| SEGMENT INFORMATION |
SEGMENT INFORMATION
Our reportable business segments consist of storage, transportation, and asphalt and fuels marketing. Our segments represent strategic business units that offer different services and products. We evaluate the performance of each segment based on its respective operating income, before general and administrative expenses and certain non-segmental depreciation and amortization expense. General and administrative expenses are not allocated to the operating segments since those expenses relate primarily to the overall management at the entity level. Our principal operations include terminalling and storage of petroleum products, the transportation of petroleum products and anhydrous ammonia, and petroleum refining and marketing. Intersegment revenues result from storage and throughput agreements with related parties at lease rates consistent with rates charged to third parties for storage and at pipeline tariff rates based upon the applicable published tariff. Results of operations for the reportable segments were as follows: | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2012 | | 2011 | | 2012 | | 2011 | | (Thousands of Dollars) | Revenues: | | | | | | | | Storage: | | | | | | | | Third parties | $ | 128,538 |
| | $ | 128,561 |
| | $ | 389,412 |
| | $ | 381,460 |
| Intersegment | 19,679 |
| | 13,042 |
| | 55,542 |
| | 35,925 |
| Related party | 713 |
| | 286 |
| | 2,198 |
| | 823 |
| Total storage | 148,930 |
| | 141,889 |
| | 447,152 |
| | 418,208 |
| Transportation: | | | | | | | | Third parties | 92,570 |
| | 81,834 |
| | 244,938 |
| | 226,406 |
| Intersegment | 1,160 |
| | 65 |
| | 2,171 |
| | 65 |
| Total transportation | 93,730 |
| | 81,899 |
| | 247,109 |
| | 226,471 |
| Asphalt and fuels marketing: | | | | | | | | Third parties | 1,522,945 |
| | 1,613,669 |
| | 4,745,815 |
| | 4,039,461 |
| Intersegment | 99 |
| | 5,024 |
| | 406 |
| | 9,618 |
| Total asphalt and fuels marketing | 1,523,044 |
| | 1,618,693 |
| | 4,746,221 |
| | 4,049,079 |
| Consolidation and intersegment eliminations | (20,938 | ) | | (18,131 | ) | | (58,119 | ) | | (45,608 | ) | Total revenues | $ | 1,744,766 |
| | $ | 1,824,350 |
| | $ | 5,382,363 |
| | $ | 4,648,150 |
| | | | | | | | | Operating income: | | | | | | | | Storage | $ | 50,422 |
| | $ | 48,778 |
| | $ | 160,696 |
| | $ | 140,322 |
| Transportation | 42,597 |
| | 38,248 |
| | 111,418 |
| | 102,808 |
| Asphalt and fuels marketing | (15,682 | ) | | 25,418 |
| | (323,996 | ) | | 97,689 |
| Consolidation and intersegment eliminations | (22 | ) | | 29 |
| | (48 | ) | | (16 | ) | Total segment operating (loss) income | 77,315 |
| | 112,473 |
| | (51,930 | ) | | 340,803 |
| General and administrative expenses | (24,954 | ) | | (17,731 | ) | | (75,276 | ) | | (69,833 | ) | Other depreciation and amortization expense | (1,639 | ) | | (1,765 | ) | | (5,492 | ) | | (4,911 | ) | Other asset impairment loss | — |
| | — |
| | (3,295 | ) | | — |
| Gain on legal settlement | — |
| | — |
| | 28,738 |
| | — |
| Total operating (loss) income | $ | 50,722 |
| | $ | 92,977 |
| | $ | (107,255 | ) | | $ | 266,059 |
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Total assets by reportable segment were as follows: | | | | | | | | | | September 30,
2012 | | December 31,
2011 | | (Thousands of Dollars) | Storage | $ | 2,609,293 |
| | $ | 2,597,904 |
| Transportation | 1,355,492 |
| | 1,251,474 |
| Asphalt and fuels marketing | 996,154 |
| | 1,717,960 |
| Total segment assets | 4,960,939 |
| | 5,567,338 |
| Other partnership assets | 402,945 |
| | 313,852 |
| Total consolidated assets | $ | 5,363,884 |
| | $ | 5,881,190 |
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