Investments in Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

Investments in Unconsolidated Affiliates

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
					Three Months Ended
	March 31,		December 31,		March 31,
	2022		2021		2022		2021
Crestwood Permian Basin Holdings LLC(1)	$	118.7	$	116.1	$	2.6	$	(0.8)
Tres Palacios Holdings LLC(2)	42.8		36.2		0.6		9.3
Powder River Basin Industrial Complex, LLC(3)	3.3		3.5		(0.2)		0.1
Stagecoach Gas Services LLC(4)	—		—		—		(112.3)
Total	$	164.8	$	155.8	$	3.0	$	(103.7)

(1)As of March 31, 2022, our equity in the underlying net assets of Crestwood Permian Basin Holdings LLC (Crestwood Permian) exceeded our investment balance by $4.6 million, and this excess amount is not subject to amortization. Our Crestwood Permian investment is included in our gathering and processing south segment.

(2)As of March 31, 2022, our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded the carrying value of our investment balance by approximately $21.2 million. During both the three months ended March 31, 2022 and 2021, we recorded amortization of approximately $0.3 million 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 logistics segment.

(3)As of March 31, 2022, our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) approximates the carrying value of our investment balance. Our PRBIC investment is included in our storage and logistics segment.

(4)In 2021, we sold our 50% equity interest in our Stagecoach Gas Services LLC (Stagecoach Gas) equity investment to a subsidiary of Kinder Morgan, Inc. During the first quarter of 2021, we recorded our share of a goodwill impairment recorded by Stagecoach Gas based on market-based information received by Stagecoach Gas from Con Edison Gas Pipeline and Storage Northeast, LLC’s (the previous owner of the other 50% equity interest in Stagecoach Gas) strategic evaluation of its investment during the three months ended March 31, 2021. This resulted in a $119.9 million reduction in our earnings from unconsolidated affiliates during the three months ended March 31, 2021. Our Stagecoach Gas investment was previously included in our storage and logistics segment.

Distributions and Contributions

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

	Distributions(1)				Contributions
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
Crestwood Permian	$	8.5	$	3.3	$	8.5	$	3.3
Tres Holdings	—		—		6.0		6.9
PRBIC	—		0.1		—		—
Stagecoach Gas	—		14.0		—		—
Total	$	8.5	$	17.4	$	14.5	$	10.2

(1)    In April 2022, we received cash distributions from Crestwood Permian and Tres Holdings of approximately $5.1 million and $1.4 million, respectively.