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Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Property, Plant and Equipment

Depreciation is computed using the straight-line method over management’s estimated useful lives of the related assets. The estimated useful lives are as follows:

	Years
Buildings and building improvements	15-40
Pipelines, tanks and terminals	15-40
Asset retirement obligation assets	15-50
Other equipment	3-15

Property, plant and equipment, at cost, consist of the following (in thousands):

	December 31,
	2019				2018
Land	$	4,458			$	4,458
Building and building improvements	1,853				3,695
Pipelines, tanks and terminals	427,287				410,154
Asset retirement obligation assets	2,073				2,073
Other equipment	16,634				15,838
Construction in process	9,020				16,528
Property, plant and equipment	461,325				452,746
Less: accumulated depreciation	(166,281		)		(140,184		)
Property, plant and equipment, net	$	295,044			$	312,562

Property, plant and equipment, accumulated depreciation and depreciation expense by reporting segment as of and for the years ended December 31, 2019 and 2018 are as follows (in thousands):

	As of and For the Year Ended December 31, 2019
	Pipelines and Transportation				Wholesale Marketing and Terminalling				Consolidated
Property, plant and equipment	$	354,429			$	106,896			$	461,325
Less: accumulated depreciation	(125,771		)		(40,510		)		(166,281		)
Property, plant and equipment, net	$	228,658			$	66,386			$	295,044
Depreciation expense	$	20,803			$	5,898			$	26,701

	As of and For the Year Ended December 31, 2018
	Pipelines and Transportation				Wholesale Marketing and Terminalling				Consolidated
Property, plant and equipment	$	361,702			$	91,044			$	452,746
Less: Accumulated depreciation	(106,971		)		(33,213		)		(140,184		)
Property, plant and equipment, net	$	254,731			$	57,831			$	312,562
Depreciation expense	$	21,115			$	4,786			$	25,901

Schedule of Change in Asset Retirement Obligation

The reconciliation of the beginning and ending carrying amounts of asset retirement obligations as of December 31, 2019 and 2018 is as follows (in thousands):

	December 31,
	2019				2018
Beginning balance	$	5,191			$	4,064
Liabilities acquired	—				768
Accretion expense	397				359
Ending balance	$	5,588			$	5,191

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- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(13))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

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- Definition

Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13201-110859

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