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Pay vs Performance Disclosure - USD ($)
12 Months Ended 36 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2022
Pay vs Performance Disclosure [Table]        
Pay vs Performance [Table Text Block]      

Pay Versus Performance

 

Pursuant to the amendments to Section 14(i) of the Exchange Act, Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, this section provides information regarding the relationship of compensation paid to our Named Executive Officers (“NEOs”) relative to our financial performance.

 

The following table summarizes compensation values reported in the Summary Compensation Table for our principal executive officer (“PEO”) and the average for our other NEOs, as compared to “compensation actually paid” or “CAP” and the Company’s financial performance for the years ended December 31, 2022, 2021, and 2020:

 

   Summary     Average
Summary
  Average
Compensation
  Value of Initial Fixed $100
Investment Based On:
      
Year  Compensation
Table Total for
PEO(1)
  Compensation
Actually Paid to
PEO(1)(2)
  Compensation
Table Total for
Non-PEO NEOs(1)
  Actually Paid
to Non-PEO
NEOs(1)(2)
  TSR  Peer Group
TSR(3)
  Net
Income
($MM)
  Adjusted
EBITDA
($MM)(4)
(a)  (b)  (c)  (d)  (e)  (f)  (g)  (h)  (i)
2022  $10,534,511  $14,034,979  $3,006,598  $3,882,778  $217   $ 244   $ 326   $884
2021  $5,388,890  $7,829,324  $1,314,614  $1,844,273  $178   $ 161   $ 332   $876
2020  $2,691,539  $3,247,352  $2,265,108  $2,407,498  $128   $ 76   $(123)   $850
(1) The PEO reflected in columns (b) and (c) represents Paul M. Rady. The non-PEO NEOs reflected in columns (d) and (e) represent the following individuals by year:
  a. 2022: Michael N. Kennedy, W. Patrick Ash, Yvette K. Schultz and Brendan E. Krueger.
  b. 2021: Brendan E. Krueger, Alvyn A. Schopp, Michael N. Kennedy, W. Patrick Ash and Glen C. Warren, Jr..
  c. 2020: Glen C. Warren, Jr., Alvyn A. Schopp, Michael N. Kennedy and W. Patrick Ash.
(2) The Company deducted from and added to the Summary Compensation Table total compensation the following amounts to calculate compensation actually paid in accordance with Item 402(v) of Regulation S-K as disclosed in columns (c) and (e) for each PEO and Non-PEO NEOs in each respective year. As the Company’s NEOs do not participate in any defined benefit plans, no adjustments were required to amounts reported in the Summary Compensation Table totals related to the value of benefits under such plans.

 

   2022  2021  2020
   Paul Rady  Average Non-
CEO NEOs
  Paul Rady  Average Non-
CEO NEOs
  Paul Rady  Average Non-
CEO NEOs
Total Compensation from Summary Compensation Table  $10,534,511  $3,006,598  $5,388,890  $1,314,614  $2,691,539  $2,265,108
Adjustments for Equity Awards                  
Grant date values in the Summary Compensation Table  ($9,499,982)  ($2,587,488)  ($4,499,995)  ($779,996)  ($2,131,200)  ($1,996,457)
Year-end fair value of unvested awards granted in the current year  $11,359,129  $3,093,857  $5,001,143  $866,861  $2,852,700  $2,184,376
Year-over-year difference of year-end fair values for unvested awards granted in prior years  $657,017  $132,093  $1,528,212  $353,122  $20,253  $5,347
Fair values at vest date for awards granted and vested in current year  $0  $0  $0  $0  $0  $0
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years  $634,320  $86,376  $144,748  $104,439  ($415,466)  ($117,780)
Forfeitures during current year equal to prior year-end fair value  $0  $0  $0  ($211,999)  $0  $0
Dividends or dividend equivalents not otherwise included in the total compensation  $349,984  $151,342  $266,326  $197,232  $229,526  $66,904
Total Adjustments for Equity Awards  $13,000,450  $3,463,668  $6,940,429  $1,309,655  $2,687,013  $2,138,847
Compensation Actually Paid (as calculated)  $14,034,979  $3,882,778  $7,829,324  $1,844,273  $3,247,352  $2,407,498

 

(3) The peer group is comprised of the Alerian Midstream Energy Index.
(4) A description of Adjusted EBITDA can be found on page 44 of this Proxy Statement.
   
