Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment information for each year presented below is as follows:


Year Ended December 31, 2024	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Total
Revenues:
External customers	$	404,919	$	1,549,060	$	321,616	$	690,621	$	2,966,216
Intersegment(1)	—		(8,337)		—		8,337		—
Total revenues of reportable segments(2)	$	404,919	$	1,540,723	$	321,616	$	698,958	$	2,966,216
Segment Operating Expenses	(117,207)		(1,352,044)		(196,602)		(71,749)		(1,737,602)
Segment Product Costs	—		—		—		(599,925)		(599,925)
Other Segment Items(3)	45,074		(5,193)		(11)		4,484		44,354
Segment Margin(4)	$	332,786	$	183,486	$	125,003	$	31,768	$	673,043



Year Ended December 31, 2023	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Total
Revenues:
External customers	$	377,842	$	1,743,327	$	327,464	$	728,363	$	3,176,996
Intersegment(1)	4,312		(9,079)		—		4,767		—
Total revenues of reportable segments(2)	$	382,154	$	1,734,248	$	327,464	$	733,130	$	3,176,996
Segment Operating Expenses	(96,025)		(1,479,425)		(218,403)		(70,576)		(1,864,429)
Segment Product Costs	—		—		—		(637,179)		(637,179)
Other Segment Items(3)	120,543		27,191		1,362		2,578		151,674
Segment Margin(4)	$	406,672	$	282,014	$	110,423	$	27,953	$	827,062



Year Ended December 31, 2022	Offshore Pipeline Transportation		Soda and Sulfur Services		Marine Transportation		Onshore Facilities and Transportation		Total
Revenues:
External customers	$	319,045	$	1,258,236	$	292,925	$	918,751	$	2,788,957
Intersegment(1)	—		(10,151)		370		9,781		—
Total revenues of reportable segments(2)	$	319,045	$	1,248,085	$	293,295	$	928,532	$	2,788,957
Segment Operating Expenses	(99,881)		(926,743)		(228,300)		(68,066)		(1,322,990)
Segment Product Costs	—		—		—		(828,152)		(828,152)
Other Segment Items(3)	144,209		(14,624)		1,214		1,441		132,240
Segment Margin(4)	$	363,373	$	306,718	$	66,209	$	33,755	$	770,055

(1)Intersegment sales were conducted under terms that we believe were no more or less favorable than then-existing market conditions.

(2)Total revenues of reportable segments in the table above agrees to “Total revenues” as seen in our Consolidated Statements of Operations for each respective year. See Note 3 for more detailed information on the revenues reported by major category of products and services by reportable segment.

(3)Other Segment Items primarily includes adjustments related to the difference in timing of cash receipts for certain contractual agreements (applicable to our offshore pipeline transportation and onshore facilities and transportation segments), segment general and administrative expenses less the non-cash effects of our LTIP plan (applicable to all reportable segments), net effects of our noncontrolling interests (applicable to our offshore pipeline transportation segment), adjustments to include distributable cash generated by our equity investees (applicable to our offshore pipeline transportation and onshore facilities and transportation segments), unrealized gains and losses from the valuation of our commodity derivative transactions (excluding fair value hedges) (applicable to our soda and sulfur services and onshore facilities and transportation segment), plus distributions from unrestricted subsidiaries not included in income (applicable to our offshore pipeline transportation segment).

(4)A reconciliation of Net income (loss) from operations before income taxes to total Segment Margin to for each year is presented below.

Total assets by reportable segment were as follows:


	December 31, 2024		December 31, 2023
Offshore pipeline transportation	$	2,748,296	$	2,580,032
Soda and sulfur services	2,597,039		2,705,350
Marine transportation	641,082		645,020
Onshore facilities and transportation	1,013,468		1,019,113
Total reportable segment assets	$	6,999,885	$	6,949,515
Other assets	37,807		69,263
Total consolidated assets	$	7,037,692	$	7,018,778

Total growth and maintenance capital expenditures for fixed and intangible assets (including enhancements to existing facilities and construction of growth projects as well as contributions to equity investees) by reportable segment were as follows:


	December 31, 2024		December 31, 2023
Offshore pipeline transportation(1)	$	255,640	$	410,237
Soda and sulfur services	95,343		219,393
Marine transportation	91,752		42,681
Onshore facilities and transportation	16,283		19,018
Total reportable segment	$	459,018	$	691,329
Other	12,044		12,173
Total consolidated capital expenditures	$	471,062	$	703,502

(1)Capital expenditures in our offshore pipeline transportation segment for 2024 and 2023 represent 100% of the costs incurred, including those funded by our noncontrolling interest holder.

Schedule of Reconciliation of Segment Margin To (Loss) Income Before Income Taxes

Reconciliation of Net income (loss) from operations before income taxes to total Segment Margin:


	Year Ended December 31,
	2024		2023		2022
Income (loss) from operations before income taxes	$	(31,215)	$	146,328	$	132,304
Net income attributable to noncontrolling interests	(30,940)		(28,627)		(23,235)
Net income attributable to redeemable noncontrolling interests	—		—		(30,443)
Corporate general and administrative expenses	57,929		73,876		71,820
Depreciation, depletion, amortization and accretion	324,249		291,731		307,519
Interest expense	287,235		244,663		226,156
Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income(1)	23,461		24,635		21,199

Other non-cash items(2)	(15,445)		13,488		(8,315)
Distributions from unrestricted subsidiaries not included in income(3)	—		—		32,000
Cancellation of debt income (Note 11)	—		—		(8,618)
Loss on extinguishment of debt (Note 11)	15,367		4,627		794
Differences in timing of cash receipts for certain contractual arrangements(4)	(601)		56,341		51,102
Gain on sale of asset, net to our ownership interest (Note 8)	—		—		(32,000)

Change in provision for leased items no longer in use	—		—		(671)
Redeemable noncontrolling interest redemption value adjustments(5)	—		—		30,443
Impairment expense (Note 10)	43,003		—		—
Total Segment Margin	$	673,043	$	827,062	$	770,055

(1)Includes distributions attributable to the period and received during or promptly following such period.

(2)2024 includes unrealized gains of $7.8 million from the valuation of our commodity derivative transactions (excluding fair value hedges). 2023 includes unrealized losses of $36.7 million from the valuation of our commodity derivative transactions (excluding fair value hedges). 2022 includes unrealized gains of $24.4 million from the valuation of our commodity derivative transactions (excluding fair value hedges) and unrealized losses of $18.6 million from the valuation of the embedded derivative associated with our Class A Convertible Preferred Units.

(3)2022 includes $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)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)2022 includes PIK distributions and accretion on the redemption feature of our Alkali Holdings preferred units, and valuation adjustments to the redemption feature as the associated Alkali Holdings preferred units were redeemed during the year ended December 31, 2022. Refer to Note 12 for additional information.