0000076063-20-000030 | 10-Q | XBRL Viewer | Panhandle Eastern Pipe Line Company LP

Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2020 shares
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Entity Registrant Name	Panhandle Eastern Pipe Line Company, LP
Entity Central Index Key	0000076063
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Period End Date	Sep. 30, 2020
Entity File Number	1-2921
Entity Address, Address Line One	8111 Westchester Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75225
City Area Code	214
Local Phone Number	981-0700
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Tax Identification Number	44-0382470
Entity Incorporation, State or Country Code	DE
Entity Common Stock, Shares Outstanding	0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 0	$ 0
Accounts receivable, net	38	45
Accounts receivable from related companies	8	9
Exchanges receivable	5	9
Inventories	47	61
Other current assets	7	7
Total current assets	105	131
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment	3,331	3,281
Accumulated depreciation	(680)	(607)
Property, Plant and Equipment, Net, Total	2,651	2,674
Operating Lease, Right-of-Use Asset	5	5
Other non-current assets, net	164	159
Total assets	2,925	2,969
Current liabilities:
Accounts payable	5	11
Accounts payable to related companies	17	34
Exchanges payable	33	47
Other current liabilities	48	70
Total current liabilities	103	162
Long-term debt, less current maturities	246	247
Note payable to related company	593	732
Operating Lease, Liability, Noncurrent	5	5
Other non-current liabilities	232	221
Commitments and contingencies
Partners’ capital:
Partners’ capital	1,758	1,626
Accumulated other comprehensive loss	(12)	(24)
Total partners’ capital	1,746	1,602
Total liabilities and partners’ capital	$ 2,925	$ 2,969

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
OPERATING REVENUES:
Total operating revenues	$ 132	$ 135	$ 402	$ 432
OPERATING EXPENSES:
Operating and maintenance	40	48	129	144
General and administrative	10	8	29	22
Depreciation and amortization	27	26	79	85
Asset Impairment Charges	0	12	0	12
Total operating expenses	77	94	237	263
OPERATING INCOME	55	41	165	169
OTHER INCOME (EXPENSE):
Interest expense, net	(3)	(3)	(10)	(13)
Interest expense — related company	(8)	(6)	(25)	(15)
Other, net	(1)	(2)	(5)	(2)
INCOME BEFORE INCOME TAX BENEFIT	43	30	125	139
Income tax expense	(1)	(445)	(2)	(417)
NET INCOME	44	475	127	556
OTHER COMPREHENSIVE INCOME, NET OF TAX
Actuarial gain relating to postretirement benefit plans	4	6	13	15
COMPREHENSIVE INCOME	48	481	140	571
Natural Gas, US Regulated [Member]
OPERATING REVENUES:
Transportation and storage of natural gas	127	130	388	415
Product and Service, Other [Member]
OPERATING REVENUES:
Transportation and storage of natural gas	$ 5	$ 5	$ 14	$ 17

CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL - USD ($) $ in Millions	Total	Limited partner	Accumulated Other Comprehensive Loss
Stockholders' Equity, Balance	$ 1,362	$ 1,409	$ (47)
Other Comprehensive Income (Loss), Net of Tax	6	0	6
Net income	50	50	0
Net income	556
Non-cash activity - Settlement of related company payables	0
Payments to Acquire Property, Plant, and Equipment	(64)
Asset Impairment Charges	12
Stockholders' Equity, Balance	1,418	1,459	(41)
Other Comprehensive Income (Loss), Net of Tax	3	0	3
Net income	31	31	0
Stockholders' Equity, Other	(1)	(1)	0
Stockholders' Equity, Balance	1,453	1,491	(38)
Other Comprehensive Income (Loss), Net of Tax	6	0	6
Net income	475	475	0
Stockholders' Equity, Other	(1)	(1)	0
Asset Impairment Charges	12
Partners' Capital Account, Distributions	(375)	375	0
Stockholders' Equity, Balance	1,560	1,592	(32)
Stockholders' Equity, Balance	1,602	1,626	(24)
Other Comprehensive Income (Loss), Net of Tax	5	0	5
Net income	40	40	0
Stockholders' Equity, Other	4	(4)	0
Net income	127
Non-cash activity - Settlement of related company payables	4
Payments to Acquire Property, Plant, and Equipment	(65)
Asset Impairment Charges	0
Stockholders' Equity, Balance	1,651	1,670	(19)
Other Comprehensive Income (Loss), Net of Tax	4	0	4
Net income	43	43	0
Stockholders' Equity, Balance	1,698	1,713	(15)
Other Comprehensive Income (Loss), Net of Tax	4	0	4
Net income	44	44	0
Stockholders' Equity, Other	0	(1)	1
Asset Impairment Charges	0
Stockholders' Equity, Balance	$ 1,746	$ 1,758	$ (12)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES:
Net income	$ 127	$ 556
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	79	85
Asset Impairment Charges	0	12
Deferred income taxes	(2)	5
Amortization of deferred financing fees	(1)	(4)
Unrecognized Tax Benefits, Increase Resulting from Acquisition	0	(445)
Other non-cash	4	9
Changes in operating assets and liabilities	(3)	38
Net Cash Provided by (Used in) Operating Activities	204	256
INVESTING ACTIVITIES:
Capital expenditures	(65)	(64)
Net cash flows used in investing activities	(65)	(64)
Distribution Made to Limited Partner, Cash Distributions Paid	0	(375)
FINANCING ACTIVITIES:
Distributions to partners	0	375
Repayment of long-term debt	0	150
Note payable issued from related company	194	602
Repayment of note payable from related company	333	289
Net cash flows used in financing activities	(139)	(212)
Net change in cash and cash equivalents	0	(20)
Cash and cash equivalents, beginning of period	0	20
Cash and cash equivalents, end of period	0	0
SUPPLEMENTAL INFORMATION:
Non-cash activity - Accrued capital expenditures	4	17
Non-cash activity - Settlement of related company payables	4	0
Cash paid for interest	$ 14	$ 21

Operations and Organization (Notes)	9 Months Ended
Operations and Organization (Notes)	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operations and Organization	ORGANIZATION AND BASIS OF PRESENTATION Organization Panhandle Eastern Pipe Line Company, LP (“PEPL”) and its subsidiaries (collectively, the “Company”) primarily operate interstate pipelines that transport natural gas from the Gulf of Mexico, South Texas and the Panhandle region of Texas and Oklahoma to major United States markets in the Midwest and Great Lakes regions and natural gas storage assets and are subject to the rules and regulations of the FERC. The Company’s subsidiaries include Trunkline, Sea Robin and Southwest Gas. Southern Union Panhandle LLC, an indirect wholly-owned subsidiary of ETO, owns a 1% general partnership interest in PEPL, and ETO indirectly owns a 99% limited partnership interest in PEPL. Basis of Presentation The unaudited financial information included in this Form 10-Q has been prepared on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of the Company’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. Use of Estimates The unaudited consolidated financial statements have been prepared in conformity with GAAP, which includes the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates.

Related Party Transactions (Notes)

9 Months Ended

Sep. 30, 2020

Related Party Transactions

RELATED PARTY TRANSACTIONS

Accounts receivable from related companies reflected on the consolidated balance sheets primarily relate to services provided to ETO and other affiliates. Accounts payable to related companies reflected on the consolidated balance sheets related to various services provided by ETO and other affiliates.

The following table provides a summary of the related party activity included in our consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating revenues	$	23	$	24	$	67	$	72

Operating and maintenance	3		2		8		4
General and administrative	5		3		18		12

Interest expense — related company	8		6		25		15

As of September 30, 2020 and December 31, 2019, the Company had $593 million and $732 million, respectively, outstanding under a note payable with ETO. The note payable accrues interest monthly at an annual interest rate of 4.83% as of September 30, 2020. The note matures on July 31, 2027.

FAIR VALUE MEASURES (Notes)	9 Months Ended
FAIR VALUE MEASURES (Notes)	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	FAIR VALUE MEASURESThe Company had $31 million of fair value of available-for-sale securities, included in other non-current assets, as of September 30, 2020 and December 31, 2019. At September 30, 2020 and December 31, 2019, $20 million in equity securities were valued at Level 1 and $11 million in fixed income securities were valued at Level 2. During the three months ended September 30, 2020 and 2019, the Company recognized $1.4 million and $0.1 million in unrealized gains, respectively, on available-for-sale securities. During the nine months ended September 30, 2020 and 2019, the Company recognized $0.4 million in unrealized losses and $3.1 million in unrealized gains, respectively, on available-for-sale securities. Unrealized gains and losses on available-for-sale securities are reflected in other, net in our consolidated statements of operations. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. Based on the estimated borrowing rates currently available to the Company and its subsidiaries for loans with similar terms and average maturities, the aggregate fair value of the Company’s consolidated debt obligations (excluding related company balances) was $238 million and $247 million at September 30, 2020 and December 31, 2019, respectively. The fair value of the Company’s consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. The Company did not have any Level 3 instruments measured at fair value at September 30, 2020 or December 31, 2019, and there were no transfers between hierarchy levels during the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Regulatory Matters, Commitments, Contingencies and Environmental (Notes)	9 Months Ended
	Sep. 30, 2020
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities [Abstract]
Commitments and Contingencies Disclosure	REGULATORY MATTERS, COMMITMENTS, CONTINGENCIES AND ENVIRONMENTAL LIABILITIES Contingent Residual Support Agreement with ETO Under a contingent residual support agreement with ETO and Citrus ETO Finance LLC, the Company provides contingent, residual support to Citrus ETO Finance LLC (on a non-recourse basis to the Company) with respect to Citrus ETO Finance LLC’s obligations to ETO to support the payment of $2 billion in principal amount of senior notes issued by ETO on January 17, 2012. FERC Proceedings By order issued January 16, 2019, the FERC initiated a review of Panhandle’s existing rates pursuant to Section 5 of the Natural Gas Act to determine whether the rates currently charged by Panhandle are just and reasonable and set the matter for hearing. On August 30, 2019, Panhandle filed a general rate proceeding under Section 4 of the Natural Gas Act. The Natural Gas Act Section 5 and Section 4 proceedings were consolidated by order dated October 1, 2019. A hearing in the combined proceedings commenced on August 25, 2020 and adjourned on September 15, 2020. An initial decision is expected in early 2021. Environmental Matters The Company’s operations are subject to federal, state and local laws, rules and regulations regarding water quality, hazardous and solid waste management, air quality control and other environmental matters. These laws, rules and regulations require the Company to conduct its operations in a specified manner and to obtain and comply with a wide variety of environmental regulations, licenses, permits, inspections and other approvals. Failure to comply with environmental laws, rules and regulations may expose the Company to significant fines, penalties and/or interruptions in operations. The Company’s environmental policies and procedures are designed to achieve compliance with such applicable laws and regulations. These evolving laws and regulations and claims for damages to property, employees, other persons and the environment resulting from current or past operations may result in significant expenditures and liabilities in the future. The Company engages in a process of updating and revising its procedures for the ongoing evaluation of its operations to identify potential environmental exposures and enhance compliance with regulatory requirements. The Company is responsible for environmental remediation at certain sites on its natural gas transmission systems for contamination resulting from the past use of lubricants containing PCBs in compressed air systems; the past use of paints containing PCBs; and the prior use of wastewater collection facilities and other on-site disposal areas. The Company has implemented a program to remediate such contamination. The primary remaining remediation activity on the Company’s systems is associated with past use of paints containing PCBs or PCB impacts to equipment surfaces and to a building at one location. The PCB assessments are ongoing and the related estimated remediation costs are subject to further change. Other remediation typically involves the management of contaminated soils and may involve remediation of groundwater. Activities vary with site conditions and locations, the extent and nature of the contamination, remedial requirements, complexity and sharing of responsibility. The ultimate liability and total costs associated with these sites will depend upon many factors. If remediation activities involve statutory joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Company could potentially be held responsible for contamination caused by other parties. In some instances, the Company may share liability associated with contamination with other potentially responsible parties. The Company may also benefit from contractual indemnities that cover some or all of the cleanup costs. These sites are generally managed in the normal course of business or operations. The Company’s environmental remediation activities are undertaken in cooperation with and under the oversight of appropriate regulatory agencies, enabling the Company under certain circumstances to take advantage of various voluntary cleanup programs in order to perform the remediation in the most effective and efficient manner. The Company’s consolidated balance sheets reflected $1 million in non-current liabilities as of September 30, 2020 and December 31, 2019 to cover environmental remediation actions where management believes a loss is probable and reasonably estimable. The Company is not able to estimate the possible loss or range of loss in excess of amounts accrued. The Company does not have any material environmental remediation matters assessed as reasonably possible. Liabilities for Litigation and Other Claims The Company records accrued liabilities for litigation and other claim costs when management believes a loss is probable and reasonably estimable. When management believes there is at least a reasonable possibility that a material loss or an additional material loss may have been incurred, the Company discloses (i) an estimate of the possible loss or range of loss in excess of the amount accrued; or (ii) a statement that such an estimate cannot be made. As of September 30, 2020 and December 31, 2019, the Company has litigation and other claim-related accrued liabilities of $18 million included in other non-current liabilities on the consolidated balance sheets. The Company does not have any material litigation or other claim contingency matters assessed as probable or reasonably possible that would require disclosure in the financial statements. Other Commitments and Contingencies The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment (the transfer of property to the state) of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements. The Company is currently being examined by a third party auditor on behalf of nine states for compliance with unclaimed property laws.

