Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2020

Condensed Consolidating Financial Information [Abstract]

Unaudited Condensed Consolidating Balance Sheet

Enterprise Products Partners L.P.

Unaudited Condensed Consolidating Balance Sheet

March 31, 2020

	EPO and Subsidiaries
	Subsidiary Issuer (EPO)		Other Subsidiaries (Non- guarantor)		EPO and Subsidiaries Eliminations and Adjustments			Consolidated EPO and Subsidiaries		EPD (Guarantor)		Eliminations and Adjustments			Consolidated Total
ASSETS
Current assets:
Cash and cash equivalents and restricted cash	$	1,897.3	$	230.2	$	(12.0	)	$	2,115.5	$	0.1	$	–		$	2,115.6
Accounts receivable – trade, net		1,026.1		2,268.9		(1.2	)		3,293.8		–		–			3,293.8
Accounts receivable – related parties		235.3		871.8		(924.3	)		182.8		–		(180.9	)		1.9
Inventories		1,080.8		458.5		(0.5	)		1,538.8		–		–			1,538.8
Derivative assets		324.0		61.8		(20.0	)		365.8		–		–			365.8
Prepaid and other current assets		217.3		249.7		(64.8	)		402.2		0.8		0.2			403.2
Total current assets		4,780.8		4,140.9		(1,022.8	)		7,898.9		0.9		(180.7	)		7,719.1
Property, plant and equipment, net		6,537.2		35,664.4		(42.5	)		42,159.1		–		–			42,159.1
Investments in unconsolidated affiliates		46,002.5		4,781.6		(48,175.6	)		2,608.5		25,229.5		(25,229.5	)		2,608.5
Intangible assets, net		631.9		2,794.9		(17.4	)		3,409.4		–		–			3,409.4
Goodwill		459.5		5,285.7		–			5,745.2		–		–			5,745.2
Other assets		553.0		313.9		(243.8	)		623.1		0.9		–			624.0
Total assets	$	58,964.9	$	52,981.4	$	(49,502.1	)	$	62,444.2	$	25,231.3	$	(25,410.2	)	$	62,265.3
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of debt	$	1,750.0	$	–	$	–		$	1,750.0	$	–	$	–		$	1,750.0
Accounts payable – trade		157.7		769.9		(11.8	)		915.8		–		–			915.8
Accounts payable – related parties		895.0		111.9		(937.5	)		69.4		180.9		(180.9	)		69.4
Accrued product payables		1,379.2		1,788.7		(1.6	)		3,166.3		–		–			3,166.3
Accrued interest		238.2		3.2		(3.1	)		238.3		–		–			238.3
Derivative liabilities		208.1		81.1		(20.0	)		269.2		–		–			269.2
Other current liabilities		191.5		378.3		(63.4	)		506.4		–		–			506.4
Total current liabilities		4,819.7		3,133.1		(1,037.4	)		6,915.4		180.9		(180.9	)		6,915.4
Long-term debt		27,841.3		14.6		–			27,855.9		–		–			27,855.9
Deferred tax liabilities		24.6		400.8		(0.6	)		424.8		–		3.4			428.2
Other long-term liabilities		579.4		619.0		(246.8	)		951.6		–		–			951.6
Commitments and contingencies
Equity:
Partners’ and other owners’ equity		25,699.9		48,749.4		(49,253.5	)		25,195.8		25,050.4		(25,195.8	)		25,050.4
Noncontrolling interests		–		64.5		1,036.2			1,100.7		–		(36.9	)		1,063.8
Total equity		25,699.9		48,813.9		(48,217.3	)		26,296.5		25,050.4		(25,232.7	)		26,114.2
Total liabilities and equity	$	58,964.9	$	52,981.4	$	(49,502.1	)	$	62,444.2	$	25,231.3	$	(25,410.2	)	$	62,265.3

Enterprise Products Partners L.P.

