2.2.0.25falsefalse0206 - Disclosure - Members Capital and Distributionstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $FROM_Jan01_2011_TO_Mar31_2011http://www.sec.gov/CIK0001297067duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170EPUDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0UnitsStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_PartnersCapitalAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalsePartners capital abstract3false0cpno_MembersCapitalAndDistributionsTextBlockcpnofalsenadurationDisclosures related to members' capital including types of outstanding equity units. Disclosures also identify and quantify...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00Note 6 — Members' Capital and Distributions Series A Convertible Preferred Units On July 21, 2010, we issued 10,327,022 Series A convertible preferred units (“Series A preferred units”) in a private placement to TPG Copenhagen, L.P. (“TPG”), an affiliate of TPG Capital, L.P., for gross proceeds of $300 million. The Series A preferred units are entitled to quarterly distributions in kind (paid in the form of additional Series A preferred units) for the first three years after the issue date.<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;"> </td><td style="width: 130px; text-align:left;border-color:#000000;min-width:130px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 150px; text-align:center;border-color:#000000;min-width:150px;">Series A</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"> </td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"> </td><td style="width: 32px; text-align:left;border-color:#000000;min-width:32px;"> </td></tr><tr style="height: 16px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;"> </td><td style="width: 130px; text-align:center;border-color:#000000;min-width:130px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 150px; text-align:center;border-color:#000000;min-width:150px;">Preferred Units Issued</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; text-align:center;border-color:#000000;min-width:125px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 13px; text-align:center;border-color:#000000;min-width:13px;"> </td><td style="width: 65px; text-align:center;border-color:#000000;min-width:65px;"> </td><td style="width: 32px; text-align:center;border-color:#000000;min-width:32px;"> </td></tr><tr style="height: 17px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;"> </td><td style="width: 130px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:130px;">Quarter Ending </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 150px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:150px;">As In-Kind Distributions</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:125px;">Issue Date</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td colspan="2" style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;">Amount</td><td style="width: 32px; text-align:center;border-color:#000000;min-width:32px;"> </td></tr><tr style="height: 16px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;"> </td><td style="width: 130px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:130px;">September 30, 2010</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 150px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:150px;"> 258,175</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:125px;">November 11, 2010</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:13px;">$</td><td style="width: 65px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:65px;"> 7,500,000</td><td style="width: 32px; text-align:center;border-color:#000000;min-width:32px;"> </td></tr><tr style="height: 16px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;"> </td><td style="width: 130px; text-align:left;border-color:#000000;min-width:130px;">December 31, 2010</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 150px; text-align:center;border-color:#000000;min-width:150px;"> 264,629</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; text-align:center;border-color:#000000;min-width:125px;">February 11, 2011</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 13px; text-align:center;border-color:#000000;min-width:13px;"> </td><td style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"> 7,688,000</td><td style="width: 32px; text-align:center;border-color:#000000;min-width:32px;"> </td></tr><tr style="height: 16px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;"> </td><td style="width: 130px; text-align:left;border-color:#000000;min-width:130px;">March 31, 2011</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 150px; text-align:center;border-color:#000000;min-width:150px;"> 271,245(1)</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; text-align:center;border-color:#000000;min-width:125px;">May 2011(1)</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"> </td><td style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"> 7,880,000</td><td style="width: 32px; text-align:left;border-color:#000000;min-width:32px;"> </td></tr><tr style="height: 8px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;"> </td><td style="width: 130px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:130px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 150px; text-align:left;border-color:#000000;min-width:150px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"> </td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"> </td><td style="width: 32px; text-align:left;border-color:#000000;min-width:32px;"> </td></tr><tr style="height: 16px"><td style="width: 30px; text-align:left;border-color:#000000;min-width:30px;"> </td><td colspan="3" style="width: 290px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:290px;">(1) Units will be issued on or about May 12, 2011</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"> </td><td style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"> </td><td style="width: 32px; text-align:left;border-color:#000000;min-width:32px;"> </td></tr></table></div>For additional information about our Series A preferred units, please read Note 6, “Members' Capital and Distributions,” in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2010. Common Units The following table summarizes our quarterly cash distributions during 2011: <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 125px; text-align:center;border-color:#000000;min-width:125px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 87px; text-align:center;border-color:#000000;min-width:87px;">Distribution</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:center;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:center;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:center;border-color:#000000;min-width:110px;"> </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"> </td></tr><tr style="height: 16px"><td style="width: 125px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:125px;">Quarter Ending </td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 87px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:87px;">Per Unit</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:110px;">Date Declared</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:110px;">Record Date</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:110px;">Payment Date</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;">Amount</td></tr><tr style="height: 16px"><td style="width: 125px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:125px;">December 31, 2010</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 87px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:87px;">$0.575</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:110px;">January 12, 2011</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:110px;">February 1, 2011</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:110px;">February 11, 2011</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:80px;">$38,456,000</td></tr><tr style="height: 16px"><td style="width: 125px; text-align:left;border-color:#000000;min-width:125px;">March 31, 2011</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 87px; text-align:center;border-color:#000000;min-width:87px;">$0.575</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:center;border-color:#000000;min-width:110px;">April 13, 2011</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:center;border-color:#000000;min-width:110px;">April 29, 2011</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"> </td><td style="width: 110px; text-align:center;border-color:#000000;min-width:110px;">May 12, 2011</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;">$38,538,000</td></tr></table></div>Accounting for Equity-Based Compensation We use ASC 718, “Stock Compensation,” to account for equity-based compensation expense related to awards issued under our long-term incentive plan (“LTIP”). As of March 31, 2011, the number of units available for grant under our LTIP totaled 1,310,107, of which up to 716,577 units were eligible to be issued as restricted common units, phantom units or unit awards. Equity Awards. We recognized non-cash compensation expense of $2,073,000 and $1,808,000 related to the amortization of equity-based compensation under our LTIP during the three months ended March 31, 2011 and 2010, respectively. See Item 8 in our Annual Report on Form 10-K, for the year ended December 31, 2010 for details on our equity-based compensation. Unit Awards. During the three months ended March 31, 2011, we issued 47,518 unit awards (common units that are not subject to vesting or forfeiture) to settle our fourth quarter 2010 Employee Incentive Compensation Program (“EICP”) and 2010 Management Incentive Compensation Plan (“MICP”) obligations.  Since ASC 480, “Accounting for Certain Financial Instruments With Characteristics of Both Liabilities and Equity,” requires classification of unconditional obligations that the issuer must or may settle by issuing a variable number of units as a liability, we classify equity awards issued to settle EICP and MICP obligations as liability awards. As of March 31, 2011, we accrued $507,000 and $563,000 for the first quarter 2011 EICP bonuses and an estimate of the 2011 MICP incentive bonuses, respectively. As of March 31, 2011, our estimate of unrecognized compensation costs related to outstanding liability awards totaled $2,064,000 for the MICP, which is expected to be recognized as expense on a straight-line basis through February 2012.Note 6 — Members' Capital and Distributions Series A Convertible Preferred Units On July 21, 2010, we issued 10,327,022falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosures related to members' capital including types of outstanding equity units. Disclosures also identify and quantify the distributions to members, equity-based compensation arrangements and other transactions that affect the equity structure.No authoritative reference available.falsefalseMembers' Capital and Distributions12Members Capital and DistributionsUnKnownUnKnownUnKnownUnKnownfalsetrue