v3.20.1

Segment Disclosures | 12 Months Ended
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Dec. 31, 2019
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. 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. Operating profit includes depreciation, amortization and impairment expense and G&A expense that management does not consider when evaluating the core profitability of our separate operating segments. During 2018, we adopted ASC 606, Revenue from Contracts with Customers. Amounts from 2017 reflected in the following tables have not been adjusted and continue to be reflected in accordance with our historical accounting. Refer to Note 4 – Revenue for further details.
|  | Year Ended December 31, 2017
|  | (in thousands)
|  | Refined Products |  | Crude Oil |  | Intersegment Eliminations |  | Total
Transportation and terminals revenue |  | $ | 1,261,012 |  |  | $ | 474,166 |  |  | $ | (3,403 | ) |  | $ | 1,731,775 |
Product sales revenue |  | 723,153 |  |  | 35,053 |  |  | — |  |  | 758,206 |
Affiliate management fee revenue |  | 3,730 |  |  | 13,950 |  |  | — |  |  | 17,680 |
Total revenue |  | 1,987,895 |  |  | 523,169 |  |  | (3,403 | ) |  | 2,507,661 |
Operating expenses |  | 459,440 |  |  | 127,215 |  |  | (8,677 | ) |  | 577,978 |
Cost of product sales |  | 594,292 |  |  | 41,325 |  |  | — |  |  | 635,617 |
(Earnings) losses of non-controlled entities |  | (821 | ) |  | (120,173 | ) |  | — |  |  | (120,994 | )
Operating margin |  | 934,984 |  |  | 474,802 |  |  | 5,274 |  |  | 1,415,060 |
Depreciation, amortization and impairment expense |  | 139,840 |  |  | 51,516 |  |  | 5,274 |  |  | 196,630 |
G&A expenses |  | 122,127 |  |  | 43,590 |  |  | — |  |  | 165,717 |
Operating profit |  | $ | 673,017 |  |  | $ | 379,696 |  |  | $ | — |  |  | $ | 1,052,713 |
Additions to long-lived assets |  | $ | 391,955 |  |  | $ | 172,732 |  |  |  |  | $ | 564,687 |
|  | As of December 31, 2017
Segment assets |  | $ | 4,279,700 |  |  | $ | 2,908,535 |  |  |  |  | $ | 7,188,235 |
Corporate assets |  |  |  |  |  |  |  | 206,140 |
Total assets |  |  |  |  |  |  |  | $ | 7,394,375 |
Goodwill |  | $ | 41,178 |  |  | $ | 12,082 |  |  |  |  | $ | 53,260 |
Investments in non-controlled entities |  | $ | 121,479 |  |  | $ | 961,032 |  |  |  |  | $ | 1,082,511 |
|  | Year Ended December 31, 2018
|  | (in thousands)
|  | Refined Products |  | Crude Oil |  | Intersegment Eliminations |  | Total
Transportation and terminals revenue |  | $ | 1,316,616 |  |  | $ | 566,063 |  |  | $ | (3,691 | ) |  | $ | 1,878,988 |
Product sales revenue |  | 880,453 |  |  | 46,767 |  |  | — |  |  | 927,220 |
Affiliate management fee revenue |  | 5,533 |  |  | 14,832 |  |  | — |  |  | 20,365 |
Total revenue |  | 2,202,602 |  |  | 627,662 |  |  | (3,691 | ) |  | 2,826,573 |
Operating expenses |  | 486,596 |  |  | 172,478 |  |  | (9,638 | ) |  | 649,436 |
Cost of product sales |  | 660,185 |  |  | 44,128 |  |  | — |  |  | 704,313 |
Earnings of non-controlled entities |  | (18,884 | ) |  | (162,233 | ) |  | — |  |  | (181,117 | )
Operating margin |  | 1,074,705 |  |  | 573,289 |  |  | 5,947 |  |  | 1,653,941 |
Depreciation, amortization and impairment expense |  | 202,047 |  |  | 57,083 |  |  | 5,947 |  |  | 265,077 |
G&A expenses |  | 140,333 |  |  | 53,950 |  |  | — |  |  | 194,283 |
Operating profit |  | $ | 732,325 |  |  | $ | 462,256 |  |  | $ | — |  |  | $ | 1,194,581 |
Additions to long-lived assets |  | $ | 357,359 |  |  | $ | 148,995 |  |  |  |  | $ | 506,354 |
|  | As of December 31, 2018
Segment assets |  | $ | 4,687,351 |  |  | $ | 2,803,895 |  |  |  |  | $ | 7,491,246 |
Corporate assets |  |  |  |  |  |  |  | 256,291 |
Total assets |  |  |  |  |  |  |  | $ | 7,747,537 |
Goodwill |  | $ | 41,178 |  |  | $ | 12,082 |  |  |  |  | $ | 53,260 |
Investments in non-controlled entities |  | $ | 292,820 |  |  | $ | 783,486 |  |  |  |  | $ | 1,076,306 |
|  | Year Ended December 31, 2019
|  | (in thousands)
|  | Refined Products |  | Crude Oil |  | Intersegment Eliminations |  | Total
Transportation and terminals revenue |  | $ | 1,355,682 |  |  | $ | 620,365 |  |  | $ | (5,417 | ) |  | $ | 1,970,630 |
Product sales revenue |  | 707,812 |  |  | 28,280 |  |  | — |  |  | 736,092 |
Affiliate management fee revenue |  | 6,719 |  |  | 14,471 |  |  | — |  |  | 21,190 |
Total revenue |  | 2,070,213 |  |  | 663,116 |  |  | (5,417 | ) |  | 2,727,912 |
Operating expenses |  | 471,743 |  |  | 173,261 |  |  | (10,923 | ) |  | 634,081 |
Cost of product sales |  | 591,228 |  |  | 28,051 |  |  | — |  |  | 619,279 |
Other operating (income) expense |  | (10,185 | ) |  | 7,210 |  |  | — |  |  | (2,975 | )
Earnings of non-controlled entities |  | (8,070 | ) |  | (160,891 | ) |  | — |  |  | (168,961 | )
Operating margin |  | 1,025,497 |  |  | 615,485 |  |  | 5,506 |  |  | 1,646,488 |
Depreciation, amortization and impairment expense |  | 174,096 |  |  | 66,532 |  |  | 5,506 |  |  | 246,134 |
G&A expenses |  | 140,735 |  |  | 55,915 |  |  | — |  |  | 196,650 |
Operating profit |  | $ | 710,666 |  |  | $ | 493,038 |  |  | $ | — |  |  | $ | 1,203,704 |
Additions to long-lived assets |  | $ | 805,902 |  |  | $ | 74,235 |  |  |  |  | $ | 880,137 |
|  | As of December 31, 2019
Segment assets |  | $ | 5,411,920 |  |  | $ | 2,894,733 |  |  |  |  | $ | 8,306,653 |
Corporate assets |  |  |  |  |  |  |  | 131,076 |
Total assets |  |  |  |  |  |  |  | $ | 8,437,729 |
Goodwill |  | $ | 41,178 |  |  | $ | 12,082 |  |  |  |  | $ | 53,260 |
Investments in non-controlled entities |  | $ | 422,384 |  |  | $ | 818,167 |  |  |  |  | $ | 1,240,551 |

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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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