v2.4.0.8

Segment Disclosures | 9 Months Ended
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Sep. 30, 2014
Segment Reporting [Abstract] |
Segment Disclosures | Segment Disclosures Our reportable segments are strategic business units that offer different products and services. Our segments are managed separately because each segment requires different marketing strategies and business knowledge. Management evaluates performance based on segment operating margin, which includes revenue from affiliates and external customers, operating expenses, cost of product sales and earnings of non-controlled entities. Transactions between our business segments are conducted and recorded on the same basis as transactions with third-party entities. We believe that investors benefit from having access to the same financial measures used by management. Operating margin, which is presented in the following tables, is an important measure used by management to evaluate the economic performance of our core operations. Operating margin is not a generally accepted accounting principles ("GAAP") measure, but the components of operating margin are computed using amounts that are determined in accordance with GAAP. A reconciliation of operating margin to operating profit, which is its nearest comparable GAAP financial measure, is included in the tables below. Operating profit includes depreciation and amortization expense and general and administrative ("G&A") expenses that management does not consider when evaluating the core profitability of our separate operating segments.
| Three Months Ended September 30, 2013
| (in thousands)
| Refined Products |  | Crude Oil |  | Marine Storage |  | Intersegment Eliminations |  | Total
Transportation and terminals revenue | $ | 205,859 |  |  | $ | 49,519 |  |  | $ | 39,948 |  |  | $ | — |  |  | $ | 295,326 |
Product sales revenue | 143,549 |  |  | — |  |  | 1,303 |  |  | — |  |  | 144,852 |
Affiliate management fee revenue | — |  |  | 3,369 |  |  | 288 |  |  | — |  |  | 3,657 |
Total revenue | 349,408 |  |  | 52,888 |  |  | 41,539 |  |  | — |  |  | 443,835 |
Operating expenses | 82,174 |  |  | 4,034 |  |  | 17,813 |  |  | (759 | ) |  | 103,262 |
Cost of product sales | 120,429 |  |  | — |  |  | (130 | ) |  | — |  |  | 120,299 |
Earnings of non-controlled entities | — |  |  | (1,770 | ) |  | (605 | ) |  | — |  |  | (2,375 | )
Operating margin | 146,805 |  |  | 50,624 |  |  | 24,461 |  |  | 759 |  |  | 222,649 |
Depreciation and amortization expense | 21,851 |  |  | 5,538 |  |  | 7,122 |  |  | 759 |  |  | 35,270 |
G&A expenses | 22,741 |  |  | 5,100 |  |  | 4,914 |  |  | — |  |  | 32,755 |
Operating profit | $ | 102,213 |  |  | $ | 39,986 |  |  | $ | 12,425 |  |  | $ | — |  |  | $ | 154,624 |
| Three Months Ended September 30, 2014
| (in thousands)
| Refined Products |  | Crude Oil |  | Marine Storage |  | Intersegment Eliminations |  | Total
Transportation and terminals revenue | $ | 237,972 |  |  | $ | 78,839 |  |  | $ | 43,706 |  |  | $ | — |  |  | $ | 360,517 |
Product sales revenue | 155,134 |  |  | — |  |  | 731 |  |  | — |  |  | 155,865 |
Affiliate management fee revenue | — |  |  | 4,902 |  |  | 317 |  |  | — |  |  | 5,219 |
Total revenue | 393,106 |  |  | 83,741 |  |  | 44,754 |  |  | — |  |  | 521,601 |
Operating expenses | 101,206 |  |  | 14,375 |  |  | 17,691 |  |  | (885 | ) |  | 132,387 |
Cost of product sales | 91,407 |  |  | — |  |  | 184 |  |  | — |  |  | 91,591 |
Earnings of non-controlled entities | — |  |  | (959 | ) |  | (686 | ) |  | — |  |  | (1,645 | )
Operating margin | 200,493 |  |  | 70,325 |  |  | 27,565 |  |  | 885 |  |  | 299,268 |
Depreciation and amortization expense | 23,050 |  |  | 6,918 |  |  | 7,201 |  |  | 885 |  |  | 38,054 |
G&A expenses | 22,600 |  |  | 7,635 |  |  | 5,142 |  |  | — |  |  | 35,377 |
Operating profit | $ | 154,843 |  |  | $ | 55,772 |  |  | $ | 15,222 |  |  | $ | — |  |  | $ | 225,837 |