Company Selected Measure Name       Adjusted EBITDA
Named Executive Officers, Footnote [Text Block]       (1)The PEO reflected in columns (b) and (c) represents Paul M. Rady. The non-PEO NEOs reflected in columns (d) and (e) represent the following individuals by year:  a.2022: Michael N. Kennedy, W. Patrick Ash, Yvette K. Schultz and Brendan E. Krueger. b.2021: Brendan E. Krueger, Alvyn A. Schopp, Michael N. Kennedy, W. Patrick Ash and Glen C. Warren, Jr.. c.2020: Glen C. Warren, Jr., Alvyn A. Schopp, Michael N. Kennedy and W. Patrick Ash.
Peer Group Issuers, Footnote [Text Block]       (3)The peer group is comprised of the Alerian Midstream Energy Index.
PEO Total Compensation Amount [1] $ 10,534,511 $ 5,388,890 $ 2,691,539  
PEO Actually Paid Compensation Amount [1],[2] 14,034,979 7,829,324 3,247,352  
Adjustment To PEO Compensation, Footnote [Text Block]       (2)The Company deducted from and added to the Summary Compensation Table total compensation the following amounts to calculate compensation actually paid in accordance with Item 402(v) of Regulation S-K as disclosed in columns (c) and (e) for each PEO and Non-PEO NEOs in each respective year. As the Company’s NEOs do not participate in any defined benefit plans, no adjustments were required to amounts reported in the Summary Compensation Table totals related to the value of benefits under such plans.
   2022  2021  2020
   Paul Rady  Average Non-
CEO NEOs
  Paul Rady  Average Non-
CEO NEOs
  Paul Rady  Average Non-
CEO NEOs
Total Compensation from Summary Compensation Table  $10,534,511  $3,006,598  $5,388,890  $1,314,614  $2,691,539  $2,265,108
Adjustments for Equity Awards                  
Grant date values in the Summary Compensation Table  ($9,499,982)  ($2,587,488)  ($4,499,995)  ($779,996)  ($2,131,200)  ($1,996,457)
Year-end fair value of unvested awards granted in the current year  $11,359,129  $3,093,857  $5,001,143  $866,861  $2,852,700  $2,184,376
Year-over-year difference of year-end fair values for unvested awards granted in prior years  $657,017  $132,093  $1,528,212  $353,122  $20,253  $5,347
Fair values at vest date for awards granted and vested in current year  $0  $0  $0  $0  $0  $0
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years  $634,320  $86,376  $144,748  $104,439  ($415,466)  ($117,780)
Forfeitures during current year equal to prior year-end fair value  $0  $0  $0  ($211,999)  $0  $0
Dividends or dividend equivalents not otherwise included in the total compensation  $349,984  $151,342  $266,326  $197,232  $229,526  $66,904
Total Adjustments for Equity Awards  $13,000,450  $3,463,668  $6,940,429  $1,309,655  $2,687,013  $2,138,847
Compensation Actually Paid (as calculated)  $14,034,979  $3,882,778  $7,829,324  $1,844,273  $3,247,352  $2,407,498

 

