DEI_Document
DEI Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 |
Document Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'NuStar Energy L.P. | ' | ' |
Entity Central Index Key | '0001110805 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'ns | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 77,886,078 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $3,086 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $100,743 | $83,602 |
Accounts receivable, net of allowance for doubtful accounts of $1,224 and $808 as of December 31, 2013 and 2012, respectively | 281,310 | 387,943 |
Receivable from related parties | 51,084 | 109,833 |
Inventories | 138,147 | 173,228 |
Income tax receivable | 826 | 1,265 |
Other current assets | 39,452 | 65,238 |
Assets held for sale | 21,987 | 118,334 |
Total current assets | 633,549 | 939,443 |
Property, plant and equipment, at cost | 4,500,837 | 4,287,859 |
Accumulated depreciation and amortization | -1,190,184 | -1,049,399 |
Property, plant and equipment, net | 3,310,653 | 3,238,460 |
Intangible assets, net | 71,249 | 92,435 |
Goodwill | 617,429 | 951,024 |
Investment in joint ventures | 68,735 | 102,945 |
Deferred income tax asset | 5,769 | 3,108 |
Note receivable from related party, net | 165,440 | 95,711 |
Other long-term assets, net | 159,362 | 189,963 |
Total assets | 5,032,186 | 5,613,089 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 0 | 286,422 |
Accounts payable | 298,751 | 397,633 |
Payable to related party | 8,325 | 1,408 |
Accrued interest payable | 33,113 | 23,741 |
Accrued liabilities | 38,632 | 124,203 |
Taxes other than income tax | 9,745 | 9,893 |
Income tax payable | 4,006 | 2,671 |
Total current liabilities | 392,572 | 845,971 |
Long-term debt, less current portion | 2,655,553 | 2,124,582 |
Long-term payable to related party | 41,139 | 18,071 |
Deferred income tax liability | 27,350 | 32,114 |
Other long-term liabilities | 11,778 | 7,356 |
Commitments and contingencies (Note 16) | ' | ' |
Partners' equity: | ' | ' |
Limited partners (77,886,078 common units outstanding as of December 31, 2013 and 2012) | 1,921,726 | 2,573,263 |
General partner | 43,804 | 57,986 |
Accumulated other comprehensive (loss) income | -63,394 | -58,865 |
Total NuStar Energy L.P. partners' equity | 1,902,136 | 2,572,384 |
Noncontrolling interest | 1,658 | 12,611 |
Total partners’ equity | 1,903,794 | 2,584,995 |
Total liabilities and partners' equity | $5,032,186 | $5,613,089 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $1,224 | $808 |
Limited Partners' Capital Account, Units Outstanding | 77,886,078 | 77,886,078 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Service revenues | $938,138 | $870,157 | $820,623 |
Product sales | 2,525,594 | 5,075,579 | 5,437,006 |
Total revenues | 3,463,732 | 5,945,736 | 6,257,629 |
Costs and expenses: | ' | ' | ' |
Cost of product sales | 2,453,997 | 4,930,174 | 5,175,710 |
Operating expenses: | ' | ' | ' |
Third parties | 331,719 | 392,491 | 367,889 |
Related party | 122,677 | 133,654 | 138,324 |
Total operating expenses | 454,396 | 526,145 | 506,213 |
General and administrative expenses: | ' | ' | ' |
Third parties | 32,484 | 42,266 | 36,830 |
Related party | 58,602 | 62,490 | 66,220 |
Total general and administrative expenses | 91,086 | 104,756 | 103,050 |
Depreciation and amortization expense | 178,921 | 159,789 | 161,773 |
Goodwill impairment loss | 304,453 | 22,132 | 0 |
Asset impairment loss | 0 | 249,646 | 0 |
Gain on legal settlement | 0 | -28,738 | 0 |
Total costs and expenses | 3,482,853 | 5,963,904 | 5,946,746 |
Operating (loss) income | -19,121 | -18,168 | 310,883 |
Equity in (loss) earnings of joint ventures | -39,970 | -9,378 | 11,458 |
Interest expense, net | -127,119 | -90,535 | -81,539 |
Interest income related party | 6,113 | 1,219 | 0 |
Other income (expense), net | 7,341 | -24,689 | -3,573 |
Income (loss) from continuing operations before income tax expense | -172,756 | -141,551 | 237,229 |
Income tax expense | 12,753 | 24,450 | 18,555 |
Income (loss) from continuing operations | -185,509 | -166,001 | 218,674 |
Income (loss) from discontinued operations, net of tax | -99,162 | -61,236 | 2,927 |
Net income (loss) | -284,671 | -227,237 | 221,601 |
Less net income (loss) attributable to noncontrolling interest | -10,901 | -621 | 140 |
Net income (loss) attributable to NuStar Energy L.P. | ($273,770) | ($226,616) | $221,461 |
Net income (loss) per unit applicable to limited partners: | ' | ' | ' |
Continuing operations | ($2.89) | ($2.79) | $2.74 |
Discontinued operations | ($1.11) | ($0.82) | $0.04 |
Total (Note 23) | ($4) | ($3.61) | $2.78 |
Weighted-average limited partner units outstanding | 77,886,078 | 72,957,417 | 65,018,301 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | ($375,280) | $33,236 | $32,969 | $24,404 | ($11,023) | $4,342 | ($246,810) | $26,254 | ($284,671) | ($227,237) | $221,601 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment, net of income tax expense of $0, $414 and $458 | ' | ' | ' | ' | ' | ' | ' | ' | -19,364 | 10,677 | -18,431 |
Net unrealized gain (loss) on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 7,213 | -94,269 | -53,452 |
Net loss (gain) reclassified into income on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 7,570 | 53,232 | -5,030 |
Total other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | -4,581 | -30,360 | -76,913 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -289,252 | -257,597 | 144,688 |
Less comprehensive income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -10,953 | 477 | -2,866 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | ($278,299) | ($258,074) | $147,554 |
CONSOIDATED_STATEMENTS_OF_COMP
CONSOIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | $0 | $414 | $458 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income (loss) | ($284,671) | ($227,237) | $221,601 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization expense | 184,363 | 170,651 | 168,286 |
Amortization of debt related items | 4,329 | -7,016 | -12,392 |
Loss (gain) on sale or disposition of assets | -7,829 | 26,902 | -262 |
Asset and goodwill impairment loss | 406,982 | 271,778 | 0 |
Gain on legal settlement | 0 | -28,738 | 0 |
Deferred income tax (benefit) expense | -6,739 | 1,542 | 4,351 |
Equity in (earnings) loss of joint ventures | 39,970 | 9,378 | -11,458 |
Distributions of equity in earnings of joint ventures | 7,956 | 6,364 | 14,374 |
Changes in current assets and current liabilities (Note 24) | 112,776 | 90,247 | -265,453 |
Other, net | 28,082 | -14,668 | -24,579 |
Net cash provided by operating activities | 485,219 | 299,203 | 94,468 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures | -343,320 | -410,595 | -335,660 |
Change in accounts payable related to capital expenditures | -5,384 | 0 | 0 |
Acquisitions | 0 | -315,810 | -100,690 |
Investment in other long-term assets | 0 | -2,610 | -8,990 |
Proceeds from sale or disposition of assets | 119,006 | 478,926 | 2,086 |
Increase in note receivable from related party | -80,961 | -95,711 | 0 |
Other, net | -302 | 0 | 0 |
Net cash used in investing activities | -310,961 | -345,800 | -443,254 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from long-term debt borrowings | 1,738,451 | 2,549,145 | 915,749 |
Proceeds from short-term debt borrowings | 0 | 71,880 | 33,800 |
Proceeds from note offering, net of issuance costs | 686,863 | 247,398 | 0 |
Long-term debt repayments | -2,150,743 | -2,648,475 | -768,150 |
Short-term debt repayments | 0 | -71,880 | -33,800 |
Proceeds from issuance of common units, net of issuance costs | 0 | 336,415 | 317,285 |
Contributions from general partner | 0 | 7,121 | 6,708 |
Distributions to unitholders and general partner | -392,204 | -365,279 | -322,046 |
(Payments for) proceeds from termination of interest rate swaps | -33,697 | -5,678 | 33,433 |
Other, net | 1,980 | -9,978 | 3,742 |
Net cash provided by (used in) financing activities | -149,350 | 110,669 | 186,721 |
Effect of foreign exchange rate changes on cash | -7,767 | 2,033 | -1,559 |
Net increase (decrease) in cash and cash equivalents | 17,141 | 66,105 | -163,624 |
Cash and cash equivalents as of the beginning of the period | 83,602 | 17,497 | 181,121 |
Cash and cash equivalents as of the end of the period | $100,743 | $83,602 | $17,497 |
CONSOLIDATED_STATEMENTS_OF_PAR
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (USD $) | Total | Limited Partners | General Partner | Accumulated Other Comprehensive Income (Loss) | NuStar Energy L.P. Partners' Equity | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | ||||||
Partners' equity at Dec. 31, 2010 | $2,702,700 | $2,598,873 | $57,327 | $46,500 | $2,702,700 | $0 |
Limited partner units at Dec. 31, 2010 | ' | 64,610,549 | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' |
Acquisition | 15,000 | 0 | 0 | 0 | 0 | 15,000 |
Net income (loss) | 221,601 | 181,439 | 40,022 | 0 | 221,461 | 140 |
Other comprehensive income (loss) | -76,913 | 0 | 0 | -73,907 | -73,907 | -3,006 |
Cash distributions to partners | -322,046 | -280,528 | -41,518 | 0 | -322,046 | 0 |
Issuance of common units, including contribution from general partner | 323,993 | 317,285 | 6,708 | 0 | 323,993 | 0 |
Issuance of common units, in units | ' | 6,145,529 | ' | ' | ' | ' |
Partners’ equity at Dec. 31, 2011 | 2,864,335 | 2,817,069 | 62,539 | -27,407 | 2,852,201 | 12,134 |
Limited partner units at Dec. 31, 2011 | ' | 70,756,078 | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income (loss) | -227,237 | -262,502 | 35,886 | 0 | -226,616 | -621 |
Other comprehensive income (loss) | -30,360 | 0 | 0 | -31,458 | -31,458 | 1,098 |
Cash distributions to partners | -365,279 | -317,719 | -47,560 | 0 | -365,279 | 0 |
Issuance of common units, including contribution from general partner | 343,860 | 336,739 | 7,121 | 0 | 343,860 | 0 |
Issuance of common units, in units | ' | 7,130,000 | ' | ' | ' | ' |
Other | -324 | -324 | 0 | 0 | -324 | 0 |
Partners’ equity at Dec. 31, 2012 | 2,584,995 | 2,573,263 | 57,986 | -58,865 | 2,572,384 | 12,611 |
Limited partner units at Dec. 31, 2012 | ' | 77,886,078 | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income (loss) | -284,671 | -310,652 | 36,882 | 0 | -273,770 | -10,901 |
Other comprehensive income (loss) | -4,581 | 0 | 0 | -4,529 | -4,529 | -52 |
Cash distributions to partners | -392,204 | -341,140 | -51,064 | 0 | -392,204 | 0 |
Other | 255 | 255 | 0 | 0 | 255 | 0 |
Partners’ equity at Dec. 31, 2013 | $1,903,794 | $1,921,726 | $43,804 | ($63,394) | $1,902,136 | $1,658 |
Limited partner units at Dec. 31, 2013 | ' | 77,886,078 | ' | ' | ' | ' |
ORGANIZATION_AND_OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
ORGANIZATION AND OPERATIONS | ' |
ORGANIZATION AND OPERATIONS | |
Organization | |
NuStar Energy L.P. (NuStar Energy) (NYSE: NS) is engaged in the terminalling and storage of petroleum products, the transportation of petroleum products and anhydrous ammonia, and the marketing of petroleum products. Unless otherwise indicated, the terms “NuStar Energy L.P.,” “the Partnership,” “we,” “our” and “us” are used in this report to refer to NuStar Energy L.P., to one or more of our consolidated subsidiaries or to all of them taken as a whole. NuStar GP Holdings, LLC (NuStar GP Holdings) (NYSE: NSH) owns our general partner, Riverwalk Logistics, L.P., and owns a 14.9% total interest in us as of December 31, 2013. | |
Operations | |
We conduct our operations through our subsidiaries, primarily NuStar Logistics, L.P. (NuStar Logistics) and NuStar Pipeline Operating Partnership L.P. (NuPOP). We have three business segments: storage, pipeline and fuels marketing. | |
Storage. We own terminal and storage facilities in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, the United Kingdom and Turkey providing approximately 84.8 million barrels of storage capacity. Our terminals and storage facilities provide storage and handling services on a fee basis for petroleum products, specialty chemicals and other liquids, including crude oil and other feedstocks. | |
Pipeline. We own common carrier refined product pipelines in Texas, Oklahoma, Colorado, New Mexico, Kansas, Nebraska, Iowa, South Dakota, North Dakota and Minnesota covering approximately 5,463 miles, consisting of the Central West System, the East Pipeline and the North Pipeline. The East and North Pipelines also include 21 terminals providing storage capacity of 4.9 million barrels, and the East Pipeline includes two tank farms providing storage capacity of 1.4 million barrels. In addition, we own a 2,000 mile anhydrous ammonia pipeline located in Louisiana, Arkansas, Missouri, Illinois, Indiana, Iowa and Nebraska. We also own 1,180 miles of crude oil pipelines in Texas, Oklahoma, Kansas, Colorado and Illinois, as well as associated crude oil terminal and storage facilities providing storage capacity of 3.4 million barrels in Texas and Oklahoma that are located along the crude oil pipelines. We charge tariffs on a per barrel basis for transporting refined products, crude oil and other feedstocks in our refined product and crude oil pipelines and on a per ton basis for transporting anhydrous ammonia in our ammonia pipeline. | |
Fuels Marketing. In 2013, we changed the name of the “Asphalt and Fuels Marketing” segment to the “Fuels Marketing” segment since this name more accurately reflects the operations that remain after our deconsolidation of NuStar Asphalt LLC in 2012 and the sale of our fuels refinery in San Antonio, Texas (the San Antonio Refinery) on January 1, 2013. Within our fuels marketing operations, we purchase crude oil and refined petroleum products for resale. | |
Our fuels marketing segment includes our fuels marketing operations and, through September 28, 2012, our asphalt operations. On September 28, 2012, we sold a 50% ownership interest in NuStar Asphalt LLC, previously a wholly owned subsidiary, and started reporting our remaining investment using the equity method of accounting. Therefore, the results of our asphalt operations are reported in “Equity in (loss) earnings of joint ventures” in the consolidated statements of income beginning on September 28, 2012. In addition, we have presented the results of operations for the San Antonio Refinery and related assets, previously reported in the fuels marketing and pipeline segments, as discontinued operations for all periods presented. See Note 5 for additional discussion. | |
The activities of the fuels marketing segment expose us to the risk of fluctuations in commodity prices, which has a direct impact on the segment’s results of operations. We enter into derivative contracts to attempt to mitigate the effect of commodity price fluctuations. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Consolidation | ||
The accompanying consolidated financial statements represent the consolidated operations of the Partnership and our subsidiaries. Noncontrolling interests are separately disclosed on the financial statements. Inter-partnership balances and transactions have been eliminated in consolidation. The operations of certain pipelines and terminals in which we own an undivided interest are proportionately consolidated in the accompanying consolidated financial statements. | ||
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, management reviews their estimates based on currently available information. Management may revise estimates due to changes in facts and circumstances. | ||
Cash and Cash Equivalents | ||
Cash equivalents are all highly liquid investments with an original maturity of three months or less when acquired. | ||
Restricted Cash | ||
Restricted cash is cash held in escrow restricted to use under certain contractual obligations. Restricted cash is included in “Other current assets” in the consolidated balance sheets. | ||
Accounts Receivable | ||
Accounts receivable represent valid claims against non-affiliated customers for products sold or services rendered. We extend credit terms to certain customers after review of various credit indicators, including the customer’s credit rating. Outstanding customer receivable balances are regularly reviewed for possible non-payment indicators and allowances for doubtful accounts are recorded based upon management’s estimate of collectability at the time of their review. | ||
Inventories | ||
Inventories consist of crude oil, refined petroleum products, and materials and supplies. Inventories, except those associated with a qualifying fair value hedge, are valued at the lower of cost or market. Cost is determined using the weighted-average cost method. Our inventory, other than materials and supplies, consists of one end-product category, petroleum products, which we include in the fuels marketing segment. Accordingly, we determine lower of cost or market adjustments on an aggregate basis. Inventories associated with qualifying fair value hedges are valued at current market prices. Materials and supplies are valued at the lower of average cost or market. | ||
Property, Plant and Equipment | ||
We record additions to property, plant and equipment, including reliability and strategic capital expenditures, at cost. | ||
Reliability capital expenditures are capital expenditures to replace partially or fully depreciated assets to maintain the existing operating capacity of existing assets and extend their useful lives. Strategic capital expenditures are capital expenditures to expand or upgrade the operating capacity, increase efficiency or increase the earnings potential of existing assets, whether through construction or acquisition, along with certain capital expenditures related to support functions. Repair and maintenance costs associated with existing assets that are minor in nature and do not extend the useful life of existing assets are charged to operating expenses as incurred. | ||
Depreciation of property, plant and equipment is recorded on a straight-line basis over the estimated useful lives of the related assets. Gains or losses on sales or other dispositions of property are recorded in income and are reported in “Other income (expense), net” in the consolidated statements of income. When property or equipment is retired or otherwise disposed of, the difference between the carrying value and the net proceeds is recognized in the year retired. | ||
Goodwill and Intangible Assets | ||
Goodwill acquired in a business combination is not amortized. Instead, we assess goodwill for impairment annually on October 1, or more frequently if events or changes in circumstances indicate it might be impaired. We first assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. As of October 1, 2012 and 2011, based on our review of the qualitative factors present, we determined that a quantitative goodwill impairment test was not necessary, and no goodwill impairment had occurred. We performed a quantitative goodwill impairment test as of October 1, 2013. | ||
We calculate the estimated fair value of each of our reporting units using a weighted-average of values calculated using an income approach and a market approach. The income approach involved estimating the fair value of each reporting unit by discounting its estimated future cash flows using a discount rate, consistent with a market participant’s assumption. The market approach bases the fair value measurement on information obtained from observed stock prices of public companies and recent merger and acquisition transaction data of comparable entities. | ||
Our reporting units to which goodwill has been allocated consist of the following: | ||
• | crude oil pipelines; | |
• | refined product pipelines; | |
• | refined product terminals, excluding our St. Eustatius and Point Tupper facilities; | |
• | St. Eustatius and Point Tupper terminal operations (Statia Terminals); and | |
• | bunkering activity at our St. Eustatius and Point Tupper facilities. | |
The quantitative impairment test for goodwill consists of a two-step process. Step 1 compares the fair value of the reporting unit to its carrying value including goodwill. The carrying value of each reporting unit equals the total identified assets (including goodwill) less the sum of each reporting unit’s identified current and long term liabilities. We used reasonable and supportable methods to assign the assets and liabilities to the appropriate reporting units in a consistent manner. If the carrying value exceeds fair value, there is a potential impairment and Step 2 must be performed to determine the amount of goodwill impairment. Step 2 compares the carrying value of the reporting unit’s goodwill to its implied fair value using a hypothetical allocation of the reporting unit’s fair value. If the goodwill carrying value exceeds its implied fair value, the excess is reported as impairment. See Note 6 for a discussion of the goodwill impairment recognized in 2013. | ||
Intangible assets are recorded at cost and are assets that lack physical substance (excluding financial assets). Our intangible assets are amortized on a straight-line basis over 10 to 47 years. | ||
Investment in Joint Ventures | ||
We account for our investment in the joint ventures using the equity method of accounting. We report our ownership interest in our equity method investments within “Investment in joint ventures” on the consolidated balance sheet and our portion of the results of operations for our equity method investments in “Equity in (loss) earnings of joint ventures” in the statements of income (loss). See Note 12 for a discussion of our investments in NuStar Asphalt LLC and St Linden Terminals, LLC. | ||
Note Receivable from Related Party | ||
The note receivable from related party consists of the amounts due to us from Asphalt JV under a $250.0 million unsecured revolving credit facility. The note receivable is recorded at the outstanding principal amount, adjusted for equity losses from our investment in Asphalt JV that exceeded the carrying value of our investment in Asphalt JV, and for the fair value of guarantees issued under the NuStar JV Facility. We recognize interest income ratably over the term of the facility in “Interest income from related party” on the consolidated statements of income. See Note 19 for additional information on our agreements with Asphalt JV. | ||
Other Long-Term Assets | ||
“Other long-term assets, net” primarily include the following: | ||
• | funds deposited with a trustee related to revenue bonds issued by the Parish of St. James associated with our St. James terminal expansion (see Note 14 for additional information on the Gulf Opportunity Zone Revenue Bonds); | |
• | ammonia pipeline linefill and tank heel inventory; | |
• | deferred financing costs amortized over the life of the related debt obligation using the effective interest method; and | |
• | long-term derivative assets. | |
Impairment of Long-Lived Assets | ||
We review long-lived assets, including property, plant and equipment and investment in joint ventures, for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We evaluate recoverability using undiscounted estimated net cash flows generated by the related asset or asset group. If the results of that evaluation indicate that the undiscounted cash flows are less than the carrying amount of the asset (i.e, the asset is not recoverable) we perform an impairment analysis. If our intent is to hold the asset for continued use, we determine the amount of impairment as the amount by which the net carrying value exceeds its fair value. If our intent is to sell the asset, and the criteria required to classify an asset as held for sale are met, we determine the amount of impairment as the amount by which the net carrying amount exceeds its fair value less costs to sell. We believe that the carrying amounts of our long-lived assets as of December 31, 2013 are recoverable. See Note 5 for a discussion of impairments of long-lived assets. | ||
Taxes Other than Income Taxes | ||
Taxes other than income taxes include liabilities for ad valorem taxes, franchise taxes, sales and use taxes, excise fees and taxes and value added taxes. | ||
Income Taxes | ||
We are a limited partnership and generally are not subject to federal or state income taxes. Accordingly, our taxable income or loss, which may vary substantially from income or loss reported for financial reporting purposes, is generally included in the federal and state income tax returns of our partners. For transfers of publicly held units subsequent to our initial public offering, we have made an election permitted by Section 754 of the Internal Revenue Code (the Code) to adjust the common unit purchaser’s tax basis in our underlying assets to reflect the purchase price of the units. This results in an allocation of taxable income and expenses to the purchaser of the common units, including depreciation deductions and gains and losses on sales of assets, based upon the new unitholder’s purchase price for the common units. | ||
We conduct certain of our operations through taxable wholly owned corporate subsidiaries. We account for income taxes related to our taxable subsidiaries using the asset and liability method. Under this method, we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred taxes using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. | ||
We recognize a tax position if it is more-likely-than-not that the tax position will be sustained, based on the technical merits of the position, upon examination. We record uncertain tax positions in the financial statements at the largest amount of benefit that is more-likely-than-not to be realized. We had no unrecognized tax benefits as of December 31, 2013 and 2012. | ||
NuStar Energy and certain of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. For U.S. federal and state purposes, tax years subject to examination are 2009 through 2013 and for our major non-U.S. jurisdictions, tax years subject to examination are 2009 through 2013, both according to standard statute of limitations. NuStar has waived the statute of limitations for limited items for the tax years 2006 and 2007 as a result of an income tax audit in Canada that is currently being appealed in the Tax Court of Canada. | ||
Asset Retirement Obligations | ||
We record a liability for asset retirement obligations at the fair value of the estimated costs to retire a tangible long-lived asset at the time we incur that liability, which is generally when the asset is purchased, constructed or leased, when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the obligation can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the fair value. | ||
We have asset retirement obligations with respect to certain of our assets due to various legal obligations to clean and/or dispose of those assets at the time they are retired. However, these assets can be used for an extended and indeterminate period of time as long as they are properly maintained and/or upgraded. It is our practice and current intent to maintain our assets and continue making improvements to those assets based on technological advances. As a result, we believe that our assets have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire these assets cannot reasonably be estimated at this time. When a date or range of dates can reasonably be estimated for the retirement of any asset, we estimate the costs of performing the retirement activities and record a liability for the fair value of these costs. | ||
We also have legal obligations in the form of leases and right-of-way agreements, which require us to remove certain of our assets upon termination of the agreement. However, these lease or right-of-way agreements generally contain automatic renewal provisions that extend our rights indefinitely or we have other legal means available to extend our rights. We have recorded a liability of approximately $0.6 million as of December 31, 2013 and 2012, which is included in “Other long-term liabilities” in the consolidated balance sheets, for conditional asset retirement obligations related to the retirement of terminal assets with lease and right-of-way agreements. | ||
Environmental Remediation Costs | ||
Environmental remediation costs are expensed and an associated accrual established when site restoration and environmental remediation and cleanup obligations are either known or considered probable and can be reasonably estimated. These environmental obligations are based on estimates of probable undiscounted future costs over a 20-year time period using currently available technology and applying current regulations, as well as our own internal environmental policies. The environmental liabilities have not been reduced by possible recoveries from third parties. Environmental costs include initial site surveys, costs for remediation and restoration and ongoing monitoring costs, as well as fines, damages and other costs, when estimable. Adjustments to initial estimates are recorded, from time to time, to reflect changing circumstances and estimates based upon additional information developed in subsequent periods. | ||
Product Imbalances | ||
We incur product imbalances as a result of variances in pipeline meter readings and volume fluctuations within the East Pipeline system due to pressure and temperature changes. We use quoted market prices as of the reporting date to value our assets and liabilities related to product imbalances. Product imbalance liabilities are included in “Accrued liabilities” and product imbalance assets are included in “Other current assets” in the consolidated balance sheets. | ||
Revenue Recognition | ||
Revenues for the storage segment include fees for tank storage agreements, whereby a customer agrees to pay for a certain amount of storage in a tank over a period of time (storage lease revenues), and throughput agreements, whereby a customer pays a fee per barrel for volumes moving through our terminals and tanks (throughput revenues). Our terminals also provide blending, handling and filtering services. Our facilities at Point Tupper and St. Eustatius charge fees to provide ancillary services such as pilotage, tug assistance, line handling, launch service, emergency response services and other ship services. Storage lease revenues are recognized when services are provided to the customer. Throughput revenues are recognized as refined products are received in or delivered out of our terminal and as crude oil and certain other refinery feedstocks are received by the related refinery. Revenues for ancillary services are recognized as those services are provided. | ||
Revenues for the pipeline segment are derived from interstate and intrastate pipeline transportation of refined product, crude oil and anhydrous ammonia. Transportation revenues (based on pipeline tariffs) are recognized as the refined product, crude oil or anhydrous ammonia is delivered out of the pipelines. | ||
Revenues from the sale of petroleum products, which are included in our fuels marketing segment, are recognized when product is delivered to the customer and title and risk pass to the customer. Additionally, the revenues of our fuels marketing segment include the mark-to-market impact of certain derivative instruments that are part of our limited trading program. | ||
We collect taxes on certain revenue transactions to be remitted to governmental authorities, which may include sales, use, value added and some excise taxes. These taxes are not included in revenue. | ||
Income Allocation | ||
Our net income for each quarterly reporting period is first allocated to the general partner in an amount equal to the general partner’s incentive distribution calculated based upon the declared distribution for the respective reporting period. We allocate the remaining net income among the limited and general partners in accordance with their respective 98% and 2% interests. | ||
Net Income per Unit Applicable to Limited Partners | ||
We have identified the general partner interest and incentive distribution rights (IDR) as participating securities and use the two-class method when calculating the net income per unit applicable to limited partners, which is based on the weighted-average number of common units outstanding during the period. Basic and diluted net income per unit applicable to limited partners are the same as we have no potentially dilutive securities outstanding. | ||
Comprehensive Income | ||
Comprehensive income consists of net income and other gains and losses affecting partners’ equity that are excluded from net income, such as foreign currency translation adjustments and mark-to-market adjustments on derivative instruments designated and qualifying as cash flow hedges. | ||
Derivative Financial Instruments | ||
We formally document all relationships between hedging instruments and hedged items. This process includes identification of the hedging instrument and the hedged transaction, the nature of the risk being hedged and how the hedging instrument’s effectiveness will be assessed. To qualify for hedge accounting, at inception of the hedge we assess whether the derivative instruments that are used in our hedging transactions are expected to be highly effective in offsetting changes in cash flows or the fair value of the hedged items. Throughout the designated hedge period and at least quarterly, we assess whether the derivative instruments are highly effective and continue to qualify for hedge accounting. To assess the effectiveness of the hedging relationship both prospectively and retrospectively, we use regression analysis to calculate the correlation of the changes in the fair values of the derivative instrument and related hedged item. | ||
We record commodity derivative instruments in the consolidated balance sheets at fair value. We recognize mark-to-market adjustments for derivative instruments designated and qualifying as fair value hedges (Fair Value Hedges) and the related change in the fair value of the associated hedged physical inventory or firm commitment within “Cost of product sales.” For derivative instruments designated and qualifying as cash flow hedges (Cash Flow Hedges), we record the effective portion of mark-to-market adjustments as a component of “Accumulated other comprehensive income” (AOCI) until the underlying hedged forecasted transactions occur and are recognized in income. Any hedge ineffectiveness is recognized immediately in “Cost of product sales.” Once a hedged transaction occurs, we reclassify the effective portion from AOCI to “Cost of product sales.” If it becomes probable that a hedged transaction will not occur, then the associated gains or losses are reclassified from AOCI to “Cost of product sales” immediately. For derivative instruments that have associated underlying physical inventory but do not qualify for hedge accounting (Economic Hedges and Other Derivatives), we record the mark-to-market adjustments in “Cost of product sales” or “Operating expenses.” | ||
We were a party to forward-starting interest rate swap agreements for the purpose of hedging the interest rate risk associated with forecasted probable debt issuances. Under the terms of these swap agreements, we paid a fixed rate and received a rate based on three month USD LIBOR. We entered into the swaps in order to hedge the risk of changes in the interest payments attributable to changes in the benchmark interest rate during the period from the effective date of the swap to the issuance of the forecasted debt. We accounted for the forward-starting interest rate swaps as Cash Flow Hedges, and we recognized the fair value of each interest rate swap in the consolidated balance sheets. We recorded the effective portion of mark-to-market adjustments as a component of AOCI, and any hedge ineffectiveness was recognized immediately in “Interest expense, net.” The amount accumulated in AOCI is amortized into “Interest expense, net” over the term of the forecasted debt as the interest payments occur or if the interest payments are probable not to occur. We terminated all remaining forward-starting interest rate swaps during the year ended December 31, 2013. | ||
We classify cash flows associated with our derivative instruments as operating cash flows in the consolidated statements of cash flows, except for receipts or payments associated with terminated forward-starting interest rate swap agreements, which are included in cash flows from financing activities. | ||
In addition, we entered into fixed-to-floating interest rate swap agreements associated with a portion of our fixed-rate senior notes. Under the terms of these swap agreements, we received a fixed rate and paid a variable rate that varied with each agreement. We accounted for the fixed-to-floating interest rate swaps as Fair Value Hedges and recognized the fair value of each interest rate swap in the consolidated balance sheets. Except for one interest rate swap agreement we entered into and terminated in 2011, the interest rate swap agreements qualified for the shortcut method of accounting. As a result, changes in the fair value of the swaps completely offset the changes in the fair value of the underlying hedged debt. We terminated all remaining fixed-to-floating interest rate swaps during the year ended December 31, 2012. | ||
From time to time, we also entered into derivative commodity instruments based on our analysis of market conditions in order to attempt to profit from market fluctuations. These derivative instruments were financial positions entered into without underlying physical inventory and are not considered hedges. We recorded these derivatives in the consolidated balance sheets as assets or liabilities at fair value with mark-to-market adjustments recorded in “Product sales.” We no longer enter into commodity derivatives without underlying physical inventory. | ||
See Note 18 for additional information regarding our derivative financial instruments. | ||
Operating Leases | ||
We recognize rent expense on a straight-line basis over the lease term, including the impact of both scheduled rent increases and free or reduced rents (commonly referred to as “rent holidays”). | ||
Unit-based Compensation | ||
NuStar GP, LLC, a wholly owned subsidiary of NuStar GP Holdings, has adopted various long-term incentive plans that provide the Compensation Committee of the Board of Directors of NuStar GP, LLC with the right to grant employees and directors of NuStar GP, LLC providing services to NuStar Energy the right to receive NS common units. NuStar GP, LLC accounts for awards of NS common unit options, restricted units and performance awards at fair value as a derivative, whereby a liability for the award is recorded at inception. Subsequent changes in the fair value of the award are included in the determination of net income. NuStar GP, LLC determines the fair value of NS unit options using the Black-Scholes model at each reporting date. NuStar GP, LLC determines the fair value of NS restricted units and performance awards using the market price of NS common units at each reporting date. However, performance awards are earned only upon NuStar Energy’s achievement of an objective performance measure. NuStar GP, LLC records compensation expense each reporting period such that the cumulative compensation expense recognized equals the current fair value of the percentage of the award that has vested. NuStar GP, LLC records compensation expense related to NS unit options until such options are exercised, and compensation expense related to NS restricted units until the date of vesting. | ||
