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v3.22.1

Segment Data (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Summary Segment Data |
(in thousands) |  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
Pipelines and Transportation |  |  |  |  |  |  |
Net revenues: |  |  |  |  |  |  |
Affiliate |  |  |  |  | $ | 71,023 |  |  | $ | 63,048 |
Third party |  |  |  |  | 4,782 |  |  | 1,927 |
Total pipelines and transportation |  |  |  |  | 75,805 |  |  | 64,975 |
Cost of materials and other |  |  |  |  | 19,602 |  |  | 13,079 |
Operating expenses (excluding depreciation and amortization) |  |  |  |  | 12,958 |  |  | 10,172 |
Segment contribution margin |  |  |  |  | $ | 43,245 |  |  | $ | 41,724 |
Capital spending (1) |  |  |  |  | $ | 8,149 |  |  | $ | 5,845 |
Wholesale Marketing and Terminalling |  |  |  |  |  |  |
Net revenues: |  |  |  |  |  |  |
Affiliate (2) |  |  |  |  | $ | 52,731 |  |  | $ | 33,146 |
Third party |  |  |  |  | 78,045 |  |  | 54,792 |
Total wholesale marketing and terminalling |  |  |  |  | 130,776 |  |  | 87,938 |
Cost of materials and other |  |  |  |  | 106,592 |  |  | 68,092 |
Operating expenses (excluding depreciation and amortization) |  |  |  |  | 5,149 |  |  | 4,639 |
Segment contribution margin |  |  |  |  | $ | 19,035 |  |  | $ | 15,207 |
Capital spending (1) |  |  |  |  | $ | 937 |  |  | $ | 1,954 |
Investments in Pipeline Joint Ventures |  |  |  |  |  |  |
Income from equity method investments |  |  |  |  | $ | (7,026) |  |  | $ | (4,049) |
Equity method investments contributions |  |  |  |  | $ | — |  |  | $ | (1,379) |
Consolidated |  |  |  |  |  |  |
Net revenues: |  |  |  |  |  |  |
Affiliate |  |  |  |  | $ | 123,754 |  |  | $ | 96,194 |
Third party |  |  |  |  | 82,827 |  |  | 56,719 |
Total Consolidated |  |  |  |  | 206,581 |  |  | 152,913 |
Cost of materials and other |  |  |  |  | 126,194 |  |  | 81,171 |
Operating expenses (excluding depreciation and amortization presented below) |  |  |  |  | 18,107 |  |  | 14,811 |
Contribution margin |  |  |  |  | 62,280 |  |  | 56,931 |
General and administrative expenses |  |  |  |  | 5,095 |  |  | 4,105 |
Depreciation and amortization |  |  |  |  | 10,335 |  |  | 10,739 |
Other operating expense (income), net |  |  |  |  | 12 |  |  | (83) |
Operating income |  |  |  |  | 46,838 |  |  | 42,170 |
Interest expense, net |  |  |  |  | 14,250 |  |  | 9,737 |
Income from equity method investments |  |  |  |  | (7,026) |  |  | (4,049) |
Other (income) expense, net |  |  |  |  | (1) |  |  | 31 |
Total non-operating expenses, net |  |  |  |  | 7,223 |  |  | 5,719 |
Income before income tax expense |  |  |  |  | 39,615 |  |  | 36,451 |
Income tax expense |  |  |  |  | 101 |  |  | 184 |
Net income attributable to partners |  |  |  |  | $ | 39,514 |  |  | $ | 36,267 |
Capital spending (1) |  |  |  |  | $ | 9,086 |  |  | $ | 7,799 |
(1) There were no capital contributions to equity method investments for the three months ended March 31, 2022. Capital spending for the three months ended March 31, 2021 excludes contributions to equity method investments in the amount of $1.4 million. (2) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense related to a customer contract intangible asset. See Note 3 for additional information. The following table summarizes the total assets for each segment as of March 31, 2022 and December 31, 2021 (in thousands). Assets for each segment include property, plant and equipment, equity method investments, intangible assets and inventory.
| March 31, 2022 |  | December 31, 2021
Pipelines and transportation | $ | 455,145 |  |  | $ | 452,690 |
Wholesale marketing and terminalling | 205,686 |  |  | 211,723 |
Investments in pipeline joint ventures | 249,893 |  |  | 250,030 |
Other (1) | 24,542 |  |  | 20,628 |
Total assets | 935,266 |  |  | $ | 935,071 |
(1) Other includes cash and cash equivalents and related party receivables and other assets which are recorded at the corporate level.
Property, plant and equipment, accumulated depreciation and depreciation expense for the pipelines and transportation and wholesale marketing and terminalling reportable segments as of and for the three months ended March 31, 2022 were as follows (in thousands):
| Pipelines and Transportation |  | Wholesale Marketing and Terminalling |  | Consolidated
Property, plant and equipment | $ | 604,323 |  |  | $ | 120,598 |  |  | $ | 724,921 |
Less: accumulated depreciation | (213,750) |  |  | (62,837) |  |  | (276,587) |
Property, plant and equipment, net | $ | 390,573 |  |  | $ | 57,761 |  |  | $ | 448,334 |
Depreciation expense for the three months ended March 31, 2022 | $ | 7,937 |  |  | $ | 2,398 |  |  | $ | 10,335 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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