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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ________________________________________

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File No.: 1-16335
 __________________________________

 Magellan Midstream Partners, L.P.
(Exact name of registrant as specified in its charter)
Delaware 73-1599053
(State or other jurisdiction of
incorporation or organization)
 (IRS Employer
Identification No.)
One Williams Center, P.O. Box 22186, Tulsa, Oklahoma 74121-2186
(Address of principal executive offices and zip code)
(918) 574-7000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common UnitsMMPNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x    Accelerated filer     Non-accelerated filer      
Smaller reporting company  Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes      No  x
As of October 29, 2020, there were 223,700,943 common units outstanding.




TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
 
ITEM 1.CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF PARTNERS’ CAPITAL
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 4.CONTROLS AND PROCEDURES
PART II
OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
INDEX TO EXHIBITS
SIGNATURES
 
1



Forward-Looking Statements

Except for statements of historical fact, all statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may be identified by words like “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “might,” “plans,” “potential,” “projected,” “scheduled,” “should,” “will” and other similar expressions. The absence of such words or expressions does not necessarily mean the statements are not forward-looking. Although we believe our forward-looking statements are reasonable, statements made regarding future results are not guarantees of future performance and are subject to numerous assumptions, uncertainties and risks that are difficult to predict, including those described in Part II, Item 1A – Risk Factors of this Quarterly Report on Form 10-Q. Actual outcomes and results may be materially different from the results stated or implied in such forward-looking statements included in this report. You should not put any undue reliance on any forward-looking statement.
 
The following are among the important factors that could cause future results to differ materially from any expected, projected, forecasted, estimated or budgeted amounts, events or circumstances we have discussed in this report:
 
overall demand for refined products, crude oil and liquefied petroleum gases;
price fluctuations for refined products, crude oil and liquefied petroleum gases and expectations about future prices for these products;
changes in the production of crude oil in the basins served by our pipelines;
changes in general economic conditions, interest rates and price levels;
changes in the financial condition of our customers, vendors, derivatives counterparties, lenders or joint venture co-owners;
our ability to secure financing in the credit and capital markets in amounts and on terms that will allow us to execute our business strategy, refinance our existing obligations when due and maintain adequate liquidity;
development of alternative energy sources, including but not limited to natural gas, solar power, wind power, electric and battery-powered engines and geothermal energy, increased use of biofuels such as ethanol, biodiesel and renewable diesel, increased conservation or fuel efficiency, increased use of electric vehicles, as well as regulatory developments or other trends that could affect demand for our services;
changes in population in the markets served by our refined products pipeline system and changes in consumer preferences, driving patterns or rates of automobile ownership;
changes in the product quality, throughput or interruption in service of refined products or crude oil pipelines owned and operated by third parties and connected to our assets;
changes in demand for transportation or storage in our refined products or crude oil segments;
changes in supply and demand patterns for our facilities due to geopolitical events, the activities of the Organization of the Petroleum Exporting Countries, changes in U.S. trade policies or in laws governing the importing and exporting of petroleum products, technological developments or other factors;
our ability to manage interest rate and commodity price exposures;
changes in our tariff rates or other terms of service implemented by the Federal Energy Regulatory Commission or state regulatory agencies;
shut-downs or cutbacks at refineries, oil wells, petrochemical plants or other customers or businesses that use or supply our services;
the effect of weather patterns and other natural phenomena, including climate change, on our operations and demand for our services;
an increase in the competition our operations encounter, including the effects of capacity over-build in the areas where we operate;
the occurrence of natural disasters, epidemics, terrorism, sabotage, protests or activism, operational hazards, equipment failures, system failures or unforeseen interruptions;
changes in general economic conditions, including market and macro-economic disruptions resulting from the COVID-19 pandemic and related governmental responses;
2



