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Condensed Consolidating Financial Information
9 Months Ended
Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Financial Information Condensed Consolidating Financial Information
Crestwood Midstream is a holding company (Parent) and owns no operating assets and has no significant operations independent of its subsidiaries. Obligations under Crestwood Midstream’s senior notes and its credit facility are jointly and severally guaranteed by substantially all of its subsidiaries, except for Crestwood Infrastructure, Crestwood Niobrara, Crestwood Pipeline and Storage Northeast LLC, PRBIC and Tres Holdings and their respective subsidiaries (collectively, Non-Guarantor Subsidiaries). Crestwood Midstream Finance Corp., the co-issuer of the senior notes, is Crestwood Midstream’s 100% owned subsidiary and has no material assets, operations, revenues or cash flows other than those related to its service as co-issuer of the Crestwood Midstream senior notes.

The tables below present condensed consolidating financial statements for Crestwood Midstream as Parent on a stand-alone, unconsolidated basis, and Crestwood Midstream’s combined guarantor and combined non-guarantor subsidiaries as of September 30, 2020 and December 31, 2019, and for the three and nine months ended September 30, 2020 and 2019.  The financial information may not necessarily be indicative of the results of operations, cash flows or financial position had the subsidiaries operated as independent entities.
Crestwood Midstream Partners LP
Condensed Consolidating Balance Sheet
September 30, 2020
(in millions)
(unaudited)
ParentGuarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
EliminationsConsolidated
Assets
Current assets:
Cash $0.3 $— $13.4 $— $13.7 
Accounts receivable— 203.8 18.3 — 222.1 
Inventory— 100.1 — — 100.1 
Other current assets— 59.3 0.2 — 59.5 
Total current assets0.3 363.2 31.9 — 395.4 
Property, plant and equipment, net— 2,323.3 776.2 — 3,099.5 
Goodwill and intangible assets, net— 668.1 280.1 — 948.2 
Operating lease right-of-use assets, net— 37.0 2.6 — 39.6 
Investments in consolidated affiliates4,437.6 — — (4,437.6)— 
Investments in unconsolidated affiliates— — 953.0 — 953.0 
Other non-current assets— 2.6 0.5 — 3.1 
Total assets$4,437.9 $3,394.2 $2,044.3 $(4,437.6)$5,438.8 
Liabilities and capital
Current liabilities:
Accounts payable$— $136.2 $2.4 $— $138.6 
Other current liabilities51.5 120.1 22.8 — 194.4 
Total current liabilities51.5 256.3 25.2 — 333.0 
Long-term liabilities:
Long-term debt, less current portion2,548.9 — — — 2,548.9 
Other long-term liabilities— 159.2 128.0 — 287.2 
Deferred income taxes— 0.6 — — 0.6 
Total liabilities2,600.4 416.1 153.2 — 3,169.7 
Interest of non-controlling partner in subsidiary
— — 431.6 — 431.6 
Partners’ capital1,837.5 2,978.1 1,459.5 (4,437.6)1,837.5 
Total liabilities and capital$4,437.9 $3,394.2 $2,044.3 $(4,437.6)$5,438.8 
Crestwood Midstream Partners LP
Condensed Consolidating Balance Sheet
December 31, 2019
(in millions)
ParentGuarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
EliminationsConsolidated
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 assets1.8 337.4 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 affiliates4,451.6 — — (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 liabilities25.8 123.9 17.6 — 167.3 
Total current liabilities25.8 299.8 28.3 — 353.9 
Long-term liabilities:
Long-term debt, less current portion2,328.3 — — — 2,328.3 
Other long-term liabilities— 174.8 120.8 — 295.6 
Deferred income taxes— 0.7 — — 0.7 
Total liabilities2,354.1 475.3 149.1 — 2,978.5 
