XML 47 R36.htm IDEA: XBRL DOCUMENT v3.23.2
Business Segment Information (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Segment information for the periods presented below was as follows:
Offshore Pipeline TransportationSoda and Sulfur ServicesOnshore Facilities and TransportationMarine TransportationTotal
Three Months Ended June 30, 2023
Segment Margin(1)
$93,300 $89,255 $6,305 $25,758 $214,618 
Capital expenditures(2)
$91,645 $26,622 $2,088 $10,990 $131,345 
Revenues:
External customers$91,459 $465,077 $170,783 $77,343 $804,662 
Intersegment(3)
— (2,222)2,222 — — 
Total revenues of reportable segments$91,459 $462,855 $173,005 $77,343 $804,662 
Three Months Ended June 30, 2022
Segment Margin(1)
$118,980 $71,701 $11,018 $17,573 $219,272 
Capital expenditures(2)
$44,369 $38,920 $1,780 $4,070 $89,139 
Revenues:
External customers$82,085 $321,192 $242,131 $76,317 $721,725 
Intersegment(3)
— (2,584)2,581 3 — 
Total revenues of reportable segments$82,085 $318,608 $244,712 $76,320 $721,725 
Six Months Ended June 30, 2023
Segment Margin(1)
$191,238 $155,362 $11,695 $51,452 $409,747 
Capital expenditures(2)
$143,698 $46,607 $4,018 $20,047 $214,370 
Revenues:
External customers$182,854 $911,983 $339,868 $160,569 $1,595,274 
Intersegment(3)
— (4,480)4,480 — — 
Total revenues of reportable segments$182,854 $907,503 $344,348 $160,569 $1,595,274 
Six Months Ended June 30, 2022
Segment Margin(1)
$189,884 $139,076 $18,054 $29,710 $376,724 
Capital expenditures(2)
$79,810 $65,246 $2,517 $14,129 $161,702 
Revenues:
External customers$150,153 $609,200 $462,426 $131,893 $1,353,672 
Intersegment(3)
— (4,918)4,717 201 — 
Total revenues of reportable segments$150,153 $604,282 $467,143 $132,094 $1,353,672 
(1)A reconciliation of Net income attributable to Genesis Energy, L.P. to total Segment Margin for the periods is presented below.
(2)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.
(3)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:
June 30, 2023December 31, 2022
Offshore pipeline transportation$2,370,338 $2,290,488 
Soda and sulfur services2,560,004 2,358,086 
Onshore facilities and transportation1,021,965 981,354 
Marine transportation650,443 681,231 
Other assets66,709 54,833 
Total consolidated assets$6,669,459 $6,365,992 
Reconciliation of Segment Margin to (Loss) Income from Continuing Operations
Reconciliation of Net income attributable to Genesis Energy, L.P. to total Segment Margin:
 Three Months Ended
June 30, 		Six Months Ended
June 30,
 2023202220232022
Net income attributable to Genesis Energy, L.P.$49,344 $35,347 $47,700 $30,097 
Corporate general and administrative expenses18,487 21,105 34,251 36,826 
Depreciation, depletion, amortization and accretion71,754 76,277 147,689 149,225 
Interest expense61,623 55,959 122,477 111,063 
Adjustment to exclude distributable cash generated by equity investees not included in income and include equity in investees net income(1)
5,867 4,160 12,148 10,734 
Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value(2)
2,888 (8,319)30,020 (10,212)
Other non-cash items(7,197)(589)(9,658)(2,267)
Distribution from unrestricted subsidiaries not included in income(3)
— 32,000 — 32,000 
Cancellation of debt income(4)
— (4,737)— (4,737)
Loss on extinguishment of debt(5)
3 501 1,812 501 
Differences in timing of cash receipts for certain contractual arrangements(6)
11,559 16,477 22,134 24,707 
Change in provision for leased items no longer in use— (100)— (531)
Redeemable noncontrolling interest redemption value adjustments(7)
— 22,620 — 30,443 
Gain on sale of asset, net to our ownership interest(8)
— (32,000)— (32,000)
Income tax expense290 571 1,174 875 
Total Segment Margin$214,618 $219,272 $409,747 $376,724 
(1)Includes distributions attributable to the quarter and received during or promptly following such quarter.
(2)The three and six months ended June 30, 2023 includes unrealized losses of $2.9 million and $30.0 million, respectively, from the valuation of our commodity derivative transactions (excluding fair value hedges). The three and six months ended June 30, 2022 includes unrealized losses of $2.3 million and unrealized gains of $3.8 million, respectively, from the valuation of our commodity derivative transactions (excluding fair value hedges) and unrealized gains of $10.7 million and $6.4 million, respectively, from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units.
(3)The three and six months ended June 30, 2022 include $32.0 million in cash receipts associated with the sale of the Independence Hub platform by our 80% owned unrestricted subsidiary (as defined under our credit agreement), Independence Hub, LLC.
(4)The three and six months ended June 30, 2022 include income associated with the repurchase and extinguishment of certain of our senior unsecured notes on the open market of $4.7 million.
(5)The three and six months ended June 30, 2023 includes the transaction costs associated with the tender and redemption of our 2024 Notes, as well as the write-off of the unamortized issuance costs associated with these notes. Refer to Note 10 for details. The three and six months ended June 30, 2022 include the write-off of the unamortized issuance costs associated with the senior unsecured notes that we repurchased and extinguished during the period.
(6)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.
(7)The three and six months ended June 30, 2022 include PIK distributions and accretion on the redemption feature and valuation adjustments to the redemption feature as the associated preferred units were redeemed during the second quarter of 2022. Refer to Note 11 for details.
(8)On April 29, 2022, we sold our Independence Hub platform and recognized a gain on the sale of $40.0 million, of which $32.0 million was attributable to our 80% ownership interest.