Guarantor Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2014

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF SEPTEMBER 30, 2014

($ in thousands)

			Guarantor			Non-Guarantor
	Parent		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets
Cash and cash equivalents	$	-	$	7		$	27,854		$	-		$	27,861
Accounts receivable		-		175,357			35,022			-			210,379
Intercompany receivable from parent		-		7,972			610			(8,582	)		-
Prepaid expenses		-		17,491			232			-			17,723
Other current assets		-		9,199			308			-			9,507
Total current assets		-		210,026			64,026			(8,582	)		265,470

Property, plant and equipment
Gathering systems		-		5,522,305			1,086,854			-			6,609,159
Other fixed assets		-		379,046			1,056			-			380,102
Less: Accumulated depreciation		-		(1,021,418	)		(28,711	)		-			(1,050,129	)
Total property, plant and equipment, net		-		4,879,933			1,059,199			-			5,939,132
Investments in unconsolidated affiliates		3,270,157		2,799,550			-			(3,891,808	)		2,177,899
Intangible customer relationships, net		-		354,558			-			-			354,558
Intercompany receivable from parent		4,270,190		-			-			(4,270,190	)		-
Deferred loan costs, net		61,879		-			-			-			61,879

Total assets	$	7,602,226	$	8,244,067		$	1,123,225		$	(8,170,580	)	$	8,798,938


Current liabilities
Accounts payable	$	-	$	39,140		$	24,438		$	-		$	63,578
Accrued liabilities		-		180,814			50,156			-			230,970
Intercompany payable to parent		-		-			8,582			(8,582	)		-
Total current liabilities		-		219,954			83,176			(8,582	)		294,548

Long-term liabilities
Long-term debt		3,655,228		465,500			-			-			4,120,728
Intercompany payable to parent		-		4,270,190			-			(4,270,190	)		-
Other liabilities		-		18,266			590			-			18,856
Total long-term liabilities		3,655,228		4,753,956			590			(4,270,190	)		4,139,584

Partners' capital
Total partners' capital attributable to Access Midstream Partners, L.P.		3,946,998		3,270,157			1,039,459			(4,309,616	)		3,946,998
Noncontrolling interest		-		-			-			417,808			417,808
Total partners' capital		3,946,998		3,270,157			1,039,459			(3,891,808	)		4,364,806
Total liabilities and partners' capital	$	7,602,226	$	8,244,067		$	1,123,225		$	(8,170,580	)	$	8,798,938

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2013

($ in thousands)

			Guarantor			Non-Guarantor
	Parent		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets
Cash and cash equivalents	$	-	$	400		$	16,829		$	-		$	17,229
Accounts receivable		-		202,007			20,402			-			222,409
Prepaid expenses		-		10,182			-			-			10,182
Other current assets		-		7,569			542			-			8,111
Total current assets		-		220,158			37,773			-			257,931

Property, plant and equipment
Gathering systems		-		5,295,771			679,169			-			5,974,940
Other fixed assets		-		175,397			14			-			175,411
Less: Accumulated depreciation		-		(845,892	)		(13,659	)		-			(859,551	)
Total property, plant and equipment, net		-		4,625,276			665,524			-			5,290,800
Investments in unconsolidated affiliates		3,076,205		2,315,988			-			(3,455,590	)		1,936,603
Intangible customer relationships, net		-		372,391			-			-			372,391
Intercompany receivable from parent		3,882,291		3,105			20,330			(3,905,726	)		-
Deferred loan costs, net		46,140		13,581			-			-			59,721

Total assets	$	7,004,636	$	7,550,499		$	723,627		$	(7,361,316	)	$	7,917,446


Current liabilities
Accounts payable	$	-	$	36,638		$	882		$	-		$	37,520
Accrued liabilities		-		203,099			65,853			-			268,952
Intercompany payable to parent		-		-			23,435			(23,435	)		-
Total current liabilities		-		239,737			90,170			(23,435	)		306,472

Long-term liabilities
Long-term debt		2,905,730		343,500			-			-			3,249,230
Intercompany payable to parent		-		3,882,290			-			(3,882,290	)		-
Other liabilities		-		8,767			187			-			8,954
Total long-term liabilities		2,905,730		4,234,557			187			(3,882,290	)		3,258,184

