Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2014



Condensed Consolidating Balance Sheet
March 31, 2014
(in millions)
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	0.1	$	2.6	$	5.0	$	—		$	7.7
Accounts receivable	—		160.8		237.3		(33.8		)	364.3
Inventories	—		29.1		10.7		—			39.8
Other current assets	—		25.9		13.6		—			39.5
Total current assets	0.1		218.4		266.6		(33.8		)	451.3

Property, plant and equipment, net	—		401.7		3,536.7		—			3,938.4
Goodwill and intangible assets, net	—		726.9		3,160.0		—			3,886.9
Investment in subsidiaries	5,851.2		—		—		(5,851.2		)	—
Other assets	—		9.5		194.4		—			203.9
Total assets	$	5,851.3	$	1,356.5	$	7,157.7	$	(5,885.0	)	$	8,480.5

Liabilities and partners' capital
Current liabilities:
Accounts payable	$	—	$	160.0	$	191.2	$	(33.8	)	$	317.4
Other current liabilities	8.2		33.1		162.2		—			203.5
Total current liabilities	8.2		193.1		353.4		(33.8		)	520.9

Long-term liabilities:
Long-term debt, less current portion	398.2		—		1,979.1		—			2,377.3
Other long-term liabilities	16.6		109.4		28.0		—			154.0
Total long-term liabilities	414.8		109.4		2,007.1		—			2,531.3

Partners' capital	815.1		1,054.0		184.0		(1,238.0		)	815.1
Interest of non-controlling partners in subsidiaries	4,613.2		—		4,613.2		(4,613.2		)	4,613.2
Total partners' capital	5,428.3		1,054.0		4,797.2		(5,851.2		)	5,428.3
Total liabilities and partners' capital	$	5,851.3	$	1,356.5	$	7,157.7	$	(5,885.0	)	$	8,480.5



Condensed Consolidating Balance Sheet
December 31, 2013
(in millions)
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	0.1	$	2.4	$	2.7	$	—		$	5.2
Accounts receivable	—		207.5		205.1		—			412.6
Inventories	—		66.6		7.0		—			73.6
Other current assets	—		25.8		10.2		(5.4		)	30.6
Total current assets	0.1		302.3		225.0		(5.4		)	522.0

Property, plant and equipment, net	—		400.9		3,504.4		—			3,905.3
Goodwill and intangible assets, net	—		742.4		3,170.2		—			3,912.6
Investment in subsidiary	5,927.1		—		—		(5,927.1		)	—
Other assets	—		10.2		173.1		—			183.3
Total assets	$	5,927.2	$	1,455.8	$	7,072.7	$	(5,932.5	)	$	8,523.2

Liabilities and partners' capital
Current liabilities:
Accounts payable	$	—	$	218.3	$	160.7	$	—		$	379.0
Other current liabilities	4.2		61.6		156.7		(5.4		)	217.1
Total current liabilities	4.2		279.9		317.4		(5.4		)	596.1

Long-term liabilities:
Long-term debt, less current portion	393.0		—		1,867.9		—			2,260.9
Other long-term liabilities	21.4		109.9		26.3		—			157.6
Total long-term liabilities	414.4		109.9		1,894.2		—			2,418.5

Partners' capital	831.6		1,066.0		184.1		(1,250.1		)	831.6
Interest of non-controlling partners in subsidiaries	4,677.0		—		4,677.0		(4,677.0		)	4,677.0
Total partners' capital	5,508.6		1,066.0		4,861.1		(5,927.1		)	5,508.6
Total liabilities and partners' capital	$	5,927.2	$	1,455.8	$	7,072.7	$	(5,932.5	)	$	8,523.2



Condensed Consolidating Statements of Operations
Three Months Ended March 31, 2014
(in millions)
	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Gathering and processing	$	—		$	—	$	78.6		$	—		$	78.6
Storage and transportation	—			6.7		44.3			—			51.0
NGL and crude services	—			431.2		409.9			—			841.1
Related party	—			—		4.2			(3.3		)	0.9
	—			437.9		537.0			(3.3		)	971.6

Costs of product/services sold (excluding depreciation, amortization and accretion as shown below):
Gathering and processing	—			—		7.7			—			7.7
Storage and transportation	—			3.6		3.2			—			6.8
NGL and crude services	—			384.3		376.2			—			760.5
Related party	—			3.3		11.0			(3.3		)	11.0
	—			391.2		398.1			(3.3		)	786.0

Expenses:
Operations and maintenance	—			16.1		28.0			—			44.1
General and administrative	—			3.8		24.1			—			27.9
Depreciation, amortization and accretion	—			10.7		55.6			—			66.3
Other	—			—		1.6			—			1.6
Operating income	—			16.1		29.6			—			45.7

Other income (expense):
Interest and debt expense, net	(3.6		)	—		(28.1		)	—			(31.7		)
Other	—			0.1		(0.1		)	—			—
Equity in net income of subsidiary	16.8			—		—			(16.8		)	—
Income (loss) before income taxes	13.2			16.2		1.4			(16.8		)	14.0
Provision for income taxes	—			0.1		0.7			—			0.8
Net income (loss)	13.2			16.1		0.7			(16.8		)	13.2
Net loss attributable to non-controlling partners in subsidiaries	—			—		6.4			—			6.4
Net income (loss) attributable to partners	$	13.2		$	16.1	$	7.1		$	(16.8	)	$	19.6



Condensed Consolidating Statements of Comprehensive Income
Three Months Ended March 31, 2014
(in millions)
	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net income (loss)	$	13.2		$	16.1	$	0.7	$	(16.8	)	$	13.2
Change in Suburban Propane Partners LP units	(0.8		)	—		—		—			(0.8		)
Comprehensive income (loss)	$	12.4		$	16.1	$	0.7	$	(16.8	)	$	12.4



Condensed Consolidating Statements of Cash Flows
Three Months Ended March 31, 2014
(in millions)
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities	$	—		$	14.2		$	58.1		$	—		$	72.3

Cash flows from investing activities
Acquisitions, net of cash acquired	—			—			(12.1		)	—			(12.1		)
Purchases of property, plant and equipment	—			(5.1		)	(67.7		)	—			(72.8		)
Investment in unconsolidated affiliates, net	—			—			(19.8		)	—			(19.8		)
Distributions received and other	36.1			10.5			—			(46.6		)	—
Net cash provided by (used in) investing activities	36.1			5.4			(99.6		)	(46.6		)	(104.7		)

Cash flows from financing activities:
Proceeds from the issuance of long-term debt	—			190.4			306.0			—			496.4
Principal payments on long-term debt	—			(183.8		)	(188.8		)	—			(372.6		)
Distributions paid	(36.1		)	(25.6		)	(10.5		)	46.6			(25.6		)
Distributions paid to non-controlling partners	—			—			(74.1		)	—			(74.1		)
Proceeds from issuance of preferred equity	—			—			12.3			—			12.3
Other	—			(0.4		)	(1.1		)	—			(1.5		)
Net cash provided by (used in) financing activities	(36.1		)	(19.4		)	43.8			46.6			34.9

Net increase in cash	—			0.2			2.3			—			2.5
Cash at beginning of period	0.1			2.4			2.7			—			5.2
Cash at end of period	$	0.1		$	2.6		$	5.0		$	—		$	7.7