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Business Segments and Related Information (Tables) | 9 Months Ended
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Sep. 30, 2021
Business Segments [Abstract] |
Measurement of Total Segment Gross Operating Margin | The following table presents our measurement of total segment gross operating margin for the periods presented. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income.
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Operating income |  | $ | 1,513.1 |  |  | $ | 1,382.5 |  |  | $ | 4,700.2 |  |  | $ | 4,326.9 |
Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, amortization and accretion expense in operating costs and expenses (1) |  |  | 502.7 |  |  |  | 484.2 |  |  |  | 1,497.9 |  |  |  | 1,461.3 |
Asset impairment charges in operating costs and expenses |  |  | 29.3 |  |  |  | 77.0 |  |  |  | 112.7 |  |  |  | 90.4 |
Net losses (gains) attributable to asset sales and related matters in operating costs and expenses |  |  | (2.2 | ) |  |  | (0.6 | ) |  |  | 9.0 |  |  |  | (2.1 | )
General and administrative costs |  |  | 47.3 |  |  |  | 50.3 |  |  |  | 155.1 |  |  |  | 162.8 |
Non-refundable payments received from shippers attributable to make-up rights (2) |  |  | 25.4 |  |  |  | 49.3 |  |  |  | 67.0 |  |  |  | 79.1 |
Subsequent recognition of revenues attributable to make-up rights (3) |  |  | (35.2 | ) |  |  | (9.4 | ) |  |  | (113.4 | ) |  |  | (25.0 | )
Total segment gross operating margin |  | $ | 2,080.4 |  |  | $ | 2,033.3 |  |  | $ | 6,428.5 |  |  | $ | 6,093.4 |
(1) | Excludes amortization of major maintenance costs for reaction-based plants, which are a component of gross operating margin.
(2) | Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper.
(3) | As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.
Information by Business Segments | Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions. The following table presents gross operating margin by segment for the periods indicated:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Gross operating margin by segment: |  |  |  |  |  |  |  |  |  |  |  |
NGL Pipelines & Services |  | $ | 1,022.9 |  |  | $ | 1,028.1 |  |  | $ | 3,206.9 |  |  | $ | 3,038.2 |
Crude Oil Pipelines & Services |  |  | 422.9 |  |  |  | 481.8 |  |  |  | 1,242.0 |  |  |  | 1,569.1 |
Natural Gas Pipelines & Services |  |  | 223.3 |  |  |  | 208.4 |  |  |  | 960.5 |  |  |  | 701.1 |
Petrochemical & Refined Products Services |  |  | 411.3 |  |  |  | 315.0 |  |  |  | 1,019.1 |  |  |  | 785.0 |
Total segment gross operating margin |  | $ | 2,080.4 |  |  | $ | 2,033.3 |  |  | $ | 6,428.5 |  |  | $ | 6,093.4 |
Information by business segment, together with reconciliations to amounts presented on, or included in, our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table:
|  | Reportable Business Segments |  |  |  |  |  |  |
|  | NGL Pipelines & Services |  |  | Crude Oil Pipelines & Services |  |  | Natural Gas Pipelines & Services |  |  | Petrochemical & Refined Products Services |  |  | Adjustments and Eliminations |  |  | Consolidated Total |
Revenues from third parties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three months ended September 30, 2021 |  | $ | 3,814.5 |  |  | $ | 3,210.0 |  |  | $ | 975.7 |  |  | $ | 2,800.2 |  |  | $ | – |  |  | $ | 10,800.4 |