our ability to obtain adequate levels of insurance at a reasonable cost, and the potential for losses to exceed the insurance coverage we do obtain;
the treatment of us as a corporation for federal or state income tax purposes or if we become subject to significant forms of other taxation or more aggressive enforcement or increased assessments under existing forms of taxation;
our ability to identify expansion projects with acceptable expected returns or to complete identified expansion projects on time and at projected costs;
our ability to make and integrate accretive acquisitions and joint ventures and successfully execute our business strategy;
uncertainty of estimates, including accruals and costs of environmental remediation;
our ability to cooperate with and rely on our joint venture co-owners;
actions by rating agencies concerning our credit ratings;
our ability to timely obtain and maintain all necessary approvals, consents and permits required to operate our existing assets and to construct, acquire and operate any new or modified assets;
our ability to promptly obtain all necessary services, materials, labor, supplies and rights-of-way required for maintenance and operation of our current assets and construction of our growth projects, without significant delays, disputes or cost overruns;
risks inherent in the use and security of information systems in our business and implementation of new software and hardware;
changes in laws and regulations or the interpretations of such laws that govern our gas liquids blending activities, including the potential applicability of the Carmack Amendment, which broadly covers claims for damage or loss incurred to goods transported by a carrier in interstate commerce, to such activities, or changes regarding product quality specifications or renewable fuel obligations that impact our ability to produce gasoline volumes through our gas liquids blending activities or that require significant capital outlays for compliance;
changes in laws and regulations to which we or our customers are or could become subject, including tax withholding requirements, safety, security, employment, hydraulic fracturing, derivatives transactions, trade and environmental laws and regulations, including laws and regulations designed to address climate change;
the cost and effects of legal and administrative claims and proceedings against us, our subsidiaries or our joint ventures;
the amount of our indebtedness, which could make us vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds, place us at competitive disadvantages compared to our competitors that have less debt or have other adverse consequences;
the effect of changes in accounting policies;
the potential that our internal controls may not be adequate, weaknesses may be discovered or remediation of any identified weaknesses may not be successful;
the ability and intent of our customers, vendors, lenders, joint venture co-owners or other third parties to perform their contractual obligations to us;
petroleum product supply disruptions;
global and domestic repercussions from terrorist activities, including cyberattacks, and the government’s response thereto; and
other factors and uncertainties inherent in the transportation, storage and distribution of petroleum products and the operation, acquisition and construction of assets related to such activities.
 
This list of important factors is not exhaustive. The forward-looking statements in this Quarterly Report speak only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions or otherwise, unless required by law.
3



PART I
FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per unit amounts)
(Unaudited)
 
Three Months EndedNine Months Ended
 September 30,September 30,
 2019202020192020
Transportation and terminals revenue$506,432 $473,531 $1,473,629 $1,343,741 
Product sales revenue144,807 119,445 497,791 481,842 
Affiliate management fee revenue5,357 5,288 15,810 15,895 
Total revenue656,596 598,264 1,987,230 1,841,478 
Costs and expenses:
Operating169,387 161,982 484,341 457,597 
Cost of product sales108,757 96,119 430,727 395,864 
Depreciation, amortization and impairment56,627 71,822 181,028 193,896 
General and administrative51,156 38,016 149,534 117,092 
Total costs and expenses385,927 367,939 1,245,630 1,164,449 
Other operating income (expense)(379)(2,863)1,538 539 
Earnings of non-controlled entities50,189 39,135 122,229 116,484 
Operating profit320,479 266,597 865,367 794,052 
Interest expense53,750 54,212 165,322 179,371 
Interest capitalized(5,831)(1,272)(14,419)(10,451)
Interest income(648)(260)(2,646)(903)
Gain on disposition of assets(2,532) (28,966)(12,887)
Other (income) expense2,602 1,455 9,222 3,708 
Income before provision for income taxes273,138 212,462 736,854 635,214 
Provision for income taxes100 824 2,450 2,169 
Net income$273,038 $211,638 $734,404 $633,045 
Basic net income per common unit$1.19 $0.94 $3.21 $2.80 
Diluted net income per common unit
$1.19 $0.94 $3.21 $2.80 
Weighted average number of common units outstanding used for basic net income per unit calculation
228,720 225,222 228,642 226,045 
Weighted average number of common units outstanding used for diluted net income per unit calculation
228,754 225,222 228,667 226,045 

    