Partners' capital
Total partners' capital attributable to Access Midstream Partners, L.P.		4,098,906		3,076,205			633,270			(3,709,475	)		4,098,906
Noncontrolling interest		-					-			253,884			253,884
Total partners' capital		4,098,906		3,076,205			633,270			(3,455,591	)		4,352,790
Total liabilities and partners' capital	$	7,004,636	$	7,550,499		$	723,627		$	(7,361,316	)	$	7,917,446

Condensed Consolidating Statement of Operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014

($ in thousands)

				Guarantor		Non-Guarantor
	Parent			Subsidiaries		Subsidiaries		Eliminations			Consolidated

Revenues	$	-		$	262,423	$	51,426	$	-		$	313,849

Operating expenses
Operating expenses		-			103,592		13,060		-			116,652
Depreciation and amortization expense		-			61,095		5,359		-			66,454
General and administrative expense		-			81,943		2,714		-			84,657
Other operating (income) expense		-			2,799		-		-			2,799
Total operating expenses		-			249,429		21,133		-			270,562
Operating income		-			12,994		30,293		-			43,287

Other income (expense)
Income from unconsolidated affiliates		85,583			72,729		-		(105,245	)		53,067
Interest expense		(44,368	)		-		15		-			(44,353	)
Other income		-			170		42		-			212
Income before income tax expense		41,215			85,893		30,350		(105,245	)		52,213
Income tax expense		-			311		-		-			311
Net income		41,215			85,582		30,350		(105,245	)		51,902
Net income attributable to noncontrolling interests		-			-		-		10,684			10,684
Net income attributable to Access Midstream Partners, L.P.	$	41,215		$	85,582	$	30,350	$	(115,929	)	$	41,218

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013

($ in thousands)

				Guarantor			Non-Guarantor
	Parent			Subsidiaries			Subsidiaries		Eliminations			Consolidated

Revenues	$	-		$	242,082		$	18,861	$	-		$	260,943

Operating expenses
Operating expenses		-			72,822			10,711		-			83,533
Depreciation and amortization expense		-			73,835			3,251		-			77,086
General and administrative expense		-			23,412			1,058		-			24,470
Other operating expense		-			(437	)		198		-			(239	)
Total operating expenses		-			169,632			15,218		-			184,850
Operating income		-			72,450			3,643		-			76,093

Other income (expense)
Income from unconsolidated affiliates		106,824			35,525			-		(109,514	)		32,835
Interest expense		(28,607	)		-			7		-			(28,600	)
Other income		-			204			32		-			236
Income before income tax expense		78,217			108,179			3,682		(109,514	)		80,564
Income tax expense		-			1,353			-		-			1,353
Net income		78,217			106,826			3,682		(109,514	)		79,211
Net income attributable to noncontrolling interests		-			-			-		994			994
Net income attributable to Access Midstream Partners, L.P.	$	78,217		$	106,826		$	3,682	$	(110,508	)	$	78,217

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014

($ in thousands)

				Guarantor		Non-Guarantor
	Parent			Subsidiaries		Subsidiaries			Eliminations			Consolidated

Revenues	$	-		$	761,873	$	121,988		$	-		$	883,861

Operating expenses
Operating expenses		-			263,802		43,286			-			307,088
Depreciation and amortization expense		-			226,417		15,557			-			241,974
General and administrative expense		-			149,823		6,271			-			156,094
Other operating (income) expense		-			4,327		(40	)		-			4,287
Total operating expenses		-			644,369		65,074			-			709,443
Operating income		-			117,504		56,914			-			174,418

Other income (expense)
Income from unconsolidated affiliates		295,591			180,883		-			(332,466	)		144,008
Interest expense		(125,844	)		-		15			-			(125,829	)
Other income		-			703		99			-			802
Income before income tax expense		169,747			299,090		57,028			(332,466	)		193,399
Income tax expense		-			3,500		-			-			3,500
Net income		169,747			295,590		57,028			(332,466	)		189,899
Net income attributable to noncontrolling interests		-			-		-			20,149			20,149
Net income attributable to Access Midstream Partners, L.P.	$	169,747		$	295,590	$	57,028		$	(352,615	)	$	169,750

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013

($ in thousands)

				Guarantor		Non-Guarantor
	Parent			Subsidiaries		Subsidiaries		Eliminations			Consolidated

