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10-Q Filing

CRESTWOOD EQUITY PARTNERS LP CIK: 1136352 Q1 2019
Filing Information
Form Type 10-Q
Accession Number 0001136352-19-000006
Period End Date 20190331
Filing Date 20190502
Fiscal Year 2019
Fiscal Period Q1
XBRL Instance ceqp-20190331.xml
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $300.00K USD Point-in-time
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $300.00K USD Point-in-time
Limited Partners' Capital Account, Units Issued LimitedPartnersCapitalAccountUnitsIssued 71.66M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $500.00K USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $900.00K USD Point-in-time
Limited Partners' Capital Account, Units Issued LimitedPartnersCapitalAccountUnitsIssued 72.34M shares Point-in-time
Restricted cash, current RestrictedCashCurrent $1.30M USD Point-in-time
Limited Partners' Capital Account, Units Outstanding LimitedPartnersCapitalAccountUnitsOutstanding 72.34M shares Point-in-time
Restricted cash, current RestrictedCashCurrent $16.30M USD Point-in-time
Limited Partners' Capital Account, Units Outstanding LimitedPartnersCapitalAccountUnitsOutstanding 71.66M shares Point-in-time
Accounts receivable, less allowance for doubtful accounts of $0.3 million at both March 31, 2019 and December 31, 2018 AccountsReceivableNetCurrent $251.50M USD Point-in-time
Preferred Units, Issued PreferredUnitsIssued 71.26M shares Point-in-time
Preferred Units, Issued PreferredUnitsIssued 71.26M shares Point-in-time
Accounts receivable, less allowance for doubtful accounts of $0.3 million at both March 31, 2019 and December 31, 2018 AccountsReceivableNetCurrent $255.60M USD Point-in-time
Inventory InventoryGross $64.60M USD Point-in-time
Preferred Units, Outstanding PreferredUnitsOutstanding 71.26M shares Point-in-time
Preferred Units, Outstanding PreferredUnitsOutstanding 71.26M shares Point-in-time
Inventory InventoryGross $42.00M USD Point-in-time
Assets from price risk management activities DerivativeAssetsCurrent $34.70M USD Point-in-time
Assets from price risk management activities DerivativeAssetsCurrent $16.60M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $11.30M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $10.10M USD Point-in-time
Total current assets AssetsCurrent $326.10M USD Point-in-time
Total current assets AssetsCurrent $379.30M USD Point-in-time
Property, plant and equipment PropertyPlantAndEquipmentGross $2.66B USD Point-in-time
Property, plant and equipment PropertyPlantAndEquipmentGross $2.60B USD Point-in-time
Less: accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $596.60M USD Point-in-time
Less: accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $568.40M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $2.07B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $2.03B USD Point-in-time
Operating lease, right-of-use assets, net OperatingLeaseRightOfUseAsset $61.60M USD Point-in-time
Intangible assets IntangibleAssetsGrossExcludingGoodwill $770.30M USD Point-in-time
Intangible assets IntangibleAssetsGrossExcludingGoodwill $770.30M USD Point-in-time
Less: accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $226.90M USD Point-in-time
Less: accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $216.50M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $553.80M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $543.40M USD Point-in-time
Goodwill Goodwill $138.60M USD Point-in-time
Goodwill Goodwill $138.60M USD Point-in-time
Investments in unconsolidated affiliates EquityMethodInvestments $1.21B USD Point-in-time
Investments in unconsolidated affiliates EquityMethodInvestments $1.19B USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $5.20M USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $4.90M USD Point-in-time
Total assets Assets $4.29B USD Point-in-time
Total assets Assets $4.35B USD Point-in-time
Accounts payable AccountsPayableCurrent $224.60M USD Point-in-time
Accounts payable AccountsPayableCurrent $213.00M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrent $112.40M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrent $123.30M USD Point-in-time
Liabilities from price risk management activities DerivativeLiabilitiesCurrent $5.00M USD Point-in-time
Liabilities from price risk management activities DerivativeLiabilitiesCurrent $5.80M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $900.00K USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $600.00K USD Point-in-time
Total current liabilities LiabilitiesCurrent $353.50M USD Point-in-time
