XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
GENERAL
9 Months Ended
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GENERAL
1. GENERAL
The terms “we”, “our”, “us” and “Enbridge Energy Partners” as used in this report refer collectively to Enbridge Energy Partners, L.P. and its subsidiaries unless the context suggests otherwise. Those terms are used for convenience only and are not intended as a precise description of any separate legal entity within Enbridge Energy Partners.
Nature of Operations
We, together with our consolidated subsidiaries, provide crude oil and liquid petroleum gathering, transportation and storage services. On June 28, 2017, we sold all of our ownership interest in our Midcoast gas gathering and processing business to our General Partner (the Midcoast sale). The sale of this ownership interest represents a strategic shift in our business and meets the criteria for classification as discontinued operations and as a result, the results of operations, cash flows and financial position of our natural gas business for the current and prior periods are reflected as discontinued operations. For further information refer to Note 6 - Dispositions, Asset Impairment and Discontinued Operations.
Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP), for interim consolidated financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all the information and notes required by U.S. GAAP for annual consolidated financial statements and should therefore be read in conjunction with our annual consolidated financial statements and notes presented in our Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, the interim consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position, results of operations and cash flows for the interim periods reported. These interim consolidated financial statements follow the same significant accounting policies as those included in our annual consolidated financial statements for the year ended December 31, 2016, except for the adoption of new standards.
Our operations and earnings for interim periods can be affected by seasonal fluctuations in the supply of and demand for crude oil, as well as other factors such as the timing and completion of our construction projects, the effect of environmental costs and related insurance recoveries on our Lakehead system, the impact of forward commodity prices and differentials on derivative financial instruments that are accounted for at fair value and may not be indicative of annual results.