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Segment Data
 9 Months Ended
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 ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate (1)
$39,910 $51,682 $23,307 $— $— $114,899 
Third party41,617 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 amortization16,424 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 expense150 
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 ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate (1)
$55,419 $70,610 $30,382 $— $— $156,411 
Third party39,406 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 amortization19,263 1,769 2,704 — 849 24,585 
Amortization of customer contract intangible— 1,803 — — — 1,803 
Interest expense— — — — 36,901 36,901 
Income tax expense127 
Net income$34,825 
Capital spending (2)
$12,002 $2,123 $522 $— $— $14,647 
Nine Months Ended September 30, 2024
(In thousands)Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate (1)
$143,992 $175,463 $91,897 $— $— $411,352 
Third party126,061 186,345 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 amortization56,640 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 expense533 
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 ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate (1)
$157,362 $156,437 $100,604 $— $— $414,403 
Third party123,132 221,809 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 amortization54,511 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 expense685 
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.