Delaware
|
1-14323
|
76-0568219
|
(State or Other Jurisdiction of
|
(Commission File Number)
|
(IRS Employer
|
Incorporation)
|
Identification No.)
|
1100 Louisiana Street, 10th Floor, Houston, Texas
|
77002
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Exhibit No.
|
Description
|
ENTERPRISE PRODUCTS PARTNERS L.P.
|
|||
By:
|
Enterprise Products Holdings LLC,
its General Partner
|
||
Date: May 1, 2019
|
By:
|
/s/ R. Daniel Boss
|
|
Name:
|
R. Daniel Boss
|
||
Title:
|
Senior Vice President-Accounting and Risk Control
of Enterprise Products Holdings LLC
|
||
By:
|
/s/ Michael W. Hanson
|
||
Name:
|
Michael W. Hanson
|
||
Title:
|
Vice President and Principal Accounting Officer
of Enterprise Products Holdings LLC
|
![]() |
Enterprise Products Partners L.P.
P.O. Box 4324
Houston, TX 77210
(713) 381-6500
|
Exhibit 99.1
|
Three months ended
March 31,
|
||||||||
2019
|
2018
|
|||||||
($ in millions, except per unit amounts)
|
||||||||
Operating income
|
$
|
1,626
|
$
|
1,139
|
||||
Net income attributable to limited partners
|
$
|
1,261
|
$
|
901
|
||||
Fully diluted earnings per unit
|
$
|
0.57
|
$
|
0.41
|
||||
CFFO (1)
|
$
|
1,160
|
$
|
1,234
|
||||
Total gross operating margin (2)
|
$
|
2,134
|
$
|
1,586
|
||||
Adjusted EBITDA (2)
|
$
|
1,986
|
$
|
1,687
|
||||
FCF (2)
|
$
|
3
|
$
|
99
|
||||
DCF (2)
|
$
|
1,628
|
$
|
1,386
|
(1)
|
CFFO includes the impact of the timing of cash receipts and payments related to operations. For the first quarters of
2019 and 2018, the net effect of changes in operating accounts, which are a component of CFFO, were reductions of $560 million and $203 million, respectively.
|
(2)
|
Total gross operating margin, adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted
EBITDA”), FCF and DCF are non-generally accepted accounting principle (“non-GAAP”) financial measures that are defined and reconciled later in this press release.
|
·
|
Gross operating margin, operating income and net income attributable to limited partners for the first quarter of 2019
included $96 million of non-cash, mark-to-market gains on financial instruments used in our hedging activities primarily related to crude oil and natural gas regional price spreads compared to $137 million in non-cash, mark-to-market
losses in the first quarter of 2018.
|
Three months
ended
March 31,
|
||||||||
2019
|
2018
|
|||||||
NGL, crude oil, refined products & petrochemical pipeline volumes (million BPD)
|
6.5
|
6.1
|
||||||
Marine terminal volumes (million
BPD)
|
1.8
|
1.6
|
||||||
Natural gas pipeline volumes (TBtu/d)
|
14.2
|
13.0
|
||||||
NGL fractionation volumes (MBPD)
|
969
|
824
|
||||||
Fee-based natural gas processing volumes (Bcf/d)
|
5.3
|
4.4
|
||||||
Equity NGL production volumes (MBPD)
|
154
|
165
|
·
|
Capital investments were $1.2 billion during the first quarter of 2019, including $62 million of sustaining capital
expenditures.
|
Enterprise Products Partners L.P.