Revenues	$	-		$	709,322	$	35,822	$	-		$	745,144

Operating expenses
Operating expenses		-			233,333		15,807		-			249,140
Depreciation and amortization expense		-			208,209		7,396		-			215,605
General and administrative expense		-			71,532		1,761		-			73,293
Other operating expense		-			1,546		198		-			1,744
Total operating expenses		-			514,620		25,162		-			539,782
Operating income		-			194,702		10,660		-			205,362

Other income (expense)
Income from unconsolidated affiliates		290,382			98,950		-		(297,744	)		91,588
Interest expense		(83,413	)		-		19		-			(83,394	)
Other income		-			585		46		-			631
Income before income tax expense		206,969			294,237		10,725		(297,744	)		214,187
Income tax expense		-			3,853		-		-			3,853
Net income		206,969			290,384		10,725		(297,744	)		210,334
Net income attributable to noncontrolling interests		-			-		-		3,366			3,366
Net income attributable to Access Midstream Partners, L.P.	$	206,969		$	290,384	$	10,725	$	(301,110	)	$	206,968

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014

($ in thousands)

				Guarantor			Non-Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations		Consolidated

Cash flows from operating activities	$	-		$	450,610		$	82,725		$	-	$	533,335

Cash flows from investing activities
Additions to property, plant and equipment		-			(346,924	)		(420,952	)		-		(767,876	)
Purchase of compression assets		-			(159,210	)		-			-		(159,210	)
Investments in unconsolidated affiliates		-			(286,267	)		-			-		(286,267	)
Proceeds from sale of assets		-			21,099			91			-		21,190
Net cash used in investing activities		-			(771,302	)		(420,861	)		-		(1,192,163	)

Cash flows from financing activities
Proceeds from long-term borrowings		-			1,881,771			-			-		1,881,771
Payments on long-term debt borrowings		-			(1,759,771	)		-			-		(1,759,771	)
Proceeds from issuance of common units		52,155			-			-			-		52,155
Proceeds from issuance of senior notes		750,000			-			-			-		750,000
Distributions to unitholders		(390,615	)		-			-			-		(390,615	)
Capital contributions from noncontrolling interests		-			-			143,775			-		143,775
Payments on capital lease obligations		-			(2,591	)		-			-		(2,591	)
Debt issuance costs		(8,929	)		-			-			-		(8,929	)
Other		3,665			-			-			-		3,665
Intercompany advances, net		(406,276	)		200,890			205,386			-		-
Net cash provided by financing activities		-			320,299			349,161			-		669,460

Net increase in cash and cash equivalents		-			(393	)		11,025			-		10,632
Cash and cash equivalents, beginning of period		-			400			16,829			-		17,229
Cash and cash equivalents, end of period	$	-		$	7		$	27,854		$	-	$	27,861

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013

($ in thousands)

				Guarantor			Non-Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations		Consolidated

Cash flows from operating activities	$	-		$	329,001		$	29,005		$	-	$	358,006

Cash flows from investing activities
Additions to property, plant and equipment		-			(496,602	)		(314,509	)		-		(811,111	)
Investments in unconsolidated affiliates		-			(425,298	)		-			-		(425,298	)
Proceeds from sale of assets		-			72,408			-			-		72,408
Net cash used in investing activities		-			(849,492	)		(314,509	)		-		(1,164,001	)

Cash flows from financing activities
Proceeds from long-term borrowings		-			1,445,500			-			-		1,445,500
Payments on long-term debt borrowings		-			(1,340,700	)		-			-		(1,340,700	)
Proceeds from issuance of common units		399,812			-			-			-		399,812
Proceeds from issuance of senior notes		414,094			-			-			-		414,094
Distributions to unitholders		(275,199	)		-			-			-		(275,199	)
Capital contributions from noncontrolling interests		-			-			120,594			-		120,594
Payments on capital lease obligations		-			-			-			-		-
Debt issuance costs		(6,286	)		(5,449	)		-			-		(11,735	)
Other		8,598			-			-			-		8,598
Intercompany advances, net		(541,019	)		357,331			183,688			-		-
Net cash provided by financing activities		-			456,682			304,282			-		760,964

Net increase in cash and cash equivalents		-			(63,809	)		18,778			-		(45,031	)
Cash and cash equivalents, beginning of period		-			63,216			1,778			-		64,994
Cash and cash equivalents, end of period	$	-		$	(593	)	$	20,556		$	-	$	19,963