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 Permian	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.