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Intangible Assets and Goodwill (Tables) | 12 Months Ended
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Dec. 31, 2015
Intangible Assets and Goodwill [Abstract] |
Intangible Assets by Segment | The following table summarizes our intangible assets by business segment at the dates indicated:
|  | December 31, 2015 |  |  | December 31, 2014 |
|  | Gross Value |  |  | Accumulated Amortization |  |  | Carrying Value |  |  | Gross Value |  |  | Accumulated Amortization |  |  | Carrying Value |
NGL Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationship intangibles |  | $ | 447.4 |  |  | $ | (156.9 | ) |  | $ | 290.5 |  |  | $ | 340.8 |  |  | $ | (183.2 | ) |  | $ | 157.6 |
Contract-based intangibles |  |  | 283.0 |  |  |  | (193.2 | ) |  |  | 89.8 |  |  |  | 277.7 |  |  |  | (178.7 | ) |  |  | 99.0 |
IDRs (1) |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 432.6 |  |  |  | -- |  |  |  | 432.6 |
Segment total |  |  | 730.4 |  |  |  | (350.1 | ) |  |  | 380.3 |  |  |  | 1,051.1 |  |  |  | (361.9 | ) |  |  | 689.2 |
Crude Oil Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationship intangibles |  |  | 2,204.4 |  |  |  | (39.1 | ) |  |  | 2,165.3 |  |  |  | 1,108.0 |  |  |  | (7.7 | ) |  |  | 1,100.3 |
Contract-based intangibles |  |  | 281.4 |  |  |  | (69.2 | ) |  |  | 212.2 |  |  |  | 281.4 |  |  |  | (13.5 | ) |  |  | 267.9 |
IDRs (1) |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 855.4 |  |  |  | -- |  |  |  | 855.4 |
Segment total |  |  | 2,485.8 |  |  |  | (108.3 | ) |  |  | 2,377.5 |  |  |  | 2,244.8 |  |  |  | (21.2 | ) |  |  | 2,223.6 |
Natural Gas Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationship intangibles |  |  | 1,350.3 |  |  |  | (366.3 | ) |  |  | 984.0 |  |  |  | 1,163.6 |  |  |  | (308.9 | ) |  |  | 854.7 |
Contract-based intangibles |  |  | 464.7 |  |  |  | (361.0 | ) |  |  | 103.7 |  |  |  | 466.0 |  |  |  | (347.8 | ) |  |  | 118.2 |
Segment total |  |  | 1,815.0 |  |  |  | (727.3 | ) |  |  | 1,087.7 |  |  |  | 1,629.6 |  |  |  | (656.7 | ) |  |  | 972.9 |
Petrochemical & Refined Products Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationship intangibles |  |  | 185.5 |  |  |  | (38.3 | ) |  |  | 147.2 |  |  |  | 198.4 |  |  |  | (43.3 | ) |  |  | 155.1 |
Contract-based intangibles |  |  | 56.3 |  |  |  | (11.8 | ) |  |  | 44.5 |  |  |  | 56.3 |  |  |  | (7.8 | ) |  |  | 48.5 |
IDRs (1) |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 171.2 |  |  |  | -- |  |  |  | 171.2 |
Segment total |  |  | 241.8 |  |  |  | (50.1 | ) |  |  | 191.7 |  |  |  | 425.9 |  |  |  | (51.1 | ) |  |  | 374.8 |
Offshore Pipelines & Services: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationship intangibles |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 195.8 |  |  |  | (154.9 | ) |  |  | 40.9 |
Contract-based intangibles |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 1.2 |  |  |  | (0.5 | ) |  |  | 0.7 |
Segment total |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 197.0 |  |  |  | (155.4 | ) |  |  | 41.6 |
Total intangible assets |  | $ | 5,273.0 |  |  | $ | (1,235.8 | ) |  |  | 4,037.2 |  |  | $ | 5,548.4 |  |  | $ | (1,246.3 | ) |  | $ | 4,302.1 |
(1) We recorded intangible assets having an aggregate carrying value of $1.46 billion in connection with our October 2014 acquisition of the IDRs of Oiltanking. The IDRs represented contractual rights to future cash incentive distributions to be paid by Oiltanking. These rights were granted to Oiltanking GP under the terms of Oiltanking's partnership agreement. Oiltanking GP could separate and sell the IDRs independent of its other residual general partner interest in Oiltanking. In February 2015 (following completion of Step 2 of the Oiltanking acquisition), the Oiltanking IDRs were cancelled and the carrying value of this intangible asset was reclassified to goodwill. (2) Our intangible assets classified within the Offshore Pipelines & Services segment were sold to Genesis in July 2015 (see Note 5). |
Amortization Expense of Intangible Assets by Segment | The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:
|  | For the Year Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
NGL Pipelines & Services |  | $ | 33.6 |  |  | $ | 33.1 |  |  | $ | 36.4 |
Crude Oil Pipelines & Services |  |  | 87.1 |  |  |  | 15.7 |  |  |  | 1.4 |
Natural Gas Pipelines & Services |  |  | 40.0 |  |  |  | 45.0 |  |  |  | 50.1 |
Petrochemical & Refined Products Services |  |  | 8.9 |  |  |  | 6.9 |  |  |  | 6.2 |
Offshore Pipelines & Services |  |  | 4.5 |  |  |  | 9.9 |  |  |  | 11.5 |
Total |  | $ | 174.1 |  |  | $ | 110.6 |  |  | $ | 105.6 |
Forecasted Amortization Expense | The following table presents our forecast of amortization expense associated with existing intangible assets for the years indicated:
2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020