NuStar GP Holdings has adopted a long-term incentive plan that provides the Compensation Committee of the Board of Directors of NuStar GP Holdings with the right to grant employees, consultants and directors of NuStar GP Holdings and its affiliates, including NuStar GP, LLC, rights to receive NSH common units. NuStar GP Holdings accounts for awards of NSH restricted units and unit options granted to its directors or employees of NuStar GP, LLC at fair value. The fair value of NSH unit options is determined using the Black-Scholes model at the grant date, and the fair value of the NSH restricted unit equals the market price of NSH common units at the grant date. NuStar GP Holdings recognizes compensation expense for NSH restricted units and unit options ratably over the vesting period based on the fair value of the units at the grant date. | ||
Under these long-term incentive plans, certain awards provide that the grantee’s award vests immediately upon retirement or that the grantee’s award will continue to vest on schedule after retirement. Compensation expense is recognized immediately if these awards are granted to retirement-eligible employees. In addition, if, during a vesting period of a grant, the grantee will become retirement-eligible, then compensation expense associated with the grant is recognized from the grant date through the grantee’s retirement eligibility date. Currently, employees are typically retirement eligible at age 55. | ||
We reimburse NuStar GP, LLC for the expenses resulting from NS and NSH awards to employees and directors of NuStar GP, LLC. We include such compensation expense in “General and administrative expenses” on the consolidated statements of income. We do not reimburse NuStar GP, LLC for the expense resulting from NSH awards to non-employee directors of NuStar GP Holdings. | ||
Margin Deposits | ||
Margin deposits relate to our exchange-traded derivative contracts and generally vary based on changes in the value of the contracts. Margin deposits are included in “Other current assets” in the consolidated balance sheets. | ||
Foreign Currency Translation | ||
The functional currencies of our foreign subsidiaries are the local currency of the country in which the subsidiary is located, except for our subsidiaries located in St. Eustatius in the Caribbean (formerly the Netherlands Antilles), whose functional currency is the U.S. dollar. The assets and liabilities of our foreign subsidiaries with local functional currencies are translated to U.S. dollars at period-end exchange rates, and income and expense items are translated to U.S. dollars at weighted-average exchange rates in effect during the period. These translation adjustments are included in “Accumulated other comprehensive loss” in the equity section of the consolidated balance sheets. Gains and losses on foreign currency transactions are included in “Other income (expense), net” in the consolidated statements of income. | ||
Reclassifications | ||
Certain previously reported amounts in the 2012 and 2011 consolidated financial statements and notes have been reclassified to conform to the 2013 presentation. As further discussed in Note 5, we reclassified certain storage assets as “Assets held for sale” on the consolidated balance sheet as of December 31, 2013. As a result, we have presented the results of operations for these assets, previously reported in the storage segment, as discontinued operations for all periods presented. |
NEW_ACCOUNTING_PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
NEW ACCOUNTING PRONOUNCEMENTS | |
Balance Sheet Offsetting | |
In December 2011, the Financial Accounting Standards Board (FASB) amended the disclosure requirements with respect to offsetting assets and liabilities. The amended guidance requires new disclosures to enable users of financial statements to reconcile differences in the offsetting requirements under U.S. GAAP and International Financial Reporting Standards. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the balance sheet as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In January 2013, the FASB further amended and clarified the scope of balance sheet offsetting disclosure requirements. The amended guidance limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement. The disclosures are required irrespective of whether the transactions are offset in the consolidated balance sheets. The amended guidance is effective for annual and interim reporting periods beginning on or after January 1, 2013, and retrospective application is required. Accordingly, we adopted the amended guidance January 1, 2013, and it did not have a material impact on our disclosures. | |
Other Comprehensive Income | |
In February 2013, the FASB further amended the disclosure requirements for the presentation of comprehensive income. | |
The amended guidance requires that entities present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. The amended guidance is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. Accordingly, we adopted the amended guidance January 1, 2013, and it did not have a material impact on our disclosures. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions [Text Block] | ' | |||
ACQUISITIONS | ||||
Completed During 2012 | ||||
TexStar Asset Acquisition. On December 13, 2012, NuStar Logistics acquired the TexStar Crude Oil Assets (as defined below), including 100% of the partnership interest in TexStar Crude Oil Pipeline, LP, from TexStar Midstream Services, LP and certain of its affiliates (collectively, TexStar) for $325.4 million (the TexStar Asset Acquisition), pursuant to an Asset Purchase Agreement (the Purchase Agreement). The TexStar Crude Oil Assets consist of approximately 140 miles of crude oil pipelines and gathering lines, as well as five terminals and storage facilities providing 0.6 million barrels of storage capacity. The consolidated statements of income include the results of operations for the TexStar Asset Acquisition in the pipeline segment commencing on December 13, 2012. | ||||
We accounted for the TexStar Asset Acquisition using the acquisition method. The fair value of the consideration transferred was allocated based on the estimated fair values of the individual assets acquired and liabilities assumed at the date of acquisition. The purchase price and purchase price allocation was as follows (in thousands of dollars): | ||||
Cash paid for the TexStar Asset Acquisition | $ | 315,810 | ||
Fair value of liabilities assumed | 9,600 | |||
Purchase price | $ | 325,410 | ||
Accounts receivable | $ | 537 | ||
Property, plant and equipment | 125,614 | |||
Goodwill | 131,359 | |||
Intangible assets | 67,900 | |||
Purchase price allocation | $ | 325,410 | ||
Completed During 2011 | ||||
San Antonio Refinery. On April 19, 2011, we purchased certain refining and storage assets, inventory and other working capital items from AGE Refining, Inc. for $62.0 million, including the assumption of certain environmental liabilities. The assets consisted of a 14,500 barrel per day refinery in San Antonio, Texas and 0.4 million barrels of aggregate storage capacity (the San Antonio Refinery Acquisition). The final purchase price was allocated based on the estimated fair values of the individual assets acquired and liabilities assumed at the date of acquisition. On January 1, 2013, we sold the refinery and related assets; see Note 5 for additional discussion of the sale. | ||||
Turkey Acquisition. On February 9, 2011, we acquired 75% of the outstanding capital of a Turkish company, which owns two terminals in Mersin, Turkey, with an aggregate 1.4 million barrels of storage capacity, for approximately $57.0 million (the Turkey Acquisition). Both terminals are connected via pipelines to an offshore platform located approximately three miles off the Mediterranean Sea coast. The Turkey Acquisition was accounted for using the acquisition method. The purchase price was allocated based on the estimated fair values of the individual assets acquired, liabilities assumed and noncontrolling interest at the date of acquisition. |
DISPOSITIONS_AND_ASSETS_HELD_F
DISPOSITIONS AND ASSETS HELD FOR SALE | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Dispositions and Assets Held for Sale | ' | |||||||||||
DISPOSITIONS AND ASSETS HELD FOR SALE | ||||||||||||
Terminals Held for Sale | ||||||||||||
As of December 31, 2013, we identified several non-strategic, underperforming terminal facilities and decided to divest those facilities. As a result, we reclassified the associated assets as “Assets held for sale” on the consolidated balance sheet. We presented the results of operations for those facilities, which were previously reported in the storage segment, as discontinued operations for all periods presented. We allocated interest expense of $1.4 million, $0.8 million and $0.6 million for the years ended December 31, 2013, 2012 and 2011, respectively, to discontinued operations based on the ratio of net assets discontinued to consolidated net assets. | ||||||||||||
In connection with the plan for disposal, we determined that the estimated fair value, less cost to sell, was less than the carrying amount of each disposal group, resulting in an impairment loss of $102.5 million. Since these terminal facilities met the required criteria to be classified as assets held for sale on the consolidated balance sheet, we recorded the impairment loss in “(Loss) income from discontinued operations, net of tax” on the consolidated statement of income for the year ended December 31, 2013. | ||||||||||||
The impairment loss consisted of the following: | ||||||||||||
Year Ended | ||||||||||||
31-Dec-13 | ||||||||||||
(Thousands of Dollars) | ||||||||||||
Property, plant and equipment, net | $ | 68,213 | ||||||||||
Intangible assets, net (customer relationships) | 6,856 | |||||||||||
Goodwill | 27,460 | |||||||||||
Asset impairment loss | $ | 102,529 | ||||||||||
San Antonio Refinery Sale | ||||||||||||
On January 1, 2013, we sold the San Antonio Refinery and related assets, which included inventory, a terminal in Elmendorf, Texas and a pipeline connecting the terminal and refinery for approximately $117.0 million (the San Antonio Refinery Sale). As of December 31, 2012, we reclassified the assets related to the San Antonio Refinery as “Assets held for sale” on the consolidated balance sheet. The liabilities held for sale related to the San Antonio Refinery are included within “Accrued liabilities” on the consolidated balance sheet. We have presented the results of operations for the San Antonio Refinery and related assets, previously reported in the fuels marketing and pipeline segments, as discontinued operations for all periods presented. We allocated interest expense of $3.9 million and $2.0 million for the years ended December 31, 2012 and 2011, respectively, to discontinued operations based on the ratio of net assets discontinued to consolidated net assets. We recognized a gain of $9.3 million on the sale, which is included in discontinued operations for the year ended December 31, 2013. | ||||||||||||
The following table summarizes the results from discontinued operations for the terminal facilities held for sale and the San Antonio Refinery: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Revenues | $ | 7,758 | $ | 571,071 | $ | 317,626 | ||||||
Income (loss) before income tax expense | $ | (106,033 | ) | $ | (63,165 | ) | $ | 1,251 | ||||
The total assets and liabilities held for sale consisted of the following: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Thousands of Dollars) | ||||||||||||
Inventories | $ | — | $ | 15,939 | ||||||||
Property, plant and equipment, net | 21,987 | 96,745 | ||||||||||
Other long-term assets, net | — | 5,650 | ||||||||||
Assets held for sale | $ | 21,987 | $ | 118,334 | ||||||||
Accrued liabilities (environmental reserve) | $ | — | $ | 289 | ||||||||
Other long-term liabilities (environmental reserve) | — | 7,621 | ||||||||||
Liabilities held for sale | $ | — | $ | 7,910 | ||||||||
Asphalt Sale | ||||||||||||
On September 28, 2012, we sold a 50% ownership interest (the Asphalt Sale) in NuStar Asphalt LLC (Asphalt JV), previously a wholly owned subsidiary, to an affiliate of Lindsay Goldberg LLC (Lindsay Goldberg), a private investment firm. Asphalt JV owns and operates the asphalt refining assets that were previously wholly owned by NuStar Energy, including an asphalt refinery located in Paulsboro, New Jersey and a terminal in Savannah, Georgia (collectively, the Asphalt Operations). Lindsay Goldberg paid $175.0 million for the Class A equity interests (Class A Interests) of Asphalt JV, while we retained the Class B equity interests with a fair value of $52.0 million (Class B Interests). The Class A Interests have a distribution preference over the Class B Interests, as well as a liquidation preference. We also received $263.8 million from Asphalt JV for inventory related to the Asphalt Operations. | ||||||||||||
Deconsolidation. We determined the equity of Asphalt JV is not sufficient to finance its activities without additional subordinated support, including support provided by us as described in Note 19. Therefore, we determined Asphalt JV is a variable interest entity (VIE). An entity is required to consolidate a VIE if the entity is considered the primary beneficiary of the VIE. We analyzed our relationship with Asphalt JV, including our representation on the board of managers, our equity interests and our rights under the various agreements with Asphalt JV and determined that we do not have the power to direct the activities most significant to the economic performance of Asphalt JV. As a result, we are not the primary beneficiary of Asphalt JV. Upon closing, we deconsolidated Asphalt JV and started reporting our remaining investment in Asphalt JV using the equity method of accounting. At closing, the fair value of the consideration we received was less than the carrying amount of the net assets of the Asphalt Operations upon deconsolidation, and we recognized a loss of $23.8 million in “Other income (expense), net” in the consolidated statements of income for the year ended December 31, 2012. Because of our continued involvement with Asphalt JV, we have not presented the results of operations for the Asphalt Operations prior to closing as discontinued operations. Beginning on September 28, 2012, we have presented transactions between us and Asphalt JV as related party transactions in the consolidated financial statements. | ||||||||||||
Impairments. In anticipation of the Asphalt Sale, we evaluated the goodwill and other long-lived assets associated with the Asphalt Operations for potential impairment. As of June 30, 2012, we estimated the fair value of the Asphalt Operations reporting unit as the sum of (i) the purchase price to be paid by Lindsay Goldberg for the Class A Interests of Asphalt JV, (ii) the fair value of the Class B Interests of Asphalt JV that we would retain and (iii) the fair value of the working capital, primarily inventory. We determined the fair value of the Class B Interests using a combination of estimated discounted future cash flows and a pricing model. The fair value of the working capital was based on estimated current market prices. The estimated fair value of the Asphalt Operations reporting unit was less than its carrying value, which resulted in the recognition of a goodwill impairment loss of $22.1 million in the second quarter of 2012. In addition, in the second quarter of 2012, we recorded an asset impairment loss of $244.3 million in order to write-down the carrying value of long-lived assets related to the Asphalt Operations, including fixed assets, intangible assets and other long-term assets, to their estimated fair value. The goodwill impairment loss and the asset impairment loss related to the Asphalt Operations were reported in the fuels marketing segment. | ||||||||||||
The Asphalt Operations asset impairment loss consisted of the following: | ||||||||||||
Year Ended | ||||||||||||
31-Dec-12 | ||||||||||||
(Thousands of Dollars) | ||||||||||||
Property, plant and equipment, net | $ | 232,759 | ||||||||||
Intangible assets, net | 6,564 | |||||||||||
Other long-term assets, net | 4,902 | |||||||||||
Asset impairment loss | $ | 244,225 | ||||||||||
In February 2014, we divested of our remaining 50% ownership interest in Asphalt JV. See Note 29 for additional discussion. | ||||||||||||
Terminal Sales | ||||||||||||
On April 16, 2012, we sold five terminals in Georgia and Alabama with an aggregate storage capacity of 1.8 million barrels for total proceeds of $30.8 million. |
GOODWILL
GOODWILL | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill disclosure [Text Block] | ' | |||||||||||||||
GOODWILL | ||||||||||||||||
2013 Goodwill Impairment | ||||||||||||||||
The estimated fair value was less than the carrying value of the Statia Terminals reporting unit. To determine the amount of goodwill impairment loss, we first considered whether any other assets assigned to the Statia Terminals reporting unit were impaired. The only significant assets of this reporting unit, other than goodwill, consist of property, plant and equipment, which we determined were fully recoverable. The hypothetical fair value allocation for the Statia Terminals reporting unit indicated the estimated fair value of goodwill was $0. As a result, we recognized a $304.5 million goodwill impairment charge in the fourth quarter of 2013, which represents all of the goodwill allocated to the Statia Terminals reporting unit. | ||||||||||||||||
The goodwill impairment charge resulted from changes in demand for storage at our St. Eustatius and Point Tupper terminal locations. Increased supply from various shale formations within the U.S. has reduced the need for storage at these locations, which historically functioned as break bulk facilities for light crude moving from foreign sources into the U.S. These changes in crude flow patterns, as well as the backwardation of the forward pricing curve, reduced demand at these terminals. Primarily resulting from those factors, a customer at our St. Eustatius terminal vacated a significant portion of its storage in the fourth quarter of 2013. | ||||||||||||||||
Changes in the carrying amount of goodwill by segment were as follows: | ||||||||||||||||
Storage | Pipeline | Fuels | Total | |||||||||||||
Marketing | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Balances as of January 1, 2012 | ||||||||||||||||
Goodwill | $ | 618,614 | $ | 174,848 | $ | 53,255 | $ | 846,717 | ||||||||
Accumulated impairment losses | — | — | — | — | ||||||||||||
Net goodwill | 618,614 | 174,848 | 53,255 | 846,717 | ||||||||||||
TexStar Asset Acquisition preliminary purchase | — | 127,896 | — | 127,896 | ||||||||||||
price allocation | ||||||||||||||||
Asphalt Operations impairment | — | — | (22,132 | ) | (22,132 | ) | ||||||||||
Terminal sales (a) | (3,764 | ) | — | — | (3,764 | ) | ||||||||||
Other (b) | 2,307 | — | — | 2,307 | ||||||||||||
Balances as of December 31, 2012 | ||||||||||||||||
Goodwill | 617,157 | 302,744 | 53,255 | 973,156 | ||||||||||||
Accumulated impairment losses | — | — | (22,132 | ) | (22,132 | ) | ||||||||||
Net goodwill | 617,157 | 302,744 | 31,123 | 951,024 | ||||||||||||
TexStar Asset Acquisition final purchase price allocation | — | 3,463 | — | 3,463 | ||||||||||||
Impairments | (331,913 | ) | — | — | (331,913 | ) | ||||||||||
Other (b) | (5,145 | ) | — | — | (5,145 | ) | ||||||||||
Balances as of December 31, 2013 | ||||||||||||||||
Goodwill | 612,012 | 306,207 | 53,255 | 971,474 | ||||||||||||
Accumulated impairment losses | (331,913 | ) | — | (22,132 | ) | (354,045 | ) | |||||||||
Net goodwill | $ | 280,099 | $ | 306,207 | $ | 31,123 | $ | 617,429 | ||||||||
(a) | Goodwill associated with five terminals in Georgia and Alabama sold on April 16, 2012. | |||||||||||||||
(b) | Includes purchase price adjustments related to acquisitions still subject to the measurement period that ends at the earlier of 12 months from the acquisition date or when information becomes available. Also includes foreign currency translation adjustments. |
ALLOWANCE_FOR_DOUBTFUL_ACCOUNT
ALLOWANCE FOR DOUBTFUL ACCOUNTS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS [Abstract] | ' | |||||||||||
Allowance for Doubtful Accounts [Text Block] | ' | |||||||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS | ||||||||||||
The changes in the allowance for doubtful accounts consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Balance as of beginning of year | $ | 808 | $ | 2,147 | $ | 1,457 | ||||||
Increase in allowance | 1,039 | 27 | 934 | |||||||||
Accounts charged against the allowance, net of recoveries | (625 | ) | (1,367 | ) | (243 | ) | ||||||
Foreign currency translation | 2 | 1 | (1 | ) | ||||||||
Balance as of end of year | $ | 1,224 | $ | 808 | $ | 2,147 | ||||||
INVENTORIES
INVENTORIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Crude oil | $ | 6,485 | $ | 447 | ||||
Finished products | 123,656 | 164,894 | ||||||
Materials and supplies | 8,006 | 7,887 | ||||||
Total | $ | 138,147 | $ | 173,228 | ||||
Our finished products consist of intermediates, gasoline, distillates and other petroleum products. Materials and supplies mainly consist of blending and additive chemicals and maintenance materials used in our pipeline and storage segments. |
OTHER_CURRENT_ASSETS
OTHER CURRENT ASSETS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Prepaid Expense and Other Assets, Current [Abstract] | ' | |||||||
Other Current Assets | ' | |||||||
OTHER CURRENT ASSETS | ||||||||
Other current assets consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Prepaid expenses | $ | 16,487 | $ | 18,008 | ||||
Restricted cash | 9,316 | 15,227 | ||||||
Derivative assets | 4,948 | 9,358 | ||||||
Margin deposits | 3,285 | 6,192 | ||||||
Product advances | 3,076 | 14,764 | ||||||
Product imbalances | 1,980 | 1,232 | ||||||
Other | 360 | 457 | ||||||
Other current assets | $ | 39,452 | $ | 65,238 | ||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Property, Plant and Equipment | ' | |||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||
Property, plant and equipment, at cost, consisted of the following: | ||||||||||||
Estimated Useful Lives | December 31, | |||||||||||
2013 | 2012 | |||||||||||
(Years) | (Thousands of Dollars) | |||||||||||
Land | — | $ | 129,731 | $ | 133,341 | |||||||
Land and leasehold improvements | 10 | - | 35 | 142,122 | 110,575 | |||||||
Buildings | 15 | - | 40 | 133,531 | 120,499 | |||||||
Pipelines, storage and terminals | 20 | - | 35 | 3,787,499 | 3,531,925 | |||||||
Rights-of-way | 20 | - | 40 | 155,833 | 148,021 | |||||||
Construction in progress | — | 152,121 | 243,498 | |||||||||
Total | 4,500,837 | 4,287,859 | ||||||||||
Less accumulated depreciation and amortization | (1,190,184 | ) | (1,049,399 | ) | ||||||||
Property, plant and equipment, net | $ | 3,310,653 | $ | 3,238,460 | ||||||||
Capitalized interest costs added to property, plant and equipment totaled $4.5 million, $7.7 million and $5.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. Depreciation and amortization expense for property, plant and equipment totaled $168.8 million, $157.8 million and $157.2 million for the years ended December 31, 2013, 2012 and 2011, respectively, including depreciation expense included in “(Loss) income from discontinued operations, net of tax” on the consolidated statements of income. |
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ' | |||||||||||||||
Intangible Assets | ' | |||||||||||||||
INTANGIBLE ASSETS | ||||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Cost | Accumulated | Cost | Accumulated | |||||||||||||
Amortization | Amortization | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Customer relationships | $ | 127,614 | $ | (58,230 | ) | $ | 137,470 | $ | (46,951 | ) | ||||||
Other | 2,359 | (494 | ) | 2,359 | (443 | ) | ||||||||||
Total | $ | 129,973 | $ | (58,724 | ) | $ | 139,829 | $ | (47,394 | ) | ||||||
All of our intangible assets are subject to amortization. Amortization expense for intangible assets was $13.8 million, $7.8 million and $8.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. The estimated aggregate amortization expense for the next five years is as follows: | ||||||||||||||||
Amortization Expense | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
2014 | $ | 12,579 | ||||||||||||||
2015 | $ | 9,709 | ||||||||||||||
2016 | $ | 6,840 | ||||||||||||||
2017 | $ | 6,840 | ||||||||||||||
2018 | $ | 6,840 | ||||||||||||||
INVESTMENT_IN_JOINT_VENTURES
INVESTMENT IN JOINT VENTURES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | |||||||||||
12. INVESTMENT IN JOINT VENTURES | ||||||||||||
Summary Financial Information | ||||||||||||
Condensed combined financial information related to our joint ventures is presented below: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Thousands of Dollars) | ||||||||||||
Balance Sheet Information: | ||||||||||||
Current assets | $ | 263,683 | $ | 375,686 | ||||||||
Long-term assets | 300,484 | 289,584 | ||||||||||
Total assets | $ | 564,167 | $ | 665,270 | ||||||||
Current liabilities | $ | 118,720 | $ | 185,525 | ||||||||
Long-term liabilities | 273,220 | 231,559 | ||||||||||
Total liabilities | 391,940 | 417,084 | ||||||||||
Total equity | 172,227 | 248,186 | ||||||||||
Total liabilities and equity | $ | 564,167 | $ | 665,270 | ||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Statement of (Loss) Income Information: | ||||||||||||
Revenues | $ | 1,623,155 | $ | 458,816 | $ | 36,419 | ||||||
Operating (loss) income | $ | (45,373 | ) | $ | (4,801 | ) | $ | 23,062 | ||||
Net (loss) income | $ | (59,963 | ) | $ | (12,418 | ) | $ | 23,066 | ||||
NuStar Asphalt LLC. Asphalt JV is owned 50% by the Partnership and 50% by Lindsay Goldberg. Asphalt JV owns and operates the asphalt refining assets that were previously wholly owned by NuStar Energy, including an asphalt refinery located in Paulsboro, New Jersey and a terminal in Savannah, Georgia. | ||||||||||||
During the year ended December 31, 2013, our equity in loss of joint ventures included a $49.6 million loss from our investment in Asphalt JV, which exceeded our investment in Asphalt JV. From the point our investment in Asphalt JV reached $0, we recorded additional losses of $13.1 million, as a reduction of the carrying value of the note receivable from Asphalt JV. See Note 19 for a discussion of our agreements with Asphalt JV. In February 2014, we divested of our remaining 50% ownership interest in Asphalt JV. See Note 29 for additional discussion. | ||||||||||||
ST Linden Terminals, LLC. The 44-acre facility provides deep-water terminalling capabilities at New York Harbor and primarily stores petroleum products, including gasoline, jet fuel and fuel oils. As part of our acquisition of Kaneb Pipeline Partners, L.P. and Kaneb Services LLC in July 2005 (the Kaneb Acquisition), we acquired an investment in ST Linden Terminals, LLC (Linden). Linden is owned 50% by the Partnership and 50% by NIC Holding Corp. In connection with the Kaneb Acquisition, we recorded our investment in Linden at fair value, which exceeded our 50% share of its members’ equity. This excess totaled $42.6 million and $43.0 million as of December 31, 2013 and 2012, respectively, a portion of which is being amortized into expense over the average life of the assets held by Linden, or 25 years. The remaining balance not amortized represents goodwill of Linden. |
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
ACCRUED LIABILITIES | ||||||||
Accrued liabilities consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Derivative liabilities | $ | 2,233 | $ | 60,121 | ||||
Employee wages and benefit costs | 16,698 | 15,381 | ||||||
Unearned income | 8,225 | 10,476 | ||||||
TexStar Asset Acquisition contingent consideration | 1,318 | 9,600 | ||||||
Liabilities held for sale | — | 7,910 | ||||||
Other | 10,158 | 20,715 | ||||||
Accrued liabilities | $ | 38,632 | $ | 124,203 | ||||
DEBT
DEBT | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
DEBT [Abstract] | ' | |||||||||||||||||||||
DEBT | ' | |||||||||||||||||||||
14. DEBT | ||||||||||||||||||||||
Long-term debt consisted of the following: | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
Maturity | 2013 | 2012 | ||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||
$1.5 billion revolving credit agreement | 2017 | $ | 503,036 | $ | 440,330 | |||||||||||||||||
4.75% senior notes | 2022 | 250,000 | 250,000 | |||||||||||||||||||
6.75% senior notes | 2021 | 300,000 | — | |||||||||||||||||||
4.80% senior notes | 2020 | 450,000 | 450,000 | |||||||||||||||||||
7.65% senior notes | 2018 | 350,000 | 350,000 | |||||||||||||||||||
6.05% senior notes | 2013 | — | 229,932 | |||||||||||||||||||
5.875% senior notes | 2013 | — | 250,000 | |||||||||||||||||||
7.625% subordinated notes | 2043 | 402,500 | — | |||||||||||||||||||
Gulf Opportunity Zone revenue bonds | 2038 | thru | 2041 | 365,440 | 365,440 | |||||||||||||||||
UK term loan | 2013 | — | 34,142 | |||||||||||||||||||
Port Authority of Corpus Christi note payable | 2015 | — | 577 | |||||||||||||||||||
Net fair value adjustments and unamortized discounts | N/A | 34,577 | 40,583 | |||||||||||||||||||
Total debt | 2,655,553 | 2,411,004 | ||||||||||||||||||||
Less current portion | — | 286,422 | ||||||||||||||||||||
Long-term debt, less current portion | $ | 2,655,553 | $ | 2,124,582 | ||||||||||||||||||
The long-term debt repayments are due as follows (in thousands): | ||||||||||||||||||||||
2014 | $ | — | ||||||||||||||||||||
2015 | — | |||||||||||||||||||||
2016 | — | |||||||||||||||||||||
2017 | 503,036 | |||||||||||||||||||||
2018 | 350,000 | |||||||||||||||||||||
Thereafter | 1,767,940 | |||||||||||||||||||||
Total repayments | 2,620,976 | |||||||||||||||||||||
Net fair value adjustments and unamortized discounts | 34,577 | |||||||||||||||||||||
Total debt | $ | 2,655,553 | ||||||||||||||||||||
Interest payments totaled $118.3 million, $118.4 million and $115.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||
Revolving Credit Agreements | ||||||||||||||||||||||
NuStar Logistics is a party to a $1.5 billion five-year revolving credit agreement, as amended (the 2012 Revolving Credit Agreement), which includes the ability to borrow up to the equivalent of $250.0 million in Euros. On December 4, 2013, we amended the 2012 Revolving Credit Agreement to add the ability to borrow up to the equivalent of $250.0 million in British Pounds Sterling. The 2012 Revolving Credit Agreement matures on May 2, 2017. Obligations under the 2012 Revolving Credit Agreement are guaranteed by NuStar Energy and NuPOP. NuPOP will be released from its guarantee of the 2012 Revolving Credit Agreement when it no longer guarantees NuStar Logistics public debt instruments. | ||||||||||||||||||||||
The 2012 Revolving Credit Agreement bears interest, at our option, based on either an alternative base rate or a LIBOR-based rate. The interest rate on the 2012 Revolving Credit Agreement is subject to adjustment if our debt rating is downgraded (or subsequently upgraded) by certain credit rating agencies. In July 2012, Standard & Poor’s Ratings Services (S&P) lowered our credit rating to BB+ from BBB-, and in January 2013, Moody’s Investor Service Inc. (Moody’s) lowered our credit rating to Ba1 from Baa3. The interest rates applicable to the 2012 Revolving Credit Agreement do not adjust unless both S&P and Moody’s change their ratings; therefore, the interest rate on the 2012 Revolving Credit Agreement increased by 0.375% effective January 2013. As of December 31, 2013, our weighted-average interest rate was 2.2%. During the year ended December 31, 2013, the weighted-average interest rate related to borrowings under the 2012 Revolving Credit Agreement was 2.2%. | ||||||||||||||||||||||
The 2012 Revolving Credit Agreement contains customary restrictive covenants, including requiring us to maintain, as of the end of each rolling period, which consists of any period of four consecutive fiscal quarters, a consolidated debt coverage ratio (consolidated indebtedness to consolidated EBITDA, as defined in the 2012 Revolving Credit Agreement) not to exceed 5.00-to-1.00. If we consummate an acquisition for an aggregate net consideration of at least $50.0 million, the maximum consolidated debt coverage ratio will increase to 5.50-to-1.00 for two rolling periods. The 2012 Revolving Credit Agreement permits unlimited investments in joint ventures and unconsolidated subsidiaries, provided that no default exists, but limits the amount of cash distributions for such joint ventures and unconsolidated subsidiaries included in the calculation of the consolidated debt coverage ratio to 20% of consolidated EBITDA. The requirement not to exceed a maximum consolidated debt coverage ratio may limit the amount we can borrow under the 2012 Revolving Credit Agreement to an amount less than the total amount available for borrowing. As of December 31, 2013, our consolidated debt coverage ratio was 4.4x, and we had $829.3 million available for borrowing. | ||||||||||||||||||||||
Letters of credit issued under our 2012 Revolving Credit Agreement totaled $167.6 million as of December 31, 2013. Letters of credit are limited to $750.0 million and also may restrict the amount we can borrow under the 2012 Revolving Credit Agreement. | ||||||||||||||||||||||
Notes | ||||||||||||||||||||||
NuStar Logistics’ Senior Notes. On August 19, 2013, NuStar Logistics issued $300.0 million of 6.75% senior notes due February 1, 2021 (the 6.75% Senior Notes). We received proceeds of approximately $296.0 million, net of the underwriters’ discount and deferred issuance costs of $4.0 million, which we used for general partnership purposes, including repayment of outstanding borrowings under our 2012 Revolving Credit Agreement. The interest on the 6.75% Senior Notes is payable semi-annually in arrears on February 1 and August 1 of each year beginning on February 1, 2014. | ||||||||||||||||||||||
In March 2013, we repaid NuStar Logistics’ $229.9 million of 6.05% senior notes due March 15, 2013 with borrowings under our 2012 Revolving Credit Agreement. | ||||||||||||||||||||||
Interest is payable semi-annually in arrears for the $250.0 million of 4.75% senior notes, $300.0 million of 6.75% senior notes, $450.0 million of 4.80% senior notes and $350.0 million of 7.65% senior notes (collectively, the NuStar Logistics Senior Notes). The interest rate payable on the 7.65% senior notes is subject to adjustment if our debt rating is downgraded (or subsequently upgraded) by certain credit rating agencies. The interest rate on NuStar Logistics’ $350.0 million of 7.65% senior notes increased by another 0.25% in January 2013 as a result of the Moody’s downgrade. The NuStar Logistics Senior Notes do not have sinking fund requirements. These notes rank equally with existing senior unsecured indebtedness of NuStar Logistics and contain restrictions on NuStar Logistics’ ability to incur secured indebtedness unless the same security is also provided for the benefit of holders of the NuStar Logistics Senior Notes. In addition, the NuStar Logistics Senior Notes limit NuStar Logistics’ ability to incur indebtedness secured by certain liens and to engage in certain sale-leaseback transactions. At the option of NuStar Logistics, the NuStar Logistics Senior Notes may be redeemed in whole or in part at any time at a redemption price, which includes a make-whole premium, plus accrued and unpaid interest to the redemption date. | ||||||||||||||||||||||
The NuStar Logistics Senior Notes are fully and unconditionally guaranteed by NuStar Energy and NuPOP. NuPOP will be released from its guarantee of senior notes issued by NuStar Logistics when it no longer guarantees any obligations of NuStar Energy, or any of its subsidiaries, including NuStar Logistics, under any bank facility or public debt instrument. | ||||||||||||||||||||||
NuStar Logistics’ 7.625% Fixed-to-Floating Rate Subordinated Notes. On January 22, 2013, NuStar Logistics issued $402.5 million of 7.625% fixed-to-floating rate subordinated notes due January 15, 2043 (the Subordinated Notes), including the underwriters’ option to purchase up to an additional $52.5 million principal amount of the notes, which was exercised in full. We received proceeds of approximately $390.9 million, net of $11.6 million of deferred issuance costs, which we used for general partnership purposes, including repayment of outstanding borrowings under our 2012 Revolving Credit Agreement. The Subordinated Notes are fully and unconditionally guaranteed on an unsecured and subordinated basis by NuStar Energy and NuPOP. | ||||||||||||||||||||||
The Subordinated Notes bear interest at a fixed annual rate of 7.625%, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year beginning on April 15, 2013 and ending on January 15, 2018. Thereafter, the Subordinated Notes will bear interest at an annual rate equal to the sum of the three-month LIBOR rate for the related quarterly interest period, plus 6.734% payable quarterly on January 15, April 15, July 15 and October 15 of each year, commencing April 15, 2018, unless payment is deferred in accordance with the terms of the notes. NuStar Logistics may elect to defer interest payments on the Subordinated Notes on one or more occasions for up to five consecutive years. Deferred interest will accumulate additional interest at a rate equal to the interest rate then applicable to the Subordinated Notes until paid. If NuStar Logistics elects to defer interest payments, NuStar Energy cannot declare or make cash distributions to its unitholders during the period interest is deferred. | ||||||||||||||||||||||
The Subordinated Notes do not have sinking fund requirements and are subordinated to existing senior unsecured indebtedness of NuStar Logistics and NuPOP. The Subordinated Notes do not contain restrictions on NuStar Logistics’ ability to incur additional indebtedness, including debt that ranks senior in priority of payment to the notes. In addition, the Subordinated Notes do not limit NuStar Logistics’ ability to incur indebtedness secured by certain liens or to engage in certain sale-leaseback transactions. At the option of NuStar Logistics, the Subordinated Notes may be redeemed in whole or in part at any time at a redemption price, which may include a make-whole premium, plus accrued and unpaid interest to the redemption date. | ||||||||||||||||||||||
