Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

Crestwood Midstream Partners LP
Condensed Consolidating Balance Sheet
June 30, 2020
(in millions)
(unaudited)
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash	$	0.4	$	—	$	5.7	$	—		$	6.1
Accounts receivable	—		146.5		19.3		—			165.8
Inventory	—		88.9		—		—			88.9
Other current assets	—		52.8		0.3		—			53.1
Total current assets	0.4		288.2		25.3		—			313.9
Property, plant and equipment, net	—		2,410.1		783.6		—			3,193.7
Goodwill and intangible assets, net	—		671.2		284.5		—			955.7
Operating lease right-of-use assets, net	—		41.5		2.7		—			44.2
Investments in consolidated affiliates	4,501.0		—		—		(4,501.0		)	—
Investments in unconsolidated affiliates	—		—		961.9		—			961.9
Other non-current assets	—		2.4		0.5		—			2.9
Total assets	$	4,501.4	$	3,413.4	$	2,058.5	$	(4,501.0	)	$	5,472.3
Liabilities and capital
Current liabilities:
Accounts payable	$	—	$	114.6	$	1.5	$	—		$	116.1
Other current liabilities	25.2		114.8		24.8		—			164.8
Total current liabilities	25.2		229.4		26.3		—			280.9
Long-term liabilities:
Long-term debt, less current portion	2,575.7		—		—		—			2,575.7
Other long-term liabilities	—		165.8		118.2		—			284.0
Deferred income taxes	—		0.6		—		—			0.6
Total liabilities	2,600.9		395.8		144.5		—			3,141.2
Interest of non-controlling partner in subsidiary	—		—		430.6		—			430.6
Partners’ capital	1,900.5		3,017.6		1,483.4		(4,501.0		)	1,900.5
Total liabilities and capital	$	4,501.4	$	3,413.4	$	2,058.5	$	(4,501.0	)	$	5,472.3

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 June 30, 2020
(in millions)
(unaudited)
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	336.5		$	16.2		$	—		$	352.7
Costs of product/services sold	—			225.5			0.2			—			225.7
Operating expenses and other:
Operations and maintenance	—			26.5			5.1			—			31.6
General and administrative	14.8			13.6			—			—			28.4
Depreciation, amortization and accretion	—			50.3			14.3			—			64.6
Loss on long-lived assets, net	—			2.0			1.8			—			3.8
	14.8			92.4			21.2			—			128.4
Operating income (loss)	(14.8		)	18.6			(5.2		)	—			(1.4		)
Earnings from unconsolidated affiliates, net	—			—			8.4			—			8.4
Interest and debt expense, net	(33.9		)	(0.1		)	—			—			(34.0		)
Equity in net income (loss) of subsidiaries	11.7			—			—			(11.7		)	—
Income (loss) before income taxes	(37.0		)	18.5			3.2			(11.7		)	(27.0		)
Benefit for income taxes	—			0.2			—			—			0.2
Net income (loss)	(37.0		)	18.7			3.2			(11.7		)	(26.8		)
Net income attributable to non-controlling partner in subsidiary	—			—			10.2			—			10.2
Net income (loss) attributable to Crestwood Midstream Partners LP	$	(37.0	)	$	18.7		$	(7.0	)	$	(11.7	)	$	(37.0	)

Crestwood Midstream Partners LP
Condensed Consolidating Statement of Operations
Three Months Ended June 30, 2019
(in millions)
(unaudited)
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	663.2		$	20.2		$	—		$	683.4
Costs of product/services sold	—			537.2			—			—			537.2
Operating expenses:
Operations and maintenance	—			27.5			7.2			—			34.7
General and administrative	9.7			11.2			—			—			20.9
Depreciation, amortization and accretion	—			43.0			9.7			—			52.7
Gain on acquisition	—			—			(209.4		)	—			(209.4		)
	9.7			81.7			(192.5		)	—			(101.1		)
Operating income (loss)	(9.7		)	44.3			212.7			—			247.3
Earnings from unconsolidated affiliates, net	—			—			3.7			—			3.7
Interest and debt expense, net	(28.0		)	0.2			—			—			(27.8		)
Equity in net income (loss) of subsidiaries	250.0			—			—			(250.0		)	—
Income (loss) before income taxes	212.3			44.5			216.4			(250.0		)	223.2
Provision for income taxes	—			(0.3		)	—			—			(0.3		)
Net income (loss)	212.3			44.2			216.4			(250.0		)	222.9
Net income attributable to non-controlling partner in subsidiary	—			—			10.6			—			10.6
Net income (loss) attributable to Crestwood Midstream Partners LP	$	212.3		$	44.2		$	205.8		$	(250.0	)	$	212.3

Crestwood Midstream Partners LP
Condensed Consolidating Statement of Operations
Six Months Ended June 30, 2020
(in millions)
(unaudited)
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	1,036.9		$	43.7		$	—		$	1,080.6
Costs of product/services sold	—			759.9			0.2			—			760.1
Operating expenses and other:
Operations and maintenance	—			58.3			10.9			—			69.2
General and administrative	32.7			9.2			—			—			41.9
Depreciation, amortization and accretion	—			98.1			26.1			—			124.2
Loss on long-lived assets, net	—			3.0			1.8			—			4.8
Goodwill impairment	—			—			80.3			—			80.3
	32.7			168.6			119.1			—			320.4
Operating income (loss)	(32.7		)	108.4			(75.6		)	—			0.1
Earnings from unconsolidated affiliates, net	—			—			13.9			—			13.9
Interest and debt expense, net	(66.3		)	(0.3		)	—			—			(66.6		)
Equity in net income (loss) of subsidiaries	26.5			—			—			(26.5		)	—
Income (loss) before income taxes	(72.5		)	108.1			(61.7		)	(26.5		)	(52.6		)
Benefit for income taxes	—			0.2			—			—			0.2
Net income (loss)	(72.5		)	108.3			(61.7		)	(26.5		)	(52.4		)
Net income attributable to non-controlling partner	—			—			20.1			—			20.1
Net income (loss) attributable to Crestwood Midstream Partners LP	$	(72.5	)	$	108.3		$	(81.8	)	$	(26.5	)	$	(72.5	)

