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Business Segment Information | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information We currently manage our businesses through four divisions that constitute our reportable segments: •Offshore pipeline transportation – offshore transportation of crude oil and natural gas in the Gulf of Mexico; •Sodium minerals and sulfur services – trona and trona-based exploring, mining, processing, producing, marketing and selling activities, as well as processing high sulfur (or “sour”) gas streams for refineries to remove the sulfur, and selling the related by-product, NaHS; •Onshore facilities and transportation – terminalling, blending, storing, marketing and transporting crude oil, petroleum products (primarily fuel oil, asphalt, and other heavy refined products) and CO 2 ;and •Marine transportation – marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America. 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 gains and charges, such as depreciation, depletion, amortization and accretion), 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 long-term incentive compensation 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 the periods presented below was as follows:
| Offshore Pipeline Transportation |  | Sodium Minerals & Sulfur Services |  | Onshore Facilities & Transportation |  | Marine Transportation |  | Total
Three Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |
Segment margin (a) | $ | 57,380 |  |  | $ | 27,592 |  |  | $ | 61,298 |  |  | $ | 15,587 |  |  | $ | 161,857 |
Capital expenditures (b) | $ | 2,899 |  |  | $ | 19,225 |  |  | $ | 1,446 |  |  | $ | 5,273 |  |  | $ | 28,843 |
Revenues: |  |  |  |  |  |  |  |  |
External customers | $ | 53,870 |  |  | $ | 208,909 |  |  | $ | 130,440 |  |  | $ | 49,906 |  |  | $ | 443,125 |
Intersegment (c) | 23 |  |  | (2,178) |  |  | 149 |  |  | 2,006 |  |  | $ | — |
Total revenues of reportable segments | $ | 53,893 |  |  | $ | 206,731 |  |  | $ | 130,589 |  |  | $ | 51,912 |  |  | $ | 443,125 |
Three Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |
Segment margin (a) | $ | 81,060 |  |  | $ | 55,258 |  |  | $ | 24,829 |  |  | $ | 14,672 |  |  | $ | 175,819 |
Capital expenditures (b) | $ | 1,996 |  |  | $ | 26,415 |  |  | $ | 1,599 |  |  | $ | 12,741 |  |  | $ | 42,751 |
Revenues: |  |  |  |  |  |  |  |  |
External customers | $ | 79,738 |  |  | $ | 279,416 |  |  | $ | 205,913 |  |  | $ | 56,630 |  |  | $ | 621,697 |
Intersegment (c) | — |  |  | (1,889) |  |  | (885) |  |  | 2,774 |  |  | $ | — |
Total revenues of reportable segments | $ | 79,738 |  |  | $ | 277,527 |  |  | $ | 205,028 |  |  | $ | 59,404 |  |  | $ | 621,697 |
Nine Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |
Segment Margin (a) | $ | 217,774 |  |  | $ | 89,357 |  |  | $ | 110,612 |  |  | $ | 52,727 |  |  | $ | 470,470 |
Capital expenditures (b) | $ | 5,909 |  |  | $ | 67,662 |  |  | $ | 3,432 |  |  | $ | 22,998 |  |  | $ | 100,001 |
Revenues: |  |  |  |  |  |  |  |  |
External customers | $ | 197,263 |  |  | $ | 648,987 |  |  | $ | 361,929 |  |  | $ | 163,336 |  |  | $ | 1,371,515 |
Intersegment (c) | 23 |  |  | (6,242) |  |  | (1,423) |  |  | 7,642 |  |  | $ | — |
Total revenues of reportable segments | $ | 197,286 |  |  | $ | 642,745 |  |  | $ | 360,506 |  |  | $ | 170,978 |  |  | $ | 1,371,515 |
Nine Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |
Segment Margin (a) | $ | 233,978 |  |  | $ | 171,602 |  |  | $ | 86,352 |  |  | $ | 41,563 |  |  | $ | 533,495 |
Capital expenditures (b) | $ | 4,975 |  |  | $ | 75,258 |  |  | $ | 5,383 |  |  | $ | 29,665 |  |  | $ | 115,281 |
Revenues: |  |  |  |  |  |  |  |  |
External customers | $ | 236,482 |  |  | $ | 833,278 |  |  | $ | 640,716 |  |  | $ | 166,015 |  |  | $ | 1,876,491 |
Intersegment (c) | — |  |  | (5,659) |  |  | (3,086) |  |  | 8,745 |  |  | $ | — |
