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Assets Held for Sale
 6 Months Ended
Jun. 30, 2015
Assets Held for Sale [Abstract]  
Assets Held for Sale [Text Block]
Note 6. Assets Held for Sale

Offshore Gulf of Mexico Business
On July 16, 2015, we announced the execution of a Purchase and Sale Agreement with Genesis whereby they agreed to acquire our Offshore Business, which primarily consists of our Offshore Pipelines & Services business segment, for approximately $1.53 billion in cash. Our Offshore Business served drilling and development regions, including deepwater production fields, in the northern Gulf of Mexico offshore Texas, Louisiana, Mississippi and Alabama. As of December 31, 2014, our Offshore Business included approximately 2,350 miles of offshore natural gas and crude oil pipelines and six offshore hub platforms. The transaction closed on July 24, 2015. We maintained ownership of this business until the closing date.

We viewed our Offshore Business as an extension of our midstream energy services network. As such, the sale of these assets does not represent a strategic shift in our consolidated operations that would have a major effect on our operations and financial results. At December 31, 2014 and June 30, 2015, segment assets for our Offshore Pipelines & Services segment represented 4.3% and 4.1%, respectively, of consolidated total segment assets. Likewise, gross operating margin from this business segment represented only 3.1% and 3.4% of our consolidated total gross operating margin for the year ended December 31, 2014 and six months ended June 30, 2015, respectively. The sale of this non-strategic business allows us to redeploy capital to other business opportunities that we believe will generate a higher return for us in the future (e.g., our recent acquisition of EFS Midstream LLC (see Note 18)). Also, proceeds from the closing of this sale will reduce our need to issue additional equity to support our ongoing capital spending program.

Given the status of negotiations as of June 30, 2015, this transaction met the criteria necessary to classify the underlying assets and liabilities of our Offshore Business as “held for sale.”  As a result, the associated assets and liabilities of this business were reclassified to current assets and current liabilities, respectively, on our Unaudited Condensed Consolidated Balance Sheet at June 30, 2015.  In addition, the noncontrolling interest attributable to this held for sale business was also identified within equity at June 30, 2015.

We recorded a non-cash asset impairment charge at June 30, 2015 of approximately $54.8 million, which reflects the excess of the net assets of the business at June 30, 2015 over its estimated fair value based on the transaction price.

Since the fixed and intangible assets of our Offshore Business were classified as held for sale at June 30, 2015, we no longer depreciate and amortize the subject assets. Our consolidated results of operations for the six months ended June 30, 2015 and 2014 included $44.6 million and $45.9 million, respectively, of depreciation and amortization expense attributable to these assets.

Carrying Values of Major Classes of Assets and Liabilities Designated as Held for Sale
The following table presents the major classes of assets and liabilities designated as held for sale on our Unaudited Condensed Consolidated Balance Sheet at June 30, 2015:

 
 
Offshore
Gulf of Mexico
Business
 
Assets held for sale:
 
 
   Current assets
 
$
26.9
 
   Property, plant and equipment, net
  
1,135.9
 
   Investments in unconsolidated affiliates
  
482.4
 
   Intangible assets, net
  
37.1
 
   Goodwill
  
82.0
 
   Other assets
  
1.2
 
Subtotal
  
1,765.5
 
Impairment charge related to goodwill
  
(54.8
)
Total presented in Current Assets
 
$
1,710.7
 
 
    
Liabilities related to assets held for sale:
    
   Current liabilities
 
$
24.1
 
   Other long-term liabilities
  
92.3
 
Total presented in Current Liabilities
 
$
116.4
 
     
Noncontrolling interests in assets held for sale
 
$
62.2
 
     
Net assets of Offshore Business before impairment charge
 
$
1,586.9
 
     
Fair value of Offshore Business based on estimated transaction price
 
$
1,532.1