v3.3.1.900

Note 16 - Condensed Consolidating Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2015 | Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |  |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations for the Year Ended December 31, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantors |  | Consolidating Adjustments |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |
Affiliate | $ | — |  |  | $ | 615 |  |  | $ | 28 |  |  | $ | (28 | ) |  | $ | 615 |
Third-party | — |  |  | 492 |  |  | 5 |  |  | — |  |  | 497 |
Total Revenues | — |  |  | 1,107 |  |  | 33 |  |  | (28 | ) |  | 1,112 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Operating and maintenance expenses | 15 |  |  | 463 |  |  | 1 |  |  | (28 | ) |  | 451 |
Imbalance settlement gains, net and reimbursements | — |  |  | (40 | ) |  | — |  |  | — |  |  | (40 | )
General and administrative expenses | 29 |  |  | 73 |  |  | — |  |  | — |  |  | 102 |
Depreciation and amortization expenses | 1 |  |  | 162 |  |  | 16 |  |  | — |  |  | 179 |
Loss on asset disposals and impairments | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Total Costs and Expenses | 45 |  |  | 659 |  |  | 17 |  |  | (28 | ) |  | 693 |
Operating Income (Loss) | (45 | ) |  | 448 |  |  | 16 |  |  | — |  |  | 419 |
Interest and financing costs, net | — |  |  | (140 | ) |  | (10 | ) |  | — |  |  | (150 | )
Equity in earnings of unconsolidated affiliates | — |  |  | 7 |  |  | — |  |  | — |  |  | 7 |
Equity in earnings of subsidiaries | 300 |  |  | 3 |  |  | — |  |  | (303 | ) |  | — |
Income tax expense | — |  |  | (1 | ) |  | — |  |  | — |  |  | (1 | )
Net Earnings | $ | 255 |  |  | $ | 317 |  |  | $ | 6 |  |  | $ | (303 | ) |  | $ | 275 |
Loss attributable to Predecessors (a) | 17 |  |  | — |  |  | — |  |  | — |  |  | 17 |
Net earnings attributable to noncontrolling interest | — |  |  | (17 | ) |  | (3 | ) |  | — |  |  | (20 | )
Net earnings attributable to partners | $ | 272 |  |  | $ | 300 |  |  | $ | 3 |  |  | $ | (303 | ) |  | $ | 272 |
____________
(a) | Amounts attributable to Predecessors have been reflected in the Parent column.
| Condensed Consolidating Statement of Operations for the Year Ended December 31, 2014 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantors |  | Consolidating Adjustments |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |
Affiliate | $ | 6 |  |  | $ | 491 |  |  | $ | 2 |  |  | $ | (2 | ) |  | $ | 497 |
Third-party | — |  |  | 103 |  |  | — |  |  | — |  |  | 103 |
Total Revenues | 6 |  |  | 594 |  |  | 2 |  |  | (2 | ) |  | 600 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Operating and maintenance expenses | 27 |  |  | 283 |  |  | — |  |  | (2 | ) |  | 308 |
Imbalance settlement gains, net and reimbursements | — |  |  | (43 | ) |  | — |  |  | — |  |  | (43 | )
General and administrative expenses | 37 |  |  | 37 |  |  | — |  |  | — |  |  | 74 |
Depreciation and amortization expenses | 2 |  |  | 75 |  |  | 1 |  |  | — |  |  | 78 |
Gain on asset disposals and impairments | — |  |  | (4 | ) |  | — |  |  | — |  |  | (4 | )
Total Costs and Expenses | 66 |  |  | 348 |  |  | 1 |  |  | (2 | ) |  | 413 |
Operating Income (Loss) | (60 | ) |  | 246 |  |  | 1 |  |  | — |  |  | 187 |
Interest and financing costs, net | — |  |  | (105 | ) |  | (4 | ) |  | — |  |  | (109 | )
Equity in earnings of unconsolidated affiliates | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Equity in earnings (loss) of subsidiaries | 136 |  |  | (3 | ) |  | — |  |  | (133 | ) |  | — |
Net Earnings (Loss) | $ | 76 |  |  | $ | 139 |  |  | $ | (3 | ) |  | $ | (133 | ) |  | $ | 79 |
Loss attributable to Predecessors (a) | 23 |  |  | — |  |  | — |  |  | — |  |  | 23 |
Net earnings attributable to noncontrolling interest | — |  |  | (3 | ) |  | — |  |  | — |  |  | (3 | )
Net earnings (loss) attributable to partners | $ | 99 |  |  | $ | 136 |  |  | $ | (3 | ) |  | $ | (133 | ) |  | $ | 99 |
____________
(a) | Amounts attributable to Predecessors have been reflected in the Parent column.
