Segment Information

We assess our business on a regional basis due to the effect on our financial performance of the differing characteristics of these regions, particularly with respect to competition, regulation and other factors affecting supply and demand. At March 31, 2020, our geographic reportable segments for our wholesale business are West (including geothermal), Texas and East (including Canada) and we have a separate reportable segment for our retail business. We continue to evaluate the optimal manner in which we assess our performance including our segments and future changes may result in changes to the composition of our geographic segments.

Commodity Margin is a key operational measure of profit reviewed by our chief operating decision maker to assess the performance of our segments. The tables below show financial data for our segments (including a reconciliation of Commodity Margin to income (loss) from operations by segment) for the periods indicated (in millions):



	Three Months Ended March 31, 2020
	Wholesale									Consolidation
	West		Texas		East		Retail			Elimination			Total
Total operating revenues⁽¹⁾	$	705	$	650	$	542	$	908		$	(513	)	$	2,292

Commodity Margin	$	234	$	113	$	150	$	91		$	—		$	588
Add: Mark-to-market commodity activity, net and other⁽²⁾	54		101		82		(16		)	(8		)	213
Less:
Operating and maintenance expense	86		66		63		33			(8		)	240
Depreciation and amortization expense	56		50		46		12			—			164
General and other administrative expense	8		11		8		4			—			31
Other operating expenses	8		2		7		—			—			17
Income from operations	130		85		108		26			—			349
Interest expense													169
Other (income) expense, net													4
Income before income taxes													$	176



	Three Months Ended March 31, 2019
	Wholesale										Consolidation
	West		Texas		East			Retail			Elimination			Total
Total operating revenues⁽¹⁾	$	682	$	743	$	689		$	998		$	(513	)	$	2,599

Commodity Margin	$	264	$	162	$	265		$	88		$	—		$	779
Add: Mark-to-market commodity activity, net and other⁽²⁾	56		44		13			(53		)	(8		)	52
Less:
Operating and maintenance expense	81		65		67			34			(8		)	239
Depreciation and amortization expense	73		45		43			13			—			174
General and other administrative expense	7		12		9			4			—			32
Other operating expenses	9		2		23			—			—			34
(Income) from unconsolidated subsidiaries	—		—		(6		)	—			—			(6		)
Income (loss) from operations	150		82		142			(16		)	—			358
Interest expense														149
Gain on extinguishment of debt and other (income) expense, net														19
Income before income taxes														$	190

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(1)	Includes intersegment revenues of $119 million and $162 million in the West, $218 million and $211 million in Texas, $175 million and $137 million in the East and $1 million and $3 million in Retail for the three months ended March 31, 2020 and 2019, respectively.


(2)	Includes $(18) million and $(16) million of lease levelization and $16 million and $21 million of amortization expense for the three months ended March 31, 2020 and 2019, respectively.