Investments in Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Net Investments and Earnings

Our net investments in and earnings from our unconsolidated affiliates are as follows (in millions):


	Investment				Earnings (Loss) from Unconsolidated Affiliates				Earnings (Loss) from Unconsolidated Affiliates
	September 30,		December 31,		Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019		2020		2019
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,
	2020						2019
	Operating Revenues		Operating Expenses		Net Income (Loss)		Operating Revenues		Operating Expenses		Net 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,
	2020		2019		2020		2019
Stagecoach Gas	$	44.5	$	37.2	$	—	$	—
Crestwood Permian	8.5		2.9		—		21.4
Tres Holdings	4.4		3.5		6.0		6.3
PRBIC	0.2		—		—		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.