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10-Q Filing

CRESTWOOD EQUITY PARTNERS LP CIK: 1136352 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001136352-20-000006
Period End Date 20200331
Filing Date 20200507
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance crestwood-q12020_htm.xml
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $600.00K USD Point-in-time
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $300.00K USD Point-in-time
Limited Partners' Capital Account, Units Issued LimitedPartnersCapitalAccountUnitsIssued 73.70M shares Point-in-time
Limited Partners' Capital Account, Units Issued LimitedPartnersCapitalAccountUnitsIssued 72.28M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $5.20M USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $25.70M USD Point-in-time
Accounts receivable, less allowance for doubtful accounts of $0.6 million and $0.3 million at March 31, 2020 and December 31, 2019 AccountsReceivableNetCurrent $242.20M USD Point-in-time
Limited Partners' Capital Account, Units Outstanding LimitedPartnersCapitalAccountUnitsOutstanding 73.70M shares Point-in-time
Limited Partners' Capital Account, Units Outstanding LimitedPartnersCapitalAccountUnitsOutstanding 72.28M shares Point-in-time
Accounts receivable, less allowance for doubtful accounts of $0.6 million and $0.3 million at March 31, 2020 and December 31, 2019 AccountsReceivableNetCurrent $202.40M USD Point-in-time
Inventory InventoryGross $53.70M USD Point-in-time
Preferred Units, Issued PreferredUnitsIssued 71.26M shares Point-in-time
Inventory InventoryGross $20.10M USD Point-in-time
Preferred Units, Issued PreferredUnitsIssued 71.26M shares Point-in-time
Preferred Units, Outstanding PreferredUnitsOutstanding 71.26M shares Point-in-time
Assets from price risk management activities DerivativeAssetsCurrent $43.20M USD Point-in-time
Preferred Units, Outstanding PreferredUnitsOutstanding 71.26M shares Point-in-time
Assets from price risk management activities DerivativeAssetsCurrent $52.70M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $11.60M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $8.50M USD Point-in-time
Total current assets AssetsCurrent $376.40M USD Point-in-time
Total current assets AssetsCurrent $288.90M USD Point-in-time
Property, plant and equipment PropertyPlantAndEquipmentGross $3.68B USD Point-in-time
Property, plant and equipment PropertyPlantAndEquipmentGross $3.61B USD Point-in-time
Less: accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $703.40M USD Point-in-time
Less: accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $743.30M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $2.93B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $2.91B USD Point-in-time
Operating lease, right-of-use assets, net OperatingLeaseRightOfUseAsset $49.40M USD Point-in-time
Operating lease, right-of-use assets, net OperatingLeaseRightOfUseAsset $53.80M USD Point-in-time
Intangible assets IntangibleAssetsGrossExcludingGoodwill $1.08B USD Point-in-time
Intangible assets IntangibleAssetsGrossExcludingGoodwill $1.08B USD Point-in-time
Less: accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $285.80M USD Point-in-time
Less: accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $271.10M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $790.50M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $805.20M USD Point-in-time
Goodwill Goodwill $218.90M USD Point-in-time
Goodwill Goodwill $138.60M USD Point-in-time
Investments in unconsolidated affiliates EquityMethodInvestments $972.20M USD Point-in-time
Investments in unconsolidated affiliates EquityMethodInvestments $980.40M USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $5.50M USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $4.60M USD Point-in-time
Total assets Assets $5.18B USD Point-in-time
Total assets Assets $5.35B USD Point-in-time
Accounts payable AccountsPayableCurrent $189.20M USD Point-in-time
Accounts payable AccountsPayableCurrent $118.10M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrent $161.70M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrent $158.30M USD Point-in-time
Liabilities from price risk management activities DerivativeLiabilitiesCurrent $5.60M USD Point-in-time
Liabilities from price risk management activities DerivativeLiabilitiesCurrent $6.70M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $200.00K USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $200.00K USD Point-in-time
Total current liabilities LiabilitiesCurrent $282.20M USD Point-in-time
Total current liabilities LiabilitiesCurrent $357.80M USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $2.36B USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $2.33B USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $36.80M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $41.50M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $301.60M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $280.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $2.60M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $2.40M USD Point-in-time
Total liabilities Liabilities $2.99B USD Point-in-time