|
Exhibit A
|
|||||||||||
Condensed Statements of Consolidated Operations – UNAUDITED
|
|
|
|
|
|
|||||||
($ in millions, except per unit amounts)
|
||||||||||||
For the Three Months
Ended March 31,
|
For the Twelve
Months Ended
March 31,
|
|||||||||||
2019
|
2018
|
2019
|
||||||||||
Revenues
|
$
|
8,543.5
|
$
|
9,298.5
|
$
|
35,779.2
|
||||||
Costs and expenses:
|
||||||||||||
Operating costs and expenses
|
7,019.7
|
8,222.7
|
30,194.3
|
|||||||||
General and administrative costs
|
52.2
|
53.0
|
207.5
|
|||||||||
Total costs and expenses
|
7,071.9
|
8,275.7
|
30,401.8
|
|||||||||
Equity in income of unconsolidated affiliates
|
154.6
|
115.7
|
518.9
|
|||||||||
Operating income
|
1,626.2
|
1,138.5
|
5,896.3
|
|||||||||
Other income (expense):
|
||||||||||||
Interest expense
|
(277.2
|
)
|
(252.1
|
)
|
(1,121.8
|
)
|
||||||
Other, net
|
(56.3
|
)
|
30.2
|
(99.6
|
)
|
|||||||
Total other expense, net
|
(333.5
|
)
|
(221.9
|
)
|
(1,221.4
|
)
|
||||||
Income before income taxes
|
1,292.7
|
916.6
|
4,674.9
|
|||||||||
Provision for income taxes
|
(12.3
|
)
|
(5.1
|
)
|
(67.5
|
)
|
||||||
Net income
|
1,280.4
|
911.5
|
4,607.4
|
|||||||||
Net income attributable to noncontrolling interests
|
(19.9
|
)
|
(10.8
|
)
|
(75.2
|
)
|
||||||
Net income attributable to limited partners
|
$
|
1,260.5
|
$
|
900.7
|
$
|
4,532.2
|
||||||
Per unit data (fully diluted):
|
||||||||||||
Earnings per unit
|
$
|
0.57
|
$
|
0.41
|
$
|
2.07
|
||||||
Average limited partner units outstanding (in millions)
|
2,199.5
|
2,177.2
|
2,192.5
|
|||||||||
Supplemental financial data:
|
||||||||||||
Net cash flow provided by operating activities
|
$
|
1,160.4
|
$
|
1,233.6
|
$
|
6,053.1
|
||||||
Cash flows used in investing activities
|
$
|
1,174.5
|
$
|
1,119.1
|
$
|
4,337.0
|
||||||
Cash flows provided by (used in) financing activities
|
$
|
(288.5
|
)
|
$
|
30.8
|
$
|
(1,824.2
|
)
|
||||
Total debt principal outstanding at end of period
|
$
|
27,115.6
|
$
|
25,618.5
|
$
|
27,115.6
|
||||||
Non-GAAP Distributable Cash Flow (1)
|
$
|
1,628.4
|
$
|
1,385.5
|
$
|
6,232.3
|
||||||
Non-GAAP Adjusted EBITDA (2)
|
$
|
1,985.8
|
$
|
1,686.6
|
$
|
7,522.1
|
||||||
Non-GAAP Free Cash Flow (3)
|
$
|
2.7
|
$
|
99.2
|
$
|
1,904.7
|
||||||
Gross operating margin by segment:
|
||||||||||||
NGL Pipelines & Services
|
$
|
959.2
|
$
|
884.9
|
$
|
3,905.0
|
||||||
Crude Oil Pipelines & Services
|
662.3
|
220.0
|
1,953.6
|
|||||||||
Natural Gas Pipelines & Services
|
264.3
|
197.9
|
957.6
|
|||||||||
Petrochemical & Refined Products Services
|
242.6
|
271.9
|
1,028.5
|
|||||||||
Total segment gross operating margin (4)
|
2,128.4
|
1,574.7
|
7,844.7
|
|||||||||
Net adjustment for shipper make-up rights (5)
|
5.3
|
11.5
|
28.5
|
|||||||||
Non-GAAP total gross operating margin (6)
|
$
|
2,133.7
|
$
|
1,586.2
|
$
|
7,873.2
|
||||||
Capital spending:
|
||||||||||||
Capital expenditures
|
$
|
1,148.9
|
$
|
946.5
|
$
|
4,425.6
|
||||||
Cash used for business combinations, net of cash received
|
--
|
149.8
|
0.8
|
|||||||||
Investments in unconsolidated affiliates
|
29.1
|
37.9
|
104.8
|
|||||||||
Other investing activities
|
2.7
|
0.9
|
7.2
|
|||||||||
Total capital spending
|
$
|
1,180.7
|
$
|
1,135.1
|
$
|
4,538.4
|
||||||
(1) See Exhibit E for reconciliation to GAAP net cash flow provided by operating activities.
