Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

The tables below show financial data for our segments (including a reconciliation of our Commodity Margin to income (loss) from operations by segment) for the periods indicated (in millions):



	Three Months Ended March 31, 2018
	Wholesale										Consolidation
	West		Texas			East			Retail		Elimination			Total
Total operating revenues⁽¹⁾	$	480	$	140		$	614		$	938	$	(163	)	$	2,009

Commodity Margin	$	185	$	166		$	184		$	77	$	—		$	612
Add: Mark-to-market commodity activity, net and other⁽²⁾	13		(547		)	40			128		(7		)	(373		)
Less:
Operating and maintenance expense	90		80			71			40		(6		)	275
Depreciation and amortization expense	67		76			45			13		—			201
General and other administrative expense	16		25			15			4		—			60
Other operating expenses	14		16			7			—		—			37
(Income) from unconsolidated subsidiaries	—		—			(6		)	—		—			(6		)
Income (loss) from operations	11		(578		)	92			148		(1		)	(328		)
Interest expense														151
Other (income) expense, net														7
Loss before income taxes														$	(486	)



	Three Months Ended March 31, 2017
	Wholesale										Consolidation
	West		Texas		East			Retail			Elimination			Total
Total operating revenues⁽¹⁾	$	519	$	608	$	416		$	960		$	(222	)	$	2,281

Commodity Margin	$	203	$	125	$	142		$	88		$	—		$	558
Add: Mark-to-market commodity activity, net and other⁽²⁾	80		43		14			(98		)	(8		)	31
Less:
Operating and maintenance expense	91		81		81			36			(7		)	282
Depreciation and amortization expense	87		54		48			17			—			206
General and other administrative expense	12		16		7			5			—			40
Other operating expenses	9		3		9			—			(1		)	20
(Gain) on sale of assets, net	—		—		(27		)	—			—			(27		)
(Income) from unconsolidated subsidiaries	—		—		(4		)	—			—			(4		)
Income (loss) from operations	84		14		42			(68		)	—			72
Interest expense														159
Debt extinguishment costs and other (income) expense, net														26
Loss before income taxes														$	(113	)

_________

(1)

Includes intersegment revenues of $114 million and $61 million in the West, $(67) million and $72 million in Texas, $115 million and $88 million in the East and $1 million and $1 million in Retail for the three months ended March 31, 2018 and 2017, respectively. Intersegment revenues for sales between wholesale and retail operations are executed to manage supply needs for our retail operations from our wholesale fleet or to facilitate margin collateral netting at Calpine Corporation.


(2)	Includes $(16) million and $(22) million of lease levelization and $28 million and $60 million of amortization expense for the three months ended March 31, 2018 and 2017, respectively.