Total liabilities Liabilities $2.92B USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Interest of non-controlling partner in subsidiary TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $426.90M USD Point-in-time
Interest of non-controlling partner in subsidiary TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests $426.20M USD Point-in-time
Crestwood Equity Partners LP partners capital (73,703,476 and 72,282,942 common and subordinated units issued and outstanding at March 31, 2020 and December 31, 2019) LimitedPartnersCapitalAccount $1.21B USD Point-in-time
Crestwood Equity Partners LP partners capital (73,703,476 and 72,282,942 common and subordinated units issued and outstanding at March 31, 2020 and December 31, 2019) LimitedPartnersCapitalAccount $1.32B USD Point-in-time
Preferred units (71,257,445 units issued and outstanding at both March 31, 2020 and December 31, 2019) PreferredUnitsPreferredPartnersCapitalAccounts $612.00M USD Point-in-time
Preferred units (71,257,445 units issued and outstanding at both March 31, 2020 and December 31, 2019) PreferredUnitsPreferredPartnersCapitalAccounts $612.00M USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $1.93B USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $1.83B USD Point-in-time
Total liabilities and capital LiabilitiesAndStockholdersEquity $5.18B USD Point-in-time
Total liabilities and capital LiabilitiesAndStockholdersEquity $5.35B USD Point-in-time
Income Statement 48 line items
Line Item Tag Value Unit Period
Revenues Revenues $835.20M USD 1 Quarter
Revenues Revenues $727.90M USD 1 Quarter
Product costs - related party (Note 11) RelatedPartiesAmountInCostOfSales $34.40M USD 1 Quarter
Product costs - related party (Note 11) RelatedPartiesAmountInCostOfSales $3.20M USD 1 Quarter
Total costs of product/services sold CostOfRevenue $534.40M USD 1 Quarter
Total costs of product/services sold CostOfRevenue $695.60M USD 1 Quarter
Operations and maintenance OperatingCostsAndExpenses $37.60M USD 1 Quarter
Operations and maintenance OperatingCostsAndExpenses $28.60M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $37.20M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $14.90M USD 1 Quarter
Depreciation, amortization and accretion OtherDepreciationAndAmortization $39.80M USD 1 Quarter
Depreciation, amortization and accretion OtherDepreciationAndAmortization $56.10M USD 1 Quarter
Loss on long-lived assets, net GainLossOnDispositionOfAssets $-1.00M USD 1 Quarter
Loss on long-lived assets, net GainLossOnDispositionOfAssets $-2.00M USD 1 Quarter
Goodwill, Impairment Loss GoodwillImpairmentLoss $80.30M USD 1 Quarter
Goodwill, Impairment Loss GoodwillImpairmentLoss - USD 1 Quarter
Total expenses OperatingExpenses $189.90M USD 1 Quarter
Total expenses OperatingExpenses $107.60M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $32.00M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $3.60M USD 1 Quarter
Earnings from unconsolidated affiliates, net IncomeLossFromEquityMethodInvestments $6.90M USD 1 Quarter
Earnings from unconsolidated affiliates, net IncomeLossFromEquityMethodInvestments $5.50M USD 1 Quarter
Interest and debt expense, net InterestExpense $32.60M 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 (loss) ProfitLoss $-23.40M USD 1 Quarter
Net income (loss) 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 $9.90M USD 1 Quarter
Net income (loss) attributable to parent NetIncomeLoss $-33.30M 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 loss attributable to partners NetIncomeLossPartnersInterestinNetIncome $-48.30M USD 1 Quarter
Net loss attributable to partners NetIncomeLossPartnersInterestinNetIncome $-4.90M USD 1 Quarter
Common unitholders interest in net loss NetIncomeLossAllocatedToLimitedPartners $-48.30M USD 1 Quarter
Common unitholders interest in net loss NetIncomeLossAllocatedToLimitedPartners $-4.90M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.66 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.07 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-0.07 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-0.66 USD 1 Quarter
Basic (units) WeightedAverageLimitedPartnershipUnitsOutstanding 71.80M shares 1 Quarter
Basic (units) WeightedAverageLimitedPartnershipUnitsOutstanding 72.90M shares 1 Quarter
Dilutive units (units) WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment 0.00 shares 1 Quarter
Dilutive units (units) WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment 0.00 shares 1 Quarter
Diluted (units) WeightedAverageLimitedPartnershipUnitsOutstandingDiluted 71.80M shares 1 Quarter
Diluted (units) WeightedAverageLimitedPartnershipUnitsOutstandingDiluted 72.90M shares 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-23.40M USD 1 Quarter
Net income (loss) ProfitLoss $14.10M USD 1 Quarter
Depreciation, amortization and accretion OtherDepreciationAndAmortization $56.10M USD 1 Quarter
Depreciation, amortization and accretion OtherDepreciationAndAmortization $39.80M USD 1 Quarter
Amortization of debt-related deferred costs AmortizationOfFinancingCostsAndDiscounts $1.60M 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 $-4.40M USD 1 Quarter
Loss on long-lived assets, net GainLossOnDispositionOfAssets $-1.00M USD 1 Quarter
