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SEC Filings
10-Q
SOUTHERN UNION CO filed this Form 10-Q on 11/07/2013
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Company’s Distribution segment. These operations are reported as discontinued operations for all periods presented, as discussed in Note 2, and are now included in Corporate and other activities in the segment information below. The reportable segment information has been recast to reflect the removal of the Distribution segment. See Note 1 for additional information associated with the Company’s reportable segments.

Sales of products or services between segments are billed at regulated rates or at market rates, as applicable.  There were no material intersegment revenues during the nine months ended September 30, 2013, the period from Acquisition (March 26, 2012) to September 30, 2012 and the period from January 1, 2012 to March 25, 2012.

The remainder of the Company’s business operations, which do not meet the quantitative threshold for segment reporting, are presented as Corporate and other activities.  Corporate and other activities consist of the Company’s investment in Regency, unallocated corporate costs, a wholly-owned subsidiary with ownership interests in electric power plants, and other miscellaneous activities.

The Company reports Segment Adjusted EBITDA as a measure of segment performance.  The Company defines Segment Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization and other non-cash items, such as non-cash compensation expense, unrealized gains and losses on unhedged derivative activities, accretion expense and amortization of regulatory assets and other non-operating income or expense items.  Segment Adjusted EBITDA reflects amounts for less-than-wholly-owned subsidiaries and unconsolidated affiliates based on the Company’s proportionate ownership.

Segment Adjusted EBITDA may not be comparable to measures used by other companies and should be considered in conjunction with net earnings and other performance measures such as operating income or net cash flows provided by operating activities.

The following tables set forth certain selected financial information for the Company’s segments:
 
 
Three Months Ended
September 30, 2013
 
Three Months Ended
September 30, 2012
Operating revenues from external customers:
 
 
 
 
Transportation and Storage
 
$
180

 
$
188

Gathering and Processing
 

 
213

Total segment operating revenues
 
180

 
401

Corporate and other activities
 
2

 
3

 
 
$
182

 
$
404


 
 
Successor
 
 
Predecessor
 
 
Nine Months Ended
September 30, 2013
 
Period from Acquisition (March 26, 2012) to September 30, 2012
 
 
Period from January 1, 2012 to March 25, 2012
Operating revenues from external customers:
 
 
 
 
 
 
 
Transportation and Storage
 
$
611

 
$
387

 
 
$
194

Gathering and Processing
 
271

 
430

 
 
246

Total segment operating revenues
 
882

 
817

 
 
440

Corporate and other activities
 
9

 
5

 
 
3

 
 
$
891

 
$
822

 
 
$
443



20

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