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Investments in Unconsolidated Affiliates
 9 Months Ended
Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Affiliates Investments in Unconsolidated Affiliates
Variable Interest Entity

Crestwood Permian is a joint venture owned by Crestwood Infrastructure Holdings LLC (Crestwood Infrastructure), our wholly-owned subsidiary, and an affiliate of First Reserve Management, L.P. (First Reserve). We manage and account for our 50% ownership interest in Crestwood Permian, which is a variable interest entity, under the equity method of accounting as we exercise significant influence, but do not control Crestwood Permian and we are not its primary beneficiary due to First Reserve’s rights to exercise control over the entity.
Net Investments and Earnings

Our net investments in and earnings from our unconsolidated affiliates are as follows (in millions):
InvestmentEarnings (Loss) from
Unconsolidated Affiliates		Earnings (Loss) from
Unconsolidated Affiliates
September 30,December 31,Three Months Ended September 30,Nine Months Ended September 30,
202020192020201920202019
Stagecoach Gas Services LLC(1)
$798.2 $814.4 $9.9 $10.5 $28.3 $23.9 
Crestwood Permian Basin Holdings LLC(2)
113.4 121.8 0.5 (0.5)0.3 (7.2)
Tres Palacios Holdings LLC(3)
37.7 35.9 0.1 0.5 0.2 0.8 
Powder River Basin Industrial Complex, LLC(4)
3.7 8.3 — (0.1)(4.4)(0.2)
Jackalope Gas Gathering Services, L.L.C.(5)
— — — — — 3.7 
Total$953.0 $980.4 $10.5 $10.4 $24.4 $21.0 

(1)As of September 30, 2020, our equity in the underlying net assets of Stagecoach Gas Services LLC (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. Our Stagecoach Gas investment is included in our storage and transportation segment.
(2)As of September 30, 2020, our equity in the underlying net assets of Crestwood Permian exceeded our investment balance by $9.3 million, and this excess amount is not subject to amortization. Our Crestwood Permian investment is included in our gathering and processing segment.
(3)As of September 30, 2020, our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded our investment balance by approximately $23.1 million. Our Tres Holdings investment is included in our storage and transportation segment.
(4)As of September 30, 2020, our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) approximates our investment balance. During the first quarter of 2020, we recorded our share of a long-lived asset impairment recorded by our PRBIC equity investment, which eliminated our $5.5 million historical basis difference between our investment balance and the equity in the underlying net assets of PRBIC, and also resulted in a $4.5 million reduction in our earnings from unconsolidated affiliates during the nine months ended September 30, 2020. Our PRBIC investment is included in our storage and transportation segment.
(5)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. As a result of this transaction, we eliminated our historical equity investment in Jackalope and began consolidating Jackalope’s operations. Our Jackalope investment was included in our gathering and processing segment.

Summarized Financial Information of Unconsolidated Affiliates

Below is the summarized operating results for our significant unconsolidated affiliates (in millions; amounts represent 100% of unconsolidated affiliate information):
Nine Months Ended September 30,
20202019
Operating RevenuesOperating ExpensesNet Income (Loss)Operating RevenuesOperating ExpensesNet Income (Loss)
Stagecoach Gas$115.3 $58.9 $56.5 $120.8 $61.1 $60.0 
Other(1)
91.2 113.0 (21.0)84.3 92.1 (8.9)
Total$206.5 $171.9 $35.5 $205.1 $153.2 $51.1 

(1)Includes our Crestwood Permian, Tres Holdings and PRBIC equity investments during the nine months ended September 30, 2020 and 2019, and our Jackalope equity investment during the nine months ended September 30, 2019 (prior to the acquisition of the remaining 50% equity interest from Williams in April 2019). 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 Tres Holdings equity investment of $0.9 million during both the nine months ended September 30, 2020 and 2019. We recorded amortization of the excess basis in our PRBIC and Jackalope equity investments of $0.3 million and less than $0.1 million, respectively, during the nine months ended September 30, 2019.
Distributions and Contributions

The following table summarizes our distributions from and contributions to our unconsolidated affiliates (in millions):
Distributions(1)
Contributions
Nine Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Stagecoach Gas$44.5 $37.2 $— $— 
Crestwood Permian8.5 2.9 — 21.4 
Tres Holdings4.4 3.5 6.0 6.3 
PRBIC0.2 — — 0.2 
Jackalope— 11.6 — 24.4 
Total$57.6 $55.2 $6.0 $52.3 

(1)    In October 2020, we received cash distributions from Stagecoach Gas, Crestwood Permian and Tres Holdings of approximately $15.3 million, $3.4 million and $2.0 million, respectively.

Other

Contingent Consideration. Pursuant to the Stagecoach Gas limited liability company agreement, we may be required to make payments of up to $57 million to Con Edison Gas Pipeline and Storage Northeast, LLC after December 31, 2020 if certain criteria are not met by Stagecoach Gas by December 31, 2020, including achieving certain performance targets on growth capital projects. These growth capital projects depend on the construction of third-party expansion projects, and those third-party projects experienced regulatory and other delays that caused Stagecoach Gas to delay its growth capital projects. As a result, our consolidated balance sheet at September 30, 2020 reflects a $19 million current liability included in accrued expenses and other liabilities and a $38 million other long-term liability related to the anticipated settlement of this obligation.
Guarantee. CEQP issued a guarantee under which CEQP would be required to pay up to $10 million if Crestwood Permian fails to honor its obligations to Crestwood Permian Basin LLC, a 50% equity investment of Crestwood Permian, in the event Crestwood Permian Basin LLC fails to satisfy its obligations under its gas gathering agreement. We do not believe that it is probable that this guarantee will result in future losses based on our assessment of the nature of the guarantee, the financial condition of the guaranteed party and the period of time that the guarantee has been outstanding, and as a result, we have not recorded a liability related to this guarantee on our consolidated balance sheets at September 30, 2020 and December 31, 2019.