v3.20.2

Segment Disclosures | 6 Months Ended
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Jun. 30, 2020
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 as each segment requires different marketing strategies and business knowledge. Management evaluates performance based on segment operating margin, which includes revenue from affiliates and third-party customers, operating expenses, cost of product sales, other operating (income) expense and earnings of non-controlled 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 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 June 30, 2019
| Refined Products |  | Crude Oil |  | Intersegment Eliminations |  | Total
Transportation and terminals revenue | $ | 347,630 |  |  | $ | 160,116 |  |  | $ | (1,341 | ) |  | $ | 506,405 |
Product sales revenue | 184,695 |  |  | 5,294 |  |  | — |  |  | 189,989 |
Affiliate management fee revenue | 1,659 |  |  | 3,646 |  |  | — |  |  | 5,305 |
Total revenue | 533,984 |  |  | 169,056 |  |  | (1,341 | ) |  | 701,699 |
Operating expenses | 132,850 |  |  | 38,764 |  |  | (2,685 | ) |  | 168,929 |
Cost of product sales | 148,166 |  |  | 4,710 |  |  | — |  |  | 152,876 |
Other operating (income) expense | (1,031 | ) |  | 6,055 |  |  | — |  |  | 5,024 |
(Earnings) loss of non-controlled entities | 2,950 |  |  | (43,735 | ) |  | — |  |  | (40,785 | )
Operating margin | 251,049 |  |  | 163,262 |  |  | 1,344 |  |  | 415,655 |
Depreciation, amortization and impairment expense | 44,637 |  |  | 16,549 |  |  | 1,344 |  |  | 62,530 |
G&A expense | 37,560 |  |  | 14,823 |  |  | — |  |  | 52,383 |
Operating profit | $ | 168,852 |  |  | $ | 131,890 |  |  | $ | — |  |  | $ | 300,742 |
| Three Months Ended June 30, 2020
| Refined Products |  | Crude Oil |  | Intersegment Eliminations |  | Total
Transportation and terminals revenue | $ | 279,759 |  |  | $ | 133,637 |  |  | $ | (1,581 | ) |  | $ | 411,815 |
Product sales revenue | 34,463 |  |  | 8,814 |  |  | — |  |  | 43,277 |
Affiliate management fee revenue | 1,513 |  |  | 3,803 |  |  | — |  |  | 5,316 |
Total revenue | 315,735 |  |  | 146,254 |  |  | (1,581 | ) |  | 460,408 |
Operating expenses | 103,405 |  |  | 45,917 |  |  | (3,215 | ) |  | 146,107 |
Cost of product sales | 45,616 |  |  | 4,893 |  |  | — |  |  | 50,509 |
Other operating (income) expense | (138 | ) |  | (3,775 | ) |  | — |  |  | (3,913 | )
Earnings of non-controlled entities | (4,592 | ) |  | (29,097 | ) |  | — |  |  | (33,689 | )
Operating margin | 171,444 |  |  | 128,316 |  |  | 1,634 |  |  | 301,394 |
Depreciation, amortization and impairment expense | 41,029 |  |  | 15,877 |  |  | 1,634 |  |  | 58,540 |
G&A expense | 30,661 |  |  | 11,507 |  |  | — |  |  | 42,168 |
Operating profit | $ | 99,754 |  |  | $ | 100,932 |  |  | $ | — |  |  | $ | 200,686 |
| Six Months Ended June 30, 2019
| Refined Products |  | Crude Oil |  | Intersegment Eliminations |  | Total
Transportation and terminals revenue | $ | 657,201 |  |  | $ | 312,275 |  |  | $ | (2,279 | ) |  | $ | 967,197 |
Product sales revenue | 341,977 |  |  | 11,007 |  |  | — |  |  | 352,984 |
Affiliate management fee revenue | 3,321 |  |  | 7,132 |  |  | — |  |  | 10,453 |
Total revenue | 1,002,499 |  |  | 330,414 |  |  | (2,279 | ) |  | 1,330,634 |
Operating expenses | 235,542 |  |  | 84,470 |  |  | (5,058 | ) |  | 314,954 |
Cost of product sales | 310,596 |  |  | 11,374 |  |  | — |  |  | 321,970 |
Other operating (income) expense | (6,399 | ) |  | 4,482 |  |  | — |  |  | (1,917 | )
(Earnings) losses of non-controlled entities | 3,997 |  |  | (76,037 | ) |  | — |  |  | (72,040 | )
Operating margin | 458,763 |  |  | 306,125 |  |  | 2,779 |  |  | 767,667 |
Depreciation, amortization and impairment expense | 89,064 |  |  | 32,558 |  |  | 2,779 |  |  | 124,401 |
G&A expense | 70,373 |  |  | 28,005 |  |  | — |  |  | 98,378 |
Operating profit | $ | 299,326 |  |  | $ | 245,562 |  |  | $ | — |  |  | $ | 544,888 |
| Six Months Ended June 30, 2020
| Refined Products |  | Crude Oil |  | Intersegment Eliminations |  | Total
Transportation and terminals revenue | $ | 594,078 |  |  | $ | 279,295 |  |  | $ | (3,163 | ) |  | $ | 870,210 |
Product sales revenue | 347,449 |  |  | 14,948 |  |  | — |  |  | 362,397 |
Affiliate management fee revenue | 3,097 |  |  | 7,510 |  |  | — |  |  | 10,607 |
Total revenue | 944,624 |  |  | 301,753 |  |  | (3,163 | ) |  | 1,243,214 |
Operating expenses | 209,287 |  |  | 92,689 |  |  | (6,361 | ) |  | 295,615 |
Cost of product sales | 278,958 |  |  | 20,787 |  |  | — |  |  | 299,745 |
Other operating (income) expense | (2,030 | ) |  | (1,372 | ) |  | — |  |  | (3,402 | )
Earnings of non-controlled entities | (18,812 | ) |  | (58,537 | ) |  | — |  |  | (77,349 | )
Operating margin | 477,221 |  |  | 248,186 |  |  | 3,198 |  |  | 728,605 |
Depreciation, amortization and impairment expense | 87,088 |  |  | 31,788 |  |  | 3,198 |  |  | 122,074 |
G&A expense | 57,315 |  |  | 21,761 |  |  | — |  |  | 79,076 |
Operating profit | $ | 332,818 |  |  | $ | 194,637 |  |  | $ | — |  |  | $ | 527,455 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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