Unaudited Condensed Consolidating Balance Sheet

December 31, 2019

	EPO and Subsidiaries
	Subsidiary Issuer (EPO)		Other Subsidiaries (Non- guarantor)		EPO and Subsidiaries Eliminations and Adjustments			Consolidated EPO and Subsidiaries		EPD (Guarantor)		Eliminations and Adjustments			Consolidated Total
ASSETS
Current assets:
Cash and cash equivalents and restricted cash	$	109.2	$	315.8	$	(15.1	)	$	409.9	$	0.1	$	–		$	410.0
Accounts receivable – trade, net		1,471.1		3,403.8		(1.3	)		4,873.6		–		–			4,873.6
Accounts receivable – related parties		233.1		799.9		(1,023.6	)		9.4		–		(6.9	)		2.5
Inventories		1,351.3		740.4		(0.3	)		2,091.4		–		–			2,091.4
Derivative assets		115.2		12.0		–			127.2		–		–			127.2
Prepaid and other current assets		221.0		183.5		(46.3	)		358.2		–		–			358.2
Total current assets		3,500.9		5,455.4		(1,086.6	)		7,869.7		0.1		(6.9	)		7,862.9
Property, plant and equipment, net		6,413.3		35,233.6		(43.5	)		41,603.4		–		–			41,603.4
Investments in unconsolidated affiliates		45,514.0		4,165.7		(47,079.5	)		2,600.2		25,279.3		(25,279.3	)		2,600.2
Intangible assets, net		636.7		2,852.3		(40.0	)		3,449.0		–		–			3,449.0
Goodwill		459.5		5,285.7		–			5,745.2		–		–			5,745.2
Other assets		404.9		288.5		(221.9	)		471.5		1.0		–			472.5
Total assets	$	56,929.3	$	53,281.2	$	(48,471.5	)	$	61,739.0	$	25,280.4	$	(25,286.2	)	$	61,733.2
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of debt	$	1,981.9	$	–	$	–		$	1,981.9	$	–	$	–		$	1,981.9
Accounts payable – trade		301.4		717.7		(14.6	)		1,004.5		–		–			1,004.5
Accounts payable – related parties		977.5		222.3		(1,037.5	)		162.3		6.9		(6.9	)		162.3
Accrued product payables		1,895.4		3,021.9		(1.6	)		4,915.7		–		–			4,915.7
Accrued interest		431.6		0.9		(0.8	)		431.7		–		–			431.7
Derivative liabilities		114.2		8.2		–			122.4		–		–			122.4
Other current liabilities		120.5		438.2		(47.3	)		511.4		–		(0.2	)		511.2
Total current liabilities		5,822.5		4,409.2		(1,101.8	)		9,129.9		6.9		(7.1	)		9,129.7
Long-term debt		25,628.6		14.6		–			25,643.2		–		–			25,643.2
Deferred tax liabilities		22.2		75.6		(0.8	)		97.0		–		3.4			100.4
Other long-term liabilities		161.2		608.9		(247.2	)		522.9		509.5		–			1,032.4
Commitments and contingencies
Equity:
Partners’ and other owners’ equity		25,294.8		48,107.6		(48,155.3	)		25,247.1		24,764.0		(25,247.1	)		24,764.0
Noncontrolling interests		–		65.3		1,033.6			1,098.9		–		(35.4	)		1,063.5
Total equity		25,294.8		48,172.9		(47,121.7	)		26,346.0		24,764.0		(25,282.5	)		25,827.5
Total liabilities and equity	$	56,929.3	$	53,281.2	$	(48,471.5	)	$	61,739.0	$	25,280.4	$	(25,286.2	)	$	61,733.2

Unaudited Condensed Consolidating Statement of Operations

Enterprise Products Partners L.P.

