Page 165 - DCP AR2011 Dev

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DCP MIDSTREAM PARTNERS, LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2011, 2010 and 2009 — (Continued)
Year Ended December 31, 2009:
Natural Gas
Services
NGL
Logistics
Wholesale
Propane
Logistics Other Total
(Millions)
Total operating revenue . . . . . . . . . . . . . . . . . . . . $583.7 $10.5 $348.2 $ — $942.4
Gross margin (a) . . . . . . . . . . . . . . . . . . . . . . . . . . $109.7 $ 7.6 $ 48.9 $ — $166.2
Operating and maintenance expense . . . . . . . . . .
(58.2)
(1.2)
(10.3) — (69.7)
Depreciation and amortization expense . . . . . . . .
(61.9)
(1.4)
(1.4)
(0.2) (64.9)
General and administrative expense . . . . . . . . . . . — — —
(32.3) (32.3)
Earnings from unconsolidated affiliates . . . . . . . .
25.0
1.9 — — 26.9
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
0.3 0.3
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
(28.3) (28.3)
Income tax expense (b) . . . . . . . . . . . . . . . . . . . . . — — —
(0.6)
(0.6)
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . .
14.6
6.9
37.2
(61.1)
(2.4)
Net income attributable to noncontrolling
interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8.3) — — —
(8.3)
Net income (loss) attributable to partners . . . . . . $ 6.3 $ 6.9 $ 37.2 $(61.1) $ (10.7)
Non-cash derivative mark-to-market (c) . . . . . . . $ (84.2) $ — $ 0.8 $ (0.4) $ (83.8)
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . $164.3 $ — $ 0.5 $ — $164.8
Acquisitions net of cash acquired . . . . . . . . . . . . . $ 44.5 $ — $ — $ — $ 44.5
Investments in unconsolidated affiliates . . . . . . . $ 7.0 $ — $ — $ — $ 7.0
December 31,
2011
2010
2009
(Millions)
Segment long-term assets:
Natural Gas Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,295.4 $1,253.7 $1,256.0
NGL Logistics (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250.1 221.7
32.3
Wholesale Propane Logistics (d) . . . . . . . . . . . . . . . . . . . . . . . . . . 104.2 101.7
53.2
Other (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14.0
4.1
13.1
Total long-term assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,663.7 1,581.2 1,354.6
Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239.9 232.0 197.7
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,903.6 $1,813.2 $1,552.3
(a) Gross margin consists of total operating revenues, including commodity derivative activity, less purchases
of natural gas, propane, NGLs and condensate. Gross margin is viewed as a non-GAAP measure under the
rules of the SEC, but is included as a supplemental disclosure because it is a primary performance measure
used by management as it represents the results of product sales versus product purchases. As an indicator
of our operating performance, gross margin should not be considered an alternative to, or more meaningful
than, net income or cash flow as determined in accordance with GAAP. Our gross margin may not be
comparable to a similarly titled measure of another company because other entities may not calculate gross
margin in the same manner.
(b) Income tax expense relates primarily to the Texas margin tax and the Michigan business tax.
(c) Non-cash derivative mark-to-market is included in segment gross margin, along with cash settlements for
our derivative contracts.
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