XML 61 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Reportable Segment Information

Reportable segment information is shown in the following tables:

 

 

 

 

Three Months Ended September 30, 2018

 

 

 

Gathering and Processing

 

 

Logistics and Marketing

 

 

Other

 

 

Corporate

and

Eliminations

 

 

Total

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

296.7

 

 

$

2,378.2

 

 

$

(20.8

)

 

$

—

 

 

$

2,654.1

 

Fees from midstream services

 

 

199.3

 

 

 

133.0

 

 

 

—

 

 

 

—

 

 

 

332.3

 

 

 

 

496.0

 

 

 

2,511.2

 

 

 

(20.8

)

 

 

—

 

 

 

2,986.4

 

Intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

 

1,069.7

 

 

 

15.5

 

 

 

—

 

 

 

(1,085.2

)

 

 

—

 

Fees from midstream services

 

 

1.5

 

 

 

8.5

 

 

 

—

 

 

 

(10.0

)

 

 

—

 

 

 

 

1,071.2

 

 

 

24.0

 

 

 

—

 

 

 

(1,095.2

)

 

 

—

 

Revenues

 

$

1,567.2

 

 

$

2,535.2

 

 

$

(20.8

)

 

$

(1,095.2

)

 

$

2,986.4

 

Operating margin

 

$

255.3

 

 

$

173.5

 

 

$

(20.8

)

 

$

—

 

 

$

408.0

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (1)

 

$

11,331.5

 

 

$

5,019.0

 

 

$

64.2

 

 

$

154.4

 

 

$

16,569.1

 

Goodwill

 

$

256.6

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

256.6

 

Capital expenditures

 

$

453.0

 

 

$

560.7

 

 

$

—

 

 

$

4.0

 

 

$

1,017.7

 

__________________________________________________________________________________________

 

(1)

Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

 

 

Three Months Ended September 30, 2017

 

 

 

Gathering and Processing

 

 

Logistics and Marketing

 

 

Other

 

 

Corporate

and

Eliminations

 

 

Total

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

200.3

 

 

$

1,672.2

 

 

$

(1.0

)

 

$

—

 

 

$

1,871.5

 

Fees from midstream services

 

 

148.5

 

 

 

111.8

 

 

 

—

 

 

 

—

 

 

 

260.3

 

 

 

 

348.8

 

 

 

1,784.0

 

 

 

(1.0

)

 

 

—

 

 

 

2,131.8

 

Intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

 

783.7

 

 

 

80.6

 

 

 

—

 

 

 

(864.3

)

 

 

—

 

Fees from midstream services

 

 

1.7

 

 

 

7.0

 

 

 

—

 

 

 

(8.7

)

 

 

—

 

 

 

 

785.4

 

 

 

87.6

 

 

 

—

 

 

 

(873.0

)

 

 

—

 

Revenues

 

$

1,134.2

 

 

$

1,871.6

 

 

$

(1.0

)

 

$

(873.0

)

 

$

2,131.8

 

Operating margin

 

$

198.3

 

 

$

115.9

 

 

$

(1.0

)

 

$

—

 

 

$

313.2

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (1)

 

$

10,644.3

 

 

$

3,240.9

 

 

$

30.8

 

 

$

82.3

 

 

$

13,998.3

 

Goodwill

 

$

256.6

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

256.6

 

Capital expenditures

 

$

295.9

 

 

$

71.0

 

 

$

—

 

 

$

11.8

 

 

$

378.7

 

__________________________________________________________________________________________

(1)

Assets included in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

 

 

 

Nine Months Ended September 30, 2018

 

 

 

Gathering and Processing

 

 

Logistics and Marketing

 

 

Other

 

 

Corporate

and

Eliminations

 

 

Total

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

835.3

 

 

$

6,188.3

 

 

$

(42.2

)

 

$

—

 

 

$

6,981.4

 

Fees from midstream services

 

 

536.8

 

 

 

368.1

 

 

 

—

 

 

 

—

 

 

 

904.9

 

 

 

 

1,372.1

 

 

 

6,556.4

 

 

 

(42.2

)

 

 

—

 

 

 

7,886.3

 

Intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

 

2,848.9

 

 

 

147.0

 

 

 

—

 

 

 

(2,995.9

)

 

 

—

 

Fees from midstream services

 

 

5.4

 

 

 

24.3

 

 

 

—

 

 

 

(29.7

)

 

 

—

 

 

 

 

2,854.3

 

 

 

171.3

 

 

 

—

 

 

 

(3,025.6

)

 

 

—

 

Revenues

 

$

4,226.4

 

 

$

6,727.7

 

 

$

(42.2

)

 

$

(3,025.6

)

 

$

7,886.3

 

Operating margin

 

$

718.4

 

 

$

441.7

 

 

$

(42.2

)

 

$

—

 

 

$

1,117.9

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (1)

 

$

11,331.5

 

 

$

5,019.0

 

 

$

64.2

 

 

$

154.4

 

 

$

16,569.1

 

Goodwill

 

$

256.6

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

256.6

 

Capital expenditures

 

$

1,008.2

 

 

$

1,229.9

 

 

$

—

 

 

$

72.3

 

 

$

2,310.4

 

___________________________________________________________________________________________

 

(1)

Assets included in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

 

 

 

Nine Months Ended September 30, 2017

 

 

 

Gathering and Processing

 

 

Logistics and Marketing

 

 

Other

 

 

Corporate

and

Eliminations

 

 

Total

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

544.4

 

