XML 16 R9.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2012
Segment Information |
Segment Information |
B. Segment Information Operating segments are revenue-producing components of the enterprise for which separate financial information is produced internally and which are subject to evaluation by the Company’s chief operating decision maker in deciding how to allocate resources. The Company reports its operations in three segments, which reflect its lines of business. The EQT Production segment includes the Company’s exploration for, and development and production of, natural gas, natural gas liquids (NGLs) and a limited amount of crude oil in the Appalachian Basin. EQT Midstream’s operations include the natural gas gathering, transportation, storage and marketing activities of the Company. Distribution’s operations primarily comprise the state-regulated natural gas distribution activities of the Company. Operating segments are evaluated on their contribution to the Company’s consolidated results based on operating income. Other income, interest and income taxes are managed on a consolidated basis. Headquarters’ costs are billed to the operating segments based upon a fixed allocation of the headquarters’ annual operating budget. Differences between budget and actual headquarters’ expenses are not allocated to the operating segments. The Company’s management reviews and reports the EQT Production segment results for operating revenues and purchased gas costs, with third party transportation costs reflected as a deduction from operating revenues. During 2011, because of increased materiality of these costs, the Company determined that consolidated results for these line items are required to be reported on a gross basis with third-party transportation costs recorded as a portion of purchased gas costs. The consolidated operating revenues, purchased gas costs and total operating expenses for all periods presented have been adjusted to reflect this gross presentation. This adjustment had no impact on consolidated net income, consolidated operating income or on the segment results for any period presented. Management believes this presentation is not material to the overall financial statement presentation. Substantially all of the Company’s operating revenues, income from operations and assets are generated or located in the United States.
|  | Three Months Ended |
|  | March 31, |
|  | 2012 |  | 2011 |
|  | (Thousands) |
Revenues from external customers: |  |  |  |  |
EQT Production |  | $ | 195,396 |  | $ | 173,042 |
EQT Midstream |  | 122,048 |  | 141,662 |
Distribution |  | 135,421 |  | 195,091 |
Less: intersegment revenues (a) |  | (2,905 | ) | (37,100 | )
Total |  | $ | 449,960 |  | $ | 472,695 |
Operating income: |  |  |  |  |
EQT Production (b) |  | $ | 60,148 |  | $ | 82,329 |
EQT Midstream (b) |  | 56,136 |  | 89,418 |
Distribution |  | 36,770 |  | 53,367 |
Unallocated expenses |  | 242 |  | (4,702 | )
Total |  | $ | 153,296 |  | $ | 220,412 |
Reconciliation of operating income to net income: |  |  |  |  |
Equity in earnings of nonconsolidated investments |  | $ | 2,212 |  | $ | 2,358 |
Other income |  | 2,469 |  | 4,446 |
Interest expense |  | 41,252 |  | 32,852 |
Income taxes |  | 44,690 |  | 72,109 |
Total |  | $ | 72,035 |  | $ | 122,255 |
|  | March 31, |  | December 31, |
|  | 2012 |  | 2011 |
|  | (Thousands) |
Segment Assets: |  |  |  |  |
EQT Production |  | $ | 5,438,619 |  | $ | 5,256,645 |
EQT Midstream |  | 1,819,437 |  | 1,785,089 |
Distribution |  | 805,747 |  | 850,414 |
Total operating segments |  | 8,063,803 |  | 7,892,148 |
Headquarters assets, including cash and short-term investments |  | 795,186 |  | 880,571 |
Total assets |  | $ | 8,858,989 |  | $ | 8,772,719 |
(a) Intersegment revenues primarily represent natural gas sales from EQT Production to EQT Midstream and transportation activities between EQT Midstream and both EQT Production and Distribution. These activities were partly offset by the third-party transportation costs which were recorded in operating revenues and purchased gas costs at the consolidated level. (b) Gains on dispositions of $1.1 million and $22.8 million are included in EQT Production operating income for 2012 and EQT Midstream operating income for 2011, respectively. See Note J.
|  | Three Months Ended |
|  | March 31, |
|  | 2012 |  | 2011 |
|  | (Thousands) |
Depreciation, depletion and amortization: |  |  |  |  |
EQT Production |  | $ | 86,567 |  | $ | 57,834 |
EQT Midstream |  | 14,708 |  | 14,708 |
Distribution |  | 6,243 |  | 5,957 |
Other |  | 7 |  | (101 | )
Total |  | $ | 107,525 |  | $ | 78,398 |
Expenditures for segment assets: |  |  |  |  |
EQT Production |  | $ | 183,685 |  | $ | 226,972 |
EQT Midstream |  | 79,638 |  | 29,105 |
Distribution |  | 5,463 |  | 6,219 |
Other |  | 801 |  | 1,132 |
Total |  | $ | 269,587 |  | $ | 263,428 |

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration