Supplemental Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2014

Supplemental Condensed Consolidating Financial Information

Schedule of condensed consolidating balance sheets

Condensed Consolidating Balance Sheets

	As of June 30, 2014
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	15	$	51,580	$	247,817	$	—		$	299,412
Restricted cash	—		—		10,000		—			10,000
Receivables and other current assets	5,094		273,520		138,497		—			417,111
Intercompany receivables	2,012,956		76,174		67,906		(2,157,036		)	—
Fair value of derivative instruments	—		4,828		1,107		—			5,935
Receivables from unconsolidated affiliates	—		1,546		12,431		—			13,977
Total current assets	2,018,065		407,648		477,758		(2,157,036		)	746,435
Total property, plant and equipment, net	8,340		2,139,094		5,650,985		(61,531		)	7,736,888
Other long-term assets:
Restricted cash	—		—		10,000		—			10,000
Investment in unconsolidated affiliates	—		81,843		558,603		(10,519		)	629,927
Investment in consolidated affiliates	5,813,027		5,523,135		—		(11,336,162		)	—
Intangibles, net of accumulated amortization	—		571,361		270,866		—			842,227
Intercompany notes receivable	137,000		—		—		(137,000		)	—
Other long-term assets	49,898		92,065		75,950		—			217,913
Total assets	$	8,026,330	$	8,815,146	$	7,044,162	$	(13,702,248	)	$	10,183,390
LIABILITIES AND EQUITY
Current liabilities:
Intercompany payables	$	3,109	$	2,074,930	$	78,997	$	(2,157,036	)	$	—
Fair value of derivative instruments	—		20,288		1,642		—			21,930
Other current liabilities	58,602		284,191		380,010		(2,262		)	720,541
Total current liabilities	61,711		2,379,409		460,649		(2,159,298		)	742,471
Deferred income taxes	3,815		301,710		—		—			305,525
Long-term intercompany financing payable	—		137,000		96,296		(233,296		)	—
Fair value of derivative instruments	—		35,668		—		—			35,668
Long-term debt, net of discounts	3,464,637		—		—		—			3,464,637
Other long-term liabilities	6,657		148,332		7,839		—			162,828
Redeemable non-controlling interest	—		—		—		70,711			70,711
Equity:
Common Units	3,887,485		5,813,027		6,479,378		(12,265,897		)	3,913,993
Class B Units	602,025		—		—		—			602,025
Non-controlling interest in consolidated subsidiaries	—		—		—		885,532			885,532
Total equity	4,489,510		5,813,027		6,479,378		(11,380,365		)	5,401,550
Total liabilities and equity	$	8,026,330	$	8,815,146	$	7,044,162	$	(13,702,248	)	$	10,183,390

	As of December 31, 2013
	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	224	$	79,363	$	5,718	$	—		$	85,305
Restricted cash	—		—		10,000		—			10,000
Receivables and other current assets	6,248		266,610		134,880		—			407,738
Intercompany receivables	1,194,955		78,010		125,115		(1,398,080		)	—
Fair value of derivative instruments	—		10,444		1,013		—			11,457
Total current assets	1,201,427		434,427		276,726		(1,398,080		)	514,500
Total property, plant and equipment, net	5,379		2,149,845		5,622,602		(84,657		)	7,693,169
Other long-term assets:
Restricted cash	—		—		10,000		—			10,000
Investment in unconsolidated affiliates	—		75,627		—		—			75,627
Investment in consolidated affiliates	5,741,374		4,541,617		—		(10,282,991		)	—
Intangibles, net of accumulated amortization	—		595,995		278,797		—			874,792
Fair value of derivative instruments	—		505		—		—			505
Intercompany notes receivable	151,200		—		—		(151,200		)	—
Other long-term assets	52,338		92,276		83,216		—			227,830
Total assets	$	7,151,718	$	7,890,292	$	6,271,341	$	(11,916,928	)	$	9,396,423
LIABILITIES AND EQUITY
Current liabilities:
Intercompany payables	$	—	$	1,315,707	$	82,373	$	(1,398,080	)	$	—
Fair value of derivative instruments	—		26,382		2,456		—			28,838
Other current liabilities	58,110		199,146		583,810		(2,131		)	838,935
Total current liabilities	58,110		1,541,235		668,639		(1,400,211		)	867,773
Deferred income taxes	3,407		284,159		—		—			287,566
Long-term intercompany financing payable	—		151,200		97,461		(248,661		)	—
Fair value of derivative instruments	—		27,763		—		—			27,763
Long-term debt, net of discounts	3,023,071		—		—		—			3,023,071
Other long-term liabilities	3,745		144,561		8,194		—			156,500
Redeemable non-controlling interest	—		—		—		235,617			235,617
Equity:
Common Units	3,461,360		5,741,374		5,497,047		(11,223,486		)	3,476,295
Class B Units	602,025		—		—		—			602,025
Non-controlling interest in consolidated subsidiaries	—		—		—		719,813			719,813
Total equity	4,063,385		5,741,374		5,497,047		(10,503,673		)	4,798,133
Total liabilities and equity	$	7,151,718	$	7,890,292	$	6,271,341	$	(11,916,928	)	$	9,396,423

