Payments on capital leases | (1.6) | (2.7) | |||
Payments for deferred financing costs | (9) | (5.7) | (1) | ||
Redemption of non-controlling interest | $ (202.7) | 0 | 0 | (202.7) | |
Distributions to partners | (172.4) | (170.8) | (167.6) | ||
Net proceeds from issuance of non-controlling interest | 175 | 235 | 0 | 175 | |
Taxes paid for unit-based compensation vesting | (11) | (7.4) | (5.5) | ||
Other | 0 | (0.1) | (0.1) | ||
Net cash provided by (used in) financing activities | 531.8 | 3.5 | (294.9) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 8.5 | 15.9 | (0.3) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1.3 | 25.7 | 17.2 | 1.3 | $ 1.6 |
Eliminations | |||||
Cash flows from operating activities | 0 | 0 | 0 | ||
Cash flows from investing activities: | |||||
Acquisition, net of cash acquired | 0 | ||||
Purchases of property, plant and equipment | 0 | 0 | 0 | ||
Investment in unconsolidated affiliates | 0 | 0 | 0 | ||
Net proceeds from sale of assets | 0 | 0 | 0 | ||
Other | 0 | ||||
Capital distributions from unconsolidated affiliates | 0 | 0 | 0 | ||
Capital contributions to consolidated affiliates | 203.8 | (27.9) | (4.3) | ||
Net cash provided by (used in) investing activities | 203.8 | (27.9) | (4.3) | ||
Cash flows from financing activities: | |||||
Proceeds from the issuance of long-term debt | 0 | 0 | 0 | ||
Payments on long-term debt | 0 | 0 | 0 | ||
Payments on finance leases | 0 | ||||
Payments on capital leases | 0 | 0 | |||
Payments for deferred financing costs | 0 | 0 | 0 | ||
Redemption of non-controlling interest | 0 | ||||
Distributions to partners | 0 | 0 | 0 | ||
Distributions to partners | (203.8) | 27.9 | 4.3 | ||
Net proceeds from issuance of non-controlling interest | 0 | 0 | |||
Taxes paid for unit-based compensation vesting | 0 | 0 | 0 | ||
Change in intercompany balances | 0 | 0 | 0 | ||
Other | 0 | 0 | |||
Net cash provided by (used in) financing activities | (203.8) | 27.9 | 4.3 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 0 | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 | 0 |
Parent Company, Crestwood Midstream Partners, LP | Reportable Legal Entities | |||||
Cash flows from operating activities | (171) | (131.7) | (162.3) | ||
Cash flows from investing activities: | |||||
Acquisition, net of cash acquired | 0 | ||||
Purchases of property, plant and equipment | 0 | 0 | 0 | ||
Investment in unconsolidated affiliates | 0 | 0 | 0 | ||
Net proceeds from sale of assets | 0 | 0 | 0 | ||
Other | 0 | ||||
Capital distributions from unconsolidated affiliates | 0 | 0 | 0 | ||
Capital contributions to consolidated affiliates | (203.8) | 27.9 | 4.3 | ||
Net cash provided by (used in) investing activities | (203.8) | 27.9 | 4.3 | ||
Cash flows from financing activities: | |||||
Proceeds from the issuance of long-term debt | 2,307.3 | 2,274.8 | 2,838.6 | ||
Payments on long-term debt | (1,728.6) | (2,014.8) | (2,912.6) | ||
Payments on finance leases | 0 | ||||
Payments on capital leases | 0 | 0 | |||
Payments for deferred financing costs | (9) | (5.7) | (1) | ||
Redemption of non-controlling interest | 0 | ||||
Distributions to partners | (235.8) | (238.4) | (174) | ||
Distributions to partners | 0 | 0 | 0 | ||
Net proceeds from issuance of non-controlling interest | 0 | 0 | |||
Taxes paid for unit-based compensation vesting | 0 | 0 | 0 | ||
Change in intercompany balances | 26.2 | 103.4 | 406.7 | ||
Other | 0 | 0 | |||