Total current liabilities LiabilitiesCurrent $332.10M USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $1.75B USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $1.77B USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $48.20M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $173.60M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $177.00M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $2.60M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $2.80M USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Crestwood Equity Partners LP partners capital (72,335,893 and 71,659,385 common and subordinated units issued and outstanding at March 31, 2019 and December 31, 2018) LimitedPartnersCapitalAccount $1.24B USD Point-in-time
Crestwood Equity Partners LP partners capital (72,335,893 and 71,659,385 common and subordinated units issued and outstanding at March 31, 2019 and December 31, 2018) LimitedPartnersCapitalAccount $1.20B USD Point-in-time
Preferred units (71,257,445 units issued and outstanding at both March 31, 2019 and December 31, 2018) PreferredUnitsPreferredPartnersCapitalAccounts $612.00M USD Point-in-time
Preferred units (71,257,445 units issued and outstanding at both March 31, 2019 and December 31, 2018) PreferredUnitsPreferredPartnersCapitalAccounts $612.00M USD Point-in-time
Partners' capital PartnersCapital $1.81B USD Point-in-time
Partners' capital PartnersCapital $1.85B USD Point-in-time
Interest of non-controlling partner in subsidiary PartnersCapitalAttributableToNoncontrollingInterest $182.00M USD Point-in-time
Interest of non-controlling partner in subsidiary PartnersCapitalAttributableToNoncontrollingInterest $181.30M USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $2.00B USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $2.03B USD Point-in-time
Total liabilities and partners capital LiabilitiesAndStockholdersEquity $4.29B USD Point-in-time
Total liabilities and partners capital LiabilitiesAndStockholdersEquity $4.35B USD Point-in-time
Income Statement 48 line items
Line Item Tag Value Unit Period
Revenues Revenues $835.20M USD 1 Quarter
Revenues Revenues $1.11B USD 1 Quarter
Product costs - related party (Note 11) RelatedPartiesAmountInCostOfSales $34.40M USD 1 Quarter
Product costs - related party (Note 11) RelatedPartiesAmountInCostOfSales $13.10M USD 1 Quarter
Total costs of product/services sold CostOfRevenue $965.80M USD 1 Quarter
Total costs of product/services sold CostOfRevenue $695.60M USD 1 Quarter
Operations and maintenance OperatingCostsAndExpenses $28.60M USD 1 Quarter
Operations and maintenance OperatingCostsAndExpenses $34.50M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $23.90M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $37.20M USD 1 Quarter
Depreciation, amortization and accretion OtherDepreciationAndAmortization $45.10M USD 1 Quarter
Depreciation, amortization and accretion OtherDepreciationAndAmortization $39.80M USD 1 Quarter
(Gain) loss on long-lived assets, net GainLossOnDispositionOfAssets $-2.00M USD 1 Quarter
(Gain) loss on long-lived assets, net GainLossOnDispositionOfAssets $300.00K USD 1 Quarter
Total expenses OperatingExpenses $103.20M USD 1 Quarter
Total expenses OperatingExpenses $107.60M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $32.00M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $46.00M USD 1 Quarter
Earnings from unconsolidated affiliates, net IncomeLossFromEquityMethodInvestments $12.40M USD 1 Quarter
Earnings from unconsolidated affiliates, net IncomeLossFromEquityMethodInvestments $6.90M USD 1 Quarter
Interest and debt expense, net InterestExpense $24.40M USD 1 Quarter
Interest and debt expense, net InterestExpense $24.90M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $100.00K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $100.00K USD 1 Quarter
Net income ProfitLoss $34.10M USD 1 Quarter
Net income ProfitLoss $14.10M USD 1 Quarter
Net Income Attributable to Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest $4.00M USD 1 Quarter
Net Income Attributable to Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest $4.00M USD 1 Quarter
Net income (loss) attributable to parent NetIncomeLoss $30.10M USD 1 Quarter
Net income (loss) attributable to parent NetIncomeLoss $10.10M USD 1 Quarter
Net income attributable to preferred unit holders NetIncomeLossAttributabletoPreferredUnitHolders $15.00M USD 1 Quarter
Net income attributable to preferred unit holders NetIncomeLossAttributabletoPreferredUnitHolders $15.00M USD 1 Quarter
