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Reportable Segments | 6 Months Ended
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Jun. 30, 2018
Segment Reporting [Abstract] |
Reportable Segments | REPORTABLE SEGMENTS Our financial statements reflect the following reportable business segments:
• | Investment in ETP, including the consolidated operations of ETP;
• | Investment in Sunoco LP, including the consolidated operations of Sunoco LP;
• | Investment in USAC, including the consolidated operations of USAC;
• | Investment in Lake Charles LNG, including the operations of Lake Charles LNG; and
• | Corporate and Other, including the following:
• | activities of the Parent Company; and
• | the goodwill and property, plant and equipment fair value adjustments recorded as a result of the 2004 reverse acquisition of Heritage Propane Partners, L.P.
The Investment in USAC segment reflects the results of USAC beginning April 2018, the date that ETE obtained control of USAC. Also beginning April 2018, ETP holds an equity method investment in USAC, the equity in earnings from which is eliminated in ETE’s consolidated financial statements. The CDM entities were consolidated subsidiaries of ETP prior to April 2018 and are consolidated subsidiaries of USAC beginning April 2018. Therefore, the results of the CDM entities are included in the Investment in ETP segment prior to April 2018 and in the Investment in USAC segment thereafter. We define Segment Adjusted EBITDA as earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, non-cash impairment charges, losses on extinguishments of debt, gain on deconsolidation and other non-operating income or expense items. Unrealized gains and losses on commodity risk management activities include unrealized gains and losses on commodity derivatives and inventory fair value adjustments (excluding lower of cost or market adjustments). Segment Adjusted EBITDA reflects amounts for unconsolidated affiliates based on the Partnership’s proportionate ownership and amounts for less than wholly owned subsidiaries based on 100% of the subsidiaries’ results of operations. The following tables present financial information by segment:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017* |  | 2018 |  | 2017*
Segment Adjusted EBITDA: |  |  |  |  |  |  |
Investment in ETP | $ | 2,051 |  |  | $ | 1,545 |  |  | $ | 3,932 |  |  | $ | 2,990 |
Investment in Sunoco LP | 140 |  |  | 220 |  |  | 249 |  |  | 375 |
Investment in USAC | 95 |  |  | — |  |  | 95 |  |  | — |
Investment in Lake Charles LNG | 45 |  |  | 44 |  |  | 88 |  |  | 88 |
Corporate and Other | (9 | ) |  | (9 | ) |  | (8 | ) |  | (22 | )
Adjustments and Eliminations | (60 | ) |  | (83 | ) |  | (92 | ) |  | (137 | )
Total | 2,262 |  |  | 1,717 |  |  | 4,264 |  |  | 3,294 |
Depreciation, depletion and amortization | (694 | ) |  | (607 | ) |  | (1,359 | ) |  | (1,235 | )
Interest expense, net of interest capitalized | (510 | ) |  | (477 | ) |  | (976 | ) |  | (950 | )
Impairment losses | — |  |  | (89 | ) |  | — |  |  | (89 | )
Gains (losses) on interest rate derivatives | 20 |  |  | (25 | ) |  | 72 |  |  | (20 | )
Non-cash compensation expense | (32 | ) |  | (20 | ) |  | (55 | ) |  | (47 | )
Unrealized gains (losses) on commodity risk management activities | (265 | ) |  | 29 |  |  | (352 | ) |  | 98 |
Losses on extinguishments of debt | — |  |  | — |  |  | (106 | ) |  | (25 | )
Inventory valuation adjustments | 32 |  |  | (29 | ) |  | 57 |  |  | (42 | )
Equity in earnings of unconsolidated affiliates | 92 |  |  | 49 |  |  | 171 |  |  | 136 |
Adjusted EBITDA related to unconsolidated affiliates | (168 | ) |  | (164 | ) |  | (324 | ) |  | (349 | )
Adjusted EBITDA related to discontinued operations | 5 |  |  | (72 | ) |  | 25 |  |  | (103 | )
Other, net | (15 | ) |  | 35 |  |  | 26 |  |  | 47 |
Income from continuing operations before income tax expense | 727 |  |  | 347 |  |  | 1,443 |  |  | 715 |
Income tax expense from continuing operations | (68 | ) |  | (33 | ) |  | (58 | ) |  | (71 | )
Income from continuing operations | 659 |  |  | 314 |  |  | 1,385 |  |  | 644 |
Loss from discontinued operations, net of income taxes | (26 | ) |  | (193 | ) |  | (263 | ) |  | (204 | )
Net income | $ | 633 |  |  | $ | 121 |  |  | $ | 1,122 |  |  | $ | 440 |
* As adjusted. See Note 1.