Non-PEO NEO Average Total Compensation Amount [1] 3,006,598 1,314,614 2,265,108  
Non-PEO NEO Average Compensation Actually Paid Amount [1],[2] $ 3,882,778 1,844,273 2,407,498  
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]       (2)The Company deducted from and added to the Summary Compensation Table total compensation the following amounts to calculate compensation actually paid in accordance with Item 402(v) of Regulation S-K as disclosed in columns (c) and (e) for each PEO and Non-PEO NEOs in each respective year. As the Company’s NEOs do not participate in any defined benefit plans, no adjustments were required to amounts reported in the Summary Compensation Table totals related to the value of benefits under such plans.
   2022  2021  2020
   Paul Rady  Average Non-
CEO NEOs
  Paul Rady  Average Non-
CEO NEOs
  Paul Rady  Average Non-
CEO NEOs
Total Compensation from Summary Compensation Table  $10,534,511  $3,006,598  $5,388,890  $1,314,614  $2,691,539  $2,265,108
Adjustments for Equity Awards                  
Grant date values in the Summary Compensation Table  ($9,499,982)  ($2,587,488)  ($4,499,995)  ($779,996)  ($2,131,200)  ($1,996,457)
Year-end fair value of unvested awards granted in the current year  $11,359,129  $3,093,857  $5,001,143  $866,861  $2,852,700  $2,184,376
Year-over-year difference of year-end fair values for unvested awards granted in prior years  $657,017  $132,093  $1,528,212  $353,122  $20,253  $5,347
Fair values at vest date for awards granted and vested in current year  $0  $0  $0  $0  $0  $0
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years  $634,320  $86,376  $144,748  $104,439  ($415,466)  ($117,780)
Forfeitures during current year equal to prior year-end fair value  $0  $0  $0  ($211,999)  $0  $0
Dividends or dividend equivalents not otherwise included in the total compensation  $349,984  $151,342  $266,326  $197,232  $229,526  $66,904
Total Adjustments for Equity Awards  $13,000,450  $3,463,668  $6,940,429  $1,309,655  $2,687,013  $2,138,847
Compensation Actually Paid (as calculated)  $14,034,979  $3,882,778  $7,829,324  $1,844,273  $3,247,352  $2,407,498

 

Compensation Actually Paid vs. Total Shareholder Return [Text Block]      

Compensation Actually Paid vs. Net Income [Text Block]      

Compensation Actually Paid vs. Company Selected Measure [Text Block]      

Tabular List [Table Text Block]

Disclosure of Most Important Performance Measures for Fiscal Year 2022

 

The measures listed below represent the most important financial performance measures that we used to determine CAP for fiscal year 2022.

 

Most Important Performance Measures
Adjusted EBITDA
Free Cash Flow after Dividends
Net Debt/EBITDA
Return on Invested Capital (ROIC)
TSR
     