Net cash provided by (used in) financing activities | 360.1 | 119.3 | 157.7 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (14.7) | 15.5 | (0.3) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1 | 1.8 | 16.5 | 1 | 1.3 |
CMLP | |||||
Cash flows from operating activities | 424.1 | 260.5 | 262.2 | ||
Cash flows from investing activities: | |||||
Acquisition, net of cash acquired | (462.1) | ||||
Purchases of property, plant and equipment | (455.5) | (305.5) | (188.4) | ||
Investment in unconsolidated affiliates | (61.3) | (64.4) | (58) | ||
Net proceeds from sale of assets | 0.8 | 79.5 | 225.2 | ||
Other | (1.1) | ||||
Capital distributions from unconsolidated affiliates | 35.5 | 49.2 | 59.9 | ||
Capital contributions to consolidated affiliates | 0 | 0 | 0 | ||
Net cash provided by (used in) investing activities | (943.7) | (241.2) | 38.7 | ||
Cash flows from financing activities: | |||||
Proceeds from the issuance of long-term debt | 2,307.3 | 2,274.8 | 2,838.6 | ||
Payments on long-term debt | (1,729.5) | (2,015.7) | (2,913.9) | ||
Payments on finance leases | 3.5 | ||||
Payments on capital leases | (1.6) | (2.7) | |||
Payments for deferred financing costs | (9) | (5.7) | (1) | ||
Redemption of non-controlling interest | (202.7) | ||||
Distributions to partners | (260.8) | (248.3) | (189.2) | ||
Distributions to partners | 0 | 0 | 0 | ||
Net proceeds from issuance of non-controlling interest | 235 | 175 | |||
Taxes paid for unit-based compensation vesting | (11) | (7.4) | (5.5) | ||
Change in intercompany balances | 0 | 0 | 0 | ||
Other | 0.1 | 0.2 | |||
Net cash provided by (used in) financing activities | 528.5 | (3.8) | (301.2) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 8.9 | 15.5 | (0.3) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1 | 25.4 | 16.5 | 1 | 1.3 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||||
Cash flows from operating activities | 126 | 53 | 45.3 | ||
Cash flows from investing activities: | |||||
Acquisition, net of cash acquired | (462.1) | ||||
Purchases of property, plant and equipment | (197.4) | 0 | 0 | ||
Investment in unconsolidated affiliates | (61.3) | (64.4) | (58) | ||
Net proceeds from sale of assets | 0 | 0 | 0 | ||
Other | 0 | ||||
Capital distributions from unconsolidated affiliates | 35.5 | 49.2 | 59.9 | ||
Capital contributions to consolidated affiliates | 0 | 0 | 0 | ||
Net cash provided by (used in) investing activities | (685.3) | (15.2) | 1.9 | ||
Cash flows from financing activities: | |||||
Proceeds from the issuance of long-term debt | 0 | 0 | 0 | ||
Payments on long-term debt | 0 | 0 | 0 | ||
Payments on finance leases | 0 | ||||
Payments on capital leases | 0 | 0 | |||
Payments for deferred financing costs | 0 | 0 | 0 | ||
Redemption of non-controlling interest | (202.7) | ||||
Distributions to partners | (25) | (9.9) | (15.2) | ||
Distributions to partners | 203.8 | (27.9) | (4.3) | ||
Net proceeds from issuance of non-controlling interest | 235 | 175 | |||
Taxes paid for unit-based compensation vesting | 0 | 0 | 0 | ||
Change in intercompany balances | 169.1 | 0 | 0 | ||
Other | 0 | 0 | |||
Net cash provided by (used in) financing activities | 582.9 | (37.8) | (47.2) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 23.6 | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 23.6 | 0 | 0 | 0 |
Guarantor Subsidiaries | Reportable Legal Entities | |||||
Cash flows from operating activities | 469.1 | 339.2 | 379.2 | ||
