Segment Disclosures

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Disclosures

Segment Disclosures

Our reportable segments are strategic business units that offer different products and services. Our segments are managed separately because each segment requires different marketing strategies and business knowledge. Management evaluates performance based on segment operating margin, which includes revenue from affiliates and third-party customers, intersegment transactions, operating expense, cost of product sales, other operating (income) expense and earnings of non-controlled entities.

We believe that investors benefit from having access to the same financial measures used by management. Operating margin, which is presented in the following tables, is an important measure used by management to evaluate the economic performance of our core operations. Operating margin is not a GAAP measure, but the components of operating margin are computed using amounts that are determined in accordance with GAAP. A reconciliation of operating margin to operating profit, which is its nearest comparable GAAP financial measure, is included in the tables below. Operating profit includes depreciation, amortization and impairment expense and G&A expense that management does not consider when evaluating the core profitability of our separate operating segments.

	Year Ended December 31, 2020
	(in millions)
	Refined Products		Crude Oil		Intersegment Eliminations		Total
Transportation and terminals revenue	$	1,190.4	$	559.5	$	(6.6)	$	1,743.3
Product sales revenue	524.4		33.1		—		557.5
Affiliate management fee revenue	6.3		14.9		—		21.2
Total revenue	1,721.1		607.5		(6.6)		2,322.0
Operating expense	411.8		189.2		(13.2)		587.8
Cost of product sales	425.8		42.4		—		468.2
Other operating (income) expense	(3.2)		3.1		—		(0.1)
Earnings of non-controlled entities	(32.5)		(120.8)		—		(153.3)
Operating margin	919.2		493.6		6.6		1,419.4
Depreciation, amortization and impairment expense	159.9		76.6		6.6		243.1
G&A expense	123.5		47.7		—		171.2
Operating profit	$	635.8	$	369.3	$	—	$	1,005.1
Additions to long-lived assets	$	277.5	$	56.4			$	333.9
	As of December 31, 2020
	(in millions)
Segment assets	$	4,977.0	$	2,836.9			$	7,813.9
Assets held for sale							292.7
Corporate assets							90.4
Total assets							$	8,197.0
Goodwill	$	38.0	$	12.1			$	50.1
Investments in non-controlled entities	$	429.2	$	784.7			$	1,213.9

	Year Ended December 31, 2021
	(in millions)
	Refined Products		Crude Oil		Intersegment Eliminations		Total
Transportation and terminals revenue	$	1,338.5	$	466.2	$	(5.8)	$	1,798.9
Product sales revenue	763.9		149.1		—		913.0
Affiliate management fee revenue	6.4		14.8		—		21.2
Total revenue	2,108.8		630.1		(5.8)		2,733.1
Operating expense	416.7		165.4		(12.4)		569.7
Cost of product sales	630.1		149.9		—		780.0
Other operating (income) expense	(6.9)		4.1		—		(2.8)
Earnings of non-controlled entities	(34.4)		(120.0)		—		(154.4)
Operating margin	1,103.3		430.7		6.6		1,540.6
Depreciation, amortization and impairment expense	153.9		67.4		6.6		227.9
G&A expense	147.8		58.5		—		206.3
Operating profit	$	801.6	$	304.8	$	—	$	1,106.4
Additions to long-lived assets	$	88.9	$	41.1			$	130.0
	As of December 31, 2021
	(in millions)
Segment assets	$	4,880.0	$	2,780.7			$	7,660.7
Assets held for sale							299.5
Corporate assets							69.8
Total assets							$	8,030.0
Goodwill	$	38.0	$	12.1			$	50.1
Investments in non-controlled entities	$	232.8	$	748.0			$	980.8

	Year Ended December 31, 2022
	(in millions)
	Refined Products		Crude Oil		Intersegment Eliminations		Total
Transportation and terminals revenue	$	1,408.2	$	473.7	$	(6.1)	$	1,875.8
Product sales revenue	1,173.1		129.3		—		1,302.4
Affiliate management fee revenue	6.6		15.6		—		22.2
Total revenue	2,587.9		618.6		(6.1)		3,200.4
Operating expense	431.5		173.6		(13.0)		592.1
Cost of product sales	1,020.2		99.2		—		1,119.4
Other operating (income) expense	(7.9)		2.6		—		(5.3)
Earnings of non-controlled entities	(23.7)		(123.7)		—		(147.4)
Operating margin	1,167.8		466.9		6.9		1,641.6
Depreciation, amortization and impairment expense	159.2		126.7		6.9		292.8
G&A expense	172.6		68.1		—		240.7
Operating profit	$	836.0	$	272.1	$	—	$	1,108.1
Additions to long-lived assets	$	115.8	$	32.0			$	147.8
	As of December 31, 2022
	(in millions)
Segment assets	$	4,880.3	$	2,745.7			$	7,626.0
Corporate assets							81.7
Total assets							$	7,707.7
Goodwill	$	38.3	$	12.1			$	50.4
Investments in non-controlled entities	$	225.1	$	668.9			$	894.0