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet as of December 31, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantors |  | Consolidating Adjustments |  | Consolidated
ASSETS
Current Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 11 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 16 |
Receivables, net |  |  |  |  |  |  |  |  |  |
Trade | — |  |  | 138 |  |  | 1 |  |  | — |  |  | 139 |
Affiliate | 5 |  |  | 80 |  |  | — |  |  | — |  |  | 85 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |
Prepayments and other | 4 |  |  | 8 |  |  | — |  |  | — |  |  | 12 |
Total Current Assets | 20 |  |  | 228 |  |  | 4 |  |  | — |  |  | 252 |
Net property, plant and equipment | — |  |  | 3,087 |  |  | 363 |  |  | — |  |  | 3,450 |
Intangibles | — |  |  | 976 |  |  | — |  |  | — |  |  | 976 |
Goodwill | — |  |  | 111 |  |  | 19 |  |  | — |  |  | 130 |
Investment in unconsolidated affiliates | — |  |  | 58 |  |  | — |  |  | — |  |  | 58 |
Investments in subsidiaries | 4,929 |  |  | 284 |  |  | — |  |  | (5,213 | ) |  | — |
Long-term intercompany receivable | — |  |  | 381 |  |  | — |  |  | (381 | ) |  | — |
Other noncurrent assets | 1 |  |  | 25 |  |  | — |  |  | — |  |  | 26 |
Total Assets | $ | 4,950 |  |  | $ | 5,150 |  |  | $ | 386 |  |  | $ | (5,594 | ) |  | $ | 4,892 |
LIABILITIES AND EQUITY
Current Liabilities |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  |  |  |
Trade | $ | 1 |  |  | $ | 82 |  |  | $ | — |  |  | $ | — |  |  | $ | 83 |
Affiliate | 3 |  |  | 45 |  |  | — |  |  | — |  |  | 48 |
Accrued interest and financing costs | 31 |  |  | — |  |  | — |  |  | — |  |  | 31 |
Other current liabilities | 22 |  |  | 37 |  |  | — |  |  | — |  |  | 59 |
Total Current Liabilities | 57 |  |  | 164 |  |  | — |  |  | — |  |  | 221 |
Long-term intercompany payable | 363 |  |  | — |  |  | 18 |  |  | (381 | ) |  | — |
Other noncurrent liabilities | — |  |  | 49 |  |  | — |  |  | — |  |  | 49 |
Debt | 2,836 |  |  | 8 |  |  | — |  |  | — |  |  | 2,844 |
Equity - TLLP | 1,694 |  |  | 4,929 |  |  | 284 |  |  | (5,213 | ) |  | 1,694 |
Equity - Noncontrolling interest | — |  |  | — |  |  | 84 |  |  | — |  |  | 84 |
Total Liabilities and Equity | $ | 4,950 |  |  | $ | 5,150 |  |  | $ | 386 |  |  | $ | (5,594 | ) |  | $ | 4,892 |
| Condensed Consolidating Balance Sheet as of December 31, 2014 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantors |  | Consolidating Adjustments |  | Consolidated
ASSETS
Current Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 17 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 19 |
Receivables, net |  |  |  |  |  |  |  |  |
Trade | — |  |  | 121 |  |  | 1 |  |  | — |  |  | 122 |
Affiliate | 3 |  |  | 66 |  |  | — |  |  | — |  |  | 69 |
Other | — |  |  | 18 |  |  | — |  |  | — |  |  | 18 |
Prepayments and other | 3 |  |  | 4 |  |  | — |  |  | — |  |  | 7 |
Total Current Assets | 6 |  |  | 226 |  |  | 3 |  |  | — |  |  | 235 |
Net property, plant and equipment | 39 |  |  | 2,918 |  |  | 386 |  |  | — |  |  | 3,343 |
Intangibles | — |  |  | 973 |  |  | — |  |  | — |  |  | 973 |
Goodwill | — |  |  | 164 |  |  | — |  |  | — |  |  | 164 |
Investment in unconsolidated affiliates | — |  |  | 57 |  |  | — |  |  | — |  |  | 57 |
Investments in subsidiaries | 4,233 |  |  | 302 |  |  | — |  |  | (4,535 | ) |  | — |
