XML 33 R18.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Business Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2016
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information Our operations consist of four operating segments (see Note 1 for discussion of segment reporting change):
• | Offshore Pipeline Transportation – offshore transportation of crude oil and natural gas in the Gulf of Mexico;
• | Refinery Services – processing high sulfur (or “sour”) gas streams as part of refining operations to remove the sulfur and selling the related by-product, NaHS;
• | Marine Transportation – marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America and;
• | Supply and Logistics – terminaling, blending, storing, marketing, and transporting crude oil, petroleum products (primarily fuel oil, asphalt, and other heavy refined products), and CO 2.
Substantially all of our revenues are derived from, and substantially all of our assets are located in, the United States. We define Segment Margin as revenues less product costs, operating expenses (excluding non-cash charges, such as depreciation and amortization), and segment general and administrative expenses, plus our equity in distributable cash generated by our equity investees. In addition, our Segment Margin definition excludes the non-cash effects of our legacy stock appreciation rights plan and includes the non-income portion of payments received under direct financing leases. Our chief operating decision maker (our Chief Executive Officer) evaluates segment performance based on a variety of measures including Segment Margin, segment volumes, where relevant, and capital investment. Segment information for each year presented below is as follows:
| Offshore Pipeline Transportation |  | Refinery Services |  | Marine Transportation |  | Supply & Logistics |  | Total
Year Ended December 31, 2016 |  |  |  |  |  |  |  |  |
Segment Margin (a) | $ | 336,620 |  |  | $ | 79,508 |  |  | $ | 70,079 |  |  | $ | 83,364 |  |  | $ | 569,571 |
Capital expenditures (b) | $ | 46,277 |  |  | $ | 2,274 |  |  | $ | 78,804 |  |  | $ | 316,638 |  |  | $ | 443,993 |
Revenues: |  |  |  |  |  |  |  |  |
External customers | $ | 332,514 |  |  | $ | 180,665 |  |  | $ | 206,211 |  |  | $ | 993,103 |  |  | $ | 1,712,493 |
Intersegment (c) | 2,165 |  |  | (9,162 | ) |  | 6,810 |  |  | 187 |  |  | $ | — |
Total revenues of reportable segments | $ | 334,679 |  |  | $ | 171,503 |  |  | $ | 213,021 |  |  | $ | 993,290 |  |  | $ | 1,712,493 |
Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |
Segment Margin (a) | $ | 197,723 |  |  | $ | 80,246 |  |  | $ | 103,222 |  |  | $ | 95,394 |  |  | $ | 476,585 |
Capital expenditures (b) | $ | 1,527,320 |  |  | $ | 1,595 |  |  | $ | 69,009 |  |  | $ | 409,687 |  |  | $ | 2,007,611 |
Revenues: |  |  |  |  |  |  |  |  |
External customers | $ | 140,230 |  |  | $ | 187,257 |  |  | $ | 230,192 |  |  | $ | 1,688,850 |  |  | $ | 2,246,529 |
Intersegment (c) | — |  |  | (9,377 | ) |  | 8,565 |  |  | 812 |  |  | $ | — |
Total revenues of reportable segments | $ | 140,230 |  |  | $ | 177,880 |  |  | $ | 238,757 |  |  | $ | 1,689,662 |  |  | $ | 2,246,529 |
Year Ended December 31, 2014 |  |  |  |  |  |  |  |  |
Segment Margin (a) | $ | 71,598 |  |  | $ | 84,851 |  |  | $ | 86,239 |  |  | $ | 104,576 |  |  | $ | 347,264 |
Capital expenditures (b) | $ | 37,639 |  |  | $ | 2,385 |  |  | $ | 232,783 |  |  | $ | 371,741 |  |  | $ | 644,548 |
Revenues: |  |  |  |  |  |  |  |  |  |
External customers | $ | 3,296 |  |  | $ | 218,297 |  |  | $ | 214,039 |  |  | $ | 3,410,532 |  |  | $ | 3,846,164 |
Intersegment (c) | — |  |  | (10,896 | ) |  | 15,243 |  |  | (4,347 | ) |  | $ | — |
Total revenues of reportable segments | $ | 3,296 |  |  | $ | 207,401 |  |  | $ | 229,282 |  |  | $ | 3,406,185 |  |  | $ | 3,846,164 |
Total assets by reportable segment were as follows:
| December 31, 2016 |  | December 31, 2015 |  | December 31, 2014
Offshore pipeline transportation | 2,575,335 |  |  | 2,623,478 |  |  | 645,668 |
Refinery services | 395,043 |  |  | 394,626 |  |  | 403,703 |
Marine transportation | 813,722 |  |  | 777,952 |  |  | 745,128 |
Supply and logistics | 1,875,403 |  |  | 1,615,335 |  |  | 1,367,201 |
Other assets | 43,089 |  |  | 48,208 |  |  | 48,924 |
Total consolidated assets | $ | 5,702,592 |  |  | $ | 5,459,599 |  |  | $ | 3,210,624 |
(a) | A reconciliation of total Segment Margin to net income attributable to Genesis Energy, L.P. for each year is presented below.
(b) Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as acquisitions of businesses and contributions to equity investees related to same. In addition to construction of growth projects, capital spending in our offshore pipeline transportation segment included $35.1 million during the year ended December 31, 2016 related to the acquisition of the remaining 50% ownership in Deepwater Gateway. In 2015, there was $1.5 billion in capital spending to fund our Enterprise acquisition. Capital spending in this segment also included $2.5 million during the year ended December 31, 2015 representing capital contributions to our SEKCO pipeline to fund our share of the construction costs for its pipeline (as prior to our Enterprise acquisition in July 2015, we owned a 50% interest in the SEKCO pipeline with Enterprise owning the remaining 50%). During 2014, capital spending in our marine transportation segment included $157.0 million for our purchase of the M/T American Phoenix. (c) Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. Reconciliation of total Segment Margin to net income attributable to Genesis Energy, L.P.:
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Total Segment Margin | $ | 569,571 |  |  | $ | 476,585 |  |  | $ | 347,264 |
Corporate general and administrative expenses | (40,905 | ) |  | (61,370 | ) |  | (47,065 | )
Depreciation, amortization and accretion | (230,563 | ) |  | (155,081 | ) |  | (91,397 | )
Interest expense | (139,947 | ) |  | (100,596 | ) |  | (66,639 | )
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) | (39,276 | ) |  | (43,018 | ) |  | (31,093 | )
Non-cash items not included in Segment Margin | (3,221 | ) |  | 2,809 |  |  | 3,506 |
Cash payments from direct financing leases in excess of earnings | (6,277 | ) |  | (5,685 | ) |  | (5,529 | )
Gain on step up of historical basis | — |  |  | 332,380 |  |  | — |
Loss on debt extinguishment | — |  |  | (19,225 | ) |  | — |
Differences in timing of cash receipts for certain contractual arrangements (2) | 13,253 |  |  | 6,359 |  |  | — |
Non-cash valuation allowance related to collectibility | (6,044 | ) |  | — |  |  | — |
Other, net | — |  |  | (6,643 | ) |  | — |
Income tax expense | (3,342 | ) |  | (3,987 | ) |  | (2,845 | )
Net income attributable to Genesis Energy, L.P. | $ | 113,249 |  |  | $ | 422,528 |  |  | $ | 106,202 |
(1) Includes distributions attributable to the quarter and received during or promptly following such quarter. (2) Certain cash payments received from customers under certain of our minimum payment obligation contracts are not recognized as revenue under GAAP in the period in which such payments are received.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration