Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

Crestwood Midstream Partners LP
Condensed Consolidating Balance Sheet
March 31, 2020
(in millions)
(unaudited)
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash	$	4.8	$	—	$	—	$	—		$	4.8
Accounts receivable	—		176.3		25.9		—			202.2
Inventory	—		20.1		—		—			20.1
Other current assets	—		61.1		0.1		—			61.2
Total current assets	4.8		257.5		26.0		—			288.3
Property, plant and equipment, net	—		2,316.9		770.8		—			3,087.7
Goodwill and intangible assets, net	—		640.3		288.8		—			929.1
Operating lease right-of-use assets, net	—		46.7		2.7		—			49.4
Investments in consolidated affiliates	4,392.5		—		—		(4,392.5		)	—
Investments in unconsolidated affiliates	—		—		972.2		—			972.2
Other non-current assets	—		2.1		0.5		—			2.6
Total assets	$	4,397.3	$	3,263.5	$	2,061.0	$	(4,392.5	)	$	5,329.3
Liabilities and capital
Current liabilities:
Accounts payable	$	—	$	106.9	$	8.6	$	—		$	115.5
Other current liabilities	52.2		82.9		27.6		—			162.7
Total current liabilities	52.2		189.8		36.2		—			278.2
Long-term liabilities:
Long-term debt, less current portion	2,358.9		—		—		—			2,358.9
Other long-term liabilities	—		169.7		108.7		—			278.4
Deferred income taxes	—		0.7		—		—			0.7
Total liabilities	2,411.1		360.2		144.9		—			2,916.2
Interest of non-controlling partner in subsidiary	—		—		426.9		—			426.9
Partners’ capital	1,986.2		2,903.3		1,489.2		(4,392.5		)	1,986.2
Total liabilities and capital	$	4,397.3	$	3,263.5	$	2,061.0	$	(4,392.5	)	$	5,329.3

Crestwood Midstream Partners LP
Condensed Consolidating Balance Sheet
December 31, 2019
(in millions)
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash	$	1.8	$	—	$	23.6	$	—		$	25.4
Accounts receivable	—		229.1		12.8		—			241.9
Inventory	—		53.7		—		—			53.7
Other current assets	—		54.6		0.2		—			54.8
Total current assets	1.8		337.4		36.6		—			375.8
Property, plant and equipment, net	—		2,331.3		736.2		—			3,067.5
Goodwill and intangible assets, net	—		650.7		373.4		—			1,024.1
Operating lease right-of-use assets, net	—		51.0		2.8		—			53.8
Investments in consolidated affiliates	4,451.6		—		—		(4,451.6		)	—
Investments in unconsolidated affiliates	—		—		980.4		—			980.4
Other non-current assets	—		1.9		0.5		—			2.4
Total assets	$	4,453.4	$	3,372.3	$	2,129.9	$	(4,451.6	)	$	5,504.0
Liabilities and capital
Current liabilities:
Accounts payable	$	—	$	175.9	$	10.7	$	—		$	186.6
Other current liabilities	25.8		123.9		17.6		—			167.3
Total current liabilities	25.8		299.8		28.3		—			353.9
Long-term liabilities:
Long-term debt, less current portion	2,328.3		—		—		—			2,328.3
Other long-term liabilities	—		174.8		120.8		—			295.6
Deferred income taxes	—		0.7		—		—			0.7
Total liabilities	2,354.1		475.3		149.1		—			2,978.5
Interest of non-controlling partner in subsidiary	—		—		426.2		—			426.2
Partners’ capital	2,099.3		2,897.0		1,554.6		(4,451.6		)	2,099.3
Total liabilities and capital	$	4,453.4	$	3,372.3	$	2,129.9	$	(4,451.6	)	$	5,504.0

Condensed Income Statement

Crestwood Midstream Partners LP
Condensed Consolidating Statement of Operations
Three Months Ended March 31, 2020
(in millions)
(unaudited)
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	700.4		$	27.5		$	—		$	727.9
Costs of product/services sold	—			534.4			—			—			534.4
Operating expenses and other:
Operations and maintenance	—			31.8			5.8			—			37.6
General and administrative	17.9			(4.4		)	—			—			13.5
Depreciation, amortization and accretion	—			47.8			11.8			—			59.6
Loss on long-lived assets, net	—			1.0			—			—			1.0
Goodwill impairment	—			—			80.3			—			80.3
	17.9			76.2			97.9			—			192.0
Operating income (loss)	(17.9		)	89.8			(70.4		)	—			1.5
Earnings from unconsolidated affiliates, net	—			—			5.5			—			5.5
Interest and debt expense, net	(32.4		)	(0.2		)	—			—			(32.6		)
Equity in net income (loss) of subsidiaries	14.8			—			—			(14.8		)	—
Net income (loss)	(35.5		)	89.6			(64.9		)	(14.8		)	(25.6		)
Net income attributable to non-controlling partner	—			—			9.9			—			9.9
Net income (loss) attributable to Crestwood Midstream Partners LP	$	(35.5	)	$	89.6		$	(74.8	)	$	(14.8	)	$	(35.5	)