Schedule of condensed consolidating statements of operations

Condensed Consolidating Statements of Operations

	Three months ended June 30, 2014
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Total revenue	$	—		$	318,408		$	209,800		$	(9,842	)	$	518,366
Operating expenses:
Purchased product costs	—			180,638			47,150			—			227,788
Facility expenses	—			42,567			44,311			(1,288		)	85,590
Selling, general and administrative expenses	10,760			7,795			12,416			(3,270		)	27,701
Depreciation and amortization	288			49,719			71,409			(1,373		)	120,043
Other operating expenses (income)	—			352			6,536			(5,270		)	1,618
Total operating expenses	11,048			281,071			181,822			(11,201		)	462,740
(Loss) income from operations	(11,048		)	37,337			27,978			1,359			55,626
Earnings from consolidated affiliates	54,074			18,928			—			(73,002		)	—
Other expense, net	(44,526		)	(5,382		)	(4,978		)	9,368			(45,518		)
Income before provision for income tax	(1,500		)	50,883			23,000			(62,275		)	10,108
Provision for income tax (benefit) expense	251			(3,191		)	—			—			(2,940		)
Net income	(1,751		)	54,074			23,000			(62,275		)	13,048
Net income attributable to non-controlling interest	—			—			—			(4,071		)	(4,071		)
Net income attributable to the Partnership’s unitholders	$	(1,751	)	$	54,074		$	23,000		$	(66,346	)	$	8,977

	Three months ended June 30, 2013
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Total revenue	$	—		$	298,097		$	126,515		$	(9,492	)	$	415,120
Operating expenses:
Purchased product costs	—			117,813			17,114			—			134,927
Facility expenses	—			34,497			29,485			(385		)	63,597
Selling, general and administrative expenses	12,074			6,646			8,451			(1,672		)	25,499
Depreciation and amortization	242			45,457			44,292			(1,337		)	88,654
Other operating expenses (income)	—			573			(40,233		)	2,081			(37,579		)
Total operating expenses	12,316			204,986			59,109			(1,313		)	275,098
(Loss) income from operations	(12,316		)	93,111			67,406			(8,179		)	140,022
Earnings from consolidated affiliates	132,913			62,611			—			(195,524		)	—
Other expense, net	(40,102		)	(6,820		)	(2,997		)	11,678			(38,241		)
Income before provision for income tax	80,495			148,902			64,409			(192,025		)	101,781
Provision for income tax (benefit) expense	294			15,989			—			—			16,283
Net income	80,201			132,913			64,409			(192,025		)	85,498
Net income attributable to non-controlling interest	—			—			—			(1,799		)	(1,799		)
Net income attributable to the Partnership’s unitholders	$	80,201		$	132,913		$	64,409		$	(193,824	)	$	83,699

	Six months ended June 30, 2014
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Total revenue	$	—		$	643,909		$	408,918		$	(21,985	)	$	1,030,842
Operating expenses:
Purchased product costs	—			345,821			85,733			—			431,554
Facility expenses	—			79,600			92,682			(3,255		)	169,027
Selling, general and administrative expenses	24,415			18,311			25,765			(5,500		)	62,991
Depreciation and amortization	568			98,839			141,222			(2,679		)	237,950
Other operating expenses (income)	—			193			6,770			(5,270		)	1,693
Total operating expenses	24,983			542,764			352,172			(16,704		)	903,215
(Loss) income from operations	(24,983		)	101,145			56,746			(5,281		)	127,627
Earnings from consolidated affiliates	121,784			41,317			—			(163,101		)	—
Other expense, net	(87,688		)	(11,480		)	(7,934		)	18,045			(89,057		)
Income before provision for income tax	9,113			130,982			48,812			(150,337		)	38,570
Provision for income tax (benefit) expense	408			9,198			—			—			9,606
Net income	8,705			121,784			48,812			(150,337		)	28,964
Net income attributable to non-controlling interest	—			—			—			(7,495		)	(7,495		)
Net (loss) income attributable to the Partnership’s unitholders	$	8,705		$	121,784		$	48,812		$	(157,832	)	$	21,469

	Six months ended June 30, 2013
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Total revenue	$	—		$	569,065		$	235,857		$	(16,529	)	$	788,393
Operating expenses:
Purchased product costs	—			240,763			36,017			—			276,780
Facility expenses	—			66,775			56,387			(387		)	122,775
Selling, general and administrative expenses	24,108			13,619			15,528			(2,514		)	50,741
Depreciation and amortization	519			89,510			84,295			(2,823		)	171,501
Other operating expenses (income)	—			1,338			(40,507		)	2,080			(37,089		)
Total operating expenses	24,627			412,005			151,720			(3,644		)	584,708
(Loss) income from operations	(24,627		)	157,060			84,137			(12,885		)	203,685
Earnings from consolidated affiliates	202,874			81,729			—			(284,603		)	—
Loss on redemption of debt	(38,455		)	—			—			—			(38,455		)
Other expense, net	(83,102		)	(13,236		)	(6,282		)	24,597			(78,023		)
Income before provision for income tax	56,690			225,553			77,855			(272,891		)	87,207
Provision for income tax (benefit) expense	161			22,679			—			—			22,840
Net income	56,529			202,874			77,855			(272,891		)	64,367
Net income attributable to non-controlling interest	—			—			—			3,874			3,874
Net (loss) income attributable to the Partnership’s unitholders	$	56,529		$	202,874		$	77,855		$	(269,017	)	$	68,241

