COLORADO INTERSTATE GAS COMPANY, L.L.C. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - November 4, 2011
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
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Sep. 30, 2011 | |
| Basis of Presentation and Significant Accounting Policies [Abstract] | |
| Basis of Presentation and Significant Accounting Policies |
1. Basis of Presentation and Significant Accounting Policies
Basis of Presentation
We prepared this Quarterly Report on Form 10-Q under the rules and regulations of the United
States Securities and Exchange Commission. As an interim period filing presented using a condensed
format, it does not include all of the disclosures required by U.S. generally accepted accounting
principles, and should be read along with our 2010 Annual Report on Form 10-K. The financial
statements as of September 30, 2011, and for the quarters and nine months ended September 30, 2011
and 2010, are unaudited. The condensed consolidated balance sheet as of December 31, 2010 was
derived from the audited balance sheet filed in our 2010 Annual Report on Form 10-K. In our
opinion, we have made adjustments, all of which are of a normal, recurring nature, to fairly
present our interim period results. Our financial statements for
prior periods include reclassifications that were made to conform to
the current year presentation none of which impacted our reported net
income or members’equity/partners’capital. Due to the seasonal nature of our business, information for
interim periods may not be indicative of our operating results for the entire year. Our
disclosures in this Form 10-Q are an update to those provided in our 2010 Annual Report on Form
10-K.
In June 2011, El Paso Pipeline Partners L.P. (EPB) acquired an additional 28 percent ownership
interest in us from El Paso Corporation (El Paso). The acquisition increased EPB’s interest in us
to 86 percent with El Paso retaining the remaining
14 percent. EPB is controlled by its general partner, El Paso
Pipeline GP Company, L.L.C., a wholly-owned subsidiary of El Paso.
Effective August 31, 2011, we converted our legal structure to a limited liability company and
changed our name to Colorado Interstate Gas Company, L.L.C.
On October 16, 2011, El Paso announced a definitive agreement with Kinder Morgan, Inc. (KMI)
whereby KMI will acquire El Paso in a transaction that values El Paso at approximately $38 billion
including the assumption of debt. The transaction has been approved by each company’s board of
directors but remains subject to the approvals of El Paso shareholders, the Federal Trade
Commission (FTC) and other customary regulatory and other approvals. The approval of KMI
shareholders will also be required, but a voting agreement has been executed by the majority of the
shareholders of KMI to support the transaction.
Significant Accounting Policies
There were no changes in the significant accounting policies described in our 2010 Annual
Report on Form 10-K and no significant accounting pronouncements issued but not yet adopted as of
September 30, 2011.
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