NuPOP’s Senior Notes. As a result of the Kaneb Acquisition, we assumed the outstanding senior notes issued by NuPOP, having an aggregate face value of $500.0 million, and an aggregate fair value of $555.0 million at the acquisition date (the NuPOP Senior Notes). We used the effective interest method to amortize the difference between the fair value and the face value of the senior notes as a reduction of interest expense over the lives of the senior notes. The senior notes were issued in two series, the first of which bore interest at 7.75% annually and matured in 2012, and the second series which bore interest 5.875% annually and matured in 2013. We repaid NuPOP’s $250.0 million of 5.875% senior notes due June 1, 2013 with borrowings under our 2012 Revolving Credit Agreement. | ||||||||||||||||||||||
Gulf Opportunity Zone Revenue Bonds | ||||||||||||||||||||||
In 2008, 2010 and 2011, the Parish of St. James, where our St. James, Louisiana, terminal is located, issued Revenue Bonds (NuStar Logistics, L.P. Project) Series 2008, Series 2010, Series 2010A, Series 2010B and Series 2011 associated with our St. James terminal expansion pursuant to the Gulf Opportunity Zone Act of 2005 (collectively, the Gulf Opportunity Zone Revenue Bonds). The interest rates on these bonds are based on a weekly tax-exempt bond market interest rate, and interest is paid monthly. Following the issuance, the proceeds were deposited with a trustee and are disbursed to us upon our request for reimbursement of expenditures related to our St. James terminal expansion. We include the amount remaining in trust in “Other long-term assets, net,” and we include the amount of bonds issued in “Long-term debt, less current portion” in our consolidated balance sheets. For the year ended December 31, 2013, we received $43.1 million from the trustee. | ||||||||||||||||||||||
NuStar Logistics is solely obligated to service the principal and interest payments associated with the Gulf Opportunity Zone Revenue Bonds. Letters of credit were issued on our behalf to guarantee the payment of interest and principal on the bonds. All letters of credit rank equally with existing senior unsecured indebtedness of NuStar Logistics. The letters of credit issued by individual banks do not restrict the amount we can borrow under the 2012 Revolving Credit Agreement. | ||||||||||||||||||||||
The following table summarizes the Gulf Opportunity Zone Revenue Bonds outstanding as of December 31, 2013: | ||||||||||||||||||||||
Date Issued | Maturity Date | Amount | Amount of | Amount Received from | Amount Remaining in | Average Annual | ||||||||||||||||
Outstanding | Letter of | Trustee | Trust | Interest Rate | ||||||||||||||||||
Credit | ||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||
June 26, 2008 | June 1, 2038 | $ | 55,440 | $ | 56,169 | $ | 55,440 | $ | — | 0.1 | % | |||||||||||
July 15, 2010 | July 1, 2040 | 100,000 | 101,315 | 100,000 | — | 0.1 | % | |||||||||||||||
October 7, 2010 | October 1, 2040 | 50,000 | 50,658 | (a) | 24,580 | 25,420 | 0.11 | % | ||||||||||||||
December 29, 2010 | December 1, 2040 | 85,000 | 86,118 | (a) | 26,924 | 58,076 | 0.11 | % | ||||||||||||||
August 29, 2011 | August 1, 2041 | 75,000 | 75,986 | 75,000 | — | 0.1 | % | |||||||||||||||
Total | $ | 365,440 | $ | 370,246 | $ | 281,944 | $ | 83,496 | ||||||||||||||
(a) | Letters of credit issued under the 2012 Revolving Credit Agreement. | |||||||||||||||||||||
UK Term Loan | ||||||||||||||||||||||
In December 2013, we repaid our UK subsidiary, NuStar Terminals Limited’s, £21 million amended and restated term loan, which matured on December 10, 2013, with borrowings under our 2012 Revolving Credit Agreement. | ||||||||||||||||||||||
Our other long-term debt obligations do not contain any financial covenants. However, a default under any of our debt instruments would be considered an event of default under all of our debt instruments. | ||||||||||||||||||||||
Port Authority of Corpus Christi Note Payable | ||||||||||||||||||||||
The proceeds from the original $12.0 million note payable due to the Port of Corpus Christi Authority of Nueces County, Texas (Port Authority of Corpus Christi) were used for the construction of a crude oil storage facility in Corpus Christi, Texas. The note payable was due in annual installments of $1.2 million through December 31, 2015 and was collateralized by the crude oil storage facility. The wharfage and dockage fees paid to the Port Authority of Corpus Christi in connection with the use of the crude oil storage facility exceeded certain limits per the terms of the note, which have accelerated the repayment of the unpaid principal balance. On February 6, 2013, we repaid the remaining principle balance of $0.6 million. |
HEALTH_SAFETY_AND_ENVIRONMENTA
HEALTH, SAFETY AND ENVIRONMENTAL MATTERS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||
Health, Safety and Environmental Matters | ' | |||||||
HEALTH, SAFETY AND ENVIRONMENTAL MATTERS | ||||||||
Our operations are subject to extensive federal, state and local environmental laws and regulations, including those relating to the discharge of materials into the environment, waste management, pollution prevention measures, pipeline integrity and operator qualifications, among others. Our operations are also subject to extensive federal and state health and safety laws and regulations, including those relating to pipeline safety. The principal environmental and safety risks associated with our operations relate to unauthorized emissions into the air, unauthorized releases into soil, surface water or groundwater, and personal injury and property damage. Compliance with these environmental and safety laws, regulations and permits increases our capital expenditures and our overall cost of business, and violations of these laws, regulations and/or permits can result in significant civil and criminal liabilities, injunctions or other penalties. | ||||||||
Most of our pipelines are subject to federal regulation by one or more of the following governmental agencies or laws: the Federal Energy Regulatory Commission (the FERC), the Surface Transportation Board (the STB), the Department of Transportation (DOT), the Environmental Protection Agency (EPA) and the Homeland Security Act. Additionally, the operations and integrity of the pipelines are subject to the respective state jurisdictions along the route of the systems. | ||||||||
We have adopted policies, practices and procedures in the areas of pollution control, pipeline integrity, operator qualifications, public relations and education, product safety, process safety management, occupational health and the handling, storage, use and disposal of hazardous materials that are designed to prevent material environmental or other damage, to ensure the safety of our pipelines, our employees, the public and the environment and to limit the financial liability that could result from such events. Future governmental action and regulatory initiatives could result in changes to expected operating permits and procedures, additional remedial actions or increased capital expenditures and operating costs that cannot be assessed with certainty at this time. In addition, contamination resulting from spills of petroleum products occurs within the industry. Risks of additional costs and liabilities are inherent within the industry, and there can be no assurances that significant costs and liabilities will not be incurred in the future. | ||||||||
Environmental and safety exposures and liabilities are difficult to assess and estimate due to unknown factors such as the timing and extent of remediation, the determination of our liability in proportion to other parties, improvements in cleanup technologies and the extent to which environmental and safety laws and regulations may change in the future. Although environmental and safety costs may have a significant impact on the results of operations for any single period, we believe that such costs will not have a material adverse effect on our financial position. | ||||||||
The balance of and changes in the accruals for environmental matters were as follows: | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Balance as of the beginning of year | $ | 13,451 | $ | 23,113 | ||||
Additions to accrual | 3,623 | 4,766 | ||||||
San Antonio Refinery Acquisition purchase price adjustment | — | (5,957 | ) | |||||
Payments | (2,940 | ) | (5,242 | ) | ||||
San Antonio Refinery Sale | (7,910 | ) | — | |||||
Asphalt Sale | — | (3,300 | ) | |||||
Foreign currency translation | 9 | 71 | ||||||
Balance as of the end of year | $ | 6,233 | $ | 13,451 | ||||
Accruals for environmental matters are included in the consolidated balance sheets as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Accrued liabilities | $ | 3,299 | $ | 10,627 | ||||
Other long-term liabilities | 2,934 | 2,824 | ||||||
Accruals for environmental matters | $ | 6,233 | $ | 13,451 | ||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | |||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||
Contingencies | ||||||||||||||||||||||||||||
We have contingent liabilities resulting from various litigation, claims and commitments. We record accruals for loss contingencies when losses are considered probable and can be reasonably estimated. Legal fees associated with defending the Partnership in legal matters are expensed as incurred. As of December 31, 2013, we have accrued $0.7 million for contingent losses. The amount that will ultimately be paid related to these matters may differ from the recorded accruals, and the timing of such payments is uncertain. In addition, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on our results of operations, financial position or liquidity. | ||||||||||||||||||||||||||||
Commitments | ||||||||||||||||||||||||||||
Future minimum rental payments applicable to all noncancellable operating leases and purchase obligations as of December 31, 2013 are as follows: | ||||||||||||||||||||||||||||
Payments Due by Period | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | There- | Total | ||||||||||||||||||||||
after | ||||||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||||||
Operating leases | $ | 30,300 | $ | 24,886 | $ | 21,274 | $ | 18,954 | $ | 16,980 | $ | 80,090 | $ | 192,484 | ||||||||||||||
Purchase obligations: | 8,571 | 5,108 | 3,841 | 694 | 216 | — | 18,430 | |||||||||||||||||||||
Rental expense for all operating leases totaled $52.9 million, $73.9 million and $70.0 million for the years ended December 31, 2013, 2012 and 2011, respectively, including rental expense included in “(Loss) income from discontinued operations, net of tax” on the consolidated statements of income. Our operating leases consist primarily of the following: | ||||||||||||||||||||||||||||
• | a ten-year lease for tugs and barges utilized at our St. Eustatius facility for bunker fuel sales, with two five-year renewal options; | |||||||||||||||||||||||||||
• | leases for tugs and barges utilized at our Point Tupper facility for bunker fuel sales, with lease terms ranging from five to ten years; and | |||||||||||||||||||||||||||
• | land leases at various terminal facilities. | |||||||||||||||||||||||||||
On November 6, 2013, we came to a mutual agreement with PDVSA-Petróleo S.A. (PDVSA) effective January 1, 2014 to terminate that certain Crude Oil Sales Agreement dated effective as of March 1, 2008 (the CSA). We previously amended the CSA on July 5, 2013 to reduce the crude oil purchase obligations from 75,000 barrels per day to 30,000 barrels per day, which remained in effect through the end of 2013. Effective January 1, 2014, our crude oil supply agreement with Asphalt JV will also terminate. See Note 19 for a discussion of our crude oil supply agreement with Asphalt JV. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
We segregate the inputs used in measuring fair value into three levels: Level 1, defined as observable inputs such as quoted prices for identical assets or liabilities in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists. We consider counterparty credit risk and our own credit risk in the determination of all estimated fair values. | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
The following assets and liabilities are measured at fair value on a recurring basis: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Other current assets: | ||||||||||||||||
Product imbalances | $ | 1,980 | $ | — | $ | — | $ | 1,980 | ||||||||
Commodity derivatives | — | 4,948 | — | 4,948 | ||||||||||||
Other long-term assets, net: | ||||||||||||||||
Commodity derivatives | — | 6,977 | — | 6,977 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Product imbalances | (2,190 | ) | — | — | (2,190 | ) | ||||||||||
Commodity derivatives | (1,433 | ) | (800 | ) | — | (2,233 | ) | |||||||||
Contingent consideration | — | — | (1,318 | ) | (1,318 | ) | ||||||||||
Other long-term liabilities: | ||||||||||||||||
Commodity derivatives | — | (1,575 | ) | — | (1,575 | ) | ||||||||||
Guarantee liability | — | — | (1,880 | ) | (1,880 | ) | ||||||||||
Total | $ | (1,643 | ) | $ | 9,550 | $ | (3,198 | ) | $ | 4,709 | ||||||
December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Other current assets: | ||||||||||||||||
Product imbalances | $ | 1,232 | $ | — | $ | — | $ | 1,232 | ||||||||
Commodity derivatives | 1,001 | 8,357 | — | 9,358 | ||||||||||||
Other long-term assets, net: | ||||||||||||||||
Commodity derivatives | — | 9,206 | — | 9,206 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Product imbalances | (1,686 | ) | — | — | (1,686 | ) | ||||||||||
Commodity derivatives | — | (19,210 | ) | — | (19,210 | ) | ||||||||||
Interest rate swaps | — | (40,911 | ) | — | (40,911 | ) | ||||||||||
Contingent consideration | — | — | (9,600 | ) | (9,600 | ) | ||||||||||
Total | $ | 547 | $ | (42,558 | ) | $ | (9,600 | ) | $ | (51,611 | ) | |||||
Product Imbalances. We value our assets and liabilities related to product imbalances using quoted market prices in active markets as of the reporting date. | ||||||||||||||||
Interest Rate Swaps. We estimate the fair value of both our fixed-to-floating and forward-starting interest rate swaps using discounted cash flows, which use observable inputs such as time to maturity and market interest rates. | ||||||||||||||||
Commodity Derivatives. We base the fair value of certain of our commodity derivative instruments on quoted prices on an exchange; accordingly, we include these in Level 1 of the fair value hierarchy. We also have derivative instruments for which we determine fair value using industry pricing services and other observable inputs, such as quoted prices on an exchange for similar derivative instruments. Therefore, we include these derivative instruments in Level 2 of the fair value hierarchy. See Note 18 for a discussion of our derivative instruments. | ||||||||||||||||
Contingent Consideration. In connection with the TexStar Asset Acquisition, we could be obligated to pay additional consideration to TexStar. Such obligations are dependent upon the cost of work required to complete certain assets and obtain outstanding real estate rights (collectively, the Contingent Consideration). We estimated the fair value of the Contingent Consideration using a probability-weighted discounted cash flow model, which reflects possible outcomes and our estimates of the probabilities of those outcomes. Our estimate of the fair value is based on significant inputs not observable in the market and thus falls within Level 3 of the fair value hierarchy. The probability-weighted cash flows were discounted using a discount rate of 11%. | ||||||||||||||||
Based on our assessment of the costs necessary to complete the assets in accordance with our agreement with TexStar, and considering the probability of possible outcomes, we determined that it is unlikely we would be obligated to pay a portion of the Contingent Consideration. The undiscounted amount of potential future payments that we could be required to make under the applicable agreements is between $0 and $1.3 million. | ||||||||||||||||
Guarantees. As of December 31, 2013, we recorded a liability of $1.9 million representing the fair value of guarantees we have issued on behalf of Asphalt JV. We estimated the fair value considering the probability of default by Asphalt JV and an estimate of the amount we would be obligated to pay under the guarantees at the time of default. We calculated the fair value based on the guarantees outstanding as of December 31, 2013, totaling $79.7 million, plus two guarantees that do not specify a maximum amount. Our estimate of the fair value is based on significant inputs not observable in the market and thus falls within Level 3 of the fair value hierarchy. See Note 19 for a discussion of our agreements with Asphalt JV. | ||||||||||||||||
In the event we are obligated to perform under these guarantees, that amount paid by us will be added to borrowings under the NuStar JV Facility. As a result, we increased the carrying value of the note receivable from Asphalt JV by the same amount as the liability for the fair value of the guarantees outstanding as of December 31, 2013. | ||||||||||||||||
The following table summarizes the activity in our Level 3 liabilities: | ||||||||||||||||
Year Ended | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Beginning balance | $ | 9,600 | ||||||||||||||
Amounts settled | (1,114 | ) | ||||||||||||||
Adjustment to guarantee liability | 1,880 | |||||||||||||||
Changes in fair value recorded in earnings: | ||||||||||||||||
Operating expenses | (8,000 | ) | ||||||||||||||
Interest expense, net | 832 | |||||||||||||||
Ending balance | $ | 3,198 | ||||||||||||||
Non-recurring Fair Value Measurements | ||||||||||||||||
As of December 31, 2013, we reclassified the property, plant and equipment associated with certain terminals as “Assets held for sale” on the consolidated balance sheet and recorded those assets at fair value, less costs to sell. We estimated the fair value of $22.0 million using a weighted-average of values calculated using an income approach and a market approach. The income approach calculates fair value by discounting the estimated net cash flows generated by the related terminal. The market approach involves estimating the fair value measurement on an earnings multiple based on public company transaction data. Our estimate of the fair value is based on significant inputs not observable in the market and thus falls within Level 3 of the fair value hierarchy. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
We recognize cash equivalents, receivables, the note receivable from Asphalt JV, payables and debt in our consolidated balance sheets at their carrying amount. The fair values of these financial instruments, except for the note receivable from related party and debt, approximate their carrying amounts. | ||||||||||||||||
The estimated fair values and carrying amounts of our debt and note receivable from Asphalt JV were as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Debt: | ||||||||||||||||
Fair value | $ | 2,636,734 | $ | 2,377,120 | ||||||||||||
Carrying amount | $ | 2,655,553 | $ | 2,411,004 | ||||||||||||
Note Receivable from Related Party: | ||||||||||||||||
Fair value | $ | 133,416 | $ | 91,705 | ||||||||||||
Carrying amount | $ | 165,440 | $ | 95,711 | ||||||||||||
We estimated the fair value of our publicly traded senior notes based upon quoted prices in active markets; therefore, we determined the fair value of our publicly traded senior notes falls in Level 1 of the fair value hierarchy. For our other debt, for which a quoted market price is not available, we estimated the fair value using a discounted cash flow analysis using current incremental borrowing rates for similar types of borrowing arrangements and determined the fair value falls in Level 2 of the fair value hierarchy. | ||||||||||||||||
The note receivable related to the NuStar JV Facility is recorded at the outstanding principal amount, adjusted for equity losses from our investment in Asphalt JV after the carrying value of our investment in Asphalt JV was reduced to zero and for the fair value of guarantees issued under the NuStar JV Facility. We estimated the fair value of the note receivable using discounted cash flows, which use observable inputs such as time to maturity and market interest rates, and determined the fair value falls in Level 2 of the fair value hierarchy. |
DERIVATIVES_AND_RISK_MANAGEMEN
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES | ' | |||||||||||||||||
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES | ||||||||||||||||||
We utilize various derivative instruments to manage our exposure to commodity price risk and manage our exposure to interest rate risk. Our risk management policies and procedures are designed to monitor interest rates, futures and swap positions and over-the-counter positions, as well as physical volumes, grades, locations and delivery schedules to help ensure that our hedging activities address our market risks. Our risk management committee oversees our trading policies and procedures and certain aspects of commodity and trading risk management. Our risk management committee also reviews all new commodity and trading risk management strategies in accordance with our risk management policy, as approved by our board of directors. | ||||||||||||||||||
Interest Rate Risk | ||||||||||||||||||
We were a party to certain interest rate swap agreements to manage our exposure to changes in interest rates. We entered into fixed-to-floating interest rate swap agreements associated with a portion of our fixed-rate senior notes. We accounted for our fixed-to-floating interest rate swaps as fair value hedges. In 2012, we entered into and terminated fixed-to-floating interest rate swap agreements with an aggregate notional amount of $200.0 million related to NuStar Logistics’ 4.75% senior notes issued on February 2, 2012. Under the terms of these interest rate swap agreements, we received a fixed rate of 4.75% and paid a variable rate based on one month USD LIBOR plus a percentage that varied with each agreement. We also terminated fixed-to-floating interest rate swap agreements with an aggregate notional amount of $270.0 million associated with NuStar Logistics’ 4.80% senior notes. Under the terms of these interest rate swap agreements, we received a fixed rate of 4.8% and paid a variable rate based on one month USD LIBOR, plus a percentage that varies with each agreement. We received $19.7 million in connection with the terminations, which we are amortizing into “Interest expense, net” over the remaining lives of the 4.80% and 4.75% senior notes. The termination payments are included in cash flows from financing activities on the consolidated statements of cash flows. We had no fixed-to-floating interest rate swaps as of December 31, 2013 and 2012. | ||||||||||||||||||
We were also a party to forward-starting interest rate swap agreements related to the interest payments associated with forecasted probable debt issuances in 2013. Under the terms of the swaps, we paid a fixed rate and received a rate based on three month USD LIBOR. We entered into these swaps in order to hedge the risk of changes in the interest payments attributable to changes in the benchmark interest rate during the period from the effective date of the swap to the issuance of the forecasted debt. These swaps qualified, and we designated them, as cash flow hedges of future interest payments associated with forecasted debt issuances. In connection with the issuance of the 4.75% senior notes on February 2, 2012, we terminated forward-starting interest rate swap agreements with an aggregate notional amount of $225.0 million. We paid $25.4 million in connection with the terminations, which is being reclassified out of “Accumulated other comprehensive loss” and into “Interest expense, net” as the interest payments occur over the life of the 4.75% senior notes. | ||||||||||||||||||
In 2013, in connection with the maturity of the 6.05% senior notes due March 15, 2013 and 5.875% senior notes due June 1, 2013, we terminated forward-starting interest rate swap agreements with an aggregate notional amount of $275.0 million. We paid $33.7 million in connection with the terminations, which we reclassify out of “Accumulated other comprehensive loss” and into “Interest expense, net” as the interest payments occur or if the interest payments are probable not to occur. During the second quarter of 2013, we determined that one forecasted interest payment was probable not to occur, and we reclassified $2.0 million out of “Accumulated other comprehensive loss” to “Interest expense, net.” | ||||||||||||||||||
The termination payments are included in cash flows from financing activities on the consolidated statements of cash flows. We had no forward-starting interest rate swaps as of December 31, 2013, and the total aggregate notional amount of the forward-starting interest rate swaps was $275.0 million as of December 31, 2012. | ||||||||||||||||||
Commodity Price Risk | ||||||||||||||||||
We are exposed to market risks related to the volatility of crude oil and refined product prices. In order to reduce the risk of commodity price fluctuations with respect to our crude oil and finished product inventories and related firm commitments to purchase and/or sell such inventories, we utilize commodity futures and swap contracts, which qualify, and we designate as, fair value hedges. Derivatives that are intended to hedge our commodity price risk, but fail to qualify as fair value or cash flow hedges, are considered economic hedges, and we record associated gains and losses in net income. | ||||||||||||||||||
We entered into commodity swap contracts to hedge the price risk associated with the San Antonio Refinery. These contracts fixed the purchase price of crude oil and sales prices of refined products for a portion of the expected production of the San Antonio Refinery, thereby attempting to mitigate the risk of volatility of future cash flows associated with hedged volumes. These contracts qualified, and we designated them, as cash flow hedges. During the fourth quarter of 2011, we decided to adjust the refinery’s operations, which caused a shift in the future production yields of the San Antonio Refinery. This change caused certain forecasted sales of gasoline products to be replaced with distillate sales; therefore, we concluded that these forecasted gasoline sales were probable not to occur, and we discontinued cash flow hedging treatment for the related commodity contracts. We recorded gains of $16.4 million related to these contracts for the year ended December 31, 2011, including $15.1 million which we reclassified from accumulated other comprehensive loss. In anticipation of the San Antonio Refinery Sale, we concluded that all of the forecasted sales were probable not to occur. Therefore, we discontinued cash flow hedging treatment for the related commodity contracts in December 2012 and incurred a loss of $21.7 million, which we reclassified from accumulated other comprehensive loss to “(Loss) income from discontinued operations, net of tax.” | ||||||||||||||||||
The volume of commodity contracts is based on open derivative positions and represents the combined volume of our long and short positions on an absolute basis, which totaled 15.2 million barrels and 22.7 million barrels as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||
As of December 31, 2013 and 2012, we had $3.3 million and $6.2 million, respectively, of margin deposits related to our derivative instruments. | ||||||||||||||||||
The fair values of our derivative instruments included in our consolidated balance sheets were as follows: | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Balance Sheet Location | December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Derivatives Designated as | ||||||||||||||||||
Hedging Instruments: | ||||||||||||||||||
Commodity contracts | Other current assets | $ | — | $ | 1,471 | $ | — | $ | (811 | ) | ||||||||
Commodity contracts | Accrued liabilities | — | — | (130 | ) | — | ||||||||||||
Interest rate swaps | Accrued liabilities | — | — | — | (40,911 | ) | ||||||||||||
Total | — | 1,471 | (130 | ) | (41,722 | ) | ||||||||||||
Derivatives Not Designated | ||||||||||||||||||
as Hedging Instruments: | ||||||||||||||||||
Commodity contracts | Other current assets | 16,168 | 22,269 | (11,220 | ) | (13,571 | ) | |||||||||||
Commodity contracts | Other long-term assets, net | 15,883 | 39,322 | (8,906 | ) | (30,116 | ) | |||||||||||
Commodity contracts | Accrued liabilities | 4,523 | 17,406 | (6,626 | ) | (36,616 | ) | |||||||||||
Commodity contracts | Other long-term liabilities | 5,448 | — | (7,023 | ) | — | ||||||||||||
Total | 42,022 | 78,997 | (33,775 | ) | (80,303 | ) | ||||||||||||
Total Derivatives | $ | 42,022 | $ | 80,468 | $ | (33,905 | ) | $ | (122,025 | ) | ||||||||
Certain of our derivative instruments are eligible for offset in the consolidated balance sheets and subject to master netting arrangements. Under our master netting arrangements, there is a legally enforceable right to offset amounts, and we intend to settle such amounts on a net basis. The following are the net amounts presented on the consolidated balance sheets: | ||||||||||||||||||
December 31, | ||||||||||||||||||
Commodity Contracts | 2013 | 2012 | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Net amounts of assets presented in the consolidated balance sheets | $ | 11,925 | $ | 18,564 | ||||||||||||||
Net amounts of liabilities presented in the consolidated balance sheets | $ | (3,808 | ) | $ | (19,210 | ) | ||||||||||||
The earnings impact of our derivative activity was as follows: | ||||||||||||||||||
Derivatives Designated as Fair | Income Statement | Amount of Gain (Loss) Recognized | Amount of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income on Derivative | ||||||||||||||
Value Hedging Instruments | Location | in Income on Derivative (Effective Portion) | on Hedged Item | (Ineffective Portion) | ||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 3,964 | $ | (6,327 | ) | $ | (2,363 | ) | |||||||||
Year ended December 31, 2012: | ||||||||||||||||||
Interest rate swaps | Interest expense, net | $ | 17,345 | $ | (17,345 | ) | $ | — | ||||||||||
Commodity contracts | Cost of product sales | (10,505 | ) | 12,139 | 1,634 | |||||||||||||
Total | $ | 6,840 | $ | (5,206 | ) | $ | 1,634 | |||||||||||
Year ended December 31, 2011: | ||||||||||||||||||
Interest rate swaps | Interest expense, net | $ | (55,183 | ) | $ | 54,588 | $ | (595 | ) | |||||||||
Commodity contracts | Cost of product sales | (10,228 | ) | 9,004 | (1,224 | ) | ||||||||||||
Total | $ | (65,411 | ) | $ | 63,592 | $ | (1,819 | ) | ||||||||||
Derivatives Designated as Cash | Amount of Gain | Income Statement | Amount of Gain | Amount of Gain (Loss) | ||||||||||||||
Flow Hedging Instruments | (Loss) Recognized | Location (a) | (Loss) Reclassified from | Recognized in Income on | ||||||||||||||
in OCI on Derivative | Accumulated OCI | Derivative | ||||||||||||||||
(Effective Portion) | into Income | (Ineffective Portion) | ||||||||||||||||
(Effective Portion) (b) | ||||||||||||||||||
(Thousands of Dollars) | (Thousands of Dollars) | |||||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||||
Interest rate swaps | $ | 7,213 | Interest expense, net | $ | (7,570 | ) | $ | — | ||||||||||
Year ended December 31, 2012: | ||||||||||||||||||
Interest rate swaps | $ | (17,069 | ) | Interest expense, net | $ | (1,749 | ) | $ | — | |||||||||
Commodity contracts | (77,200 | ) | (Loss) income from discontinued operations | (51,483 | ) | 4,010 | ||||||||||||
Total | $ | (94,269 | ) | $ | (53,232 | ) | $ | 4,010 | ||||||||||
Year ended December 31, 2011: | ||||||||||||||||||
Interest rate swaps | $ | (84,199 | ) | Interest expense, net | $ | — | $ | — | ||||||||||
Commodity contracts | 30,747 | (Loss) income from discontinued operations | 5,030 | (4,010 | ) | |||||||||||||
Total | $ | (53,452 | ) | $ | 5,030 | $ | (4,010 | ) | ||||||||||
(a) | Amounts are included in specified location for both the gain (loss) reclassified from accumulated OCI into income (effective portion) and the gain (loss) recognized in income on derivative (ineffective portion). | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Income Statement Location | Amount of Gain (Loss) | ||||||||||||||||
Recognized in Income | ||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (5,323 | ) | ||||||||||||||
Commodity contracts | (Loss) income from discontinued operations | (218 | ) | |||||||||||||||
Total | $ | (5,541 | ) | |||||||||||||||
Year ended December 31, 2012: | ||||||||||||||||||
Commodity contracts | Revenues | $ | (7,654 | ) | ||||||||||||||
Commodity contracts | Cost of product sales | 20,138 | ||||||||||||||||
Commodity contracts | (Loss) income from discontinued operations | 6,176 | ||||||||||||||||
Total | $ | 18,660 | ||||||||||||||||
Year ended December 31, 2011: | ||||||||||||||||||
Commodity contracts | Revenues | $ | 235 | |||||||||||||||
Commodity contracts | Cost of product sales | (11,661 | ) | |||||||||||||||
Commodity contracts | Operating expenses | 46 | ||||||||||||||||
Commodity contracts | (Loss) income from discontinued operations | 7,207 | ||||||||||||||||
Total | $ | (4,173 | ) | |||||||||||||||
For derivatives designated as cash flow hedging instruments, once a hedged transaction occurs, we reclassify the effective portion from AOCI to “Interest expense, net” for our forward-starting interest rate swaps or to “Income (loss) from discontinued operations, net of tax” for our commodity contracts associated with the San Antonio Refinery. As of December 31, 2013, we expect to reclassify a loss of $10.7 million to “Interest expense, net” within the next twelve months. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Related Party Transactions | ' | |||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||
The following table summarizes information pertaining to related party transactions: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Revenues | $ | 14,897 | $ | 1,990 | $ | — | ||||||
Operating expenses | $ | 122,677 | $ | 133,654 | $ | 138,324 | ||||||
General and administrative expenses | $ | 58,602 | $ | 62,490 | $ | 66,220 | ||||||
Interest income | $ | 6,113 | $ | 1,219 | $ | — | ||||||
Revenues included in discontinued operations, net of tax | $ | 3,720 | $ | 3,390 | $ | 1,039 | ||||||
Expenses included in discontinued operations, net of tax | $ | 6,051 | $ | 14,328 | $ | 12,238 | ||||||
NuStar GP, LLC | ||||||||||||
Our operations are managed by NuStar GP, LLC, the general partner of our general partner. Under a services agreement between NuStar Energy and NuStar GP, LLC, employees of NuStar GP, LLC perform services for our U.S. operations. Certain of our wholly owned subsidiaries employ persons who perform services for our international operations. | ||||||||||||
GP Services Agreement. NuStar Energy and NuStar GP, LLC entered into a services agreement effective January 1, 2008 (the GP Services Agreement). The GP Services Agreement provides that NuStar GP, LLC will furnish administrative and certain operating services necessary to conduct the business of NuStar Energy. All employees providing services to both NuStar GP Holdings and NuStar Energy are employed by NuStar GP, LLC; therefore, NuStar Energy reimburses NuStar GP, LLC for all employee costs, other than the expenses allocated to NuStar GP Holdings (the Holdco Administrative Services Expense). The GP Services Agreement has an original termination date of December 31, 2012, but will automatically renew every two-year unless terminated by either party upon six months’ prior written notice. | ||||||||||||
We had a payable to NuStar GP, LLC of $8.3 million and $1.4 million as of December 31, 2013 and 2012, respectively, with both amounts representing payroll, employee benefit plan expenses and unit-based compensation. We also had a long-term payable to NuStar GP, LLC as of December 31, 2013 and 2012 of $41.1 million and $18.1 million, respectively, for amounts payable for retiree medical benefits and other post-employment benefits. | ||||||||||||
Non-Compete Agreement. On July 19, 2006, we entered into a non-compete agreement with NuStar GP Holdings, Riverwalk Logistics, L.P. and NuStar GP, LLC (the Non-Compete Agreement). The Non-Compete Agreement became effective on December 22, 2006 when NuStar GP Holdings ceased to be subject to the Amended and Restated Omnibus Agreement, dated March 31, 2006. Under the Non-Compete Agreement, we will have a right of first refusal with respect to the potential acquisition of assets that relate to the transportation, storage or terminalling of crude oil, feedstocks or refined petroleum products (including petrochemicals) in the United States and internationally. NuStar GP Holdings will have a right of first refusal with respect to the potential acquisition of general partner and other equity interests in publicly traded partnerships under common ownership with the general partner interest. With respect to any other business opportunities, neither the Partnership nor NuStar GP Holdings are prohibited from engaging in any business, even if the Partnership and NuStar GP Holdings would have a conflict of interest with respect to such other business opportunity. |
EMPLOYEE_BENEFIT_PLANS_AND_LON
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS [Abstract] | ' | |||||||||||||||
Employee Benefit Plans and Long-Term Incentive Plans | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS | ||||||||||||||||
Employee Benefit Plans | ||||||||||||||||
We rely on employees of NuStar GP, LLC to provide the necessary services to conduct our U.S. operations. NuStar GP, LLC sponsors various employee benefit plans. | ||||||||||||||||
The NuStar Pension Plan (the Pension Plan) is a qualified non-contributory defined benefit pension plan that became effective July 1, 2006. The Pension Plan covers substantially all of NuStar GP, LLC’s employees and generally provides eligible employees with retirement income calculated under a final average pay formula (FAP) or a cash balance formula. Employees hired before January 1, 2011 are covered under FAP, which is based on years of service and compensation during their period of service, and employees become fully vested in their benefits upon attaining five years of vesting service. Employees hired on January 1, 2011 or after are covered under the cash balance formula, which is based on age and service and interest credits, and employees become fully vested in their benefits upon attaining three years of vesting service. Effective January 1, 2014, the Pension Plan was amended to freeze the FAP benefit as of December 31, 2013 and all employees will be covered under the cash balance formula. | ||||||||||||||||