Three months ended September 30, 2020 |  |  | 2,612.4 |  |  |  | 1,518.0 |  |  |  | 604.6 |  |  |  | 2,179.5 |  |  |  | – |  |  |  | 6,914.5 |
Nine months ended September 30, 2021 |  |  | 10,979.6 |  |  |  | 7,867.3 |  |  |  | 3,265.2 |  |  |  | 7,270.1 |  |  |  | – |  |  |  | 29,382.2 |
Nine months ended September 30, 2020 |  |  | 8,053.4 |  |  |  | 5,007.0 |  |  |  | 1,855.2 |  |  |  | 5,210.7 |  |  |  | – |  |  |  | 20,126.3 |
Revenues from related parties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three months ended September 30, 2021 |  |  | 2.1 |  |  |  | 24.6 |  |  |  | 4.2 |  |  |  | – |  |  |  | – |  |  |  | 30.9 |
Three months ended September 30, 2020 |  |  | 1.6 |  |  |  | 3.6 |  |  |  | 2.3 |  |  |  | – |  |  |  | – |  |  |  | 7.5 |
Nine months ended September 30, 2021 |  |  | 7.6 |  |  |  | 36.3 |  |  |  | 10.6 |  |  |  | – |  |  |  | – |  |  |  | 54.5 |
Nine months ended September 30, 2020 |  |  | 5.0 |  |  |  | 16.7 |  |  |  | 7.5 |  |  |  | – |  |  |  | – |  |  |  | 29.2 |
Intersegment and intrasegment revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three months ended September 30, 2021 |  |  | 13,753.5 |  |  |  | 6,611.2 |  |  |  | 145.9 |  |  |  | 6,149.9 |  |  |  | (26,660.5 | ) |  |  | – |
Three months ended September 30, 2020 |  |  | 7,098.2 |  |  |  | 6,422.5 |  |  |  | 117.0 |  |  |  | 1,297.8 |  |  |  | (14,935.5 | ) |  |  | – |
Nine months ended September 30, 2021 |  |  | 37,140.3 |  |  |  | 21,907.8 |  |  |  | 441.0 |  |  |  | 18,979.7 |  |  |  | (78,468.8 | ) |  |  | – |
Nine months ended September 30, 2020 |  |  | 18,826.6 |  |  |  | 18,302.7 |  |  |  | 325.0 |  |  |  | 2,815.6 |  |  |  | (40,269.9 | ) |  |  | – |
Total revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three months ended September 30, 2021 |  |  | 17,570.1 |  |  |  | 9,845.8 |  |  |  | 1,125.8 |  |  |  | 8,950.1 |  |  |  | (26,660.5 | ) |  |  | 10,831.3 |
Three months ended September 30, 2020 |  |  | 9,712.2 |  |  |  | 7,944.1 |  |  |  | 723.9 |  |  |  | 3,477.3 |  |  |  | (14,935.5 | ) |  |  | 6,922.0 |
Nine months ended September 30, 2021 |  |  | 48,127.5 |  |  |  | 29,811.4 |  |  |  | 3,716.8 |  |  |  | 26,249.8 |  |  |  | (78,468.8 | ) |  |  | 29,436.7 |
Nine months ended September 30, 2020 |  |  | 26,885.0 |  |  |  | 23,326.4 |  |  |  | 2,187.7 |  |  |  | 8,026.3 |  |  |  | (40,269.9 | ) |  |  | 20,155.5 |
Equity in income (loss) of unconsolidated affiliates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three months ended September 30, 2021 |  |  | 30.5 |  |  |  | 105.2 |  |  |  | 1.4 |  |  |  | 0.5 |  |  |  | – |  |  |  | 137.6 |
Three months ended September 30, 2020 |  |  | 29.3 |  |  |  | 51.8 |  |  |  | 1.4 |  |  |  | (0.5 | ) |  |  | – |  |  |  | 82.0 |
Nine months ended September 30, 2021 |  |  | 87.5 |  |  |  | 354.2 |  |  |  | 4.3 |  |  |  | 1.2 |  |  |  | – |  |  |  | 447.2 |
Nine months ended September 30, 2020 |  |  | 90.8 |  |  |  | 243.2 |  |  |  | 4.3 |  |  |  | (2.2 | ) |  |  | – |  |  |  | 336.1 |
Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:
|  | Reportable Business Segments |  |  |  |  |  |  |
|  | NGL Pipelines & Services |  |  | Crude Oil Pipelines & Services |  |  | Natural Gas Pipelines & Services |  |  | Petrochemical & Refined Products Services |  |  | Adjustments and Eliminations |  |  | Consolidated Total |
