XML 46 R22.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Business Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2023
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; •Soda and sulfur services – trona and trona-based exploring, mining, processing, producing, marketing, logistics and selling activities, as well as processing of high sulfur (or “sour”) gas streams for refineries to remove the sulfur and selling the related by-product, NaHS; •Marine transportation – marine transportation to provide waterborne transportation of petroleum products (primarily fuel oil, asphalt and other heavy refined products) and crude oil throughout North America. •Onshore facilities and transportation – terminaling, blending, storing, marketing and transporting crude oil and petroleum products; and 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), segment general and administrative expenses, all of which are net of the effects of our noncontrolling interests, plus our equity in distributable cash generated by our equity investees and unrestricted subsidiaries. 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 our previously owned direct financing lease. 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 |  | Soda and Sulfur Services |  | Marine Transportation |  | Onshore Facilities and Transportation |  | Total
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |
Segment Margin(1) | $ | 406,672 |  |  | $ | 282,014 |  |  | $ | 110,423 |  |  | $ | 27,953 |  |  | $ | 827,062 |
Capital expenditures(2) | $ | 410,237 |  |  | $ | 219,393 |  |  | $ | 42,681 |  |  | $ | 19,018 |  |  | $ | 691,329 |
Revenues: |  |  |  |  |  |  |  |  |
External customers | $ | 377,842 |  |  | $ | 1,743,327 |  |  | $ | 327,464 |  |  | $ | 728,363 |  |  | $ | 3,176,996 |
Intersegment(3) | 4,312 |  |  | (9,079) |  |  | — |  |  | 4,767 |  |  | $ | — |
Total revenues of reportable segments | $ | 382,154 |  |  | $ | 1,734,248 |  |  | $ | 327,464 |  |  | $ | 733,130 |  |  | $ | 3,176,996 |
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |
Segment Margin(1) | $ | 363,373 |  |  | $ | 306,718 |  |  | $ | 66,209 |  |  | $ | 33,755 |  |  | $ | 770,055 |
Capital expenditures(2) | $ | 241,446 |  |  | $ | 174,518 |  |  | $ | 39,084 |  |  | $ | 5,878 |  |  | $ | 460,926 |
Revenues: |  |  |  |  |  |  |  |  |
External customers | $ | 319,045 |  |  | $ | 1,258,236 |  |  | $ | 292,925 |  |  | $ | 918,751 |  |  | $ | 2,788,957 |
Intersegment(3) | — |  |  | (10,151) |  |  | 370 |  |  | 9,781 |  |  | $ | — |
Total revenues of reportable segments | $ | 319,045 |  |  | $ | 1,248,085 |  |  | $ | 293,295 |  |  | $ | 928,532 |  |  | $ | 2,788,957 |
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |
Segment Margin(1) | $ | 317,560 |  |  | $ | 166,773 |  |  | $ | 34,572 |  |  | $ | 98,824 |  |  | $ | 617,729 |
Capital expenditures(2) | $ | 50,546 |  |  | $ | 227,118 |  |  | $ | 34,456 |  |  | $ | 4,609 |  |  | $ | 316,729 |
Revenues: |  |  |  |  |  |  |  |  |
External customers | $ | 278,459 |  |  | $ | 973,354 |  |  | $ | 188,011 |  |  | $ | 685,652 |  |  | $ | 2,125,476 |
Intersegment(3) | — |  |  | (8,722) |  |  | 2,816 |  |  | 5,906 |  |  | $ | — |
Total revenues of reportable segments | $ | 278,459 |  |  | $ | 964,632 |  |  | $ | 190,827 |  |  | $ | 691,558 |  |  | $ | 2,125,476 |
(1)A reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin to for each year is presented below. (2)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. (3)Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions. Total assets by reportable segment were as follows:
| December 31, 2023 |  | December 31, 2022
Offshore pipeline transportation | $ | 2,580,032 |  |  | $ | 2,290,488 |
Soda and sulfur services | 2,705,350 |  |  | 2,358,086 |
Marine Transportation | 645,020 |  |  | 681,231 |
Onshore facilities and transportation | 1,019,113 |  |  | 981,354 |
Other assets | 69,263 |  |  | 54,833 |
Total consolidated assets | $ | 7,018,778 |  |  | $ | 6,365,992 |
Reconciliation of Net income (loss) attributable to Genesis Energy, L.P. to total Segment Margin:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Net income (loss) attributable to Genesis Energy, L.P. | $ | 117,720 |  |  | $ | 75,457 |  |  | $ | (165,067) |
Corporate general and administrative expenses | 73,876 |  |  | 71,820 |  |  | 61,287 |
Depreciation, depletion, amortization and accretion | 291,731 |  |  | 307,519 |  |  | 315,896 |
Interest expense | 244,663 |  |  | 226,156 |  |  | 233,724 |
Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income(1) | 24,635 |  |  | 21,199 |  |  | 26,207 |
Other non-cash items(2) | 13,488 |  |  | (8,315) |  |  | 30,907 |
Distributions from unrestricted subsidiaries not included in income(3) | — |  |  | 32,000 |  |  | 70,000 |
Cancellation of debt income (Note 1 1) | — |  |  | (8,618) |  |  | — |
Loss on extinguishment of debt (Note 1 1) | 4,627 |  |  | 794 |  |  | 1,627 |
Differences in timing of cash receipts for certain contractual arrangements(4) | 56,341 |  |  | 51,102 |  |  | 15,482 |
Gain on sale of asset, net to our ownership interest (Note 8) | — |  |  | (32,000) |  |  | — |
Change in provision for leased items no longer in use | — |  |  | (671) |  |  | 598 |
Income tax expense (benefit) | (19) |  |  | 3,169 |  |  | 1,670 |
Redeemable noncontrolling interest redemption value adjustments(5) | — |  |  | 30,443 |  |  | 25,398 |
Total Segment Margin | $ | 827,062 |  |  | $ | 770,055 |  |  | $ | 617,729 |
(1)Includes distributions attributable to the period and received during or promptly following such period. (2)2023 includes unrealized losses of $36.7 million from the valuation of our commodity derivative transactions (excluding fair value hedges). 2022 includes unrealized gains of $24.4 million from the valuation of our commodity derivative transactions (excluding fair value hedges) and unrealized losses of $18.6 million from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units. 2021 includes unrealized gains of $0.1 million from the valuation of our commodity derivative transactions (excluding fair value hedges) and unrealized losses of $30.8 million from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units. (3)2022 includes $32.0 million in cash receipts associated with the sale of the Independence Hub platform by our 80% owned unrestricted subsidiary (as defined under our credit agreement), Independence Hub, LLC. 2021 includes $70.0 million in cash receipts associated with principal repayments on our previously owned NEJD pipeline not included in income. (4)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. (5)2022 includes PIK distributions and accretion on the redemption feature of our Alkali Holdings preferred units, and valuation adjustments to the redemption feature as the associated Alkali Holdings preferred units were redeemed during the year ended December 31, 2022. 2021 includes PIK distributions and accretion on the redemption feature attributable to our Alkali Holdings preferred units. Refer to Note 1 2 for additional information.

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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration