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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Reportable Segment Information | Reportable segment information is shown in the following tables:
|  | Three Months Ended June 30, 2020 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 133.5 |  |  | $ | 1,136.3 |  |  | $ | 10.8 |  |  | $ | — |  |  | $ | 1,280.6 |
Fees from midstream services |  |  | 110.0 |  |  |  | 132.9 |  |  |  | — |  |  |  | — |  |  |  | 242.9 |
|  |  | 243.5 |  |  |  | 1,269.2 |  |  |  | 10.8 |  |  |  | — |  |  |  | 1,523.5 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 389.2 |  |  |  | 46.1 |  |  |  | — |  |  |  | (435.3 | ) |  |  | — |
Fees from midstream services |  |  | 1.5 |  |  |  | 7.3 |  |  |  | — |  |  |  | (8.8 | ) |  |  | — |
|  |  | 390.7 |  |  |  | 53.4 |  |  |  | — |  |  |  | (444.1 | ) |  |  | — |
Revenues |  | $ | 634.2 |  |  | $ | 1,322.6 |  |  | $ | 10.8 |  |  | $ | (444.1 | ) |  | $ | 1,523.5 |
Operating margin |  | $ | 237.2 |  |  | $ | 231.5 |  |  | $ | 10.8 |  |  | $ | — |  |  | $ | 479.5 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (1) |  | $ | 9,124.2 |  |  | $ | 6,697.2 |  |  | $ | 22.0 |  |  | $ | 122.0 |  |  | $ | 15,965.4 |
Goodwill |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45.2 |
Capital expenditures |  | $ | 37.1 |  |  | $ | 127.9 |  |  | $ | — |  |  | $ | 4.6 |  |  | $ | 169.6 |
| (1) | Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
|  | Three Months Ended June 30, 2019 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 298.4 |  |  | $ | 1,378.8 |  |  | $ | 7.0 |  |  | $ | — |  |  | $ | 1,684.2 |
Fees from midstream services |  |  | 176.2 |  |  |  | 134.9 |  |  |  | — |  |  |  | — |  |  |  | 311.1 |
|  |  | 474.6 |  |  |  | 1,513.7 |  |  |  | 7.0 |  |  |  | — |  |  |  | 1,995.3 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 539.7 |  |  |  | 43.6 |  |  |  | — |  |  |  | (583.3 | ) |  |  | — |
Fees from midstream services |  |  | 1.5 |  |  |  | 7.0 |  |  |  | — |  |  |  | (8.5 | ) |  |  | — |
|  |  | 541.2 |  |  |  | 50.6 |  |  |  | — |  |  |  | (591.8 | ) |  |  | — |
Revenues |  | $ | 1,015.8 |  |  | $ | 1,564.3 |  |  | $ | 7.0 |  |  | $ | (591.8 | ) |  | $ | 1,995.3 |
Operating margin |  | $ | 232.1 |  |  | $ | 184.4 |  |  | $ | 7.0 |  |  | $ | — |  |  | $ | 423.5 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (1) |  | $ | 12,144.4 |  |  | $ | 5,994.7 |  |  | $ | 19.0 |  |  | $ | 160.1 |  |  | $ | 18,318.2 |
Goodwill |  | $ | 46.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 46.6 |
Capital expenditures |  | $ | 420.8 |  |  | $ | 425.5 |  |  | $ | — |  |  | $ | 10.8 |  |  | $ | 857.1 |
(1) | Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
|  | Six Months Ended June 30, 2020 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 377.3 |  |  | $ | 2,555.7 |  |  | $ | 127.2 |  |  | $ | — |  |  | $ | 3,060.2 |
Fees from midstream services |  |  | 228.2 |  |  |  | 284.0 |  |  |  | — |  |  |  | — |  |  |  | 512.2 |
|  |  | 605.5 |  |  |  | 2,839.7 |  |  |  | 127.2 |  |  |  | — |  |  |  | 3,572.4 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 832.4 |  |  |  | 102.7 |  |  |  | — |  |  |  | (935.1 | ) |  |  | — |
Fees from midstream services |  |  | 3.3 |  |  |  | 15.4 |  |  |  | — |  |  |  | (18.7 | ) |  |  | — |
|  |  | 835.7 |  |  |  | 118.1 |  |  |  | — |  |  |  | (953.8 | ) |  |  | — |
Revenues |  | $ | 1,441.2 |  |  | $ | 2,957.8 |  |  | $ | 127.2 |  |  | $ | (953.8 | ) |  | $ | 3,572.4 |
Operating margin |  | $ | 492.8 |  |  | $ | 525.5 |  |  | $ | 127.2 |  |  | $ | — |  |  | $ | 1,145.5 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (1) |  | $ | 9,124.2 |  |  | $ | 6,697.2 |  |  | $ | 22.0 |  |  | $ | 122.0 |  |  | $ | 15,965.4 |
Goodwill |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45.2 |
Capital expenditures |  | $ | 154.6 |  |  | $ | 306.3 |  |  | $ | — |  |  | $ | 12.9 |  |  | $ | 473.8 |
(1) | Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
|  | Six Months Ended June 30, 2019 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 555.1 |  |  | $ | 3,105.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,660.7 |
Fees from midstream services |  |  | 376.1 |  |  |  | 257.9 |  |  |  | — |  |  |  | — |  |  |  | 634.0 |
|  |  | 931.2 |  |  |  | 3,363.5 |  |  |  | — |  |  |  | — |  |  |  | 4,294.7 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 1,362.5 |  |  |  | 82.1 |  |  |  | — |  |  |  | (1,444.6 | ) |  |  | — |
Fees from midstream services |  |  | 3.3 |  |  |  | 12.5 |  |  |  | — |  |  |  | (15.8 | ) |  |  | — |
|  |  | 1,365.8 |  |  |  | 94.6 |  |  |  | — |  |  |  | (1,460.4 | ) |  |  | — |
Revenues |  | $ | 2,297.0 |  |  | $ | 3,458.1 |  |  | $ | — |  |  | $ | (1,460.4 | ) |  | $ | 4,294.7 |
