XML 32 R19.htm IDEA: XBRL DOCUMENT v3.21.1
Business Segment Information
 3 Months Ended
Mar. 31, 2021
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 the processing of 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 and petroleum products (primarily fuel oil, asphalt, and other heavy refined products); 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, amortization and accretion), 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 the previously owned direct financing lease.
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 TransportationSodium Minerals & Sulfur ServicesOnshore Facilities & TransportationMarine TransportationTotal
Three Months Ended March 31, 2021
Segment Margin (a)$84,269 $43,720 $20,999 $7,109 $156,097 
Capital expenditures (b)$11,528 $10,038 $1,099 $11,714 $34,379 
Revenues:
External customers$64,384 $229,306 $188,150 $39,379 $521,219 
Intersegment (c)— (2,019)1,067 952 $— 
Total revenues of reportable segments$64,384 $227,287 $189,217 $40,331 $521,219 
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 
(a)A reconciliation of total Segment Margin to net income (loss) 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.
    Total assets by reportable segment were as follows:
March 31,
2021		December 31, 2020
Offshore pipeline transportation$2,169,156 $2,187,083 
Sodium minerals and sulfur services1,958,893 1,962,146 
Onshore facilities and transportation1,065,316 1,035,662 
Marine transportation715,404 711,058 
Other assets40,844 37,670 
Total consolidated assets$5,949,613 $5,933,619 

Reconciliation of total Segment Margin to net income (loss) attributable to Genesis Energy, L.P.:
 Three Months Ended March 31,
 20212020
Total Segment Margin$156,097 $169,288 
Corporate general and administrative expenses(11,152)(6,492)
Depreciation, depletion, amortization and accretion(68,997)(75,978)
Interest expense(57,829)(54,965)
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income (1)
(8,856)(6,406)
Other non-cash items (2)
(18,444)33,261 
Distribution from unrestricted subsidiaries not included in income (3)
(17,500)(2,238)
Loss on extinguishment of debt (4)
(1,627)(23,480)
Differences in timing of cash receipts for certain contractual arrangements (5)
(299)(4,490)
Provision for leased items no longer in use(604)130 
Redeemable noncontrolling interest redemption value adjustments (6)
(4,791)(4,086)
Income tax (expense) benefit(222)365 
Net income (loss) attributable to Genesis Energy, L.P.$(34,224)$24,909 
(1)    Includes distributions attributable to the quarter and received during or promptly following such quarter.
(2)     The 2021 Quarter and 2020 Quarter include a $18.4 million unrealized loss and $32.5 million unrealized gain, respectively, from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units. Refer to Note 16 for details.
(3)    The 2021 Quarter and 2020 Quarter include $17.5 million and $2.2 million, respectively, in cash receipts not included in income associated with principal repayments on our previously owned NEJD pipeline. Genesis NEJD Pipeline, LLC is defined as an unrestricted subsidiary under our credit facility. See Note 4 for details.
(4)     The 2021 Quarter includes the transaction costs and write-off of the unamortized issuance costs associated with the redemption of our remaining 2023 Notes. The 2020 Quarter includes the transaction costs associated with the tender and redemption of our 2022 Notes, along with the write-off of the unamortized issuance costs and discount associated with these notes. Refer to Note 9 for details.
(5)    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.
(6) Includes PIK distributions attributable to the period and accretion on the redemption feature.