Crestwood Midstream Partners LP
Condensed Consolidating Statement of Operations
Three Months Ended March 31, 2019
(in millions)
(unaudited)
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Revenues	$	—		$	835.2		$	—	$	—		$	835.2
Costs of product/services sold	—			695.6			—		—			695.6
Operating expenses and other:
Operations and maintenance	—			28.6			—		—			28.6
General and administrative	18.7			17.3			—		—			36.0
Depreciation, amortization and accretion	—			43.4			—		—			43.4
Loss on long-lived assets, net	—			2.0			—		—			2.0
	18.7			91.3			—		—			110.0
Operating income (loss)	(18.7		)	48.3			—		—			29.6
Earnings from unconsolidated affiliates, net	—			—			6.9		—			6.9
Interest and debt expense, net	(24.7		)	(0.2		)	—		—			(24.9		)
Equity in net income (loss) of subsidiaries	51.0			—			—		(51.0		)	—
Net income (loss)	7.6			48.1			6.9		(51.0		)	11.6
Net income attributable to non-controlling partner in subsidiary	—			—			4.0		—			4.0
Net income (loss) attributable to Crestwood Midstream Partners LP	$	7.6		$	48.1		$	2.9	$	(51.0	)	$	7.6

Condensed Cash Flow Statement

Crestwood Midstream Partners LP
Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2020
(in millions)
(unaudited)
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities	$	(22.3	)	$	93.4		$	44.7		$	—		$	115.8
Cash flows from investing activities:
Purchases of property, plant and equipment	—			(33.6		)	(53.2		)	—			(86.8		)
Investment in unconsolidated affiliates	—			—			(6.0		)	—			(6.0		)
Capital distributions from unconsolidated affiliates	—			—			9.5			—			9.5
Capital contributions from consolidated affiliates	17.2			—			—			(17.2		)	—
Net cash provided by (used in) investing activities	17.2			(33.6		)	(49.7		)	(17.2		)	(83.3		)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt	275.9			—			—			—			275.9
Payments on long-term debt	(246.9		)	—			—			—			(246.9		)
Payments on finance leases	—			(0.8		)	—			—			(0.8		)
Distributions to partners	(57.0		)	—			(9.2		)	—			(66.2		)
Distributions to parent	—			—			(17.2		)	17.2			—
Taxes paid for unit-based compensation vesting	—			(15.1		)	—			—			(15.1		)
Change in intercompany balances	36.1			(43.9		)	7.8			—			—
Net cash provided by (used in) financing activities	8.1			(59.8		)	(18.6		)	17.2			(53.1		)
Net change in cash	3.0			—			(23.6		)	—			(20.6		)
Cash at beginning of period	1.8			—			23.6			—			25.4
Cash at end of period	$	4.8		$	—		$	—		$	—		$	4.8

Crestwood Midstream Partners LP
Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2019
(in millions)
(unaudited)
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:	$	(38.6	)	$	160.3		$	9.2		$	—		$	130.9
Cash flows from investing activities:
Purchases of property, plant and equipment	—			(68.5		)	—			—			(68.5		)
Investment in unconsolidated affiliates	—			—			(38.2		)	—			(38.2		)
Capital distributions from unconsolidated affiliates	—			—			16.7			—			16.7
Capital contributions to consolidated affiliates	(15.6		)	—			—			15.6			—
Other	—			(1.0		)	—			—			(1.0		)
Net cash provided by (used in) investing activities	(15.6		)	(69.5		)	(21.5		)	15.6			(91.0		)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt	298.9			—			—			—			298.9
Payments on long-term debt	(284.0		)	(0.4		)	—			—			(284.4		)
Payments on finance leases	—			(1.1		)	—			—			(1.1		)
Payments for debt-related deferred costs	(0.2		)	—			—			—			(0.2		)
Distributions to partners	(57.8		)	—			(3.3		)	—			(61.1		)
Contributions from parent	—			—			15.6			(15.6		)	—
Taxes paid for unit-based compensation vesting	—			(7.0		)	—			—			(7.0		)
Change in intercompany balances	82.3			(82.3		)	—			—			—
Net cash provided by (used in) financing activities	39.2			(90.8		)	12.3			(15.6		)	(54.9		)
Net change in cash	(15.0		)	—			—			—			(15.0		)
Cash at beginning of period	16.5			—			—			—			16.5
Cash at end of period	$	1.5		$	—		$	—		$	—		$	1.5