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Equity Method Investments | 3 Months Ended
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Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments | Equity Method Investments We have two joint ventures that have constructed separate crude oil pipeline systems and related ancillary assets, which are serving third parties and subsidiaries of Delek Holdings. We own a 50% membership interest in the entity formed with an affiliate of Plains All American Pipeline, L.P. ("CP LLC") to operate one of these pipeline systems and a 33% membership interest in the entity formed with Rangeland Energy II, LLC ("Rangeland Energy") to operate the other pipeline system. During 2018, Rangeland Energy was acquired by Andeavor and the legal entity in which we have an equity investment became Andeavor Logistics RIO Pipeline LLC ("Andeavor Logistics"). The Partnership's investments in these two entities were financed through a combination of cash from operations and borrowings under our senior secured revolving credit agreement. As of March 31, 2019 and December 31, 2018, the Partnership's investment balance in these joint ventures was $107.8 million and $104.8 million, respectively. We do not consolidate any part of the assets or liabilities or operating results of our equity method investees. Our share of net income or loss of the investees will increase or decrease, as applicable, the carrying value of our investments in unconsolidated affiliates. With respect to CP LLC and Andeavor Logistics, we determined that these entities do not represent variable interest entities and consolidation is not required. We have the ability to exercise significant influence over each of these joint ventures through our participation in the management committees, which make all significant decisions. However, since all significant decisions require the consent of the other investor(s) without regard to economic interest, we have determined that we have joint control and have applied the equity method of accounting. Our investment in these joint ventures is reflected in our pipelines and transportation segment. Summarized Financial Information Combined summarized financial information for 100% of our equity method investees is shown below (in thousands):
|  | March 31, 2019 |  | December 31, 2018
Current assets |  | $ | 21,948 |  |  | $ | 15,450 |
Non-current assets |  | $ | 250,977 |  |  | $ | 240,852 |
Current liabilities |  | $ | 12,719 |  |  | $ | 4,362 |
|  | Three Months Ended March 31,
|  | 2019 |  | 2018
Revenues |  | $ | 9,114 |  |  | $ | 7,990 |
Gross profit |  | $ | 4,894 |  |  | $ | 3,234 |
Net Income |  | $ | 4,417 |  |  | $ | 2,712 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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