(2) See Exhibit F for reconciliation to GAAP net cash flow provided by operating activities.
(3) See Exhibit D for reconciliation to GAAP net cash flow provided by operating activities.
(4) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled
within the financial statement footnotes provided in our quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”).
(5) Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflects adjustments for
non-refundable deferred transportation revenues relating to the make-up rights of committed shippers on certain major pipeline projects. These adjustments are included in managements’ evaluation of segment results. However, these
adjustments are excluded from non-GAAP total gross operating margin in compliance with guidance from the SEC.
(6) See Exhibit G for reconciliation to GAAP total operating income.
|
Enterprise Products Partners L.P.
|
Exhibit B
|
|||||||||||
Selected Operating Data – UNAUDITED
|
|
|
|
|
|
|||||||
For the Three Months
Ended March 31,
|
For the Twelve
Months Ended
March 31,
|
|||||||||||
2019
|
2018
|
2019
|
||||||||||
Selected operating data: (1)
|
||||||||||||
NGL Pipelines & Services, net:
|
||||||||||||
NGL pipeline transportation volumes (MBPD)
|
3,436
|
3,287
|
3,556
|
|||||||||
NGL marine terminal volumes (MBPD)
|
540
|
575
|
584
|
|||||||||
NGL fractionation volumes (MBPD)
|
969
|
824
|
971
|
|||||||||
Equity NGL production (MBPD) (2)
|
154
|
165
|
151
|
|||||||||
Fee-based natural gas processing (MMcf/d) (3)
|
5,299
|
4,364
|
5,017
|
|||||||||
Crude Oil Pipelines & Services, net:
|
||||||||||||
Crude oil pipeline transportation volumes (MBPD)
|
2,227
|
1,997
|
2,154
|
|||||||||
Crude oil marine terminal volumes (MBPD)
|
886
|
634
|
747
|
|||||||||
Natural Gas Pipelines & Services, net:
|
||||||||||||
Natural gas pipeline transportation volumes (BBtus/d) (4)
|
14,197
|
13,021
|
14,017
|
|||||||||
Petrochemical & Refined Products Services, net:
|
||||||||||||
Propylene production volumes (MBPD)
|
90
|
98
|
95
|
|||||||||
Butane isomerization volumes (MBPD)
|
111
|
113
|
106
|
|||||||||
Standalone DIB processing volumes (MBPD)
|
93
|
78
|
92
|
|||||||||
Octane additive and related plant production volumes (MBPD)
|
28
|
26
|
27
|
|||||||||
Pipeline transportation volumes, primarily refined products
and petrochemicals (MBPD)
|
810
|
852
|
869
|
|||||||||
Refined products and petrochemicals marine terminal volumes
(MBPD)
|
338
|
370
|
344
|
|||||||||
Total, net:
|
||||||||||||
NGL, crude oil, petrochemical and refined products
pipeline transportation volumes (MBPD)
|
6,473
|
6,136
|
6,579
|
|||||||||
Natural gas pipeline transportation volumes (BBtus/d)
|
14,197
|
13,021
|
14,017
|
|||||||||
Equivalent pipeline transportation volumes (MBPD) (5)
|
10,209
|
9,563
|
10,268
|
|||||||||
NGL, crude oil, refined products and petrochemical
marine terminal volumes (MBPD)
|
1,764
|
1,579
|
1,675
|
|||||||||
(1) Operating rates are reported on a net basis, which takes into account our ownership interests,
and include volumes for newly constructed assets from the related in-service dates and for recently purchased assets from the related acquisition dates.
(2) Represents the NGL volumes we earn and take title to in connection with our processing activities.
(3) Volumes reported correspond to the revenue streams earned by our gas plants. “MMcf/d” means million
cubic feet per day.
(4) “BBtus/d” means billion British thermal units per day.