Unaudited Condensed Consolidating Statement of Operations

For the Three Months Ended March 31, 2020

	EPO and Subsidiaries
	Subsidiary Issuer (EPO)			Other Subsidiaries (Non- guarantor)			EPO and Subsidiaries Eliminations and Adjustments			Consolidated EPO and Subsidiaries			Enterprise Products Partners L.P. (Guarantor)			Eliminations and Adjustments			Consolidated Total
Revenues	$	9,627.0		$	4,638.4		$	(6,782.9	)	$	7,482.5		$	–		$	–		$	7,482.5
Costs and expenses:
Operating costs and expenses		9,219.4			3,624.6			(6,783.7	)		6,060.3			–			–			6,060.3
General and administrative costs		5.8			48.4			0.7			54.9			0.6			–			55.5
Total costs and expenses		9,225.2			3,673.0			(6,783.0	)		6,115.2			0.6			–			6,115.8
Equity in income of unconsolidated affiliates		678.1			153.1			(690.4	)		140.8			1,280.7			(1,280.7	)		140.8
Operating income		1,079.9			1,118.5			(690.3	)		1,508.1			1,280.1			(1,280.7	)		1,507.5
Other income (expense):
Interest expense		(317.7	)		(2.6	)		2.8			(317.5	)		–			–			(317.5	)
Other, net		8.2			(511.0	)		510.7			7.9			(2.1	)		–			5.8
Total other income (expense), net		(309.5	)		(513.6	)		513.5			(309.6	)		(2.1	)		–			(311.7	)
Income before income taxes		770.4			604.9			(176.8	)		1,198.5			1,278.0			(1,280.7	)		1,195.8
Benefit from (provision for) income taxes		(4.6	)		112.3			(0.3	)		107.4			72.1			(0.3	)		179.2
Net income		765.8			717.2			(177.1	)		1,305.9			1,350.1			(1,281.0	)		1,375.0
Net income attributable to noncontrolling interests		–			(1.4	)		(24.9	)		(26.3	)		–			1.4			(24.9	)
Net income attributable to entity	$	765.8		$	715.8		$	(202.0	)	$	1,279.6		$	1,350.1		$	(1,279.6	)	$	1,350.1

Enterprise Products Partners L.P.

Unaudited Condensed Consolidating Statement of Operations

For the Three Months Ended March 31, 2019

	EPO and Subsidiaries
	Subsidiary Issuer (EPO)			Other Subsidiaries (Non- guarantor)			EPO and Subsidiaries Eliminations and Adjustments			Consolidated EPO and Subsidiaries			Enterprise Products Partners L.P. (Guarantor)			Eliminations and Adjustments			Consolidated Total
Revenues	$	9,477.8		$	5,639.6		$	(6,573.9	)	$	8,543.5		$	–		$	–		$	8,543.5
Costs and expenses:
Operating costs and expenses		9,149.5			4,440.1			(6,569.9	)		7,019.7			–			–			7,019.7
General and administrative costs		3.8			46.8			0.7			51.3			0.9			–			52.2
Total costs and expenses		9,153.3			4,486.9			(6,569.2	)		7,071.0			0.9			–			7,071.9
Equity in income of unconsolidated affiliates		1,276.8			172.1			(1,294.3	)		154.6			1,319.2			(1,319.2	)		154.6
Operating income		1,601.3			1,324.8			(1,299.0	)		1,627.1			1,318.3			(1,319.2	)		1,626.2
Other income (expense):
Interest expense		(277.3	)		(2.7	)		2.8			(277.2	)		–			–			(277.2	)
Other, net		3.1			1.2			(2.8	)		1.5			(57.8	)		–			(56.3	)
Total other expense, net		(274.2	)		(1.5	)		–			(275.7	)		(57.8	)		–			(333.5	)
Income before income taxes		1,327.1			1,323.3			(1,299.0	)		1,351.4			1,260.5			(1,319.2	)		1,292.7
Provision for income taxes		(4.2	)		(7.8	)		–			(12.0	)		–			(0.3	)		(12.3	)
Net income		1,322.9			1,315.5			(1,299.0	)		1,339.4			1,260.5			(1,319.5	)		1,280.4
Net income attributable to noncontrolling interests		–			(1.8	)		(19.4	)		(21.2	)		–			1.3			(19.9	)
Net income attributable to entity	$	1,322.9		$	1,313.7		$	(1,318.4	)	$	1,318.2		$	1,260.5		$	(1,318.2	)	$	1,260.5

Unaudited Condensed Consolidating Statement of Comprehensive Income

Enterprise Products Partners L.P.

