Segment Information

We assess our business on a regional basis due to the effect on our financial performance of the differing characteristics of these regions, particularly with respect to competition, regulation and other factors affecting supply and demand. At June 30, 2020, our geographic reportable segments for our wholesale business are West (including geothermal), Texas and East (including Canada) and we have a separate reportable segment for our retail business. We continue to evaluate the optimal manner in which we assess our performance including our segments and future changes may result in changes to the composition of our geographic segments.

Commodity Margin is a key operational measure of profit reviewed by our chief operating decision maker to assess the performance of our segments. The tables below show financial data for our segments (including a reconciliation of Commodity Margin to income (loss) from operations by segment) for the periods indicated (in millions):



	Three Months Ended June 30, 2020
	Wholesale										Consolidation
	West		Texas			East			Retail		Elimination			Total
Total operating revenues⁽¹⁾	$	470	$	620		$	244		$	720	$	(310	)	$	1,744

Commodity Margin	$	269	$	172		$	193		$	89	$	—		$	723
Add: Mark-to-market commodity activity, net and other⁽²⁾	67		(17		)	(38		)	56		(9		)	59
Less:
Operating and maintenance expense	96		73			71			35		(9		)	266
Depreciation and amortization expense	56		50			45			12		—			163
General and other administrative expense	6		13			8			4		—			31
Other operating expenses	7		1			6			—		—			14
(Income) from unconsolidated subsidiaries	—		—			(4		)	—		—			(4		)
Income from operations	171		18			29			94		—			312
Interest expense														167
Gain (loss) on extinguishment of debt and other (income) expense, net														13
Income before income taxes														$	132



	Three Months Ended June 30, 2019
	Wholesale										Consolidation
	West		Texas		East			Retail			Elimination			Total
Total operating revenues⁽¹⁾	$	649	$	899	$	646		$	1,082		$	(677	)	$	2,599

Commodity Margin	$	251	$	173	$	235		$	93		$	—		$	752
Add: Mark-to-market commodity activity, net and other⁽²⁾	58		240		94			(182		)	(10		)	200
Less:
Operating and maintenance expense	84		66		72			33			(10		)	245
Depreciation and amortization expense	60		54		48			13			—			175
General and other administrative expense	5		15		10			4			—			34
Other operating expenses	7		1		11			—			—			19
Impairment losses	—		—		40			—			—			40
(Income) from unconsolidated subsidiaries	—		—		(6		)	1			—			(5		)
Income (loss) from operations	153		277		154			(140		)	—			444
Interest expense														157
Gain (loss) on extinguishment of debt and other (income) expense, net														8
Income before income taxes														$	279



	Six Months Ended June 30, 2020
	Wholesale									Consolidation
	West		Texas		East			Retail		Elimination			Total
Total operating revenues⁽³⁾	$	1,175	$	1,270	$	786		$	1,628	$	(823	)	$	4,036

Commodity Margin	$	503	$	285	$	343		$	180	$	—		$	1,311
Add: Mark-to-market commodity activity, net and other⁽⁴⁾	121		84		44			40		(17		)	272
Less:
Operating and maintenance expense	182		139		134			68		(17		)	506
Depreciation and amortization expense	112		100		91			24		—			327
General and other administrative expense	14		24		16			8		—			62
Other operating expenses	15		3		13			—		—			31
(Income) from unconsolidated subsidiaries	—		—		(4		)	—		—			(4		)
Income from operations	301		103		137			120		—			661
Interest expense													336
Gain (loss) on extinguishment of debt and other (income) expense, net													17
Income before income taxes													$	308



	Six Months Ended June 30, 2019
	Wholesale										Consolidation
	West		Texas		East			Retail			Elimination			Total
Total operating revenues⁽³⁾	$	1,331	$	1,642	$	1,335		$	2,080		$	(1,190	)	$	5,198

Commodity Margin	$	515	$	335	$	500		$	181		$	—		$	1,531
Add: Mark-to-market commodity activity, net and other⁽⁴⁾	114		284		107			(235		)	(18		)	252
Less:
Operating and maintenance expense	165		131		139			67			(18		)	484
Depreciation and amortization expense	133		99		91			26			—			349
General and other administrative expense	12		27		19			8			—			66
Other operating expenses	16		3		19			—			—			38
Impairment losses	—		—		55			—			—			55
(Income) from unconsolidated subsidiaries	—		—		(12		)	1			—			(11		)
Income (loss) from operations	303		359		296			(156		)	—			802
Interest expense														306
Gain (loss) on extinguishment of debt and other (income) expense, net														27
Income before income taxes														$	469

_________


(1)	Includes intersegment revenues of $70 million and $100 million in the West, $214 million and $348 million in Texas, $24 million and $228 million in the East and $2 million and $1 million in Retail for the three months ended June 30, 2020 and 2019, respectively.


(2)	Includes $(22) million and $(19) million of lease levelization and $9 million and $18 million of amortization expense for the three months ended June 30, 2020 and 2019, respectively.


(3)	Includes intersegment revenues of $189 million and $262 million in the West, $432 million and $559 million in Texas, $199 million and $365 million in the East and $3 million and $4 million in Retail for the six months ended June 30, 2020 and 2019, respectively.


(4)	Includes $(40) million and $(35) million of lease levelization and $25 million and $39 million of amortization expense for the six months ended June 30, 2020 and 2019, respectively.