See notes to consolidated financial statements.
4



MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited, in thousands)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2019202020192020
Net income$273,038 $211,638 $734,404 $633,045 
Other comprehensive income (loss):
Derivative activity:
Net loss on cash flow hedges(14,181) (25,216)(10,444)
Reclassification of net loss on cash flow hedges to income
699 896 1,927 2,552 
Changes in employee benefit plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss  (10,913)(333)
Curtailment gain   1,703 
Recognition of prior service credit amortization in income(46)(46)(136)(136)
Recognition of actuarial loss amortization in income1,412 1,473 4,385 4,462 
Recognition of settlement cost in income439  2,499 969 
Total other comprehensive income (loss)(11,677)2,323 (27,454)(1,227)
Comprehensive income$261,361 $213,961 $706,950 $631,818 



























See notes to consolidated financial statements.
5



MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
December 31,
2019
September 30,
2020
ASSETS(Unaudited)
Current assets:
Cash and cash equivalents$58,030 $8,541 
Trade accounts receivable
125,440 109,051 
Other accounts receivable
23,887 27,735 
Inventory184,399 129,033 
Commodity derivatives deposits27,415 14,031 
Reimbursable costs7,878 17,065 
Other current assets32,359 35,787 
Total current assets459,408 341,243 
Property, plant and equipment8,431,227 8,319,400 
Less: accumulated depreciation2,027,193 2,036,351 
Net property, plant and equipment6,404,034 6,283,049 
Investments in non-controlled entities1,240,551 1,211,079 
Right-of-use asset, operating leases171,868 152,082 
Long-term receivables20,782 21,850 
Goodwill53,260 52,830 
Other intangibles (less accumulated amortization of $6,255 and $8,575 at December 31, 2019 and September 30, 2020, respectively)
47,898 45,578 
Restricted cash
26,569 11,792 
Other noncurrent assets13,359 20,693 
Total assets$8,437,729 $8,140,196 
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities:
Accounts payable$150,992 $124,612 
Accrued payroll and benefits75,511 40,285 
Accrued interest payable64,276 49,501 
Accrued taxes other than income66,007 65,283 
Deferred revenue109,654 92,227 
Accrued product liabilities90,788 79,388 
Commodity derivatives contracts, net10,222 2,888 
Current portion of operating lease liability26,221 27,177 
Other current liabilities73,205 50,258 
Total current liabilities666,876 531,619 
Long-term operating lease liability144,023 121,764 
Long-term debt, net4,706,075 4,900,311 
Long-term pension and benefits145,992 142,154 
Other noncurrent liabilities59,735 55,904 
Commitments and contingencies
Partners’ capital:
Common unitholders (228,403 units and 223,701 units outstanding at December 31, 2019 and September 30, 2020, respectively)
2,877,105 2,551,748 
Accumulated other comprehensive loss(162,077)(163,304)
Total partners’ capital2,715,028 2,388,444 
Total liabilities and partners’ capital$8,437,729 $8,140,196 



See notes to consolidated financial statements.
6



MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 Nine Months Ended
September 30,
 20192020
Operating Activities:
Net income$734,404 $633,045 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and impairment expense181,028 193,896 
Gain on sale and retirement of assets(29,227)(13,330)
Earnings of non-controlled entities(122,229)(116,484)
Distributions from operations of non-controlled entities138,140 152,645 
Equity-based incentive compensation expense22,577 5,580 
Settlement gain, amortization of prior service credit and actuarial loss6,748 3,953 
Debt prepayment costs8,270 12,893 
Changes in operating assets and liabilities:
Trade accounts receivable and other accounts receivable(24,954)8,253 
Inventory(20,217)54,127 
Accounts payable29,014 9,040 
Accrued payroll and benefits(13,599)(35,226)
Accrued interest payable(15,060)(14,775)
Accrued taxes other than income10,282 1,101 
Accrued product liabilities33,402 (11,400)
Deferred revenue(13,233)(17,427)
Other current and noncurrent assets and liabilities(2,749)(25,786)
Net cash provided by operating activities922,597 840,105 
Investing Activities:
Additions to property, plant and equipment, net(1)
(718,605)(371,170)
Proceeds from sale and disposition of assets65,574 334,583 
Investments in non-controlled entities(158,145)(73,678)
Distributions from returns of investments in non-controlled entities7,500  
Deposits received from undivided joint interest third party68,928  
Net cash used by investing activities(734,748)(110,265)
Financing Activities:
Distributions paid(688,635)(697,264)
Net commercial paper borrowings 248,000 
Borrowings under long-term notes996,405 499,400 
Payments on long-term notes(550,000)(550,000)
Debt placement costs(12,012)(4,255)
Net payment on financial derivatives(33,342)(10,444)
Payments associated with settlement of equity-based incentive compensation(9,764)(14,700)
Debt prepayment costs(8,270)(12,893)
Repurchases of common units (251,950)
Net cash used by financing activities(305,618)(794,106)
Change in cash, cash equivalents and restricted cash(117,769)(64,266)
Cash, cash equivalents and restricted cash at beginning of period309,261 84,599 
Cash, cash equivalents and restricted cash at end of period$191,492 $20,333 
Supplemental non-cash investing activities:
(1) Additions to property, plant and equipment
$(775,109)$(317,680)
 Changes in accounts payable and other current liabilities related to capital expenditures56,504 (53,490)
 Additions to property, plant and equipment, net$(718,605)$(371,170)


