Business Segments (Tables)

3 Months Ended

Mar. 31, 2020

Business Segments [Abstract]

Measurement of Total Segment Gross Operating Margin

The following table presents our measurement of total segment gross operating margin for the periods presented.  The GAAP financial measure most directly comparable to total segment gross operating margin is operating income.

	For the Three Months Ended March 31,
	2020			2019
Operating income	$	1,507.5		$	1,626.2
Adjustments to reconcile operating income to total segment gross operating margin    (addition or subtraction indicated by sign):
Depreciation, amortization and accretion expense in operating costs and expenses		482.8			450.9
Asset impairment and related charges in operating costs and expenses		1.6			4.8
Net losses (gains) attributable to asset sales in operating costs and expenses		0.1			(0.4	)
General and administrative costs		55.5			52.2
Non-refundable payments received from shippers attributable to make-up rights (1)		16.8			2.2
Subsequent recognition of revenues attributable to make-up rights (2)		(7.1	)		(7.5	)
Total segment gross operating margin	$	2,057.2		$	2,128.4

(1)	Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper.
(2)	As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.

Information by Business Segments

	For the Three Months Ended March 31,
	2020		2019
Gross operating margin by segment:
NGL Pipelines & Services	$	1,042.0	$	959.2
Crude Oil Pipelines & Services		452.9		662.3
Natural Gas Pipelines & Services		283.8		264.3
Petrochemical & Refined Products Services		278.5		242.6
Total segment gross operating margin	$	2,057.2	$	2,128.4

	For the Three Months Ended March 31,
	2020			2019
Mark-to-market gains (losses) in gross operating margin:
NGL Pipelines & Services	$	(12.3	)	$	1.3
Crude Oil Pipelines & Services		10.7			99.8
Natural Gas Pipelines & Services		28.8			(0.3	)
Petrochemical & Refined Products Services		2.3			(4.5	)
Total mark-to-market impact on gross operating margin	$	29.5		$	96.3

Information by business segment, together with reconciliations to amounts presented on our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table:

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services			Adjustments and Eliminations			Consolidated Total
Revenues from third parties:
Three months ended March 31, 2020	$	2,966.3	$	2,027.7	$	667.6	$	1,804.9		$	–		$	7,466.5
Three months ended March 31, 2019		3,311.6		2,601.6		923.7		1,694.3			–			8,531.2
Revenues from related parties:
Three months ended March 31, 2020		1.8		11.2		3.0		–			–			16.0
Three months ended March 31, 2019		2.8		5.7		3.8		–			–			12.3
Intersegment and intrasegment revenues:
Three months ended March 31, 2020		5,780.7		7,840.3		115.1		808.1			(14,544.2	)		–
Three months ended March 31, 2019		5,491.4		7,885.0		195.4		714.4			(14,286.2	)		–
Total revenues:
Three months ended March 31, 2020		8,748.8		9,879.2		785.7		2,613.0			(14,544.2	)		7,482.5
Three months ended March 31, 2019		8,805.8		10,492.3		1,122.9		2,408.7			(14,286.2	)		8,543.5
Equity in income (loss) of unconsolidated affiliates:
Three months ended March 31, 2020		32.7		107.3		1.6		(0.8	)		–			140.8
Three months ended March 31, 2019		30.1		124.6		1.7		(1.8	)		–			154.6

Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Adjustments and Eliminations		Consolidated Total
Property, plant and equipment, net: (see Note 4)
At March 31, 2020	$	16,997.8	$	6,340.2	$	8,433.6	$	7,570.1	$	2,817.4	$	42,159.1
At December 31, 2019		16,652.1		6,324.4		8,432.5		7,553.2		2,641.2		41,603.4
Investments in unconsolidated affiliates: (see Note 5)
At March 31, 2020		699.1		1,877.5		27.9		4.0		–		2,608.5
At December 31, 2019		703.8		1,866.5		27.3		2.6		–		2,600.2
Intangible assets, net: (see Note 6)
At March 31, 2020		353.7		1,981.0		931.0		143.7		–		3,409.4
At December 31, 2019		360.2		2,001.9		941.2		145.7		–		3,449.0
Goodwill: (see Note 6)
At March 31, 2020		2,651.7		1,841.0		296.3		956.2		–		5,745.2
At December 31, 2019		2,651.7		1,841.0		296.3		956.2		–		5,745.2
Segment assets:
At March 31, 2020		20,702.3		12,039.7		9,688.8		8,674.0		2,817.4		53,922.2
At December 31, 2019		20,367.8		12,033.8		9,697.3		8,657.7		2,641.2		53,397.8

Consolidated Revenues and Expenses

	For the Three Months Ended March 31,
	2020		2019
Consolidated revenues:
NGL Pipelines & Services	$	2,968.1	$	3,314.4
Crude Oil Pipelines & Services		2,038.9		2,607.3
Natural Gas Pipelines & Services		670.6		927.5
Petrochemical & Refined Products Services		1,804.9		1,694.3
Total consolidated revenues	$	7,482.5	$	8,543.5
Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	4,823.0	$	5,835.6
Other operating costs and expenses (1)		752.8		728.8
Depreciation, amortization and accretion		482.8		450.9
Asset impairment and related charges		1.6		4.8
Net losses (gains) attributable to asset sales		0.1		(0.4	)
General and administrative costs		55.5		52.2
Total consolidated costs and expenses	$	6,115.8	$	7,071.9

(1) Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales.