Our reportable segments are strategic business units that offer different products and services. Our segments are managed separately as each segment requires different marketing strategies and business knowledge.

We believe that investors benefit from having access to the same financial measures used by management. Management evaluates performance based on segment operating margin. 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 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 (presented in thousands). Operating profit includes depreciation, amortization and impairment expense and general and administrative (“G&A”) expense that management does not consider when evaluating the core profitability of our separate operating segments.



	Three Months Ended September 30, 2018
	Refined Products			Crude Oil			Marine Storage			Intersegment Eliminations			Total
Transportation and terminals revenue	$	300,034		$	145,118		$	44,546		$	(923	)	$	488,775
Product sales revenue	129,926			12,666			1,811			—			144,403
Affiliate management fee revenue	351			3,463			1,028			—			4,842
Total revenue	430,311			161,247			47,385			(923		)	638,020
Operating expenses	112,279			45,195			17,178			(2,537		)	172,115
Cost of product sales	106,756			11,590			2,164			—			120,510
Earnings of non-controlled entities	(3,393		)	(49,420		)	(982		)	—			(53,795		)
Operating margin	214,669			153,882			29,025			1,614			399,190
Depreciation, amortization and impairment expense	30,440			15,145			9,029			1,614			56,228
G&A expense	28,751			12,766			5,872			—			47,389
Operating profit	$	155,478		$	125,971		$	14,124		$	—		$	295,573



	Three Months Ended September 30, 2019
	Refined Products			Crude Oil			Marine Storage			Intersegment Eliminations			Total
Transportation and terminals revenue	$	310,482		$	150,926		$	46,580		$	(1,556	)	$	506,432
Product sales revenue	134,755			8,343			1,709			—			144,807
Affiliate management fee revenue	432			3,592			1,333			—			5,357
Total revenue	445,669			162,861			49,622			(1,556		)	656,596
Operating expenses	111,839			42,529			17,921			(2,902		)	169,387
Cost of product sales	98,144			8,341			2,272			—			108,757
Other operating (income) expense	(1,046		)	3,629			(2,204		)	—			379
Earnings of non-controlled entities	(3,373		)	(46,047		)	(769		)	—			(50,189		)
Operating margin	240,105			154,409			32,402			1,346			428,262
Depreciation, amortization and impairment expense	31,752			14,810			8,719			1,346			56,627
G&A expense	30,650			13,666			6,840			—			51,156
Operating profit	$	177,703		$	125,933		$	16,843		$	—		$	320,479



	Nine Months Ended September 30, 2018
	Refined Products			Crude Oil			Marine Storage			Intersegment Eliminations			Total
Transportation and terminals revenue	$	851,492		$	409,329		$	134,892		$	(2,753	)	$	1,392,960
Product sales revenue	513,634			32,387			6,771			—			552,792
Affiliate management fee revenue	1,000			11,328			2,810			—			15,138
Total revenue	1,366,126			453,044			144,473			(2,753		)	1,960,890
Operating expenses	319,670			109,963			52,835			(7,212		)	475,256
Cost of product sales	434,632			32,401			6,748			—			473,781
Earnings of non-controlled entities	(5,614		)	(122,879		)	(2,350		)	—			(130,843		)
Operating margin	617,438			433,559			87,240			4,459			1,142,696
Depreciation, amortization and impairment expense	89,855			40,648			26,764			4,459			161,726
G&A expense	90,825			38,127			18,283			—			147,235
Operating profit	$	436,758		$	354,784		$	42,193		$	—		$	833,735



	Nine Months Ended September 30, 2019
	Refined Products			Crude Oil			Marine Storage			Intersegment Eliminations			Total
Transportation and terminals revenue	$	883,702		$	454,103		$	139,659		$	(3,835	)	$	1,473,629
Product sales revenue	473,122			19,351			5,318			—			497,791
Affiliate management fee revenue	1,314			10,724			3,772			—			15,810
Total revenue	1,358,138			484,178			148,749			(3,835		)	1,987,230
Operating expenses	317,328			123,569			51,404			(7,960		)	484,341
Cost of product sales	404,814			19,715			6,198			—			430,727
Other operating (income) expense	(2,398		)	8,112			(7,252		)	—			(1,538		)
(Earnings) losses of non-controlled entities	2,275			(122,084		)	(2,420		)	—			(122,229		)
Operating margin	636,119			454,866			100,819			4,125			1,195,929
Depreciation, amortization and impairment expense	102,024			45,812			29,067			4,125			181,028
G&A expense	89,385			40,378			19,771			—			149,534
Operating profit	$	444,710		$	368,676		$	51,981		$	—		$	865,367