Long-term intercompany receivable | — |  |  | 191 |  |  | 1 |  |  | (192 | ) |  | — |
Other noncurrent assets | — |  |  | 30 |  |  | — |  |  | — |  |  | 30 |
Total Assets | $ | 4,278 |  |  | $ | 4,861 |  |  | $ | 390 |  |  | $ | (4,727 | ) |  | $ | 4,802 |
LIABILITIES AND EQUITY
Current Liabilities |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  |  |  |
Trade | $ | 8 |  |  | $ | 133 |  |  | $ | — |  |  | $ | — |  |  | $ | 141 |
Affiliate | 3 |  |  | 50 |  |  | — |  |  | — |  |  | 53 |
Accrued interest and financing costs | 28 |  |  | — |  |  | — |  |  | — |  |  | 28 |
Other current liabilities | 23 |  |  | 45 |  |  | — |  |  | — |  |  | 68 |
Total Current Liabilities | 62 |  |  | 228 |  |  | — |  |  | — |  |  | 290 |
Long-term intercompany payable | 192 |  |  | — |  |  | — |  |  | (192 | ) |  | — |
Other noncurrent liabilities | — |  |  | 43 |  |  | 2 |  |  | — |  |  | 45 |
Debt | 2,536 |  |  | 8 |  |  | — |  |  | — |  |  | 2,544 |
Equity - TLLP | 1,488 |  |  | 4,233 |  |  | 302 |  |  | (4,535 | ) |  | 1,488 |
Equity - Noncontrolling interest | — |  |  | 349 |  |  | 86 |  |  | — |  |  | 435 |
Total Liabilities and Equity | $ | 4,278 |  |  | $ | 4,861 |  |  | $ | 390 |  |  | $ | (4,727 | ) |  | $ | 4,802 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantors |  | Consolidating Adjustments |  | Consolidated
Cash Flows From (Used In) Operating Activities |  |  |  |  |  |  |  |  |
Net cash from (used in) operating activities | $ | (34 | ) |  | $ | 499 |  |  | $ | 22 |  |  | $ | (28 | ) |  | $ | 459 |
Cash Flows From (Used In) Investing Activities |  |  |  |  |  |  |  |  |  |
Capital expenditures | (4 | ) |  | (306 | ) |  | — |  |  | — |  |  | (310 | )
Acquisitions | — |  |  | 2 |  |  | (8 | ) |  | — |  |  | (6 | )
Investments in subsidiaries | (45 | ) |  | — |  |  | — |  |  | 45 |  |  | — |
Net cash used in investing activities | (49 | ) |  | (304 | ) |  | (8 | ) |  | 45 |  |  | (316 | )
Cash Flows From (Used In) Financing Activities |  |  |  |  |  |  |  |  |  |
Proceeds from debt offering | 250 |  |  | — |  |  | — |  |  | — |  |  | 250 |
Proceeds from issuance of common units, net of issuance costs | 95 |  |  | — |  |  | — |  |  | — |  |  | 95 |
Proceeds from issuance of general partner units, net of issuance costs | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Distributions to noncontrolling interest | — |  |  | (15 | ) |  | (7 | ) |  | — |  |  | (22 | )
Distributions in connection with acquisitions | (250 | ) |  | — |  |  | — |  |  | — |  |  | (250 | )
Quarterly distributions to unitholders | (240 | ) |  | — |  |  | — |  |  | — |  |  | (240 | )
Quarterly distributions to general partner | (68 | ) |  | — |  |  | (28 | ) |  | 28 |  |  | (68 | )
Repayments under revolving credit agreement | (431 | ) |  | — |  |  | — |  |  | — |  |  | (431 | )
Borrowings under revolving credit agreement | 476 |  |  | — |  |  | — |  |  | — |  |  | 476 |
Contributions by parent | — |  |  | 45 |  |  | — |  |  | (45 | ) |  | — |
Intercompany borrowings (payments) | 218 |  |  | (240 | ) |  | 22 |  |  | — |  |  | — |
Sponsor contributions of equity to the Predecessors | 20 |  |  | — |  |  | — |  |  | — |  |  | 20 |
Financing costs | (2 | ) |  | — |  |  | — |  |  | — |  |  | (2 | )