NuStar GP, LLC also maintains an excess pension plan (the Excess Pension Plan) which is a nonqualified deferred compensation plan that provides benefits to a select group of management or other highly compensated employees of NuStar GP, LLC. The supplemental executive retirement plan (the SERP) has no participants, and it will terminate in 2014 upon a final payment to the former participants. | ||||||||||||||||
The NuStar Thrift Plan (the Thrift Plan) is a qualified employee profit-sharing plan that became effective June 26, 2006. Participation in the Thrift Plan is voluntary and is open to substantially all NuStar GP, LLC employees upon their date of hire, except for part-time employees (as defined in the Thrift Plan), who become eligible upon completing one year of service (as defined in the Thrift Plan). Thrift Plan participants can contribute from 1% up to 30% of their total annual compensation to the Thrift Plan in the form of pre-tax and/or after tax employee contributions. NuStar GP, LLC makes matching contributions in an amount equal to 100% of each participant’s employee contributions up to a maximum of 6% of the participant’s total annual compensation. | ||||||||||||||||
NuStar GP, LLC also maintains an excess thrift plan (the Excess Thrift Plan) that became effective July 1, 2006. The Excess Thrift Plan is a nonqualified deferred compensation plan that provides benefits to those employees of NuStar GP, LLC whose compensation and/or annual contributions under the Thrift Plan are subject to the limitations applicable to qualified retirement plans under the Code. Benefits under the Excess Thrift Plan are generally payable in a single lump sum payment upon the employee’s separation from service. | ||||||||||||||||
None of the Excess Thrift Plan, the Excess Pension Plan or the SERP is intended to constitute either a qualified plan under the provisions of Section 401 of the Code or a funded plan subject to the Employee Retirement Income Security Act. | ||||||||||||||||
NuStar GP, LLC also provides a medical benefits plan for retired employees. In 2013, the plan was amended for employees that retire on or after April 1, 2014 to provide a defined subsidy for eligible third-party health care premiums. | ||||||||||||||||
We also maintain several other defined contribution plans for certain international employees located in Canada, the Netherlands and the United Kingdom. For the years ended December 31, 2013, 2012 and 2011, our costs for these plans totaled $2.5 million, $2.6 million and $2.6 million, respectively. | ||||||||||||||||
Long-Term Incentive Plans | ||||||||||||||||
NuStar GP, LLC sponsors the following: | ||||||||||||||||
• | The Third Amended and Restated 2000 Long-Term Incentive Plan (the 2000 LTIP), under which NuStar GP, LLC may award up to 3,250,000 NS common units. Awards under the 2000 LTIP can include NS unit options, restricted units, performance awards, distribution equivalent rights (DER) and contractual rights to receive common units. As of December 31, 2013, a total of 1,517,027 NS common units remained available to be awarded under the 2000 LTIP. | |||||||||||||||
• | The 2006 Long-Term Incentive Plan (the 2006 LTIP) under which NuStar GP Holdings may award up to 2,000,000 NSH units to employees, consultants and directors of NuStar GP Holdings and its affiliates, including us. Awards under the 2006 LTIP can include NSH unit options, performance awards, DER, restricted units, phantom units, unit grants and unit appreciation rights. As of December 31, 2013, a total of 1,494,177 NSH units remained available to be awarded under the 2006 LTIP. | |||||||||||||||
The 2003 Employee Unit Incentive Plan (the UIP), under which NuStar GP, LLC awarded NS common units to employees of NuStar GP, LLC or its affiliates, terminated on June 16, 2013. The 2002 Unit Option Plan (the UOP), under which NuStar GP, LLC awarded NS unit options to officers and directors of NuStar GP, LLC or its affiliates, terminated on March 22, 2012. | ||||||||||||||||
The number of awards granted under the above-described plans were as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Granted | Vesting | Granted | Vesting | Granted | Vesting | |||||||||||
2000 LTIP: | ||||||||||||||||
Performance awards | 38,786 | (a) | 33,445 | (a) | 27,111 | (a) | ||||||||||
Restricted units (b) | 269,182 | 1/5 per year | 231,855 | 1/5 per year | 208,195 | 1/5 per year | ||||||||||
Restricted units (grants to non-employee directors of NuStar GP, LLC) | 8,904 | 1/3 per year | 8,170 | 1/3 per year | 6,760 | 1/3 per year | ||||||||||
UIP: | ||||||||||||||||
Restricted units (c) | — | — | 15,382 | 1/5 per year | 14,005 | 1/5 per year | ||||||||||
2006 LTIP: | ||||||||||||||||
Restricted units | 18,620 | 1/5 per year | 25,640 | 1/5 per year | 24,970 | 1/5 per year | ||||||||||
Restricted units (grants to non-employee directors of NuStar GP Holdings) (d) | 13,183 | 1/3 per year | 10,601 | 1/3 per year | 9,987 | 1/3 per year | ||||||||||
(a) | Performance awards vest 1/3 per year if certain performance measures are met. | |||||||||||||||
(b) | The 2000 LTIP restricted unit grants include 3,882 restricted unit awards granted to certain international employees for the year ended December 31, 2013, that vest 1/3 per year , as defined in the award agreements. | |||||||||||||||
(c) | The UIP restricted unit grants include 3,392 and 2,880 restricted unit awards granted to certain international employees for the years ended December 31, 2012 and 2011, respectively, that vest 1/3 per year , as defined in the award agreements. | |||||||||||||||
(d) | We do not reimburse NuStar GP, LLC for compensation expense relating to these awards. | |||||||||||||||
Our share of compensation expense related to the various long-term incentive plans and benefit plans described above is as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Long-term incentive plans | $ | 9,818 | $ | 7,745 | $ | 8,521 | ||||||||||
Benefit plans | $ | 18,204 | $ | 23,602 | $ | 13,684 | ||||||||||
OTHER_INCOME_EXPENSE
OTHER INCOME (EXPENSE) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
OTHER INCOME (EXPENSE) | ' | |||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Other income (expense) consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Foreign exchange gains (losses) | $ | 7,707 | $ | (1,429 | ) | $ | 1,902 | |||||
(Loss) gain from sale or disposition of assets | (524 | ) | (1,522 | ) | 155 | |||||||
Loss on deconsolidation of Asphalt JV | — | (23,800 | ) | — | ||||||||
Storage agreement early termination costs | — | — | (5,000 | ) | ||||||||
Contingent loss adjustment | — | — | (3,250 | ) | ||||||||
Other, net | 158 | 2,062 | 2,620 | |||||||||
Other income (expense), net | $ | 7,341 | $ | (24,689 | ) | $ | (3,573 | ) | ||||
For the year ended December 31, 2011, “Other income (expense), net” included $5.0 million in costs associated with the early termination of a third-party storage agreement at the Paulsboro, New Jersey asphalt refinery and a contingent loss adjustment of $3.3 million related to a legal settlement. |
PARTNERS_EQUITY
PARTNERS' EQUITY | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Partners' Capital Notes [Abstract] | ' | ||||||||||||
PARTNERS' EQUITY | ' | ||||||||||||
PARTNERS’ EQUITY | |||||||||||||
Issuance of Common Units | |||||||||||||
On September 10, 2012, we issued 7,130,000 common units representing limited partner interests at a price of $48.94 per unit. We used the net proceeds from this offering of $343.9 million, including a contribution of $7.1 million from our general partner to maintain its 2% general partner interest, for general partnership purposes, including repayments of outstanding borrowings under our 2012 Revolving Credit Agreement and working capital purposes. | |||||||||||||
On December 9, 2011, we issued 6,037,500 common units representing limited partner interests at a price of $53.45 per unit. We used the net proceeds from this offering of $318.0 million, including a contribution of $6.6 million from our general partner to maintain its 2% general partner interest, mainly to reduce outstanding borrowings under our 2007 revolving credit agreement. | |||||||||||||
On May 23, 2011, we entered into an Equity Distribution Agreement (the Equity Distribution Agreement) with Citigroup Global Markets Inc. (Citigroup). Under the Equity Distribution Agreement, we may from time to time sell an aggregate of up to $200.0 million NuStar Energy common units representing limited partner interests, using Citigroup as our sales agent. In September and October 2011, we issued 108,029 NuStar Energy common units under the Equity Distribution Agreement for net proceeds of $6.0 million, including a contribution of $0.1 million from our general partner to maintain its 2% general partner interest. | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The balance of and changes in the components included in “Accumulated other comprehensive income (loss)” were as follows: | |||||||||||||
Foreign | Cash Flow Hedges | Total | |||||||||||
Currency | |||||||||||||
Translation | |||||||||||||
(Thousands of Dollars) | |||||||||||||
Balance as of January 1, 2011 | $ | 11,500 | $ | 35,000 | $ | 46,500 | |||||||
Other comprehensive loss before reclassifications | (15,425 | ) | (53,452 | ) | (68,877 | ) | |||||||
Net loss reclassified into (loss) income from discontinued operations | — | (5,030 | ) | $ | (5,030 | ) | |||||||
Other comprehensive loss | (15,425 | ) | (58,482 | ) | (73,907 | ) | |||||||
Balance as of December 31, 2011 | (3,925 | ) | (23,482 | ) | (27,407 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 9,579 | (94,269 | ) | (84,690 | ) | ||||||||
Net loss reclassified into interest expense, net | — | 1,749 | 1,749 | ||||||||||
Net loss reclassified into (loss) income from discontinued operations | — | 51,483 | 51,483 | ||||||||||
Other comprehensive income (loss) | 9,579 | (41,037 | ) | (31,458 | ) | ||||||||
Balance as of December 31, 2012 | 5,654 | (64,519 | ) | (58,865 | ) | ||||||||
Other comprehensive (loss) income before reclassifications | (19,312 | ) | 7,213 | (12,099 | ) | ||||||||
Net loss reclassified into interest expense, net | — | 7,570 | 7,570 | ||||||||||
Other comprehensive (loss) income | (19,312 | ) | 14,783 | (4,529 | ) | ||||||||
Balance as of December 31, 2013 | $ | (13,658 | ) | $ | (49,736 | ) | $ | (63,394 | ) | ||||
Other comprehensive income (loss) attributable to the noncontrolling interest consisted of foreign currency translation adjustment losses of $0.1 million, gains of $1.1 million and losses of $3.0 million, for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Allocations of Net Income | |||||||||||||
General Partner. Our partnership agreement, as amended, sets forth the calculation to be used to determine the amount and priority of cash distributions that the common unitholders and general partner will receive. The partnership agreement also contains provisions for the allocation of net income and loss to the unitholders and the general partner. For purposes of maintaining partner capital accounts, the partnership agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interests. Normal allocations according to percentage interests are made after giving effect to priority income allocations, if any, in an amount equal to incentive cash distributions allocated 100% to the general partner. The following table details the calculation of net income applicable to the general partner: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Thousands of Dollars) | |||||||||||||
Net income (loss) attributable to NuStar Energy L.P. | $ | (273,770 | ) | $ | (226,616 | ) | $ | 221,461 | |||||
Less general partner incentive distribution (a) | 43,220 | 41,242 | 36,319 | ||||||||||
Net income (loss) after general partner incentive distribution | (316,990 | ) | (267,858 | ) | 185,142 | ||||||||
General partner interest | 2 | % | 2 | % | 2 | % | |||||||
General partner allocation of net income (loss) after general partner | (6,338 | ) | (5,356 | ) | 3,703 | ||||||||
incentive distribution | |||||||||||||
General partner incentive distribution | 43,220 | 41,242 | 36,319 | ||||||||||
Net income applicable to general partner | $ | 36,882 | $ | 35,886 | $ | 40,022 | |||||||
(a) | The net income allocation to the general partner’s incentive distribution is less than the actual distribution made with respect to 2011, which is shown in the distribution table below, due to the issuance of common units after the end of the third quarter but before the record date. | ||||||||||||
Cash Distributions | |||||||||||||
We make quarterly distributions of 100% of our available cash, generally defined as cash receipts less cash disbursements and cash reserves established by the general partner, in its sole discretion. These quarterly distributions are declared and paid within 45 days subsequent to each quarter-end. The limited partner unitholders are entitled to receive a minimum quarterly distribution of $0.60 per unit each quarter ($2.40 annualized). Our cash is first distributed 98% to the limited partners and 2% to the general partner until the amount distributed to our unitholders is equal to the minimum quarterly distribution and arrearages in the payment of the minimum quarterly distribution for any prior quarter. Cash in excess of the minimum quarterly distributions is distributed to our unitholders and our general partner based on the percentages shown below. | |||||||||||||
Our general partner is entitled to incentive distributions if the amount we distribute with respect to any quarter exceeds specified target levels shown below: | |||||||||||||
Percentage of Distribution | |||||||||||||
Quarterly Distribution Amount per Unit | Unitholders | General Partner | |||||||||||
Up to $0.60 | 98% | 2% | |||||||||||
Above $0.60 up to $0.66 | 90% | 10% | |||||||||||
Above $0.66 | 75% | 25% | |||||||||||
The following table reflects the allocation of total cash distributions to our general and limited partners applicable to the period in which the distributions were earned: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Thousands of Dollars, Except Per Unit Data) | |||||||||||||
General partner interest | $ | 7,844 | $ | 7,486 | $ | 6,630 | |||||||
General partner incentive distribution | 43,220 | 41,242 | 36,326 | ||||||||||
Total general partner distribution | 51,064 | 48,728 | 42,956 | ||||||||||
Limited partners’ distribution | 341,140 | 325,526 | 288,550 | ||||||||||
Total cash distributions | $ | 392,204 | $ | 374,254 | $ | 331,506 | |||||||
Cash distributions per unit applicable to limited partners | $ | 4.38 | $ | 4.38 | $ | 4.36 | |||||||
The following table summarizes information related to our quarterly cash distributions: | |||||||||||||
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions (Thousands of Dollars) | Record Date | Payment Date | |||||||||
December 31, 2013 (a) | $ | 1.095 | $ | 98,051 | February 10, 2014 | February 14, 2014 | |||||||
30-Sep-13 | $ | 1.095 | $ | 98,051 | November 11, 2013 | November 14, 2013 | |||||||
30-Jun-13 | $ | 1.095 | $ | 98,051 | August 5, 2013 | August 9, 2013 | |||||||
31-Mar-13 | $ | 1.095 | $ | 98,051 | May 6, 2013 | May 10, 2013 | |||||||
(a) | The distribution was announced on January 30, 2014. |
NET_LOSS_INCOME_PER_UNIT
NET (LOSS) INCOME PER UNIT | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
NET INCOME PER UNIT | ' | |||||||||||
NET (LOSS) INCOME PER UNIT | ||||||||||||
The following table details the calculation of earnings per unit: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||
Net (loss) income attributable to NuStar Energy L.P. | $ | (273,770 | ) | $ | (226,616 | ) | $ | 221,461 | ||||
Less general partner distribution (including IDR) | 51,064 | 48,728 | 42,948 | |||||||||
Less limited partner distribution | 341,140 | 325,526 | 288,497 | |||||||||
Distributions greater than earnings | $ | (665,974 | ) | $ | (600,870 | ) | $ | (109,984 | ) | |||
General partner earnings: | ||||||||||||
Distributions | $ | 51,064 | $ | 48,728 | $ | 42,948 | ||||||
Allocation of distributions greater than earnings (2%) | (13,318 | ) | (12,019 | ) | (2,201 | ) | ||||||
Total | $ | 37,746 | $ | 36,709 | $ | 40,747 | ||||||
Limited partner earnings: | ||||||||||||
Distributions | $ | 341,140 | $ | 325,526 | $ | 288,497 | ||||||
Allocation of distributions greater than earnings (98%) | (652,656 | ) | (588,851 | ) | (107,783 | ) | ||||||
Total | $ | (311,516 | ) | $ | (263,325 | ) | $ | 180,714 | ||||
Weighted-average limited partner units outstanding | 77,886,078 | 72,957,417 | 65,018,301 | |||||||||
Net (loss) income per unit applicable to limited partners | $ | (4.00 | ) | $ | (3.61 | ) | $ | 2.78 | ||||
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Statement of Cash Flows [Abstract] | ' | |||||||||||
STATEMENTS OF CASH FLOWS | ' | |||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||
Changes in current assets and current liabilities were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Decrease (increase) in current assets: | ||||||||||||
Accounts receivable | $ | 107,209 | $ | 160,435 | $ | (230,980 | ) | |||||
Receivable from related parties | 58,692 | (113,018 | ) | — | ||||||||
Inventories | 31,975 | 112,589 | (160,139 | ) | ||||||||
Income tax receivable | 414 | 2,921 | (4,265 | ) | ||||||||
Other current assets | 25,725 | (26,050 | ) | (1,825 | ) | |||||||
Increase (decrease) in current liabilities: | ||||||||||||
Accounts payable | (96,330 | ) | (43,451 | ) | 140,898 | |||||||
Payable to related party | 6,922 | (5,339 | ) | (3,603 | ) | |||||||
Accrued interest payable | 9,370 | (6,092 | ) | 126 | ||||||||
Accrued liabilities | (32,452 | ) | 11,259 | (10,087 | ) | |||||||
Taxes other than income tax | (87 | ) | (2,444 | ) | 2,574 | |||||||
Income tax payable | 1,338 | (563 | ) | 1,848 | ||||||||
Changes in current assets and current liabilities | $ | 112,776 | $ | 90,247 | $ | (265,453 | ) | |||||
The above changes in current assets and current liabilities differ from changes between amounts reflected in the applicable consolidated balance sheets due to: | ||||||||||||
• | the changes in assets held for sale being reflected in the line items to which the changes relate in the table above; | |||||||||||
• | current assets and current liabilities acquired and disposed during the period; | |||||||||||
• | the change in the amount accrued for capital expenditures; and | |||||||||||
• | the effect of foreign currency translation. | |||||||||||
Non-cash investing and financing activities for the years ended December 31, 2013, 2012 and 2011 mainly consist of changes in the fair values of our fixed-to-floating and forward-starting interest rate swaps. | ||||||||||||
Cash flows related to interest and income taxes were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Cash paid for interest, net of amount capitalized | $ | 113,805 | $ | 110,679 | $ | 109,027 | ||||||
Cash paid for income taxes, net of tax refunds received | $ | 11,386 | $ | 21,032 | $ | 14,920 | ||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
Components of income tax expense related to certain of our continuing operations conducted through separate taxable wholly owned corporate subsidiaries were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Current: | ||||||||||||
U.S. | $ | 3,098 | $ | 4,416 | $ | 3,769 | ||||||
Foreign | 9,273 | 16,480 | 8,596 | |||||||||
Total current | 12,371 | 20,896 | 12,365 | |||||||||
Deferred: | ||||||||||||
U.S. | 1,687 | 7,494 | 2,962 | |||||||||
Foreign | (1,305 | ) | (3,940 | ) | 3,228 | |||||||
Total deferred | 382 | 3,554 | 6,190 | |||||||||
Total income tax expense | $ | 12,753 | $ | 24,450 | $ | 18,555 | ||||||
The difference between income tax expense recorded in our consolidated statements of income and income taxes computed by applying the statutory federal income tax rate (35% for all years presented) to income before income tax expense is due to the fact that the majority of our income is not subject to federal income tax due to our status as a limited partnership. | ||||||||||||
The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Thousands of Dollars) | ||||||||||||
Deferred income tax assets: | ||||||||||||
Net operating losses | $ | 28,945 | $ | 25,567 | ||||||||
Environmental and legal reserves | 433 | 291 | ||||||||||
Valuation allowance | (12,237 | ) | (78 | ) | ||||||||
Other | 1,772 | — | ||||||||||
Total deferred income tax assets | 18,913 | 25,780 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Property, plant and equipment | (40,494 | ) | (54,155 | ) | ||||||||
Other | — | (631 | ) | |||||||||
Total deferred income tax liabilities | (40,494 | ) | (54,786 | ) | ||||||||
Net deferred income tax liability | $ | (21,581 | ) | $ | (29,006 | ) | ||||||
Reported on the consolidated balance sheets as: | ||||||||||||
Deferred income tax asset | $ | 5,769 | $ | 3,108 | ||||||||
Deferred income tax liability | (27,350 | ) | (32,114 | ) | ||||||||
Net deferred income tax liability | $ | (21,581 | ) | $ | (29,006 | ) | ||||||
As of December 31, 2013, our U.S. and foreign corporate operations have net operating loss carryforwards for tax purposes totaling approximately $80.0 million and $4.7 million, respectively, which are subject to various limitations on use and expire in years 2021 through 2033 for U.S. losses and in years 2017 and 2018 for foreign losses. | ||||||||||||
As of December 31, 2013 and 2012, we recorded a valuation allowance of $12.2 million and $0.1 million, respectively, related to our deferred tax assets. We estimate the amount of valuation allowance based upon our expectations of taxable income in the various jurisdictions in which we operate and the period over which we can utilize those future deductions. The valuation allowance reflects uncertainties related to our ability to utilize certain net operating loss carryforwards before they expire. In 2013, we increased the valuation allowance for the U.S. and foreign net operating loss by $10.3 million and $1.8 million, respectively, due to changes in our estimates of the amount of those loss carryforwards that will be realized, based upon future taxable income. | ||||||||||||
The realization of net deferred income tax assets recorded as of December 31, 2013 is dependent upon our ability to generate future taxable income in the United States. We believe it is more likely than not that the deferred income tax assets as of December 31, 2013 will be realized, based on expected future taxable income. | ||||||||||||
Grace Energy Corporation Matter | ||||||||||||
In connection with the settlement of a legal matter, we recognized a pre-tax gain of $28.7 million in 2012 within one of our taxable subsidiaries. As a result, we recorded related income tax expense of $10.1 million, resulting from the reduction of the related deferred income tax asset. | ||||||||||||
Canadian Income Tax Audit | ||||||||||||
During the second quarter of 2012, we recorded $1.0 million of additional income tax liability and $2.2 million of interest and penalties associated with an ongoing Canadian income tax audit for the years 2006 through 2011. We also recorded $1.3 million of Canadian withholding tax and $0.7 million of interest and penalties associated with the withholding tax liability | ||||||||||||
related to interest payments made from our Canadian subsidiaries to a United States entity from 2003 to 2009. We believe that | ||||||||||||
adequate provisions for uncertainties related to the Canadian audits have been reflected in the financial statements. | ||||||||||||
St. Eustatius Tax Agreement | ||||||||||||
On June 1, 1989, the governments of the Netherlands Antilles and St. Eustatius approved a Free Zone and Profit Tax Agreement retroactive to January 1, 1989, which expired on December 31, 2000. This agreement required a subsidiary of Kaneb, which we acquired on July 1, 2005, to pay the greater of 2% of taxable income, as defined therein, or 500,000 Netherlands Antilles guilders (approximately $0.3 million) per year. The agreement further provided that any amounts paid in order to meet the minimum annual payment were available to offset future tax liabilities under the agreement to the extent that the minimum annual payment is greater than 2% of taxable income. On February 22, 2006, we entered into a revised agreement (the 2005 Tax and Maritime Agreement) with the governments of St. Eustatius and the Netherlands Antilles. The 2005 Tax and Maritime Agreement was effective beginning January 1, 2005 and expires on December 31, 2014. Under the terms of the 2005 Tax and Maritime Agreement, we agreed to make a one-time payment of 5.0 million Netherlands Antilles guilders (approximately $2.8 million) in full and final settlement of all of our liabilities, taxes, fees, levies, charges, or otherwise (including settlement of audits) due or potentially due to St. Eustatius. We further agreed to pay an annual minimum profit tax to St. Eustatius of 1.0 million Netherlands Antilles guilders (approximately $0.6 million), beginning as of January 1, 2005. We agreed to pay the minimum annual profit tax in twelve equal monthly installments. To the extent the minimum annual profit tax exceeds 2% of taxable profit (as defined in the 2005 Tax and Maritime Agreement), we can carry forward that excess to offset future tax liabilities. If the minimum annual profit tax is less than 2% of taxable profit, we agreed to pay that difference. | ||||||||||||
Effective January 1, 2011, the Netherlands Antilles ceased to exist, and St. Eustatius became part of the Netherlands. The Netherlands Tax Ministry contends that as of January 2011, we are subject to real estate tax rather than profit tax as expressed in our tax agreement. In 2013, the Ministry issued a property tax assessment for years 2011 through 2012. We objected to and appealed the assessment. In 2013, we filed a lawsuit in the Netherlands civil court seeking to enforce the terms of our existing St. Eustatius tax agreement. We believe it is likely that we will prevail in the lawsuit. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
SEGMENT INFORMATION | ' | |||||||||||
SEGMENT INFORMATION | ||||||||||||
Our reportable business segments consist of storage, pipeline (formerly known as the transportation segment), and fuels marketing. In 2013, we changed the name of the “Asphalt and Fuels Marketing” segment to the “Fuels Marketing” segment since this name more accurately reflects the operations that remain after the Asphalt Sale and the San Antonio Refinery Sale. | ||||||||||||
Our segments represent strategic business units that offer different services and products. We evaluate the performance of each segment based on its respective operating income, before general and administrative expenses and certain non-segmental depreciation and amortization expense. General and administrative expenses are not allocated to the operating segments since those expenses relate primarily to the overall management at the entity level. Our principal operations include terminalling and storage of petroleum products, the transportation of petroleum products and anhydrous ammonia, and fuels marketing. Intersegment revenues result from storage and throughput agreements with wholly owned subsidiaries of NuStar Energy at lease rates consistent with rates charged to third parties for storage and at pipeline tariff rates based upon the applicable published tariff. Related party revenues mainly result from storage agreements with our joint ventures and the noncontrolling shareholder of our Turkey subsidiary. | ||||||||||||
Results of operations for the reportable segments were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Revenues: | ||||||||||||
Storage: | ||||||||||||
Third parties | $ | 518,253 | $ | 517,699 | $ | 500,303 | ||||||
Intersegment | 32,044 | 59,168 | 46,324 | |||||||||
Related party | 6,252 | 1,199 | — | |||||||||
Total storage | 556,549 | 578,066 | 546,627 | |||||||||
Pipeline: | ||||||||||||
Third parties | 411,529 | 340,455 | 311,449 | |||||||||
Intersegment | — | — | 65 | |||||||||
Total pipeline | 411,529 | 340,455 | 311,514 | |||||||||
Fuels marketing: | ||||||||||||
Third parties | 2,519,053 | 5,085,592 | 5,445,877 | |||||||||
Intersegment | — | — | 9,782 | |||||||||
Related party | 8,645 | 791 | — | |||||||||
Total fuels marketing | 2,527,698 | 5,086,383 | 5,455,659 | |||||||||
Consolidation and intersegment eliminations | (32,044 | ) | (59,168 | ) | (56,171 | ) | ||||||
Total revenues | $ | 3,463,732 | $ | 5,945,736 | $ | 6,257,629 | ||||||
Depreciation and amortization expense: | ||||||||||||
Storage | $ | 99,868 | $ | 88,217 | $ | 82,921 | ||||||
Pipeline | 68,871 | 52,878 | 51,165 | |||||||||
Fuels marketing | 27 | 11,253 | 20,949 | |||||||||
Total segment depreciation and amortization expense | 168,766 | 152,348 | 155,035 | |||||||||
Other depreciation and amortization expense | 10,155 | 7,441 | 6,738 | |||||||||
Total depreciation and amortization expense | $ | 178,921 | $ | 159,789 | $ | 161,773 | ||||||
Operating (loss) income: | ||||||||||||
Storage | $ | (127,484 | ) | $ | 198,842 | $ | 196,508 | |||||
Pipeline | 208,293 | 158,590 | 146,403 | |||||||||
Fuels marketing | (126 | ) | (296,785 | ) | 71,854 | |||||||
Consolidation and intersegment eliminations | 1,437 | 7,939 | 5,906 | |||||||||
Total segment operating income | 82,120 | 68,586 | 420,671 | |||||||||
Less general and administrative expenses | 91,086 | 104,756 | 103,050 | |||||||||
Less other depreciation and amortization expense | 10,155 | 7,441 | 6,738 | |||||||||
Other asset impairment loss | — | 3,295 | — | |||||||||
Gain on legal settlement | — | (28,738 | ) | — | ||||||||
Total operating (loss) income | $ | (19,121 | ) | $ | (18,168 | ) | $ | 310,883 | ||||
Revenues by geographic area are shown in the table below. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
United States | $ | 2,340,694 | $ | 4,230,607 | $ | 4,521,553 | ||||||
Netherlands | 1,027,260 | 1,438,297 | 1,564,062 | |||||||||
Other | 95,778 | 276,832 | 172,014 | |||||||||
Consolidated revenues | $ | 3,463,732 | $ | 5,945,736 | $ | 6,257,629 | ||||||
For the years ended December 31, 2013, 2012 and 2011, Valero Energy Corporation accounted for approximately 15%, or $534.2 million, 11%, or $668.1 million, and 11%, or $684.1 million, of our consolidated revenues, respectively. These revenues were included in all of our reportable business segments. No other single customer accounted for 10% or more of our consolidated revenues. | ||||||||||||
Total amounts of property, plant and equipment, net by geographic area were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Thousands of Dollars) | ||||||||||||
United States | $ | 2,635,792 | $ | 2,560,608 | ||||||||
Netherlands | 467,660 | 454,560 | ||||||||||
Other | 207,201 | 223,292 | ||||||||||
Consolidated long-lived assets | $ | 3,310,653 | $ | 3,238,460 | ||||||||
Total assets by reportable segment were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Thousands of Dollars) | ||||||||||||
Storage | $ | 2,275,183 | $ | 2,627,946 | ||||||||
Pipeline | 1,797,698 | 1,720,711 | ||||||||||
Fuels marketing | 445,882 | 885,661 | ||||||||||
Total segment assets | 4,518,763 | 5,234,318 | ||||||||||
Other partnership assets | 513,423 | 378,771 | ||||||||||
Total consolidated assets | $ | 5,032,186 | $ | 5,613,089 | ||||||||
Capital expenditures, including acquisitions and investments in other noncurrent assets, by reportable segment were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Storage | $ | 170,637 | $ | 161,672 | $ | 263,918 | ||||||
Pipeline | 165,096 | 493,028 | 45,170 | |||||||||
Fuels marketing | 69 | 20,333 | 90,683 | |||||||||
Other partnership assets | 7,518 | 53,982 | 45,569 | |||||||||
Total capital expenditures | $ | 343,320 | $ | 729,015 | $ | 445,340 | ||||||
CONDENSED_CONSOLIDATING_FINANC
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ||||||||||||||||||||||||
NuStar Energy has no operations, and its assets consist mainly of its investments in NuStar Logistics and NuPOP, both wholly owned subsidiaries. The senior and subordinated notes issued by NuStar Logistics are fully and unconditionally guaranteed by NuStar Energy and NuPOP. As a result, the following condensed consolidating financial statements are presented as an alternative to providing separate financial statements for NuStar Logistics and NuPOP. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 904 | $ | 22,307 | $ | — | $ | 77,532 | $ | — | $ | 100,743 | ||||||||||||
Receivables, net | — | 87,899 | 13,281 | 231,220 | (6 | ) | 332,394 | |||||||||||||||||
Inventories | — | 2,083 | 2,879 | 133,195 | (10 | ) | 138,147 | |||||||||||||||||
Income tax receivable | — | — | — | 826 | — | 826 | ||||||||||||||||||
Other current assets | — | 18,109 | 2,334 | 19,009 | — | 39,452 | ||||||||||||||||||
Assets held for sale | — | — | — | 21,987 | — | 21,987 | ||||||||||||||||||
Intercompany receivable | — | 1,521,552 | — | — | (1,521,552 | ) | — | |||||||||||||||||
Total current assets | 904 | 1,651,950 | 18,494 | 483,769 | (1,521,568 | ) | 633,549 | |||||||||||||||||
Property, plant and equipment, net | — | 1,556,893 | 573,694 | 1,180,066 | — | 3,310,653 | ||||||||||||||||||
Intangible assets, net | — | 16,993 | — | 54,256 | — | 71,249 | ||||||||||||||||||
Goodwill | — | 149,453 | 170,652 | 297,324 | — | 617,429 | ||||||||||||||||||
Investment in wholly owned | 2,469,331 | 177,961 | 860,787 | 918,339 | (4,426,418 | ) | — | |||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Investment in joint ventures | — | — | — | 68,735 | — | 68,735 | ||||||||||||||||||
Deferred income tax asset | — | — | — | 5,769 | — | 5,769 | ||||||||||||||||||
Note receivable from related | — | 165,440 | — | — | — | 165,440 | ||||||||||||||||||
party, net | ||||||||||||||||||||||||
Other long-term assets, net | 611 | 118,254 | 26,331 | 14,166 | — | 159,362 | ||||||||||||||||||
Total assets | $ | 2,470,846 | $ | 3,836,944 | 1,649,958 | $ | 3,022,424 | $ | (5,947,986 | ) | $ | 5,032,186 | ||||||||||||
Liabilities and Partners’ Equity | ||||||||||||||||||||||||
Payables | $ | 123 | $ | 84,533 | $ | 7,517 | $ | 214,909 | $ | (6 | ) | $ | 307,076 | |||||||||||
Accrued interest payable | — | 33,066 | — | 47 | — | 33,113 | ||||||||||||||||||
Accrued liabilities | 585 | 18,850 | 6,133 | 13,064 | — | 38,632 | ||||||||||||||||||
Taxes other than income tax | 125 | 6,272 | 2,873 | 475 | — | 9,745 | ||||||||||||||||||
Income tax payable | — | 618 | 6 | 3,382 | — | 4,006 | ||||||||||||||||||
Intercompany payable | 504,483 | — | 714,847 | 302,222 | (1,521,552 | ) | — | |||||||||||||||||
Total current liabilities | 505,316 | 143,339 | 731,376 | 534,099 | (1,521,558 | ) | 392,572 | |||||||||||||||||
Long-term debt, less current portion | — | 2,655,553 | — | — | — | 2,655,553 | ||||||||||||||||||
Long-term payable to related party | — | 35,696 | — | 5,443 | — | 41,139 | ||||||||||||||||||
Deferred income tax liability | — | — | — | 27,350 | — | 27,350 | ||||||||||||||||||
Other long-term liabilities | — | 4,961 | 306 | 6,511 | — | 11,778 | ||||||||||||||||||
Total partners’ equity | 1,965,530 | 997,395 | 918,276 | 2,449,021 | (4,426,428 | ) | 1,903,794 | |||||||||||||||||
Total liabilities and | $ | 2,470,846 | $ | 3,836,944 | $ | 1,649,958 | $ | 3,022,424 | $ | (5,947,986 | ) | $ | 5,032,186 | |||||||||||
partners’ equity | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 7,033 | $ | 1,112 | $ | — | $ | 75,457 | $ | — | $ | 83,602 | ||||||||||||
Receivables, net | — | 157,452 | 10,561 | 340,144 | (10,381 | ) | 497,776 | |||||||||||||||||
Inventories | — | 2,320 | 5,590 | 165,349 | (31 | ) | 173,228 | |||||||||||||||||
Income tax receivable | — | — | — | 1,265 | — | 1,265 | ||||||||||||||||||
Other current assets | — | 26,353 | 1,468 | 37,417 | — | 65,238 | ||||||||||||||||||
Assets held for sale | — | 35,337 | — | 82,997 | — | 118,334 | ||||||||||||||||||
Intercompany receivable | — | 353,384 | 599,599 | — | (952,983 | ) | — | |||||||||||||||||
Total current assets | 7,033 | 575,958 | 617,218 | 702,629 | (963,395 | ) | 939,443 | |||||||||||||||||
Property, plant and equipment, net | — | 1,423,991 | 582,299 | 1,232,170 | — | 3,238,460 | ||||||||||||||||||
Intangible assets, net | — | 18,733 | — | 73,702 | — | 92,435 | ||||||||||||||||||
Goodwill | — | 145,990 | 170,652 | 634,382 | — | 951,024 | ||||||||||||||||||
Investment in wholly owned | 3,133,097 | 161,957 | 1,208,595 | 2,329,595 | (6,833,244 | ) | — | |||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Investment in joint ventures | — | 35,883 | — | 67,062 | — | 102,945 | ||||||||||||||||||
Deferred income tax asset | — | — | — | 3,108 | — | 3,108 | ||||||||||||||||||
Note receivable from related | — | 95,711 | — | — | — | 95,711 | ||||||||||||||||||
party, net | ||||||||||||||||||||||||
Other long-term assets, net | 490 | 148,384 | 26,330 | 14,759 | — | 189,963 | ||||||||||||||||||
Total assets | $ | 3,140,620 | $ | 2,606,607 | $ | 2,605,094 | $ | 5,057,407 | $ | (7,796,639 | ) | $ | 5,613,089 | |||||||||||
Liabilities and Partners’ Equity | ||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 1,313 | $ | 250,967 | $ | 34,142 | $ | — | $ | 286,422 | ||||||||||||
Payables | 15 | 122,706 | 12,657 | 274,044 | (10,381 | ) | 399,041 | |||||||||||||||||
Accrued interest payable | — | 22,512 | 1,224 | 5 | — | 23,741 | ||||||||||||||||||
Accrued liabilities | 862 | 76,322 | 7,542 | 39,477 | — | 124,203 | ||||||||||||||||||
Taxes other than income tax | 129 | 5,671 | 2,830 | 1,263 | — | 9,893 | ||||||||||||||||||
Income tax payable | — | 247 | — | 2,424 | — | 2,671 | ||||||||||||||||||
Intercompany payable | 508,365 | — | — | 444,618 | (952,983 | ) | — | |||||||||||||||||
Total current liabilities | 509,371 | 228,771 | 275,220 | 795,973 | (963,364 | ) | 845,971 | |||||||||||||||||
Long-term debt, less current portion | — | 2,124,582 | — | — | — | 2,124,582 | ||||||||||||||||||
Long-term payable to related party | — | 12,629 | — | 5,442 | — | 18,071 | ||||||||||||||||||
Deferred income tax liability | — | — | — | 32,114 | — | 32,114 | ||||||||||||||||||
Other long-term liabilities | — | 2,701 | 279 | 4,376 | — | 7,356 | ||||||||||||||||||
Total partners’ equity | 2,631,249 | 237,924 | 2,329,595 | 4,219,502 | (6,833,275 | ) | 2,584,995 | |||||||||||||||||
Total liabilities and | $ | 3,140,620 | $ | 2,606,607 | $ | 2,605,094 | $ | 5,057,407 | $ | (7,796,639 | ) | $ | 5,613,089 | |||||||||||
partners’ equity | ||||||||||||||||||||||||
Condensed Consolidating Statements of Income (Loss) | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries (a) | ||||||||||||||||||||||
Revenues | $ | — | $ | 415,128 | $ | 218,591 | $ | 2,864,160 | $ | (34,147 | ) | $ | 3,463,732 | |||||||||||
Costs and expenses | 1,908 | 242,743 | 147,117 | 3,125,253 | (34,168 | ) | 3,482,853 | |||||||||||||||||
Operating (loss) income | (1,908 | ) | 172,385 | 71,474 | (261,093 | ) | 21 | (19,121 | ) | |||||||||||||||