Unaudited Condensed Consolidating Statement of Comprehensive Income

For the Three Months Ended March 31, 2020

	EPO and Subsidiaries
	Subsidiary Issuer (EPO)		Other Subsidiaries (Non- guarantor)			EPO and Subsidiaries Eliminations and Adjustments			Consolidated EPO and Subsidiaries			Enterprise Products Partners L.P. (Guarantor)		Eliminations and Adjustments			Consolidated Total
Comprehensive income	$	489.1	$	1,044.9		$	(177.2	)	$	1,356.8		$	1,401.0	$	(1,331.9	)	$	1,425.9
Comprehensive income attributable to noncontrolling interests		–		(1.4	)		(24.9	)		(26.3	)		–		1.4			(24.9	)
Comprehensive income attributable to entity	$	489.1	$	1,043.5		$	(202.1	)	$	1,330.5		$	1,401.0	$	(1,330.5	)	$	1,401.0

Enterprise Products Partners L.P.

Unaudited Condensed Consolidating Statement of Comprehensive Income

For the Three Months Ended March 31, 2019

	EPO and Subsidiaries
	Subsidiary Issuer (EPO)		Other Subsidiaries (Non- guarantor)			EPO and Subsidiaries Eliminations and Adjustments			Consolidated EPO and Subsidiaries			Enterprise Products Partners L.P. (Guarantor)		Eliminations and Adjustments			Consolidated Total
Comprehensive income	$	1,294.2	$	1,199.3		$	(1,299.0	)	$	1,194.5		$	1,115.6	$	(1,174.6	)	$	1,135.5
Comprehensive income attributable to noncontrolling interests		–		(1.8	)		(19.4	)		(21.2	)		–		1.3			(19.9	)
Comprehensive income attributable to entity	$	1,294.2	$	1,197.5		$	(1,318.4	)	$	1,173.3		$	1,115.6	$	(1,173.3	)	$	1,115.6

Unaudited Condensed Consolidating Statement of Cash Flows

Enterprise Products Partners L.P.

Unaudited Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2020

	EPO and Subsidiaries
	Subsidiary Issuer (EPO)			Other Subsidiaries (Non- guarantor)			EPO and Subsidiaries Eliminations and Adjustments			Consolidated EPO and Subsidiaries			EPD (Guarantor)			Eliminations and Adjustments			Consolidated Total
Operating activities:
Net income	$	765.8		$	717.2		$	(177.1	)	$	1,305.9		$	1,350.1		$	(1,281.0	)	$	1,375.0
Reconciliation of net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion		85.6			424.2			(0.8	)		509.0			–			–			509.0
Equity in income of unconsolidated affiliates		(678.1	)		(153.1	)		690.4			(140.8	)		(1,280.7	)		1,280.7			(140.8	)
Distributions received from unconsolidated affiliates attributable to earnings		397.9			68.0			(339.0	)		126.9			981.1			(981.1	)		126.9
Net effect of changes in operating accounts and other operating activities		1,161.3			(612.7	)		(509.7	)		38.9			103.2			–			142.1
Net cash flows provided by operating activities		1,732.5			443.6			(336.2	)		1,839.9			1,153.7			(981.4	)		2,012.2
Investing activities:
Capital expenditures		(266.8	)		(813.0	)		0.3			(1,079.5	)		–			–			(1,079.5	)
Proceeds from asset sales		0.1			0.5			–			0.6			–			–			0.6
Other investing activities		(640.1	)		4.6			642.7			7.2			–			–			7.2
Cash used in investing activities		(906.8	)		(807.9	)		643.0			(1,071.7	)		–			–			(1,071.7	)
Financing activities:
Borrowings under debt agreements		5,411.8			–			–			5,411.8			–			–			5,411.8
Repayments of debt		(3,406.6	)		–			–			(3,406.6	)		–			–			(3,406.6	)
Cash distributions paid to owners		(981.1	)		(374.6	)		374.5			(981.2	)		(974.2	)		981.2			(974.2	)
Cash payments made in connection with DERs		–			–			–			–			(5.8	)		–			(5.8	)
Cash distributions paid to noncontrolling interests		–			(2.2	)		(27.9	)		(30.1	)		–			0.2			(29.9	)
Cash contributions from noncontrolling interests		–			–			5.2			5.2			–			–			5.2
Common units acquired in connection with 2019 Buyback Program		–			–			–			–			(140.1	)		–			(140.1	)
Cash contributions from owners		–			655.5			(655.5	)		–			–			–			–
Other financing activities		(61.7	)		–			–			(61.7	)		(33.6	)		–			(95.3	)
Cash provided by (used in) financing activities		962.4			278.7			(303.7	)		937.4			(1,153.7	)		981.4			765.1
Net change in cash and cash equivalents,    including restricted cash		1,788.1			(85.6	)		3.1			1,705.6			–			–			1,705.6
Cash and cash equivalents, including    restricted cash, at beginning of period		109.2			315.8			(15.1	)		409.9			0.1			–			410.0
Cash and cash equivalents, including    restricted cash, at end of period	$	1,897.3		$	230.2		$	(12.0	)	$	2,115.5		$	0.1		$	–		$	2,115.6

