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 at CEQP or CMLP.