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v3.20.4

Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Reportable Segment Information | Reportable segment information is shown in the following tables:
|  | Year Ended December 31, 2020 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 659.9 |  |  | $ | 6,281.4 |  |  | $ | 229.7 |  |  | $ | — |  |  | $ | 7,171.0 |
Fees from midstream services |  |  | 487.2 |  |  |  | 602.1 |  |  |  | — |  |  |  | — |  |  |  | 1,089.3 |
|  |  | 1,147.1 |  |  |  | 6,883.5 |  |  |  | 229.7 |  |  |  | — |  |  |  | 8,260.3 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 2,173.2 |  |  |  | 205.9 |  |  |  | — |  |  |  | (2,379.1 | ) |  |  | — |
Fees from midstream services |  |  | 6.5 |  |  |  | 31.5 |  |  |  | — |  |  |  | (38.0 | ) |  |  | — |
|  |  | 2,179.7 |  |  |  | 237.4 |  |  |  | — |  |  |  | (2,417.1 | ) |  |  | — |
Revenues |  | $ | 3,326.8 |  |  | $ | 7,120.9 |  |  | $ | 229.7 |  |  | $ | (2,417.1 | ) |  | $ | 8,260.3 |
Operating margin |  | $ | 1,017.7 |  |  | $ | 1,128.0 |  |  | $ | 229.7 |  |  | $ | — |  |  | $ | 2,375.4 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (1) |  | $ | 8,743.5 |  |  | $ | 6,860.0 |  |  | $ | 86.3 |  |  | $ | 185.9 |  |  | $ | 15,875.7 |
Goodwill |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45.2 |
Capital expenditures |  | $ | 293.9 |  |  | $ | 414.0 |  |  | $ | — |  |  | $ | 18.9 |  |  | $ | 726.8 |
(1) | Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
|  | Year Ended December 31, 2019 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 1,101.6 |  |  | $ | 6,406.1 |  |  | $ | (113.9 | ) |  | $ | — |  |  | $ | 7,393.8 |
Fees from midstream services |  |  | 728.0 |  |  |  | 549.3 |  |  |  | — |  |  |  | — |  |  |  | 1,277.3 |
|  |  | 1,829.6 |  |  |  | 6,955.4 |  |  |  | (113.9 | ) |  |  | — |  |  |  | 8,671.1 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 2,628.4 |  |  |  | 132.2 |  |  |  | — |  |  |  | (2,760.6 | ) |  |  | — |
Fees from midstream services |  |  | 7.4 |  |  |  | 28.7 |  |  |  | — |  |  |  | (36.1 | ) |  |  | — |
|  |  | 2,635.8 |  |  |  | 160.9 |  |  |  | — |  |  |  | (2,796.7 | ) |  |  | — |
Revenues |  | $ | 4,465.4 |  |  | $ | 7,116.3 |  |  | $ | (113.9 | ) |  | $ | (2,796.7 | ) |  | $ | 8,671.1 |
Operating margin |  | $ | 1,006.4 |  |  | $ | 867.2 |  |  | $ | (113.9 | ) |  | $ | — |  |  | $ | 1,759.7 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (1) |  | $ | 11,929.8 |  |  | $ | 6,741.8 |  |  | $ | 1.0 |  |  | $ | 142.5 |  |  | $ | 18,815.1 |
Goodwill |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45.2 |
Capital expenditures |  | $ | 1,273.3 |  |  | $ | 1,412.2 |  |  | $ | — |  |  | $ | 23.0 |  |  | $ | 2,708.5 |
(1) | Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
|  | Year Ended December 31, 2018 |
|  | Gathering and Processing |  |  | Logistics and Transportation |  |  | Other |  |  | Corporate and Eliminations |  |  | Total |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  | $ | 1,228.2 |  |  | $ | 8,058.4 |  |  | $ | (7.9 | ) |  | $ | — |  |  | $ | 9,278.7 |
Fees from midstream services |  |  | 715.6 |  |  |  | 489.7 |  |  |  | — |  |  |  | — |  |  |  | 1,205.3 |
|  |  | 1,943.8 |  |  |  | 8,548.1 |  |  |  | (7.9 | ) |  |  | — |  |  |  | 10,484.0 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of commodities |  |  | 3,636.0 |  |  |  | 317.1 |  |  |  | — |  |  |  | (3,953.1 | ) |  |  | — |
Fees from midstream services |  |  | 7.2 |  |  |  | 30.8 |  |  |  | — |  |  |  | (38.0 | ) |  |  | — |
|  |  | 3,643.2 |  |  |  | 347.9 |  |  |  | — |  |  |  | (3,991.1 | ) |  |  | — |
Revenues |  | $ | 5,587.0 |  |  | $ | 8,896.0 |  |  | $ | (7.9 | ) |  | $ | (3,991.1 | ) |  | $ | 10,484.0 |
