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Subsequent Events
6 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
Note 13 – Subsequent Event

On July 1, 2014, we acquired all of the interests in ACMP held by Global Infrastructure Partners II, which included 50 percent of the general partner interest and 55.1 million limited partner units for $5.995 billion in cash (ACMP Acquisition). We now own 100 percent of the general partner interest, including incentive distribution rights, and approximately 50 percent of the limited partner units in ACMP. The acquisition was funded through the issuance of equity (See Note 9 – Stockholders' Equity) and debt (See Note 8 – Debt and Banking Arrangements), credit facility borrowings, and cash on hand. The cash used for the ACMP Acquisition is presented as a long-term asset on our Consolidated Balance Sheet at June 30, 2014 because it was designated for use in the ACMP Acquisition at that date. The amount appears as an investing outflow on our Consolidated Statement of Cash Flows as it relates to our anticipated acquisition of ACMP.

ACMP is a publicly traded master limited partnership listed on the New York Stock Exchange that owns, operates, develops, and acquires natural gas gathering systems and other midstream energy assets. The purpose of the acquisition is to enhance our position in the Marcellus and Utica shale plays, provide additional diversity via the Eagle Ford, Haynesville, Barnett, Mid-Continent, and Niobrara areas, and to fortify our stable, fee-based business model and support our dividend growth strategy.

Through our 100 percent ownership of the general partner we have obtained control of ACMP, therefore, this acquisition will be accounted for as a business combination which, among other things, requires identifiable assets acquired and liabilities assumed to be measured at their acquisition-date fair values. The excess of the consideration, including the fair value of the noncontrolling interest and our previously held equity interest, over those fair values will be recorded as goodwill. Substantially all of the goodwill is expected to be deductible for tax purposes.

Following the ACMP Acquisition, we will no longer account for our investment in ACMP by applying the equity method, but rather we expect to consolidate ACMP. We expect to recognize a significant non-cash gain, currently estimated to be in the range of $2.5 billion to $3.0 billion, in the third quarter of 2014 associated with obtaining control and now consolidating our investment in ACMP. This estimated gain is still subject to ongoing evaluation of significant assumptions, including those related to estimating the value of our initial 50 percent interest in the privately-held general partner.

Due to the recent closing of the ACMP Acquisition, we have not disclosed proforma revenues and earnings of the combined entity and the amounts expected to be recognized for each major class of assets acquired and liabilities assumed as the information necessary to prepare these disclosures is still under development. We plan to provide these disclosures in future filings.