Investments in Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Net Investments and Earnings (Loss) of Unconsolidated Affiliates

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


	Investment				Earnings (Loss) from Unconsolidated Affiliates				Earnings (Loss) from Unconsolidated Affiliates
					Three Months Ended				Nine Months Ended
	September 30,		December 31,		September 30,				September 30,
	2021		2020		2021		2020		2021		2020
Stagecoach Gas Services LLC(1)	$	15.2	$	792.5	$	0.9	$	9.9	$	(139.4)	$	28.3
Tres Palacios Holdings LLC(2)	38.4		35.5		(0.1)		0.1		9.1		0.2
Powder River Basin Industrial Complex, LLC(3)	3.5		3.6		(0.1)		—		—		(4.4)
Crestwood Permian Basin Holdings LLC(4)	110.9		112.1		4.2		0.5		4.4		0.3
Total	$	168.0	$	943.7	$	4.9	$	10.5	$	(125.9)	$	24.4

(1)As of September 30, 2021, our equity in the underlying net assets of Stagecoach Gas approximates the carrying value of our investment.

(2)As of September 30, 2021, our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded the carrying value of our investment balance by approximately $21.8 million. During both the three and nine months ended September 30, 2021 and 2020, we recorded amortization of approximately $0.3 million and $0.9 million, respectively, related to this excess basis, which is reflected as an increase in our earnings from unconsolidated affiliates in our consolidated statements of operations. Our Tres Holdings investment is included in our storage and transportation segment.

(3)As of September 30, 2021, our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) approximates the carrying value of 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.

(4)As of September 30, 2021, our equity in the underlying net assets of Crestwood Permian exceeded our investment balance by $7.5 million, and this excess amount is not subject to amortization. Our Crestwood Permian investment is included in our gathering and processing segment and is no longer considered a variable interest entity.

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,
	2021						2020
	Operating Revenues		Operating Expenses		Net Income (Loss)		Operating Revenues		Operating Expenses		Net Income (Loss)
Stagecoach Gas	$	81.4	$	456.9	$	(375.5)	$	115.3	$	58.9	$	56.5


Other(1)	232.4		208.2		24.9		91.2		113.0		(21.0)
Total	$	313.8	$	665.1	$	(350.6)	$	206.5	$	171.9	$	35.5

(1)Includes our Tres Holdings, PRBIC and Crestwood Permian equity investments.

Distributions and Contributions

The following table summarizes our distributions from and contributions to our unconsolidated affiliates (in millions):


	Distributions(1)				Contributions
	Nine Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Stagecoach Gas	$	640.9	$	44.5	$	—	$	—
Tres Holdings	13.1		4.4		6.9		6.0
PRBIC	0.1		0.2		—		—
Crestwood Permian	8.9		8.5		3.3		—
Total	$	663.0	$	57.6	$	10.2	$	6.0

(1) In July 2021, Stagecoach Gas closed on the sale of certain of its wholly-owned subsidiaries to a subsidiary of Kinder Morgan and distributed to us approximately $613.9 million as our proportionate share of the gross proceeds received from the sale. We utilized approximately $3 million of these proceeds to pay transaction costs related to the sale described above, $40 million of these proceeds to pay our remaining contingent consideration obligation and related accrued interest described below, and the remaining proceeds to repay a portion of the amounts outstanding under the Crestwood Midstream credit facility. In October 2021, we received cash distributions from Tres Holdings and Crestwood Permian of approximately $2.4 million and $7.4 million, respectively.