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Business Segment Information
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
We currently manage our businesses through four divisions that constitute our reportable segments:
•
Offshore pipeline transportation – offshore transportation of crude oil and natural gas in the Gulf of Mexico;
•
Sodium minerals and sulfur services – trona and trona-based exploring, mining, processing, producing, marketing and selling activities, as well as processing high sulfur (or “sour”) gas streams for refineries to remove the sulfur, and selling the related by-product, NaHS;
•
Onshore facilities and transportation – terminalling, blending, storing, marketing and transporting crude oil, petroleum products (primarily fuel oil, asphalt, and other heavy refined products) and CO2 ;and
•
Marine transportation – marine transportation to provide waterborne transportation of petroleum products and crude oil throughout North America.
Substantially all of our revenues are derived from, and substantially all of our assets are located in, the United States.
We define Segment Margin as revenues less product costs, operating expenses (excluding non-cash gains and charges, such as depreciation, depletion and amortization), and segment general and administrative expenses, plus our equity in distributable cash generated by our equity investees. In addition, our Segment Margin definition excludes the non-cash effects of our long-term incentive compensation plan and includes the non-income portion of payments received under direct financing leases.
Our chief operating decision maker (our Chief Executive Officer) evaluates segment performance based on a variety of measures including Segment Margin, segment volumes, where relevant, and capital investment. 
Segment information for the periods presented below was as follows:
 
Offshore Pipeline Transportation
 
Sodium Minerals & Sulfur Services
 
Onshore Facilities & Transportation
 
Marine Transportation
 
Total
Three Months Ended March 31, 2020
 
 
 
 
 
 
 
 
 
Segment Margin (a)
$
85,246

 
$
36,941

 
$
28,099

 
$
19,002

 
$
169,288

Capital expenditures (b)
$
1,027

 
$
14,975

 
$
1,157

 
$
14,232

 
$
31,391

Revenues:
 
 
 
 
 
 
 
 
 
External customers
$
78,429

 
$
245,535

 
$
156,799

 
$
59,160

 
539,923

Intersegment (c)
—

 
(2,145
)
 
(1,041
)
 
3,186

 
—

Total revenues of reportable segments
$
78,429

 
$
243,390

 
$
155,758

 
$
62,346

 
$
539,923

Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
Segment Margin (a)
$
76,390

 
$
58,639

 
$
25,603

 
$
12,932

 
$
173,564

Capital expenditures (b)
$
458

 
$
22,706

 
$
775

 
$
9,228

 
$
33,167

Revenues:
 
 
 
 
 
 
 
 
 
External customers
$
78,317

 
$
277,349

 
$
211,025

 
$
53,318

 
620,009

Intersegment (c)
—

 
(1,863
)
 
(1,469
)
 
3,332

 
—

Total revenues of reportable segments
$
78,317

 
$
275,486

 
$
209,556

 
$
56,650

 
$
620,009


Total assets by reportable segment were as follows:
 
March 31,
2020
 
December 31,
2019
Offshore pipeline transportation
$
2,267,552

 
$
2,306,946

Sodium minerals and sulfur services
1,994,957

 
2,019,905

Onshore facilities and transportation
1,370,309

 
1,457,190

Marine transportation
761,482

 
772,383

Other assets
40,158

 
41,217

Total consolidated assets
$
6,434,458

 
$
6,597,641

 
(a)
A reconciliation of total Segment Margin to net income attributable to Genesis Energy, L.P. for the periods is presented below.
(b)
Capital expenditures include maintenance and growth capital expenditures, such as fixed asset additions (including enhancements to existing facilities and construction of growth projects) as well as contributions to equity investees, if any.
(c)
Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions.
Reconciliation of total Segment Margin to net income attributable to Genesis Energy, L.P:
 
Three Months Ended
March 31,
 
2020
 
2019
Total Segment Margin
$
169,288

 
$
173,564

Corporate general and administrative expenses
(6,492
)
 
(11,100
)
Depreciation, depletion, amortization and accretion
(75,978
)
 
(79,937
)
Interest expense
(54,965
)
 
(55,701
)
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1)
(6,406
)
 
(4,828
)
Other non-cash items (2)
33,261

 
(6,091
)
Cash payments from direct financing leases in excess of earnings
(2,238
)
 
(2,028
)
Loss on extinguishment of debt (3)
(23,480
)
 
—

Differences in timing of cash receipts for certain contractual arrangements (4)
(4,490
)
 
2,287

Non-cash provision for leased items no longer in use
130

 
190

Redeemable noncontrolling interest redemption value adjustments (5)
(4,086
)
 
—

Income tax benefit (expense)
365

 
(402
)
Net income attributable to Genesis Energy, L.P.
$
24,909

 
$
15,954


(1)
Includes distributions attributable to the quarter and received during or promptly following such quarter.
(2)
The 2020 Quarter includes a $32.5 million unrealized gain from the valuation of the embedded derivative associated with our Class A Convertible Preferred units and the 2019 Quarter includes a $3.0 million unrealized loss from the valuation of the embedded derivative. Refer to Note 16 for details.
(3)
Refer to Note 9 for details surrounding the extinguishment of our 2022 notes.
(4)
Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts.
(5) Includes PIK distributions attributable to the period and accretion on the redemption feature.