Operating margin |  | $ | 939.2 |  |  | $ | 592.5 |  |  | $ | (7.9 | ) |  | $ | — |  |  | $ | 1,523.8 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (1) |  | $ | 11,602.7 |  |  | $ | 5,180.6 |  |  | $ | 3.2 |  |  | $ | 151.7 |  |  | $ | 16,938.2 |
Goodwill |  | $ | 46.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 46.6 |
Capital expenditures |  | $ | 1,548.6 |  |  | $ | 1,767.0 |  |  | $ | — |  |  | $ | 12.1 |  |  | $ | 3,327.7 |
(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:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Sales of commodities: |  |  |  |  |  |  |  |  |  |  |  |
Revenue recognized from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  | $ | 1,359.0 |  |  | $ | 1,321.7 |  |  | $ | 1,810.0 |
NGL |  |  | 5,181.3 |  |  |  | 5,233.8 |  |  |  | 6,886.9 |
Condensate and crude oil |  |  | 264.0 |  |  |  | 716.1 |  |  |  | 457.9 |
Petroleum products |  |  | 69.8 |  |  |  | 126.3 |  |  |  | 196.1 |
|  |  | 6,874.1 |  |  |  | 7,397.9 |  |  |  | 9,350.9 |
Non-customer revenue: |  |  |  |  |  |  |  |  |  |  |  |
Derivative activities - Hedge |  |  | 90.8 |  |  |  | 138.0 |  |  |  | (39.7 | )
Derivative activities - Non-hedge (1) |  |  | 206.1 |  |  |  | (142.1 | ) |  |  | (32.5 | )
|  |  | 296.9 |  |  |  | (4.1 | ) |  |  | (72.2 | )
Total sales of commodities |  |  | 7,171.0 |  |  |  | 7,393.8 |  |  |  | 9,278.7 |
Fees from midstream services: |  |  |  |  |  |  |  |  |  |  |  |
Revenue recognized from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |
Gathering and processing |  |  | 476.0 |  |  |  | 722.4 |  |  |  | 698.1 |
NGL transportation, fractionation and services |  |  | 163.1 |  |  |  | 169.4 |  |  |  | 154.6 |
Storage, terminaling and export |  |  | 401.9 |  |  |  | 356.4 |  |  |  | 313.0 |
Other |  |  | 48.3 |  |  |  | 29.1 |  |  |  | 39.6 |
Total fees from midstream services |  |  | 1,089.3 |  |  |  | 1,277.3 |  |  |  | 1,205.3 |
Total revenues |  | $ | 8,260.3 |  |  | $ | 8,671.1 |  |  | $ | 10,484.0 |
(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:
| 2020 |  |  | 2019 |  |  | 2018 |
Reconciliation of reportable segment operating margin to income (loss) before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gathering and Processing operating margin | $ |  | 1,017.7 |  |  | $ |  | 1,006.4 |  |  | $ |  | 939.2 |
Logistics and Transportation operating margin |  |  | 1,128.0 |  |  |  |  | 867.2 |  |  |  |  | 592.5 |
Other operating margin |  |  | 229.7 |  |  |  |  | (113.9 | ) |  |  |  | (7.9 | )
Depreciation and amortization expense |  |  | (865.1 | ) |  |  |  | (971.6 | ) |  |  |  | (815.9 | )
General and administrative expense |  |  | (254.6 | ) |  |  |  | (280.7 | ) |  |  |  | (256.9 | )
Impairment of long-lived assets |  |  | (2,442.8 | ) |  |  |  | (225.3 | ) |  |  |  | — |
Impairment of goodwill |  |  | — |  |  |  |  | — |  |  |  |  | (210.0 | )
Interest expense, net |  |  | (391.3 | ) |  |  |  | (337.8 | ) |  |  |  | (185.8 | )
Equity earnings (loss) |  |  | 72.6 |  |  |  |  | 39.0 |  |  |  |  | 7.3 |
Gain (loss) on sale or disposition of business and assets |  |  | (58.4 | ) |  |  |  | (71.1 | ) |  |  |  | 0.1 |
Write-down of assets |  |  | (55.6 | ) |  |  |  | (17.9 | ) |  |  |  | — |
Gain (loss) from financing activities |  |  | 45.6 |  |  |  |  | (1.4 | ) |  |  |  | (2.0 | )
Gain (loss) from sale of equity-method investment |  |  | — |  |  |  |  | 69.3 |  |  |  |  | — |
Change in contingent considerations |  |  | 0.3 |  |  |  |  | (8.7 | ) |  |  |  | 8.8 |
Other, net |  |  | 0.8 |  |  |  |  | (0.2 | ) |  |  |  | (3.5 | )
Income (loss) before income taxes | $ |  | (1,573.1 | ) |  | $ |  | (46.7 | ) |  | $ |  | 65.9 |

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