Total Shareholder Return Amount $ 217 178 128  
Peer Group Total Shareholder Return Amount [3] 244 161 76  
Net Income (Loss) $ 326,000,000 $ 332,000,000 $ (123,000,000)  
Company Selected Measure Amount [4] 884,000,000 876,000,000 850,000,000  
PEO Name       Paul M. Rady
Measure [Axis]: 1        
Pay vs Performance Disclosure [Table]        
Measure Name Adjusted EBITDA      
Measure [Axis]: 2        
Pay vs Performance Disclosure [Table]        
Measure Name Free Cash Flow after Dividends      
Measure [Axis]: 3        
Pay vs Performance Disclosure [Table]        
Measure Name Net Debt/EBITDA      
Measure [Axis]: 4        
Pay vs Performance Disclosure [Table]        
Measure Name Return on Invested Capital (ROIC)      
Measure [Axis]: 5        
Pay vs Performance Disclosure [Table]        
Measure Name TSR      
PEO [Member] | Grant date values in the Summary Compensation Table [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount $ (9,499,982) $ (4,499,995) $ (2,131,200)  
PEO [Member] | Year-end fair value of unvested awards granted in the current year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 11,359,129 5,001,143 2,852,700  
PEO [Member] | Year-over-year difference of year-end fair values for unvested awards granted in prior years [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 657,017 1,528,212 20,253  
PEO [Member] | Fair values at vest date for awards granted and vested in current year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0 0 0  
PEO [Member] | Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 634,320 144,748 (415,466)  
PEO [Member] | Forfeitures during current year equal to prior year-end fair value [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0 0 0  
PEO [Member] | Dividends or dividend equivalents not otherwise included in the total compensation [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 349,984 266,326 229,526  
PEO [Member] | Total Adjustments for Equity Awards [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 13,000,450 6,940,429 2,687,013  
Non-PEO NEO [Member] | Grant date values in the Summary Compensation Table [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (2,587,488) (779,996) (1,996,457)  
Non-PEO NEO [Member] | Year-end fair value of unvested awards granted in the current year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 3,093,857 866,861 2,184,376  
Non-PEO NEO [Member] | Year-over-year difference of year-end fair values for unvested awards granted in prior years [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 132,093 353,122 5,347  
Non-PEO NEO [Member] | Fair values at vest date for awards granted and vested in current year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0 0 0  
Non-PEO NEO [Member] | Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 86,376 104,439 (117,780)  
Non-PEO NEO [Member] | Forfeitures during current year equal to prior year-end fair value [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0 (211,999) 0  
Non-PEO NEO [Member] | Dividends or dividend equivalents not otherwise included in the total compensation [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 151,342 197,232 66,904  
Non-PEO NEO [Member] | Total Adjustments for Equity Awards [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount $ 3,463,668 $ 1,309,655 $ 2,138,847  
[1] (1)The PEO reflected in columns (b) and (c) represents Paul M. Rady. The non-PEO NEOs reflected in columns (d) and (e) represent the following individuals by year:  a.2022: Michael N. Kennedy, W. Patrick Ash, Yvette K. Schultz and Brendan E. Krueger. b.2021: Brendan E. Krueger, Alvyn A. Schopp, Michael N. Kennedy, W. Patrick Ash and Glen C. Warren, Jr.. c.2020: Glen C. Warren, Jr., Alvyn A. Schopp, Michael N. Kennedy and W. Patrick Ash.
[2] (2)The Company deducted from and added to the Summary Compensation Table total compensation the following amounts to calculate compensation actually paid in accordance with Item 402(v) of Regulation S-K as disclosed in columns (c) and (e) for each PEO and Non-PEO NEOs in each respective year. As the Company’s NEOs do not participate in any defined benefit plans, no adjustments were required to amounts reported in the Summary Compensation Table totals related to the value of benefits under such plans.
   2022  2021  2020
   Paul Rady  Average Non-
CEO NEOs
  Paul Rady  Average Non-
CEO NEOs
  Paul Rady  Average Non-
CEO NEOs
Total Compensation from Summary Compensation Table  $10,534,511  $3,006,598  $5,388,890  $1,314,614  $2,691,539  $2,265,108
Adjustments for Equity Awards                  
Grant date values in the Summary Compensation Table  ($9,499,982)  ($2,587,488)  ($4,499,995)  ($779,996)  ($2,131,200)  ($1,996,457)
Year-end fair value of unvested awards granted in the current year  $11,359,129  $3,093,857  $5,001,143  $866,861  $2,852,700  $2,184,376
Year-over-year difference of year-end fair values for unvested awards granted in prior years  $657,017  $132,093  $1,528,212  $353,122  $20,253  $5,347
Fair values at vest date for awards granted and vested in current year  $0  $0  $0  $0  $0  $0
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years  $634,320  $86,376  $144,748  $104,439  ($415,466)  ($117,780)
Forfeitures during current year equal to prior year-end fair value  $0  $0  $0  ($211,999)  $0  $0
Dividends or dividend equivalents not otherwise included in the total compensation  $349,984  $151,342  $266,326  $197,232  $229,526  $66,904
Total Adjustments for Equity Awards  $13,000,450  $3,463,668  $6,940,429  $1,309,655  $2,687,013  $2,138,847
Compensation Actually Paid (as calculated)  $14,034,979  $3,882,778  $7,829,324  $1,844,273  $3,247,352  $2,407,498

 

[3] (3)The peer group is comprised of the Alerian Midstream Energy Index.
[4] (4)A description of Adjusted EBITDA can be found on page 44 of this Proxy Statement.