XML 29 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenue      
Revenue from contract with customer $ 468.6    
Lease revenue - related parties 56.1    
Total revenue 524.7 $ 470.1 $ 452.9
Costs and expenses      
Operations and maintenance – third parties 107.5 104.1 76.9
Operations and maintenance – related parties 54.4 45.6 40.0
Cost of product sold - third parties 7.4 0.0 0.0
Cost of product sold - related parties 25.3 0.0 0.0
Loss from disposition of fixed assets (3.4) 0.1 0.2
General and administrative – third parties 7.8 10.1 9.7
General and administrative – related parties 51.7 47.7 43.7
Depreciation, amortization and accretion 45.9 45.0 43.1
Property and other taxes 15.9 17.4 15.8
Total costs and expenses 312.5 270.0 229.4
Operating income 212.2 200.1 223.5
Income from equity method investments 234.9 186.6 138.1
Dividend income from cost investments 66.8 37.4 28.3
Other income (loss) 31.4 0.0 (0.1)
Investment, dividend and other income 333.1 224.0 166.3
Interest expense, net 62.5 32.2 12.3
Income before income taxes 482.8 391.9 377.5
Income tax expense 0.4 0.1 0.0
Net income 482.4 391.8 377.5
Less: Net income attributable to the Parent 0.0 77.3 102.3
Less: Net income attributable to noncontrolling interests 18.3 19.2 30.3
Net income attributable to the Partnership 464.1 295.3 244.9
General partner's interest in net income attributable to the Partnership 134.4 64.6 25.0
Limited Partners' interest in net income attributable to the Partnership $ 329.7 $ 230.7 $ 219.9
Net income per Limited Partner Unit - Basic and Diluted (in dollars):      
Distributions per Limited Partner unit (in dollars per share) $ 1.4950 $ 1.2461 $ 1.0258
Common Units      
Net income per Limited Partner Unit - Basic and Diluted (in dollars):      
Net income per Limited Partner Unit - Basic and Diluted (in dollars per share) $ 1.50 $ 1.28 $ 1.32
Common Units | Shell Pipeline Company L P      
Weighted average Limited Partner Units outstanding - Basic and Diluted:      
Weighted average limited partner units - Basic and Diluted (in units) 99.0 89.0 21.5
Subordinated Units      
Net income per Limited Partner Unit - Basic and Diluted (in dollars):      
Net income per Limited Partner Unit - Basic and Diluted (in dollars per share) $ 0 $ 0 $ 1.27
Subordinated Units | Shell Pipeline Company L P      
Costs and expenses      
Net income   $ 0.0 $ 85.5
Weighted average Limited Partner Units outstanding - Basic and Diluted:      
Weighted average limited partner units - Basic and Diluted (in units) 0.0 0.0 67.5
Common unitholders - public      
Costs and expenses      
Net income $ 182.4 $ 118.4 $ 107.2
Weighted average Limited Partner Units outstanding - Basic and Diluted:      
Weighted average limited partner units - Basic and Diluted (in units) 121.3 91.4 80.4
Common unitholders - public | Shell Pipeline Company L P      
Costs and expenses      
Net income $ 147.3 $ 112.3 $ 27.2
Product Revenue      
Revenue      
Revenue from contract with customer 30.7 0.0 0.0
Third Parties | Transportation, Terminaling And Storage Services      
Revenue      
Revenue from contract with customer 209.4 235.6 251.5
Third Parties | Product Revenue      
Revenue      
Revenue from contract with customer 2.2 0.0 0.0
Related Parties      
Revenue      
Lease revenue - related parties 56.1 56.3 13.1
Related Parties | Transportation, Terminaling And Storage Services      
Revenue      
Revenue from contract with customer 228.5 178.2 188.3
Related Parties | Product Revenue      
Revenue      
Revenue from contract with customer $ 28.5 $ 0.0 $ 0.0