| June 30, 2018 |  | December 31, 2017
Assets: |  |  |
Investment in ETP | $ | 78,570 |  |  | $ | 77,965 |
Investment in Sunoco LP | 5,006 |  |  | 8,344 |
Investment in USAC | 3,785 |  |  | — |
Investment in Lake Charles LNG | 1,710 |  |  | 1,646 |
Corporate and Other | 585 |  |  | 598 |
Adjustments and Eliminations | (2,239 | ) |  | (2,307 | )
Total assets | $ | 87,417 |  |  | $ | 86,246 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017* |  | 2018 |  | 2017*
Revenues: |  |  |  |  |  |  |
Investment in ETP: |  |  |  |  |  |  |
Revenues from external customers | $ | 9,298 |  |  | $ | 6,485 |  |  | $ | 17,383 |  |  | $ | 13,292 |
Intersegment revenues | 112 |  |  | 91 |  |  | 307 |  |  | 179 |
| 9,410 |  |  | 6,576 |  |  | 17,690 |  |  | 13,471 |
Investment in Sunoco LP: |  |  |  |  |  |  |
Revenues from external customers | 4,606 |  |  | 2,892 |  |  | 8,354 |  |  | 5,697 |
Intersegment revenues | 1 |  |  | — |  |  | 2 |  |  | 3 |
| 4,607 |  |  | 2,892 |  |  | 8,356 |  |  | 5,700 |
Investment in USAC: |  |  |  |  |  |  |
Revenues from external customers | 165 |  |  | — |  |  | 165 |  |  | — |
Intersegment revenues | 2 |  |  | — |  |  | 2 |  |  | — |
| 167 |  |  | — |  |  | 167 |  |  | — |
Investment in Lake Charles LNG: |  |  |  |  |  |  |
Revenues from external customers | 49 |  |  | 50 |  |  | 98 |  |  | 99 |
Adjustments and Eliminations | (115 | ) |  | (91 | ) |  | (311 | ) |  | (182 | )
Total revenues | $ | 14,118 |  |  | $ | 9,427 |  |  | $ | 26,000 |  |  | $ | 19,088 |
* As adjusted. See Note 1. The following tables provide revenues, grouped by similar products and services, for our reportable segments. These amounts include intersegment revenues for transactions between ETP, Sunoco LP, USAC and Lake Charles LNG. Investment in ETP
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017* |  | 2018 |  | 2017*
Intrastate transportation and storage | $ | 761 |  |  | $ | 699 |  |  | $ | 1,578 |  |  | $ | 1,467 |
Interstate transportation and storage | 323 |  |  | 201 |  |  | 636 |  |  | 432 |
Midstream | 594 |  |  | 633 |  |  | 1,034 |  |  | 1,198 |
NGL and refined products transportation and services | 2,472 |  |  | 1,767 |  |  | 4,930 |  |  | 3,885 |
Crude oil transportation and services | 4,789 |  |  | 2,460 |  |  | 8,520 |  |  | 5,035 |
All Other | 471 |  |  | 816 |  |  | 992 |  |  | 1,454 |
Total revenues | 9,410 |  |  | 6,576 |  |  | 17,690 |  |  | 13,471 |
Less: Intersegment revenues | 112 |  |  | 91 |  |  | 307 |  |  | 179 |
Revenues from external customers | $ | 9,298 |  |  | $ | 6,485 |  |  | $ | 17,383 |  |  | $ | 13,292 |
* As adjusted. See Note 1. The amounts included in ETP’s NGL and refined products transportation and services operation and the crude oil transportation and services operation have been retrospectively adjusted as a result of the Sunoco Logistics Merger. Investment in Sunoco LP
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Fuel distribution and marketing | $ | 4,350 |  |  | $ | 2,318 |  |  | $ | 7,489 |  |  | $ | 4,615 |
All other | 257 |  |  | 574 |  |  | 867 |  |  | 1,085 |
Total revenues | 4,607 |  |  | 2,892 |  |  | 8,356 |  |  | 5,700 |
Less: Intersegment revenues | 1 |  |  | — |  |  | 2 |  |  | 3 |
Revenues from external customers | $ | 4,606 |  |  | $ | 2,892 |  |  | $ | 8,354 |  |  | $ | 5,697 |
Investment in USAC
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Contract operations | $ | 160 |  |  | $ | — |  |  | $ | 160 |  |  | $ | — |
Retail parts and services | 6 |  |  | — |  |  | 6 |  |  | — |
Station installations revenue | 1 |  |  | — |  |  | 1 |  |  | — |
Total revenues | 167 |  |  | — |  |  | 167 |  |  | — |
Less: Intersegment revenues | 2 |  |  | — |  |  | 2 |  |  | — |
Revenues from external customers | $ | 165 |  |  | $ | — |  |  | $ | 165 |  |  | $ | — |
USAC’s revenues for all periods presented were related to the compression services business. Investment in Lake Charles LNG Lake Charles LNG’s revenues for all periods presented were related to LNG terminalling.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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