Total revenues of reportable segments | $ | 236,482 |  |  | $ | 827,619 |  |  | $ | 637,630 |  |  | $ | 174,760 |  |  | $ | 1,876,491 |
Total assets by reportable segment were as follows:
| September 30, 2020 |  | December 31, 2019
Offshore pipeline transportation | $ | 2,202,649 |  |  | $ | 2,306,946 |
Sodium minerals and sulfur services | 1,959,863 |  |  | 2,019,905 |
Onshore facilities and transportation | 1,027,353 |  |  | 1,457,190 |
Marine transportation | 724,929 |  |  | 772,383 |
Other assets | 38,556 |  |  | 41,217 |
Total consolidated assets | $ | 5,953,350 |  |  | $ | 6,597,641 |
(a)A reconciliation of total Segment Margin to net income (loss) attributable to Genesis Energy, L.P. for the periods 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 contributions to equity investees, if any. (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 (loss) attributable to Genesis Energy, L.P.:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Total Segment Margin | $ | 161,857 |  |  | $ | 175,819 |  |  | $ | 470,470 |  |  | $ | 533,495 |
Corporate general and administrative expenses | (10,801) |  |  | (15,276) |  |  | (42,160) |  |  | (39,878) |
Depreciation, depletion, amortization and accretion | (70,203) |  |  | (87,209) |  |  | (228,761) |  |  | (233,250) |
Interest expense | (51,312) |  |  | (54,673) |  |  | (157,895) |  |  | (165,881) |
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1) | (2,318) |  |  | (7,682) |  |  | (14,500) |  |  | (18,185) |
Other non-cash items (2) | 7,712 |  |  | 9,880 |  |  | 16,489 |  |  | (7,223) |
Cash payments from direct financing leases in excess of earnings (3) | (44,088) |  |  | (2,131) |  |  | (48,620) |  |  | (6,238) |
Cancellation of debt income (4) | 809 |  |  | — |  |  | 20,534 |  |  | — |
Loss on extinguishment of debt (4) | — |  |  | — |  |  | (23,480) |  |  | — |
Differences in timing of cash receipts for certain contractual arrangements (5) | (13,052) |  |  | (1,249) |  |  | (29,180) |  |  | 10,886 |
Impairment expense (6) | (3,331) |  |  | — |  |  | (280,826) |  |  | — |
Provision for leased items no longer in use | (696) |  |  | 461 |  |  | (624) |  |  | 833 |
Redeemable noncontrolling interest redemption value adjustments (7) | (4,149) |  |  | (272) |  |  | (12,394) |  |  | (272) |
Income tax expense | (145) |  |  | (111) |  |  | (575) |  |  | (656) |
Net income (loss) attributable to Genesis Energy, L.P. | $ | (29,717) |  |  | $ | 17,557 |  |  | $ | (331,522) |  |  | $ | 73,631 |
(1) Includes distributions attributable to the quarter and received during or promptly following such quarter. (2) The three and nine months ended September 30, 2020 include a $6.7 million unrealized gain and $17.4 million unrealized gain, respectively, from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units. The three and nine months ended September 30, 2019 include a $8.0 million unrealized gain and $0.3 million unrealized gain, respectively, from the valuation of the embedded derivative. Refer to Note 16 for details. (3) Represents the net effect of adding cash receipts from direct financing leases and deducting expenses relating to direct financing leases. The the three and nine months ended September 30, 2020 include the cash we received associated with the exercise of a letter of credit we had issued to us as beneficiary from a customer that defaulted under our agreement. (4) Refer to Note 9 for details surrounding the extinguishment of our 2022 notes and note repurchases. (5) Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts. (6) Refer to Note 6 for details surrounding impairment expense. (7) Includes PIK distributions attributable to the period and accretion on the redemption feature.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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