XML 20 R22.htm IDEA: XBRL DOCUMENT
v3.20.1

Investments in Unconsolidated Affiliates | 3 Months Ended
--- | ---
Mar. 31, 2020
Investments in Unconsolidated Affiliates |
Investments in Unconsolidated Affiliates | (15) Investments in Unconsolidated Affiliates Investment in Antero Midstream Partners Prior to the closing of the Transactions, AMGP did not consolidate Antero Midstream Partners, and AMGP’s share of Antero Midstream Partners’ earnings as a result of AMGP’s ownership of the IDRs was accounted for using the equity method of accounting. AMGP recognized distributions earned from Antero Midstream Partners as “Equity in earnings of unconsolidated affiliates” on its statement of operations in the period in which they were earned and were allocated to AMGP’s capital account. AMGP’s long-term interest in the IDRs on the balance sheet is recorded in “Investment in unconsolidated affiliates.” The ownership of the general partner interests and IDRs did not provide AMGP with any claim to the assets of AMGP other than the balance in its Antero Midstream Partners capital account. Income related to the IDRs was recognized as earned and increased AMGP’s capital account and equity investment. When these distributions were paid to AMGP, they reduced its capital account and its equity investment in Antero Midstream Partners. As a result of the Transactions, Antero Midstream Corporation assumed financial control of Antero Midstream Partners and Antero Midstream Partners is now consolidated (see Note 3—Business Combination). Investment in Stonewall and MarkWest Joint Venture The Company has a 15% equity interest in a gathering system of Stonewall Gas Gathering LLC (“Stonewall”), which operates a 67-mile pipeline on which Antero Resources is an anchor shipper. The Company has a 50% equity interest in the joint venture (the “Joint Venture”) to develop processing and fractionation assets with MarkWest Energy Partners, L.P. (“MarkWest”), a wholly owned subsidiary of MPLX, LP. The Joint Venture was formed to develop processing and fractionation assets in Appalachia. MarkWest operates the Joint Venture assets, which consist of processing plants in West Virginia and a one-third interest in two MarkWest fractionators in Ohio. The Company’s net income (loss) includes its proportionate share of the net income of the Joint Venture and Stonewall. When the Company records its proportionate share of net income, it increases equity income in the unaudited condensed consolidated statements of operations and comprehensive income and the carrying value of that investment on its balance sheet. When distributions on the Company’s proportionate share of net income are received, they are recorded as reductions to the carrying value of the investment on the balance sheet and are classified as cash inflows from operating activities in accordance with the nature of the distribution approach under ASC 230. The Company uses the equity method of accounting to account for its investments in Stonewall and the Joint Venture because it exercises significant influence, but not control, over the entities. The Company’s judgment regarding the level of influence over its equity investments includes considering key factors such as its ownership interest, representation on the applicable board of directors and participation in policy-making decisions of Stonewall and the Joint Venture. The following table is a reconciliation of the Company’s investments in these unconsolidated affiliates:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Antero | ​ | ​ | ​ | ​ | ​ | Total Investment | ​
​ | ​ | Midstream | ​ | ​ | ​ | MarkWest | ​ | in Unconsolidated | ​
(in thousands) |  | Partners LP |  | Stonewall |  | ​ | Joint Venture |  | Affiliates | ​
Balance at December 31, 2018 | ​ | $ | 43,492 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 43,492 | ​
Distributions from unconsolidated affiliates | ​ | ​ | (43,492) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (43,492) | ​
Balance at March 12, 2019 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Investments in unconsolidated affiliates acquired from Antero Midstream Partners | ​ | ​ | — | ​ | ​ | 142,071 | ​ | ​ | 426,214 | ​ | ​ | 568,285 | ​
Additional Investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 154,359 | ​ | ​ | 154,359 | ​
Equity in net income of unconsolidated affiliates(1) | ​ | ​ | — | ​ | ​ | 4,117 | ​ | ​ | 47,198 | ​ | ​ | 51,315 | ​
Distributions from unconsolidated affiliates | ​ | ​ | — | ​ | ​ | (5,730) | ​ | ​ | (58,590) | ​ | ​ | (64,320) | ​
Balance at December 31, 2019 | ​ | ​ | — | ​ | ​ | 140,458 | ​ | ​ | 569,181 | ​ | ​ | 709,639 | ​
Additional investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,690 | ​ | ​ | 11,690 | ​
Equity in net income of unconsolidated affiliates(1) | ​ | ​ | — | ​ | ​ | 1,376 | ​ | ​ | 17,701 | ​ | ​ | 19,077 | ​
Distributions from unconsolidated affiliates | ​ | ​ | — | ​ | ​ | (2,085) | ​ | ​ | (21,543) | ​ | ​ | (23,628) | ​
Balance at March 31, 2020 | ​ | $ | — | ​ | ​ | 139,749 | ​ | ​ | 577,029 | ​ | ​ | 716,778 | ​
(1) | As adjusted for the amortization of the difference between the cost of the equity investments in Stonewall and the Joint Venture and the amount of the underlying equity in the net assets of Stonewall and the Joint Venture as of the date of the Transactions.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 + Details
Name: | us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration