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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, 2021
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 November 1, 2021, there were 213,445,238 common units outstanding.




TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
 
ITEM 1.CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS:
1.
2.
Discontinued Operations and Assets Held for Sale
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
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:
 
changes in 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, including market and macro-economic disruptions resulting from pandemics and related governmental responses;
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 and increasing use 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 renewable fuels such as ethanol, biodiesel and renewable diesel, increased conservation or fuel efficiency, increased use of electric vehicles, as well as regulatory developments, technological 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 and storage of refined products and crude oil services we provide;
changes in supply and demand patterns for our facilities due to geopolitical events, the activities of the Organization of the Petroleum Exporting Countries (“OPEC”) and other non-OPEC oil producing countries with large production capacity, changes in U.S. trade policies or in laws governing the importing and exporting of petroleum products;
our ability to manage interest rate and commodity price exposures;
changes in our tariff rates or other terms of service required by the Federal Energy Regulatory Commission or state regulatory agencies;
shut-downs or cutbacks at refineries, oil fields, 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;
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 interpretation or increased assessments under existing forms of taxation;
our ability to identify expansion projects, accretive acquisitions and joint ventures with acceptable expected returns and to complete these projects on time and at projected costs;
our ability to successfully execute our capital allocation priorities including unit repurchases with acceptable expected returns;
the effect of changes in accounting policies and 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 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, 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 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,
 2020202120202021
Transportation and terminals revenue$459,940 $464,910 $1,305,217 $1,332,271 
Product sales revenue111,220 168,815 443,127 575,575 
Affiliate management fee revenue5,288 5,329 15,895 15,925 
Total revenue576,448 639,054 1,764,239 1,923,771 
Costs and expenses:
Operating157,716 146,556 446,102 422,907 
Cost of product sales89,375 145,855 364,916 488,614 
Depreciation, amortization and impairment68,439 61,401 183,226 168,304 
General and administrative37,497 46,632 115,480 148,671 
Total costs and expenses353,027 400,444 1,109,724 1,228,496 
Other operating income (expense)(2,863)2,591 539 4,033 
Earnings of non-controlled entities39,135 36,466 116,484 116,107 
Operating profit259,693 277,667 771,538 815,415 
Interest expense54,212 57,016 179,371 170,976 
Interest capitalized(1,272)(315)(10,451)(1,240)
Interest income(260)(138)(903)(439)
Gain on disposition of assets (3,231)(12,887)(72,933)
Other (income) expense1,455 2,224 3,708 18,111 
Income from continuing operations before provision for
    income taxes
205,558 222,111 612,700 700,940 
Provision for income taxes824 821 2,169 2,044 
Income from continuing operations204,734 221,290 610,531 698,896 
Income from discontinued operations6,904 15,309 22,514 39,438 
Net income$211,638 $236,599 $633,045 $738,334 
Basic and diluted income from continuing operations per
   common unit
$0.91 $1.01 $2.70 $3.15 
Basic and diluted income from discontinued operations per common unit0.03 0.07 0.10 0.18 
Basic and diluted net income per common unit$0.94 $1.08 $2.80 $3.33 
Weighted average number of common units outstanding used for basic net income per unit calculation
225,222 218,637 226,045 221,637 
Weighted average number of common units outstanding used for diluted net income per unit calculation
225,222 218,788 226,045 221,730 
    
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,
 2020202120202021
Net income$211,638 $236,599 $633,045 $738,334 
Other comprehensive income (loss):
Derivative activity:
Net loss on cash flow hedges  (10,444) 
Reclassification of net loss on cash flow hedges to income
896 887 2,552 2,662 
Changes in employee benefit plan assets and benefit obligations
    recognized in other comprehensive income:
Net actuarial gain (loss)  (333)10,801 
Curtailment gain  1,703  
Recognition of prior service credit amortization in income(46)(46)(136)(136)
Recognition of actuarial loss amortization in income1,473 1,433 4,462 4,536 
Recognition of settlement cost in income 1,300 969 2,751 
Total other comprehensive income (loss)2,323 3,574 (1,227)20,614 
Comprehensive income$213,961 $240,173 $631,818 $758,948 



