See notes to consolidated financial statements.
7



MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED STATEMENT OF PARTNERS’ CAPITAL
(Unaudited, in thousands)

Common Unitholders Accumulated Other Comprehensive LossTotal Partners’ Capital
Balance, July 1, 2019$2,774,047 $(136,268)$2,637,779 
Comprehensive income:
Net income273,038 — 273,038 
Total other comprehensive loss— (11,677)(11,677)
Total comprehensive income (loss)273,038 (11,677)261,361 
Distributions(231,258)— (231,258)
Equity-based incentive compensation expense6,773 — 6,773 
Other(199)— (199)
Three Months Ended September 30, 2019$2,822,401 $(147,945)$2,674,456 
Balance, July 1, 2020$2,620,365 $(165,627)$2,454,738 
Comprehensive income:
Net income211,638 — 211,638 
Total other comprehensive income— 2,323 2,323 
Total comprehensive income211,638 2,323 213,961 
Distributions(231,245)— (231,245)
Equity-based incentive compensation expense1,169 — 1,169 
Repurchases of common units
(49,968)— (49,968)
Other(211)— (211)
Three Months Ended September 30, 2020$2,551,748 $(163,304)$2,388,444 
8



MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED STATEMENT OF PARTNERS’ CAPITAL (Continued)
(Unaudited, in thousands)

Common Unitholders Accumulated Other Comprehensive LossTotal Partners’ Capital
Balance, January 1, 2019$2,763,925 $(120,491)$2,643,434 
Comprehensive income:
Net income734,404 — 734,404 
Total other comprehensive loss— (27,454)(27,454)
Total comprehensive income (loss)734,404 (27,454)706,950 
Distributions(688,635)— (688,635)
Equity-based incentive compensation expense22,577 — 22,577 
Issuance of limited partner units in settlement of equity-based incentive plan awards
480 — 480 
Payments associated with settlement of equity-based incentive compensation
(9,764)— (9,764)
Other(586)— (586)
Nine Months Ended September 30, 2019$2,822,401 $(147,945)$2,674,456 
Balance, January 1, 2020$2,877,105 $(162,077)$2,715,028 
Comprehensive income:
Net income633,045 — 633,045 
Total other comprehensive loss— (1,227)(1,227)
Total comprehensive income (loss)633,045 (1,227)631,818 
Distributions(697,264)— (697,264)
Equity-based incentive compensation expense5,580 — 5,580 
Repurchases of common units
(251,950)— (251,950)
Issuance of limited partner units in settlement of equity-based incentive plan awards
600 — 600 
Payments associated with settlement of equity-based incentive compensation
(14,700)— (14,700)
Other(668)— (668)
Nine Months Ended September 30, 2020$2,551,748 $(163,304)$2,388,444 












See notes to consolidated financial statements.
9






MAGELLAN MIDSTREAM PARTNERS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.Organization, Description of Business and Basis of Presentation

Organization

Unless indicated otherwise, the terms “our,” “we,” “us” and similar language refer to Magellan Midstream Partners, L.P. together with its subsidiaries. Magellan Midstream Partners, L.P. is a Delaware limited partnership, and its common units are traded on the New York Stock Exchange under the ticker symbol “MMP.” Magellan GP, LLC, a wholly-owned Delaware limited liability company, serves as its general partner.

