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Equity and Distributions
 3 Months Ended
Mar. 31, 2014
Equity and Distributions [Abstract]  
Equity and Distributions
Note 10.  Equity and Distributions

Partners' equity reflects the various classes of limited partner interests (i.e., common units, including restricted common units) that we have outstanding.  The following table summarizes changes in the number of Enterprise's outstanding units since December 31, 2013:

 
 
Common
Units
(Unrestricted)
 
 
Restricted
Common
Units
 
 
Total
Common
Units
 
Number of units outstanding at December 31, 2013
 
 
932,074,401
 
 
 
3,610,607
 
 
 
935,685,008
 
Common units issued in connection with DRIP and EUPP
 
 
1,338,465
 
 
 
--
 
 
 
1,338,465
 
Common units issued in connection with the vesting
    and exercise of unit options
 
 
485,564
 
 
 
--
 
 
 
485,564
 
Common units issued in connection with the vesting of restricted
   common unit awards
 
 
1,239,862
 
 
 
(1,239,862
)
 
 
--
 
Forfeiture of restricted common unit awards
 
 
--
 
 
 
(86,650
)
 
 
(86,650
)
Acquisition and cancellation of treasury units in connection with the
   vesting of equity-based awards
 
 
(421,391
)
 
 
--
 
 
 
(421,391
)
Other
 
 
7,896
 
 
 
--
 
 
 
7,896
 
Number of units outstanding at March 31, 2014
 
 
934,724,797
 
 
 
2,284,095
 
 
 
937,008,892
 

We may issue additional equity or debt securities to assist us in meeting our future liquidity and capital spending requirements.  We have a universal shelf registration statement (the "2013 Shelf") on file with the SEC.  The 2013 Shelf allows Enterprise Products Partners L.P. and EPO (on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively.  EPO utilized the 2013 Shelf to issue $2.0 billion of senior notes in February 2014 (see Note 9).

We have a registration statement on file with the SEC covering the issuance of up to $1.25 billion of our common units in amounts, at prices and on terms to be determined by market conditions and other factors at the time of such offerings.  Pursuant to this "at-the-market" program, we may sell common units under an equity distribution agreement between Enterprise Products Partners L.P. and certain broker-dealers from time-to-time by means of ordinary brokers' transactions through the NYSE at market prices, in block transactions or as otherwise agreed to with the broker-dealer parties to the agreement.  During the three months ended March 31, 2014 and 2013, we did not issue any common units under the "at-the-market" program.  After taking into account the aggregate sale price of common units sold under our at-the-market program through March 31, 2014, we have the capacity to issue additional common units under this program up to an aggregate sales price of $1.25 billion.

We also have registration statements on file with the SEC collectively authorizing the issuance of up to 70,000,000 of our common units in connection with a distribution reinvestment plan (or "DRIP").  We issued 1,307,185 common units under our DRIP during the three months ended March 31, 2014, which generated net proceeds of $81.0 million.  During the three months ended March 31, 2013, we issued 1,243,360 common units, which generated net proceeds of $65.7 million.  After taking into account the number of common units issued under the DRIP through March 31, 2014, we may issue an additional 17,173,693 common units under this plan.

In January 2014, privately held affiliates of EPCO expressed their willingness to consider purchasing through the DRIP a total of $100 million of our common units during 2014.  During the three months ended March 31, 2014, these EPCO affiliates reinvested $25.0 million, resulting in the issuance of 403,315 common units under our DRIP (this amount being a component of the total common units issued under the DRIP for the three months ended March 31, 2014).   In May 2014, these EPCO affiliates reinvested an additional $25 million through the DRIP.

In addition to the DRIP, we have registration statements on file with the SEC authorizing the issuance of up to 4,000,000 of our common units in connection with an employee unit purchase plan (or "EUPP").  We issued 31,280 common units under our EUPP during the three months ended March 31, 2014, which generated net proceeds of $2.0 million.  During the three months ended March 31, 2013, we issued 31,869 common units, which generated net proceeds of $1.8 million.  After taking into account the number of common units issued under the EUPP through March 31, 2014, we may issue an additional 3,682,164 common units under this plan.