Equity in (loss) earnings | (271,862 | ) | 16,531 | (347,808 | ) | (281,327 | ) | 884,466 | — | |||||||||||||||
of subsidiaries | ||||||||||||||||||||||||
Equity in (loss) earnings of | — | (49,599 | ) | — | 9,629 | — | (39,970 | ) | ||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Interest expense (income), net | — | (116,624 | ) | (4,851 | ) | 469 | — | (121,006 | ) | |||||||||||||||
Other (expense) income, net | — | (115 | ) | (127 | ) | 7,583 | — | 7,341 | ||||||||||||||||
(Loss) income from continuing | (273,770 | ) | 22,578 | (281,312 | ) | (524,739 | ) | 884,487 | (172,756 | ) | ||||||||||||||
operations before income | ||||||||||||||||||||||||
tax expense | ||||||||||||||||||||||||
Income tax expense | — | 579 | 8 | 12,166 | — | 12,753 | ||||||||||||||||||
(Loss) income from continuing | (273,770 | ) | 21,999 | (281,320 | ) | (536,905 | ) | 884,487 | (185,509 | ) | ||||||||||||||
operations | ||||||||||||||||||||||||
Income (loss) from discontinued | — | (12,317 | ) | — | (86,845 | ) | — | (99,162 | ) | |||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net (loss) income | (273,770 | ) | 9,682 | (281,320 | ) | (623,750 | ) | 884,487 | (284,671 | ) | ||||||||||||||
Less net loss attributable to | — | — | — | (10,901 | ) | — | (10,901 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net (loss) income attributable to | $ | (273,770 | ) | $ | 9,682 | $ | (281,320 | ) | $ | (612,849 | ) | $ | 884,487 | $ | (273,770 | ) | ||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Income (Loss) | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 362,451 | $ | 210,712 | $ | 5,397,626 | $ | (25,053 | ) | $ | 5,945,736 | |||||||||||
Costs and expenses | 1,699 | 216,159 | 151,185 | 5,620,326 | (25,465 | ) | 5,963,904 | |||||||||||||||||
Operating (loss) income | (1,699 | ) | 146,292 | 59,527 | (222,700 | ) | 412 | (18,168 | ) | |||||||||||||||
Equity in (loss) earnings | (224,917 | ) | (361,830 | ) | 65,505 | 112,818 | 408,424 | — | ||||||||||||||||
of subsidiaries | ||||||||||||||||||||||||
Equity in (loss) earnings of | — | (16,117 | ) | — | 6,739 | — | (9,378 | ) | ||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Interest expense, net | — | (76,311 | ) | (12,546 | ) | (459 | ) | — | (89,316 | ) | ||||||||||||||
Other (expense) income, net | — | (26,596 | ) | 1,679 | 228 | — | (24,689 | ) | ||||||||||||||||
(Loss) income from continuing | (226,616 | ) | (334,562 | ) | 114,165 | (103,374 | ) | 408,836 | (141,551 | ) | ||||||||||||||
operations before income | ||||||||||||||||||||||||
tax expense | ||||||||||||||||||||||||
Income tax expense | — | 255 | 1,329 | 22,866 | — | 24,450 | ||||||||||||||||||
(Loss) income from continuing | (226,616 | ) | (334,817 | ) | 112,836 | (126,240 | ) | 408,836 | (166,001 | ) | ||||||||||||||
operations | ||||||||||||||||||||||||
Loss from discontinued | — | (2,085 | ) | — | (58,765 | ) | (386 | ) | (61,236 | ) | ||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net (loss) income | (226,616 | ) | (336,902 | ) | 112,836 | (185,005 | ) | 408,450 | (227,237 | ) | ||||||||||||||
Less net loss attributable to | — | — | — | (621 | ) | — | (621 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net (loss) income attributable to | $ | (226,616 | ) | $ | (336,902 | ) | $ | 112,836 | $ | (184,384 | ) | $ | 408,450 | $ | (226,616 | ) | ||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Income (Loss) | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 296,142 | $ | 199,569 | $ | 5,794,433 | $ | (32,515 | ) | $ | 6,257,629 | |||||||||||
Costs and expenses | 1,663 | 174,360 | 142,077 | 5,661,577 | (32,931 | ) | 5,946,746 | |||||||||||||||||
Operating (loss) income | (1,663 | ) | 121,782 | 57,492 | 132,856 | 416 | 310,883 | |||||||||||||||||
Equity in earnings of subsidiaries | 223,125 | 12,883 | 108,644 | 145,218 | (489,870 | ) | — | |||||||||||||||||
Equity in earnings of joint venture | — | — | — | 11,458 | — | 11,458 | ||||||||||||||||||
Interest expense, net | — | (56,389 | ) | (22,840 | ) | (2,310 | ) | — | (81,539 | ) | ||||||||||||||
Other income (expense), net | — | 1,309 | 1,936 | (6,818 | ) | — | (3,573 | ) | ||||||||||||||||
Income from continuing | 221,462 | 79,585 | 145,232 | 280,404 | (489,454 | ) | 237,229 | |||||||||||||||||
operations before income | ||||||||||||||||||||||||
tax expense | ||||||||||||||||||||||||
Income tax expense (benefit) | 1 | (575 | ) | 13 | 19,116 | — | 18,555 | |||||||||||||||||
Income from continuing | 221,461 | 80,160 | 145,219 | 261,288 | (489,454 | ) | 218,674 | |||||||||||||||||
operations | ||||||||||||||||||||||||
(Loss) income from discontinued | — | (2,334 | ) | — | 5,261 | — | 2,927 | |||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 221,461 | 77,826 | 145,219 | 266,549 | (489,454 | ) | 221,601 | |||||||||||||||||
Less net income attributable to | — | — | — | 140 | — | 140 | ||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 221,461 | $ | 77,826 | $ | 145,219 | $ | 266,409 | $ | (489,454 | ) | $ | 221,461 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net (loss) income | $ | (273,770 | ) | $ | 9,682 | $ | (281,320 | ) | $ | (623,750 | ) | $ | 884,487 | $ | (284,671 | ) | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Foreign currency translation | — | (3,090 | ) | — | (16,274 | ) | — | (19,364 | ) | |||||||||||||||
adjustment | ||||||||||||||||||||||||
Net unrealized loss on cash | — | 7,213 | — | — | — | 7,213 | ||||||||||||||||||
flow hedges | ||||||||||||||||||||||||
Net loss reclassified into | — | 7,570 | — | — | — | 7,570 | ||||||||||||||||||
income on cash flow hedges | ||||||||||||||||||||||||
Total other comprehensive loss | — | 11,693 | — | (16,274 | ) | — | (4,581 | ) | ||||||||||||||||
Comprehensive (loss) income | (273,770 | ) | 21,375 | (281,320 | ) | (640,024 | ) | 884,487 | (289,252 | ) | ||||||||||||||
Less comprehensive gain | — | — | — | (10,953 | ) | — | (10,953 | ) | ||||||||||||||||
attributable to noncontrolling interest | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to NuStar Energy L.P. | $ | (273,770 | ) | $ | 21,375 | $ | (281,320 | ) | $ | (629,071 | ) | $ | 884,487 | $ | (278,299 | ) | ||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net (loss) income | $ | (226,616 | ) | $ | (336,902 | ) | $ | 112,836 | $ | (185,005 | ) | $ | 408,450 | $ | (227,237 | ) | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Foreign currency translation | — | — | — | 10,677 | — | 10,677 | ||||||||||||||||||
adjustment | ||||||||||||||||||||||||
Net unrealized loss on cash | — | (17,069 | ) | — | (77,200 | ) | — | (94,269 | ) | |||||||||||||||
flow hedges | ||||||||||||||||||||||||
Net loss reclassified into | — | 1,749 | — | 51,483 | — | 53,232 | ||||||||||||||||||
income on cash flow hedges | ||||||||||||||||||||||||
Total other comprehensive loss | — | (15,320 | ) | — | (15,040 | ) | — | (30,360 | ) | |||||||||||||||
Comprehensive (loss) income | (226,616 | ) | (352,222 | ) | 112,836 | (200,045 | ) | 408,450 | (257,597 | ) | ||||||||||||||
Less comprehensive gain | — | — | — | 477 | — | 477 | ||||||||||||||||||
attributable to noncontrolling interest | ||||||||||||||||||||||||
Comprehensive (loss) income | $ | (226,616 | ) | $ | (352,222 | ) | $ | 112,836 | $ | (200,522 | ) | $ | 408,450 | $ | (258,074 | ) | ||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net income | $ | 221,461 | $ | 77,826 | $ | 145,219 | $ | 266,549 | $ | (489,454 | ) | $ | 221,601 | |||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Foreign currency translation | — | — | — | (18,431 | ) | — | (18,431 | ) | ||||||||||||||||
adjustment | ||||||||||||||||||||||||
Net unrealized (loss) gain on cash | — | (84,199 | ) | — | 30,747 | — | (53,452 | ) | ||||||||||||||||
flow hedges | ||||||||||||||||||||||||
Net gain reclassified into | — | — | — | (5,030 | ) | — | (5,030 | ) | ||||||||||||||||
income on cash flow hedges | ||||||||||||||||||||||||
Total other comprehensive | — | (84,199 | ) | — | 7,286 | — | (76,913 | ) | ||||||||||||||||
(loss) income | ||||||||||||||||||||||||
Comprehensive income (loss) | 221,461 | (6,373 | ) | 145,219 | 273,835 | (489,454 | ) | 144,688 | ||||||||||||||||
Less comprehensive loss | — | — | — | (2,866 | ) | — | (2,866 | ) | ||||||||||||||||
attributable to noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 221,461 | $ | (6,373 | ) | $ | 145,219 | $ | 276,701 | $ | (489,454 | ) | $ | 147,554 | ||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating | $ | 390,002 | $ | 210,742 | $ | 84,490 | $ | 192,228 | $ | (392,243 | ) | $ | 485,219 | |||||||||||
activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (224,798 | ) | (19,049 | ) | (99,473 | ) | — | (343,320 | ) | ||||||||||||||
Change in accounts payable | — | (9,700 | ) | 824 | 3,492 | — | (5,384 | ) | ||||||||||||||||
related to capital expenditures | ||||||||||||||||||||||||
Proceeds from sale or disposition | — | 118,806 | 35 | 165 | — | 119,006 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Increase in note receivable from | — | (80,961 | ) | — | — | — | (80,961 | ) | ||||||||||||||||
related party | ||||||||||||||||||||||||
Investment in subsidiaries | (302 | ) | 527 | — | 3 | (228 | ) | — | ||||||||||||||||
Other | 302 | (604 | ) | — | — | — | (302 | ) | ||||||||||||||||
Net cash used in investing activities | — | (196,730 | ) | (18,190 | ) | (95,813 | ) | (228 | ) | (310,961 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 1,738,451 | — | — | — | 1,738,451 | ||||||||||||||||||
Debt repayments | — | (1,866,282 | ) | (250,000 | ) | (34,461 | ) | — | (2,150,743 | ) | ||||||||||||||
Proceeds from note offering, | — | 686,863 | — | — | — | 686,863 | ||||||||||||||||||
net of issuance costs | ||||||||||||||||||||||||
Distributions to unitholders and | (392,204 | ) | (392,204 | ) | — | (39 | ) | 392,243 | (392,204 | ) | ||||||||||||||
general partner | ||||||||||||||||||||||||
Payments for termination of | — | (33,697 | ) | — | — | — | (33,697 | ) | ||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||
Contributions from | — | 302 | — | (530 | ) | 228 | — | |||||||||||||||||
(distributions to) affiliates | ||||||||||||||||||||||||
Net intercompany borrowings | (3,880 | ) | (128,277 | ) | 183,700 | (51,543 | ) | — | — | |||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | (47 | ) | 2,027 | — | — | — | 1,980 | |||||||||||||||||
Net cash (used in) provided by | (396,131 | ) | 7,183 | (66,300 | ) | (86,573 | ) | 392,471 | (149,350 | ) | ||||||||||||||
financing activities | ||||||||||||||||||||||||
Effect of foreign exchange rate | — | — | — | (7,767 | ) | — | (7,767 | ) | ||||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net increase in cash and cash | (6,129 | ) | 21,195 | — | 2,075 | — | 17,141 | |||||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents as of the | 7,033 | 1,112 | — | 75,457 | — | 83,602 | ||||||||||||||||||
beginning of the period | ||||||||||||||||||||||||
Cash and cash equivalents as of the | $ | 904 | $ | 22,307 | $ | — | $ | 77,532 | $ | — | $ | 100,743 | ||||||||||||
end of the period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating | $ | 363,639 | $ | 86,333 | $ | 81,700 | $ | 149,369 | $ | (381,838 | ) | $ | 299,203 | |||||||||||
activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (292,873 | ) | (16,114 | ) | (101,608 | ) | — | (410,595 | ) | ||||||||||||||
Acquisitions | — | (201,610 | ) | — | (114,200 | ) | — | (315,810 | ) | |||||||||||||||
Investment in other long-term assets | — | — | — | (2,610 | ) | — | (2,610 | ) | ||||||||||||||||
Proceeds from sale or disposition | — | 441,442 | 4,537 | 32,947 | — | 478,926 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Increase in note receivable from | — | (95,711 | ) | — | — | — | (95,711 | ) | ||||||||||||||||
related party | ||||||||||||||||||||||||
Investment in subsidiaries | (337,123 | ) | (114,200 | ) | — | (34 | ) | 451,357 | — | |||||||||||||||
Net cash used in investing activities | (337,123 | ) | (262,952 | ) | (11,577 | ) | (185,505 | ) | 451,357 | (345,800 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 2,621,025 | — | — | — | 2,621,025 | ||||||||||||||||||
Debt repayments | — | (2,470,355 | ) | (250,000 | ) | — | — | (2,720,355 | ) | |||||||||||||||
Proceeds from senior note offering, | — | 247,398 | — | — | — | 247,398 | ||||||||||||||||||
net of issuance costs | ||||||||||||||||||||||||
Issuance of common units, net of | 336,415 | — | — | — | — | 336,415 | ||||||||||||||||||
issuance costs | ||||||||||||||||||||||||
General partner contribution | 7,121 | — | — | — | — | 7,121 | ||||||||||||||||||
Distributions to unitholders and | (365,279 | ) | (365,279 | ) | — | (16,567 | ) | 381,846 | (365,279 | ) | ||||||||||||||
general partner | ||||||||||||||||||||||||
Payments for termination of | — | (5,678 | ) | — | — | — | (5,678 | ) | ||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||
Contributions from | — | 337,123 | — | 114,234 | (451,357 | ) | — | |||||||||||||||||
(distributions to) affiliates | ||||||||||||||||||||||||
Net intercompany borrowings | 2,254 | (177,851 | ) | 179,877 | (4,272 | ) | (8 | ) | — | |||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | (133 | ) | (9,845 | ) | — | — | — | (9,978 | ) | |||||||||||||||
Net cash (used in) provided by | (19,622 | ) | 176,538 | (70,123 | ) | 93,395 | (69,519 | ) | 110,669 | |||||||||||||||
financing activities | ||||||||||||||||||||||||
Effect of foreign exchange rate | — | 1,179 | — | 854 | — | 2,033 | ||||||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net increase cash and | 6,894 | 1,098 | — | 58,113 | — | 66,105 | ||||||||||||||||||
cash equivalents | ||||||||||||||||||||||||
Cash and cash equivalents as of the | 139 | 14 | — | 17,344 | — | 17,497 | ||||||||||||||||||
beginning of the period | ||||||||||||||||||||||||
Cash and cash equivalents as of the | $ | 7,033 | $ | 1,112 | $ | — | $ | 75,457 | $ | — | $ | 83,602 | ||||||||||||
end of the period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by (used in) | $ | 377,469 | $ | 121,416 | $ | 59,109 | $ | (84,135 | ) | $ | (379,391 | ) | $ | 94,468 | ||||||||||
operating activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (197,845 | ) | (8,093 | ) | (129,722 | ) | — | (335,660 | ) | ||||||||||||||
Acquisitions | — | (47,817 | ) | — | (52,873 | ) | — | (100,690 | ) | |||||||||||||||
Investment in other long-term assets | — | — | — | (8,990 | ) | — | (8,990 | ) | ||||||||||||||||
Proceeds from sale or disposition | — | 63 | 86 | 1,937 | — | 2,086 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Investment in subsidiaries | (374,628 | ) | — | (56,727 | ) | (56,759 | ) | 488,114 | — | |||||||||||||||
Net cash used in investing activities | (374,628 | ) | (245,599 | ) | (64,734 | ) | (246,407 | ) | 488,114 | (443,254 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 949,549 | — | — | — | 949,549 | ||||||||||||||||||
Debt repayments | — | (801,950 | ) | — | — | — | (801,950 | ) | ||||||||||||||||
Issuance of common units, net of | 317,285 | — | — | — | — | 317,285 | ||||||||||||||||||
issuance costs | ||||||||||||||||||||||||
General partner contribution | 6,708 | — | — | — | — | 6,708 | ||||||||||||||||||
Distributions to unitholders and | (322,046 | ) | (322,046 | ) | — | (32 | ) | 322,078 | (322,046 | ) | ||||||||||||||
general partner | ||||||||||||||||||||||||
Proceeds from termination of | — | 33,433 | — | — | — | 33,433 | ||||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||
Contributions from | — | 260,028 | 56,727 | 114,053 | (430,808 | ) | — | |||||||||||||||||
(distributions to) affiliates | ||||||||||||||||||||||||
Net intercompany borrowings | (4,702 | ) | (105,944 | ) | (51,102 | ) | 161,741 | 7 | — | |||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | — | 4,705 | — | (963 | ) | — | 3,742 | |||||||||||||||||
Net cash (used in) provided by | (2,755 | ) | 17,775 | 5,625 | 274,799 | (108,723 | ) | 186,721 | ||||||||||||||||
financing activities | ||||||||||||||||||||||||
Effect of foreign exchange rate | — | (1,233 | ) | — | (326 | ) | — | (1,559 | ) | |||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net increase (decrease) in cash and | 86 | (107,641 | ) | — | (56,069 | ) | — | (163,624 | ) | |||||||||||||||
cash equivalents | ||||||||||||||||||||||||
Cash and cash equivalents as of the | 53 | 107,655 | — | 73,413 | — | 181,121 | ||||||||||||||||||
beginning of the period | ||||||||||||||||||||||||
Cash and cash equivalents as of the | $ | 139 | $ | 14 | $ | — | $ | 17,344 | $ | — | $ | 17,497 | ||||||||||||
end of the period | ||||||||||||||||||||||||
QUARTERLY_FINANCIAL_DATA_UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||
As further discussed in Note 5, we reclassified certain storage assets as “Assets held for sale” on the consolidated balance sheet as of December 31, 2013. We presented the results of operations for those facilities as discontinued operations for all periods presented. As a result, the amounts shown below differ from those previously reported in our quarterly reports on Form 10-Q and in our annual report for the year ended December 31, 2012. | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||||||
2013:00:00 | ||||||||||||||||||||
Revenues | $ | 998,186 | $ | 902,014 | $ | 778,145 | $ | 785,387 | $ | 3,463,732 | ||||||||||
Operating income (loss) | $ | 63,358 | $ | 76,972 | $ | 68,751 | $ | (228,202 | ) | $ | (19,121 | ) | ||||||||
Income (loss) from continuing operations | $ | 19,599 | $ | 34,712 | $ | 35,682 | $ | (275,502 | ) | $ | (185,509 | ) | ||||||||
Income (loss) from discontinued | 4,805 | (1,743 | ) | (2,446 | ) | (99,778 | ) | (99,162 | ) | |||||||||||
operations, net of tax | ||||||||||||||||||||
Net income (loss) | $ | 24,404 | $ | 32,969 | $ | 33,236 | $ | (375,280 | ) | $ | (284,671 | ) | ||||||||
Net income (loss) per unit applicable to limited | ||||||||||||||||||||
partners: | ||||||||||||||||||||
Continuing operations | $ | 0.1 | $ | 0.3 | $ | 0.31 | $ | (3.60 | ) | $ | (2.89 | ) | ||||||||
Discontinued operations | 0.07 | (0.02 | ) | (0.03 | ) | (1.13 | ) | (1.11 | ) | |||||||||||
Total | $ | 0.17 | $ | 0.28 | $ | 0.28 | $ | (4.73 | ) | $ | (4.00 | ) | ||||||||
Cash distributions per unit applicable to limited | $ | 1.095 | $ | 1.095 | $ | 1.095 | $ | 1.095 | $ | 4.38 | ||||||||||
partners | ||||||||||||||||||||
2012:00:00 | ||||||||||||||||||||
Revenues | $ | 1,606,449 | $ | 1,764,667 | $ | 1,591,730 | $ | 982,890 | $ | 5,945,736 | ||||||||||
Operating income (loss) | $ | 60,882 | $ | (201,925 | ) | $ | 62,750 | $ | 60,125 | $ | (18,168 | ) | ||||||||
Income (loss) from continuing operations | $ | 39,978 | $ | (241,871 | ) | $ | 17,000 | $ | 18,892 | $ | (166,001 | ) | ||||||||
Loss from discontinued operations, net of tax | (13,724 | ) | (4,939 | ) | (12,658 | ) | (29,915 | ) | (61,236 | ) | ||||||||||
Net income (loss) | $ | 26,254 | $ | (246,810 | ) | $ | 4,342 | $ | (11,023 | ) | $ | (227,237 | ) | |||||||
Net income (loss) per unit applicable to limited | ||||||||||||||||||||
partners: | ||||||||||||||||||||
Continuing operations | $ | 0.41 | $ | (3.48 | ) | $ | 0.08 | $ | 0.1 | $ | (2.79 | ) | ||||||||
Discontinued operations | (0.18 | ) | (0.08 | ) | (0.17 | ) | (0.37 | ) | (0.82 | ) | ||||||||||
Total | $ | 0.23 | $ | (3.56 | ) | $ | (0.09 | ) | $ | (0.27 | ) | $ | (3.61 | ) | ||||||
Cash distributions per unit applicable to limited | $ | 1.095 | $ | 1.095 | $ | 1.095 | $ | 1.095 | $ | 4.38 | ||||||||||
partners |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
29. SUBSEQUENT EVENTS | |
On February 26, 2014, we sold our remaining 50% ownership interest in Asphalt JV to Lindsay Goldberg, and Lindsay Goldberg now owns 100% of Asphalt JV. Since we no longer own any part of Asphalt JV, we ceased applying the equity method of accounting. Upon the sale, the NuStar JV Facility was converted from a revolving credit agreement into a term loan (the Term Loan) with a reduced principal, and the Term Loan will continue to step down from $190.0 million over time: first, to $175.0 million on December 31, 2014 and then to $150.0 million on September 30, 2015. While the Term Loan does not provide for any scheduled amortization payments, Asphalt JV is required to use all of its excess cash, as defined in the agreement, to repay the Term Loan. Like the NuStar JV Facility, the Term Loan must be repaid in full on September 28, 2019. NuStar Logistics’ obligation to provide credit support will be reduced in two years. This entire support obligation will terminate no later than September 28, 2019. Also at the time of the sale, the parties agreed to: terminate the service agreements for our terminals in Rosario, NM, Catoosa, OK and Houston, TX, amend the terminal services agreements for the Baltimore, MD and Jacksonville, FL terminals, and transfer the title to both the Wilmington, NC and Dumfries, VA terminals to Asphalt JV. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Consolidation | ' | |
Consolidation | ||
The accompanying consolidated financial statements represent the consolidated operations of the Partnership and our subsidiaries. Noncontrolling interests are separately disclosed on the financial statements. Inter-partnership balances and transactions have been eliminated in consolidation. The operations of certain pipelines and terminals in which we own an undivided interest are proportionately consolidated in the accompanying consolidated financial statements. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, management reviews their estimates based on currently available information. Management may revise estimates due to changes in facts and circumstances. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
Cash equivalents are all highly liquid investments with an original maturity of three months or less when acquired. | ||
Restricted Cash | ' | |
Restricted Cash | ||
Restricted cash is cash held in escrow restricted to use under certain contractual obligations. Restricted cash is included in “Other current assets” in the consolidated balance sheets. | ||
Accounts Receivable | ' | |
Accounts Receivable | ||
Accounts receivable represent valid claims against non-affiliated customers for products sold or services rendered. We extend credit terms to certain customers after review of various credit indicators, including the customer’s credit rating. Outstanding customer receivable balances are regularly reviewed for possible non-payment indicators and allowances for doubtful accounts are recorded based upon management’s estimate of collectability at the time of their review. | ||
Inventories | ' | |
Inventories | ||
Inventories consist of crude oil, refined petroleum products, and materials and supplies. Inventories, except those associated with a qualifying fair value hedge, are valued at the lower of cost or market. Cost is determined using the weighted-average cost method. Our inventory, other than materials and supplies, consists of one end-product category, petroleum products, which we include in the fuels marketing segment. Accordingly, we determine lower of cost or market adjustments on an aggregate basis. Inventories associated with qualifying fair value hedges are valued at current market prices. Materials and supplies are valued at the lower of average cost or market. | ||
Property, Plant and Equipment | ' | |
Property, Plant and Equipment | ||
We record additions to property, plant and equipment, including reliability and strategic capital expenditures, at cost. | ||
Reliability capital expenditures are capital expenditures to replace partially or fully depreciated assets to maintain the existing operating capacity of existing assets and extend their useful lives. Strategic capital expenditures are capital expenditures to expand or upgrade the operating capacity, increase efficiency or increase the earnings potential of existing assets, whether through construction or acquisition, along with certain capital expenditures related to support functions. Repair and maintenance costs associated with existing assets that are minor in nature and do not extend the useful life of existing assets are charged to operating expenses as incurred. | ||
Depreciation of property, plant and equipment is recorded on a straight-line basis over the estimated useful lives of the related assets. Gains or losses on sales or other dispositions of property are recorded in income and are reported in “Other income (expense), net” in the consolidated statements of income. When property or equipment is retired or otherwise disposed of, the difference between the carrying value and the net proceeds is recognized in the year retired. | ||
Goodwill and Intangible Assets | ' | |
Goodwill and Intangible Assets | ||
Goodwill acquired in a business combination is not amortized. Instead, we assess goodwill for impairment annually on October 1, or more frequently if events or changes in circumstances indicate it might be impaired. We first assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. As of October 1, 2012 and 2011, based on our review of the qualitative factors present, we determined that a quantitative goodwill impairment test was not necessary, and no goodwill impairment had occurred. We performed a quantitative goodwill impairment test as of October 1, 2013. | ||
We calculate the estimated fair value of each of our reporting units using a weighted-average of values calculated using an income approach and a market approach. The income approach involved estimating the fair value of each reporting unit by discounting its estimated future cash flows using a discount rate, consistent with a market participant’s assumption. The market approach bases the fair value measurement on information obtained from observed stock prices of public companies and recent merger and acquisition transaction data of comparable entities. | ||
Our reporting units to which goodwill has been allocated consist of the following: | ||
• | crude oil pipelines; | |
• | refined product pipelines; | |
• | refined product terminals, excluding our St. Eustatius and Point Tupper facilities; | |
• | St. Eustatius and Point Tupper terminal operations (Statia Terminals); and | |
• | bunkering activity at our St. Eustatius and Point Tupper facilities. | |
The quantitative impairment test for goodwill consists of a two-step process. Step 1 compares the fair value of the reporting unit to its carrying value including goodwill. The carrying value of each reporting unit equals the total identified assets (including goodwill) less the sum of each reporting unit’s identified current and long term liabilities. We used reasonable and supportable methods to assign the assets and liabilities to the appropriate reporting units in a consistent manner. If the carrying value exceeds fair value, there is a potential impairment and Step 2 must be performed to determine the amount of goodwill impairment. Step 2 compares the carrying value of the reporting unit’s goodwill to its implied fair value using a hypothetical allocation of the reporting unit’s fair value. If the goodwill carrying value exceeds its implied fair value, the excess is reported as impairment. See Note 6 for a discussion of the goodwill impairment recognized in 2013. | ||
Intangible assets are recorded at cost and are assets that lack physical substance (excluding financial assets). Our intangible assets are amortized on a straight-line basis over 10 to 47 years. | ||
Investment in Joint Ventures | ' | |
Investment in Joint Ventures | ||
We account for our investment in the joint ventures using the equity method of accounting. We report our ownership interest in our equity method investments within “Investment in joint ventures” on the consolidated balance sheet and our portion of the results of operations for our equity method investments in “Equity in (loss) earnings of joint ventures” in the statements of income (loss). See Note 12 for a discussion of our investments in NuStar Asphalt LLC and St Linden Terminals, LLC. | ||
Note Receivable from Related Party | ' | |
Note Receivable from Related Party | ||
The note receivable from related party consists of the amounts due to us from Asphalt JV under a $250.0 million unsecured revolving credit facility. The note receivable is recorded at the outstanding principal amount, adjusted for equity losses from our investment in Asphalt JV that exceeded the carrying value of our investment in Asphalt JV, and for the fair value of guarantees issued under the NuStar JV Facility. We recognize interest income ratably over the term of the facility in “Interest income from related party” on the consolidated statements of income. See Note 19 for additional information on our agreements with Asphalt JV. | ||
Other Long-Term Assets | ' | |
Other Long-Term Assets | ||
“Other long-term assets, net” primarily include the following: | ||
• | funds deposited with a trustee related to revenue bonds issued by the Parish of St. James associated with our St. James terminal expansion (see Note 14 for additional information on the Gulf Opportunity Zone Revenue Bonds); | |
• | ammonia pipeline linefill and tank heel inventory; | |
• | deferred financing costs amortized over the life of the related debt obligation using the effective interest method; and | |
• | long-term derivative assets. | |
Impairment of Long-Lived Assets | ' | |
Impairment of Long-Lived Assets | ||
We review long-lived assets, including property, plant and equipment and investment in joint ventures, for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We evaluate recoverability using undiscounted estimated net cash flows generated by the related asset or asset group. If the results of that evaluation indicate that the undiscounted cash flows are less than the carrying amount of the asset (i.e, the asset is not recoverable) we perform an impairment analysis. If our intent is to hold the asset for continued use, we determine the amount of impairment as the amount by which the net carrying value exceeds its fair value. If our intent is to sell the asset, and the criteria required to classify an asset as held for sale are met, we determine the amount of impairment as the amount by which the net carrying amount exceeds its fair value less costs to sell. We believe that the carrying amounts of our long-lived assets as of December 31, 2013 are recoverable. See Note 5 for a discussion of impairments of long-lived assets. | ||
Taxes Other Than Income Taxes | ' | |
Taxes Other than Income Taxes | ||
Taxes other than income taxes include liabilities for ad valorem taxes, franchise taxes, sales and use taxes, excise fees and taxes and value added taxes. | ||
Income Taxes | ' | |
Income Taxes | ||
We are a limited partnership and generally are not subject to federal or state income taxes. Accordingly, our taxable income or loss, which may vary substantially from income or loss reported for financial reporting purposes, is generally included in the federal and state income tax returns of our partners. For transfers of publicly held units subsequent to our initial public offering, we have made an election permitted by Section 754 of the Internal Revenue Code (the Code) to adjust the common unit purchaser’s tax basis in our underlying assets to reflect the purchase price of the units. This results in an allocation of taxable income and expenses to the purchaser of the common units, including depreciation deductions and gains and losses on sales of assets, based upon the new unitholder’s purchase price for the common units. | ||
We conduct certain of our operations through taxable wholly owned corporate subsidiaries. We account for income taxes related to our taxable subsidiaries using the asset and liability method. Under this method, we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred taxes using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. | ||
We recognize a tax position if it is more-likely-than-not that the tax position will be sustained, based on the technical merits of the position, upon examination. We record uncertain tax positions in the financial statements at the largest amount of benefit that is more-likely-than-not to be realized. We had no unrecognized tax benefits as of December 31, 2013 and 2012. | ||
NuStar Energy and certain of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. For U.S. federal and state purposes, tax years subject to examination are 2009 through 2013 and for our major non-U.S. jurisdictions, tax years subject to examination are 2009 through 2013, both according to standard statute of limitations. NuStar has waived the statute of limitations for limited items for the tax years 2006 and 2007 as a result of an income tax audit in Canada that is currently being appealed in the Tax Court of Canada. | ||
Asset Retirement Obligations | ' | |
Asset Retirement Obligations | ||
We record a liability for asset retirement obligations at the fair value of the estimated costs to retire a tangible long-lived asset at the time we incur that liability, which is generally when the asset is purchased, constructed or leased, when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the obligation can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the fair value. | ||
We have asset retirement obligations with respect to certain of our assets due to various legal obligations to clean and/or dispose of those assets at the time they are retired. However, these assets can be used for an extended and indeterminate period of time as long as they are properly maintained and/or upgraded. It is our practice and current intent to maintain our assets and continue making improvements to those assets based on technological advances. As a result, we believe that our assets have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire these assets cannot reasonably be estimated at this time. When a date or range of dates can reasonably be estimated for the retirement of any asset, we estimate the costs of performing the retirement activities and record a liability for the fair value of these costs. | ||
We also have legal obligations in the form of leases and right-of-way agreements, which require us to remove certain of our assets upon termination of the agreement. However, these lease or right-of-way agreements generally contain automatic renewal provisions that extend our rights indefinitely or we have other legal means available to extend our rights. We have recorded a liability of approximately $0.6 million as of December 31, 2013 and 2012, which is included in “Other long-term liabilities” in the consolidated balance sheets, for conditional asset retirement obligations related to the retirement of terminal assets with lease and right-of-way agreements. | ||
Environmental Remediation Costs | ' | |
Environmental Remediation Costs | ||
Environmental remediation costs are expensed and an associated accrual established when site restoration and environmental remediation and cleanup obligations are either known or considered probable and can be reasonably estimated. These environmental obligations are based on estimates of probable undiscounted future costs over a 20-year time period using currently available technology and applying current regulations, as well as our own internal environmental policies. The environmental liabilities have not been reduced by possible recoveries from third parties. Environmental costs include initial site surveys, costs for remediation and restoration and ongoing monitoring costs, as well as fines, damages and other costs, when estimable. Adjustments to initial estimates are recorded, from time to time, to reflect changing circumstances and estimates based upon additional information developed in subsequent periods. | ||
Product Imbalances | ' | |
Product Imbalances | ||
We incur product imbalances as a result of variances in pipeline meter readings and volume fluctuations within the East Pipeline system due to pressure and temperature changes. We use quoted market prices as of the reporting date to value our assets and liabilities related to product imbalances. Product imbalance liabilities are included in “Accrued liabilities” and product imbalance assets are included in “Other current assets” in the consolidated balance sheets. | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
Revenues for the storage segment include fees for tank storage agreements, whereby a customer agrees to pay for a certain amount of storage in a tank over a period of time (storage lease revenues), and throughput agreements, whereby a customer pays a fee per barrel for volumes moving through our terminals and tanks (throughput revenues). Our terminals also provide blending, handling and filtering services. Our facilities at Point Tupper and St. Eustatius charge fees to provide ancillary services such as pilotage, tug assistance, line handling, launch service, emergency response services and other ship services. Storage lease revenues are recognized when services are provided to the customer. Throughput revenues are recognized as refined products are received in or delivered out of our terminal and as crude oil and certain other refinery feedstocks are received by the related refinery. Revenues for ancillary services are recognized as those services are provided. | ||
Revenues for the pipeline segment are derived from interstate and intrastate pipeline transportation of refined product, crude oil and anhydrous ammonia. Transportation revenues (based on pipeline tariffs) are recognized as the refined product, crude oil or anhydrous ammonia is delivered out of the pipelines. | ||
Revenues from the sale of petroleum products, which are included in our fuels marketing segment, are recognized when product is delivered to the customer and title and risk pass to the customer. Additionally, the revenues of our fuels marketing segment include the mark-to-market impact of certain derivative instruments that are part of our limited trading program. | ||
We collect taxes on certain revenue transactions to be remitted to governmental authorities, which may include sales, use, value added and some excise taxes. These taxes are not included in revenue. | ||
Income Allocation | ' | |
Income Allocation | ||
Our net income for each quarterly reporting period is first allocated to the general partner in an amount equal to the general partner’s incentive distribution calculated based upon the declared distribution for the respective reporting period. We allocate the remaining net income among the limited and general partners in accordance with their respective 98% and 2% interests. | ||
Net Income per Unit Applicable to Limited Partners | ' | |
Net Income per Unit Applicable to Limited Partners | ||
We have identified the general partner interest and incentive distribution rights (IDR) as participating securities and use the two-class method when calculating the net income per unit applicable to limited partners, which is based on the weighted-average number of common units outstanding during the period. Basic and diluted net income per unit applicable to limited partners are the same as we have no potentially dilutive securities outstanding. | ||