(5) Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus
equivalent energy volumes where 3.8 million British thermal units (“MMBtus”) of natural gas transportation volumes are equivalent to one barrel of NGLs transported.
|
Enterprise Products Partners L.P.
|
Exhibit C
|
|
Selected Commodity Price Information – UNAUDITED
|
Polymer
|
Refinery
|
|||||||||||||||||||||||||||||||
Natural
|
Normal
|
Natural
|
Grade
|
Grade
|
||||||||||||||||||||||||||||
Gas,
|
Ethane,
|
Propane,
|
Butane,
|
Isobutane,
|
Gasoline,
|
Propylene,
|
Propylene,
|
|||||||||||||||||||||||||
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
|||||||||||||||||||||||||
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
|||||||||||||||||||||||||
2018 by quarter:
|
||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
3.01
|
$
|
0.25
|
$
|
0.85
|
$
|
0.96
|
$
|
1.00
|
$
|
1.41
|
$
|
0.53
|
$
|
0.33
|
||||||||||||||||
2nd Quarter
|
$
|
2.80
|
$
|
0.29
|
$
|
0.87
|
$
|
1.00
|
$
|
1.20
|
$
|
1.53
|
$
|
0.52
|
$
|
0.37
|
||||||||||||||||
3rd Quarter
|
$
|
2.91
|
$
|
0.43
|
$
|
0.99
|
$
|
1.21
|
$
|
1.25
|
$
|
1.54
|
$
|
0.60
|
$
|
0.45
|
||||||||||||||||
4th Quarter
|
$
|
3.65
|
$
|
0.35
|
$
|
0.79
|
$
|
0.91
|
$
|
0.94
|
$
|
1.22
|
$
|
0.51
|
$
|
0.35
|
||||||||||||||||
2018 Averages
|
$
|
3.09
|
$
|
0.33
|
$
|
0.88
|
$
|
1.02
|
$
|
1.10
|
$
|
1.43
|
$
|
0.54
|
$
|
0.38
|
||||||||||||||||
2019 by quarter:
|
||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
3.15
|
$
|
0.30
|
$
|
0.67
|
$
|
0.82
|
$
|
0.85
|
$
|
1.16
|
$
|
0.38
|
$
|
0.24
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill
Financial, Inc.
(2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as
reported by Oil Price Information Service.
(3) Polymer grade propylene prices represent average contract pricing for such product
as reported by IHS Chemical, a division of IHS Inc. (“IHS Chemical”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS Chemical.
|
WTI
|
Midland
|
Houston
|
LLS
|
|||||||||||||
Crude Oil,
|
Crude Oil,
|
Crude Oil
|
Crude Oil,
|
|||||||||||||
$/barrel
|
$/barrel
|
$/barrel
|
$/barrel
|
|||||||||||||
(1)
|
(2)
|
(2)
|
(3)
|
|||||||||||||
2018 by quarter:
|
||||||||||||||||
1st Quarter
|
$
|
62.87
|
$
|
62.51
|
$
|
65.47
|
$
|
65.79
|
||||||||
2nd Quarter
|
$
|
67.88
|
$
|
59.93
|
$
|
72.38
|
$
|
72.97
|
||||||||
3rd Quarter
|
$
|
69.50
|
$
|
55.28
|
$
|
73.67
|
$
|
74.28
|
||||||||
4th Quarter
|
$
|
58.81
|
$
|
53.64
|
$
|
66.34
|
$
|
66.20
|
||||||||
2018 Averages
|
$
|
64.77
|
$
|
57.84
|
$
|
69.47
|
$
|
69.81
|
||||||||
2019 by quarter:
|
||||||||||||||||
1st Quarter
|
$
|
54.90
|
$
|
53.70
|
$
|
61.19
|
$
|
62.35
|
||||||||
(1) West Texas Intermediate (“WTI”) prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX.
(2) Midland and Houston crude oil prices are based on commercial index prices as reported by Argus.