The net cash proceeds we received from the issuance of common units during the three months ended March 31, 2014 were used to temporarily reduce amounts outstanding under EPO's commercial paper program and for general company purposes.

Accumulated Other Comprehensive Loss

The following table presents the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:

 
 
Gains and Losses on Cash Flow Hedges
 
 
 
 
 
 
 
 
 
Commodity
Derivative
Instruments
 
 
Interest Rate
Derivative
Instruments
 
 
Foreign Currency
Translation
Adjustment
 
 
Other
 
 
Total
 
Balance, December 31, 2013
 
$
(14.7
)
 
$
(347.2
)
 
$
1.7
 
 
$
1.2
 
 
$
(359.0
)
Other comprehensive income before reclassifications
 
 
(9.2
)
 
 
--
 
 
 
--
 
 
 
--
 
 
 
(9.2
)
Amounts reclassified from accumulated other comprehensive loss
 
 
16.0
 
 
 
7.9
 
 
 
--
 
 
 
--
 
 
 
23.9
 
Total other comprehensive income
 
 
6.8
 
 
 
7.9
 
 
 
--
 
 
 
--
 
 
 
14.7
 
Balance, March 31, 2014
 
$
(7.9
)
 
$
(339.3
)
 
$
1.7
 
 
$
1.2
 
 
$
(344.3
)

 
 
Gains and Losses on Cash Flow Hedges
 
 
 
 
 
 
 
 
 
Commodity
Derivative
Instruments
 
 
Interest Rate
Derivative
Instruments
 
 
Foreign Currency
Translation
Adjustment
 
 
Other
 
 
Total
 
Balance, December 31, 2012
 
$
10.1
 
 
$
(383.0
)
 
$
1.7
 
 
$
0.8
 
 
$
(370.4
)
Other comprehensive income before reclassifications
 
 
(47.6
)
 
 
6.7
 
 
 
--
 
 
 
--
 
 
 
(40.9
)
Amounts reclassified from accumulated other comprehensive income
 
 
7.3
 
 
 
5.9
 
 
 
--
 
 
 
--
 
 
 
13.2
 
Total other comprehensive income
 
 
(40.3
)
 
 
12.6
 
 
 
--
 
 
 
--
 
 
 
(27.7
)
Balance, March 31, 2013
 
$
(30.2
)
 
$
(370.4
)
 
$
1.7
 
 
$
0.8
 
 
$
(398.1
)

The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the periods indicated:

 
  
 
For the Three Months
 
 
  
 
Ended March 31,
 
Location
 
2014
 
 
2013
 
Losses (gains) on cash flow hedges:
 
 
 
 
 
   Interest rate derivatives
Interest expense
 
$
7.9
 
 
$
5.9
 
   Commodity derivatives
Revenue
 
 
16.9
 
 
 
7.7
 
   Commodity derivatives
Operating costs and expenses
 
 
(0.9
)
 
 
(0.4
)
      Total
 
 
$
23.9
 
 
$
13.2
 

Noncontrolling Interests

Noncontrolling interests as presented on our Unaudited Condensed Consolidated Financial Statements represent third party ownership interests in joint ventures that we consolidate for financial reporting purposes, including Tri-States NGL Pipeline L.L.C., Independence Hub LLC, Rio Grande Pipeline Company, Wilprise Pipeline Company LLC and Enterprise EF78 LLC.

Cash Distributions

The following table presents Enterprise's declared quarterly cash distribution rates per common unit with respect to the quarter indicated:

 
 
Distribution Per
Common Unit
 
Record
Date
Payment
Date
2013:
 
 
 
   
   1st Quarter
 
$
0.6700
 
04/30/13
05/07/13
2014:
 
 
 
 
 
   
   1st Quarter
 
$
0.7100
 
04/30/14
05/07/14

In November 2010, we completed our merger with Enterprise GP Holdings L.P. (the "Holdings Merger").  In connection with the Holdings Merger, a privately held affiliate of EPCO agreed to temporarily waive the regular quarterly cash distributions it would otherwise receive from us with respect to a certain number of our common units it owns (the "Designated Units"). Distributions paid during 2014 exclude 22,560,000 Designated Units.  Distributions to be paid, if any, during 2015 will exclude 17,690,000 Designated Units.