Comprehensive Income | ' | |
Comprehensive Income | ||
Comprehensive income consists of net income and other gains and losses affecting partners’ equity that are excluded from net income, such as foreign currency translation adjustments and mark-to-market adjustments on derivative instruments designated and qualifying as cash flow hedges. | ||
Derivatives Financial Instruments | ' | |
Derivative Financial Instruments | ||
We formally document all relationships between hedging instruments and hedged items. This process includes identification of the hedging instrument and the hedged transaction, the nature of the risk being hedged and how the hedging instrument’s effectiveness will be assessed. To qualify for hedge accounting, at inception of the hedge we assess whether the derivative instruments that are used in our hedging transactions are expected to be highly effective in offsetting changes in cash flows or the fair value of the hedged items. Throughout the designated hedge period and at least quarterly, we assess whether the derivative instruments are highly effective and continue to qualify for hedge accounting. To assess the effectiveness of the hedging relationship both prospectively and retrospectively, we use regression analysis to calculate the correlation of the changes in the fair values of the derivative instrument and related hedged item. | ||
We record commodity derivative instruments in the consolidated balance sheets at fair value. We recognize mark-to-market adjustments for derivative instruments designated and qualifying as fair value hedges (Fair Value Hedges) and the related change in the fair value of the associated hedged physical inventory or firm commitment within “Cost of product sales.” For derivative instruments designated and qualifying as cash flow hedges (Cash Flow Hedges), we record the effective portion of mark-to-market adjustments as a component of “Accumulated other comprehensive income” (AOCI) until the underlying hedged forecasted transactions occur and are recognized in income. Any hedge ineffectiveness is recognized immediately in “Cost of product sales.” Once a hedged transaction occurs, we reclassify the effective portion from AOCI to “Cost of product sales.” If it becomes probable that a hedged transaction will not occur, then the associated gains or losses are reclassified from AOCI to “Cost of product sales” immediately. For derivative instruments that have associated underlying physical inventory but do not qualify for hedge accounting (Economic Hedges and Other Derivatives), we record the mark-to-market adjustments in “Cost of product sales” or “Operating expenses.” | ||
We were a party to forward-starting interest rate swap agreements for the purpose of hedging the interest rate risk associated with forecasted probable debt issuances. Under the terms of these swap agreements, we paid a fixed rate and received a rate based on three month USD LIBOR. We entered into the swaps in order to hedge the risk of changes in the interest payments attributable to changes in the benchmark interest rate during the period from the effective date of the swap to the issuance of the forecasted debt. We accounted for the forward-starting interest rate swaps as Cash Flow Hedges, and we recognized the fair value of each interest rate swap in the consolidated balance sheets. We recorded the effective portion of mark-to-market adjustments as a component of AOCI, and any hedge ineffectiveness was recognized immediately in “Interest expense, net.” The amount accumulated in AOCI is amortized into “Interest expense, net” over the term of the forecasted debt as the interest payments occur or if the interest payments are probable not to occur. We terminated all remaining forward-starting interest rate swaps during the year ended December 31, 2013. | ||
We classify cash flows associated with our derivative instruments as operating cash flows in the consolidated statements of cash flows, except for receipts or payments associated with terminated forward-starting interest rate swap agreements, which are included in cash flows from financing activities. | ||
In addition, we entered into fixed-to-floating interest rate swap agreements associated with a portion of our fixed-rate senior notes. Under the terms of these swap agreements, we received a fixed rate and paid a variable rate that varied with each agreement. We accounted for the fixed-to-floating interest rate swaps as Fair Value Hedges and recognized the fair value of each interest rate swap in the consolidated balance sheets. Except for one interest rate swap agreement we entered into and terminated in 2011, the interest rate swap agreements qualified for the shortcut method of accounting. As a result, changes in the fair value of the swaps completely offset the changes in the fair value of the underlying hedged debt. We terminated all remaining fixed-to-floating interest rate swaps during the year ended December 31, 2012. | ||
From time to time, we also entered into derivative commodity instruments based on our analysis of market conditions in order to attempt to profit from market fluctuations. These derivative instruments were financial positions entered into without underlying physical inventory and are not considered hedges. We recorded these derivatives in the consolidated balance sheets as assets or liabilities at fair value with mark-to-market adjustments recorded in “Product sales.” We no longer enter into commodity derivatives without underlying physical inventory. | ||
See Note 18 for additional information regarding our derivative financial instruments. | ||
Operating Leases | ' | |
Operating Leases | ||
We recognize rent expense on a straight-line basis over the lease term, including the impact of both scheduled rent increases and free or reduced rents (commonly referred to as “rent holidays”). | ||
Unit-based Compensation | ' | |
Unit-based Compensation | ||
NuStar GP, LLC, a wholly owned subsidiary of NuStar GP Holdings, has adopted various long-term incentive plans that provide the Compensation Committee of the Board of Directors of NuStar GP, LLC with the right to grant employees and directors of NuStar GP, LLC providing services to NuStar Energy the right to receive NS common units. NuStar GP, LLC accounts for awards of NS common unit options, restricted units and performance awards at fair value as a derivative, whereby a liability for the award is recorded at inception. Subsequent changes in the fair value of the award are included in the determination of net income. NuStar GP, LLC determines the fair value of NS unit options using the Black-Scholes model at each reporting date. NuStar GP, LLC determines the fair value of NS restricted units and performance awards using the market price of NS common units at each reporting date. However, performance awards are earned only upon NuStar Energy’s achievement of an objective performance measure. NuStar GP, LLC records compensation expense each reporting period such that the cumulative compensation expense recognized equals the current fair value of the percentage of the award that has vested. NuStar GP, LLC records compensation expense related to NS unit options until such options are exercised, and compensation expense related to NS restricted units until the date of vesting. | ||
NuStar GP Holdings has adopted a long-term incentive plan that provides the Compensation Committee of the Board of Directors of NuStar GP Holdings with the right to grant employees, consultants and directors of NuStar GP Holdings and its affiliates, including NuStar GP, LLC, rights to receive NSH common units. NuStar GP Holdings accounts for awards of NSH restricted units and unit options granted to its directors or employees of NuStar GP, LLC at fair value. The fair value of NSH unit options is determined using the Black-Scholes model at the grant date, and the fair value of the NSH restricted unit equals the market price of NSH common units at the grant date. NuStar GP Holdings recognizes compensation expense for NSH restricted units and unit options ratably over the vesting period based on the fair value of the units at the grant date. | ||
Under these long-term incentive plans, certain awards provide that the grantee’s award vests immediately upon retirement or that the grantee’s award will continue to vest on schedule after retirement. Compensation expense is recognized immediately if these awards are granted to retirement-eligible employees. In addition, if, during a vesting period of a grant, the grantee will become retirement-eligible, then compensation expense associated with the grant is recognized from the grant date through the grantee’s retirement eligibility date. Currently, employees are typically retirement eligible at age 55. | ||
We reimburse NuStar GP, LLC for the expenses resulting from NS and NSH awards to employees and directors of NuStar GP, LLC. We include such compensation expense in “General and administrative expenses” on the consolidated statements of income. We do not reimburse NuStar GP, LLC for the expense resulting from NSH awards to non-employee directors of NuStar GP Holdings. | ||
Margin Deposits | ' | |
Margin Deposits | ||
Margin deposits relate to our exchange-traded derivative contracts and generally vary based on changes in the value of the contracts. Margin deposits are included in “Other current assets” in the consolidated balance sheets. | ||
Foreign Currency Translation | ' | |
Foreign Currency Translation | ||
The functional currencies of our foreign subsidiaries are the local currency of the country in which the subsidiary is located, except for our subsidiaries located in St. Eustatius in the Caribbean (formerly the Netherlands Antilles), whose functional currency is the U.S. dollar. The assets and liabilities of our foreign subsidiaries with local functional currencies are translated to U.S. dollars at period-end exchange rates, and income and expense items are translated to U.S. dollars at weighted-average exchange rates in effect during the period. These translation adjustments are included in “Accumulated other comprehensive loss” in the equity section of the consolidated balance sheets. Gains and losses on foreign currency transactions are included in “Other income (expense), net” in the consolidated statements of income. | ||
Reclassifications | ' | |
Reclassifications | ||
Certain previously reported amounts in the 2012 and 2011 consolidated financial statements and notes have been reclassified to conform to the 2013 presentation. As further discussed in Note 5, we reclassified certain storage assets as “Assets held for sale” on the consolidated balance sheet as of December 31, 2013. As a result, we have presented the results of operations for these assets, previously reported in the storage segment, as discontinued operations for all periods presented. |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | |||
Dec. 31, 2012 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||
The purchase price and purchase price allocation was as follows (in thousands of dollars): | ||||
Cash paid for the TexStar Asset Acquisition | $ | 315,810 | ||
Fair value of liabilities assumed | 9,600 | |||
Purchase price | $ | 325,410 | ||
Accounts receivable | $ | 537 | ||
Property, plant and equipment | 125,614 | |||
Goodwill | 131,359 | |||
Intangible assets | 67,900 | |||
Purchase price allocation | $ | 325,410 | ||
DISPOSITIONS_AND_ASSETS_HELD_F1
DISPOSITIONS AND ASSETS HELD FOR SALE (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Details of Impairment of Long-Lived Assets Held For Sale by Asset [Table Text Block] | ' | |||||||||||
The impairment loss consisted of the following: | ||||||||||||
Year Ended | ||||||||||||
31-Dec-13 | ||||||||||||
(Thousands of Dollars) | ||||||||||||
Property, plant and equipment, net | $ | 68,213 | ||||||||||
Intangible assets, net (customer relationships) | 6,856 | |||||||||||
Goodwill | 27,460 | |||||||||||
Asset impairment loss | $ | 102,529 | ||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||
The following table summarizes the results from discontinued operations for the terminal facilities held for sale and the San Antonio Refinery: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Revenues | $ | 7,758 | $ | 571,071 | $ | 317,626 | ||||||
Income (loss) before income tax expense | $ | (106,033 | ) | $ | (63,165 | ) | $ | 1,251 | ||||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | ' | |||||||||||
The total assets and liabilities held for sale consisted of the following: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Thousands of Dollars) | ||||||||||||
Inventories | $ | — | $ | 15,939 | ||||||||
Property, plant and equipment, net | 21,987 | 96,745 | ||||||||||
Other long-term assets, net | — | 5,650 | ||||||||||
Assets held for sale | $ | 21,987 | $ | 118,334 | ||||||||
Accrued liabilities (environmental reserve) | $ | — | $ | 289 | ||||||||
Other long-term liabilities (environmental reserve) | — | 7,621 | ||||||||||
Liabilities held for sale | $ | — | $ | 7,910 | ||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | ' | |||||||||||
The Asphalt Operations asset impairment loss consisted of the following: | ||||||||||||
Year Ended | ||||||||||||
31-Dec-12 | ||||||||||||
(Thousands of Dollars) | ||||||||||||
Property, plant and equipment, net | $ | 232,759 | ||||||||||
Intangible assets, net | 6,564 | |||||||||||
Other long-term assets, net | 4,902 | |||||||||||
Asset impairment loss | $ | 244,225 | ||||||||||
GOODWILL_Tables
GOODWILL (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||
Changes in the carrying amount of goodwill by segment were as follows: | ||||||||||||||||
Storage | Pipeline | Fuels | Total | |||||||||||||
Marketing | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Balances as of January 1, 2012 | ||||||||||||||||
Goodwill | $ | 618,614 | $ | 174,848 | $ | 53,255 | $ | 846,717 | ||||||||
Accumulated impairment losses | — | — | — | — | ||||||||||||
Net goodwill | 618,614 | 174,848 | 53,255 | 846,717 | ||||||||||||
TexStar Asset Acquisition preliminary purchase | — | 127,896 | — | 127,896 | ||||||||||||
price allocation | ||||||||||||||||
Asphalt Operations impairment | — | — | (22,132 | ) | (22,132 | ) | ||||||||||
Terminal sales (a) | (3,764 | ) | — | — | (3,764 | ) | ||||||||||
Other (b) | 2,307 | — | — | 2,307 | ||||||||||||
Balances as of December 31, 2012 | ||||||||||||||||
Goodwill | 617,157 | 302,744 | 53,255 | 973,156 | ||||||||||||
Accumulated impairment losses | — | — | (22,132 | ) | (22,132 | ) | ||||||||||
Net goodwill | 617,157 | 302,744 | 31,123 | 951,024 | ||||||||||||
TexStar Asset Acquisition final purchase price allocation | — | 3,463 | — | 3,463 | ||||||||||||
Impairments | (331,913 | ) | — | — | (331,913 | ) | ||||||||||
Other (b) | (5,145 | ) | — | — | (5,145 | ) | ||||||||||
Balances as of December 31, 2013 | ||||||||||||||||
Goodwill | 612,012 | 306,207 | 53,255 | 971,474 | ||||||||||||
Accumulated impairment losses | (331,913 | ) | — | (22,132 | ) | (354,045 | ) | |||||||||
Net goodwill | $ | 280,099 | $ | 306,207 | $ | 31,123 | $ | 617,429 | ||||||||
(a) | Goodwill associated with five terminals in Georgia and Alabama sold on April 16, 2012. | |||||||||||||||
(b) | Includes purchase price adjustments related to acquisitions still subject to the measurement period that ends at the earlier of 12 months from the acquisition date or when information becomes available. Also includes foreign currency translation adjustments. |
ALLOWANCE_FOR_DOUBTFUL_ACCOUNT1
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS [Abstract] | ' | |||||||||||
Allowance for Doubtful Accounts [Table Text Block] | ' | |||||||||||
The changes in the allowance for doubtful accounts consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Balance as of beginning of year | $ | 808 | $ | 2,147 | $ | 1,457 | ||||||
Increase in allowance | 1,039 | 27 | 934 | |||||||||
Accounts charged against the allowance, net of recoveries | (625 | ) | (1,367 | ) | (243 | ) | ||||||
Foreign currency translation | 2 | 1 | (1 | ) | ||||||||
Balance as of end of year | $ | 1,224 | $ | 808 | $ | 2,147 | ||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory Table [Text Block] | ' | |||||||
Inventories consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Crude oil | $ | 6,485 | $ | 447 | ||||
Finished products | 123,656 | 164,894 | ||||||
Materials and supplies | 8,006 | 7,887 | ||||||
Total | $ | 138,147 | $ | 173,228 | ||||
OTHER_CURRENT_ASSETS_Tables
OTHER CURRENT ASSETS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Prepaid Expense and Other Assets, Current [Abstract] | ' | |||||||
Other current assets [Table Text Block] | ' | |||||||
Other current assets consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Prepaid expenses | $ | 16,487 | $ | 18,008 | ||||
Restricted cash | 9,316 | 15,227 | ||||||
Derivative assets | 4,948 | 9,358 | ||||||
Margin deposits | 3,285 | 6,192 | ||||||
Product advances | 3,076 | 14,764 | ||||||
Product imbalances | 1,980 | 1,232 | ||||||
Other | 360 | 457 | ||||||
Other current assets | $ | 39,452 | $ | 65,238 | ||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||
Property, plant and equipment, at cost, consisted of the following: | ||||||||||||
Estimated Useful Lives | December 31, | |||||||||||
2013 | 2012 | |||||||||||
(Years) | (Thousands of Dollars) | |||||||||||
Land | — | $ | 129,731 | $ | 133,341 | |||||||
Land and leasehold improvements | 10 | - | 35 | 142,122 | 110,575 | |||||||
Buildings | 15 | - | 40 | 133,531 | 120,499 | |||||||
Pipelines, storage and terminals | 20 | - | 35 | 3,787,499 | 3,531,925 | |||||||
Rights-of-way | 20 | - | 40 | 155,833 | 148,021 | |||||||
Construction in progress | — | 152,121 | 243,498 | |||||||||
Total | 4,500,837 | 4,287,859 | ||||||||||
Less accumulated depreciation and amortization | (1,190,184 | ) | (1,049,399 | ) | ||||||||
Property, plant and equipment, net | $ | 3,310,653 | $ | 3,238,460 | ||||||||
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ' | |||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | |||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Cost | Accumulated | Cost | Accumulated | |||||||||||||
Amortization | Amortization | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Customer relationships | $ | 127,614 | $ | (58,230 | ) | $ | 137,470 | $ | (46,951 | ) | ||||||
Other | 2,359 | (494 | ) | 2,359 | (443 | ) | ||||||||||
Total | $ | 129,973 | $ | (58,724 | ) | $ | 139,829 | $ | (47,394 | ) | ||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||
The estimated aggregate amortization expense for the next five years is as follows: | ||||||||||||||||
Amortization Expense | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
2014 | $ | 12,579 | ||||||||||||||
2015 | $ | 9,709 | ||||||||||||||
2016 | $ | 6,840 | ||||||||||||||
2017 | $ | 6,840 | ||||||||||||||
2018 | $ | 6,840 | ||||||||||||||
INVESTMENT_IN_JOINT_VENTURES_T
INVESTMENT IN JOINT VENTURES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Linden JV and Asphalt JV Balance Sheet Information | ' | |||||||||||
Condensed combined financial information related to our joint ventures is presented below: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Thousands of Dollars) | ||||||||||||
Balance Sheet Information: | ||||||||||||
Current assets | $ | 263,683 | $ | 375,686 | ||||||||
Long-term assets | 300,484 | 289,584 | ||||||||||
Total assets | $ | 564,167 | $ | 665,270 | ||||||||
Current liabilities | $ | 118,720 | $ | 185,525 | ||||||||
Long-term liabilities | 273,220 | 231,559 | ||||||||||
Total liabilities | 391,940 | 417,084 | ||||||||||
Total equity | 172,227 | 248,186 | ||||||||||
Total liabilities and equity | $ | 564,167 | $ | 665,270 | ||||||||
Linden JV and Asphalt JV Income Statement Information | ' | |||||||||||
Condensed combined financial information related to our joint ventures is presented below: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Statement of (Loss) Income Information: | ||||||||||||
Revenues | $ | 1,623,155 | $ | 458,816 | $ | 36,419 | ||||||
Operating (loss) income | $ | (45,373 | ) | $ | (4,801 | ) | $ | 23,062 | ||||
Net (loss) income | $ | (59,963 | ) | $ | (12,418 | ) | $ | 23,066 | ||||
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Accrued liabilities consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Derivative liabilities | $ | 2,233 | $ | 60,121 | ||||
Employee wages and benefit costs | 16,698 | 15,381 | ||||||
Unearned income | 8,225 | 10,476 | ||||||
TexStar Asset Acquisition contingent consideration | 1,318 | 9,600 | ||||||
Liabilities held for sale | — | 7,910 | ||||||
Other | 10,158 | 20,715 | ||||||
Accrued liabilities | $ | 38,632 | $ | 124,203 | ||||
DEBT_Tables
DEBT (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
DEBT [Abstract] | ' | |||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||||||||||||||||
Long-term debt consisted of the following: | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
Maturity | 2013 | 2012 | ||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||
$1.5 billion revolving credit agreement | 2017 | $ | 503,036 | $ | 440,330 | |||||||||||||||||
4.75% senior notes | 2022 | 250,000 | 250,000 | |||||||||||||||||||
6.75% senior notes | 2021 | 300,000 | — | |||||||||||||||||||
4.80% senior notes | 2020 | 450,000 | 450,000 | |||||||||||||||||||
7.65% senior notes | 2018 | 350,000 | 350,000 | |||||||||||||||||||
6.05% senior notes | 2013 | — | 229,932 | |||||||||||||||||||
5.875% senior notes | 2013 | — | 250,000 | |||||||||||||||||||
7.625% subordinated notes | 2043 | 402,500 | — | |||||||||||||||||||
Gulf Opportunity Zone revenue bonds | 2038 | thru | 2041 | 365,440 | 365,440 | |||||||||||||||||
UK term loan | 2013 | — | 34,142 | |||||||||||||||||||
Port Authority of Corpus Christi note payable | 2015 | — | 577 | |||||||||||||||||||
Net fair value adjustments and unamortized discounts | N/A | 34,577 | 40,583 | |||||||||||||||||||
Total debt | 2,655,553 | 2,411,004 | ||||||||||||||||||||
Less current portion | — | 286,422 | ||||||||||||||||||||
Long-term debt, less current portion | $ | 2,655,553 | $ | 2,124,582 | ||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||||||||||||||
The long-term debt repayments are due as follows (in thousands): | ||||||||||||||||||||||
2014 | $ | — | ||||||||||||||||||||
2015 | — | |||||||||||||||||||||
2016 | — | |||||||||||||||||||||
2017 | 503,036 | |||||||||||||||||||||
2018 | 350,000 | |||||||||||||||||||||
Thereafter | 1,767,940 | |||||||||||||||||||||
Total repayments | 2,620,976 | |||||||||||||||||||||
Net fair value adjustments and unamortized discounts | 34,577 | |||||||||||||||||||||
Total debt | $ | 2,655,553 | ||||||||||||||||||||
Schedule of GoZone Bonds [Table Text Block] | ' | |||||||||||||||||||||
The following table summarizes the Gulf Opportunity Zone Revenue Bonds outstanding as of December 31, 2013: | ||||||||||||||||||||||
Date Issued | Maturity Date | Amount | Amount of | Amount Received from | Amount Remaining in | Average Annual | ||||||||||||||||
Outstanding | Letter of | Trustee | Trust | Interest Rate | ||||||||||||||||||
Credit | ||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||
June 26, 2008 | June 1, 2038 | $ | 55,440 | $ | 56,169 | $ | 55,440 | $ | — | 0.1 | % | |||||||||||
July 15, 2010 | July 1, 2040 | 100,000 | 101,315 | 100,000 | — | 0.1 | % | |||||||||||||||
October 7, 2010 | October 1, 2040 | 50,000 | 50,658 | (a) | 24,580 | 25,420 | 0.11 | % | ||||||||||||||
December 29, 2010 | December 1, 2040 | 85,000 | 86,118 | (a) | 26,924 | 58,076 | 0.11 | % | ||||||||||||||
August 29, 2011 | August 1, 2041 | 75,000 | 75,986 | 75,000 | — | 0.1 | % | |||||||||||||||
Total | $ | 365,440 | $ | 370,246 | $ | 281,944 | $ | 83,496 | ||||||||||||||
(a) | Letters of credit issued under the 2012 Revolving Credit Agreement. |
HEALTH_SAFETY_AND_ENVIRONMENTA1
HEALTH, SAFETY AND ENVIRONMENTAL MATTERS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||
Schedule of Environmental Accrual Rollforward [Table Text Block] | ' | |||||||
The balance of and changes in the accruals for environmental matters were as follows: | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Balance as of the beginning of year | $ | 13,451 | $ | 23,113 | ||||
Additions to accrual | 3,623 | 4,766 | ||||||
San Antonio Refinery Acquisition purchase price adjustment | — | (5,957 | ) | |||||
Payments | (2,940 | ) | (5,242 | ) | ||||
San Antonio Refinery Sale | (7,910 | ) | — | |||||
Asphalt Sale | — | (3,300 | ) | |||||
Foreign currency translation | 9 | 71 | ||||||
Balance as of the end of year | $ | 6,233 | $ | 13,451 | ||||
Environmental Accruals By Balance Sheet Location [Table Text Block] | ' | |||||||
Accruals for environmental matters are included in the consolidated balance sheets as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Accrued liabilities | $ | 3,299 | $ | 10,627 | ||||
Other long-term liabilities | 2,934 | 2,824 | ||||||
Accruals for environmental matters | $ | 6,233 | $ | 13,451 | ||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Future Minimum Payments for Operating Leases and Purchase Obligations [Table Text Block] | ' | |||||||||||||||||||||||||||
Future minimum rental payments applicable to all noncancellable operating leases and purchase obligations as of December 31, 2013 are as follows: | ||||||||||||||||||||||||||||
Payments Due by Period | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | There- | Total | ||||||||||||||||||||||
after | ||||||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||||||
Operating leases | $ | 30,300 | $ | 24,886 | $ | 21,274 | $ | 18,954 | $ | 16,980 | $ | 80,090 | $ | 192,484 | ||||||||||||||
Purchase obligations: | 8,571 | 5,108 | 3,841 | 694 | 216 | — | 18,430 | |||||||||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | |||||||||||||||
The following assets and liabilities are measured at fair value on a recurring basis: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Other current assets: | ||||||||||||||||
Product imbalances | $ | 1,980 | $ | — | $ | — | $ | 1,980 | ||||||||
Commodity derivatives | — | 4,948 | — | 4,948 | ||||||||||||
Other long-term assets, net: | ||||||||||||||||
Commodity derivatives | — | 6,977 | — | 6,977 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Product imbalances | (2,190 | ) | — | — | (2,190 | ) | ||||||||||
Commodity derivatives | (1,433 | ) | (800 | ) | — | (2,233 | ) | |||||||||
Contingent consideration | — | — | (1,318 | ) | (1,318 | ) | ||||||||||
Other long-term liabilities: | ||||||||||||||||
Commodity derivatives | — | (1,575 | ) | — | (1,575 | ) | ||||||||||
Guarantee liability | — | — | (1,880 | ) | (1,880 | ) | ||||||||||
Total | $ | (1,643 | ) | $ | 9,550 | $ | (3,198 | ) | $ | 4,709 | ||||||
December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Other current assets: | ||||||||||||||||
Product imbalances | $ | 1,232 | $ | — | $ | — | $ | 1,232 | ||||||||
Commodity derivatives | 1,001 | 8,357 | — | 9,358 | ||||||||||||
Other long-term assets, net: | ||||||||||||||||
Commodity derivatives | — | 9,206 | — | 9,206 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Product imbalances | (1,686 | ) | — | — | (1,686 | ) | ||||||||||
Commodity derivatives | — | (19,210 | ) | — | (19,210 | ) | ||||||||||
Interest rate swaps | — | (40,911 | ) | — | (40,911 | ) | ||||||||||
Contingent consideration | — | — | (9,600 | ) | (9,600 | ) | ||||||||||
Total | $ | 547 | $ | (42,558 | ) | $ | (9,600 | ) | $ | (51,611 | ) | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||
The following table summarizes the activity in our Level 3 liabilities: | ||||||||||||||||
Year Ended | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Beginning balance | $ | 9,600 | ||||||||||||||
Amounts settled | (1,114 | ) | ||||||||||||||
Adjustment to guarantee liability | 1,880 | |||||||||||||||
Changes in fair value recorded in earnings: | ||||||||||||||||
Operating expenses | (8,000 | ) | ||||||||||||||
Interest expense, net | 832 | |||||||||||||||
Ending balance | $ | 3,198 | ||||||||||||||
Fair Value and Carrying Value of Debt and Note Receivable from Related Party [Text Block] | ' | |||||||||||||||
The estimated fair values and carrying amounts of our debt and note receivable from Asphalt JV were as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Debt: | ||||||||||||||||
Fair value | $ | 2,636,734 | $ | 2,377,120 | ||||||||||||
Carrying amount | $ | 2,655,553 | $ | 2,411,004 | ||||||||||||
Note Receivable from Related Party: | ||||||||||||||||
Fair value | $ | 133,416 | $ | 91,705 | ||||||||||||
Carrying amount | $ | 165,440 | $ | 95,711 | ||||||||||||
DERIVATIVES_AND_RISK_MANAGEMEN1
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Text Block] | ' | |||||||||||||||||
The fair values of our derivative instruments included in our consolidated balance sheets were as follows: | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Balance Sheet Location | December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Derivatives Designated as | ||||||||||||||||||
Hedging Instruments: | ||||||||||||||||||
Commodity contracts | Other current assets | $ | — | $ | 1,471 | $ | — | $ | (811 | ) | ||||||||
Commodity contracts | Accrued liabilities | — | — | (130 | ) | — | ||||||||||||
Interest rate swaps | Accrued liabilities | — | — | — | (40,911 | ) | ||||||||||||
Total | — | 1,471 | (130 | ) | (41,722 | ) | ||||||||||||
Derivatives Not Designated | ||||||||||||||||||
as Hedging Instruments: | ||||||||||||||||||
Commodity contracts | Other current assets | 16,168 | 22,269 | (11,220 | ) | (13,571 | ) | |||||||||||
Commodity contracts | Other long-term assets, net | 15,883 | 39,322 | (8,906 | ) | (30,116 | ) | |||||||||||
Commodity contracts | Accrued liabilities | 4,523 | 17,406 | (6,626 | ) | (36,616 | ) | |||||||||||
Commodity contracts | Other long-term liabilities | 5,448 | — | (7,023 | ) | — | ||||||||||||
Total | 42,022 | 78,997 | (33,775 | ) | (80,303 | ) | ||||||||||||
Total Derivatives | $ | 42,022 | $ | 80,468 | $ | (33,905 | ) | $ | (122,025 | ) | ||||||||
Offsetting Assets [Table Text Block] | ' | |||||||||||||||||
The following are the net amounts presented on the consolidated balance sheets: | ||||||||||||||||||
December 31, | ||||||||||||||||||
Commodity Contracts | 2013 | 2012 | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Net amounts of assets presented in the consolidated balance sheets | $ | 11,925 | $ | 18,564 | ||||||||||||||
Net amounts of liabilities presented in the consolidated balance sheets | $ | (3,808 | ) | $ | (19,210 | ) | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | ' | |||||||||||||||||
The earnings impact of our derivative activity was as follows: | ||||||||||||||||||
Derivatives Designated as Fair | Income Statement | Amount of Gain (Loss) Recognized | Amount of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income on Derivative | ||||||||||||||
Value Hedging Instruments | Location | in Income on Derivative (Effective Portion) | on Hedged Item | (Ineffective Portion) | ||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 3,964 | $ | (6,327 | ) | $ | (2,363 | ) | |||||||||
Year ended December 31, 2012: | ||||||||||||||||||
Interest rate swaps | Interest expense, net | $ | 17,345 | $ | (17,345 | ) | $ | — | ||||||||||
Commodity contracts | Cost of product sales | (10,505 | ) | 12,139 | 1,634 | |||||||||||||
Total | $ | 6,840 | $ | (5,206 | ) | $ | 1,634 | |||||||||||
Year ended December 31, 2011: | ||||||||||||||||||
Interest rate swaps | Interest expense, net | $ | (55,183 | ) | $ | 54,588 | $ | (595 | ) | |||||||||
Commodity contracts | Cost of product sales | (10,228 | ) | 9,004 | (1,224 | ) | ||||||||||||
Total | $ | (65,411 | ) | $ | 63,592 | $ | (1,819 | ) | ||||||||||
Derivatives Designated as Cash | Amount of Gain | Income Statement | Amount of Gain | Amount of Gain (Loss) | ||||||||||||||
Flow Hedging Instruments | (Loss) Recognized | Location (a) | (Loss) Reclassified from | Recognized in Income on | ||||||||||||||
in OCI on Derivative | Accumulated OCI | Derivative | ||||||||||||||||
(Effective Portion) | into Income | (Ineffective Portion) | ||||||||||||||||
(Effective Portion) (b) | ||||||||||||||||||
(Thousands of Dollars) | (Thousands of Dollars) | |||||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||||
Interest rate swaps | $ | 7,213 | Interest expense, net | $ | (7,570 | ) | $ | — | ||||||||||
Year ended December 31, 2012: | ||||||||||||||||||
Interest rate swaps | $ | (17,069 | ) | Interest expense, net | $ | (1,749 | ) | $ | — | |||||||||
Commodity contracts | (77,200 | ) | (Loss) income from discontinued operations | (51,483 | ) | 4,010 | ||||||||||||
Total | $ | (94,269 | ) | $ | (53,232 | ) | $ | 4,010 | ||||||||||
Year ended December 31, 2011: | ||||||||||||||||||
Interest rate swaps | $ | (84,199 | ) | Interest expense, net | $ | — | $ | — | ||||||||||
Commodity contracts | 30,747 | (Loss) income from discontinued operations | 5,030 | (4,010 | ) | |||||||||||||
Total | $ | (53,452 | ) | $ | 5,030 | $ | (4,010 | ) | ||||||||||
(a) | Amounts are included in specified location for both the gain (loss) reclassified from accumulated OCI into income (effective portion) and the gain (loss) recognized in income on derivative (ineffective portion). | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Income Statement Location | Amount of Gain (Loss) | ||||||||||||||||
Recognized in Income | ||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (5,323 | ) | ||||||||||||||
Commodity contracts | (Loss) income from discontinued operations | (218 | ) | |||||||||||||||
Total | $ | (5,541 | ) | |||||||||||||||
Year ended December 31, 2012: | ||||||||||||||||||
Commodity contracts | Revenues | $ | (7,654 | ) | ||||||||||||||
Commodity contracts | Cost of product sales | 20,138 | ||||||||||||||||
Commodity contracts | (Loss) income from discontinued operations | 6,176 | ||||||||||||||||
Total | $ | 18,660 | ||||||||||||||||
Year ended December 31, 2011: | ||||||||||||||||||
Commodity contracts | Revenues | $ | 235 | |||||||||||||||
Commodity contracts | Cost of product sales | (11,661 | ) | |||||||||||||||
Commodity contracts | Operating expenses | 46 | ||||||||||||||||
Commodity contracts | (Loss) income from discontinued operations | 7,207 | ||||||||||||||||
Total | $ | (4,173 | ) |
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Schedule of Related Party Transactions [Text Block] | ' | |||||||||||
The following table summarizes information pertaining to related party transactions: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Revenues | $ | 14,897 | $ | 1,990 | $ | — | ||||||
Operating expenses | $ | 122,677 | $ | 133,654 | $ | 138,324 | ||||||
General and administrative expenses | $ | 58,602 | $ | 62,490 | $ | 66,220 | ||||||
Interest income | $ | 6,113 | $ | 1,219 | $ | — | ||||||
Revenues included in discontinued operations, net of tax | $ | 3,720 | $ | 3,390 | $ | 1,039 | ||||||
Expenses included in discontinued operations, net of tax | $ | 6,051 | $ | 14,328 | $ | 12,238 | ||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | |||||||||||
As of December 31, 2013, our maximum exposure to loss as a result of our involvement with Asphalt JV is approximately $450.7 million, which consists of the following (in thousands of dollars): | ||||||||||||
Maximum | Carrying Value | |||||||||||
Exposure to Loss | ||||||||||||
asset/(liability) | ||||||||||||
Receivable from Asphalt JV | $ | 50,717 | $ | 50,717 | ||||||||
Note receivable under the NuStar JV Facility | 250,000 | 165,440 | ||||||||||
Credit support, including guarantees | 150,000 | (1,880 | ) | |||||||||
Total | $ | 450,717 | $ | 214,277 | ||||||||
EMPLOYEE_BENEFIT_PLANS_AND_LON1
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS [Abstract] | ' | |||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | |||||||||||||||
The number of awards granted under the above-described plans were as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Granted | Vesting | Granted | Vesting | Granted | Vesting | |||||||||||
2000 LTIP: | ||||||||||||||||
Performance awards | 38,786 | (a) | 33,445 | (a) | 27,111 | (a) | ||||||||||
Restricted units (b) | 269,182 | 1/5 per year | 231,855 | 1/5 per year | 208,195 | 1/5 per year | ||||||||||
Restricted units (grants to non-employee directors of NuStar GP, LLC) | 8,904 | 1/3 per year | 8,170 | 1/3 per year | 6,760 | 1/3 per year | ||||||||||
UIP: | ||||||||||||||||
Restricted units (c) | — | — | 15,382 | 1/5 per year | 14,005 | 1/5 per year | ||||||||||
2006 LTIP: | ||||||||||||||||
Restricted units | 18,620 | 1/5 per year | 25,640 | 1/5 per year | 24,970 | 1/5 per year | ||||||||||
Restricted units (grants to non-employee directors of NuStar GP Holdings) (d) | 13,183 | 1/3 per year | 10,601 | 1/3 per year | 9,987 | 1/3 per year | ||||||||||
(a) | Performance awards vest 1/3 per year if certain performance measures are met. | |||||||||||||||
(b) | The 2000 LTIP restricted unit grants include 3,882 restricted unit awards granted to certain international employees for the year ended December 31, 2013, that vest 1/3 per year , as defined in the award agreements. | |||||||||||||||
(c) | The UIP restricted unit grants include 3,392 and 2,880 restricted unit awards granted to certain international employees for the years ended December 31, 2012 and 2011, respectively, that vest 1/3 per year , as defined in the award agreements. | |||||||||||||||
(d) | We do not reimburse NuStar GP, LLC for compensation expense relating to these awards. | |||||||||||||||
Schedule of Compensation Expense for Long Term Incentive Plans and Benefit Plans [Table Text Block] | ' | |||||||||||||||
Our share of compensation expense related to the various long-term incentive plans and benefit plans described above is as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Long-term incentive plans | $ | 9,818 | $ | 7,745 | $ | 8,521 | ||||||||||
Benefit plans | $ | 18,204 | $ | 23,602 | $ | 13,684 | ||||||||||
OTHER_INCOME_EXPENSE_Tables
OTHER INCOME (EXPENSE) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Schedule of Other Nonoperating Income Expense by Component [Text Block] | ' | |||||||||||
Other income (expense) consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Foreign exchange gains (losses) | $ | 7,707 | $ | (1,429 | ) | $ | 1,902 | |||||
(Loss) gain from sale or disposition of assets | (524 | ) | (1,522 | ) | 155 | |||||||
Loss on deconsolidation of Asphalt JV | — | (23,800 | ) | — | ||||||||
Storage agreement early termination costs | — | — | (5,000 | ) | ||||||||
Contingent loss adjustment | — | — | (3,250 | ) | ||||||||
Other, net | 158 | 2,062 | 2,620 | |||||||||
Other income (expense), net | $ | 7,341 | $ | (24,689 | ) | $ | (3,573 | ) | ||||
PARTNERS_EQUITY_Tables
PARTNERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Partners' Capital Notes [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
The balance of and changes in the components included in “Accumulated other comprehensive income (loss)” were as follows: | |||||||||||||