During first quarter 2020, we completed a reorganization of our reportable segments.  This reorganization was effected to reflect changes in the management of our business in conjunction with the sale of three of our marine terminals.  Following this sale, two of our remaining marine terminals were combined with our refined products segment and one terminal was combined with our crude oil segment based on the predominant types of product stored at the facilities.  Accordingly, we have restated our segment disclosures for all previous periods included in this report.

Description of Business

On March 20, 2020, we sold three marine terminals to a subsidiary of Buckeye Partners, L.P. (“Buckeye”) for $251.8 million, net of working capital adjustments. These terminals are located in New Haven, Connecticut, Wilmington, Delaware and Marrero, Louisiana. We recognized a $6.2 million impairment loss related to the sale on our consolidated statements of income.

We are principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil.  As of September 30, 2020, our asset portfolio consisted of:

our refined products segment, comprised of our approximately 9,800-mile refined products pipeline system with 54 connected terminals, as well as 25 independent terminals not connected to our pipeline system and two marine storage terminals (one of which is owned through a joint venture); and

our crude oil segment, comprised of approximately 2,200 miles of crude oil pipelines, a condensate splitter and 37 million barrels of aggregate storage capacity, of which approximately 25 million barrels are used for contract storage. Approximately 1,000 miles of these pipelines, the condensate splitter and 30 million barrels of this storage capacity (including 22 million barrels used for contract storage) are wholly-owned, with the remainder owned through joint ventures.

Terminology common in our industry includes the following terms, which describe products that we transport, store and distribute through our pipelines and terminals:

refined products are the output from crude oil refineries that are primarily used as fuels by consumers. Refined products include gasoline, diesel fuel, aviation fuel, kerosene and heating oil.  Diesel fuel, kerosene and heating oil are referred to as distillates;

transmix is a mixture of refined products that forms when transported in pipelines. Transmix is fractionated and blended into usable refined products;

liquefied petroleum gases, or LPGs, are liquids produced as by-products of the crude oil refining process and in connection with natural gas production. LPGs include butane and propane;

10






MAGELLAN MIDSTREAM PARTNERS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


blendstocks are products blended with refined products to change or enhance their characteristics such as increasing a gasoline’s octane or oxygen content. Blendstocks include alkylates, oxygenates and natural gasoline;

heavy oils and feedstocks are products used as burner fuels or feedstocks for further processing by refineries and petrochemical facilities. Heavy oils and feedstocks include No. 6 fuel oil and vacuum gas oil;

crude oil, which includes condensate, is a naturally occurring unrefined petroleum product recovered from underground that is used as feedstock by refineries, splitters and petrochemical facilities; and

biofuels, such as ethanol and biodiesel, are fuels derived from living materials and typically blended with other refined products as required by government mandates.

We use the term petroleum products to describe any, or a combination, of the above-noted products.
 
Basis of Presentation

In the opinion of management, our accompanying consolidated financial statements which are unaudited, except for the consolidated balance sheet as of December 31, 2019, which is derived from our audited financial statements, include all normal and recurring adjustments necessary to present fairly our financial position as of September 30, 2020, the results of operations for the three and nine months ended September 30, 2019 and 2020 and cash flows for the nine months ended September 30, 2019 and 2020. The results of operations for the nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 for several reasons. Profits from our gas liquids blending activities are realized largely during the first and fourth quarters of each year.  Additionally, gasoline demand, which drives transportation volumes and revenues on our refined products pipeline system, generally trends higher during the summer driving months.  Further, the volatility of commodity prices impacts the profits from our commodity activities and the volume of petroleum products we transport on our pipelines.  Finally, we expect the impact of COVID-19 on demand for petroleum products and the decline in commodity prices to continue to affect our results of operations in the remaining quarter of 2020, resulting in decreased transportation and terminalling revenues and reduced profits from our gas liquids blending activities.

Pursuant to the rules and regulations of the Securities and Exchange Commission, the financial statements in this report do not include all of the information and notes normally included with financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 8-K filed with the Securities and Exchange Commission on May 4, 2020, which reflects changes in our reporting segments since the filing of our Annual Report on Form 10-K for the year ended December 31, 2019.