Net income (loss) attributable to partners NetIncomeLossPartnersInterestinNetIncome $-4.90M USD 1 Quarter
Net income (loss) attributable to partners NetIncomeLossPartnersInterestinNetIncome $15.10M USD 1 Quarter
Net Income (Loss) Allocated to Subordinated Limited Partners NetIncomeLossAllocatedtoSubordinatedLimitedPartners - USD 1 Quarter
Net Income (Loss) Allocated to Subordinated Limited Partners NetIncomeLossAllocatedtoSubordinatedLimitedPartners $100.00K USD 1 Quarter
Common unitholders interest in net income (loss) NetIncomeLossAllocatedToLimitedPartners $15.00M USD 1 Quarter
Common unitholders interest in net income (loss) NetIncomeLossAllocatedToLimitedPartners $-4.90M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.07 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.21 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.21 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-0.07 USD 1 Quarter
Basic (units) WeightedAverageLimitedPartnershipUnitsOutstanding 71.17M shares 1 Quarter
Basic (units) WeightedAverageLimitedPartnershipUnitsOutstanding 71.83M shares 1 Quarter
Dilutive units (units) WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment 789,000.00 shares 1 Quarter
Dilutive units (units) WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment 0.00 shares 1 Quarter
Diluted (units) WeightedAverageLimitedPartnershipUnitsOutstandingDiluted 71.83M shares 1 Quarter
Diluted (units) WeightedAverageLimitedPartnershipUnitsOutstandingDiluted 71.95M shares 1 Quarter
Cash Flow Statement 58 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $34.10M USD 1 Quarter
Net income ProfitLoss $14.10M USD 1 Quarter
Depreciation, amortization and accretion OtherDepreciationAndAmortization $39.80M USD 1 Quarter
Depreciation, amortization and accretion OtherDepreciationAndAmortization $45.10M USD 1 Quarter
Amortization of debt-related deferred costs AmortizationOfFinancingCostsAndDiscounts $1.80M USD 1 Quarter
Amortization of debt-related deferred costs AmortizationOfFinancingCostsAndDiscounts $1.40M USD 1 Quarter
Unit-based compensation charges UnitBasedCompensationCharges $17.30M USD 1 Quarter
Unit-based compensation charges UnitBasedCompensationCharges $7.20M USD 1 Quarter
(Gain) loss on long-lived assets, net GainLossOnDispositionOfAssets $-2.00M USD 1 Quarter
(Gain) loss on long-lived assets, net GainLossOnDispositionOfAssets $300.00K USD 1 Quarter
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions $-3.30M USD 1 Quarter
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions $600.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-200.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $200.00K USD 1 Quarter
Other OtherNoncashIncomeExpense $-100.00K USD 1 Quarter
Other OtherNoncashIncomeExpense - USD 1 Quarter
Changes in operating assets and liabilities IncreaseDecreaseInOtherOperatingCapitalNet $-52.80M USD 1 Quarter
Changes in operating assets and liabilities IncreaseDecreaseInOtherOperatingCapitalNet $-61.50M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $130.90M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $148.70M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $65.30M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $68.50M USD 1 Quarter
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $38.20M USD 1 Quarter
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $100.00K USD 1 Quarter
Capital distributions from unconsolidated affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $11.50M USD 1 Quarter
Capital distributions from unconsolidated affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $16.70M USD 1 Quarter
Payments for (Proceeds from) Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities $1.00M USD 1 Quarter
Payments for (Proceeds from) Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities $-1.20M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-52.70M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-91.00M USD 1 Quarter
Proceeds from the issuance of long-term debt ProceedsFromIssuanceOfLongTermDebt $399.80M USD 1 Quarter
Proceeds from the issuance of long-term debt ProceedsFromIssuanceOfLongTermDebt $298.90M USD 1 Quarter
Payments on long-term debt RepaymentsOfLongTermDebt $425.40M USD 1 Quarter
Payments on long-term debt RepaymentsOfLongTermDebt $284.40M USD 1 Quarter
Payments on finance leases FinanceLeasePrincipalPayments $1.10M USD 1 Quarter
Payments on capital leases RepaymentsOfLongTermCapitalLeaseObligations $300.00K USD 1 Quarter