| Nine Months Ended September 30, 2013
| (in thousands)
| Refined Products |  | Crude Oil |  | Marine Storage |  | Intersegment Eliminations |  | Total
Transportation and terminals revenue | $ | 573,615 |  |  | $ | 113,905 |  |  | $ | 117,539 |  |  | $ | — |  |  | $ | 805,059 |
Product sales revenue | 499,285 |  |  | — |  |  | 5,200 |  |  | — |  |  | 504,485 |
Affiliate management fee revenue | — |  |  | 9,767 |  |  | 857 |  |  | — |  |  | 10,624 |
Total revenue | 1,072,900 |  |  | 123,672 |  |  | 123,596 |  |  | — |  |  | 1,320,168 |
Operating expenses | 194,911 |  |  | 13,168 |  |  | 40,060 |  |  | (2,281 | ) |  | 245,858 |
Cost of product sales | 393,187 |  |  | — |  |  | 2,838 |  |  | — |  |  | 396,025 |
Earnings of non-controlled entities | — |  |  | (3,255 | ) |  | (1,907 | ) |  | — |  |  | (5,162 | )
Operating margin | 484,802 |  |  | 113,759 |  |  | 82,605 |  |  | 2,281 |  |  | 683,447 |
Depreciation and amortization expense | 64,428 |  |  | 18,111 |  |  | 20,968 |  |  | 2,281 |  |  | 105,788 |
G&A expenses | 67,235 |  |  | 14,142 |  |  | 14,696 |  |  | — |  |  | 96,073 |
Operating profit | $ | 353,139 |  |  | $ | 81,506 |  |  | $ | 46,941 |  |  | $ | — |  |  | $ | 481,586 |
| Nine Months Ended September 30, 2014
| (in thousands)
| Refined Products |  | Crude Oil |  | Marine Storage |  | Intersegment Eliminations |  | Total
Transportation and terminals revenue | $ | 680,697 |  |  | $ | 226,298 |  |  | $ | 124,727 |  |  | $ | — |  |  | $ | 1,031,722 |
Product sales revenue | 585,178 |  |  | — |  |  | 4,407 |  |  | — |  |  | 589,585 |
Affiliate management fee revenue | — |  |  | 14,399 |  |  | 947 |  |  | — |  |  | 15,346 |
Total revenue | 1,265,875 |  |  | 240,697 |  |  | 130,081 |  |  | — |  |  | 1,636,653 |
Operating expenses | 249,665 |  |  | 35,300 |  |  | 48,321 |  |  | (2,528 | ) |  | 330,758 |
Cost of product sales | 397,980 |  |  | — |  |  | 754 |  |  | — |  |  | 398,734 |
Earnings of non-controlled entities | — |  |  | (1,667 | ) |  | (2,399 | ) |  | — |  |  | (4,066 | )
Operating margin | 618,230 |  |  | 207,064 |  |  | 83,405 |  |  | 2,528 |  |  | 911,227 |
Depreciation and amortization expense | 78,305 |  |  | 20,106 |  |  | 21,523 |  |  | 2,528 |  |  | 122,462 |
G&A expenses | 70,993 |  |  | 21,326 |  |  | 17,302 |  |  | — |  |  | 109,621 |
Operating profit | $ | 468,932 |  |  | $ | 165,632 |  |  | $ | 44,580 |  |  | $ | — |  |  | $ | 679,144 |
| As of September 30, 2014
Segment assets | $ | 2,849,397 |  |  | $ | 1,732,464 |  |  | $ | 638,948 |  |  | $ | — |  |  | $ | 5,220,809 |
Corporate assets |  |  |  |  |  |  |  |  | 90,587 |
Total assets |  |  |  |  |  |  |  |  | $ | 5,311,396 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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=6534315&loc=d3e8933-108599 Reference 3: 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=6534315&loc=d3e8844-108599 Reference 4: 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=6534315&loc=d3e8538-108599 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=6534315&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 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: 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=6534315&loc=d3e8984-108599 Reference 8: 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=6534315&loc=d3e9038-108599 Reference 9: 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=6534315&loc=d3e8906-108599 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=6534315&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 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: 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=6534315&loc=d3e9031-108599 Reference 13: 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=6534315&loc=d3e8971-108599 Reference 14: 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=6534315&loc=d3e8595-108599 + Details
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