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EPD > SEC Filings for EPD > Form 8-K on 3-Jun-2013All Recent SEC Filings

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Form 8-K for ENTERPRISE PRODUCTS PARTNERS L P


3-Jun-2013

Other Events


Item 8.01 Other Events.
On January 1, 2013, we adopted (i) Accounting Standards Update ("ASU") No. 2011-11, Balance Sheet (Topic 210) - Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"), which enhances disclosures by requiring an entity to disclose information about netting arrangements, including rights of offset, to enable users of its financial statements to understand the effect of those arrangements on its financial position and (ii) ASU No. 2013-01, Balance Sheet (Topic 210) - Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities ("ASU 2013-01"), which provides clarification of the specific instruments that should be considered in these disclosures. These pronouncements were issued to facilitate comparison between financial statements prepared on the basis of accounting principles generally accepted in the United States and International Financial Reporting Standards. These updates are effective for annual and interim reporting periods beginning on or after January 1, 2013 and are to be applied retroactively for all comparative periods presented. The impact of retrospectively adjusting for the adoption of these pronouncements was immaterial to our historical consolidated financial statements.

The following tables present the unaudited retrospective application of ASU 2011-11 and ASU 2013-01 by reconciling gross assets and liabilities reflected on our consolidated balance sheets to the potential effects of netting arrangements on the fair value of our derivative contracts at December 31, 2012 and December 31, 2011 (dollars in millions):

                                                              Offsetting of Financial Assets and Derivative Assets

                                                                                             Gross Amounts Not Offset in the Balance
                                                                                                              Sheet
                                                                                                                                            Amounts
                                                                          Amounts                                                         That Would
                              Gross                Gross                 of Assets                                                         Have Been
                            Amounts of            Amounts                Presented                                          Cash           Presented
                            Recognized         Offset in the               in the               Financial                Collateral         On Net
                              Assets           Balance Sheet           Balance Sheet           Instruments                Received           Basis
                                                                                                                                          (v) = (iii)
                               (i)                 (ii)              (iii) = (i) - (ii)                        (iv)                         - (iv)
As of December 31, 2012:
Commodity derivatives      $       61.6       $            --       $               61.6     $         (38.7 )         $        (15.2 )   $       7.7
As of December 31, 2011:
Commodity derivatives      $       67.3       $            --       $               67.3     $         (53.5 )         $           --     $      13.8



                                                           Offsetting of Financial Liabilities and Derivative Liabilities
                                                                                                 Gross Amounts Not Offset in the Balance
                                                                                                                  Sheet
                                                                                                                                                 Amounts
                                                                           Amounts                                                             That Would
                               Gross                Gross               of Liabilities                                                          Have Been
                            Amounts of             Amounts                Presented                                              Cash           Presented
                            Recognized          Offset in the               in the                 Financial                  Collateral         On Net
                            Liabilities         Balance Sheet           Balance Sheet             Instruments                    Paid             Basis
                                                                                                                                               (v) = (iii)
                                (i)                 (ii)              (iii) = (i) - (ii)                           (iv)                          - (iv)
As of December 31, 2012:
Commodity derivatives      $        45.5       $            --       $               45.5       $          (38.7 )           $        (4.3 )   $       2.5
As of December 31, 2011:
Commodity derivatives      $        65.0       $            --       $               65.0       $          (53.5 )           $        (2.3 )   $       9.2

Derivative assets and liabilities recorded in our consolidated balance sheets are presented on a gross-basis and determined at the individual transaction level. This presentation method is applied regardless of whether the respective exchange clearing agreements, counterparty contracts or master netting agreements contain netting language often referred to as "rights of offset." Although derivative amounts are presented on a gross-basis, having rights of offset enable the settlement of a net as opposed to gross receivable or payable amount under a counterparty default or liquidation scenario.

Cash is paid and received as collateral under certain agreements, particularly for those associated with exchange transactions. For any cash collateral payments or receipts, corresponding assets or liabilities are recorded to reflect the variation margin deposits or receipts with exchange clearing brokers and customers. These balances are also presented on a gross-basis in our consolidated balance sheets.


The tabular presentations above provide a means for comparing the gross amount of derivative assets and liabilities, excluding associated accounts payable and receivable, to the net amount that would likely be receivable or payable under a default scenario based on the existence of rights of offset in the respective derivative agreements. Any cash collateral paid or received is reflected in this table, but only to the extent that it represents variation or maintenance margins. Any amounts associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from the tables.

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