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BUSINESS SEGMENTS
 3 Months Ended
Mar. 31, 2014
BUSINESS SEGMENTS  
BUSINESS SEGMENTS

(18) BUSINESS SEGMENTS

        We provide integrated terminaling, storage, transportation and related services to companies engaged in the trading, distribution and marketing of refined petroleum products, crude oil, chemicals, fertilizers and other liquid products. Our chief operating decision maker is our general partner's chief executive officer. Our general partner's chief executive officer reviews the financial performance of our business segments using disaggregated financial information about "net margins" for purposes of making operating decisions and assessing financial performance. "Net margins" is composed of revenue less direct operating costs and expenses. Accordingly, we present "net margins" for each of our business segments: (i) Gulf Coast terminals, (ii) Midwest terminals and pipeline system, (iii) Brownsville terminals, (iv) River terminals and (v) Southeast terminals.

        The financial performance of our business segments is as follows (in thousands):

 
   Three months
ended
March 31,		  
 
   2014   2013  

Gulf Coast Terminals:

              

Terminaling services fees, net

   $ 11,768   $ 11,801  

Other

     3,001     2,909  
           
​ ​ ​ ​ ​ ​ ​ ​

Revenue

     14,769     14,710  

Direct operating costs and expenses

     (4,837 )   (5,414 )
           
​ ​ ​ ​ ​ ​ ​ ​

Net margins

     9,932     9,296  
           
​ ​ ​ ​ ​ ​ ​ ​

Midwest Terminals and Pipeline System:

              

Terminaling services fees, net

     1,993     2,012  

Pipeline transportation fees

     327     348  

Other

     374     549  
           
​ ​ ​ ​ ​ ​ ​ ​

Revenue

     2,694     2,909  

Direct operating costs and expenses

     (704 )   (632 )
           
​ ​ ​ ​ ​ ​ ​ ​

Net margins

     1,990     2,277  
           
​ ​ ​ ​ ​ ​ ​ ​

Brownsville Terminals:

              

Terminaling services fees, net

     1,497     1,887  

Pipeline transportation fees

     366     1,640  

Other

     2,974     2,730  
           
​ ​ ​ ​ ​ ​ ​ ​

Revenue

     4,837     6,257  

Direct operating costs and expenses

     (3,480 )   (3,479 )
           
​ ​ ​ ​ ​ ​ ​ ​

Net margins

     1,357     2,778  
           
​ ​ ​ ​ ​ ​ ​ ​

River Terminals:

              

Terminaling services fees, net

     2,021     3,267  

Other

     214     253  
           
​ ​ ​ ​ ​ ​ ​ ​

Revenue

     2,235     3,520  

Direct operating costs and expenses

     (1,782 )   (1,874 )
           
​ ​ ​ ​ ​ ​ ​ ​

Net margins

     453     1,646  
           
​ ​ ​ ​ ​ ​ ​ ​

Southeast Terminals:

              

Terminaling services fees, net

     11,440     11,758  

Other

     2,078     2,444  
           
​ ​ ​ ​ ​ ​ ​ ​

Revenue

     13,518     14,202  

Direct operating costs and expenses

     (4,589 )   (5,329 )
           
​ ​ ​ ​ ​ ​ ​ ​

Net margins

     8,929     8,873  
           
​ ​ ​ ​ ​ ​ ​ ​

Total net margins

     22,661     24,870  

Direct general and administrative expenses

     (918 )   (1,100 )

Allocated general and administrative expenses

     (2,782 )   (2,740 )

Allocated insurance expense

     (914 )   (958 )

Reimbursement of bonus awards

     (375 )   (313 )

Depreciation and amortization

     (7,400 )   (7,339 )

Earnings from unconsolidated affiliates

     163     40  
           
​ ​ ​ ​ ​ ​ ​ ​

Operating income

     10,435     12,460  

Other expenses, net

     (1,197 )   (922 )
           
​ ​ ​ ​ ​ ​ ​ ​

Net earnings

   $ 9,238   $ 11,538  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

        Supplemental information about our business segments is summarized below (in thousands):

 
   Three months ended March 31, 2014  
 
   Gulf Coast
Terminals		   Midwest
Terminals and
Pipeline System		   Brownsville
Terminals		   River
Terminals		   Southeast
Terminals		   Total  

Revenue:

                                      

External customers

   $ 6,023   $ 807   $ 3,996   $ 1,951   $ 846   $ 13,623  

Morgan Stanley Capital Group

     8,736     1,887     —     284     12,624     23,531  

Frontera

     —     —     841     —     —     841  

TransMontaigne Inc. 

     10     —     —     —     48     58  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenue

   $ 14,769   $ 2,694   $ 4,837   $ 2,235   $ 13,518   $ 38,053  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Capital expenditures

   $ 200   $ 28   $ 567   $ 493   $ 435   $ 1,723  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Identifiable assets

   $ 126,534   $ 24,542   $ 46,288   $ 55,385   $ 172,658   $ 425,407  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Cash and cash equivalents

                                   4,652  

Investments in unconsolidated affiliates

                                   229,035  

Deferred financing costs

                                   1,869  

Other

                                   392  
                                     
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

                                 $ 661,355  
                                     
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                     


 

 
   Three months ended March 31, 2013  
 
   Gulf Coast
Terminals		   Midwest
Terminals and
Pipeline System		   Brownsville
Terminals		   River
Terminals		   Southeast
Terminals		   Total  

Revenue:

                                      

External customers

   $ 4,038   $ 466   $ 5,304   $ 3,520   $ 960   $ 14,288  

Morgan Stanley Capital Group

     10,210     2,443     —     —     13,230     25,883  

Frontera

     —     —     953     —     —     953  

TransMontaigne Inc. 

     462     —     —     —     12     474  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenue

   $ 14,710   $ 2,909   $ 6,257   $ 3,520   $ 14,202   $ 41,598  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Capital expenditures

   $ 762   $ 788   $ 609   $ 531   $ 3,082   $ 5,772  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​