(3) Light Louisiana Sweet (“LLS”) prices are based on commercial index prices as reported by Platts.
|
Enterprise Products Partners L.P.
|
Exhibit D
|
|||||||
Free Cash Flow – UNAUDITED
|
|
|
|
|
|
|||
($ in millions)
|
||||||||
For the Three Months
Ended March 31,
|
||||||||
2019
|
2018
|
|||||||
Free Cash Flow (“FCF”)
|
||||||||
Net cash flow provided by operating activities (GAAP)
|
$
|
1,160.4
|
$
|
1,233.6
|
||||
Adjustments to reconcile net cash flow provided by operating activities to FCF
(addition or subtraction indicated by sign):
|
||||||||
Cash used in investing activities
|
(1,174.5
|
)
|
(1,119.1
|
)
|
||||
Cash contributions from noncontrolling interests
|
34.8
|
0.1
|
||||||
Cash distributions paid to noncontrolling interests
|
(18.0
|
)
|
(15.4
|
)
|
||||
FCF (non-GAAP)
|
$
|
2.7
|
$
|
99.2
|
||||
For the Twelve Months
Ended March 31,
|
||||||||
2019
|
2018
|
|||||||
Net cash flow provided by operating activities (GAAP)
|
$
|
6,053.1
|
$
|
5,024.3
|
||||
Adjustments to reconcile net cash flow provided by operating activities to FCF
(addition or subtraction indicated by sign):
|
||||||||
Cash used in investing activities
|
(4,337.0
|
)
|
(3,961.2
|
)
|
||||
Cash contributions from noncontrolling interests
|
272.8
|
0.3
|
||||||
Cash distributions paid to noncontrolling interests
|
(84.2
|
)
|
(54.5
|
)
|
||||
FCF (non-GAAP)
|
$
|
1,904.7
|
$
|
1,008.9
|
Enterprise Products Partners L.P.
|
Exhibit E
|
|||||||||||
Distributable Cash Flow – UNAUDITED
|
|
|
|
|
|
|
|
|
||||
($ in millions)
|
||||||||||||
For the Three Months
Ended March 31,
|
For the Twelve
Months Ended
March 31,
|
|||||||||||
2019
|
2018
|
2019
|
||||||||||
Distributable Cash Flow (“DCF”)
|
||||||||||||
Net income attributable to limited partners (GAAP)
|
$
|
1,260.5
|
$
|
900.7
|
$
|
4,532.2
|
||||||
Adjustments to net income attributable to limited partners to derive DCF
(addition or subtraction indicated by sign):
|
||||||||||||
Depreciation, amortization and accretion expenses
|
474.5
|
425.9
|
1,840.2
|
|||||||||
Cash distributions received from unconsolidated affiliates
|
143.5
|
122.4
|
550.5
|
|||||||||
Equity in income of unconsolidated affiliates
|
(154.6
|
)
|
(115.7
|
)
|
(518.9
|
)
|
||||||
Change in fair market value of derivative instruments
|
(96.3
|
)
|
136.9
|
(216.8
|
)
|
|||||||
Change in fair value of Liquidity Option Agreement
|
57.8
|
7.5
|
106.4
|
|||||||||
Gain on step acquisition of unconsolidated affiliate
|
--
|
(37.0
|
)
|
(2.4
|
)
|
|||||||
Subtract sustaining capital expenditures (1)
|
(61.6
|
)
|
(66.3
|
)
|
(316.2
|
)
|
||||||
Other, net
|
2.9
|
8.5
|
74.9
|
|||||||||
Subtotal DCF, before proceeds from asset sales and monetization of
interest rate derivative instruments accounted for as cash flow hedges
|
1,626.7
|
1,382.9
|
6,049.9
|
|||||||||
Proceeds from asset sales
|
1.7
|
1.1
|
161.8
|
|||||||||
Monetization of interest rate derivative instruments accounted
for as cash flow hedges
|
--
|
1.5
|
20.6
|
|||||||||
DCF (non-GAAP)
|
$
|
1,628.4
|
$
|
1,385.5
|
$
|
6,232.3
|
||||||
Adjustments to reconcile DCF with net cash flow provided by operating activities
(addition or subtraction indicated by sign):
|
||||||||||||
Net effect of changes in operating accounts, as applicable
|
(559.8
|
)
|
(203.1
|
)
|
(340.5
|
)
|
||||||
Sustaining capital expenditures
|
61.6
|
66.3
|
316.2
|
|||||||||
Other, net
|
30.2
|
(15.1
|
)
|
(154.9
|
)
|
|||||||
Net cash flow provided by operating activities (GAAP)
|
$
|
1,160.4
|
$
|
1,233.6
|
$
|
6,053.1
|
||||||
(1) Sustaining capital expenditures
are capital expenditures (as defined by GAAP) resulting from improvements to and major renewals of existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues.
