Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Reportable Segment Information

Reportable segment information is shown in the following tables:

	Three Months Ended June 30, 2020
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	133.5	$	1,136.3	$	10.8	$	—		$	1,280.6
Fees from midstream services		110.0		132.9		—		—			242.9
		243.5		1,269.2		10.8		—			1,523.5
Intersegment revenues
Sales of commodities		389.2		46.1		—		(435.3	)		—
Fees from midstream services		1.5		7.3		—		(8.8	)		—
		390.7		53.4		—		(444.1	)		—
Revenues	$	634.2	$	1,322.6	$	10.8	$	(444.1	)	$	1,523.5
Operating margin	$	237.2	$	231.5	$	10.8	$	—		$	479.5
Other financial information:
Total assets (1)	$	9,124.2	$	6,697.2	$	22.0	$	122.0		$	15,965.4
Goodwill	$	45.2	$	—	$	—	$	—		$	45.2
Capital expenditures	$	37.1	$	127.9	$	—	$	4.6		$	169.6

(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 June 30, 2019
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	298.4	$	1,378.8	$	7.0	$	—		$	1,684.2
Fees from midstream services		176.2		134.9		—		—			311.1
		474.6		1,513.7		7.0		—			1,995.3
Intersegment revenues
Sales of commodities		539.7		43.6		—		(583.3	)		—
Fees from midstream services		1.5		7.0		—		(8.5	)		—
		541.2		50.6		—		(591.8	)		—
Revenues	$	1,015.8	$	1,564.3	$	7.0	$	(591.8	)	$	1,995.3
Operating margin	$	232.1	$	184.4	$	7.0	$	—		$	423.5
Other financial information:
Total assets (1)	$	12,144.4	$	5,994.7	$	19.0	$	160.1		$	18,318.2
Goodwill	$	46.6	$	—	$	—	$	—		$	46.6
Capital expenditures	$	420.8	$	425.5	$	—	$	10.8		$	857.1

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

	Six Months Ended June 30, 2020
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	377.3	$	2,555.7	$	127.2	$	—		$	3,060.2
Fees from midstream services		228.2		284.0		—		—			512.2
		605.5		2,839.7		127.2		—			3,572.4
Intersegment revenues
Sales of commodities		832.4		102.7		—		(935.1	)		—
Fees from midstream services		3.3		15.4		—		(18.7	)		—
		835.7		118.1		—		(953.8	)		—
Revenues	$	1,441.2	$	2,957.8	$	127.2	$	(953.8	)	$	3,572.4
Operating margin	$	492.8	$	525.5	$	127.2	$	—		$	1,145.5
Other financial information:
Total assets (1)	$	9,124.2	$	6,697.2	$	22.0	$	122.0		$	15,965.4
Goodwill	$	45.2	$	—	$	—	$	—		$	45.2
Capital expenditures	$	154.6	$	306.3	$	—	$	12.9		$	473.8

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

	Six Months Ended June 30, 2019
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	555.1	$	3,105.6	$	—	$	—		$	3,660.7
Fees from midstream services		376.1		257.9		—		—			634.0
		931.2		3,363.5		—		—			4,294.7
Intersegment revenues
Sales of commodities		1,362.5		82.1		—		(1,444.6	)		—
Fees from midstream services		3.3		12.5		—		(15.8	)		—
		1,365.8		94.6		—		(1,460.4	)		—
Revenues	$	2,297.0	$	3,458.1	$	—	$	(1,460.4	)	$	4,294.7
Operating margin	$	470.3	$	336.3	$	—	$	—		$	806.6
Other financial information:
Total assets (1)	$	12,144.4	$	5,994.7	$	19.0	$	160.1		$	18,318.2
Goodwill	$	46.6	$	—	$	—	$	—		$	46.6
Capital expenditures	$	838.5	$	896.3	$	—	$	27.8		$	1,762.6

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

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 June 30,					Six Months Ended June 30,
	2020		2019			2020		2019
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	269.7	$	217.6		$	542.8	$	628.9
NGL		908.2		1,195.5			2,069.5		2,591.9
Condensate and crude oil		27.6		172.1			163.3		309.8
Petroleum products		6.8		56.8			56.5		76.0
		1,212.3		1,642.0			2,832.1		3,606.6
Non-customer revenue:
Derivative activities - Hedge		60.2		43.3			120.3		64.6
Derivative activities - Non-hedge (1)		8.1		(1.1	)		107.8		(10.5	)
		68.3		42.2			228.1		54.1
Total sales of commodities		1,280.6		1,684.2			3,060.2		3,660.7
Fees from midstream services:
Revenue recognized from contracts with customers:
Gathering and processing		107.4		177.5			223.3		371.9
NGL transportation, fractionation and services		32.9		40.1			72.8		76.3
Storage, terminaling and export		89.1		90.4			188.8		170.0
Other		13.5		3.1			27.3		15.8
Total fees from midstream services		242.9		311.1			512.2		634.0
Total revenues	$	1,523.5	$	1,995.3		$	3,572.4	$	4,294.7

(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 June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Gathering and Processing operating margin	$	237.2		$	232.1		$	492.8		$	470.3
Logistics and Transportation operating margin		231.5			184.4			525.5			336.3
Other operating margin		10.8			7.0			127.2			—
Depreciation and amortization expense		(204.5	)		(237.2	)		(443.6	)		(474.6	)
General and administrative expense		(61.5	)		(72.8	)		(121.9	)		(153.6	)
Impairment of long-lived assets		—			—			(2,442.8	)		—
Interest expense, net		(96.7	)		(72.1	)		(194.7	)		(152.7	)
Equity earnings (loss)		14.9			3.2			35.5			5.9
Gain (loss) on sale or disposition of business and assets		0.7			0.2			—			(3.1	)
Gain (loss) from financing activities		21.8			—			61.1			(1.4	)
Change in contingent considerations		—			0.8			—			(8.9	)
Other, net		(0.3	)		—			(0.8	)		(0.2	)
Income (loss) before income taxes	$	153.9		$	45.6		$	(1,961.7	)	$	18.0