Foreign | Cash Flow Hedges | Total | |||||||||||
Currency | |||||||||||||
Translation | |||||||||||||
(Thousands of Dollars) | |||||||||||||
Balance as of January 1, 2011 | $ | 11,500 | $ | 35,000 | $ | 46,500 | |||||||
Other comprehensive loss before reclassifications | (15,425 | ) | (53,452 | ) | (68,877 | ) | |||||||
Net loss reclassified into (loss) income from discontinued operations | — | (5,030 | ) | $ | (5,030 | ) | |||||||
Other comprehensive loss | (15,425 | ) | (58,482 | ) | (73,907 | ) | |||||||
Balance as of December 31, 2011 | (3,925 | ) | (23,482 | ) | (27,407 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 9,579 | (94,269 | ) | (84,690 | ) | ||||||||
Net loss reclassified into interest expense, net | — | 1,749 | 1,749 | ||||||||||
Net loss reclassified into (loss) income from discontinued operations | — | 51,483 | 51,483 | ||||||||||
Other comprehensive income (loss) | 9,579 | (41,037 | ) | (31,458 | ) | ||||||||
Balance as of December 31, 2012 | 5,654 | (64,519 | ) | (58,865 | ) | ||||||||
Other comprehensive (loss) income before reclassifications | (19,312 | ) | 7,213 | (12,099 | ) | ||||||||
Net loss reclassified into interest expense, net | — | 7,570 | 7,570 | ||||||||||
Other comprehensive (loss) income | (19,312 | ) | 14,783 | (4,529 | ) | ||||||||
Balance as of December 31, 2013 | $ | (13,658 | ) | $ | (49,736 | ) | $ | (63,394 | ) | ||||
Schedule of Calculation of Net Income Applicable to General Partner [Text Block] | ' | ||||||||||||
The following table details the calculation of net income applicable to the general partner: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Thousands of Dollars) | |||||||||||||
Net income (loss) attributable to NuStar Energy L.P. | $ | (273,770 | ) | $ | (226,616 | ) | $ | 221,461 | |||||
Less general partner incentive distribution (a) | 43,220 | 41,242 | 36,319 | ||||||||||
Net income (loss) after general partner incentive distribution | (316,990 | ) | (267,858 | ) | 185,142 | ||||||||
General partner interest | 2 | % | 2 | % | 2 | % | |||||||
General partner allocation of net income (loss) after general partner | (6,338 | ) | (5,356 | ) | 3,703 | ||||||||
incentive distribution | |||||||||||||
General partner incentive distribution | 43,220 | 41,242 | 36,319 | ||||||||||
Net income applicable to general partner | $ | 36,882 | $ | 35,886 | $ | 40,022 | |||||||
(a) | The net income allocation to the general partner’s incentive distribution is less than the actual distribution made with respect to 2011, which is shown in the distribution table below, due to the issuance of common units after the end of the third quarter but before the record date. | ||||||||||||
Schedule of Distribution Waterfall [Table Text Block] | ' | ||||||||||||
Our general partner is entitled to incentive distributions if the amount we distribute with respect to any quarter exceeds specified target levels shown below: | |||||||||||||
Percentage of Distribution | |||||||||||||
Quarterly Distribution Amount per Unit | Unitholders | General Partner | |||||||||||
Up to $0.60 | 98% | 2% | |||||||||||
Above $0.60 up to $0.66 | 90% | 10% | |||||||||||
Above $0.66 | 75% | 25% | |||||||||||
Schedule of Distributions To General and Limited Partners [Text Block] | ' | ||||||||||||
The following table reflects the allocation of total cash distributions to our general and limited partners applicable to the period in which the distributions were earned: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Thousands of Dollars, Except Per Unit Data) | |||||||||||||
General partner interest | $ | 7,844 | $ | 7,486 | $ | 6,630 | |||||||
General partner incentive distribution | 43,220 | 41,242 | 36,326 | ||||||||||
Total general partner distribution | 51,064 | 48,728 | 42,956 | ||||||||||
Limited partners’ distribution | 341,140 | 325,526 | 288,550 | ||||||||||
Total cash distributions | $ | 392,204 | $ | 374,254 | $ | 331,506 | |||||||
Cash distributions per unit applicable to limited partners | $ | 4.38 | $ | 4.38 | $ | 4.36 | |||||||
Distributions Made To Limited And General Partners By Distribution [Table Text Block] | ' | ||||||||||||
The following table summarizes information related to our quarterly cash distributions: | |||||||||||||
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions (Thousands of Dollars) | Record Date | Payment Date | |||||||||
December 31, 2013 (a) | $ | 1.095 | $ | 98,051 | February 10, 2014 | February 14, 2014 | |||||||
30-Sep-13 | $ | 1.095 | $ | 98,051 | November 11, 2013 | November 14, 2013 | |||||||
30-Jun-13 | $ | 1.095 | $ | 98,051 | August 5, 2013 | August 9, 2013 | |||||||
31-Mar-13 | $ | 1.095 | $ | 98,051 | May 6, 2013 | May 10, 2013 | |||||||
(a) | The distribution was announced on January 30, 2014. |
NET_LOSS_INCOME_PER_UNIT_Table
NET (LOSS) INCOME PER UNIT (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Net Income Per Unit [Text Block] | ' | |||||||||||
The following table details the calculation of earnings per unit: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||
Net (loss) income attributable to NuStar Energy L.P. | $ | (273,770 | ) | $ | (226,616 | ) | $ | 221,461 | ||||
Less general partner distribution (including IDR) | 51,064 | 48,728 | 42,948 | |||||||||
Less limited partner distribution | 341,140 | 325,526 | 288,497 | |||||||||
Distributions greater than earnings | $ | (665,974 | ) | $ | (600,870 | ) | $ | (109,984 | ) | |||
General partner earnings: | ||||||||||||
Distributions | $ | 51,064 | $ | 48,728 | $ | 42,948 | ||||||
Allocation of distributions greater than earnings (2%) | (13,318 | ) | (12,019 | ) | (2,201 | ) | ||||||
Total | $ | 37,746 | $ | 36,709 | $ | 40,747 | ||||||
Limited partner earnings: | ||||||||||||
Distributions | $ | 341,140 | $ | 325,526 | $ | 288,497 | ||||||
Allocation of distributions greater than earnings (98%) | (652,656 | ) | (588,851 | ) | (107,783 | ) | ||||||
Total | $ | (311,516 | ) | $ | (263,325 | ) | $ | 180,714 | ||||
Weighted-average limited partner units outstanding | 77,886,078 | 72,957,417 | 65,018,301 | |||||||||
Net (loss) income per unit applicable to limited partners | $ | (4.00 | ) | $ | (3.61 | ) | $ | 2.78 | ||||
STATEMENTS_OF_CASH_FLOWS_Table
STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Statement of Cash Flows [Abstract] | ' | |||||||||||
Schedule of Changes in Current Assets and Liabilities [Text Block] | ' | |||||||||||
Changes in current assets and current liabilities were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Decrease (increase) in current assets: | ||||||||||||
Accounts receivable | $ | 107,209 | $ | 160,435 | $ | (230,980 | ) | |||||
Receivable from related parties | 58,692 | (113,018 | ) | — | ||||||||
Inventories | 31,975 | 112,589 | (160,139 | ) | ||||||||
Income tax receivable | 414 | 2,921 | (4,265 | ) | ||||||||
Other current assets | 25,725 | (26,050 | ) | (1,825 | ) | |||||||
Increase (decrease) in current liabilities: | ||||||||||||
Accounts payable | (96,330 | ) | (43,451 | ) | 140,898 | |||||||
Payable to related party | 6,922 | (5,339 | ) | (3,603 | ) | |||||||
Accrued interest payable | 9,370 | (6,092 | ) | 126 | ||||||||
Accrued liabilities | (32,452 | ) | 11,259 | (10,087 | ) | |||||||
Taxes other than income tax | (87 | ) | (2,444 | ) | 2,574 | |||||||
Income tax payable | 1,338 | (563 | ) | 1,848 | ||||||||
Changes in current assets and current liabilities | $ | 112,776 | $ | 90,247 | $ | (265,453 | ) | |||||
Schedule of Supplemental Cash Flow Information [Text Block] | ' | |||||||||||
Cash flows related to interest and income taxes were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Cash paid for interest, net of amount capitalized | $ | 113,805 | $ | 110,679 | $ | 109,027 | ||||||
Cash paid for income taxes, net of tax refunds received | $ | 11,386 | $ | 21,032 | $ | 14,920 | ||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
Components of income tax expense related to certain of our continuing operations conducted through separate taxable wholly owned corporate subsidiaries were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Current: | ||||||||||||
U.S. | $ | 3,098 | $ | 4,416 | $ | 3,769 | ||||||
Foreign | 9,273 | 16,480 | 8,596 | |||||||||
Total current | 12,371 | 20,896 | 12,365 | |||||||||
Deferred: | ||||||||||||
U.S. | 1,687 | 7,494 | 2,962 | |||||||||
Foreign | (1,305 | ) | (3,940 | ) | 3,228 | |||||||
Total deferred | 382 | 3,554 | 6,190 | |||||||||
Total income tax expense | $ | 12,753 | $ | 24,450 | $ | 18,555 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Thousands of Dollars) | ||||||||||||
Deferred income tax assets: | ||||||||||||
Net operating losses | $ | 28,945 | $ | 25,567 | ||||||||
Environmental and legal reserves | 433 | 291 | ||||||||||
Valuation allowance | (12,237 | ) | (78 | ) | ||||||||
Other | 1,772 | — | ||||||||||
Total deferred income tax assets | 18,913 | 25,780 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Property, plant and equipment | (40,494 | ) | (54,155 | ) | ||||||||
Other | — | (631 | ) | |||||||||
Total deferred income tax liabilities | (40,494 | ) | (54,786 | ) | ||||||||
Net deferred income tax liability | $ | (21,581 | ) | $ | (29,006 | ) | ||||||
Reported on the consolidated balance sheets as: | ||||||||||||
Deferred income tax asset | $ | 5,769 | $ | 3,108 | ||||||||
Deferred income tax liability | (27,350 | ) | (32,114 | ) | ||||||||
Net deferred income tax liability | $ | (21,581 | ) | $ | (29,006 | ) |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Segment Reporting Information, by Segment [Text Block] | ' | |||||||||||
Results of operations for the reportable segments were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Revenues: | ||||||||||||
Storage: | ||||||||||||
Third parties | $ | 518,253 | $ | 517,699 | $ | 500,303 | ||||||
Intersegment | 32,044 | 59,168 | 46,324 | |||||||||
Related party | 6,252 | 1,199 | — | |||||||||
Total storage | 556,549 | 578,066 | 546,627 | |||||||||
Pipeline: | ||||||||||||
Third parties | 411,529 | 340,455 | 311,449 | |||||||||
Intersegment | — | — | 65 | |||||||||
Total pipeline | 411,529 | 340,455 | 311,514 | |||||||||
Fuels marketing: | ||||||||||||
Third parties | 2,519,053 | 5,085,592 | 5,445,877 | |||||||||
Intersegment | — | — | 9,782 | |||||||||
Related party | 8,645 | 791 | — | |||||||||
Total fuels marketing | 2,527,698 | 5,086,383 | 5,455,659 | |||||||||
Consolidation and intersegment eliminations | (32,044 | ) | (59,168 | ) | (56,171 | ) | ||||||
Total revenues | $ | 3,463,732 | $ | 5,945,736 | $ | 6,257,629 | ||||||
Depreciation and amortization expense: | ||||||||||||
Storage | $ | 99,868 | $ | 88,217 | $ | 82,921 | ||||||
Pipeline | 68,871 | 52,878 | 51,165 | |||||||||
Fuels marketing | 27 | 11,253 | 20,949 | |||||||||
Total segment depreciation and amortization expense | 168,766 | 152,348 | 155,035 | |||||||||
Other depreciation and amortization expense | 10,155 | 7,441 | 6,738 | |||||||||
Total depreciation and amortization expense | $ | 178,921 | $ | 159,789 | $ | 161,773 | ||||||
Operating (loss) income: | ||||||||||||
Storage | $ | (127,484 | ) | $ | 198,842 | $ | 196,508 | |||||
Pipeline | 208,293 | 158,590 | 146,403 | |||||||||
Fuels marketing | (126 | ) | (296,785 | ) | 71,854 | |||||||
Consolidation and intersegment eliminations | 1,437 | 7,939 | 5,906 | |||||||||
Total segment operating income | 82,120 | 68,586 | 420,671 | |||||||||
Less general and administrative expenses | 91,086 | 104,756 | 103,050 | |||||||||
Less other depreciation and amortization expense | 10,155 | 7,441 | 6,738 | |||||||||
Other asset impairment loss | — | 3,295 | — | |||||||||
Gain on legal settlement | — | (28,738 | ) | — | ||||||||
Total operating (loss) income | $ | (19,121 | ) | $ | (18,168 | ) | $ | 310,883 | ||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | |||||||||||
Revenues by geographic area are shown in the table below. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
United States | $ | 2,340,694 | $ | 4,230,607 | $ | 4,521,553 | ||||||
Netherlands | 1,027,260 | 1,438,297 | 1,564,062 | |||||||||
Other | 95,778 | 276,832 | 172,014 | |||||||||
Consolidated revenues | $ | 3,463,732 | $ | 5,945,736 | $ | 6,257,629 | ||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | ' | |||||||||||
Total amounts of property, plant and equipment, net by geographic area were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Thousands of Dollars) | ||||||||||||
United States | $ | 2,635,792 | $ | 2,560,608 | ||||||||
Netherlands | 467,660 | 454,560 | ||||||||||
Other | 207,201 | 223,292 | ||||||||||
Consolidated long-lived assets | $ | 3,310,653 | $ | 3,238,460 | ||||||||
Schedule of Segment Reporting Information Assets By Segment [Text Block] | ' | |||||||||||
Total assets by reportable segment were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Thousands of Dollars) | ||||||||||||
Storage | $ | 2,275,183 | $ | 2,627,946 | ||||||||
Pipeline | 1,797,698 | 1,720,711 | ||||||||||
Fuels marketing | 445,882 | 885,661 | ||||||||||
Total segment assets | 4,518,763 | 5,234,318 | ||||||||||
Other partnership assets | 513,423 | 378,771 | ||||||||||
Total consolidated assets | $ | 5,032,186 | $ | 5,613,089 | ||||||||
Schedule of Capital Expenditures, by Segment [Table Text Block] | ' | |||||||||||
Capital expenditures, including acquisitions and investments in other noncurrent assets, by reportable segment were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Storage | $ | 170,637 | $ | 161,672 | $ | 263,918 | ||||||
Pipeline | 165,096 | 493,028 | 45,170 | |||||||||
Fuels marketing | 69 | 20,333 | 90,683 | |||||||||
Other partnership assets | 7,518 | 53,982 | 45,569 | |||||||||
Total capital expenditures | $ | 343,320 | $ | 729,015 | $ | 445,340 | ||||||
CONDENSED_CONSOLIDATING_FINANC1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets [Table Text Block] | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 904 | $ | 22,307 | $ | — | $ | 77,532 | $ | — | $ | 100,743 | ||||||||||||
Receivables, net | — | 87,899 | 13,281 | 231,220 | (6 | ) | 332,394 | |||||||||||||||||
Inventories | — | 2,083 | 2,879 | 133,195 | (10 | ) | 138,147 | |||||||||||||||||
Income tax receivable | — | — | — | 826 | — | 826 | ||||||||||||||||||
Other current assets | — | 18,109 | 2,334 | 19,009 | — | 39,452 | ||||||||||||||||||
Assets held for sale | — | — | — | 21,987 | — | 21,987 | ||||||||||||||||||
Intercompany receivable | — | 1,521,552 | — | — | (1,521,552 | ) | — | |||||||||||||||||
Total current assets | 904 | 1,651,950 | 18,494 | 483,769 | (1,521,568 | ) | 633,549 | |||||||||||||||||
Property, plant and equipment, net | — | 1,556,893 | 573,694 | 1,180,066 | — | 3,310,653 | ||||||||||||||||||
Intangible assets, net | — | 16,993 | — | 54,256 | — | 71,249 | ||||||||||||||||||
Goodwill | — | 149,453 | 170,652 | 297,324 | — | 617,429 | ||||||||||||||||||
Investment in wholly owned | 2,469,331 | 177,961 | 860,787 | 918,339 | (4,426,418 | ) | — | |||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Investment in joint ventures | — | — | — | 68,735 | — | 68,735 | ||||||||||||||||||
Deferred income tax asset | — | — | — | 5,769 | — | 5,769 | ||||||||||||||||||
Note receivable from related | — | 165,440 | — | — | — | 165,440 | ||||||||||||||||||
party, net | ||||||||||||||||||||||||
Other long-term assets, net | 611 | 118,254 | 26,331 | 14,166 | — | 159,362 | ||||||||||||||||||
Total assets | $ | 2,470,846 | $ | 3,836,944 | 1,649,958 | $ | 3,022,424 | $ | (5,947,986 | ) | $ | 5,032,186 | ||||||||||||
Liabilities and Partners’ Equity | ||||||||||||||||||||||||
Payables | $ | 123 | $ | 84,533 | $ | 7,517 | $ | 214,909 | $ | (6 | ) | $ | 307,076 | |||||||||||
Accrued interest payable | — | 33,066 | — | 47 | — | 33,113 | ||||||||||||||||||
Accrued liabilities | 585 | 18,850 | 6,133 | 13,064 | — | 38,632 | ||||||||||||||||||
Taxes other than income tax | 125 | 6,272 | 2,873 | 475 | — | 9,745 | ||||||||||||||||||
Income tax payable | — | 618 | 6 | 3,382 | — | 4,006 | ||||||||||||||||||
Intercompany payable | 504,483 | — | 714,847 | 302,222 | (1,521,552 | ) | — | |||||||||||||||||
Total current liabilities | 505,316 | 143,339 | 731,376 | 534,099 | (1,521,558 | ) | 392,572 | |||||||||||||||||
Long-term debt, less current portion | — | 2,655,553 | — | — | — | 2,655,553 | ||||||||||||||||||
Long-term payable to related party | — | 35,696 | — | 5,443 | — | 41,139 | ||||||||||||||||||
Deferred income tax liability | — | — | — | 27,350 | — | 27,350 | ||||||||||||||||||
Other long-term liabilities | — | 4,961 | 306 | 6,511 | — | 11,778 | ||||||||||||||||||
Total partners’ equity | 1,965,530 | 997,395 | 918,276 | 2,449,021 | (4,426,428 | ) | 1,903,794 | |||||||||||||||||
Total liabilities and | $ | 2,470,846 | $ | 3,836,944 | $ | 1,649,958 | $ | 3,022,424 | $ | (5,947,986 | ) | $ | 5,032,186 | |||||||||||
partners’ equity | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 7,033 | $ | 1,112 | $ | — | $ | 75,457 | $ | — | $ | 83,602 | ||||||||||||
Receivables, net | — | 157,452 | 10,561 | 340,144 | (10,381 | ) | 497,776 | |||||||||||||||||
Inventories | — | 2,320 | 5,590 | 165,349 | (31 | ) | 173,228 | |||||||||||||||||
Income tax receivable | — | — | — | 1,265 | — | 1,265 | ||||||||||||||||||
Other current assets | — | 26,353 | 1,468 | 37,417 | — | 65,238 | ||||||||||||||||||
Assets held for sale | — | 35,337 | — | 82,997 | — | 118,334 | ||||||||||||||||||
Intercompany receivable | — | 353,384 | 599,599 | — | (952,983 | ) | — | |||||||||||||||||
Total current assets | 7,033 | 575,958 | 617,218 | 702,629 | (963,395 | ) | 939,443 | |||||||||||||||||
Property, plant and equipment, net | — | 1,423,991 | 582,299 | 1,232,170 | — | 3,238,460 | ||||||||||||||||||
Intangible assets, net | — | 18,733 | — | 73,702 | — | 92,435 | ||||||||||||||||||
Goodwill | — | 145,990 | 170,652 | 634,382 | — | 951,024 | ||||||||||||||||||
Investment in wholly owned | 3,133,097 | 161,957 | 1,208,595 | 2,329,595 | (6,833,244 | ) | — | |||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Investment in joint ventures | — | 35,883 | — | 67,062 | — | 102,945 | ||||||||||||||||||
Deferred income tax asset | — | — | — | 3,108 | — | 3,108 | ||||||||||||||||||
Note receivable from related | — | 95,711 | — | — | — | 95,711 | ||||||||||||||||||
party, net | ||||||||||||||||||||||||
Other long-term assets, net | 490 | 148,384 | 26,330 | 14,759 | — | 189,963 | ||||||||||||||||||
Total assets | $ | 3,140,620 | $ | 2,606,607 | $ | 2,605,094 | $ | 5,057,407 | $ | (7,796,639 | ) | $ | 5,613,089 | |||||||||||
Liabilities and Partners’ Equity | ||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 1,313 | $ | 250,967 | $ | 34,142 | $ | — | $ | 286,422 | ||||||||||||
Payables | 15 | 122,706 | 12,657 | 274,044 | (10,381 | ) | 399,041 | |||||||||||||||||
Accrued interest payable | — | 22,512 | 1,224 | 5 | — | 23,741 | ||||||||||||||||||
Accrued liabilities | 862 | 76,322 | 7,542 | 39,477 | — | 124,203 | ||||||||||||||||||
Taxes other than income tax | 129 | 5,671 | 2,830 | 1,263 | — | 9,893 | ||||||||||||||||||
Income tax payable | — | 247 | — | 2,424 | — | 2,671 | ||||||||||||||||||
Intercompany payable | 508,365 | — | — | 444,618 | (952,983 | ) | — | |||||||||||||||||
Total current liabilities | 509,371 | 228,771 | 275,220 | 795,973 | (963,364 | ) | 845,971 | |||||||||||||||||
Long-term debt, less current portion | — | 2,124,582 | — | — | — | 2,124,582 | ||||||||||||||||||
Long-term payable to related party | — | 12,629 | — | 5,442 | — | 18,071 | ||||||||||||||||||
Deferred income tax liability | — | — | — | 32,114 | — | 32,114 | ||||||||||||||||||
Other long-term liabilities | — | 2,701 | 279 | 4,376 | — | 7,356 | ||||||||||||||||||
Total partners’ equity | 2,631,249 | 237,924 | 2,329,595 | 4,219,502 | (6,833,275 | ) | 2,584,995 | |||||||||||||||||
Total liabilities and | $ | 3,140,620 | $ | 2,606,607 | $ | 2,605,094 | $ | 5,057,407 | $ | (7,796,639 | ) | $ | 5,613,089 | |||||||||||
partners’ equity | ||||||||||||||||||||||||
Condensed Consolidating Statements of Income [Table Text Block] | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Income (Loss) | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries (a) | ||||||||||||||||||||||
Revenues | $ | — | $ | 415,128 | $ | 218,591 | $ | 2,864,160 | $ | (34,147 | ) | $ | 3,463,732 | |||||||||||
Costs and expenses | 1,908 | 242,743 | 147,117 | 3,125,253 | (34,168 | ) | 3,482,853 | |||||||||||||||||
Operating (loss) income | (1,908 | ) | 172,385 | 71,474 | (261,093 | ) | 21 | (19,121 | ) | |||||||||||||||
Equity in (loss) earnings | (271,862 | ) | 16,531 | (347,808 | ) | (281,327 | ) | 884,466 | — | |||||||||||||||
of subsidiaries | ||||||||||||||||||||||||
Equity in (loss) earnings of | — | (49,599 | ) | — | 9,629 | — | (39,970 | ) | ||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Interest expense (income), net | — | (116,624 | ) | (4,851 | ) | 469 | — | (121,006 | ) | |||||||||||||||
Other (expense) income, net | — | (115 | ) | (127 | ) | 7,583 | — | 7,341 | ||||||||||||||||
(Loss) income from continuing | (273,770 | ) | 22,578 | (281,312 | ) | (524,739 | ) | 884,487 | (172,756 | ) | ||||||||||||||
operations before income | ||||||||||||||||||||||||
tax expense | ||||||||||||||||||||||||
Income tax expense | — | 579 | 8 | 12,166 | — | 12,753 | ||||||||||||||||||
(Loss) income from continuing | (273,770 | ) | 21,999 | (281,320 | ) | (536,905 | ) | 884,487 | (185,509 | ) | ||||||||||||||
operations | ||||||||||||||||||||||||
Income (loss) from discontinued | — | (12,317 | ) | — | (86,845 | ) | — | (99,162 | ) | |||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net (loss) income | (273,770 | ) | 9,682 | (281,320 | ) | (623,750 | ) | 884,487 | (284,671 | ) | ||||||||||||||
Less net loss attributable to | — | — | — | (10,901 | ) | — | (10,901 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net (loss) income attributable to | $ | (273,770 | ) | $ | 9,682 | $ | (281,320 | ) | $ | (612,849 | ) | $ | 884,487 | $ | (273,770 | ) | ||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Income (Loss) | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 362,451 | $ | 210,712 | $ | 5,397,626 | $ | (25,053 | ) | $ | 5,945,736 | |||||||||||
Costs and expenses | 1,699 | 216,159 | 151,185 | 5,620,326 | (25,465 | ) | 5,963,904 | |||||||||||||||||
Operating (loss) income | (1,699 | ) | 146,292 | 59,527 | (222,700 | ) | 412 | (18,168 | ) | |||||||||||||||
Equity in (loss) earnings | (224,917 | ) | (361,830 | ) | 65,505 | 112,818 | 408,424 | — | ||||||||||||||||
of subsidiaries | ||||||||||||||||||||||||
Equity in (loss) earnings of | — | (16,117 | ) | — | 6,739 | — | (9,378 | ) | ||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Interest expense, net | — | (76,311 | ) | (12,546 | ) | (459 | ) | — | (89,316 | ) | ||||||||||||||
Other (expense) income, net | — | (26,596 | ) | 1,679 | 228 | — | (24,689 | ) | ||||||||||||||||
(Loss) income from continuing | (226,616 | ) | (334,562 | ) | 114,165 | (103,374 | ) | 408,836 | (141,551 | ) | ||||||||||||||
operations before income | ||||||||||||||||||||||||
tax expense | ||||||||||||||||||||||||
Income tax expense | — | 255 | 1,329 | 22,866 | — | 24,450 | ||||||||||||||||||
(Loss) income from continuing | (226,616 | ) | (334,817 | ) | 112,836 | (126,240 | ) | 408,836 | (166,001 | ) | ||||||||||||||
operations | ||||||||||||||||||||||||
Loss from discontinued | — | (2,085 | ) | — | (58,765 | ) | (386 | ) | (61,236 | ) | ||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net (loss) income | (226,616 | ) | (336,902 | ) | 112,836 | (185,005 | ) | 408,450 | (227,237 | ) | ||||||||||||||
Less net loss attributable to | — | — | — | (621 | ) | — | (621 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net (loss) income attributable to | $ | (226,616 | ) | $ | (336,902 | ) | $ | 112,836 | $ | (184,384 | ) | $ | 408,450 | $ | (226,616 | ) | ||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Income (Loss) | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 296,142 | $ | 199,569 | $ | 5,794,433 | $ | (32,515 | ) | $ | 6,257,629 | |||||||||||
Costs and expenses | 1,663 | 174,360 | 142,077 | 5,661,577 | (32,931 | ) | 5,946,746 | |||||||||||||||||
Operating (loss) income | (1,663 | ) | 121,782 | 57,492 | 132,856 | 416 | 310,883 | |||||||||||||||||
Equity in earnings of subsidiaries | 223,125 | 12,883 | 108,644 | 145,218 | (489,870 | ) | — | |||||||||||||||||
Equity in earnings of joint venture | — | — | — | 11,458 | — | 11,458 | ||||||||||||||||||
Interest expense, net | — | (56,389 | ) | (22,840 | ) | (2,310 | ) | — | (81,539 | ) | ||||||||||||||
Other income (expense), net | — | 1,309 | 1,936 | (6,818 | ) | — | (3,573 | ) | ||||||||||||||||
Income from continuing | 221,462 | 79,585 | 145,232 | 280,404 | (489,454 | ) | 237,229 | |||||||||||||||||
operations before income | ||||||||||||||||||||||||
tax expense | ||||||||||||||||||||||||
Income tax expense (benefit) | 1 | (575 | ) | 13 | 19,116 | — | 18,555 | |||||||||||||||||
Income from continuing | 221,461 | 80,160 | 145,219 | 261,288 | (489,454 | ) | 218,674 | |||||||||||||||||
operations | ||||||||||||||||||||||||
(Loss) income from discontinued | — | (2,334 | ) | — | 5,261 | — | 2,927 | |||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 221,461 | 77,826 | 145,219 | 266,549 | (489,454 | ) | 221,601 | |||||||||||||||||
Less net income attributable to | — | — | — | 140 | — | 140 | ||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 221,461 | $ | 77,826 | $ | 145,219 | $ | 266,409 | $ | (489,454 | ) | $ | 221,461 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net income | $ | 221,461 | $ | 77,826 | $ | 145,219 | $ | 266,549 | $ | (489,454 | ) | $ | 221,601 | |||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Foreign currency translation | — | — | — | (18,431 | ) | — | (18,431 | ) | ||||||||||||||||
adjustment | ||||||||||||||||||||||||
Net unrealized (loss) gain on cash | — | (84,199 | ) | — | 30,747 | — | (53,452 | ) | ||||||||||||||||
flow hedges | ||||||||||||||||||||||||
Net gain reclassified into | — | — | — | (5,030 | ) | — | (5,030 | ) | ||||||||||||||||
income on cash flow hedges | ||||||||||||||||||||||||
Total other comprehensive | — | (84,199 | ) | — | 7,286 | — | (76,913 | ) | ||||||||||||||||
(loss) income | ||||||||||||||||||||||||
Comprehensive income (loss) | 221,461 | (6,373 | ) | 145,219 | 273,835 | (489,454 | ) | 144,688 | ||||||||||||||||
Less comprehensive loss | — | — | — | (2,866 | ) | — | (2,866 | ) | ||||||||||||||||
attributable to noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 221,461 | $ | (6,373 | ) | $ | 145,219 | $ | 276,701 | $ | (489,454 | ) | $ | 147,554 | ||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net (loss) income | $ | (273,770 | ) | $ | 9,682 | $ | (281,320 | ) | $ | (623,750 | ) | $ | 884,487 | $ | (284,671 | ) | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Foreign currency translation | — | (3,090 | ) | — | (16,274 | ) | — | (19,364 | ) | |||||||||||||||
adjustment | ||||||||||||||||||||||||
Net unrealized loss on cash | — | 7,213 | — | — | — | 7,213 | ||||||||||||||||||
flow hedges | ||||||||||||||||||||||||
Net loss reclassified into | — | 7,570 | — | — | — | 7,570 | ||||||||||||||||||
income on cash flow hedges | ||||||||||||||||||||||||
Total other comprehensive loss | — | 11,693 | — | (16,274 | ) | — | (4,581 | ) | ||||||||||||||||
Comprehensive (loss) income | (273,770 | ) | 21,375 | (281,320 | ) | (640,024 | ) | 884,487 | (289,252 | ) | ||||||||||||||
Less comprehensive gain | — | — | — | (10,953 | ) | — | (10,953 | ) | ||||||||||||||||
attributable to noncontrolling interest | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to NuStar Energy L.P. | $ | (273,770 | ) | $ | 21,375 | $ | (281,320 | ) | $ | (629,071 | ) | $ | 884,487 | $ | (278,299 | ) | ||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net (loss) income | $ | (226,616 | ) | $ | (336,902 | ) | $ | 112,836 | $ | (185,005 | ) | $ | 408,450 | $ | (227,237 | ) | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Foreign currency translation | — | — | — | 10,677 | — | 10,677 | ||||||||||||||||||
adjustment | ||||||||||||||||||||||||
Net unrealized loss on cash | — | (17,069 | ) | — | (77,200 | ) | — | (94,269 | ) | |||||||||||||||
flow hedges | ||||||||||||||||||||||||
Net loss reclassified into | — | 1,749 | — | 51,483 | — | 53,232 | ||||||||||||||||||
income on cash flow hedges | ||||||||||||||||||||||||
Total other comprehensive loss | — | (15,320 | ) | — | (15,040 | ) | — | (30,360 | ) | |||||||||||||||
Comprehensive (loss) income | (226,616 | ) | (352,222 | ) | 112,836 | (200,045 | ) | 408,450 | (257,597 | ) | ||||||||||||||
Less comprehensive gain | — | — | — | 477 | — | 477 | ||||||||||||||||||
attributable to noncontrolling interest | ||||||||||||||||||||||||
Comprehensive (loss) income | $ | (226,616 | ) | $ | (352,222 | ) | $ | 112,836 | $ | (200,522 | ) | $ | 408,450 | $ | (258,074 | ) | ||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows [Table Text Block] | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating | $ | 363,639 | $ | 86,333 | $ | 81,700 | $ | 149,369 | $ | (381,838 | ) | $ | 299,203 | |||||||||||
activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (292,873 | ) | (16,114 | ) | (101,608 | ) | — | (410,595 | ) | ||||||||||||||
Acquisitions | — | (201,610 | ) | — | (114,200 | ) | — | (315,810 | ) | |||||||||||||||
Investment in other long-term assets | — | — | — | (2,610 | ) | — | (2,610 | ) | ||||||||||||||||
Proceeds from sale or disposition | — | 441,442 | 4,537 | 32,947 | — | 478,926 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Increase in note receivable from | — | (95,711 | ) | — | — | — | (95,711 | ) | ||||||||||||||||
related party | ||||||||||||||||||||||||
Investment in subsidiaries | (337,123 | ) | (114,200 | ) | — | (34 | ) | 451,357 | — | |||||||||||||||
Net cash used in investing activities | (337,123 | ) | (262,952 | ) | (11,577 | ) | (185,505 | ) | 451,357 | (345,800 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 2,621,025 | — | — | — | 2,621,025 | ||||||||||||||||||
Debt repayments | — | (2,470,355 | ) | (250,000 | ) | — | — | (2,720,355 | ) | |||||||||||||||
Proceeds from senior note offering, | — | 247,398 | — | — | — | 247,398 | ||||||||||||||||||
net of issuance costs | ||||||||||||||||||||||||
Issuance of common units, net of | 336,415 | — | — | — | — | 336,415 | ||||||||||||||||||
issuance costs | ||||||||||||||||||||||||
General partner contribution | 7,121 | — | — | — | — | 7,121 | ||||||||||||||||||
Distributions to unitholders and | (365,279 | ) | (365,279 | ) | — | (16,567 | ) | 381,846 | (365,279 | ) | ||||||||||||||
general partner | ||||||||||||||||||||||||
Payments for termination of | — | (5,678 | ) | — | — | — | (5,678 | ) | ||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||
Contributions from | — | 337,123 | — | 114,234 | (451,357 | ) | — | |||||||||||||||||
(distributions to) affiliates | ||||||||||||||||||||||||
Net intercompany borrowings | 2,254 | (177,851 | ) | 179,877 | (4,272 | ) | (8 | ) | — | |||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | (133 | ) | (9,845 | ) | — | — | — | (9,978 | ) | |||||||||||||||
Net cash (used in) provided by | (19,622 | ) | 176,538 | (70,123 | ) | 93,395 | (69,519 | ) | 110,669 | |||||||||||||||
financing activities | ||||||||||||||||||||||||
Effect of foreign exchange rate | — | 1,179 | — | 854 | — | 2,033 | ||||||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net increase cash and | 6,894 | 1,098 | — | 58,113 | — | 66,105 | ||||||||||||||||||
cash equivalents | ||||||||||||||||||||||||
Cash and cash equivalents as of the | 139 | 14 | — | 17,344 | — | 17,497 | ||||||||||||||||||
beginning of the period | ||||||||||||||||||||||||
Cash and cash equivalents as of the | $ | 7,033 | $ | 1,112 | $ | — | $ | 75,457 | $ | — | $ | 83,602 | ||||||||||||
end of the period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by (used in) | $ | 377,469 | $ | 121,416 | $ | 59,109 | $ | (84,135 | ) | $ | (379,391 | ) | $ | 94,468 | ||||||||||
operating activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (197,845 | ) | (8,093 | ) | (129,722 | ) | — | (335,660 | ) | ||||||||||||||
Acquisitions | — | (47,817 | ) | — | (52,873 | ) | — | (100,690 | ) | |||||||||||||||
Investment in other long-term assets | — | — | — | (8,990 | ) | — | (8,990 | ) | ||||||||||||||||
Proceeds from sale or disposition | — | 63 | 86 | 1,937 | — | 2,086 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Investment in subsidiaries | (374,628 | ) | — | (56,727 | ) | (56,759 | ) | 488,114 | — | |||||||||||||||
Net cash used in investing activities | (374,628 | ) | (245,599 | ) | (64,734 | ) | (246,407 | ) | 488,114 | (443,254 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 949,549 | — | — | — | 949,549 | ||||||||||||||||||
Debt repayments | — | (801,950 | ) | — | — | — | (801,950 | ) | ||||||||||||||||
Issuance of common units, net of | 317,285 | — | — | — | — | 317,285 | ||||||||||||||||||
issuance costs | ||||||||||||||||||||||||
General partner contribution | 6,708 | — | — | — | — | 6,708 | ||||||||||||||||||
Distributions to unitholders and | (322,046 | ) | (322,046 | ) | — | (32 | ) | 322,078 | (322,046 | ) | ||||||||||||||
general partner | ||||||||||||||||||||||||
Proceeds from termination of | — | 33,433 | — | — | — | 33,433 | ||||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||
Contributions from | — | 260,028 | 56,727 | 114,053 | (430,808 | ) | — | |||||||||||||||||
(distributions to) affiliates | ||||||||||||||||||||||||
Net intercompany borrowings | (4,702 | ) | (105,944 | ) | (51,102 | ) | 161,741 | 7 | — | |||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | — | 4,705 | — | (963 | ) | — | 3,742 | |||||||||||||||||
Net cash (used in) provided by | (2,755 | ) | 17,775 | 5,625 | 274,799 | (108,723 | ) | 186,721 | ||||||||||||||||
financing activities | ||||||||||||||||||||||||
Effect of foreign exchange rate | — | (1,233 | ) | — | (326 | ) | — | (1,559 | ) | |||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net increase (decrease) in cash and | 86 | (107,641 | ) | — | (56,069 | ) | — | (163,624 | ) | |||||||||||||||
cash equivalents | ||||||||||||||||||||||||
Cash and cash equivalents as of the | 53 | 107,655 | — | 73,413 | — | 181,121 | ||||||||||||||||||
beginning of the period | ||||||||||||||||||||||||
Cash and cash equivalents as of the | $ | 139 | $ | 14 | $ | — | $ | 17,344 | $ | — | $ | 17,497 | ||||||||||||
end of the period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating | $ | 390,002 | $ | 210,742 | $ | 84,490 | $ | 192,228 | $ | (392,243 | ) | $ | 485,219 | |||||||||||
activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (224,798 | ) | (19,049 | ) | (99,473 | ) | — | (343,320 | ) | ||||||||||||||
Change in accounts payable | — | (9,700 | ) | 824 | 3,492 | — | (5,384 | ) | ||||||||||||||||
related to capital expenditures | ||||||||||||||||||||||||
Proceeds from sale or disposition | — | 118,806 | 35 | 165 | — | 119,006 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Increase in note receivable from | — | (80,961 | ) | — | — | — | (80,961 | ) | ||||||||||||||||
related party | ||||||||||||||||||||||||
Investment in subsidiaries | (302 | ) | 527 | — | 3 | (228 | ) | — | ||||||||||||||||
Other | 302 | (604 | ) | — | — | — | (302 | ) | ||||||||||||||||
Net cash used in investing activities | — | (196,730 | ) | (18,190 | ) | (95,813 | ) | (228 | ) | (310,961 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 1,738,451 | — | — | — | 1,738,451 | ||||||||||||||||||
Debt repayments | — | (1,866,282 | ) | (250,000 | ) | (34,461 | ) | — | (2,150,743 | ) | ||||||||||||||
Proceeds from note offering, | — | 686,863 | — | — | — | 686,863 | ||||||||||||||||||
net of issuance costs | ||||||||||||||||||||||||
Distributions to unitholders and | (392,204 | ) | (392,204 | ) | — | (39 | ) | 392,243 | (392,204 | ) | ||||||||||||||
general partner | ||||||||||||||||||||||||
Payments for termination of | — | (33,697 | ) | — | — | — | (33,697 | ) | ||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||
Contributions from | — | 302 | — | (530 | ) | 228 | — | |||||||||||||||||
(distributions to) affiliates | ||||||||||||||||||||||||
Net intercompany borrowings | (3,880 | ) | (128,277 | ) | 183,700 | (51,543 | ) | — | — | |||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | (47 | ) | 2,027 | — | — | — | 1,980 | |||||||||||||||||
Net cash (used in) provided by | (396,131 | ) | 7,183 | (66,300 | ) | (86,573 | ) | 392,471 | (149,350 | ) | ||||||||||||||
financing activities | ||||||||||||||||||||||||
Effect of foreign exchange rate | — | — | — | (7,767 | ) | — | (7,767 | ) | ||||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net increase in cash and cash | (6,129 | ) | 21,195 | — | 2,075 | — | 17,141 | |||||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents as of the | 7,033 | 1,112 | — | 75,457 | — | 83,602 | ||||||||||||||||||
beginning of the period | ||||||||||||||||||||||||
Cash and cash equivalents as of the | $ | 904 | $ | 22,307 | $ | — | $ | 77,532 | $ | — | $ | 100,743 | ||||||||||||
end of the period | ||||||||||||||||||||||||
QUARTERLY_FINANCIAL_DATA_UNAUD1
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||||||
2013:00:00 | ||||||||||||||||||||
Revenues | $ | 998,186 | $ | 902,014 | $ | 778,145 | $ | 785,387 | $ | 3,463,732 | ||||||||||
Operating income (loss) | $ | 63,358 | $ | 76,972 | $ | 68,751 | $ | (228,202 | ) | $ | (19,121 | ) | ||||||||
Income (loss) from continuing operations | $ | 19,599 | $ | 34,712 | $ | 35,682 | $ | (275,502 | ) | $ | (185,509 | ) | ||||||||
Income (loss) from discontinued | 4,805 | (1,743 | ) | (2,446 | ) | (99,778 | ) | (99,162 | ) | |||||||||||
operations, net of tax | ||||||||||||||||||||
Net income (loss) | $ | 24,404 | $ | 32,969 | $ | 33,236 | $ | (375,280 | ) | $ | (284,671 | ) | ||||||||
Net income (loss) per unit applicable to limited | ||||||||||||||||||||
partners: | ||||||||||||||||||||
Continuing operations | $ | 0.1 | $ | 0.3 | $ | 0.31 | $ | (3.60 | ) | $ | (2.89 | ) | ||||||||
Discontinued operations | 0.07 | (0.02 | ) | (0.03 | ) | (1.13 | ) | (1.11 | ) | |||||||||||
Total | $ | 0.17 | $ | 0.28 | $ | 0.28 | $ | (4.73 | ) | $ | (4.00 | ) | ||||||||
Cash distributions per unit applicable to limited | $ | 1.095 | $ | 1.095 | $ | 1.095 | $ | 1.095 | $ | 4.38 | ||||||||||
partners | ||||||||||||||||||||
2012:00:00 | ||||||||||||||||||||
Revenues | $ | 1,606,449 | $ | 1,764,667 | $ | 1,591,730 | $ | 982,890 | $ | 5,945,736 | ||||||||||
Operating income (loss) | $ | 60,882 | $ | (201,925 | ) | $ | 62,750 | $ | 60,125 | $ | (18,168 | ) | ||||||||
Income (loss) from continuing operations | $ | 39,978 | $ | (241,871 | ) | $ | 17,000 | $ | 18,892 | $ | (166,001 | ) | ||||||||
Loss from discontinued operations, net of tax | (13,724 | ) | (4,939 | ) | (12,658 | ) | (29,915 | ) | (61,236 | ) | ||||||||||
Net income (loss) | $ | 26,254 | $ | (246,810 | ) | $ | 4,342 | $ | (11,023 | ) | $ | (227,237 | ) | |||||||
Net income (loss) per unit applicable to limited | ||||||||||||||||||||
partners: | ||||||||||||||||||||
