| SEGMENT INFORMATION |
SEGMENT INFORMATION
Our reportable business segments consist of pipeline, storage 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 the transportation of petroleum products and anhydrous ammonia, the terminalling and storage of petroleum products and the marketing of petroleum products. Intersegment revenues result from storage agreements with wholly owned subsidiaries of NuStar Energy at lease rates consistent with rates charged to third parties for storage. Related party revenues mainly resulted from storage agreements with our joint ventures. Results of operations for the reportable segments were as follows: | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | (Thousands of Dollars) | Revenues: | | | | | | Pipeline: | | | | | | Third parties | $ | 508,522 |
| | $ | 477,030 |
| | $ | 411,529 |
| Storage: | | | | | | Third parties | 599,302 |
| | 537,142 |
| | 518,253 |
| Intersegment | 25,606 |
| | 26,435 |
| | 32,044 |
| Related party | — |
| | 929 |
| | 6,252 |
| Total storage | 624,908 |
| | 564,506 |
| | 556,549 |
| Fuels marketing: | | | | | | Third parties | 976,216 |
| | 2,060,017 |
| | 2,519,053 |
| Related party | — |
| | — |
| | 8,645 |
| Total fuels marketing | 976,216 |
| | 2,060,017 |
| | 2,527,698 |
| Consolidation and intersegment eliminations | (25,606 | ) | | (26,435 | ) | | (32,044 | ) | Total revenues | $ | 2,084,040 |
| | $ | 3,075,118 |
| | $ | 3,463,732 |
| | | | | | | Depreciation and amortization expense: | | | | | | Pipeline | $ | 84,951 |
| | $ | 77,691 |
| | $ | 68,871 |
| Storage | 116,768 |
| | 103,848 |
| | 99,868 |
| Fuels marketing | — |
| | 16 |
| | 27 |
| Total segment depreciation and amortization expense | 201,719 |
| | 181,555 |
| | 168,766 |
| Other depreciation and amortization expense | 8,491 |
| | 10,153 |
| | 10,155 |
| Total depreciation and amortization expense | $ | 210,210 |
| | $ | 191,708 |
| | $ | 178,921 |
| | | | | | | Operating income (loss): | | | | | | Pipeline | $ | 270,349 |
| | $ | 245,233 |
| | $ | 208,293 |
| Storage | 217,818 |
| | 183,104 |
| | (127,484 | ) | Fuels marketing | 13,507 |
| | 24,805 |
| | (126 | ) | Consolidation and intersegment eliminations | 42 |
| | (32 | ) | | 1,437 |
| Total segment operating income | 501,716 |
| | 453,110 |
| | 82,120 |
| Less general and administrative expenses | 102,521 |
| | 96,056 |
| | 91,086 |
| Less other depreciation and amortization expense | 8,491 |
| | 10,153 |
| | 10,155 |
| Total operating income (loss) | $ | 390,704 |
| | $ | 346,901 |
| | $ | (19,121 | ) |
Revenues by geographic area are shown in the table below. | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | (Thousands of Dollars) | United States | $ | 1,599,088 |
| | $ | 2,276,609 |
| | $ | 2,340,694 |
| Netherlands | 386,282 |
| | 705,207 |
| | 1,027,260 |
| Other | 98,670 |
| | 93,302 |
| | 95,778 |
| Consolidated revenues | $ | 2,084,040 |
| | $ | 3,075,118 |
| | $ | 3,463,732 |
|
For the years ended December 31, 2015, 2014 and 2013, Valero Energy Corporation accounted for approximately 16%, or $331.7 million, 9%, or $282.9 million, and 15%, or $534.2 million, of our consolidated revenues, respectively. These revenues were included in all of our reportable business segments. No other single customer accounted for 10% or more of our consolidated revenues.
Total amounts of property, plant and equipment, net by geographic area were as follows: | | | | | | | | | | December 31, | | 2015 | | 2014 | | (Thousands of Dollars) | United States | $ | 3,049,334 |
| | $ | 2,809,462 |
| Netherlands | 449,406 |
| | 451,564 |
| Other | 184,831 |
| | 199,706 |
| Consolidated long-lived assets | $ | 3,683,571 |
| | $ | 3,460,732 |
|
Total assets by reportable segment were as follows: | | | | | | | | | | December 31, | | 2015 | | 2014 | | (Thousands of Dollars) | Pipeline | $ | 2,051,866 |
| | $ | 1,962,821 |
| Storage | 2,438,621 |
| | 2,241,573 |
| Fuels marketing | 156,866 |
| | 227,642 |
| Total segment assets | 4,647,353 |
| | 4,432,036 |
| Other partnership assets | 501,909 |
| | 486,760 |
| Total consolidated assets | $ | 5,149,262 |
| | $ | 4,918,796 |
|
Capital expenditures, including acquisitions and investments in other noncurrent assets, by reportable segment were as follows: | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | (Thousands of Dollars) | Pipeline | $ | 175,657 |
| | $ | 244,713 |
| | $ | 165,096 |
| Storage | 285,258 |
| | 108,457 |
| | 170,637 |
| Fuels marketing | — |
| | — |
| | 69 |
| Other partnership assets | 9,957 |
| | 3,795 |
| | 7,518 |
| Total capital expenditures | $ | 470,872 |
| | $ | 356,965 |
| | $ | 343,320 |
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