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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2014
Segment Information [Abstract]  
Information by Segment
Segment information is shown in the following tables. We have segregated the following segment information between Partnership and non-Partnership activities. Partnership activities have been presented on a common control accounting basis, which reflects the drop-down transactions between us and the Partnership as if they occurred in prior periods similar to a pooling of interests.
 
 
Three Months Ended March 31,2014
 
 
 
Partnership
  
  
 
 
 
Field Gathering and Processing
  
Coastal Gathering and Processing
  
Logistics Assets
  
Marketing and Distribution
  
Other
  
Corporate and Eliminations
  
TRC Non-Partnership
  
Consolidated
 
Revenues
 
  
  
  
  
  
  
  
 
Sales of commodities
 
$
45.8
  
$
100.5
  
$
21.0
  
$
1,983.7
  
$
(6.1
)
 
$
(0.1
)
 
$
-
  
$
2,144.8
 
Fees from midstream services
  
40.8
   
7.7
   
68.1
   
91.3
   
-
   
0.2
   
-
   
208.1
 
 
  
86.6
   
108.2
   
89.1
   
2,075.0
   
(6.1
)
  
0.1
   
-
   
2,352.9
 
Intersegment revenues
                                
Sales of commodities
  
400.4
   
177.0
   
0.6
   
130.4
   
-
   
(708.4
)
  
-
   
-
 
Fees from midstream services
  
1.1
   
-
   
66.2
   
7.9
   
-
   
(75.2
)
  
-
   
-
 
 
  
401.5
   
177.0
   
66.8
   
138.3
   
-
   
(783.6
)
  
-
   
-
 
Revenues
 
$
488.1
  
$
285.2
  
$
155.9
  
$
2,213.3
  
$
(6.1
)
 
$
(783.5
)
 
$
-
  
$
2,352.9
 
Operating margin
 
$
94.1
  
$
26.1
  
$
96.6
  
$
64.6
  
$
(6.1
)
 
$
-
  
$
-
  
$
275.3
 
Other financial information:
                                
Total assets
 
$
3,275.1
  
$
385.1
  
$
1,568.7
  
$
614.1
  
$
4.5
  
$
128.8
  
$
78.9
  
$
6,055.2
 
Capital expenditures
 
$
98.9
  
$
4.3
  
$
68.6
  
$
3.1
  
$
-
  
$
0.5
  
$
-
  
$
175.4
 

 
 
Three Months Ended March 31,2013
 
 
 
Partnership
  
  
 
 
 
Field Gathering and Processing
  
Coastal Gathering and Processing
  
Logistics Assets
  
Marketing and Distribution
  
Other
  
Corporate and Eliminations
  
TRC Non-Partnership
  
Consolidated
 
Revenues
 
  
  
  
  
  
  
  
 
Sales of commodities
 
$
38.1
  
$
69.6
  
$
32.9
  
$
1,136.5
  
$
6.6
  
$
-
  
$
-
  
$
1,283.7
 
Fees from midstream services
  
20.2
   
8.8
   
47.1
   
38.0
   
-
   
-
   
-
   
114.1
 
 
  
58.3
   
78.4
   
80.0
   
1,174.5
   
6.6
   
-
   
-
   
1,397.8
 
Intersegment revenues
                                
Sales of commodities
  
273.0
   
151.9
   
0.9
   
110.5
   
-
   
(536.3
)
  
-
   
-
 
Fees from midstream services
  
0.9
   
-
   
36.6
   
6.4
   
-
   
(43.9
)
  
-
   
-
 
 
  
273.9
   
151.9
   
37.5
   
116.9
   
-
   
(580.2
)
  
-
   
-
 
Revenues
 
$
332.2
  
$
230.3
  
$
117.5
  
$
1,291.4
  
$
6.6
  
$
(580.2
)
 
$
-
  
$
1,397.8
 
Operating margin
 
$
53.8
  
$
23.5
  
$
56.3
  
$
34.0
  
$
6.6
  
$
-
  
$
-
  
$
174.2
 
Other financial information:
                                
Total assets
 
$
2,854.7
  
$
416.3
  
$
1,210.7
  
$
436.9
  
$
21.4
  
$
134.2
  
$
74.3
  
$
5,148.5
 
Capital expenditures
 
$
96.1
  
$
6.5
  
$
103.7
  
$
-
  
$
-
  
$
0.6
  
$
-
  
$
206.9
 
Revenues by Product and Service
The following table shows our consolidated revenues by product and service for the periods presented:

 
 
Three Months Ended March 31,
 
 
 
2014
  
2013
 
Sales of commodities:
 
  
 
Natural gas
 
$
392.6
  
$
255.3
 
NGL
  
1,710.6
   
963.5
 
Condensate
  
28.4
   
27.1
 
Petroleum products
  
20.1
   
31.3
 
Derivative activities
  
(6.9
)
  
6.5
 
 
  
2,144.8
   
1,283.7
 
Fees from midstream services:
        
Fractionating and treating
  
46.5
   
27.2
 
Storage, terminaling, transportation and export
  
99.6
   
60.2
 
Gathering and processing
  
42.6
   
18.5
 
Other
  
19.4
   
8.2
 
 
  
208.1
   
114.1
 
Total revenues
 
$
2,352.9
  
$
1,397.8
 
Reconciliation of Operating Margin to Net Income
The following table shows a reconciliation of operating margin to net income for the periods presented:
 
 
 
Three Months Ended March 31,
 
 
 
2014
  
2013
 
Reconciliation of operating margin to net income:
 
  
 
Operating margin
 
$
275.3
  
$
174.2
 
Depreciation and amortization expense
  
(79.6
)
  
(64.0
)
General and administrative expense
  
(38.0
)
  
(36.3
)
Interest expense, net
  
(33.9
)
  
(32.1
)
Other, net
  
5.6
   
1.4
 
Income tax expense
  
(22.5
)
  
(9.4
)
Net income
 
$
106.9
  
$
33.8