$ | 181.6 |  |  | $ | 177.4 |  |  | $ | 171.6 |  |  | $ | 167.0 |  |  | $ | 166.3
Significant Acquired Intangible Assets | At December 31, 2015, the carrying value of our portfolio of customer relationship intangible assets was $3.59 billion, the principal components of which are as follows:
| Weighted Average Remaining Amortization Period at December 31, 2015 |  | December 31, 2015 |
|  | Gross Value |  |  | Accumulated Amortization |  |  | Carrying Value |
Basin-specific customer relationships: |  |  |  |  |  |  |  |  |  |
EFS Midstream (1) | 26.4 years |  | $ | 1,409.8 |  |  | $ | (26.2 | ) |  | $ | 1,383.6 |
State Line and Fairplay (2) | 31.2 years |  |  | 895.0 |  |  |  | (141.7 | ) |  |  | 753.3 |
San Juan Gathering (3) | 23.8 years |  |  | 331.3 |  |  |  | (196.4 | ) |  |  | 134.9 |
Encinal (4) | 11.0 years |  |  | 132.9 |  |  |  | (86.9 | ) |  |  | 46.0 |
General customer relationships: |  |  |  |  |  |  |  |  |  |  |  |  |
Oiltanking (5) | 28.0 years |  |  | 1,192.5 |  |  |  | (11.5 | ) |  |  | 1,181.0 |
(1) We acquired these intangible assets in connection with our acquisition of EFS Midstream in July 2015 (see Note 12 for additional information). (2) These customer relationships are associated with our State Line and Fairplay Gathering Systems, which we acquired in 2010. The State Line system serves producers in the Haynesville and Bossier Shale supply basins and the Cotton Valley and Taylor Sand formations in Louisiana and eastern Texas. The Fairplay system serves producers in the Cotton Valley and Taylor Sand formations within Panola and Rusk counties in East Texas. (3) These customer relationships are associated with our San Juan Gathering System, which serves producers in the San Juan Basin of northern New Mexico and southern Colorado. We acquired this intangible asset in 2004. (4) These customer relationships are associated with our Encinal Gathering System, which serves producers in the Olmos and Wilcox formations in South Texas. We acquired this intangible asset in 2006. (5) We acquired these intangible assets in connection with our acquisition of Oiltanking in October 2014 (see Note 12 for additional information). |
Changes in Carrying Amount of Goodwill | Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. Goodwill is not amortized; however, it is subject to annual impairment testing at the end of each fiscal year, and more frequently, if circumstances indicate it is probable that the fair value of goodwill is below its carrying amount. The following table presents changes in the carrying amount of goodwill during the periods indicated:
|  | NGL Pipelines & Services |  |  | Crude Oil Pipelines & Services |  |  | Natural Gas Pipelines & Services |  |  | Petrochemical & Refined Products Services |  |  | Offshore Pipelines & Services |  |  | Consolidated Total |
Balance at December 31, 2012 |  | $ | 341.2 |  |  | $ | 311.2 |  |  | $ | 296.3 |  |  | $ | 1,056.0 |  |  | $ | 82.1 |  |  | $ | 2,086.8 |
Reduction in goodwill related to the sale of assets |  |  | -- |  |  |  | (6.1 | ) |  |  | -- |  |  |  | (0.7 | ) |  |  | -- |  |  |  | (6.8 | )
Balance at December 31, 2013 |  |  | 341.2 |  |  |  | 305.1 |  |  |  | 296.3 |  |  |  | 1,055.3 |  |  |  | 82.1 |  |  |  | 2,080.0 |
Reclassification of goodwill between segments |  |  | 520.0 |  |  |  | -- |  |  |  | -- |  |  |  | (520.0 | ) |  |  | -- |  |  |  | -- |
Reduction in goodwill related to the sale of assets |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | (0.1 | ) |  |  | (0.1 | )
Addition to goodwill related to the acquisition of Oiltanking |  |  | 1,349.0 |  |  |  | 613.6 |  |  |  | -- |  |  |  | 257.7 |  |  |  | -- |  |  |  | 2,220.3 |
Balance at December 31, 2014 |  |  | 2,210.2 |  |  |  | 918.7 |  |  |  | 296.3 |  |  |  | 793.0 |  |  |  | 82.0 |  |  |  | 4,300.2 |
Reclassification of Oiltanking IDR balances to goodwill in connection with the cancellation of such rights in February 2015 and other adjustments |  |  | 432.6 |  |  |  | 850.7 |  |  |  | -- |  |  |  | 170.8 |  |  |  | -- |  |  |  | 1,454.1 |
Reduction in goodwill related to the sale of assets |  |  | -- |  |  |  | (2.1 | ) |  |  | -- |  |  |  | -- |  |  |  | (82.0 | ) |  |  | (84.1 | )
Addition to goodwill related to the acquisition of EFS Midstream |  |  | 8.9 |  |  |  | 73.7 |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 82.6 |
Goodwill reclassified to assets held-for-sale |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | (7.6 | ) |  |  | -- |  |  |  | (7.6 | )
Balance at December 31, 2015 |  | $ | 2,651.7 |  |  | $ | 1,841.0 |  |  | $ | 296.3 |  |  | $ | 956.2 |  |  | $ | -- |  |  | $ | 5,745.2 |

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- Definition Tabular disclosure of the amortization expense of intangible assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References No definition available. + Details
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