PLAINS GP HOLDINGS, L.P. Third-Quarter 2021
PAA & PAGP
Non-GAAP & Supplemental Reconciliations
1
Non-GAAP Reconciliations and Supplemental Calculations: Table of Contents
Page 1 . . . . . . . . . . . . . . . . . . . . . . | Introduction |
Page 2 . . . . . . . . . . . . . . . . . . . . . . | Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2018 - 2021 |
Page 3 . . . . . . . . . . . . . . . . . . . . . . | Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2014 - 2017 |
Page 4 . . . . . . . . . . . . . . . . . . . . . . | Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2010 - 2013 |
Page 5 . . . . . . . . . . . . . . . . . . . . . . | Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2006 - 2009 |
Page 6 . . . . . . . . . . . . . . . . . . . . . . | Reconciliation to Adjusted EBITDA and Adjusted Net Income: 2002 - 2005 |
Page 7 . . . . . . . . . . . . . . . . . . . . . . | Adjusted Net Income Per Common Unit |
Page 8 . . . . . . . . . . . . . . . . . . . . . . | Net Income/(Loss) Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation |
Page 9 . . . . . . . . . . . . . . . . . . . . . . | PAA Credit Metrics: 2013 - 2021 |
Page 10 . . . . . . . . . . . . . . . . . . . . . | PAA Credit Metrics: 2004 - 2012 |
Page 11 . . . . . . . . . . . . . . . . . . . . . | Implied Distributable Cash Flow: 2017 - 2021 |
Page 12 . . . . . . . . . . . . . . . . . . . . . | Implied Distributable Cash Flow: 2006 - 2016 |
Page 13 . . . . . . . . . . . . . . . . . . . . . | Net Income/(Loss) Per Common Unit to Implied DCF Per Common Unit and Common Equivalent Unit Reconciliation |
Page 14 . . . . . . . . . . . . . . . . . . . . . | Free Cash Flow 2016-2021 |
Page 15 . . . . . . . . . . . . . . . . . . . . . | Reconciliation of Fee-based Segment Adjusted EBITDA to Adjusted EBITDA |
Page 16 . . . . . . . . . . . . . . . . . . . . . | Segment Supplemental Calculations: 2018 - 2021 |
Page 17 . . . . . . . . . . . . . . . . . . . . . | Segment Supplemental Calculations: 2014 - 2017 |
Page 18 . . . . . . . . . . . . . . . . . . . . . | Segment Supplemental Calculations: 2010 - 2013 |
Page 19 . . . . . . . . . . . . . . . . . . . . . | Segment Supplemental Calculations: 2006 - 2009 |
Introduction
Non-GAAP Financial Measures and Selected Items Impacting Comparability
To supplement our financial information presented in accordance with GAAP, management uses additional measures known as "non-GAAP financial measures" in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes.
The primary additional measures used by management are earnings before interest, taxes, depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects, of unconsolidated entities and gains and losses on significant asset sales by such entities), gains and losses on asset sales and asset impairments, goodwill impairment losses and gains on and impairments of investments in unconsolidated entities, adjusted for certain selected items impacting comparability ("Adjusted EBITDA"), Implied Distributable Cash Flow ("DCF"), Free Cash Flow and Free Cash Flow after Distributions.
Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income/(Loss), and Free Cash Flow and Free Cash Flow after Distributions are reconciled to Net Cash Provided by Operating Activities, (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the following pages, and should be viewed in addition to, and not in lieu of, our Consolidated Financial Statements in our Annual Reports on Form 10-K, our Condensed Consolidated Financial Statements in our Quarterly Reports on Form 10-Q and notes thereto. We do not provide a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures on a forward-looking basis as it is impractical to forecast certain items that we have defined as "Selected Items Impacting Comparability" without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of and the periods in which such items may be recognized. Thus, a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures could result in disclosure that could be imprecise or potentially misleading.
Performance Measures
Management believes that the presentation of such additional financial measures provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our core operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are related to investing activities (such as the purchase of linefill) and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our core operating results and/or (v) other items that we believe should be excluded in understanding our core operating performance. These measures may further be adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in "Other current liabilities" in our Consolidated Financial Statements in our Annual Reports on Form 10-K and our Condensed Consolidated Financial Statements in our Quarterly Reports on Form 10-Q. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. All such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as "selected items impacting comparability." Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.
Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, investment capital projects and numerous other factors and will be discussed, as applicable, in management's discussion and analysis of operating results in our Quarterly Report on Form 10-Q and in our Annual Report on form 10-K for the period(s) applicable.
Liquidity Measures
Management also uses the non-GAAP financial measures Free Cash Flow and Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Used in Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and the impact from the purchase and sale of linefill and base gas, net of proceeds from the sales of assets and further impacted by cash received from or paid to noncontrolling interests. Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Free Cash Flow after Distributions.
1
Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2018 - 2021 (in millions) (1) (2)
Selected Items Impacting Comparability (3)
2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||||||
Gains/(losses) from derivative activities and inventory valuation adjustments | $ | 131 | $ | (86) | $ | (9) | $ | 36 | $ | (4) | $ | (99) | $ | (98) | $ | (258) | $ | (460) | $ | 97 | $ | (51) | $ | 30 | $ | (234) | $ | (158) | $ | 19 | $ | (232) | $ | 108 | $ | 610 | $ | 505 |
Long-term inventory costing adjustments | 41 | 27 | 13 | 81 | (115) | 51 | (2) | 21 | (44) | 21 | (25) | 1 | 22 | 20 | 13 | (5) | 10 | (38) | (21) | |||||||||||||||||||
Deficiencies under minimum volume commitments, net | 32 | (6) | (56) | (31) | 2 | (7) | (64) | (5) | (74) | 7 | (1) | 4 | 8 | 18 | (10) | (3) | 4 | 2 | (7) | |||||||||||||||||||
Equity-indexed compensation expense | (5) | (4) | (6) | (14) | (4) | (5) | (5) | (5) | (19) | (3) | (4) | (5) | (4) | (17) | (11) | (12) | (14) | (19) | (55) | |||||||||||||||||||
Net gain/(loss) on foreign currency revaluation | 8 | 7 | (18) | (3) | (46) | 23 | 10 | 28 | 16 | (4) | (8) | 5 | 7 | 1 | (8) | 4 | 2 | 3 | 1 | |||||||||||||||||||
Significant transaction-related expenses | - | (3) | (2) | (5) | (3) | - | - | - | (3) | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Line 901 incident | - | - | - | - | - | - | - | - | - | - | (10) | - | - | (10) | - | - | - | - | - | |||||||||||||||||||
Net gain on early repayment of senior notes | - | - | - | - | - | 3 | - | - | 3 | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Selected items impacting comparability - Adjusted EBITDA | $ | 207 | $ | (65) | $ | (78) | $ | 64 | $ | (170) | $ | (34) | $ | (159) | $ | (219) | $ | (581) | $ | 118 | $ | (99) | $ | 35 | $ | (201) | $ | (146) | $ | 3 | $ | (248) | $ | 110 | $ | 558 | $ | 423 |
Gains/(losses) from derivative activities | - | - | - | - | - | - | - | - | - | - | (1) | - | - | (1) | 3 | - | - | - | 4 | |||||||||||||||||||
Gain (loss) on/(impairment of) investments in unconsolidated entities, net | - | - | - | - | (22) | (69) | (91) | - | (182) | 267 | - | 4 | - | 271 | - | - | 210 | (10) | 200 | |||||||||||||||||||
Gains/(losses) on asset sales and asset impairments, net (4) | (2) | (369) | (221) | (592) | (619) | 1 | 2 | (101) | (719) | (4) | 4 | 7 | (34) | (28) | - | 81 | (2) | 36 | 114 | |||||||||||||||||||
Goodwill impairment losses | - | - | - | - | (2,515) | - | - | - | (2,515) | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Tax effect on selected items impacting comparability | (15) | 1 | 32 | 18 | 23 | 11 | 9 | 31 | 76 | 24 | (9) | (27) | 24 | 12 | (28) | 24 | 29 | (120) | (95) | |||||||||||||||||||
