Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet September 30, 2020 (in millions) (unaudited)
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
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 assets	0.3		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 affiliates	4,437.6		—		—		(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 liabilities	51.5		120.1		22.8		—		194.4
Total current liabilities	51.5		256.3		25.2		—		333.0
Long-term liabilities:
Long-term debt, less current portion	2,548.9		—		—		—		2,548.9
Other long-term liabilities	—		159.2		128.0		—		287.2
Deferred income taxes	—		0.6		—		—		0.6
Total liabilities	2,600.4		416.1		153.2		—		3,169.7
Interest of non-controlling partner in subsidiary	—		—		431.6		—		431.6
Partners’ capital	1,837.5		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)
	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 September 30, 2020 (in millions) (unaudited)
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
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 administrative	10.4		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 subsidiaries	36.0		—		—		(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)
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
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 administrative	10.7		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 subsidiaries	62.7		—		—		(62.7)		—
Income (loss) before income taxes	21.3		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)
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
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 administrative	43.1		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 subsidiaries	62.5		—		—		(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)
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
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 administrative	39.1		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 subsidiaries	363.7		—		—		(363.7)		—
Income (loss) before income taxes	241.2		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

Condensed Cash Flow Statement

Crestwood Midstream Partners LP Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2020 (in millions) (unaudited)
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
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 activities	7.4		(227.8)		(69.9)		(7.4)		(297.7)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt	947.0		—		—		—		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 balances	68.5		(68.5)		—		—		—
Net cash provided by (used in) financing activities	103.5		(86.5)		(32.4)		7.4		(8.0)
Net change in cash	(1.5)		—		(10.2)		—		(11.7)
Cash at beginning of period	1.8		—		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)
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
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 debt	1,993.7		—		—		—		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 activities	323.8		(112.1)		565.8		(239.6)		537.9
Net change in cash	(16.0)		—		0.4		—		(15.6)
Cash at beginning of period	16.5		—		—		—		16.5
Cash at end of period	$	0.5	$	—	$	0.4	$	—	$	0.9