Property, plant and equipment, net: (see Note 4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At September 30, 2021 |  | $ | 17,330.0 |  |  | $ | 6,927.3 |  |  | $ | 8,280.3 |  |  | $ | 7,533.6 |  |  | $ | 2,182.6 |  |  | $ | 42,253.8 |
At December 31, 2020 |  |  | 17,128.3 |  |  |  | 6,982.6 |  |  |  | 8,465.8 |  |  |  | 7,528.4 |  |  |  | 1,807.7 |  |  |  | 41,912.8 |
Investments in unconsolidated affiliates: (see Note 5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At September 30, 2021 |  |  | 656.4 |  |  |  | 1,742.1 |  |  |  | 32.1 |  |  |  | 2.8 |  |  |  | – |  |  |  | 2,433.4 |
At December 31, 2020 |  |  | 671.6 |  |  |  | 1,723.7 |  |  |  | 31.4 |  |  |  | 2.5 |  |  |  | – |  |  |  | 2,429.2 |
Intangible assets, net: (see Note 6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At September 30, 2021 |  |  | 323.2 |  |  |  | 1,879.4 |  |  |  | 859.1 |  |  |  | 128.3 |  |  |  | – |  |  |  | 3,190.0 |
At December 31, 2020 |  |  | 334.1 |  |  |  | 1,936.6 |  |  |  | 905.0 |  |  |  | 133.4 |  |  |  | – |  |  |  | 3,309.1 |
Goodwill: (see Note 6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At September 30, 2021 |  |  | 2,651.7 |  |  |  | 1,841.0 |  |  |  | – |  |  |  | 956.2 |  |  |  | – |  |  |  | 5,448.9 |
At December 31, 2020 |  |  | 2,651.7 |  |  |  | 1,841.0 |  |  |  | – |  |  |  | 956.2 |  |  |  | – |  |  |  | 5,448.9 |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At September 30, 2021 |  |  | 20,961.3 |  |  |  | 12,389.8 |  |  |  | 9,171.5 |  |  |  | 8,620.9 |  |  |  | 2,182.6 |  |  |  | 53,326.1 |
At December 31, 2020 |  |  | 20,785.7 |  |  |  | 12,483.9 |  |  |  | 9,402.2 |  |  |  | 8,620.5 |  |  |  | 1,807.7 |  |  |  | 53,100.0 |
Consolidated Revenues and Expenses | The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Consolidated revenues: |  |  |  |  |  |  |  |  |  |  |  |
NGL Pipelines & Services |  | $ | 3,816.6 |  |  | $ | 2,614.0 |  |  | $ | 10,987.2 |  |  | $ | 8,058.4 |
Crude Oil Pipelines & Services |  |  | 3,234.6 |  |  |  | 1,521.6 |  |  |  | 7,903.6 |  |  |  | 5,023.7 |
Natural Gas Pipelines & Services |  |  | 979.9 |  |  |  | 606.9 |  |  |  | 3,275.8 |  |  |  | 1,862.7 |
Petrochemical & Refined Products Services |  |  | 2,800.2 |  |  |  | 2,179.5 |  |  |  | 7,270.1 |  |  |  | 5,210.7 |
Total consolidated revenues |  | $ | 10,831.3 |  |  | $ | 6,922.0 |  |  | $ | 29,436.7 |  |  | $ | 20,155.5 |
Consolidated costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  | $ | 8,112.8 |  |  | $ | 4,313.7 |  |  | $ | 21,215.8 |  |  | $ | 12,331.9 |
Other operating costs and expenses (1) |  |  | 757.3 |  |  |  | 696.9 |  |  |  | 2,174.2 |  |  |  | 2,120.4 |
Depreciation, amortization and accretion |  |  | 511.3 |  |  |  | 484.2 |  |  |  | 1,516.9 |  |  |  | 1,461.3 |
Asset impairment charges |  |  | 29.3 |  |  |  | 77.0 |  |  |  | 112.7 |  |  |  | 90.4 |
Net losses (gains) attributable to asset sales and related matters |  |  | (2.2 | ) |  |  | (0.6 | ) |  |  | 9.0 |  |  |  | (2.1 | )
General and administrative costs |  |  | 47.3 |  |  |  | 50.3 |  |  |  | 155.1 |  |  |  | 162.8 |
Total consolidated costs and expenses |  | $ | 9,455.8 |  |  | $ | 5,621.5 |  |  | $ | 25,183.7 |  |  | $ | 16,164.7 |
(1) | Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment charges; and net losses (or gains) attributable to asset sales and related matters.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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