v3.20.1

Investments in Non-Controlled Entities (Tables) | 12 Months Ended
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Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments | Our investments in non-controlled entities at December 31, 2019 were comprised of:
Entity |  | Ownership Interest
BridgeTex Pipeline Company, LLC (“BridgeTex”) |  | 30%
Double Eagle Pipeline LLC (“Double Eagle”) |  | 50%
HoustonLink Pipeline Company, LLC (“HoustonLink”) |  | 50%
MVP Terminalling, LLC (“MVP”) |  | 50%
Powder Springs Logistics, LLC (“Powder Springs”) |  | 50%
Saddlehorn Pipeline Company, LLC (“Saddlehorn”) |  | 40%
Seabrook Logistics, LLC (“Seabrook”) |  | 50%
Texas Frontera, LLC (“Texas Frontera”) |  | 50%
We serve as operator of BridgeTex, HoustonLink, MVP, Powder Springs, Saddlehorn, Texas Frontera and the pipeline activities of Seabrook. We receive fees for management services as well as reimbursement or payment to us for certain direct operational payroll and other overhead costs. The management fees we receive are reported as affiliate management fee revenue on our consolidated statements of income. Cost reimbursements we receive from these entities in connection with our operating services are included as reductions to costs and expenses on our consolidated statements of income and totaled $3.6 million, $3.9 million and $5.3 million, respectively, for the years ended December 31, 2017, 2018 and 2019. We recorded the following revenue and expense transactions from certain of these non-controlled entities in our consolidated statements of income (in thousands):
|  | Year Ended December 31,
|  | 2017 |  | 2018 |  | 2019
Transportation and terminals revenue: |  |  |  |  |  |
BridgeTex, capacity lease |  | $ | 36,129 |  |  | $ | 39,596 |  |  | $ | 41,806 |
Double Eagle, throughput revenue |  | $ | 4,673 |  |  | $ | 5,250 |  |  | $ | 6,213 |
Saddlehorn, storage revenue |  | $ | 2,126 |  |  | $ | 2,180 |  |  | $ | 2,234 |
Operating costs: |  |  |  |  |  |
Seabrook, storage lease and ancillary services |  | $ | — |  |  | $ | 10,572 |  |  | $ | 25,851 |
MVP, sale of air emission reduction credits (reduction of operating costs) |  | $ | — |  |  | $ | (2,161 | ) |  | $ | — |
Product sales revenue: |  |  |  |  |  |
Powder Springs, butane sales |  | $ | — |  |  | $ | 4,899 |  |  | $ | — |
Seabrook, product sales |  | $ | — |  |  | $ | — |  |  | $ | 328 |
Cost of product sales: |  |  |  |  |  |
BridgeTex, transportation charges |  | $ | 14,450 |  |  | $ | — |  |  | $ | — |
Powder Springs, butane purchases |  | $ | — |  |  | $ | 410 |  |  | $ | — |
Other income: |  |  |  |  |  |
MVP, easement sale |  | $ | — |  |  | $ | — |  |  | $ | 289 |
Our consolidated balance sheets reflected the following balances related to our investments in non-controlled entities (in thousands):
|  | December 31, 2018
|  | Trade Accounts Receivable |  | Other Accounts Receivable |  | Other Accounts Payable |  | Long-Term Receivables
BridgeTex |  | $ | 318 |  |  | $ | 1,549 |  |  | $ | — |  |  | $ | — |
Double Eagle |  | $ | 546 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
MVP |  | $ | — |  |  | $ | 397 |  |  | $ | — |  |  | $ | — |
Powder Springs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,221 |
Saddlehorn |  | $ | — |  |  | $ | 183 |  |  | $ | — |  |  | $ | — |
Seabrook |  | $ | — |  |  | $ | — |  |  | $ | 1,140 |  |  | $ | — |
|  | December 31, 2019
|  | Trade Accounts Receivable |  | Other Accounts Receivable |  | Other Accounts Payable |  | Long-Term Receivables
BridgeTex |  | $ | 392 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |
Double Eagle |  | $ | 445 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
HoustonLink |  | $ | 60 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
MVP |  | $ | — |  |  | $ | 418 |  |  | $ | — |  |  | $ | — |
Powder Springs |  | $ | 161 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,006 |
Saddlehorn |  | $ | — |  |  | $ | 126 |  |  | $ | — |  |  | $ | — |
Seabrook |  | $ | 941 |  |  | $ | — |  |  | $ | 1,349 |  |  | $ | — |
We entered into a long-term terminalling and storage contract with Seabrook for exclusive use of dedicated tankage that provides our customers with crude oil storage capacity and dock access for crude oil imports and exports on the Texas Gulf Coast (see Note 10 – Leases for more details regarding this lease). The financial results from Powder Springs, MVP and Texas Frontera are included in our refined products segment and the financial results from BridgeTex, Double Eagle, HoustonLink, Saddlehorn and Seabrook are included in our crude oil segment, each as earnings of non-controlled entities. A summary of our investments in non-controlled entities (representing only our proportionate interests) follows (in thousands):
Investments at December 31, 2018 |  | $ | 1,076,306 |
Additional investment |  | 212,380 |
Indemnification settlement |  | (5,000 | )
Earnings of non-controlled entities: |  |
Proportionate share of earnings |  | 170,814 |
Amortization of excess investment and capitalized interest |  | (1,853 | )
Earnings of non-controlled entities |  | 168,961 |
Less: |  |
Distributions from operations of non-controlled entities |  | 203,602 |
Distributions from returns of investments in non-controlled entities |  | 8,494 |
Investments at December 31, 2019 |  | $ | 1,240,551 |
Summarized financial information of our non-controlled entities (representing 100% of the interests in these entities) follows (in thousands):
|  | December 31,
|  | 2018 |  | 2019
Current assets |  | $ | 258,698 |  |  | $ | 260,033 |
Noncurrent assets |  | 2,461,456 |  |  | 2,768,696 |
Total assets |  | $ | 2,720,154 |  |  | $ | 3,028,729 |
Current liabilities |  | $ | 170,558 |  |  | $ | 160,566 |
Noncurrent liabilities |  | 73,700 |  |  | 60,886 |
Total liabilities |  | $ | 244,258 |  |  | $ | 221,452 |
Equity |  | $ | 2,475,896 |  |  | $ | 2,807,277 |
|  | Year Ended December 31,
|  | 2017 |  | 2018 |  | 2019
Revenue |  | $ | 419,214 |  |  | $ | 631,420 |  |  | $ | 782,013 |
Net income |  | $ | 256,423 |  |  | $ | 416,128 |  |  | $ | 507,464 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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