Segment Reporting (Tables)
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Mar. 31, 2014
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Segment Reporting | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of financial information for the reportable segments | Summarized financial information for the Partnership’s reportable segments is presented in the table below (in thousands):
(1) Segment reporting results for the prior period have been reclassified to conform to the Partnership’s current presentation. (2) Crude oil consists of the Partnership’s crude oil sales and revenue from its logistics activities and includes the February 2013 acquisitions of Basin Transload and Cascade Kelly. As the Basin Transload and Cascade Kelly assets were not in place for a portion of the quarter ended March 31, 2013, the above results are not directly comparable for periods prior to February 2013. (3) Other oils and related products primarily consist of distillates, residual oil and propane. (4) As of March 31, 2014, the mark to market loss related to RIN forward commitments was $0.1 million and the mark to market value of a Renewable Volume Obligation (“RVO”) deficiency was $3.9 million. As of March 31, 2013, the mark to market loss related to RIN forward commitments was $32.7 million and the mark to market value of a RVO deficiency was $2.6 million. (5) Station operations primarily consist of convenience store sales at the Partnership’s directly operated stores and rental income from dealer leased or commission agent leased gasoline stations. (6) Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess the Partnership’s business. The table above includes a reconciliation of product margin on a combined basis to gross profit, a directly comparable GAAP measure.
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Schedule of reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements | A reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements is as follows (in thousands):
(1) As of March 31, 2014, the mark to market loss related to RIN forward commitments was $0.1 million and the mark to market value of a RVO deficiency was $3.9 million. As of March 31, 2013, the mark to market loss related to RIN forward commitments was $32.7 million and the mark to market value of a RVO deficiency was $2.6 million.
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Schedule of total assets by reportable segment | The table below presents total assets by reportable segment at March 31, 2014 and December 31, 2013 (in thousands):
(1) Includes 40% owned by the noncontrolling interest at Basin Transload.
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