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Business Segments (Tables)
3 Months Ended
Mar. 31, 2015
Business Segments [Abstract]  
Measurement of Total Segment Gross Operating Margin
The following table presents our measurement of non-GAAP total segment gross operating margin for the periods indicated:

 
 
For the Three Months
Ended March 31,
 
 
 
2015
  
2014
 
Revenues
 
$
7,472.5
  
$
12,909.9
 
Subtract operating costs and expenses
  
(6,616.4
)
  
(11,880.5
)
Add equity in income of unconsolidated affiliates
  
89.2
   
56.5
 
Add depreciation, amortization and accretion expense amounts not reflected in gross operating margin
  
345.3
   
301.4
 
Add impairment charges not reflected in gross operating margin
  
33.3
   
8.8
 
Subtract net gains attributable to asset sales and insurance recoveries not reflected in
gross operating margin (see Note 15)
  
(0.1
)
  
(89.6
)
Add non-refundable deferred revenues attributable to shipper make-up rights on major
new pipeline projects reflected in gross operating margin
  
30.7
   
23.3
 
Subtract subsequent recognition of deferred revenues attributable to make-up rights not reflected in
gross operating margin
  
(20.1
)
  
--
 
Total segment gross operating margin
 
$
1,334.4
  
$
1,329.8
 

Reconciliation of Total Segment Gross Operating Margin to Operating Income and Income Before Provision for Income Taxes
 
The following table presents a reconciliation of total segment gross operating margin to operating income and further to income before income taxes for the periods indicated:

 
 
For the Three Months
Ended March 31,
 
 
 
2015
  
2014
 
Total segment gross operating margin
 
$
1,334.4
  
$
1,329.8
 
Adjustments to reconcile total segment gross operating margin to operating income:
        
Subtract depreciation, amortization and accretion expense amounts not reflected in gross operating margin
  
(345.3
)
  
(301.4
)
Subtract impairment charges not reflected in gross operating margin
  
(33.3
)
  
(8.8
)
Add net gains attributable to asset sales and insurance recoveries not reflected in
gross operating margin
  
0.1
   
89.6
 
Subtract non-refundable deferred revenues attributable to shipper make-up rights on major
     new pipeline projects reflected in gross operating margin
  
(30.7
)
  
(23.3
)
 Add subsequent recognition of deferred revenues attributable to make-up rights not reflected in
gross operating margin
  
20.1
   
--
 
Subtract general and administrative costs not reflected in gross operating margin
  
(49.3
)
  
(53.2
)
Operating income
  
896.0
   
1,032.7
 
Other expense, net
  
(238.6
)
  
(221.2
)
Income before income taxes
 
$
657.4
  
$
811.5
 

Information by Business Segments
Information by business segment, together with reconciliations to our consolidated financial statement totals, is presented in the following table:

 
 
Reportable Business Segments
  
  
 
 
 
NGL
Pipelines
& Services
  
Onshore
Natural Gas
Pipelines
& Services
  
Onshore
Crude Oil
Pipelines
& Services
  
Offshore
Pipelines
& Services
  
Petrochemical
& Refined
Products
Services
  
Adjustments
and
Eliminations
  
Consolidated
Total
 
Revenues from third parties:
 
  
  
  
  
  
  
 
Three months ended March 31, 2015
 
$
2,674.8
  
$
730.9
  
$
2,677.0
  
$
34.6
  
$
1,349.1
  
$
--
  
$
7,466.4
 
Three months ended March 31, 2014
  
5,173.7
   
1,200.0
   
4,935.4
   
34.7
   
1,530.6
   
--
   
12,874.4
 
Revenues from related parties:
                            
Three months ended March 31, 2015
  
1.5
   
3.0
   
1.0
   
0.6
   
--
   
--
   
6.1
 
Three months ended March 31, 2014
  
5.8
   
4.6
   
22.9
   
2.2
   
--
   
--
   
35.5
 
Intersegment and intrasegment revenues:
                            
Three months ended March 31, 2015
  
2,443.1
   
170.0
   
1,277.1
   
0.4
   
285.6
   
(4,176.2
)
  
--
 
Three months ended March 31, 2014
  
3,861.0
   
309.4
   
2,550.7
   
2.3
   
437.0
   
(7,160.4
)
  
--
 
Total revenues:
                            
Three months ended March 31, 2015
  
5,119.4
   
903.9
   
3,955.1
   
35.6
   
1,634.7
   
(4,176.2
)
  
7,472.5
 
Three months ended March 31, 2014
  
9,040.5
   
1,514.0
   
7,509.0
   
39.2
   
1,967.6
   
(7,160.4
)
  