Operating margin |  | $ | 470.3 |  |  | $ | 336.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 806.6 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (1) |  | $ | 12,144.4 |  |  | $ | 5,994.7 |  |  | $ | 19.0 |  |  | $ | 160.1 |  |  | $ | 18,318.2 |
Goodwill |  | $ | 46.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 46.6 |
Capital expenditures |  | $ | 838.5 |  |  | $ | 896.3 |  |  | $ | — |  |  | $ | 27.8 |  |  | $ | 1,762.6 |
(1) | Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
Revenues Disaggregated by Product and Service | The following table shows our consolidated revenues disaggregated by product and service for the periods presented:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Sales of commodities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue recognized from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  | $ | 269.7 |  |  | $ | 217.6 |  |  | $ | 542.8 |  |  | $ | 628.9 |
NGL |  |  | 908.2 |  |  |  | 1,195.5 |  |  |  | 2,069.5 |  |  |  | 2,591.9 |
Condensate and crude oil |  |  | 27.6 |  |  |  | 172.1 |  |  |  | 163.3 |  |  |  | 309.8 |
Petroleum products |  |  | 6.8 |  |  |  | 56.8 |  |  |  | 56.5 |  |  |  | 76.0 |
|  |  | 1,212.3 |  |  |  | 1,642.0 |  |  |  | 2,832.1 |  |  |  | 3,606.6 |
Non-customer revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative activities - Hedge |  |  | 60.2 |  |  |  | 43.3 |  |  |  | 120.3 |  |  |  | 64.6 |
Derivative activities - Non-hedge (1) |  |  | 8.1 |  |  |  | (1.1 | ) |  |  | 107.8 |  |  |  | (10.5 | )
|  |  | 68.3 |  |  |  | 42.2 |  |  |  | 228.1 |  |  |  | 54.1 |
Total sales of commodities |  |  | 1,280.6 |  |  |  | 1,684.2 |  |  |  | 3,060.2 |  |  |  | 3,660.7 |
Fees from midstream services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue recognized from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gathering and processing |  |  | 107.4 |  |  |  | 177.5 |  |  |  | 223.3 |  |  |  | 371.9 |
NGL transportation, fractionation and services |  |  | 32.9 |  |  |  | 40.1 |  |  |  | 72.8 |  |  |  | 76.3 |
Storage, terminaling and export |  |  | 89.1 |  |  |  | 90.4 |  |  |  | 188.8 |  |  |  | 170.0 |
Other |  |  | 13.5 |  |  |  | 3.1 |  |  |  | 27.3 |  |  |  | 15.8 |
Total fees from midstream services |  |  | 242.9 |  |  |  | 311.1 |  |  |  | 512.2 |  |  |  | 634.0 |
Total revenues |  | $ | 1,523.5 |  |  | $ | 1,995.3 |  |  | $ | 3,572.4 |  |  | $ | 4,294.7 |
(1) | Represents derivative activities that are not designated as hedging instruments under ASC 815.
Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes | The following table shows a reconciliation of reportable segment operating margin to income (loss) before income taxes for the periods presented:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Reconciliation of reportable segment operating margin to income (loss) before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gathering and Processing operating margin | $ |  | 237.2 |  |  | $ |  | 232.1 |  |  | $ |  | 492.8 |  |  | $ |  | 470.3 |
Logistics and Transportation operating margin |  |  | 231.5 |  |  |  |  | 184.4 |  |  |  |  | 525.5 |  |  |  |  | 336.3 |
Other operating margin |  |  | 10.8 |  |  |  |  | 7.0 |  |  |  |  | 127.2 |  |  |  |  | — |
Depreciation and amortization expense |  |  | (204.5 | ) |  |  |  | (237.2 | ) |  |  |  | (443.6 | ) |  |  |  | (474.6 | )
General and administrative expense |  |  | (61.5 | ) |  |  |  | (72.8 | ) |  |  |  | (121.9 | ) |  |  |  | (153.6 | )
Impairment of long-lived assets |  |  | — |  |  |  |  | — |  |  |  |  | (2,442.8 | ) |  |  |  | — |
Interest expense, net |  |  | (96.7 | ) |  |  |  | (72.1 | ) |  |  |  | (194.7 | ) |  |  |  | (152.7 | )
Equity earnings (loss) |  |  | 14.9 |  |  |  |  | 3.2 |  |  |  |  | 35.5 |  |  |  |  | 5.9 |
Gain (loss) on sale or disposition of business and assets |  |  | 0.7 |  |  |  |  | 0.2 |  |  |  |  | — |  |  |  |  | (3.1 | )
Gain (loss) from financing activities |  |  | 21.8 |  |  |  |  | — |  |  |  |  | 61.1 |  |  |  |  | (1.4 | )
Change in contingent considerations |  |  | — |  |  |  |  | 0.8 |  |  |  |  | — |  |  |  |  | (8.9 | )
Other, net |  |  | (0.3 | ) |  |  |  | — |  |  |  |  | (0.8 | ) |  |  |  | (0.2 | )
Income (loss) before income taxes | $ |  | 153.9 |  |  | $ |  | 45.6 |  |  | $ |  | (1,961.7 | ) |  | $ |  | 18.0 |

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9031-108599 + Details
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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=115929826&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=115929826&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=108376223&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 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: 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=115929826&loc=d3e8906-108599 + Details
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