 

$

4,804.8

 

 

$

3.9

 

 

$

—

 

 

$

5,353.1

 

Fees from midstream services

 

 

399.3

 

 

 

359.7

 

 

 

—

 

 

 

—

 

 

 

759.0

 

 

 

 

943.7

 

 

 

5,164.5

 

 

 

3.9

 

 

 

—

 

 

 

6,112.1

 

Intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

 

2,209.2

 

 

 

237.8

 

 

 

—

 

 

 

(2,447.0

)

 

 

—

 

Fees from midstream services

 

 

5.1

 

 

 

21.1

 

 

 

—

 

 

 

(26.2

)

 

 

—

 

 

 

 

2,214.3

 

 

 

258.9

 

 

 

—

 

 

 

(2,473.2

)

 

 

—

 

Revenues

 

$

3,158.0

 

 

$

5,423.4

 

 

$

3.9

 

 

$

(2,473.2

)

 

$

6,112.1

 

Operating margin

 

$

549.3

 

 

$

358.5

 

 

$

3.9

 

 

$

(0.1

)

 

$

911.6

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (1)

 

$

10,644.3

 

 

$

3,240.9

 

 

$

30.8

 

 

$

82.3

 

 

$

13,998.3

 

Goodwill

 

$

256.6

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

256.6

 

Capital expenditures

 

$

730.7

 

 

$

241.8

 

 

$

—

 

 

$

15.2

 

 

$

987.7

 

Business acquisition

 

$

987.1

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

987.1

 

__________________________________________________________________________________________

(1)

Assets included in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
Revenues Disaggregated by Product and Service

The following table shows our consolidated revenues disaggregated by product and service for the periods presented:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Sales of commodities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue recognized from contracts with customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas

 

$

451.9

 

 

$

505.4

 

 

$

1,338.5

 

 

$

1,485.2

 

NGL

 

 

2,063.2

 

 

 

1,276.2

 

 

 

5,254.4

 

 

 

3,628.5

 

Condensate

 

 

95.7

 

 

 

44.9

 

 

 

286.1

 

 

 

135.8

 

Petroleum products

 

 

68.2

 

 

 

48.6

 

 

 

176.0

 

 

 

108.5

 

 

 

 

2,679.0

 

 

 

1,875.1

 

 

 

7,055.0

 

 

 

5,358.0

 

Non-customer revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative activities - Hedge

 

 

(23.8

)

 

 

(2.1

)

 

 

(59.6

)

 

 

(2.0

)

Derivative activities - Non-hedge (1)

 

 

(1.1

)

 

 

(1.5

)

 

 

(14.0

)

 

 

(2.9

)

 

 

 

(24.9

)

 

 

(3.6

)

 

 

(73.6

)

 

 

(4.9

)

Total sales of commodities

 

 

2,654.1

 

 

 

1,871.5

 

 

 

6,981.4

 

 

 

5,353.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees from midstream services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue recognized from contracts with customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fractionating and treating

 

 

31.1

 

 

 

29.8

 

 

 

90.3

 

 

 

92.8

 

Storage, terminaling, transportation and export

 

 

86.9

 

 

 

75.0

 

 

 

260.8

 

 

 

247.8

 

Gathering and processing

 

 

196.5

 

 

 

138.0

 

 

 

522.3

 

 

 

368.5

 

Other

 

 

17.8

 

 

 

17.5

 

 

 

31.5

 

 

 

49.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fees from midstream services

 

 

332.3

 

 

 

260.3

 

 

 

904.9

 

 

 

759.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

2,986.4

 

 

$

2,131.8

 

 

$

7,886.3

 

 

$

6,112.1

 

__________________________________________________________________________________________

 

(1)

Represents derivative activities that are not designated as hedging instruments under ASC 815.
Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes

The following table shows a reconciliation of reportable segment operating margin to income (loss) before income taxes for the periods presented: 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Reconciliation of reportable segment operating

margin to income (loss) before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gathering and Processing operating margin

 

$

 

255.3

 

 

$

 

198.3

 

 

$

 

718.4

 

 

$

 

549.3

 

Logistics and Marketing operating margin

 

 

 

173.5

 

 

 

 

115.9

 

 

 

 

441.7

 

 

 

 

358.5

 

Other operating margin

 

 

 

(20.8

)

 

 

 

(1.0

)

 

 

 

(42.2

)

 

 

 

3.9

 

Depreciation and amortization expenses

 

 

 

(206.3

)

 

 

 

(208.3

)

 

 

 

(607.1

)

 

 

 

(602.8

)

General and administrative expenses

 

 

 

(63.2

)

 

 

 

(49.9

)

 

 

 

(176.9

)

 

 

 

(149.5

)

Impairment of property, plant and equipment

 

 

 

—

 

 

 

 

(378.0

)

 

 

 

—

 

 

 

 

(378.0

)

Interest expense, net

 

 

 

(78.2

)

 

 

 

(56.1

)

 

 

 

(124.2

)

 

 

 

(181.2

)

Change in contingent considerations

 

 

 

(16.6

)

 

 

 

126.8

 

 

 

 

(12.1

)

 

 

 

125.6

 

Other, net

 

 

 

(58.8

)

 

 

 

(0.2

)

 

 

 

(11.3

)

 

 

 

(53.1

)

Income (loss) before income taxes

 

$

 

(15.1

)

 

$

 

(252.5

)

 

$

 

186.3

 

 

$

 

(327.3

)