Selected items impacting comparability - Adjusted net income | $ | 190 | $ | (433) | $ | (267) | $ | (510) | $ | (3,303) | $ | (91) | $ | (239) | $ | (289) | $ | (3,921) | $ | 405 | $ | (105) | $ | 19 | $ | (211) | $ | 108 | $ | (22) | $ | (143) | $ | 347 | $ | 464 | $ | 646 |
attributable to PAA | ||||||||||||||||||||||||||||||||||||||
Net Income/(Loss) to Adjusted EBITDA Reconciliation | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||||||
Net Income/(Loss) | $ | 423 | $ | (216) | $ | (55) | $ | 152 | $ | (2,845) | $ | 144 | $ | 146 | $ | (25) | $ | (2,580) | $ | 970 | $ | 448 | $ | 454 | $ | 307 | $ | 2,180 | $ | 288 | $ | 100 | $ | 710 | $ | 1,117 | $ | 2,216 |
Interest expense, net | 107 | 107 | 106 | 319 | 108 | 108 | 113 | 108 | 436 | 101 | 103 | 108 | 114 | 425 | 106 | 111 | 110 | 104 | 431 | |||||||||||||||||||
Income tax expense/(benefit) | 24 | (10) | (30) | (16) | 21 | (12) | (3) | (26) | (19) | 24 | (23) | 41 | 25 | 66 | 61 | (16) | (10) | 163 | 198 | |||||||||||||||||||
Depreciation and amortization | 177 | 196 | 178 | 551 | 168 | 166 | 160 | 160 | 653 | 136 | 147 | 156 | 163 | 601 | 127 | 130 | 129 | 136 | 520 | |||||||||||||||||||
(Gains)/losses on asset sales and asset impairments, net | 2 | 369 | 221 | 592 | 619 | (1) | (2) | 101 | 719 | 4 | (4) | (7) | 34 | 28 | - | (81) | 2 | (36) | (114) | |||||||||||||||||||
Goodwill impairment losses | - | - | - | - | 2,515 | - | - | - | 2,515 | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
(Gain on)/impairment of investments in unconsolidated entities, net | - | - | - | - | 22 | 69 | 91 | - | 182 | (267) | - | (4) | - | (271) | - | - | (210) | 10 | (200) | |||||||||||||||||||
Depreciation and amortization of unconsolidated entities (5) | 20 | 68 | 21 | 109 | 17 | 16 | 18 | 22 | 73 | 12 | 14 | 18 | 16 | 62 | 14 | 14 | 15 | 13 | 56 | |||||||||||||||||||
Selected items impacting comparability - Adjusted EBITDA | (207) | 65 | 78 | (64) | 170 | 34 | 159 | 219 | 581 | (118) | 99 | (35) | 201 | 146 | (3) | 248 | (110) | (558) | (423) | |||||||||||||||||||
Adjusted EBITDA | $ | 546 | $ | 579 | $ | 519 | $ | 1,643 | $ | 795 | $ | 524 | $ | 682 | $ | 559 | $ | 2,560 | $ | 862 | $ | 784 | $ | 731 | $ | 860 | $ | 3,237 | $ | 593 | $ | 506 | $ | 636 | $ | 949 | $ | 2,684 |
Net Income/(Loss) to Adjusted Net Income Attributable to PAA Reconciliation | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||||||
Net Income/(Loss) | $ | 423 | $ | (216) | $ | (55) | $ | 152 | $ | (2,845) | $ | 144 | $ | 146 | $ | (25) | $ | (2,580) | $ | 970 | $ | 448 | $ | 454 | $ | 307 | $ | 2,180 | $ | 288 | $ | 100 | $ | 710 | $ | 1,117 | $ | 2,216 |
Less: Net income attributable to noncontrolling interests | (1) | (4) | (4) | (9) | (2) | (2) | (3) | (3) | (10) | - | (2) | (5) | (1) | (9) | - | - | - | - | - | |||||||||||||||||||
Net income/(loss) attributable to PAA | 422 | (220) | (59) | 143 | (2,847) | 142 | 143 | (28) | (2,590) | 970 | 446 | 449 | 306 | 2,171 | 288 | 100 | 710 | 1,117 | 2,216 | |||||||||||||||||||
Selected items impacting comparability - Adjusted net income | (190) | 433 | 267 | 510 | 3,303 | 91 | 239 | 289 | 3,921 | (405) | 105 | (19) | 211 | (108) | 22 | 143 | (347) | (464) | (646) | |||||||||||||||||||
attributable to PAA | ||||||||||||||||||||||||||||||||||||||
Adjusted net income attributable to PAA | $ | 232 | $ | 213 | $ | 208 | $ | 653 | $ | 456 | $ | 233 | $ | 382 | $ | 261 | $ | 1,331 | $ | 565 | $ | 551 | $ | 430 | $ | 517 | $ | 2,063 | $ | 310 | $ | 243 | $ | 363 | $ | 653 | $ | 1,570 |
_____________________________________________
- Amounts may not recalculate due to rounding.
- Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability.
- For more information regarding our Selected Items Impacting Comparability, please refer to our most recently issued PAA & PAGP Earnings Release.
- During the fourth quarter of 2018, we began classifying net gains and losses on asset sales and asset impairments as a "Selected Item Impacting Comparability" of net income. Prior period amounts have been recast to reflect this change.
- Adjustment to add back our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects) of unconsolidated entities.
2
Reconciliation to Adjusted EBITDA and Adjusted Net Income Attributable to PAA: 2014 - 2017 (in millions) (1) (2)
Selected Items Impacting Comparability (3)
2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||||||||
Gains/(losses) from derivative activities and inventory valuation adjustments | $ | 285 | $ | 15 | $ | (214) | $ | (28) | $ | 59 | $ | (122) | $ | (93) | $ | 69 | $ | (227) | $ | (374) | $ | (91) | $ | (60) | $ | 39 | $ | 2 | $ | (110) | $ | 65 | $ | (14) | $ | 27 | $ | 166 | $ | 243 |
Long-term inventory costing adjustments | (7) | (7) | 16 | 22 | 24 | (23) | 67 | (38) | 51 | 58 | (38) | 23 | (47) | (37) | (99) | - | - | - | (85) | (85) | ||||||||||||||||||||
Deficiencies under minimum volume commitments, net | (11) | 14 | (8) | 3 | (2) | (27) | (8) | (25) | 14 | (46) | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Equity-indexed compensation expense | (3) | (9) | (7) | (5) | (23) | (4) | (11) | (8) | (10) | (33) | (11) | (11) | - | (5) | (27) | (19) | (17) | (12) | (8) | (56) | ||||||||||||||||||||
Significant transaction-related expenses | (5) | (1) | - | - | (6) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Net gain/(loss) on foreign currency revaluation | 3 | 8 | 11 | - | 21 | 3 | (1) | (3) | (7) | (8) | 27 | (1) | (6) | 1 | 21 | (5) | 11 | (16) | (3) | (13) | ||||||||||||||||||||
Line 901 incident | - | (12) | - | (20) | (32) | - | - | - | - | - | - | (65) | - | (18) | (83) | - | - | - | - | - | ||||||||||||||||||||
Net loss on early repayment of senior notes | - | - | - | (40) | (40) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Selected items impacting comparability - Adjusted EBITDA | $ | 262 | $ | 8 | $ | (202) | $ | (68) | $ | 1 | $ | (173) | $ | (46) | $ | (5) | $ | (179) | $ | (403) | $ | (113) | $ | (114) | $ | (14) | $ | (57) | $ | (298) | $ | 40 | $ | (20) | $ | (1) | $ | 70 | $ | 89 |
Gains/(losses) from derivative activities | - | (2) | (8) | - | (10) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Gains/(losses) on asset sales and asset impairments, net (4) | 5 | (5) | (15) | (94) | (109) | 6 | (70) | 84 | - | 20 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Tax effect on selected items impacting comparability | (42) | (7) | 48 | 18 | 16 | 20 | 11 | 9 | 27 | 67 | 27 | 5 | 1 | - | 32 | (9) | - | (1) | (43) | (52) | ||||||||||||||||||||
Deferred income tax expense | - | - | - | - | - | - | - | - | - | - | - | (22) | - | - | (22) | - | - | - | - | - | ||||||||||||||||||||
Selected items impacting comparability - Adjusted net income attributable to PAA | $ | 225 | $ | (6) | $ | (177) | $ | (144) | $ | (102) | $ | (147) | $ | (105) | $ | 88 | $ | (152) | $ | (316) | $ | (86) | $ | (131) | $ | (13) | $ | (57) | $ | (288) | $ | 32 | $ | (20) | $ | (2) | $ | 27 | $ | 37 |
Net Income to Adjusted EBITDA Reconciliation | ||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||||||||