Enterprise Products Partners L.P.

Unaudited Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2019

	EPO and Subsidiaries
	Subsidiary Issuer (EPO)			Other Subsidiaries (Non- guarantor)			EPO and Subsidiaries Eliminations and Adjustments			Consolidated EPO and Subsidiaries			EPD (Guarantor)			Eliminations and Adjustments			Consolidated Total
Operating activities:
Net income	$	1,322.9		$	1,315.5		$	(1,299.0	)	$	1,339.4		$	1,260.5		$	(1,319.5	)	$	1,280.4
Reconciliation of net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion		74.9			399.8			(0.2	)		474.5			–			–			474.5
Equity in income of unconsolidated affiliates		(1,276.8	)		(172.1	)		1,294.3			(154.6	)		(1,319.2	)		1,319.2			(154.6	)
Distributions received from unconsolidated affiliates attributable to earnings		338.4			83.0			(282.4	)		139.0			981.7			(981.7	)		139.0
Net effect of changes in operating accounts and other operating activities		100.9			(861.7	)		27.7			(733.1	)		154.0			0.2			(578.9	)
Net cash flows provided by operating activities		560.3			764.5			(259.6	)		1,065.2			1,077.0			(981.8	)		1,160.4
Investing activities:
Capital expenditures		(223.8	)		(921.0	)		(4.1	)		(1,148.9	)		–			–			(1,148.9	)
Proceeds from asset sales		0.2			1.5			–			1.7			–			–			1.7
Other investing activities		(492.8	)		(10.1	)		475.6			(27.3	)		(84.1	)		84.1			(27.3	)
Cash used in investing activities		(716.4	)		(929.6	)		471.5			(1,174.5	)		(84.1	)		84.1			(1,174.5	)
Financing activities:
Borrowings under debt agreements		15,692.4			–			–			15,692.4			–			–			15,692.4
Repayments of debt		(14,999.1	)		(0.1	)		–			(14,999.2	)		–			–			(14,999.2	)
Cash distributions paid to owners		(981.7	)		(300.5	)		300.5			(981.7	)		(950.4	)		981.7			(950.4	)
Cash payments made in connection with DERs		–			–			–			–			(4.5	)		–			(4.5	)
Cash distributions paid to noncontrolling interests		–			(2.4	)		(15.7	)		(18.1	)		–			0.1			(18.0	)
Cash contributions from noncontrolling interests		–			–			34.8			34.8			–			–			34.8
Net cash proceeds from issuance of common units		–			–			–			–			42.7			–			42.7
Common units acquired in connection with 2019 Buyback Program		–			–			–			–			(51.6	)		–			(51.6	)
Cash contributions from owners		84.1			512.9			(512.9	)		84.1			–			(84.1	)		–
Other financing activities		–			(5.6	)		–			(5.6	)		(29.1	)		–			(34.7	)
Cash provided by (used in) financing activities		(204.3	)		204.3			(193.3	)		(193.3	)		(992.9	)		897.7			(288.5	)
Net change in cash and cash equivalents,    including restricted cash		(360.4	)		39.2			18.6			(302.6	)		–			–			(302.6	)
Cash and cash equivalents, including    restricted cash, at beginning of period		393.4			50.3			(33.6	)		410.1			–			–			410.1
Cash and cash equivalents, including    restricted cash, at end of period	$	33.0		$	89.5		$	(15.0	)	$	107.5		$	–		$	–		$	107.5