Reclassifications

Prior period amounts related to intrastate crude oil volumes shipped by our marketing affiliate have been reclassified from product sales revenue to transportation revenue to conform with the current period’s presentation.

Use of Estimates

The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities that exist at the date of our consolidated financial statements, as well as their impact
11






MAGELLAN MIDSTREAM PARTNERS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


on the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates.

New Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326). The new guidance is effective for reporting periods beginning after December 15, 2019. The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We adopted the new guidance as of January 1, 2020 using the modified retrospective approach related to our accounts receivables and contract assets, resulting in no cumulative adjustment to retained earnings. The adoption of this guidance did not have a material impact on our consolidated statements of income for the three and nine month periods ended September 30, 2020. 


2.Segment Disclosures

Our reportable segments are strategic business units that offer different products and services. Our segments are managed separately as 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, operating expenses, 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 (presented in thousands). Operating profit includes depreciation, amortization and impairment expense and general and administrative (“G&A”) expense that management does not consider when evaluating the core profitability of our separate operating segments.
12






MAGELLAN MIDSTREAM PARTNERS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


 Three Months Ended September 30, 2019
 Refined ProductsCrude OilIntersegment
Eliminations
Total
Transportation and terminals revenue$352,611 $155,377 $(1,556)$506,432 
Product sales revenue136,464 8,343  144,807 
Affiliate management fee revenue1,764 3,593  5,357 
Total revenue490,839 167,313 (1,556)656,596 
Operating expenses127,328 44,961 (2,902)169,387 
Cost of product sales100,416 8,341  108,757 
Other operating (income) expense(3,249)3,628  379 
Earnings of non-controlled entities(4,142)(46,047) (50,189)
Operating margin270,486 156,430 1,346 428,262 
Depreciation, amortization and impairment expense39,660 15,621 1,346 56,627 
G&A expense36,806 14,350  51,156 
Operating profit$194,020 $126,459 $ $320,479 
 
 Three Months Ended September 30, 2020
 Refined ProductsCrude OilIntersegment
Eliminations
Total
Transportation and terminals revenue$320,809 $154,652 $(1,930)$473,531 
Product sales revenue114,252 5,193  119,445 
Affiliate management fee revenue1,579 3,709  5,288 
Total revenue436,640 163,554 (1,930)598,264 
Operating expenses118,579 46,956 (3,553)161,982 
Cost of product sales86,356 9,763  96,119 
Other operating (income) expense(193)3,056  2,863 
Earnings of non-controlled entities(7,134)(32,001) (39,135)
Operating margin239,032 135,780 1,623 376,435 
Depreciation, amortization and impairment expense41,620 28,579 1,623 71,822 
G&A expense27,487 10,529  38,016 
Operating profit$169,925 $96,672 $ $266,597 

13






MAGELLAN MIDSTREAM PARTNERS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


 Nine Months Ended September 30, 2019
 Refined ProductsCrude OilIntersegment
Eliminations
Total
Transportation and terminals revenue$1,009,812 $467,652 $(3,835)$1,473,629 
Product sales revenue478,441 19,350  497,791 
Affiliate management fee revenue5,085 10,725  15,810 
Total revenue1,493,338 497,727 (3,835)1,987,230 
Operating expenses362,870 129,431 (7,960)484,341 
Cost of product sales411,012 19,715  430,727 
Other operating (income) expense(9,648)8,110  (1,538)
Earnings of non-controlled entities(145)(122,084) (122,229)
Operating margin729,249 462,555 4,125 1,195,929 
Depreciation, amortization and impairment expense128,724 48,179 4,125 181,028 
G&A expense107,179 42,355  149,534 
Operating profit$493,346 $372,021 $ $865,367 
 
 Nine Months Ended September 30, 2020
 Refined ProductsCrude OilIntersegment
Eliminations
Total
Transportation and terminals revenue$914,887 $433,947 $(5,093)$1,343,741 
Product sales revenue461,701 20,141  481,842 
Affiliate management fee revenue4,676 11,219  15,895 
Total revenue1,381,264 465,307 (5,093)1,841,478 
Operating expenses327,866 139,645 (9,914)457,597 
Cost of product sales365,314