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v3.24.3

Segment Data | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Data | Segment Data We aggregate our operating segments into four reportable segments: (i) gathering and processing; (ii) wholesale marketing and terminalling; (iii) storage and transportation; and (iv) investment in pipeline joint ventures. Operations that are not specifically included in the reportable segments are included in Corporate and other segment. The CODM evaluates performance based on EBITDA for planning and forecasting purposes. EBITDA is an important measure used by management to evaluate the financial performance of our core operations. EBITDA is not a GAAP measure, but the components of EBITDA are computed using amounts that are determined in accordance with GAAP. A reconciliation of EBITDA to Net Income is included in the tables below. We define EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization expense, including amortization of marketing contract intangible, which is included as a component of net revenues in our accompanying condensed consolidated statements of income and comprehensive income. Assets by segment are not a measure used to assess the performance of the Partnership by the CODM and thus is not disclosed. The following is a summary of business segment operating performance as measured by EBITDA for the periods indicated (in thousands):
|  | Three Months Ended September 30, 2024
(In thousands) |  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Corporate and Other |  | Consolidated
Net revenues: |  |  |  |  |  |  |  |  |  |  |  |
Affiliate (1) |  | $ | 39,910 |  |  | $ | 51,682 |  |  | $ | 23,307 |  |  | $ | — |  |  | $ | — |  |  | $ | 114,899 |
Third party |  | 41,617 |  |  | 55,256 |  |  | 2,298 |  |  | — |  |  | — |  |  | 99,171 |
Total revenue |  | $ | 81,527 |  |  | $ | 106,938 |  |  | $ | 25,605 |  |  | $ | — |  |  | $ | — |  |  | $ | 214,070 |
Segment EBITDA |  | $ | 42,380 |  |  | $ | 20,245 |  |  | $ | 7,526 |  |  | $ | 15,602 |  |  | $ | (16,572) |  |  | $ | 69,181 |
Depreciation and amortization |  | 16,424 |  |  | 2,796 |  |  | 1,218 |  |  | — |  |  | 766 |  |  | 21,204 |
Amortization of customer contract intangible |  | — |  |  | 601 |  |  | — |  |  | — |  |  | — |  |  | 601 |
Interest income |  | (11,531) |  |  | (3,707) |  |  | (8,232) |  |  | — |  |  | — |  |  | (23,470) |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | 37,022 |  |  | 37,022 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | 150 |
Net income |  |  |  |  |  |  |  |  |  |  |  | $ | 33,674 |
Capital spending (2) |  | $ | 62,086 |  |  | $ | 1,202 |  |  | $ | 1,910 |  |  | $ | — |  |  | $ | — |  |  | $ | 65,198 |
|  | Three Months Ended September 30, 2023
(In thousands) |  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Corporate and Other |  | Consolidated
Net revenues: |  |  |  |  |  |  |  |  |  |  |  |
Affiliate (1) |  | $ | 55,419 |  |  | $ | 70,610 |  |  | $ | 30,382 |  |  | $ | — |  |  | $ | — |  |  | $ | 156,411 |
Third party |  | 39,406 |  |  | 76,500 |  |  | 3,507 |  |  | — |  |  | — |  |  | 119,413 |
Total revenue |  | $ | 94,825 |  |  | $ | 147,110 |  |  | $ | 33,889 |  |  | $ | — |  |  | $ | — |  |  | $ | 275,824 |
Segment EBITDA |  | $ | 52,906 |  |  | $ | 28,135 |  |  | $ | 17,914 |  |  | $ | 9,288 |  |  | $ | (10,002) |  |  | $ | 98,241 |
Depreciation and amortization |  | 19,263 |  |  | 1,769 |  |  | 2,704 |  |  | — |  |  | 849 |  |  | 24,585 |
Amortization of customer contract intangible |  | — |  |  | 1,803 |  |  | — |  |  | — |  |  | — |  |  | 1,803 |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | 36,901 |  |  | 36,901 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | 127 |
Net income |  |  |  |  |  |  |  |  |  |  |  | $ | 34,825 |
Capital spending (2) |  | $ | 12,002 |  |  | $ | 2,123 |  |  | $ | 522 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,647 |
|  | Nine Months Ended September 30, 2024
(In thousands) |  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Corporate and Other |  | Consolidated
Net revenues: |  |  |  |  |  |  |  |  |  |  |  |
Affiliate (1) |  | $ | 143,992 |  |  | $ | 175,463 |  |  | $ | 91,897 |  |  | $ | — |  |  | $ | — |  |  | $ | 411,352 |
Third party |  | 126,061 |  |  | 186,345 |  |  | 7,015 |  |  | — |  |  | — |  |  | 319,421 |
Total revenue |  | $ | 270,053 |  |  | $ | 361,808 |  |  | $ | 98,912 |  |  | $ | — |  |  | $ | — |  |  | $ | 730,773 |
Segment EBITDA |  | $ | 154,819 |  |  | $ | 75,724 |  |  | $ | 42,405 |  |  | $ | 31,974 |  |  | $ | (31,848) |  |  | $ | 273,074 |
Depreciation and amortization |  | 56,640 |  |  | 6,143 |  |  | 6,515 |  |  | — |  |  | 2,608 |  |  | 71,906 |
Amortization of marketing contract intangible |  | — |  |  | 4,206 |  |  | — |  |  | — |  |  | — |  |  | 4,206 |
Interest income |  | (11,559) |  |  | (3,707) |  |  | (8,232) |  |  | — |  |  | — |  |  | (23,498) |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | 112,547 |  |  | 112,547 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | 533 |
Net income |  |  |  |  |  |  |  |  |  |  |  | $ | 107,380 |
Capital spending (2) |  | $ | 84,160 |  |  | $ | 1,223 |  |  | $ | 5,167 |  |  | $ | — |  |  | $ | — |  |  | $ | 90,550 |
|  | Nine Months Ended September 30, 2023
(In thousands) |  | Gathering and Processing |  | Wholesale Marketing and Terminalling |  | Storage and Transportation |  | Investments in Pipeline Joint Ventures |  | Corporate and Other |  | Consolidated
Net revenues: |  |  |  |  |  |  |  |  |  |  |  |
Affiliate (1) |  | $ | 157,362 |  |  | $ | 156,437 |  |  | $ | 100,604 |  |  | $ | — |  |  | $ | — |  |  | $ | 414,403 |
Third party |  | 123,132 |  |  | 221,809 |  |  | 6,916 |  |  | — |  |  | — |  |  | 351,857 |
Total revenue |  | $ | 280,494 |  |  | $ | 378,246 |  |  | $ | 107,520 |  |  | $ | — |  |  | $ | — |  |  | $ | 766,260 |
Segment EBITDA |  | $ | 161,014 |  |  | $ | 78,071 |  |  | $ | 46,316 |  |  | $ | 22,889 |  |  | $ | (24,111) |  |  | $ | 284,179 |
Depreciation and amortization |  | 54,511 |  |  | 5,338 |  |  | 7,109 |  |  | — |  |  | 2,459 |  |  | 69,417 |
Amortization of marketing contract intangible |  | — |  |  | 5,408 |  |  | — |  |  | — |  |  | — |  |  | 5,408 |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | 104,581 |  |  | 104,581 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | 685 |
Net income |  |  |  |  |  |  |  |  |  |  |  | $ | 104,088 |
Capital spending (2) |  | $ | 62,168 |  |  | $ | 2,527 |  |  | $ | 3,933 |  |  | $ | — |  |  | $ | — |  |  | $ | 68,628 |
(1) Affiliate revenue for the wholesale marketing and terminalling segment is presented net of amortization expense pertaining to the marketing contract intangible. This intangible was assigned to Delek Holdings on August 5, 2024. (2) Capital spending includes additions on an accrual basis.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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