XML 54 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments in Unconsolidated Affiliates (Tables)
 12 Months Ended
Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Distributions and Contributions
 
 
Distributions
 
Contributions
 
 
Year Ended December 31,
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Stagecoach Gas
 
$
48.7

 
$
47.3

 
$
16.0

 
$
—

 
$
0.8

 
$
—

Jackalope(1)
 
32.4

 
26.3

 
27.4

 
49.1

 
3.5

 
1.4

Crestwood Permian(2)
 
14.7

 
23.4

 
—

 
12.6

 
117.5

 
—

Tres Holdings(3)
 
5.3

 
9.0

 
8.5

 
2.5

 
5.6

 
11.0

PRBIC(1)
 
1.9

 
1.6

 
2.0

 
0.2

 
—

 
—

Total
 
$
103.0

 
$
107.6

 
$
53.9

 
$
64.4

 
$
127.4

 
$
12.4


(1) Jackalope and PRBIC are required to make quarterly distributions of its available cash to its members based on their respective ownership percentage. In February 2019, we received a cash distribution of $11.6 million from Jackalope.
(2) On June 21, 2017, we contributed to Crestwood Permian 100% of the equity interest of 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.
(3) 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.

Financial Position Data

 
 
December 31,
 
 
2018
 
2017
 
 
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)
 
$
50.1

 
$
1,725.1

 
$
4.2

 
$
0.9

 
$
1,770.1

 
$
55.1

 
$
1,765.4

 
$
7.0

 
$
1.4

 
$
1,812.1

Crestwood
   Permian(2)
 
17.7

 
372.6

 
16.8

 
94.7

 
278.8

 
37.6

 
203.3

 
33.4

 
1.8

 
205.7

Other(3)
 
59.3

 
658.0

 
17.4

 
129.6

 
570.3

 
43.7

 
597.8

 
20.0

 
91.8

 
529.7

Total
 
$
127.1

 
$
2,755.7

 
$
38.4

 
$
225.2

 
$
2,619.2

 
$
136.4

 
$
2,566.5

 
$
60.4

 
$
95.0

 
$
2,547.5



(1)
As of December 31, 2018, 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, 2018, the difference of approximately $8.9 million between our equity in Crestwood Permian’s net assets and our investment balance is not subject to amortization.
(3)
Includes our Jackalope, Tres Holdings and PRBIC equity investments. As of December 31, 2018, our equity in the underlying net assets of Jackalope, Tres Holdings and PRBIC exceeded our investment balance by approximately $0.4 million, $25.3 million and $5.9 million, respectively.

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,
 
2018
 
2018
 
2017
 
2018
 
2017
 
2016
Stagecoach Gas Services LLC
50.00
%
 
$
830.4

 
$
849.8

 
$
29.3

 
$
25.3

 
$
15.9

Jackalope Gas Gathering Services, L.L.C.(1)
50.00
%
(1) 
210.2

 
184.9

 
18.1

 
10.5

 
20.8

Crestwood Permian Basin Holdings LLC(2)
50.00
%
 
104.3

 
102.0

 
4.4

 
8.4

 
(0.5
)
Tres Palacios Holdings LLC
50.01
%
 
35.0

 
37.8

 
—

 
2.2

 
(0.3
)
Powder River Basin Industrial Complex, LLC(3)
50.01
%
 
8.3

 
8.5

 
1.5

 
1.4

 
(4.4
)
Total
 
 
$
1,188.2

 
$
1,183.0

 
$
53.3

 
$
47.8

 
$
31.5



(1)
Excludes non-controlling interest related to our investment in Jackalope. See Note 12 for a further discussion of our non-controlling interest related to our investment in Jackalope.
(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%.
(3)
During the year ended December 31, 2016, we recorded a reduction of our equity earnings from PRBIC of approximately $5.8 million related to impairments recorded by our equity investee. For a further discussion of these impairments, see Note 2.
Operating Results Data

 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
 
 
Operating Revenues
 
Operating Expenses
 
Net
 Income
 
Operating Revenues
 
Operating Expenses
 
Net
 Income
 
Operating Revenues
 
Operating Expenses
 
Net
 Income
Stagecoach
 
$
171.4

 
$
79.3

 
$
92.1

 
$
168.6

 
$
77.7

 
$
91.1

 
$
99.3

 
$
44.1

 
$
55.3

Crestwood
Permian
 
82.2

 
81.3

 
5.7

 
87.3

 
74.1

 
14.1

 
11.5

 
10.9

 
0.6

Other(1)
 
116.9

 
81.5

 
35.6

 
94.5

 
69.5

 
24.8

 
116.1

 
103.0

 
12.9

Total
 
$
370.5

 
$
242.1

 
$
133.4

 
$
350.4

 
$
221.3

 
$
130.0

 
$
226.9

 
$
158.0

 
$
68.8



(1)
Includes our Jackalope, 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, 2018, 2017 and 2016, which we amortize 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, 2018, 2017 and 2016, 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 $0.5 million, $0.6 million and $1.6 million for the years ended December 31, 2018, 2017 and 2016, which we amortize over the life of PRBIC’s property, plant and equipment.