Net Income | $ | 444 | $ | 189 | $ | 34 | $ | 191 | $ | 858 | $ | 203 | $ | 102 | $ | 298 | $ | 127 | $ | 730 | $ | 284 | $ | 124 | $ | 250 | $ | 248 | $ | 906 | $ | 385 | $ | 288 | $ | 324 | $ | 390 | $ | 1,386 |
Interest expense, net | 129 | 127 | 134 | 120 | 510 | 112 | 114 | 113 | 127 | 467 | 105 | 107 | 109 | 111 | 432 | 80 | 84 | 87 | 95 | 348 | ||||||||||||||||||||
Income tax expense/(benefit) | 66 | 10 | (45) | 14 | 44 | 19 | (5) | 1 | 11 | 25 | 16 | 33 | 17 | 34 | 100 | 48 | 22 | 20 | 81 | 171 | ||||||||||||||||||||
Depreciation and amortization | 126 | 124 | 136 | 131 | 517 | 120 | 134 | 117 | 143 | 514 | 104 | 108 | 107 | 113 | 432 | 94 | 98 | 95 | 98 | 384 | ||||||||||||||||||||
(Gains)/losses on asset sales and asset impairments, net | (5) | 5 | 15 | 94 | 109 | (6) | 70 | (84) | - | (20) | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Depreciation and amortization of unconsolidated entities (5) | 14 | 4 | 13 | 13 | 45 | 12 | 13 | 13 | 13 | 50 | 10 | 11 | 12 | 12 | 45 | 6 | 7 | 7 | 10 | 29 | ||||||||||||||||||||
Selected items impacting comparability - Adjusted EBITDA | (262) | (8) | 202 | 68 | (1) | 173 | 46 | 5 | 179 | 403 | 113 | 114 | 14 | 57 | 298 | (40) | 20 | 1 | (70) | (89) | ||||||||||||||||||||
Adjusted EBITDA | $ | 512 | $ | 451 | $ | 489 | $ | 631 | $ | 2,082 | $ | 633 | $ | 474 | $ | 463 | $ | 600 | $ | 2,169 | $ | 632 | $ | 497 | $ | 509 | $ | 575 | $ | 2,213 | $ | 573 | $ | 519 | $ | 534 | $ | 604 | $ | 2,229 |
Net Income to Adjusted Net Income Attributable to PAA Reconciliation | ||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||||||||
Net Income | $ | 444 | $ | 189 | $ | 34 | $ | 191 | $ | 858 | $ | 203 | $ | 102 | $ | 298 | $ | 127 | $ | 730 | $ | 284 | $ | 124 | $ | 250 | $ | 248 | $ | 906 | $ | 385 | $ | 288 | $ | 324 | $ | 390 | $ | 1,386 |
Less: Net income attributable to noncontrolling interests | - | (1) | (1) | - | (2) | (1) | (1) | (1) | (1) | (4) | (1) | - | (1) | (1) | (3) | (1) | (1) | (1) | (1) | (2) | ||||||||||||||||||||
Net income attributable to PAA | 444 | 188 | 33 | 191 | 856 | 202 | 101 | 297 | 126 | 726 | 283 | 124 | 249 | 247 | 903 | 384 | 287 | 323 | 389 | 1,384 | ||||||||||||||||||||
Selected items impacting comparability - Adjusted net income attributable to PAA | (225) | 6 | 177 | 144 | 102 | 147 | 105 | (88) | 152 | 316 | 86 | 131 | 13 | 57 | 288 | (32) | 20 | 2 | (27) | (37) | ||||||||||||||||||||
Adjusted net income attributable to PAA | $ | 219 | $ | 194 | $ | 210 | $ | 335 | $ | 958 | $ | 349 | $ | 206 | $ | 209 | $ | 278 | $ | 1,042 | $ | 369 | $ | 255 | $ | 262 | $ | 304 | $ | 1,191 | $ | 352 | $ | 307 | $ | 325 | $ | 362 | $ | 1,347 |
_____________________________________________
- Amounts may not recalculate due to rounding.
- Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability.
- For more information regarding our Selected Items Impacting Comparability, please refer to our most recently issued PAA & PAGP Earnings Release.
- During the fourth quarter of 2018, we began classifying net gains and losses on asset sales and asset impairments as a "Selected Item Impacting Comparability" of net income. Prior period amounts for 2016-2017 have been recast to reflect this change. Amounts prior to 2016 were immaterial.
- Adjustment to add back our proportionate share of depreciation and amortization expense of, and gains or losses on significant asset sales by, unconsolidated entities.
3
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Plains GP Holdings LP published this content on 02 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2021 20:58:07 UTC.