|
Enterprise Products Partners L.P.
|
Exhibit F
|
|||||||||||
Adjusted EBITDA - UNAUDITED
|
|
|
|
|
|
|
||||||
($ in millions)
|
For the Twelve
Months Ended
March 31,
|
|||||||||||
For the Three Months
Ended March 31,
|
||||||||||||
2019
|
2018
|
2019
|
||||||||||
Net income (GAAP)
|
$
|
1,280.4
|
$
|
911.5
|
$
|
4,607.4
|
||||||
Adjustments to net income to derive Adjusted EBITDA
(addition or subtraction indicated by sign):
|
||||||||||||
Depreciation, amortization and accretion in costs and expenses
|
461.1
|
403.5
|
1,780.9
|
|||||||||
Interest expense, including related amortization
|
277.2
|
252.1
|
1,121.8
|
|||||||||
Cash distributions received from unconsolidated affiliates
|
143.5
|
122.4
|
550.5
|
|||||||||
Equity in income of unconsolidated affiliates
|
(154.6
|
)
|
(115.7
|
)
|
(518.9
|
)
|
||||||
Provision for income taxes
|
12.3
|
5.1
|
67.5
|
|||||||||
Change in fair market value of derivative instruments
|
(96.3
|
)
|
136.8
|
(216.9
|
)
|
|||||||
Change in fair value of Liquidity Option Agreement
|
57.8
|
7.5
|
106.4
|
|||||||||
Gain on step acquisition of unconsolidated affiliate
|
--
|
(37.0
|
)
|
(2.4
|
)
|
|||||||
Other, net
|
4.4
|
0.4
|
25.8
|
|||||||||
Adjusted EBITDA (non-GAAP)
|
1,985.8
|
1,686.6
|
7,522.1
|
|||||||||
Adjustments to reconcile Adjusted EBITDA to net cash flow provided by
operating activities (addition or subtraction indicated by sign):
|
||||||||||||
Interest expense, including related amortization
|
(277.2
|
)
|
(252.1
|
)
|
(1,121.8
|
)
|
||||||
Net effect of changes in operating accounts, as applicable
|
(559.8
|
)
|
(203.1
|
)
|
(340.5
|
)
|
||||||
Other, net
|
11.6
|
2.2
|
(6.7
|
)
|
||||||||
Net cash flow provided by operating activities (GAAP)
|
$
|
1,160.4
|
$
|
1,233.6
|
$
|
6,053.1
|
Enterprise Products Partners L.P.
|
Exhibit G
|
|||||||||||
Gross Operating Margin – UNAUDITED
|
|
|
|
|
|
|
||||||
($ in millions)
|
For the Twelve
Months Ended
March 31,
|
|||||||||||
For the Three Months
Ended March 31,
|
||||||||||||
2019
|
2018
|
2019
|
||||||||||
Total gross operating margin (non-GAAP)
|
$
|
2,133.7
|
$
|
1,586.2
|
$
|
7,873.2
|
||||||
Adjustments to reconcile total gross operating margin to total operating
income (addition or subtraction indicated by sign):
|
||||||||||||
Depreciation, amortization and accretion expense in operating
costs and expenses
|
(450.9
|
)
|
(394.3
|
)
|
(1,743.6
|
)
|
||||||
Asset impairment and related charges in operating costs and expenses
|
(4.8
|
)
|
(0.9
|
)
|
(54.4
|
)
|
||||||
Net gains attributable to asset sales in operating costs and expenses
|
0.4
|
0.5
|
28.6
|
|||||||||
General and administrative costs
|
(52.2
|
)
|
(53.0
|
)
|
(207.5
|
)
|
||||||
Total operating income (GAAP)
|
$
|
1,626.2
|
$
|
1,138.5
|
$
|
5,896.3
|
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