Cash flows from investing activities: | |||||
Acquisition, net of cash acquired | 0 | ||||
Purchases of property, plant and equipment | (258.1) | (305.5) | (188.4) | ||
Investment in unconsolidated affiliates | 0 | 0 | 0 | ||
Net proceeds from sale of assets | 0.8 | 79.5 | 225.2 | ||
Other | (1.1) | ||||
Capital distributions from unconsolidated affiliates | 0 | 0 | 0 | ||
Capital contributions to consolidated affiliates | 0 | 0 | 0 | ||
Net cash provided by (used in) investing activities | (258.4) | (226) | 36.8 | ||
Cash flows from financing activities: | |||||
Proceeds from the issuance of long-term debt | 0 | 0 | 0 | ||
Payments on long-term debt | (0.9) | (0.9) | (1.3) | ||
Payments on finance leases | 3.5 | ||||
Payments on capital leases | (1.6) | (2.7) | |||
Payments for deferred financing costs | 0 | 0 | 0 | ||
Redemption of non-controlling interest | 0 | ||||
Distributions to partners | 0 | 0 | 0 | ||
Distributions to partners | 0 | 0 | 0 | ||
Net proceeds from issuance of non-controlling interest | 0 | 0 | |||
Taxes paid for unit-based compensation vesting | (11) | (7.4) | (5.5) | ||
Change in intercompany balances | (195.3) | (103.4) | (406.7) | ||
Other | 0.1 | 0.2 | |||
Net cash provided by (used in) financing activities | (210.7) | (113.2) | (416) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 0 | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 | 0 |
CMLP | |||||
Cash flows from operating activities | 424.1 | 260.5 | 262.2 | ||
Cash flows from investing activities: | |||||
Acquisition, net of cash acquired | (462.1) | 0 | 0 | ||
Purchases of property, plant and equipment | (455.5) | (305.5) | (188.4) | ||
Investment in unconsolidated affiliates | (61.3) | (64.4) | (58) | ||
Net proceeds from sale of assets | 0.8 | 79.5 | 225.2 | ||
Other | (1.1) | 0 | 0 | ||
Capital distributions from unconsolidated affiliates | 35.5 | 49.2 | 59.9 | ||
Net cash provided by (used in) investing activities | (943.7) | (241.2) | 38.7 | ||
Cash flows from financing activities: | |||||
Proceeds from the issuance of long-term debt | 2,307.3 | 2,274.8 | 2,838.6 | ||
Payments on long-term debt | (1,729.5) | (2,015.7) | (2,913.9) | ||
Payments on finance leases | 3.5 | ||||
Payments on capital leases | (1.6) | (2.7) | |||
Payments for deferred financing costs | (9) | (5.7) | (1) | ||
Redemption of non-controlling interest | 0 | 0 | (202.7) | ||
Distributions to partners | (235.8) | (238.4) | (174) | ||
Net proceeds from issuance of non-controlling interest | 235 | 0 | 175 | ||
Taxes paid for unit-based compensation vesting | (11) | (7.4) | (5.5) | ||
Other | 0 | 0.1 | 0.2 | ||
Net cash provided by (used in) financing activities | 528.5 | (3.8) | (301.2) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 8.9 | 15.5 | (0.3) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 1 | $ 25.4 | $ 16.5 | $ 1 | $ 1.3 |
Schedule I - Crestwood Equity_2
Schedule I - Crestwood Equity Partners LP - Parent Only - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | $ 25.7 | $ 0.9 | ||
Total current assets | 376.4 | 379.3 | ||
Property, plant and equipment, net | 2,909.1 | 2,029.7 | ||
Total assets | 5,349.3 | 4,294.5 | ||
Accrued expenses | 161.7 | 112.4 | ||
Total current liabilities | 357.8 | 332.1 | ||
Other long-term liabilities | 301.6 | 173.6 | ||
Total partners’ capital | 1,932.8 | 2,033.8 | ||
Total liabilities and partners’ capital | 5,349.3 | 4,294.5 | ||
