Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Segment Information [Abstract]

Information by Segment

Reportable segment information is shown in the following tables. We have segregated the following segment information between Partnership and non-Partnership activities.

 

	Three Months Ended March 31, 2015
	Partnership
	Field Gathering and Processing		Coastal Gathering and Processing		Logistics Assets		Marketing and Distribution		Other		Corporate and Eliminations			Total Partnership		TRC Non- Partnership			Consolidated
Revenues
Sales of commodities	$	168.0	$	52.7	$	27.4	$	1,132.3	$	21.7	$	0.1		$	1,402.2	$	-		$	1,402.2
Fees from midstream services		63.3		8.8		87.7		117.7		-		-			277.5		-			277.5
		231.3		61.5		115.1		1,250.0		21.7		0.1			1,679.7		-			1,679.7
Intersegment revenues
Sales of commodities		215.4		62.8		1.1		78.5		-		(357.8	)		-		-			-
Fees from midstream services		2.0		-		72.4		4.4		-		(78.8	)		-		-			-
		217.4		62.8		73.5		82.9		-		(436.6	)		-		-			-
Revenues	$	448.7	$	124.3	$	188.6	$	1,332.9	$	21.7	$	(436.5	)	$	1,679.7	$	-		$	1,679.7
Operating margin	$	79.3	$	7.8	$	125.4	$	65.9	$	21.7	$	-		$	-	$	(0.1	)	$	300.0
Other financial information:
Segment assets (1)	$	7,262.8	$	352.9	$	1,764.6	$	487.0	$	177.3	$	1,786.6		$	11,831.2	$	185.7		$	12,016.9
Special GP interest (2)
Goodwill		628.5		-		-		-		-		-			628.5		-			628.5
Intangible assets		979.9		-		-		-		-		-			979.9		-			979.9
Total assets	$	8,871.2	$	352.9	$	1764.6	$	487.0	$	177.3	$	1786.6		$	13,439.6		185.7		$	13,625.3
Capital expenditures	$	94.4	$	1.1	$	57.7	$	3.0	$	-	$	1.1		$	157.3	$	-		$	157.3
Business acquisitions	$	5,047.8	$	-	$	-	$	-	$	-	$	-		$	5,047.8	$	-		$	5,047.8

(1) Corporate assets at the Segment level primarily include investment in unconsolidated subsidiaries and debt issuance costs associated with our long-term debt.

(2) Represents the preliminary acquisition fair value attributable to goodwill and intangible assets associated with the Atlas mergers.

	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	$	1,924.0	$	(6.1	)	$	(0.1	)	$	-	$	2,085.1
Fees from midstream services		40.8		7.7		68.1		92.8		-			0.2			-		209.6
		86.6		108.2		89.1		2,016.8		(6.1	)		0.1			-		2,294.7
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	$	2,155.1	$	(6.1	)	$	(783.5	)	$	-	$	2,294.7
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

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,
	2015		2014
Sales of commodities:
Natural gas	$	302.1	$	391.8
NGL		1,030.7		1,650.9
Condensate		21.3		28.4
Petroleum products		26.4		20.1
Derivative activities		21.7		(6.1	)
		1,402.2		2,085.1
Fees from midstream services:
Fractionating and treating		49.8		46.5
Storage, terminaling, transportation and export		136.2		101.2
Gathering and processing		68.4		42.6
Other		23.1		19.3
		277.5		209.6
Total revenues	$	1,679.7	$	2,294.7

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,
	2015			2014
Reconciliation of operating margin to net income:
Operating margin	$	300.0		$	275.3
Depreciation and amortization expense		(119.6	)		(79.6	)
General and administrative expense		(42.6	)		(38.0	)
Interest expense, net		(55.0	)		(33.9	)
Other, net		(33.0	)		5.6
Income tax expense		(15.2	)		(22.5	)
Net income	$	34.6		$	106.9