Interest of non-controlling partner in subsidiary
— — 426.2 — 426.2 
Partners’ capital2,099.3 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)$5,504.0 
Crestwood Midstream Partners LP
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2020
(in millions)
(unaudited)
ParentGuarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
EliminationsConsolidated
Revenues$— $506.6 $12.6 $— $519.2 
Costs of product/services sold
— 358.7 — — 358.7 
Operating expenses and other:
Operations and maintenance— 26.1 4.9 — 31.0 
General and administrative10.4 8.1 — — 18.5 
Depreciation, amortization and accretion— 49.7 14.5 — 64.2 
(Gain) loss on long-lived assets, net— 22.2 (0.9)— 21.3 
10.4 106.1 18.5 — 135.0 
Operating income (loss)(10.4)41.8 (5.9)— 25.5 
Earnings from unconsolidated affiliates, net — — 10.5 — 10.5 
Interest and debt expense, net(33.6)(0.1)— — (33.7)
Equity in net income (loss) of subsidiaries36.0 — — (36.0)— 
Net income (loss)(8.0)41.7 4.6 (36.0)2.3 
Net income attributable to non-controlling partner in subsidiary
— — 10.3 — 10.3 
Net income (loss) attributable to Crestwood Midstream Partners LP
$(8.0)$41.7 $(5.7)$(36.0)$(8.0)
Crestwood Midstream Partners LP
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2019
(in millions)
(unaudited)
ParentGuarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
EliminationsConsolidated
Revenues$— $801.1 $23.2 $(0.7)$823.6 
Costs of product/services sold
— 657.4 0.7 (0.7)657.4 
Operating expenses:
Operations and maintenance— 30.8 5.2 — 36.0 
General and administrative10.7 13.0 — — 23.7 
Depreciation, amortization and accretion— 45.5 9.6 — 55.1 
Loss on long-lived assets, net— 0.1 — — 0.1 
10.7 89.4 14.8 — 114.9 
Operating income (loss)(10.7)54.3 7.7 — 51.3 
Earnings from unconsolidated affiliates, net — — 10.4 — 10.4 
Interest and debt expense, net(30.7)— 0.1 — (30.6)
Equity in net income (loss) of subsidiaries62.7 — — (62.7)— 
Income (loss) before income taxes21.3 54.3 18.2 (62.7)31.1 
Benefit for income taxes— 0.1 — — 0.1 
Net income (loss)21.3 54.4 18.2 (62.7)31.2 
Net income attributable to non-controlling partner in subsidiary
— — 9.9 — 9.9 
Net income (loss) attributable to Crestwood Midstream Partners LP
$21.3 $54.4 $8.3 $(62.7)$21.3 
Crestwood Midstream Partners LP
Condensed Consolidating Statement of Operations
Nine Months Ended September 30, 2020
(in millions)
(unaudited)
ParentGuarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
EliminationsConsolidated
Revenues$— $1,543.5 $56.3 $— $1,599.8 
Costs of product/services sold
— 1,118.6 0.2 — 1,118.8 
Operating expenses and other:
Operations and maintenance— 84.4 15.8 — 100.2 
General and administrative43.1 17.3 — — 60.4 
Depreciation, amortization and accretion— 147.8 40.6 — 188.4 
Loss on long-lived assets, net— 25.2 0.9 — 26.1 
Goodwill impairment— — 80.3 — 80.3 
43.1 274.7 137.6 — 455.4 
Operating income (loss)(43.1)150.2 (81.5)— 25.6 
Earnings from unconsolidated affiliates, net — — 24.4 — 24.4 
Interest and debt expense, net(99.9)(0.4)— — (100.3)
Equity in net income (loss) of subsidiaries62.5 — — (62.5)— 
Income (loss) before income taxes(80.5)149.8 (57.1)(62.5)(50.3)
Benefit for income taxes— 0.2 — — 0.2 
Net income (loss)(80.5)150.0 (57.1)(62.5)(50.1)
Net income attributable to non-controlling partner
— — 30.4 — 30.4 
Net income (loss) attributable to Crestwood Midstream Partners LP
$(80.5)$150.0 $(87.5)$(62.5)$(80.5)
Crestwood Midstream Partners LP
Condensed Consolidating Statement of Operations
Nine Months Ended September 30, 2019
(in millions)
(unaudited)
ParentGuarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
EliminationsConsolidated
Revenues$— $2,299.5 $43.4 $(0.7)$2,342.2 
Costs of product/services sold
— 1,890.2 0.7 (0.7)1,890.2 
Operating expenses and other:
Operations and maintenance— 86.9 12.4 — 99.3 
General and administrative39.1 41.5 — — 80.6 
Depreciation, amortization and accretion— 131.9 19.3 — 151.2 
Loss on long-lived assets, net— 2.1 — — 2.1 
Gain on acquisition— — (209.4)— (209.4)
39.1 262.4 (177.7)— 123.8 
Operating income (loss)(39.1)146.9 220.4 — 328.2 
Earnings from unconsolidated affiliates, net — — 21.0 — 21.0 
Interest and debt income (expense), net(83.4)— 0.1 — (83.3)
Equity in net income (loss) of subsidiaries363.7 — — (363.7)— 
Income (loss) before income taxes241.2 146.9 241.5 (363.7)265.9 
Provision for income taxes— (0.2)— — (0.2)
Net income (loss)241.2 146.7 241.5 (363.7)265.7 
Net income attributable to non-controlling partner in subsidiary
— — 24.5 — 24.5 
Net income (loss) attributable to Crestwood Midstream Partners LP
$241.2 $146.7 $217.0 $(363.7)$241.2 
Crestwood Midstream Partners LP
Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2020
(in millions)
(unaudited)
ParentGuarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
EliminationsConsolidated
Cash flows from operating activities$(112.4)$314.3 $92.1 $— $294.0 
Cash flows from investing activities:
Acquisition, net of cash acquired— (162.3)— — (162.3)
Purchases of property, plant and equipment— (66.1)(92.7)— (158.8)
Investment in unconsolidated affiliates— — (6.0)— (6.0)
Capital distributions from unconsolidated affiliates
— — 27.8 — 27.8 
Capital distributions from consolidated affiliates
7.4 — — (7.4)— 
Other— 0.6 1.0 — 1.6 
Net cash provided by (used in) investing activities7.4 (227.8)(69.9)(7.4)(297.7)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt947.0 — — — 947.0 
Payments on long-term debt(731.1)— — — (731.1)
Payments on finance leases— (2.4)— — (2.4)
Net proceeds from issuance of non-controlling interest
— — 2.8 — 2.8 
Distributions to partners(180.9)— (27.8)— (208.7)
Distributions to parent— — (7.4)7.4 — 
Taxes paid for unit-based compensation vesting— (15.6)— — (15.6)
Change in intercompany balances68.5 (68.5)— — — 
Net cash provided by (used in) financing activities103.5 (86.5)(32.4)7.4 (8.0)
Net change in cash(1.5)— (10.2)— (11.7)
Cash at beginning of period1.8 — 23.6 — 25.4 
Cash at end of period$0.3 $— $13.4 $— $13.7 
Crestwood Midstream Partners LP
Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2019
(in millions)
(unaudited)
ParentGuarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
EliminationsConsolidated
Cash flows from operating activities$(100.2)$322.1 $59.1 $— $281.0 
Cash flows from investing activities:
Acquisition, net of cash acquired— — (462.1)— (462.1)
Purchases of property, plant and equipment— (209.6)(137.4)— (347.0)
Investment in unconsolidated affiliates— — (52.3)— (52.3)
Capital distributions from unconsolidated affiliates
— — 27.3 — 27.3 
Capital contributions to consolidated affiliates
(239.6)— — 239.6 — 
Other
— (0.4)— — (0.4)
Net cash provided by (used in) investing activities(239.6)(210.0)(624.5)239.6 (834.5)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt1,993.7 — — — 1,993.7 
Payments on long-term debt(1,474.3)(0.9)— — (1,475.2)
Payments on finance leases— (2.6)— — (2.6)
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(177.3)— (15.8)— (193.1)
Contributions from parent— — 239.6 (239.6)— 
Taxes paid for unit-based compensation vesting— (10.9)— — (10.9)
Change in intercompany balances(9.3)(97.7)107.0 — — 
Net cash provided by (used in) financing activities323.8 (112.1)565.8 (239.6)537.9 
Net change in cash(16.0)— 0.4 — (15.6)
Cash at beginning of period16.5 — — — 16.5 
Cash at end of period$0.5 $— $0.4 $— $0.9