Capital contributions by affiliate | 22 |  |  | — |  |  | — |  |  | — |  |  | 22 |
Net cash from (used in) financing activities | 94 |  |  | (210 | ) |  | (13 | ) |  | (17 | ) |  | (146 | )
Increase (Decrease) in Cash and Cash Equivalents | 11 |  |  | (15 | ) |  | 1 |  |  | — |  |  | (3 | )
Cash and Cash Equivalents, Beginning of Year | — |  |  | 17 |  |  | 2 |  |  | — |  |  | 19 |
Cash and Cash Equivalents, End of Year | $ | 11 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 16 |
| Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2014 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantors |  | Consolidating Adjustments |  | Consolidated
Cash Flows From (Used In) Operating Activities |  |  |  |  |  |  |  |  |
Net cash from (used in) operating activities | $ | (42 | ) |  | $ | 210 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 166 |
Cash Flows From (Used In) Investing Activities |  |  |  |  |  |  |  |  |
Capital expenditures | (7 | ) |  | (197 | ) |  | — |  |  | — |  |  | (204 | )
Acquisitions | — |  |  | (2,175 | ) |  | (304 | ) |  | — |  |  | (2,479 | )
Investments in subsidiaries | (2,510 | ) |  | — |  |  | — |  |  | 2,510 |  |  | — |
Distributions to parent | 16 |  |  | (16 | ) |  | — |  |  | — |  |  | — |
Proceeds from sale of assets | — |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Net cash used in investing activities | (2,501 | ) |  | (2,378 | ) |  | (304 | ) |  | 2,510 |  |  | (2,673 | )
Cash Flows From (Used In) Financing Activities |  |  |  |  |  |  |  |  |
Proceeds from debt offering | 1,300 |  |  | — |  |  | — |  |  | — |  |  | 1,300 |
Proceeds from issuance of common units, net of issuance costs | 1,449 |  |  | — |  |  | — |  |  | — |  |  | 1,449 |
Proceeds from issuance of general partner units, net of issuance costs | 29 |  |  | — |  |  | — |  |  | — |  |  | 29 |
Distributions in connection with acquisitions | (243 | ) |  | — |  |  | — |  |  | — |  |  | (243 | )
Quarterly distributions to unitholders | (148 | ) |  | — |  |  | — |  |  | — |  |  | (148 | )
Quarterly distributions to general partner | (35 | ) |  | — |  |  | — |  |  | — |  |  | (35 | )
Repayments under revolving credit agreement | (386 | ) |  | — |  |  | — |  |  | — |  |  | (386 | )
Borrowings under revolving credit agreement | 646 |  |  | — |  |  | — |  |  | — |  |  | 646 |
Repayments of senior notes | (130 | ) |  | — |  |  | — |  |  | — |  |  | (130 | )
Contributions by parent | — |  |  | 2,205 |  |  | 305 |  |  | (2,510 | ) |  | — |
Intercompany borrowings (payments) | 17 |  |  | (20 | ) |  | 3 |  |  | — |  |  | — |
Sponsor contributions of equity to the Predecessors | 27 |  |  | — |  |  | — |  |  | — |  |  | 27 |
Financing costs | (32 | ) |  | — |  |  | — |  |  | — |  |  | (32 | )
Capital contributions by affiliate | 26 |  |  | — |  |  | — |  |  | — |  |  | 26 |
Net cash from financing activities | 2,520 |  |  | 2,185 |  |  | 308 |  |  | (2,510 | ) |  | 2,503 |
Increase (Decrease) in Cash and Cash Equivalents | (23 | ) |  | 17 |  |  | 2 |  |  | — |  |  | (4 | )
Cash and Cash Equivalents, Beginning of Year | 23 |  |  | — |  |  | — |  |  | — |  |  | 23 |
Cash and Cash Equivalents, End of Year | $ | — |  |  | $ | 17 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 19 |

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