Loss on long-lived assets, net GainLossOnDispositionOfAssets $-2.00M USD 1 Quarter
Goodwill, Impairment Loss GoodwillImpairmentLoss $80.30M USD 1 Quarter
Goodwill, Impairment Loss GoodwillImpairmentLoss - USD 1 Quarter
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions $-4.50M USD 1 Quarter
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions $-3.30M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-200.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $200.00K USD 1 Quarter
Changes in operating assets and liabilities IncreaseDecreaseInOtherOperatingCapitalNet $-3.70M USD 1 Quarter
Changes in operating assets and liabilities IncreaseDecreaseInOtherOperatingCapitalNet $-52.80M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $130.90M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $119.20M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $68.50M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $86.80M USD 1 Quarter
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $6.00M USD 1 Quarter
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $38.20M USD 1 Quarter
Capital distributions from unconsolidated affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $9.50M 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 - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-83.30M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-91.00M USD 1 Quarter
Proceeds from the issuance of long-term debt ProceedsFromIssuanceOfLongTermDebt $298.90M USD 1 Quarter
Proceeds from the issuance of long-term debt ProceedsFromIssuanceOfLongTermDebt $275.90M USD 1 Quarter
Payments on long-term debt RepaymentsOfLongTermDebt $284.40M USD 1 Quarter
Payments on long-term debt RepaymentsOfLongTermDebt $246.90M USD 1 Quarter
Payments on finance leases FinanceLeasePrincipalPayments $800.00K USD 1 Quarter
Payments on capital leases RepaymentsOfLongTermCapitalLeaseObligations $1.10M USD 1 Quarter
Payments for deferred financing costs PaymentsOfDebtIssuanceCosts $200.00K USD 1 Quarter
Payments for deferred financing costs PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Distributions to partners PaymentsOfCapitalDistribution $45.30M USD 1 Quarter
Distributions to partners PaymentsOfCapitalDistribution $43.10M USD 1 Quarter
Distributions to non-controlling partner PaymentsOfDividendsMinorityInterest $9.20M USD 1 Quarter
Distributions to non-controlling partner PaymentsOfDividendsMinorityInterest $3.30M USD 1 Quarter
Distributions to preferred unitholders PaymentsOfDividendsPreferredStockAndPreferenceStock $15.00M USD 1 Quarter
Distributions to preferred unitholders PaymentsOfDividendsPreferredStockAndPreferenceStock $15.00M USD 1 Quarter
Taxes paid for unit-based compensation vesting PaymentsRelatedToTaxWithholdingForShareBasedCompensation $7.00M USD 1 Quarter
Taxes paid for unit-based compensation vesting PaymentsRelatedToTaxWithholdingForShareBasedCompensation $15.10M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities - USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-100.00K USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-55.30M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-56.40M 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 $-20.50M USD 1 Quarter
Cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.80M USD Point-in-time
Cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.20M USD Point-in-time
Cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $25.70M USD Point-in-time
Cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $5.20M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.80M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.20M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $25.70M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $5.20M USD Point-in-time
Net change to property, plant and equipment through accounts payable and accrued expenses CapitalExpendituresIncurredButNotYetPaid $21.30M USD 1 Quarter
Net change to property, plant and equipment through accounts payable and accrued expenses CapitalExpendituresIncurredButNotYetPaid $5.70M USD 1 Quarter
Stockholders Equity 6 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
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 $-1.10M USD 1 Quarter
Net income (loss) ProfitLoss $-23.40M USD 1 Quarter
Net income (loss) ProfitLoss $14.10M USD 1 Quarter
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-23.40M USD 1 Quarter
Net income (loss) 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 $-1.10M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-24.50M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $14.50M USD 1 Quarter
Comprehensive income attributable to non-controlling partner ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $4.00M USD 1 Quarter
Comprehensive income attributable to non-controlling partner ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $9.90M USD 1 Quarter
Comprehensive income (loss) attributable to Crestwood Equity Partners LP ComprehensiveIncomeNetOfTax $-34.40M USD 1 Quarter
Comprehensive income (loss) attributable to Crestwood Equity Partners LP ComprehensiveIncomeNetOfTax $10.50M USD 1 Quarter

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

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