Payments for deferred financing costs PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Payments for deferred financing costs PaymentsOfDebtIssuanceCosts $200.00K USD 1 Quarter
Distributions to partners PaymentsOfCapitalDistribution $43.10M USD 1 Quarter
Distributions to partners PaymentsOfCapitalDistribution $42.70M USD 1 Quarter
Distributions to non-controlling partner PaymentsOfDividendsMinorityInterest - USD 1 Quarter
Distributions to non-controlling partner PaymentsOfDividendsMinorityInterest $3.30M USD 1 Quarter
Distribution to preferred unit holders PaymentsOfDividendsPreferredStockAndPreferenceStock $15.00M USD 1 Quarter
Distribution to preferred unit holders PaymentsOfDividendsPreferredStockAndPreferenceStock $15.00M USD 1 Quarter
Taxes paid for unit-based compensation vesting PaymentsRelatedToTaxWithholdingForShareBasedCompensation $6.30M USD 1 Quarter
Taxes paid for unit-based compensation vesting PaymentsRelatedToTaxWithholdingForShareBasedCompensation $7.00M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-100.00K USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-100.00K USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-90.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-55.30M USD 1 Quarter
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-15.40M USD 1 Quarter
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $6.00M USD 1 Quarter
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.30M USD Point-in-time
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.30M USD Point-in-time
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.80M USD Point-in-time
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.20M USD Point-in-time
Net change to property, plant and equipment through accounts payable and accrued expenses CapitalExpendituresIncurredButNotYetPaid $-5.70M USD 1 Quarter
Net change to property, plant and equipment through accounts payable and accrued expenses CapitalExpendituresIncurredButNotYetPaid $-12.70M USD 1 Quarter
Stockholders Equity 16 line items
Line Item Tag Value Unit Period
Preferred Units, Outstanding PreferredUnitsOutstanding 71.26M shares Point-in-time
Preferred Units, Outstanding PreferredUnitsOutstanding 71.26M shares Point-in-time
Balance at December 31, 2018 PartnersCapital $1.81B USD Point-in-time
Balance at December 31, 2018 PartnersCapital $1.85B USD Point-in-time
Change in fair value of Suburban Propane Partners, L.P. units OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $400.00K USD 1 Quarter
Change in fair value of Suburban Propane Partners, L.P. units OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-300.00K USD 1 Quarter
Net income attributable to preferred unit holders NetIncomeLossAttributabletoPreferredUnitHolders $15.00M USD 1 Quarter
Net income attributable to preferred unit holders NetIncomeLossAttributabletoPreferredUnitHolders $15.00M USD 1 Quarter
Net income (loss) attributable to partners NetIncomeLossPartnersInterestinNetIncome $-4.90M USD 1 Quarter
Net income (loss) attributable to partners NetIncomeLossPartnersInterestinNetIncome $15.10M USD 1 Quarter
Net Income Attributable to Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest $4.00M USD 1 Quarter
Net Income Attributable to Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest $4.00M USD 1 Quarter
Net income ProfitLoss $34.10M USD 1 Quarter
Net income ProfitLoss $14.10M USD 1 Quarter
Balance at March 31, 2019 PartnersCapital $1.81B USD Point-in-time
Balance at March 31, 2019 PartnersCapital $1.85B USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $34.10M USD 1 Quarter
Net income ProfitLoss $14.10M USD 1 Quarter
Change in fair value of Suburban Propane Partners, L.P. units OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $400.00K USD 1 Quarter
Change in fair value of Suburban Propane Partners, L.P. units OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-300.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $14.50M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $33.80M USD 1 Quarter
Comprehensive income attributable to non-controlling partner ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $4.00M USD 1 Quarter
Comprehensive income attributable to non-controlling partner ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $4.00M USD 1 Quarter
Comprehensive income attributable to Crestwood Equity Partners LP ComprehensiveIncomeNetOfTax $10.50M USD 1 Quarter
Comprehensive income attributable to Crestwood Equity Partners LP ComprehensiveIncomeNetOfTax $29.80M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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