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 0.2 | 0.2 | $ 0.3 | $ 0.3 |
Total current assets | 0.2 | 0.2 | ||
Property, plant and equipment, net | 1 | 1.1 | ||
Investments in subsidiaries | 1,935.9 | 1,854.7 | ||
Other assets | 3.1 | 2.8 | ||
Total assets | 1,940.2 | 1,858.8 | ||
Accounts payable | 0.1 | 2.6 | ||
Accrued expenses | 1.3 | 1.1 | ||
Total current liabilities | 1.4 | 3.7 | ||
Other long-term liabilities | 6 | 2.6 | ||
Total partners’ capital | 1,932.8 | 1,852.5 | ||
Total liabilities and partners’ capital | $ 1,940.2 | $ 1,858.8 |
Schedule I - Crestwood Equity_3
Schedule I - Crestwood Equity Partners LP - Parent Only - Statement of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | $ 3,181.9 | $ 3,654.1 | $ 3,880.9 |
Operating income (loss) | 402.2 | 113.5 | (79.4) |
Other income, net | 0.6 | 0.4 | 1.3 |
Net income (loss) | 319.9 | 67 | (166.6) |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 0 | 0 | 0 |
Costs and Expenses | 5.3 | 6.1 | 6.7 |
Operating income (loss) | (5.3) | (6.1) | (6.7) |
Loss from unconsolidated affiliates | 290 | 56.5 | (185.7) |
Other income, net | 0.4 | 0.4 | 0.5 |
Net income (loss) | $ 285.1 | $ 50.8 | $ (191.9) |
Schedule I - Crestwood Equity_4
Schedule I - Crestwood Equity Partners LP - Parent Only - Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | $ 319.9 | $ 67 | $ (166.6) |
Change in fair value of Suburban Propane Partners, LP units | 0.3 | (0.7) | (0.8) |
Comprehensive income (loss) | 320.2 | 66.3 | (167.4) |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 285.1 | 50.8 | (191.9) |
Change in fair value of Suburban Propane Partners, LP units | 0.3 | (0.7) | (0.8) |
Comprehensive income (loss) | $ 285.4 | $ 50.1 | $ (192.7) |
Schedule I - Crestwood Equity_5
Schedule I - Crestwood Equity Partners LP - Parent Only - Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | $ 420.4 | $ 253.6 | $ 255.9 |
Cash flows from investing activities | (943.7) | (241.2) | 38.7 |
Payments on long-term debt | (1,729.5) | (2,015.7) | (2,913.9) |
Distributions to partners | (172.4) | (170.8) | (167.6) |
Net proceeds from issuance of common units | 0 | 0 | 15.2 |
Net cash provided by (used in) financing activities | 531.8 | 3.5 | (294.9) |
Cash at beginning of period | 0.9 | ||
Cash at end of period | 25.7 | 0.9 | |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | (3.7) | (3.8) | (3.6) |
Cash flows from investing activities | 235.8 | 238.4 | 174 |
Distributions to partners | (232.5) | (230.9) | (182.6) |
Net proceeds from issuance of common units | 0 | 0 | 15.2 |
Change in intercompany balances | 0.4 | (3.8) | (3) |
Net cash provided by (used in) financing activities | (232.1) | (234.7) | (170.4) |
Net change in cash | 0 | (0.1) | 0 |
Cash at beginning of period | 0.2 | 0.3 | 0.3 |
Cash at end of period | $ 0.2 | $ 0.2 | $ 0.3 |
Schedule I - Crestwood Equity_6
Schedule I - Crestwood Equity Partners LP - Parent Only - Distributions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Parent Company | |||
Dividends received from CMLP | $ 235.8 | $ 238.4 | $ 174 |
Schedule II - Crestwood Equit_2
Schedule II - Crestwood Equity Partners LP - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 0.3 | $ 2.4 | $ 1.9 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0.1 | 0.2 | 1.5 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (0.1) | (2.3) | (1) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 0.3 | $ 0.3 | $ 2.4 |