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Reportable Segments
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Reportable Segments
REPORTABLE SEGMENTS
Subsequent to ETP’s acquisition of Regency, our financial statements reflect the following reportable business segments:
•Investment in ETP, including the consolidated operations of ETP;
•
Investment in Lake Charles LNG, including the operations of Lake Charles LNG; and
•
Corporate and Other, including the following:
•
activities of the Parent Company; and
•
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.
ETP completed its acquisition of Regency in April 2015; therefore, the Investment in ETP segment amounts have been retrospectively adjusted to reflect Regency for the periods presented.
Related party transactions among our segments are generally based on transactions made at market-related rates. Consolidated revenues and expenses reflect the elimination of all material intercompany transactions.
We define Segment Adjusted EBITDA as earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, non-cash impairment charges, loss on extinguishment of debt, gain on deconsolidation and other non-operating income or expense items. Unrealized gains and losses on commodity risk management activities include unrealized gains and losses on commodity derivatives and inventory fair value adjustments (excluding lower of cost or market adjustments). Segment Adjusted EBITDA reflects amounts for unconsolidated affiliates based on the Partnership’s proportionate ownership and amounts for less than wholly owned subsidiaries based on 100% of the subsidiaries’ results of operations. Based on the change in our reportable segments we have recast the presentation of our segment results for the prior years to be consistent with the current year presentation.
The following tables present financial information by segment:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2015
 
2014
 
2015
 
2014
Segment Adjusted EBITDA:
 
 
 
 
 
 
 
Investment in ETP
$
1,488

 
$
1,393

 
$
2,854

 
$
2,731

Investment in Lake Charles LNG
49

 
47

 
98

 
95

Corporate and Other
(25
)
 
(29
)
 
(48
)
 
(55
)
Adjustments and Eliminations
—

 
29

 
—

 
44

Total
1,512

 
1,440

 
2,904

 
2,815

Depreciation, depletion and amortization
(514
)
 
(450
)
 
(1,007
)
 
(823
)
Interest expense, net of interest capitalized
(408
)
 
(344
)
 
(779
)
 
(659
)
Gain on sale of AmeriGas common units
—

 
93

 
—


163

Gains (losses) on interest rate derivatives
127

 
(46
)
 
50

 
(48
)
Non-cash unit-based compensation expense
(25
)
 
(20
)
 
(48
)
 
(40
)
Unrealized losses on commodity risk management activities
(44
)
 
(10
)
 
(119
)
 
(43
)
Inventory valuation adjustments
184

 
20

 
150

 
34

Equity in earnings of unconsolidated affiliates
117

 
77

 
174

 
181

Adjusted EBITDA related to unconsolidated affiliates
(215
)
 
(190
)
 
(361
)
 
(400
)
Adjusted EBITDA related to discontinued operations
—

 
—

 
—

 
(27
)
Other, net
(18
)
 
(42
)
 
(15
)
 
(56
)
Income from continuing operations before income tax expense
$
716

 
$
528

 
$
949

 
$
1,097


 
June 30,
2015
 
December 31, 2014
Assets:
 
 
 
Investment in ETP
$
67,551

 
$
62,674

Investment in Lake Charles LNG
1,289

 
1,210

Corporate and Other
666

 
1,153

Adjustments and Eliminations
(361
)
 
(568
)
Total assets
$
69,145

 
$
64,469


 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2015
 
2014
 
2015
 
2014
Revenues:
 
 
 
 
 
 
 
Investment in ETP:
 
 
 
 
 
 
 
Revenues from external customers
$
11,540

 
$
14,088

 
$
21,866

 
$
27,115

Intersegment revenues
—

 
—

 
—

 
—

 
11,540

 
14,088

 
21,866

 
27,115

Investment in Lake Charles LNG:
 
 
 
 
 
 
 
Revenues from external customers
54

 
53

 
108

 
107

 
 
 
 
 
 
 
 
Adjustments and Eliminations
—

 
2

 
—

 
1

Total revenues
$
11,594

 
$
14,143

 
$
21,974

 
$
27,223


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 Lake Charles LNG.
Investment in ETP
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2015
 
2014
 
2015
 
2014
Intrastate Transportation and Storage
$
486

 
$
667

 
$
1,027

 
$
1,512

Interstate Transportation and Storage
239

 
245

 
510

 
540

Midstream
771

 
1,297

 
1,524

 
2,349

Liquids Transportation and Services
779

 
867

 
1,587

 
1,659

Investment in Sunoco Logistics
3,121

 
4,766

 
5,647

 
9,218

Retail Marketing
5,557

 
5,568

 
10,339

 
10,576

All Other
587

 
678

 
1,232

 
1,261

Total revenues
11,540

 
14,088

 
21,866

 
27,115

Less: Intersegment revenues
—

 
—

 
—

 
—

Revenues from external customers
$
11,540

 
$
14,088

 
$
21,866

 
$
27,115


Investment in Lake Charles LNG
Lake Charles LNG’s revenues of $54 million and $108 million for the three and six months ended June 30, 2015, respectively, and $53 million and $107 million for the six months ended June 30, 2014, respectively, were related to LNG terminalling.