Reportable Segments

3 Months Ended

Mar. 31, 2012

Reportable Segments [Abstract]

Reportable Segments

REPORTABLE SEGMENTS:

Our reportable segments include reportable segments for our investments in ETP and Regency, which reflect the consolidated operations of ETP and Regency.

Each of the respective general partners of ETP and Regency has separate operating management and boards of directors. We control ETP and Regency through our ownership of their respective general partners. See further discussion of ETP and Regency’s operations in Note 1.

We evaluate the performance of our reportable segments by their net income. The following tables present financial information by reportable segment. The amounts reflected as “Corporate and Other” include (i) the Parent Company activity, (ii) the goodwill and property, plant and equipment fair value adjustments recorded as a result of the 2004 reverse acquisition of Heritage Propane Partners, L.P. and (iii) the operating results of Southern Union from the date of acquisition (March 26, 2012) to March 31, 2012.

Related party transactions between our reportable segments are generally based on transactions made at market-related rates. Consolidated revenues and expenses reflect the elimination of all material intercompany transactions.

The following tables present the financial information by segment for the following periods:

	Investment in ETP		Investment in Regency			Corporate and Other (1)			Adjustments and Eliminations			Total
Three months ended March 31, 2012:
Revenues from external customers	$	1,301,543	$	353,933		$	36,671		$	(3,016	)	$	1,689,131
Intersegment revenues	4,317		3,966			—			(8,283		)	—
Income tax expense (benefit)	14,123		51			(12,595		)	—			1,579
Net income (loss)	1,126,097		28,900			(182,331		)	(11,364		)	961,302
Three months ended March 31, 2011:
Revenues from external customers	$	1,676,047	$	315,559		$	—		$	(2,486	)	$	1,989,120
Intersegment revenues	11,530		1,693			—			(13,223		)	—
Income tax expense (benefit)	10,597		(32		)	(662		)	—			9,903
Net income (loss)	247,202		14,305			(62,415		)	—			199,092

⁽¹⁾ The Corporate and Other column includes the results of operations of Southern Union from the date of acquisition (March 26, 2012) to March 31, 2012.

	March 31, 2012			December 31, 2011
Total assets:
Investment in ETP	$	17,407,790		$	15,518,616
Investment in Regency	5,719,645			5,567,856
Southern Union:
Transportation & Storage	5,890,054			—
Gathering & Processing	2,730,322			—
Distribution	1,260,397			—
Corporate and Other	526,857			470,086
Adjustments and Eliminations	(712,964		)	(659,765		)
Total	$	32,822,101		$	20,896,793

The following tables provide revenues, grouped by similar products and services, for our reportable segments. These amounts include intersegment revenues for transactions between ETP and Regency.

Investment in ETP

	Three Months Ended March 31,
	2012		2011
Intrastate Transportation and Storage	$	446,796	$	588,678
Interstate Transportation	128,276		105,101
Midstream	454,099		413,195
NGL Transportation and Services	154,268		—
Retail Propane and Other Retail Propane Related	80,006		557,215
All Other	42,415		23,388
Total revenues	1,305,860		1,687,577
Less: Intersegment revenues	4,317		11,530
Revenues from external customers	$	1,301,543	$	1,676,047

Investment in Regency

	Three Months Ended March 31,
	2012		2011
Gathering and Processing	$	307,167	$	265,972
Joint Ventures	—		—
Contract Compression	37,201		38,436
Contract Treating	9,135		8,433
Corporate and Others	4,396		4,411
Total revenues	357,899		317,252
Less: Intersegment revenues	3,966		1,693
Revenues from external customers	$	353,933	$	315,559