XML 12 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document And Entity Information
$ in Millions
12 Months Ended
Dec. 31, 2015
USD ($)
shares
Document Information [Abstract]  
Document Type 10-K/A
Amendment Flag true
Amendment Description EXPLANATORY NOTE As noted in the Form 8-K filed August 4, 2016, we are filing this Amendment No. 1 to our Form 10-K (“Form 10-K/A”) for the year ended December 31, 2015, which was originally filed on February 26, 2016 (“Original Filing”), to restate our consolidated financial statements as of and for the years ended December 31, 2015 and 2014, as well as the quarterly periods within those years, and to amend related disclosures, including our controls and procedures. Accordingly, pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, this Form 10-K/A contains the complete text of Item 1A of Part I, Items 7, 8 and 9A of Part II and Item 15 of Part IV. Unaffected items have not been repeated in this Form 10-K/A. In connection with the preparation of the Form 10-Q for the three and six months ended June 30, 2016, the Company determined that, due to certain clerical errors, the state tax rate utilized to calculate the tax provision for the Company was incorrect, resulting in income tax expense being understated by $20 million and $36 million for the years ended December 31, 2015 and 2014, respectively. As a result, we have restated our consolidated financial statements, consolidated financial information and notes to the consolidated financial statements as of and for the years ended December 31, 2015 and 2014. The errors did not impact any periods prior to January 1, 2014. Management has concluded that the error in the tax rate noted above resulted from a material weakness in the Company's internal controls, and as a result, management has concluded that the Company's internal controls over financial reporting were not effective as of December 31, 2015 and 2014. Management is evaluating the changes to the design of the internal controls related to income tax and anticipates remediation as of September 30, 2016. A description of the material weakness in internal controls and the related remediation is disclosed in Item 9A of this Form 10-K/A. This amendment does not reflect events occurring after the filing of the Original Filing, and does not modify or update the disclosures therein in any way other than as required to reflect the adjustments described above. Such events include the events described in our quarterly report on Form 10-Q for the quarter ended March 31, 2016. We are also filing currently dated signatures from our Directors and currently dated certifications from our Chief Executive Officer and Chief Financial Officer as Exhibits 31.1, 31.2, 32.1, 32.2, as well as various exhibits related to XBRL.
Document Period End Date Dec. 31, 2015
Document Fiscal Year Focus 2015
Document Fiscal Period Focus FY
Entity Registrant Name Panhandle Eastern Pipe Line Co LP
Entity Central Index Key 0000076063
Current Fiscal Year End Date --12-31
Entity Well-known Seasoned Issuer No
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Filer Category Non-accelerated Filer
Entity Public Float | $ $ 0
Entity Common Stock, Shares Outstanding | shares 0