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Reportable Segments | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Reportable Segments | REPORTABLE SEGMENTS As a result of the Energy Transfer Merger in October 2018, our reportable segments were reevaluated and currently reflect the following segments, which conduct their business primarily in the United States: •intrastate transportation and storage; •interstate transportation and storage; •midstream; •NGL and refined products transportation and services; •crude oil transportation and services; •investment in Sunoco LP; •investment in USAC; and •all other. Consolidated revenues and expenses reflect the elimination of all material intercompany transactions. The investment in USAC segment reflects the results of USAC beginning April 2018, the date that the Partnership obtained control of USAC. Revenues from our intrastate transportation and storage segment are primarily reflected in natural gas sales and gathering, transportation and other fees. Revenues from our interstate transportation and storage segment are primarily reflected in gathering, transportation and other fees. Revenues from our midstream segment are primarily reflected in natural gas sales, NGL sales and gathering, transportation and other fees. Revenues from our NGL and refined products transportation and services segment are primarily reflected in NGL sales and gathering, transportation and other fees. Revenues from our crude oil transportation and services segment are primarily reflected in crude sales. Revenues from our investment in Sunoco LP segment are primarily reflected in refined product sales. Revenues from our investment in USAC segment are primarily reflected in gathering, transportation and other fees. Revenues from our all other segment are primarily reflected in natural gas sales. We report Segment Adjusted EBITDA and consolidated Adjusted EBITDA as measures of segment performance. We define Segment Adjusted EBITDA and consolidated Adjusted EBITDA as total partnership 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, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items. Segment Adjusted EBITDA and consolidated Adjusted EBITDA reflect amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Segment Adjusted EBITDA and consolidated Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Segment Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly. The following tables present financial information by segment:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Revenues: |  |  |  |  |  |  |
Intrastate transportation and storage: |  |  |  |  |  |  |
Revenues from external customers | $ | 675 |  |  | $ | 846 |  |  | $ | 2,115 |  |  | $ | 2,424 |
Intersegment revenues | 89 |  |  | 76 |  |  | 270 |  |  | 186 |
| 764 |  |  | 922 |  |  | 2,385 |  |  | 2,610 |
Interstate transportation and storage: |  |  |  |  |  |  |
Revenues from external customers | 475 |  |  | 440 |  |  | 1,454 |  |  | 1,174 |
Intersegment revenues | 4 |  |  | 5 |  |  | 16 |  |  | 13 |
| 479 |  |  | 445 |  |  | 1,470 |  |  | 1,187 |
Midstream: |  |  |  |  |  |  |
Revenues from external customers | 704 |  |  | 537 |  |  | 1,704 |  |  | 1,571 |
Intersegment revenues | 876 |  |  | 1,716 |  |  | 2,792 |  |  | 4,170 |
| 1,580 |  |  | 2,253 |  |  | 4,496 |  |  | 5,741 |
NGL and refined products transportation and services: |  |  |  |  |  |  |
Revenues from external customers | 2,271 |  |  | 2,845 |  |  | 7,340 |  |  | 7,467 |
Intersegment revenues | 607 |  |  | 218 |  |  | 1,181 |  |  | 710 |
| 2,878 |  |  | 3,063 |  |  | 8,521 |  |  | 8,177 |
Crude oil transportation and services: |  |  |  |  |  |  |
Revenues from external customers | 4,453 |  |  | 4,422 |  |  | 13,685 |  |  | 12,942 |
Intersegment revenues | — |  |  | 16 |  |  | — |  |  | 44 |
| 4,453 |  |  | 4,438 |  |  | 13,685 |  |  | 12,986 |
Investment in Sunoco LP: |  |  |  |  |  |  |
Revenues from external customers | 4,328 |  |  | 4,760 |  |  | 12,494 |  |  | 13,114 |
Intersegment revenues | 3 |  |  | 1 |  |  | 4 |  |  | 3 |
| 4,331 |  |  | 4,761 |  |  | 12,498 |  |  | 13,117 |
Investment in USAC: |  |  |  |  |  |  |
Revenues from external customers | 169 |  |  | 166 |  |  | 505 |  |  | 331 |
Intersegment revenues | 6 |  |  | 3 |  |  | 15 |  |  | 5 |
| 175 |  |  | 169 |  |  | 520 |  |  | 336 |
All other: |  |  |  |  |  |  |
Revenues from external customers | 420 |  |  | 498 |  |  | 1,196 |  |  | 1,491 |
Intersegment revenues | 21 |  |  | 27 |  |  | 80 |  |  | 108 |
| 441 |  |  | 525 |  |  | 1,276 |  |  | 1,599 |
Eliminations | (1,606 | ) |  | (2,062 | ) |  | (4,358 | ) |  | (5,239 | )
Total revenues | $ | 13,495 |  |  | $ | 14,514 |  |  | $ | 40,493 |  |  | $ | 40,514 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Segment Adjusted EBITDA: |  |  |  |  |  |  |
Intrastate transportation and storage | $ | 235 |  |  | $ | 221 |  |  | $ | 777 |  |  | $ | 621 |
Interstate transportation and storage | 442 |  |  | 459 |  |  | 1,358 |  |  | 1,200 |
Midstream | 411 |  |  | 434 |  |  | 1,205 |  |  | 1,225 |
NGL and refined products transportation and services | 667 |  |  | 498 |  |  | 1,923 |  |  | 1,410 |
Crude oil transportation and services | 700 |  |  | 682 |  |  | 2,257 |  |  | 1,694 |
Investment in Sunoco LP | 192 |  |  | 208 |  |  | 497 |  |  | 457 |
Investment in USAC | 104 |  |  | 90 |  |  | 310 |  |  | 185 |
All other | 35 |  |  | (15 | ) |  | 80 |  |  | 49 |
Adjusted EBITDA (consolidated) | 2,786 |  |  | 2,577 |  |  | 8,407 |  |  | 6,841 |
Depreciation, depletion and amortization | (784 | ) |  | (750 | ) |  | (2,343 | ) |  | (2,109 | )
Interest expense, net of interest capitalized | (579 | ) |  | (535 | ) |  | (1,747 | ) |  | (1,511 | )
Impairment losses | (12 | ) |  | — |  |  | (62 | ) |  | — |
Gains (losses) on interest rate derivatives | (175 | ) |  | 45 |  |  | (371 | ) |  | 117 |
Non-cash compensation expense | (27 | ) |  | (27 | ) |  | (85 | ) |  | (82 | )
Unrealized gains (losses) on commodity risk management activities | 64 |  |  | 97 |  |  | 90 |  |  | (255 | )
Losses on extinguishments of debt | — |  |  | — |  |  | (18 | ) |  | (106 | )
Inventory valuation adjustments | (26 | ) |  | (7 | ) |  | 71 |  |  | 50 |
Adjusted EBITDA related to unconsolidated affiliates | (161 | ) |  | (179 | ) |  | (470 | ) |  | (503 | )
Equity in earnings of unconsolidated affiliates | 82 |  |  | 87 |  |  | 224 |  |  | 258 |
Adjusted EBITDA related to discontinued operations | — |  |  | — |  |  | — |  |  | 25 |
Other, net | 47 |  |  | 33 |  |  | 67 |  |  | 59 |
Income from continuing operations before income tax expense | 1,215 |  |  | 1,341 |  |  | 3,763 |  |  | 2,784 |
Income tax (expense) benefit from continuing operations | (54 | ) |  | 52 |  |  | (214 | ) |  | (6 | )
Income from continuing operations | 1,161 |  |  | 1,393 |  |  | 3,549 |  |  | 2,778 |
Loss from discontinued operations, net of income taxes | — |  |  | (2 | ) |  | — |  |  | (265 | )
Net income | $ | 1,161 |  |  | $ | 1,391 |  |  | $ | 3,549 |  |  | $ | 2,513 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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