Reconciliation of Non-GAAP Measures
Year Ended December 31,
2011
2010
2009
(Millions)
Reconciliation of net income (loss) attributable to partners to
gross margin:
Net income (loss) attributable to partners . . . . . . . . . . . . . . . . . . . . . . . $100.4 $ 62.4 $ (10.7)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.9 29.1 28.3
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.6
0.3
0.6
Operating and maintenance expense . . . . . . . . . . . . . . . . . . . . . . . . . 105.4 79.8 69.7
Depreciation and amortization expense . . . . . . . . . . . . . . . . . . . . . . . 81.0 73.7 64.9
General and administrative expense . . . . . . . . . . . . . . . . . . . . . . . . . 37.3 33.7 32.3
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.5)
(1.0) —
Other income — affiliate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
(3.0) —
Step acquisition — equity interest re-measurement gain . . . . . . . . . —
(9.1) —
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
(0.3)
Earnings from unconsolidated affiliates . . . . . . . . . . . . . . . . . . . . . .
(36.9)
(38.2)
(26.9)
Net income attributable to noncontrolling interests . . . . . . . . . . . . . . 18.8
9.2
8.3
Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $340.0 $236.9 $166.2
Non-cash commodity derivative mark-to-market (a) . . . . . . . . . . . . . . $ 22.7 $ (5.4) $ (83.4)
Reconciliation of segment net income (loss) attributable to
partners to segment gross margin:
Natural Gas Services segment:
Segment net income attributable to partners . . . . . . . . . . . . . . . . . . . . . $110.7 $ 91.7 $ 6.3
Operating and maintenance expense . . . . . . . . . . . . . . . . . . . . . . . . . 74.4 63.5 58.2
Depreciation and amortization expense . . . . . . . . . . . . . . . . . . . . . . . 69.9 69.1 61.9
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
(1.0) —
Earnings from unconsolidated affiliates . . . . . . . . . . . . . . . . . . . . . .
(36.9)
(37.4)
(25.0)
Net income attributable to noncontrolling interests . . . . . . . . . . . . . . 18.8
9.2
8.3
Segment gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $236.9 $195.1 $109.7
Non-cash commodity derivative mark-to-market (a) . . . . . . . . . . . . . . $ 22.4 $ (4.4) $ (84.2)
NGL Logistics segment:
Segment net income attributable to partners . . . . . . . . . . . . . . . . . . . . . $ 28.4 $ 16.5 $ 6.9
Operating and maintenance expense . . . . . . . . . . . . . . . . . . . . . . . . . 15.9
3.7
1.2
Depreciation and amortization expense . . . . . . . . . . . . . . . . . . . . . . .
8.2
2.6
1.4
Step acquisition — equity interest re-measurement gain . . . . . . . . . —
(9.1) —
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.5) — —
Earnings from unconsolidated affiliates . . . . . . . . . . . . . . . . . . . . . . —
(0.8)
(1.9)
Segment gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 52.0 $ 12.9 $ 7.6
Wholesale Propane Logistics segment:
Segment net income attributable to partners . . . . . . . . . . . . . . . . . . . . . $ 33.1 $ 17.4 $ 37.2
Operating and maintenance expense . . . . . . . . . . . . . . . . . . . . . . . . . 15.1 12.6 10.3
Depreciation and amortization expense . . . . . . . . . . . . . . . . . . . . . . .
2.9
1.9
1.4
Other income — affiliate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
(3.0) —
Segment gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 51.1 $ 28.9 $ 48.9
Non-cash commodity derivative mark-to-market (a) . . . . . . . . . . . . . . $ 0.3 $ (1.0) $ 0.8
(a) Non-cash commodity derivative mark-to-market is included in segment gross margin, along with cash
settlements for our derivative contracts.
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