XML 69 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investment In Unconsolidated Affiliates
 9 Months Ended
Sep. 30, 2013
Investment In Unconsolidated Subsidiaries [Abstract]  
Investment In Unconsolidated Affiliates
Investment in Unconsolidated Affiliates
As of September 30, 2013, the Partnership has a 49.99% general partner interest in HPC, a 50% membership interest in MEP, a 30% membership interest in Lone Star, a 33.33% membership interest in Ranch JV, and a 50% interest in Grey Ranch. The carrying value of the Partnership’s investment in each of the unconsolidated affiliates as of September 30, 2013 and December 31, 2012 is as follows:
 
September 30, 2013
 
December 31, 2012
HPC
$
448

 
$
650

MEP
556

 
581

Lone Star
1,040

 
948

Ranch JV
36

 
35

Grey Ranch
1

 
—

 
$
2,081

 
$
2,214


The following tables summarize the Partnership’s investment activities in each of the unconsolidated affiliates for the three and nine months ended September 30, 2013 and 2012:
 
Three Months Ended September 30, 2013
 
         HPC (1)
 
MEP
 
Lone Star
 
Ranch JV
Contributions to unconsolidated affiliates
$
—

 
$
—

 
$
51

 
$
1

Distributions from unconsolidated affiliates
(196
)
 
(18
)
 
(16
)
 
(1
)
Share of earnings of unconsolidated affiliates’ net income
9

 
11

 
18

 
—

Amortization of excess fair value of investment
(1
)
 
—

 
—

 
—

 
Three Months Ended September 30, 2012
 
HPC
 
MEP
 
Lone Star
 
Ranch JV
Contributions to unconsolidated affiliates
$
—

 
$
—

 
$
78

 
$
10

Distributions from unconsolidated affiliates
(16
)
 
(18
)
 
(21
)
 
—

Share of earnings of unconsolidated affiliates’ net income
3

 
10

 
9

 
—

Amortization of excess fair value of investment
(1
)
 
—

 
—

 
—

 
Nine Months Ended September 30, 2013
 
         HPC (1)
 
MEP
 
Lone Star
 
Ranch JV
Contributions to unconsolidated affiliates
$
—

 
$
—

 
$
100

 
$
2

Distributions from unconsolidated affiliates
(226
)
 
(56
)
 
(56
)
 
(1
)
Share of earnings of unconsolidated affiliates’ net income
28

 
31

 
48

 
—

Amortization of excess fair value of investment
(4
)
 
—

 
—

 
—

 
Nine Months Ended September 30, 2012
 
HPC
 
MEP
 
Lone Star
 
Ranch JV
Contributions to unconsolidated affiliates
$
—

 
$
—

 
$
253

 
$
33

Distributions from unconsolidated affiliates
(46
)
 
(56
)
 
(39
)
 
—

Share of earnings of unconsolidated affiliates’ net income
28

 
31

 
32

 
—

Amortization of excess fair value of investment
(4
)
 
—

 
—

 
—


(1) The Partnership received a non-recurring return of capital of $185 million from HPC in September 2013. HPC entered into a $500 million 5-year revolving credit facility in September 2013. Concurrent with the closing of this facility, HPC borrowed $370 million to fund a non-recurring return of capital to the partners. The Partnership pledged its 49.99% equity interest in Regency Intrastate Gas LP. The amounts outstanding under this facility was $445 million as of September 30, 2013. The Partnership’s contingent obligations with respect to the outstanding borrowings under this facility was $222 million at September 30, 2013.
The following tables present selected income statement data for each of the unconsolidated affiliates, on a 100% basis, for the three and nine months ended September 30, 2013 and 2012:
 
Three Months Ended September 30, 2013
 
HPC
 
MEP
 
Lone Star
 
Ranch JV
Total revenues
$
38

 
$
66

 
$
537

 
$
4

Operating income
19

 
34

 
61

 
1

Net income
18

 
21

 
61

 
1

 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2012
 
HPC
 
MEP
 
Lone Star
 
Ranch JV
Total revenues
$
42

 
$
65

 
$
165

 
$
—

Operating income (loss)
21

 
33

 
31

 
(1
)
Net income (loss)
6

 
21

 
31

 
(1
)

 
Nine Months Ended September 30, 2013
 
HPC
 
MEP
 
Lone Star
 
Ranch JV
Total revenues
$
116

 
$
194

 
$
1,320

 
$
10

Operating income
58

 
101

 
162

 
2

Net income
56

 
63

 
160

 
2

 
Nine Months Ended September 30, 2012
 
HPC
 
MEP
 
Lone Star
 
Ranch JV
Total revenues
$
130

 
$
196

 
$
490

 
$
—

Operating income (loss)
71

 
101

 
110

 
(1
)
Net income (loss)
55

 
63

 
110

 
(1
)