(15) Segment Information

Identification of the majority of our operating segments is based principally upon geographic regions served and the nature of operating activity. As of December 31, 2018, our reportable segments consisted of the following: natural gas gathering, processing, transmission, and fractionation operations located in North Texas and the Permian Basin primarily in West Texas (“Texas”), natural gas pipelines, processing plants, storage facilities, NGL pipelines, and fractionation assets in Louisiana (“Louisiana”), natural gas gathering and processing operations located throughout Oklahoma (“Oklahoma”), and crude rail, truck, pipeline, and barge facilities in West Texas, South Texas, Louisiana, Oklahoma, and the Ohio River Valley (“Crude and Condensate”). Operating activity for intersegment eliminations is shown in the Corporate segment. Our sales are derived from external domestic customers. We evaluate the performance of our operating segments based on segment profits.

Corporate assets consist primarily of cash, goodwill, property, and equipment, including software, for general corporate support, debt financing costs, and unconsolidated affiliate investments in GCF and the Cedar Cove JV as of December 31, 2018, 2017, and 2016. As of December 31, 2016, our Corporate assets also included our unconsolidated affiliate investment in HEP. In December 31, 2016, we entered into an agreement to sell our ownership interest in HEP, and we finalized the sale in March 2017.

Based on the disclosure requirements of ASC 606, we are presenting revenues disaggregated based on the type of good or service in order to more fully depict the nature of our revenues. As we adopted ASC 606 using the modified retrospective method, only the consolidated statement of operations and revenue disaggregation information for the year ended December 31, 2018 are presented to conform to ASC 606 accounting and disclosure requirements. Prior periods presented in the consolidated financial statements and accompanying notes were not restated in accordance with ASC 606.

Summarized financial information for our reportable segments is shown in the following tables (in millions):



	Texas			Louisiana			Oklahoma			Crude and Condensate			Corporate			Totals
Year Ended December 31, 2018
Natural gas sales	$	292.9		$	531.1		$	189.7		$	—		$	—		$	1,013.7
NGL sales	28.6			2,786.3			25.2			0.9			—			2,841.0
Crude oil and condensate sales	—			0.5			0.7			2,656.4			—			2,657.6
Product sales	321.5			3,317.9			215.6			2,657.3			—			6,512.3
Natural gas sales—related parties	—			—			2.5			—			—			2.5
NGL sales—related parties	503.5			47.4			590.8			—			(1,104.3		)	37.4
Crude oil and condensate sales—related parties	49.3			0.3			85.6			3.3			(137.4		)	1.1
Product sales—related parties	552.8			47.7			678.9			3.3			(1,241.7		)	41.0
Gathering and transportation	177.9			68.8			149.1			3.1			—			398.9
Processing	101.0			3.3			122.8			—			—			227.1
NGL services	—			59.6			—			—			—			59.6
Crude services	—			—			0.6			66.5			—			67.1
Other services	9.6			0.6			0.2			0.2			—			10.6
Midstream services	288.5			132.3			272.7			69.8			—			763.3
Gathering and transportation—related parties	122.7			—			80.6			—			—			203.3
Processing—related parties	108.6			—			48.4			—			—			157.0
NGL services—related parties	—			3.3			—			—			(3.3		)	—
Crude services—related parties	—			—			1.5			14.9			—			16.4
Other services—related parties	0.5			—			—			—			—			0.5
Midstream services—related parties	231.8			3.3			130.5			14.9			(3.3		)	377.2
Revenue from contracts with customers	1,394.6			3,501.2			1,297.7			2,745.3			(1,245.0		)	7,693.8
Cost of sales	(753.9		)	(3,158.7		)	(744.0		)	(2,596.4		)	1,245.0			(6,008.0		)
Operating expenses	(180.6		)	(108.3		)	(89.2		)	(75.3		)	—			(453.4		)
Gain on derivative activity	—			—			—			—			5.2			5.2
Segment profit	$	460.1		$	234.2		$	464.5		$	73.6		$	5.2		$	1,237.6
Depreciation and amortization	$	(216.2	)	$	(122.7	)	$	(178.1	)	$	(51.6	)	$	(8.7	)	$	(577.3	)
Impairments	$	(232.0	)	$	(24.6	)	$	—		$	(109.2	)	$	—		$	(365.8	)
Goodwill	$	—		$	—		$	190.3		$	—		$	1,119.9		$	1,310.2
Capital expenditures	$	249.4		$	47.0		$	412.5		$	135.7		$	5.3		$	849.9
Total assets	$	2,925.3		$	2,347.9		$	3,116.5		$	959.3		$	1,345.1		$	10,694.1



