XML 58 R46.htm IDEA: XBRL DOCUMENT v3.19.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Reportable Segment Information

Reportable segment information is shown in the following tables:

 

 

 

Three Months Ended March 31, 2019

 

 

 

Gathering and Processing

 

 

Logistics and Marketing

 

 

Other

 

 

Corporate

and

Eliminations

 

 

Total

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

247.6

 

 

$

1,726.8

 

 

$

2.1

 

 

$

—

 

 

$

1,976.5

 

Fees from midstream services

 

 

199.9

 

 

 

123.0

 

 

 

—

 

 

 

—

 

 

 

322.9

 

 

 

 

447.5

 

 

 

1,849.8

 

 

 

2.1

 

 

 

—

 

 

 

2,299.4

 

Intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

 

822.8

 

 

 

38.4

 

 

 

—

 

 

 

(861.2

)

 

 

—

 

Fees from midstream services

 

 

1.9

 

 

 

5.5

 

 

 

—

 

 

 

(7.4

)

 

 

—

 

 

 

 

824.7

 

 

 

43.9

 

 

 

—

 

 

 

(868.6

)

 

 

—

 

Revenues

 

$

1,272.2

 

 

$

1,893.7

 

 

$

2.1

 

 

$

(868.6

)

 

$

2,299.4

 

Operating margin

 

$

229.0

 

 

$

152.1

 

 

$

2.1

 

 

$

—

 

 

$

383.2

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (1)

 

$

11,713.9

 

 

$

5,644.9

 

 

$

87.9

 

 

$

122.5

 

 

$

17,569.2

 

Goodwill

 

$

46.6

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

46.6

 

Capital expenditures

 

$

417.8

 

 

$

470.9

 

 

$

—

 

 

$

16.9

 

 

$

905.6

 

__________________________________________________________________________________________

 

(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 March 31, 2018

 

 

 

Gathering and Processing

 

 

Logistics and Marketing

 

 

Other

 

 

Corporate

and

Eliminations

 

 

Total

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

265.2

 

 

$

1,926.3

 

 

$

(17.8

)

 

$

—

 

 

$

2,173.7

 

Fees from midstream services

 

 

161.3

 

 

 

120.6

 

 

 

—

 

 

 

—

 

 

 

281.9

 

 

 

 

426.5

 

 

 

2,046.9

 

 

 

(17.8

)

 

 

—

 

 

 

2,455.6

 

Intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

 

866.5

 

 

 

55.7

 

 

 

—

 

 

 

(922.2

)

 

 

—

 

Fees from midstream services

 

 

1.9

 

 

 

6.9

 

 

 

—

 

 

 

(8.8

)

 

 

—

 

 

 

 

868.4

 

 

 

62.6

 

 

 

—

 

 

 

(931.0

)

 

 

—

 

Revenues

 

$

1,294.9

 

 

$

2,109.5

 

 

$

(17.8

)

 

$

(931.0

)

 

$

2,455.6

 

Operating margin

 

$

220.8

 

 

$

138.4

 

 

$

(17.8

)

 

$

—

 

 

$

341.4

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (1)

 

$

10,908.5

 

 

$

3,595.1

 

 

$

103.0

 

 

$

146.6

 

 

$

14,753.2

 

Goodwill

 

$

256.6

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

256.6

 

Capital expenditures

 

$

273.2

 

 

$

251.0

 

 

$

—

 

 

$

33.8

 

 

$

558.0

 

__________________________________________________________________________________________

(1)

Assets 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 March 31,

 

 

2019

 

 

2018

 

Sales of commodities:

 

 

 

 

 

 

 

Revenue recognized from contracts with customers:

 

 

 

 

 

 

 

Natural gas

$

411.3

 

 

$

470.1

 

NGL

 

1,408.1

 

 

 

1,607.3

 

Condensate and crude oil

 

137.7

 

 

 

86.9

 

Petroleum products

 

7.6

 

 

 

48.2

 

 

 

1,964.7

 

 

 

2,212.5

 

Non-customer revenue:

 

 

 

 

 

 

 

Derivative activities - Hedge

 

21.3

 

 

 

(28.0

)

Derivative activities - Non-hedge (1)

 

(9.5

)

 

 

(10.8

)

 

 

11.8

 

 

 

(38.8

)

Total sales of commodities

 

1,976.5

 

 

 

2,173.7

 

 

 

 

 

 

 

 

 

Fees from midstream services:

 

 

 

 

 

 

 

Revenue recognized from contracts with customers:

 

 

 

 

 

 

 

NGL transportation and services

 

36.2

 

 

 

41.1

 

Storage, terminaling and export

 

79.6

 

 

 

78.2

 

Gathering and processing

 

194.5

 

 

 

152.1

 

Other

 

12.6

 

 

 

10.5

 

 

 

 

 

 

 

 

 

Total fees from midstream services

 

322.9

 

 

 

281.9

 

 

 

 

 

 

 

 

 

Total revenues

$

2,299.4

 

 

$

2,455.6

 

__________________________________________________________________________________________

(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 March 31,

 

 

2019

 

 

2018

 

Reconciliation of reportable segment operating

margin to income (loss) before income taxes:

 

 

 

 

 

 

 

 

 

Gathering and Processing operating margin

$

 

229.0

 

 

$

 

220.8

 

Logistics and Marketing operating margin

 

 

152.1

 

 

 

 

138.4

 

Other operating margin

 

 

2.1

 

 

 

 

(17.8

)

Depreciation and amortization expense

 

 

(237.4

)

 

 

 

(198.1

)

General and administrative expense

 

 

(81.1

)

 

 

 

(56.7

)

Interest income (expense), net

 

 

(80.6

)

 

 

 

16.1

 

Change in contingent considerations

 

 

(9.7

)

 

 

 

(56.1

)

Other, net

 

 

(2.0

)

 

 

 

1.2

 

Income (loss) before income taxes

$

 

(27.6

)

 

$

 

47.8