Note 16 - Condensed Consolidating Financial Information (Tables)
|
12 Months Ended |
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 |
|
|