OPERATIONS AND ORGANIZATION (Policies)	9 Months Ended
OPERATIONS AND ORGANIZATION (Policies)	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	Basis of Presentation The unaudited financial information included in this Form 10-Q has been prepared on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of the Company’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The unaudited consolidated financial statements have been prepared in conformity with GAAP, which includes the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates.

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2020

The following table provides a summary of the related party activity included in our consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating revenues	$	23	$	24	$	67	$	72

Operating and maintenance	3		2		8		4
General and administrative	5		3		18		12

Interest expense — related company	8		6		25		15

Operations and Organization (Details) - Panhandle [Member]	9 Months Ended
	Sep. 30, 2020
Description of the Business
General partnership interest	1.00%
Limited partnership interest	99.00%

OPERATIONS AND ORGANIZATION Schedule of Leases (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Operating Lease, Right-of-Use Asset	$ 5	$ 5
Operating Lease, Liability, Noncurrent	$ 5	$ 5

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transactions [Abstract]
Operating revenues	$ 23	$ 24	$ 67	$ 72
Operating and maintenance	3	2	8	4
General and administrative	5	3	18	12
Interest Expense, Related Party	$ 8	$ 6	$ 25	$ 15

Related Party (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
Related Party (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Note payable to related company	$ 593		$ 732
Deemed contribution from partners	$ 4	$ 0
ETO [Member]
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.83%

FAIR VALUE MEASURES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
FAIR VALUE MEASURES (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Investments, Fair Value Disclosure	$ 31.0		$ 31.0
Debt Instrument, Fair Value Disclosure	238.0		238.0	$ 247.0
Equity Securities [Member]
Investments, Fair Value Disclosure	20.0		20.0
Available-for-sale Securities, Gross Unrealized Loss			0.4
Available-for-sale Securities, Gross Unrealized Gain	1.4	$ 0.1	3.1
Fixed Income Securities [Member]
Investments, Fair Value Disclosure	$ 11.0		$ 11.0

Regulatory Matters, Commitments, Contingencies and Environmental (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Regulatory Matters, Commitments, Contingencies And Environmental Liabilities [Abstract]
Contingent Residual Support Agreement, Amount	$ 2,000
Accrued Environmental Loss Contingencies, Noncurrent	$ 1
Estimated litigation liability		$ 18