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Consolidated Variable Interest Entities | 3 Months Ended
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Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Consolidated Variable Interest Entities | Consolidated Variable Interest Entities The Company determined EQGP and EQM to be variable interest entities. Through EQT's ownership and control of EQGP's general partner and control of EQM's general partner, EQT has the power to direct the activities that most significantly impact their economic performance. In addition, through EQT's limited partner interest in EQGP and EQGP's general partner interest, limited partner interest and IDRs in EQM, EQT has the obligation to absorb the losses of EQGP and EQM and the right to receive benefits from EQGP and EQM, in accordance with such interests. As EQT has a controlling financial interest in EQGP, and is the primary beneficiary of EQGP, EQT consolidates EQGP who consolidates EQM. See Note 12 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 for additional information related to the consolidated variable interest entities. The risks associated with the operations of EQGP and EQM are discussed in their respective Annual Reports on Form 10-K for the year ended December 31, 2016, as updated by any Quarterly Reports on Form 10-Q. See further discussion of the impact that EQT's ownership and control of EQGP and EQM have on EQT's financial position, results of operations and cash flows included in EQT's Annual Report on Form 10-K for the year ended December 31, 2016, including in the section captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. See Notes B and C for further discussion of EQGP and EQM, respectively. The following table presents amounts included in the Company's Condensed Consolidated Balance Sheets that were for the use or obligation of EQGP or EQM as of March 31, 2017 and December 31, 2016.
Classification |  | March 31, 2017 |  | December 31, 2016
|  | (Thousands)
Assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 42,768 |  |  | $ | 60,453 |
Accounts receivable |  | 21,630 |  |  | 20,662 |
Prepaid expenses and other |  | 1,582 |  |  | 5,745 |
Property, plant and equipment, net |  | 2,632,465 |  |  | 2,578,834 |
Other assets |  | 258,779 |  |  | 206,104 |
Liabilities: |  |  |  |
Accounts payable |  | $ | 43,531 |  |  | $ | 35,831 |
Other current liabilities |  | 61,807 |  |  | 32,242 |
Long-term debt |  | 986,137 |  |  | 985,732 |
Other liabilities and credits |  | 10,258 |  |  | 9,562 |
The following table summarizes EQGP's Statements of Consolidated Operations and Cash Flows for the three months ended March 31, 2017 and 2016, inclusive of affiliate amounts.
| Three Months Ended March 31,
| 2017 |  | 2016
| (Thousands)
Operating revenues | $ | 203,426 |  |  | $ | 185,786 |
Operating expenses | 59,525 |  |  | 49,623 |
Other expenses | 1,913 |  |  | 384 |
Net income | $ | 141,988 |  |  | $ | 135,779 |
Net cash provided by operating activities | $ | 160,769 |  |  | $ | 115,644 |
Net cash used in investing activities | (81,687 | ) |  | (123,522 | )
Net cash used in financing activities | (96,767 | ) |  | (352,704 | )

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64801991&loc=SL6759159-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5728-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5710-111685 + Details
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