	Texas			Louisiana			Oklahoma			Crude and Condensate			Corporate			Totals
Year Ended December 31, 2017
Product sales	$	325.0		$	2,529.6		$	128.8		$	1,375.0		$	—		$	4,358.4
Product sales—related parties	500.3			45.0			349.4			0.8			(750.6		)	144.9
Midstream services	116.3			220.6			155.0			60.4			—			552.3
Midstream services—related parties	424.3			136.4			241.6			17.4			(131.5		)	688.2
Cost of sales	(772.3		)	(2,618.1		)	(522.9		)	(1,330.3		)	882.1			(4,361.5		)
Operating expenses	(172.7		)	(101.3		)	(64.6		)	(80.1		)	—			(418.7		)
Loss on derivative activity	—			—			—			—			(4.2		)	(4.2		)
Segment profit (loss)	$	420.9		$	212.2		$	287.3		$	43.2		$	(4.2	)	$	959.4
Depreciation and amortization	$	(215.2	)	$	(116.1	)	$	(156.6	)	$	(47.5	)	$	(9.9	)	$	(545.3	)
Impairments	$	—		$	(0.8	)	$	—		$	(16.3	)	$	—		$	(17.1	)
Goodwill	$	232.0		$	—		$	190.3		$	—		$	1,119.9		$	1,542.2
Capital expenditures	$	145.4		$	75.1		$	442.1		$	79.1		$	26.4		$	768.1
Total assets	$	3,094.8		$	2,408.5		$	2,836.7		$	929.5		$	1,268.3		$	10,537.8



	Texas			Louisiana			Oklahoma			Crude and Condensate			Corporate			Totals
Year Ended December 31, 2016
Product sales	$	237.2		$	1,632.5		$	48.5		$	1,090.7		$	—		$	3,008.9
Product sales—related parties	287.6			57.8			120.4			1.5			(333.0		)	134.3
Midstream services	104.2			215.4			82.2			65.4			—			467.2
Midstream services—related parties	439.3			95.8			185.9			18.9			(86.8		)	653.1
Cost of sales	(483.4		)	(1,729.0		)	(184.9		)	(1,038.0		)	419.8			(3,015.5		)
Operating expenses	(168.5		)	(96.6		)	(52.1		)	(81.3		)	—			(398.5		)
Loss on derivative activity	—			—			—			—			(11.1		)	(11.1		)
Segment profit (loss)	$	416.4		$	175.9		$	200.0		$	57.2		$	(11.1	)	$	838.4
Depreciation and amortization	$	(196.9	)	$	(114.8	)	$	(140.6	)	$	(42.4	)	$	(9.2	)	$	(503.9	)
Impairments	$	(473.1	)	$	—		$	—		$	(93.2	)	$	(307.0	)	$	(873.3	)
Goodwill	$	232.0		$	—		$	190.3		$	—		$	1,119.9		$	1,542.2
Capital expenditures	$	217.9		$	79.1		$	295.7		$	74.3		$	9.1		$	676.1
Total assets	$	3,142.6		$	2,349.3		$	2,524.5		$	836.8		$	1,422.7		$	10,275.9

The following table reconciles the segment profits reported above to the operating income (loss) as reported on the consolidated statements of operations (in millions):



	Year Ended December 31,
	2018			2017			2016
Segment profit	$	1,237.6		$	959.4		$	838.4
General and administrative expenses	(140.3		)	(128.6		)	(122.5		)
Depreciation and amortization	(577.3		)	(545.3		)	(503.9		)
Loss on disposition of assets	(0.4		)	—			(13.2		)
Impairments	(365.8		)	(17.1		)	(873.3		)
Gain on litigation settlement	—			26.0			—
Operating income (loss)	$	153.8		$	294.4		$	(674.5	)