See notes to consolidated financial statements.
5



MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
December 31,
2020
September 30,
2021
ASSETS(Unaudited)
Current assets:
Cash and cash equivalents$13,036 $12,593 
Trade accounts receivable
103,568 134,281 
Other accounts receivable
37,075 33,735 
Inventory158,204 222,567 
Commodity derivatives contracts, net 4,469 
Commodity derivatives deposits34,165 47,609 
Assets held for sale15,059 299,304 
Other current assets44,086 44,738 
Total current assets405,193 799,296 
Property, plant and equipment7,943,760 8,021,353 
Less: accumulated depreciation1,956,926 2,088,990 
Net property, plant and equipment5,986,834 5,932,363 
Investments in non-controlled entities1,213,856 993,290 
Right-of-use asset, operating leases166,078 180,470 
Long-term receivables22,755 22,768 
Goodwill50,121 50,121 
Other intangibles (less accumulated amortization of $9,228 and $11,186 at December 31, 2020 and September 30, 2021, respectively)
44,925 42,967 
Restricted cash
9,411 7,847 
Noncurrent assets held for sale277,566  
Other noncurrent assets20,243 17,543 
Total assets$8,196,982 $8,046,665 
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities:
Accounts payable$97,988 $129,088 
Accrued payroll and benefits52,055 63,321 
Accrued interest payable58,998 49,992 
Accrued taxes other than income67,710 68,740 
Deferred revenue98,635 101,800 
Accrued product liabilities75,180 117,126 
Commodity derivatives contracts, net21,621 22,350 
Current portion of operating lease liability27,533 25,618 
Liabilities held for sale8,423 15,516 
Other current liabilities50,431 63,741 
Total current liabilities558,574 657,292 
Long-term debt, net4,978,691 5,103,226 
Long-term operating lease liability137,483 151,650 
Long-term pension and benefits163,776 151,922 
Long-term liabilities held for sale1,508  
Other noncurrent liabilities53,144 68,622 
Commitments and contingencies
Partners’ capital:
Common unitholders (223,120 units and 213,445 units outstanding at December 31, 2020 and September 30, 2021, respectively)
2,486,996 2,076,529 
Accumulated other comprehensive loss(183,190)(162,576)
Total partners’ capital2,303,806 1,913,953 
Total liabilities and partners’ capital$8,196,982 $8,046,665 
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,
 20202021
Operating Activities:
Net income$633,045 $738,334 
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations(22,514)(39,438)
Depreciation, amortization and impairment expense183,226 168,304 
Gain on disposition of assets(13,330)(72,933)
Earnings of non-controlled entities(116,484)(116,107)
Distributions from operations of non-controlled entities152,645 140,616 
Equity-based incentive compensation expense5,580 15,686 
Settlement cost, amortization of prior service credit and actuarial loss3,953 7,151 
Debt extinguishment costs12,893  
Changes in operating assets and liabilities:
Trade accounts receivable and other accounts receivable8,954 (24,245)
Inventory49,802 (64,363)
Accounts payable9,056 23,405 
Accrued payroll and benefits(34,239)11,266 
Accrued interest payable(14,775)(9,006)
Accrued product liabilities(8,352)41,946 
Deferred revenue(17,342)3,165 
Other current and noncurrent assets and liabilities(23,523)17,206 
Net cash provided by operating activities of continuing operations808,595 840,987 
Net cash provided by operating activities of discontinued operations31,510 38,090 
Net cash provided by operating activities840,105 879,077 
Investing Activities:
Additions to property, plant and equipment, net(1)
(357,093)(106,458)
Proceeds from sale and disposition of assets334,583 271,964 
Investments in non-controlled entities(73,678)(5,616)
Net cash provided (used) by investing activities of continuing operations (96,188)159,890 
Net cash provided (used) by investing activities of discontinued operations(14,077)254 
Net cash provided (used) by investing activities(110,265)160,144 
Financing Activities:
Distributions paid(697,264)(685,018)
Repurchases of common units(251,950)(473,059)
Net commercial paper borrowings248,000 123,000 
Borrowings under long-term notes499,400  
Payments on notes(550,000) 
Debt placement costs(4,255) 
Net payment on financial derivatives(10,444) 
Payments associated with settlement of equity-based incentive compensation(14,700)(6,151)
Debt extinguishment costs(12,893) 
Net cash used by financing activities(794,106)(1,041,228)
Change in cash, cash equivalents and restricted cash(64,266)(2,007)
Cash, cash equivalents and restricted cash at beginning of period84,599 22,447 
Cash, cash equivalents and restricted cash at end of period$20,333 $20,440 
Supplemental non-cash investing activities:
(1) Additions to property, plant and equipment
$(304,321)$(110,505)
 Changes in accounts payable and other current liabilities related to capital expenditures(52,772)4,047 
 Additions to property, plant and equipment, net$(357,093)$(106,458)
See notes to consolidated financial statements.
7



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

Common Unitholders Accumulated Other Comprehensive LossTotal Partners’ Capital
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 
Balance, July 1, 2021$2,451,939 $(166,150)$2,285,789 
Comprehensive income:
Net income236,599 — 236,599 
Total other comprehensive income— 3,574 3,574 
Total comprehensive income236,599 3,574 240,173 
Distributions(226,633)— (226,633)
Equity-based incentive compensation expense5,626 — 5,626 
Repurchases of common units(390,735)— (390,735)
Other(267)— (267)
Three Months Ended September 30, 2021$2,076,529 $(162,576)$1,913,953 
8



MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL (Continued)
(Unaudited, in thousands)
Common Unitholders Accumulated Other Comprehensive LossTotal Partners’ Capital
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 common units in settlement of equity-based incentive plan awards600 — 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 
Balance, January 1, 2021$2,486,996 $(183,190)$2,303,806 
Comprehensive income:
Net income738,334 — 738,334 
Total other comprehensive income— 20,614 20,614 
Total comprehensive income738,334 20,614 758,948 
Distributions(685,018)— (685,018)
Equity-based incentive compensation expense15,686 — 15,686 
Repurchases of common units(473,059)— (473,059)
Issuance of common units in settlement of equity-based incentive plan awards520 — 520 
Payments associated with settlement of equity-based incentive compensation(6,151)— (6,151)
Other(779)— (779)
Nine Months Ended September 30, 2021$2,076,529 $(162,576)$1,913,953 











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.

Description of Business

We are principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil.  As of September 30, 2021, our asset portfolio, excluding assets associated with discontinued operations, consisted of:

our refined products segment, comprised of our approximately 9,800-mile refined petroleum products pipeline system with 54 connected terminals 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 27 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 24 million barrels used for contract storage) are wholly-owned, with the remainder owned through joint ventures.

The following terms are commonly used in our industry to describe products that we transport, store, distribute or otherwise handle through our petroleum 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 also referred to as distillates;

transmix is a mixture that forms when different refined products are 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;

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;

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

renewable fuels, such as ethanol, biodiesel and renewable diesel, 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.
10






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


 
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, 2020, 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, 2021, the results of operations for the three and nine months ended September 30, 2020 and 2021 and cash flows for the nine months ended September 30, 2020 and 2021. The results of operations for the nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 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. 

Pursuant to the rules and regulations of the Securities and Exchange Commission, the financial statements in
this report have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.

Discontinued Operations

In June 2021, we entered into an agreement to sell our independent terminals network comprised of 26 refined petroleum products terminals with approximately six million barrels of storage located primarily in the southeastern United States. The sale is expected to close upon the receipt of required regulatory approvals. The related results of operations, financial position and cash flows have been classified as discontinued operations for all periods presented. See Note 2 - Discontinued Operations and Assets Held for Sale for further details.

Unless indicated otherwise, the information in the Notes to Consolidated Financial Statements relates to continuing operations.

Reclassifications

Certain prior period amounts have been reclassified to conform with the current period’s presentation, including amounts related to our discontinued operations.

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

11






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


New Accounting Pronouncements

We evaluate Accounting Standards Updates issued by the Financial Accounting Standards Board on an ongoing basis. There are no new accounting pronouncements that we anticipate will have a material impact on our financial statements.

2.Discontinued Operations and Assets Held for Sale
On June 10, 2021, we announced an agreement to sell our independent terminals network comprised of 26 refined petroleum products terminals with approximately six million barrels of storage located primarily in the southeastern U.S. to Buckeye Partners, L.P. (“Buckeye”) for $435 million. The sale is expected to close upon the receipt of required regulatory approvals. The related results of operations, which were previously included in our refined products segment, have been classified as discontinued operations.

Summarized Results of Discontinued Operations

The following table provides the summarized results that have been reclassified from continuing operations to discontinued operations on the consolidated statements of income (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2020202120202021
Transportation and terminals revenue$13,591 $13,119 $38,524 $39,946 
Product sales revenue8,225 14,550 38,715 59,141 
Total revenue21,816 27,669 77,239 99,087 
Costs and expenses:
Operating4,266 2,814 11,495 10,070 
Cost of product sales6,744 8,846 30,948 40,620 
Depreciation, amortization and impairment3,383 57 10,670 7,059 
General and administrative519 643 1,612 1,900 
Total costs and expenses14,912 12,360 54,725 59,649 
Income from discontinued operations$6,904 $15,309 $22,514 $39,438 
12






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


Summarized Assets and Liabilities of Discontinued Operations

The following table provides the summarized assets and liabilities classified as held for sale on the consolidated balance sheets (in thousands):
December 31, 2020September 30,
2021
Assets:
Trade accounts receivable$5,568 $7,013 
Inventory9,185 12,641 
Net property, plant and equipment274,857 269,468 
Goodwill2,709 2,709 
Other assets306 7,473 
Total assets classified as held for sale$292,625 $299,304 
Liabilities:
Accounts payable$2,034 $4,087 
Accrued product liabilities3,986 7,123 
Other liabilities3,911 4,306 
Total liabilities classified as held for sale$9,931 $15,516 

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


 Three Months Ended September 30, 2020
 Refined ProductsCrude OilIntersegment
Eliminations
Total
Transportation and terminals revenue$307,218 $154,652 $(1,930)$459,940 
Product sales revenue106,027 5,193  111,220 
Affiliate management fee revenue1,579 3,709  5,288 
Total revenue414,824 163,554 (1,930)576,448