Schedule of condensed consolidating statements of cash flows

Condensed Consolidating Statements of Cash Flows

	Six months ended June 30, 2014
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net cash (used in) provided by operating activities	$	(97,223	)	$	263,284		$	187,138		$	3,624		$	356,823
Cash flows from investing activities:
Capital expenditures	(5,116		)	(108,203		)	(1,157,346		)	(4,658		)	(1,275,323		)
Equity investments in consolidated affiliates	(30,038		)	(1,090,000		)	—			1,120,038			—
Investment in unconsolidated affiliates	—			(8,540		)	(67,514		)	—			(76,054		)
Distributions from consolidated affiliates	63,158			151,110			—			(214,268		)	—
Investment in intercompany notes, net	14,200			—			—			(14,200		)	—
Proceeds from disposal of property, plant and equipment	—			4,164			17,398			—			21,562
Proceeds from sale of equity interest in unconsolidated affiliate	—			—			324,657			—			324,657
Net cash flows provided by (used in) investing activities	42,204			(1,051,469		)	(882,805		)	886,912			(1,005,158		)
Cash flows from financing activities:
Proceeds from public equity offerings, net	711,837			—			—			—			711,837
Proceeds from Credit Facility	1,923,500			—			—			—			1,923,500
Payments Credit Facility	(1,482,300		)	—			—			—			(1,482,300		)
Payments related to intercompany financing, net	—			(14,200		)	(1,034		)	15,234			—
Payments for debt issue costs and deferred financing costs	(2,045		)	—			—			—			(2,045		)
Contributions from parent and affiliates	—			30,038			1,090,000			(1,120,038		)	—
Share-based payment activity	(8,943		)	—			—			—			(8,943		)
Payment of distributions	(278,316		)	(63,158		)	(151,200		)	214,268			(278,406		)
Payments of SMR liability	—			(1,201		)	—			—			(1,201		)
Intercompany advances, net	(808,923		)	808,923			—			—			—
Net cash flows (used in) provided by financing activities	54,810			760,402			937,766			(890,536		)	862,442
Net (decrease) increase in cash	(209		)	(27,783		)	242,099			—			214,107
Cash and cash equivalents at beginning of year	224			79,363			5,718			—			85,305
Cash and cash equivalents at end of period	$	15		$	51,580		$	247,817		$	—		$	299,412

	Six months ended June 30, 2013
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net cash (used in) provided by operating activities	$	(79,362	)	$	129,228		$	116,760		$	10,970		$	177,596
Cash flows from investing activities:
Restricted cash	—			—			25,500			—			25,500
Capital expenditures	(480		)	(53,319		)	(1,369,397		)	(11,888		)	(1,435,084		)
Equity investments in consolidated affiliates	(28,823		)	(783,600		)	—			812,423			—
Investment in unconsolidated affiliates	—			(8,336		)	—			—			(8,336		)
Distributions from consolidated affiliates	47,860			389,300			—			(437,160		)	—
Acquisition of business, net of cash acquired	—			(225,210		)	—			—			(225,210		)
Proceeds from disposal of property, plant and equipment	—			43			208,066			—			208,109
Net cash flows provided by (used in) investing activities	18,557			(681,122		)	(1,135,831		)	363,375			(1,435,021		)
Cash flows from financing activities:
Proceeds from public equity offerings, net	348,352			—			—			—			348,352
Proceeds from long-term debt	1,000,000			—			—			—			1,000,000
Payments of long-term debt	(501,112		)	—			—			—			(501,112		)
Payments of premiums on redemption of long-term debt	(31,516		)	—			—			—			(31,516		)
Payments for debt issue costs and deferred financing costs	(14,046		)	—			—			—			(14,046		)
Payments related to intercompany financing, net	—			—			(918		)	918			—
Contributions from parent and affiliates	—			28,823			783,600			(812,423		)	—
Contribution from non-controlling interest	—			—			685,219			—			685,219
Share-based payment activity	(5,206		)	650			—			—			(4,556		)
Payment of distributions	(214,903		)	(47,860		)	(389,412		)	437,160			(215,015		)
Payments of SMR liability	—			(1,103		)	—			—			(1,103		)
Intercompany advances, net	(595,591		)	595,591			—			—			—
Net cash flows (used in) provided by financing activities	(14,022		)	576,101			1,078,489			(374,345		)	1,266,223
Net (decrease) increase in cash	(74,827		)	24,207			59,418			—			8,798
Cash and cash equivalents at beginning of year	210,015			102,979			32,762			—			345,756
Cash and cash equivalents at end of period	$	135,188		$	127,186		$	92,180		$	—		$	354,554