12,909.9
 
Equity in income (loss) of unconsolidated affiliates:
                            
Three months ended March 31, 2015
  
11.6
   
0.9
   
59.9
   
20.2
   
(3.4
)
  
--
   
89.2
 
Three months ended March 31, 2014
  
1.4
   
0.9
   
42.7
   
11.1
   
0.4
   
--
   
56.5
 
Gross operating margin:
                            
Three months ended March 31, 2015
  
695.2
   
204.5
   
214.0
   
46.1
   
174.6
   
--
   
1,334.4
 
Three months ended March 31, 2014
  
780.0
   
220.4
   
159.7
   
39.3
   
130.4
   
--
   
1,329.8
 
Property, plant and equipment, net:
(see Note 6)
                            
At March 31, 2015
  
11,775.8
   
8,839.5
   
2,382.8
   
1,130.1
   
3,042.8
   
3,196.6
   
30,367.6
 
At December 31, 2014
  
11,766.9
   
8,835.5
   
2,332.2
   
1,145.1
   
3,047.2
   
2,754.7
   
29,881.6
 
Investments in unconsolidated affiliates:
(see Note 7)
                            
At March 31, 2015
  
681.6
   
23.1
   
1,797.9
   
487.5
   
74.8
   
--
   
3,064.9
 
At December 31, 2014
  
682.3
   
23.2
   
1,767.7
   
493.7
   
75.1
   
--
   
3,042.0
 
Intangible assets, net: (see Note 8)
                            
At March 31, 2015
  
249.1
   
963.0
   
1,351.5
   
39.3
   
201.2
   
--
   
2,804.1
 
At December 31, 2014
  
689.2
   
972.9
   
2,223.6
   
41.6
   
374.8
   
--
   
4,302.1
 
Goodwill: (see Note 8)
                            
At March 31, 2015
  
2,613.0
   
296.3
   
1,710.6
   
82.0
   
952.1
   
--
   
5,654.0
 
At December 31, 2014
  
2,180.4
   
296.3
   
859.9
   
82.0
   
781.3
   
--
   
4,199.9
 
Segment assets:
                            
At March 31, 2015
  
15,319.5
   
10,121.9
   
7,242.8
   
1,738.9
   
4,270.9
   
3,196.6
   
41,890.6
 
At December 31, 2014
  
15,318.8
   
10,127.9
   
7,183.4
   
1,762.4
   
4,278.4
   
2,754.7
   
41,425.6
 

Consolidated Revenues and Expenses
The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:

 
 
For the Three Months
Ended March 31,
 
 
 
2015
  
2014
 
NGL Pipelines & Services:
 
  
 
Sales of NGLs and related products
 
$
2,242.2
  
$
4,795.8
 
Midstream services
  
434.1
   
383.7
 
Total
  
2,676.3
   
5,179.5
 
Onshore Natural Gas Pipelines & Services:
        
Sales of natural gas
  
476.3
   
953.2
 
Midstream services
  
257.6
   
251.4
 
Total
  
733.9
   
1,204.6
 
Onshore Crude Oil Pipelines & Services:
        
Sales of crude oil
  
2,570.7
   
4,873.4
 
Midstream services
  
107.3
   
84.9
 
Total
  
2,678.0
   
4,958.3
 
Offshore Pipelines & Services:
        
Sales of natural gas
  
--
   
0.2
 
Sales of crude oil
  
1.1
   
2.1
 
Midstream services
  
34.1
   
34.6
 
Total
  
35.2
   
36.9
 
Petrochemical & Refined Products Services:
        
Sales of petrochemicals and refined products
  
1,151.0
   
1,356.2
 
Midstream services
  
198.1
   
174.4
 
Total
  
1,349.1
   
1,530.6
 
Total consolidated revenues
 
$
7,472.5
  
$
12,909.9
 
 
        
Consolidated costs and expenses
        
Operating costs and expenses:
        
Cost of sales
 
$
5,678.1
  
$
11,052.7
 
Other operating costs and expenses (1)
  
559.8
   
607.2
 
Depreciation, amortization and accretion
  
345.3
   
301.4
 
Net gains attributable to asset sales and insurance recoveries
  
(0.1
)
  
(89.6
)
Non-cash asset impairment charges
  
33.3
   
8.8
 
General and administrative costs
  
49.3
   
53.2
 
Total consolidated costs and expenses
 
$
6,665.7
  
$
11,933.7
 
     
(1)    Represents cost of operating our plants, pipelines and other fixed assets, excluding depreciation, amortization and accretion charges.