Crestwood Midstream Partners LP
Condensed Consolidating Statement of Operations
Six Months Ended June 30, 2019
(in millions)
(unaudited)
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	1,498.4		$	20.2		$	—		$	1,518.6
Costs of product/services sold	—			1,232.8			—			—			1,232.8
Operating expenses and other:
Operations and maintenance	—			56.1			7.2			—			63.3
General and administrative	28.4			28.5			—			—			56.9
Depreciation, amortization and accretion	—			86.4			9.7			—			96.1
Loss on long-lived assets, net	—			2.0			—			—			2.0
Gain on acquisition	—			—			(209.4		)	—			(209.4		)
	28.4			173.0			(192.5		)	—			8.9
Operating income (loss)	(28.4		)	92.6			212.7			—			276.9
Earnings from unconsolidated affiliates, net	—			—			10.6			—			10.6
Interest and debt expense, net	(52.7		)	—			—			—			(52.7		)
Equity in net income (loss) of subsidiaries	301.0			—			—			(301.0		)	—
Income (loss) before income taxes	219.9			92.6			223.3			(301.0		)	234.8
Provision for income taxes	—			(0.3		)	—			—			(0.3		)
Net income (loss)	219.9			92.3			223.3			(301.0		)	234.5
Net income attributable to non-controlling partner in subsidiary	—			—			14.6			—			14.6
Net income (loss) attributable to Crestwood Midstream Partners LP	$	219.9		$	92.3		$	208.7		$	(301.0	)	$	219.9

Condensed Cash Flow Statement

Crestwood Midstream Partners LP
Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2020
(in millions)
(unaudited)
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities	$	(96.4	)	$	197.4		$	80.1		$	—		$	181.1
Cash flows from investing activities:
Acquisition, net of cash acquired	—			(162.3		)	—			—			(162.3		)
Purchases of property, plant and equipment	—			(56.2		)	(87.0		)	—			(143.2		)
Investment in unconsolidated affiliates	—			—			(6.0		)	—			(6.0		)
Capital distributions from unconsolidated affiliates	—			—			18.9			—			18.9
Capital distributions from consolidated affiliates	8.2			—			—			(8.2		)	—
Other	—			(0.3		)	—			—			(0.3		)
Net cash provided by (used in) investing activities	8.2			(218.8		)	(74.1		)	(8.2		)	(292.9		)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt	742.5			—			—			—			742.5
Payments on long-term debt	(498.2		)	—			—			—			(498.2		)
Payments on finance leases	—			(1.6		)	—			—			(1.6		)
Net proceeds from issuance of non-controlling interest	—			—			2.8			—			2.8
Distributions to partners	(119.0		)	—			(18.5		)	—			(137.5		)
Distributions to parent	—			—			(8.2		)	8.2			—
Taxes paid for unit-based compensation vesting	—			(15.5		)	—			—			(15.5		)
Change in intercompany balances	(38.5		)	38.5			—			—			—
Net cash provided by (used in) financing activities	86.8			21.4			(23.9		)	8.2			92.5
Net change in cash	(1.4		)	—			(17.9		)	—			(19.3		)
Cash at beginning of period	1.8			—			23.6			—			25.4
Cash at end of period	$	0.4		$	—		$	5.7		$	—		$	6.1

Crestwood Midstream Partners LP
Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2019
(in millions)
(unaudited)
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities	$	(87.1	)	$	309.5		$	(27.3	)	$	—		$	195.1
Cash flows from investing activities:
Acquisition, net of cash acquired	—			—			(462.1		)	—			(462.1		)
Purchases of property, plant and equipment	—			(127.7		)	(77.0		)	—			(204.7		)
Investment in unconsolidated affiliates	—			—			(40.9		)	—			(40.9		)
Capital distributions from unconsolidated affiliates	—			—			24.2			—			24.2
Capital contributions to consolidated affiliates	(217.1		)	—			—			217.1			—
Other	—			(0.5		)	—			—			(0.5		)
Net cash provided by (used in) investing activities	(217.1		)	(128.2		)	(555.8		)	217.1			(684.0		)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt	1,544.0			—			—			—			1,544.0
Payments on long-term debt	(1,159.1		)	(0.4		)	—			—			(1,159.5		)
Payments on finance leases	—			(1.9		)	—			—			(1.9		)
Payments for debt-related deferred costs	(9.0		)	—			—			—			(9.0		)
Net proceeds from the issuance of non-controlling interest	—			—			235.0			—			235.0
Distributions to partners	(117.5		)	—			(6.6		)	—			(124.1		)
Contributions from parent	—			—			217.1			(217.1		)	—
Taxes paid for unit-based compensation vesting	—			(10.6		)	—			—			(10.6		)
Change in intercompany balances	30.7			(168.4		)	137.7			—			—
Net cash provided by (used in) financing activities	289.1			(181.3		)	583.2			(217.1		)	473.9
Net change in cash	(15.1		)	—			0.1			—			(15.0		)
Cash at beginning of period	16.5			—			—			—			16.5
Cash at end of period	$	1.4		$	—		$	0.1		$	—		$	1.5