Continuing operations | $ | 0.41 | $ | (3.48 | ) | $ | 0.08 | $ | 0.1 | $ | (2.79 | ) | ||||||||
Discontinued operations | (0.18 | ) | (0.08 | ) | (0.17 | ) | (0.37 | ) | (0.82 | ) | ||||||||||
Total | $ | 0.23 | $ | (3.56 | ) | $ | (0.09 | ) | $ | (0.27 | ) | $ | (3.61 | ) | ||||||
Cash distributions per unit applicable to limited | $ | 1.095 | $ | 1.095 | $ | 1.095 | $ | 1.095 | $ | 4.38 | ||||||||||
partners |
ORGANIZATION_AND_OPERATIONS_De
ORGANIZATION AND OPERATIONS (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Organization And Operations [Line Items] | ' |
Total ownership interest held by general partner | 0.149 |
Storage capacity (in barrels) | 84,800,000 |
Refined product pipeline miles | 5,463 |
Number of Refined Product Pipelines terminals | 21 |
Refined Product Pipelines terminals storage capacity (in barrels) | 4,900,000 |
East Pipeline Tank Farms | 2 |
East Pipeline Storage Capacity (in barrels) | 1,400,000 |
Ammonia Pipeline miles | 2,000 |
Crude Oil Pipelines miles | 1,180 |
Crude Oil Pipelines tanks storage capacity (in barrels) | 3,400,000 |
Sale of Asphalt Operations [Member] | ' |
Organization And Operations [Line Items] | ' |
Disposal Date | 28-Sep-12 |
Percent Voting Interest Sold | 50.00% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of Significant Accounting Policies [Line Items] | ' | ' |
Cash equivalents maximum maturity period, in months | 3 | ' |
Intangible assets, useful life, minimum, in years | '10 years | ' |
Intangible assets, useful life, maximum, in years | '47 years | ' |
Unrecognized tax benefits | $0 | $0 |
Tax years subject to examination | 'For U.S. federal and state purposes, tax years subject to examination are 2009 through 2013 and for our major non-U.S. jurisdictions, tax years subject to examination are 2009 through 2013, both according to standard statute of limitations. NuStar has waived the statute of limitations for limited items for the tax years 2006 and 2007 as a result of an income tax audit in Canada that is currently being appealed in the Tax Court of Canada. | ' |
Asset retirement obligation | 600,000 | 600,000 |
Environmental remediation costs, time period used, in years | 20 | ' |
Forward-starting interest rate swaps, description of variable rate basis | 'three month USD LIBOR | ' |
Limited Partners Ownership Interest | 98.00% | ' |
General Partner Ownership Interest of Limited Partnership | 2.00% | ' |
Asphalt JV [Member] | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' |
Maximum amount available under credit facility to related party | $250,000,000 | ' |
Equity method investment, ownership percentage | 50.00% | ' |
ACQUISITIONS_Narrative_Details
ACQUISITIONS Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 |
TexStar Asset Acquisition | San Antonio Refinery Acquisition | Turkey Acquisition | |
Business Acquisition [Line Items] | ' | ' | ' |
Effective date of acquisition | 13-Dec-12 | 19-Apr-11 | 9-Feb-11 |
Percentage acquired | 100.00% | ' | 75.00% |
Purchase price of acquired entity | $325,410 | $62,000 | $57,000 |
Acquired pipeline miles | '140 miles | ' | ' |
Acquired number of terminals | 'five | ' | 'two |
Acquired refining capacity (in barrels per day) | ' | 14,500 | ' |
Acquired storage capacity (in barrels) | 600,000 | 400,000 | 1,400,000 |
ACQUISITIONS_Table_Details
ACQUISITIONS Table (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | TexStar Asset Acquisition | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash paid for the TexStar Asset Acquisition | ' | ' | ' | $315,810 |
Fair value of liabilities assumed | ' | ' | ' | 9,600 |
Purchase price | ' | ' | ' | 325,410 |
Accounts receivable | ' | ' | ' | 537 |
Property, plant and equipment, net | ' | ' | ' | 125,614 |
Goodwill | 617,429 | 951,024 | 846,717 | 131,359 |
Intangible assets | ' | ' | ' | 67,900 |
Purchase price allocation | ' | ' | ' | $325,410 |
DISPOSITIONS_AND_ASSETS_HELD_F2
DISPOSITIONS AND ASSETS HELD FOR SALE Narrative 1 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Asset impairment charges | $0 | $249,646,000 | $0 |
Terminals Held for Sale [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Interest expense allocated to discontinued operations | 1,400,000 | 800,000 | 600,000 |
Asset impairment charges | 102,529,000 | ' | ' |
Sale of Asphalt Operations [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Asset impairment charges | ' | $244,225,000 | ' |
DISPOSITIONS_AND_ASSETS_HELD_F3
DISPOSITIONS AND ASSETS HELD FOR SALE Table 1 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Asset impairment charges | $0 | $249,646 | $0 |
Terminals Held for Sale [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Asset impairment charges | 102,529 | ' | ' |
Property, plant and equipment, net | Terminals Held for Sale [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Asset impairment charges | 68,213 | ' | ' |
Intangible assets, net (customer relationships) | Terminals Held for Sale [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Asset impairment charges | 6,856 | ' | ' |
Goodwill | Terminals Held for Sale [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Asset impairment charges | $27,460 | ' | ' |
DISPOSITIONS_AND_ASSETS_HELD_F4
DISPOSITIONS AND ASSETS HELD FOR SALE Narrative 2 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Proceeds from sale or disposition of assets | $119,006,000 | $478,926,000 | $2,086,000 |
(Loss) gain from sale or disposition of assets | -524,000 | -1,522,000 | 155,000 |
San Antonio Refinery Sale | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Disposal Date | 1-Jan-13 | ' | ' |
Proceeds from sale or disposition of assets | 117,000,000 | ' | ' |
(Loss) gain from sale or disposition of assets | 9,300,000 | ' | ' |
Interest expense allocated to discontinued operations | ' | $3,900,000 | $2,000,000 |
DISPOSITIONS_AND_ASSETS_HELD_F5
DISPOSITIONS AND ASSETS HELD FOR SALE Table 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Revenues | $7,758 | $571,071 | $317,626 |
Income (loss) before income tax expense | ($106,033) | ($63,165) | $1,251 |
DISPOSITIONS_AND_ASSETS_HELD_F6
DISPOSITIONS AND ASSETS HELD FOR SALE Table 3 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Assets held for sale | $21,987 | $118,334 |
Liabilities held for sale | 0 | 7,910 |
Inventories | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Assets held for sale | 0 | 15,939 |
Property, plant and equipment, net | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Assets held for sale | 21,987 | 96,745 |
Other long-term assets, net | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Assets held for sale | 0 | 5,650 |
Accrued liabilities (environmental reserve) | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Liabilities held for sale | 0 | 289 |
Other long-term liabilities (environmental reserve) | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Liabilities held for sale | $0 | $7,621 |
DISPOSITIONS_AND_ASSETS_HELD_F7
DISPOSITIONS AND ASSETS HELD FOR SALE Narrative 3 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Goodwill impairment loss | $304,453,000 | $22,132,000 | $0 |
Asset impairment loss | 0 | 249,646,000 | 0 |
Proceeds from sale or disposition of assets | 119,006,000 | 478,926,000 | 2,086,000 |
Loss on deconsolidation of Asphalt JV | 0 | -23,800,000 | 0 |
Sale of Asphalt Operations [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Disposal Date | 28-Sep-12 | ' | ' |
Percent Voting Interest Sold | 50.00% | ' | ' |
Sale price of Class A equity interests | 175,000,000 | ' | ' |
Fair value of Class B equity interests | 52,000,000 | ' | ' |
Proceeds from sale of inventory | 263,800,000 | ' | ' |
Asset impairment loss | ' | 244,225,000 | ' |
Loss on deconsolidation of Asphalt JV | -23,800,000 | ' | ' |
Five Terminal Sale [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Disposal Date | 16-Apr-12 | ' | ' |
Sold Number of Terminals | 5 | ' | ' |
Sold Storage Capacity (in barrels) | 1,800,000 | ' | ' |
Proceeds from sale or disposition of assets | 30,800,000 | ' | ' |
Sale of Asphalt Operations [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Goodwill impairment loss | ' | 22,132,000 | ' |
Asset impairment loss | ' | $244,225,000 | ' |
DISPOSITIONS_AND_ASSETS_HELD_F8
DISPOSITIONS AND ASSETS HELD FOR SALE Table 4 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Asset impairment loss | $0 | $249,646 | $0 |
Sale of Asphalt Operations [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Asset impairment loss | ' | 244,225 | ' |
Property, plant and equipment, net | Sale of Asphalt Operations [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Asset impairment loss | ' | 232,759 | ' |
Intangible assets, net | Sale of Asphalt Operations [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Asset impairment loss | ' | 6,564 | ' |
Other long-term assets, net | Sale of Asphalt Operations [Member] | ' | ' | ' |
Dispositions and Discontinued operations [Line Items] | ' | ' | ' |
Asset impairment loss | ' | $4,902 | ' |
GOODWILL_Narrative_Details
GOODWILL Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill [Line Items] | ' | ' | ' |
Goodwill, impairment loss | $304,453,000 | $22,132,000 | $0 |
Statia Terminals [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill, Fair Value | 0 | ' | ' |
Goodwill, impairment loss | $304,500,000 | ' | ' |
GOODWILL_Table_Details
GOODWILL Table (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill (gross) | $971,474 | $973,156 | $846,717 |
Accumulated impairment losses | -354,045 | -22,132 | 0 |
Goodwill, net | 617,429 | 951,024 | 846,717 |
Goodwill, Acquired During Period | 3,463 | 127,896 | ' |
Goodwill, impairment loss | -304,453 | -22,132 | 0 |
Goodwill impairment loss, including amount in discontinued operations | -331,913 | ' | ' |
Goodwill, Written off Related to Sale of Business Unit | ' | -3,764 | ' |
Goodwill, Other Changes | -5,145 | 2,307 | ' |
Storage Segment | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill (gross) | 612,012 | 617,157 | 618,614 |
Accumulated impairment losses | -331,913 | 0 | 0 |
Goodwill, net | 280,099 | 617,157 | 618,614 |
Goodwill, Acquired During Period | 0 | 0 | ' |
Goodwill, impairment loss | ' | 0 | ' |
Goodwill impairment loss, including amount in discontinued operations | -331,913 | ' | ' |
Goodwill, Written off Related to Sale of Business Unit | ' | -3,764 | ' |
Goodwill, Other Changes | -5,145 | 2,307 | ' |
Pipeline Segment | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill (gross) | 306,207 | 302,744 | 174,848 |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill, net | 306,207 | 302,744 | 174,848 |
Goodwill, Acquired During Period | 3,463 | 127,896 | ' |
Goodwill, impairment loss | ' | 0 | ' |
Goodwill impairment loss, including amount in discontinued operations | 0 | ' | ' |
Goodwill, Written off Related to Sale of Business Unit | ' | 0 | ' |
Goodwill, Other Changes | 0 | 0 | ' |
Fuels Marketing Segment | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill (gross) | 53,255 | 53,255 | 53,255 |
Accumulated impairment losses | -22,132 | -22,132 | 0 |
Goodwill, net | 31,123 | 31,123 | 53,255 |
Goodwill, Acquired During Period | 0 | 0 | ' |
Goodwill, impairment loss | ' | -22,132 | ' |
Goodwill impairment loss, including amount in discontinued operations | 0 | ' | ' |
Goodwill, Written off Related to Sale of Business Unit | ' | 0 | ' |
Goodwill, Other Changes | $0 | $0 | ' |
ALLOWANCE_FOR_DOUBTFUL_ACCOUNT2
ALLOWANCE FOR DOUBTFUL ACCOUNTS Table (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Line Items] | ' | ' | ' |
Balance as of beginning of year | $808 | $2,147 | $1,457 |
Increase in allowance | 1,039 | 27 | 934 |
Accounts charged against the allowance, net of recoveries | -625 | -1,367 | -243 |
Foreign currency translation | 2 | 1 | -1 |
Balance as of end of year | $1,224 | $808 | $2,147 |
INVENTORIES_Table_Details
INVENTORIES Table (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Crude oil | $6,485 | $447 |
Finished products | 123,656 | 164,894 |
Materials and supplies | 8,006 | 7,887 |
Total | $138,147 | $173,228 |
OTHER_CURRENT_ASSETS_Table_Det
OTHER CURRENT ASSETS Table (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Current Assets [Line Items] | ' | ' |
Prepaid expenses | $16,487 | $18,008 |
Restricted cash | 9,316 | 15,227 |
Derivative assets | 4,948 | 9,358 |
Margin deposits | 3,285 | 6,192 |
Product advances | 3,076 | 14,764 |
Product imbalances | 1,980 | 1,232 |
Other | 360 | 457 |
Other current assets | $39,452 | $65,238 |
PROPERTY_PLANT_AND_EQUIPMENT_T1
PROPERTY, PLANT AND EQUIPMENT Table (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $4,500,837 | $4,287,859 |
Less accumulated depreciation and amortization | -1,190,184 | -1,049,399 |
Property, plant and equipment, net | 3,310,653 | 3,238,460 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 129,731 | 133,341 |
Land and leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 142,122 | 110,575 |
Property, plant and equipment minimum useful life | '10 years | ' |
Property, plant and equipment maximum useful life | '35 years | ' |
Buildings | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 133,531 | 120,499 |
Property, plant and equipment minimum useful life | '15 years | ' |
Property, plant and equipment maximum useful life | '40 years | ' |
Pipelines, storage and terminals | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 3,787,499 | 3,531,925 |
Property, plant and equipment minimum useful life | '20 years | ' |
Property, plant and equipment maximum useful life | '35 years | ' |
Rights-of-way | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 155,833 | 148,021 |
Property, plant and equipment minimum useful life | '20 years | ' |
Property, plant and equipment maximum useful life | '40 years | ' |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $152,121 | $243,498 |
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT AND EQUIPMENT Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Capitalized interest costs | $4.50 | $7.70 | $5.40 |
Depreciation and amortization expense for property, plant and equipment | $168.80 | $157.80 | $157.20 |
INTANGIBLE_ASSETS_Table_1_Deta
INTANGIBLE ASSETS Table 1 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ' | ' |
Cost | $129,973 | $139,829 |
Accumulated Amortization | -58,724 | -47,394 |
Customer relationships | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Cost | 127,614 | 137,470 |
Accumulated Amortization | -58,230 | -46,951 |
Other | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Cost | 2,359 | 2,359 |
Accumulated Amortization | ($494) | ($443) |
INTANGIBLE_ASSETS_Table_2_Deta
INTANGIBLE ASSETS Table 2 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Intangible Assets [Line Items] | ' | ' | ' |
Amortization Expense | $13,800,000 | $7,800,000 | $8,300,000 |
Estimated Future Amortization Expense: | ' | ' | ' |
2014 | 12,579,000 | ' | ' |
2015 | 9,709,000 | ' | ' |
2016 | 6,840,000 | ' | ' |
2017 | 6,840,000 | ' | ' |
2018 | $6,840,000 | ' | ' |
INVESTMENT_IN_JOINT_VENTURES_T1
INVESTMENT IN JOINT VENTURES Table 1 (Details) (Linden JV and Asphalt JV [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Linden JV and Asphalt JV [Member] | ' | ' |
Balance Sheet Information: | ' | ' |
Current assets | $263,683 | $375,686 |
Long-term assets | 300,484 | 289,584 |
Total assets | 564,167 | 665,270 |
Current liabilities | 118,720 | 185,525 |
Long-term liabilities | 273,220 | 231,559 |
Total liabilities | 391,940 | 417,084 |
Total equity | 172,227 | 248,186 |
Total liabilities and equity | $564,167 | $665,270 |
INVESTMENT_IN_JOINT_VENTURES_T2
INVESTMENT IN JOINT VENTURES Table 2 (Details) (Linden JV and Asphalt JV [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Linden JV and Asphalt JV [Member] | ' | ' | ' |
Statement of (Loss) Income Information: | ' | ' | ' |
Revenues | $1,623,155 | $458,816 | $36,419 |
Operating (loss) income | -45,373 | -4,801 | 23,062 |
Net (loss) income | ($59,963) | ($12,418) | $23,066 |
INVESTMENT_IN_JOINT_VENTURES_N
INVESTMENT IN JOINT VENTURES Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity in (loss) earnings of joint ventures | ($39,970,000) | ($9,378,000) | $11,458,000 |
Investment in joint ventures | 68,735,000 | 102,945,000 | ' |
Asphalt JV [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' | ' |
Equity method investment, ownership percentage by joint venture partner | 50.00% | ' | ' |
Equity in (loss) earnings of joint ventures | -49,600,000 | ' | ' |
Investment in joint ventures | 0 | ' | ' |
equity method losses in excess of investment | 13,100,000 | ' | ' |
ST Lindent JV [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' | ' |
Equity method investment, ownership percentage by joint venture partner | 50.00% | ' | ' |
Equity method investment, difference between carrying amount and underlying equity | $42,600,000 | $43,000,000 | ' |
Equity method investment, difference between carrying amount and underlying equity, amortization period, in years | 25 | ' | ' |
ACCRUED_LIABILITIES_Table_Deta
ACCRUED LIABILITIES Table (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued liabilities [Line Items] | ' | ' |
Derivative liabilities | $2,233 | $60,121 |
Employee wages and benefit costs | 16,698 | 15,381 |
Unearned income | 8,225 | 10,476 |
TexStar Asset Acquisition contingent consideration | 1,318 | 9,600 |
Liabilities held for sale | 0 | 7,910 |
Other | 10,158 | 20,715 |
Accrued liabilities | $38,632 | $124,203 |
DEBT_Table_1_Details
DEBT Table 1 (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Net fair value adjustments and unamortized discounts | $34,577 | $40,583 |
Total debt | 2,655,553 | 2,411,004 |
Less current portion | 0 | 286,422 |
Long-term debt, less current portion | 2,655,553 | 2,124,582 |
$1.5 billion 2012 Revolving Credit Agreement | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 503,036 | 440,330 |
Debt Instrument, Maturity Date | 2-May-17 | ' |
4.75% Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 250,000 | 250,000 |
Debt Instrument, Maturity Date | 1-Feb-22 | ' |
6.75 % senior notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 300,000 | 0 |
Debt Instrument, Maturity Date | 1-Feb-21 | ' |
4.80% senior notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 450,000 | 450,000 |
Debt Instrument, Maturity Date | 1-Sep-20 | ' |
7.65% senior notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 350,000 | 350,000 |
Debt Instrument, Maturity Date | 15-Mar-18 | ' |
6.05% senior notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 0 | 229,932 |
Debt Instrument, Maturity Date | 15-Mar-13 | ' |
5.875% senior notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 0 | 250,000 |
Debt Instrument, Maturity Date | 1-Jun-13 | ' |
7.625% subordinated notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 402,500 | 0 |
Debt Instrument, Maturity Date | 15-Jan-43 | ' |
Gulf Opportunity Zone revenue bonds | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 365,440 | 365,440 |
Maturity date range, start | 1-Jun-38 | ' |
Maturity date range, end | 1-Aug-41 | ' |
UK term loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 0 | 34,142 |
Debt Instrument, Maturity Date | 10-Dec-13 | ' |
Port Authority of Corpus Christi note payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | $0 | $577 |
Debt Instrument, Maturity Date | 31-Dec-15 | ' |
DEBT_Table_2_Details
DEBT Table 2 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term Debt Repayments [Line Items] | ' | ' |
2014 | $0 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 503,036 | ' |
2018 | 350,000 | ' |
Thereafter | 1,767,940 | ' |
Total repayments | 2,620,976 | ' |
Net fair value adjustments and unamortized discounts | 34,577 | 40,583 |
Total debt | $2,655,553 | $2,411,004 |
DEBT_Table_3_Details
DEBT Table 3 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Go Zone Bonds Due June 2038 | Go Zone Bonds Due July 2040 | Go Zone Bonds Due October 2040 | Go Zone Bonds Due December 2040 | Go Zone Bonds Due August 2041 | Total Gulf Opportunity Zone revenue bonds | Total Gulf Opportunity Zone revenue bonds | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date Issued | ' | ' | 26-Jun-08 | 15-Jul-10 | 7-Oct-10 | 29-Dec-10 | 29-Aug-11 | ' | ' |
Maturity Date | ' | ' | 1-Jun-38 | 1-Jul-40 | 1-Oct-40 | 1-Dec-40 | 1-Aug-41 | ' | ' |
Amount outstanding | $2,655,553 | $2,411,004 | $55,440 | $100,000 | $50,000 | $85,000 | $75,000 | $365,440 | $365,440 |
Amount of Letter of Credit | ' | ' | 56,169 | 101,315 | 50,658 | 86,118 | 75,986 | 370,246 | ' |
Amount Received From Trustee | ' | ' | 55,440 | 100,000 | 24,580 | 26,924 | 75,000 | 281,944 | ' |
Amount Remaining in Trust | ' | ' | $0 | $0 | $25,420 | $58,076 | $0 | $83,496 | ' |
Average Annual Interest Rate | ' | ' | 0.10% | 0.10% | 0.11% | 0.11% | 0.10% | ' | ' |
DEBT_Narrative_Details
DEBT Narrative (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Gulf Opportunity Zone revenue bonds | Gulf Opportunity Zone revenue bonds | 7.625% subordinated notes | 7.625% subordinated notes | 6.75 % senior notes | 6.75 % senior notes | $1.5 billion 2012 Revolving Credit Agreement | $1.5 billion 2012 Revolving Credit Agreement | 4.75% Senior Notes | 4.75% Senior Notes | 4.80% senior notes | 4.80% senior notes | 7.65% senior notes | 7.65% senior notes | 6.05% senior notes | 6.05% senior notes | NuPOP senior notes | 7.75% senior notes | 5.875% senior notes | 5.875% senior notes | UK term loan | UK term loan | UK term loan | Port Authority of Corpus Christi note payable | Port Authority of Corpus Christi note payable | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum available for Euro borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Available for British Pound Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date Issued | ' | ' | ' | ' | ' | 22-Jan-13 | ' | 19-Aug-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity Date | ' | ' | ' | ' | ' | 15-Jan-43 | ' | 1-Feb-21 | ' | 2-May-17 | ' | 1-Feb-22 | ' | 1-Sep-20 | ' | 15-Mar-18 | ' | 15-Mar-13 | ' | ' | 15-Feb-12 | 1-Jun-13 | ' | 10-Dec-13 | ' | ' | 31-Dec-15 | ' |
Interest payments | 118,300,000 | 118,400,000 | 115,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 829,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The 2012 Revolving Credit Agreement contains customary restrictive covenants, including requiring us to maintain, as of the end of each rolling period, which consists of any period of four consecutive fiscal quarters, a consolidated debt coverage ratio (consolidated indebtedness to consolidated EBITDA, as defined in the 2012 Revolving Credit Agreement) not to exceed 5.00-to-1.00. If we consummate an acquisition for an aggregate net consideration of at least $50.0 million, the maximum consolidated debt coverage ratio will increase to 5.50-to-1.00 for two rolling periods. The 2012 Revolving Credit Agreement permits unlimited investments in joint ventures and unconsolidated subsidiaries, provided that no default exists, but limits the amount of cash distributions for such joint ventures and unconsolidated subsidiaries included in the calculation of the consolidated debt coverage ratio to 20% of consolidated EBITDA. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit issued | ' | ' | ' | 370,246,000 | ' | ' | ' | ' | ' | 167,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum letters of credit allowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred debt issuance costs | ' | ' | ' | ' | ' | 11,600,000 | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Available Under Underwriters Option | ' | ' | ' | ' | ' | 52,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | 2,655,553,000 | 2,411,004,000 | ' | 365,440,000 | 365,440,000 | 402,500,000 | 0 | 300,000,000 | 0 | 503,036,000 | 440,330,000 | 250,000,000 | 250,000,000 | 450,000,000 | 450,000,000 | 350,000,000 | 350,000,000 | 0 | 229,932,000 | 500,000,000 | ' | 0 | 250,000,000 | ' | 0 | 34,142,000 | 0 | 577,000 |
Stated interest rate | ' | ' | ' | ' | ' | 7.63% | ' | 6.75% | ' | ' | ' | 4.75% | ' | 4.80% | ' | 7.65% | ' | 6.05% | ' | ' | 7.75% | 5.88% | ' | ' | ' | ' | ' | ' |
Interest rate terms | ' | ' | ' | ' | ' | 'The Subordinated Notes bear interest at a fixed annual rate of 7.625%, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year beginning on April 15, 2013 and ending on January 15, 2018. Thereafter, the Subordinated Notes will bear interest at an annual rate equal to the sum of the three-month LIBOR rate for the related quarterly interest period, plus 6.734% payable quarterly on January 15, April 15, July 15 and October 15 of each year, commencing April 15, 2018, unless payment is deferred in accordance with the terms of the notes. | ' | 'The interest on the 6.75% Senior Notes is payable semi-annually in arrears on February 1 and August 1 of each year beginning on February 1, 2014 | ' | ' | ' | ' | ' | ' | ' | 'The interest rate payable on the 7.65% senior notes is subject to adjustment if our debt rating is downgraded (or subsequently upgraded) by certain credit rating agencies. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of debt when acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 555,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | 2,150,743,000 | 2,720,355,000 | 801,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 229,900,000 | ' | ' | ' | 250,000,000 | ' | 21,000,000 | ' | ' | 600,000 | ' |
Amount Received From Trustee | ' | ' | ' | 43,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' |
Frequency of payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'annual | ' |
Payment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' |
Proceeds from note offering, net of issuance costs | $686,863,000 | $247,398,000 | $0 | ' | ' | $390,900,000 | ' | $296,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
HEALTH_SAFETY_AND_ENVIRONMENTA2
HEALTH, SAFETY AND ENVIRONMENTAL MATTERS Table 1 (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Environmental Accruals Rollforward [Line Items] | ' | ' |
Balance as of beginning of year | $13,451 | $23,113 |
Additions to accrual | 3,623 | 4,766 |
Payments | -2,940 | -5,242 |
Foreign currency translation | 9 | 71 |
Balance as of end of year | 6,233 | 13,451 |
San Antonio Refinery Acquisition | ' | ' |
Environmental Accruals Rollforward [Line Items] | ' | ' |
Acquisitions and dispositions | 0 | -5,957 |
San Antonio Refinery Sale | ' | ' |
Environmental Accruals Rollforward [Line Items] | ' | ' |
Acquisitions and dispositions | -7,910 | 0 |
Sale of Asphalt Operations [Member] | ' | ' |
Environmental Accruals Rollforward [Line Items] | ' | ' |
Acquisitions and dispositions | $0 | ($3,300) |
HEALTH_SAFETY_AND_ENVIRONMENTA3
HEALTH, SAFETY AND ENVIRONMENTAL MATTERS Table 2 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Environmental Accruals by Balance Sheet Location [Line Items] | ' | ' | ' |
Accrued liabilities | $3,299 | $10,627 | ' |
Other long-term liabilities | 2,934 | 2,824 | ' |
Accruals for environmental matters | $6,233 | $13,451 | $23,113 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES Narrative: Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Loss Contingency Accrual, at Carrying Value | $0.70 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES Table: Commitments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases | ' |
Future Minimum Payments | ' |
2014 | $30,300 |
2015 | 24,886 |
2016 | 21,274 |
2017 | 18,954 |
2018 | 16,980 |
Thereafter | 80,090 |
Total | 192,484 |
Other Purchase Obligations | ' |
Future Minimum Payments | ' |
2014 | 8,571 |
2015 | 5,108 |
2016 | 3,841 |
2017 | 694 |
2018 | 216 |
Thereafter | 0 |
Total | $18,430 |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES Narrative: Commitments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Future Minimum Payments | ' | ' | ' |
Rent expense | $52.90 | $73.90 | $70 |
Crude Oil Purchase Obligation, PDVSA Amendment [Member] | ' | ' | ' |
Future Minimum Payments | ' | ' | ' |
Annual average purchase commitment, in barrels per day | 30,000 | ' | ' |
Crude Oil Purchase Obligation, PDVSA [Member] | ' | ' | ' |
Future Minimum Payments | ' | ' | ' |
Annual average purchase commitment, in barrels per day | 75,000 | ' | ' |
St Eustatius Tugs and Barges [Member] | ' | ' | ' |
Future Minimum Payments | ' | ' | ' |
Lease Terms for Major Operating Leases | 'a ten-year lease for tugs and barges utilized at our St. Eustatius facility for bunker fuel sales, with two five-year renewal options | ' | ' |
Point Tupper Tugs and Barges [Member] | ' | ' | ' |
Future Minimum Payments | ' | ' | ' |
Lease Terms for Major Operating Leases | 'leases for tugs and barges utilized at our Point Tupper facility for bunker fuel sales, with lease terms ranging from five to ten years | ' | ' |
Land Leases [Member] | ' | ' | ' |
Future Minimum Payments | ' | ' | ' |
Lease Terms for Major Operating Leases | 'land leases at various terminal facilities | ' | ' |
FAIR_VALUE_MEASUREMENTS_Table_
FAIR VALUE MEASUREMENTS Table 1 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Contingent consideration | ($1,318) | ($9,600) |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | 4,709 | -51,611 |
Fair Value, Measurements, Recurring [Member] | Fair Value Level 1 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | -1,643 | 547 |
Fair Value, Measurements, Recurring [Member] | Fair Value Level 2 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | 9,550 | -42,558 |
Fair Value, Measurements, Recurring [Member] | Fair Value Level 3 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Guarantees liability | -1,900 | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | -3,198 | -9,600 |
Fair Value, Measurements, Recurring [Member] | Other current assets | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances | 1,980 | 1,232 |
Commodity derivatives | 4,948 | 9,358 |
Fair Value, Measurements, Recurring [Member] | Other current assets | Fair Value Level 1 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances | 1,980 | 1,232 |
Commodity derivatives | 0 | 1,001 |
Fair Value, Measurements, Recurring [Member] | Other current assets | Fair Value Level 2 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances | 0 | 0 |
Commodity derivatives | 4,948 | 8,357 |
Fair Value, Measurements, Recurring [Member] | Other current assets | Fair Value Level 3 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances | 0 | 0 |
Commodity derivatives | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other long-term assets, net | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives | 6,977 | 9,206 |
Fair Value, Measurements, Recurring [Member] | Other long-term assets, net | Fair Value Level 1 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other long-term assets, net | Fair Value Level 2 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives | 6,977 | 9,206 |
Fair Value, Measurements, Recurring [Member] | Other long-term assets, net | Fair Value Level 3 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Accrued liabilities | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances | -2,190 | -1,686 |
Commodity derivatives | -2,233 | -19,210 |
Interest rate swaps | ' | -40,911 |
Contingent consideration | -1,318 | -9,600 |
Fair Value, Measurements, Recurring [Member] | Accrued liabilities | Fair Value Level 1 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances | -2,190 | -1,686 |
Commodity derivatives | -1,433 | 0 |
Interest rate swaps | ' | 0 |
Contingent consideration | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Accrued liabilities | Fair Value Level 2 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances | 0 | 0 |
Commodity derivatives | -800 | -19,210 |
Interest rate swaps | ' | -40,911 |
Contingent consideration | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Accrued liabilities | Fair Value Level 3 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances | 0 | 0 |
Commodity derivatives | 0 | 0 |
Interest rate swaps | ' | 0 |
Contingent consideration | -1,318 | -9,600 |
Fair Value, Measurements, Recurring [Member] | Other long-term liabilities | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives | -1,575 | ' |
Guarantees liability | -1,880 | ' |
Fair Value, Measurements, Recurring [Member] | Other long-term liabilities | Fair Value Level 1 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives | 0 | ' |
Guarantees liability | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Other long-term liabilities | Fair Value Level 2 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives | -1,575 | ' |
Guarantees liability | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Other long-term liabilities | Fair Value Level 3 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives | 0 | ' |
Guarantees liability | ($1,880) | ' |
FAIR_VALUE_MEASUREMENTS_Table_1
FAIR VALUE MEASUREMENTS Table 2 (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Level 3 Liabilities | $3,198 | $9,600 |
Amounts settled | -1,114 | ' |
Adjustment to guarantee liability | 1,880 | ' |
Operating expenses | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Changes in fair value recorded in earnings | -8,000 | ' |
Interest expense, net | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Changes in fair value recorded in earnings | $832 | ' |
FAIR_VALUE_MEASUREMENTS_Table_2
FAIR VALUE MEASUREMENTS Table 3 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value and Carrying Value of Debt [Line Items] | ' | ' |
Fair value (debt) | $2,636,734 | $2,377,120 |
Carrying amount (debt) | 2,655,553 | 2,411,004 |
Fair value (note receivable from related party) | 133,416 | 91,705 |
Carrying amount (note receivable from related party) | $165,440 | $95,711 |
FAIR_VALUE_MEASUREMENTS_Narrat
FAIR VALUE MEASUREMENTS Narrative 1 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Asphalt JV [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value Level 3 | Fair Value Level 3 | Fair Value Level 3 | ||||
Contingent consideration [Member] | ||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | 11.00% | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | ' | ' | ' | ' | $0 | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | 1,300,000 | ' |
Guarantees liability | ' | ' | ' | 1,900,000 | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | ' | ' | 79,700,000 | 79,700,000 | ' | ' |
Number of Guarantees with Unlimited Exposure | ' | ' | 2 | 2 | ' | ' |
Assets held for sale | 21,987,000 | 118,334,000 | ' | ' | ' | 22,000,000 |
Investment in joint ventures | $68,735,000 | $102,945,000 | $0 | ' | ' | ' |
DERIVATIVES_AND_RISK_MANAGEMEN2
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 1 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value | ' | ' |
Asset Derivatives | $42,022 | $80,468 |
Liability Derivatives | -33,905 | -122,025 |
Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 0 | 1,471 |
Liability Derivatives | -130 | -41,722 |
Designated as Hedging Instrument | Commodity contracts | Other current assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 0 | 1,471 |
Liability Derivatives | 0 | -811 |
Designated as Hedging Instrument | Commodity contracts | Accrued liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 0 | 0 |
Liability Derivatives | -130 | 0 |
Designated as Hedging Instrument | Interest rate swaps | Accrued liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | -40,911 |
Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 42,022 | 78,997 |
Liability Derivatives | -33,775 | -80,303 |
Not Designated as Hedging Instrument | Commodity contracts | Other current assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 16,168 | 22,269 |
Liability Derivatives | -11,220 | -13,571 |
Not Designated as Hedging Instrument | Commodity contracts | Accrued liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 4,523 | 17,406 |
Liability Derivatives | -6,626 | -36,616 |
Not Designated as Hedging Instrument | Commodity contracts | Other long-term assets, net | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 15,883 | 39,322 |
Liability Derivatives | -8,906 | -30,116 |
Not Designated as Hedging Instrument | Commodity contracts | Other long-term liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 5,448 | 0 |
Liability Derivatives | ($7,023) | $0 |
DERIVATIVES_AND_RISK_MANAGEMEN3
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 2 (Details) (Commodity contracts, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commodity contracts | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts of assets presented in the consolidated balance sheets | $11,925 | $18,564 |
Net amounts of liabilities presented in the consolidated balance sheets | ($3,808) | ($19,210) |
DERIVATIVES_AND_RISK_MANAGEMEN4
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 3 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Hedges | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ' | $6,840 | ($65,411) |
Amount of gain (loss) recognized in income on hedged item | ' | -5,206 | 63,592 |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | ' | 1,634 | -1,819 |
Fair Value Hedges | Interest rate swaps | Interest expense, net | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ' | 17,345 | -55,183 |
Amount of gain (loss) recognized in income on hedged item | ' | -17,345 | 54,588 |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | ' | 0 | -595 |
Fair Value Hedges | Commodity contracts | Cost of product sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | 3,964 | -10,505 | -10,228 |
Amount of gain (loss) recognized in income on hedged item | -6,327 | 12,139 | 9,004 |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | -2,363 | 1,634 | -1,224 |
Cash Flow Hedges | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | ' | 4,010 | -4,010 |
Amount of gain (loss) recognized in OCI on derivative (effective portion) | ' | -94,269 | -53,452 |
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) | ' | -53,232 | 5,030 |
Cash Flow Hedges | Interest rate swaps | Interest expense, net | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | 0 | 0 | 0 |
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) | -7,570 | -1,749 | 0 |
Cash Flow Hedges | Interest rate swaps | Other comprehensive income | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in OCI on derivative (effective portion) | 7,213 | -17,069 | -84,199 |
Cash Flow Hedges | Commodity contracts | Cost of product sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | ' | 4,010 | -4,010 |
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) | ' | -51,483 | 5,030 |
Cash Flow Hedges | Commodity contracts | Other comprehensive income | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in OCI on derivative (effective portion) | ' | -77,200 | 30,747 |
Nondesignated Derivatives | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | -5,541 | 18,660 | -4,173 |
Nondesignated Derivatives | Commodity contracts | Cost of product sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | -5,323 | 20,138 | -11,661 |
Nondesignated Derivatives | Commodity contracts | Operating expenses | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ' | ' | 46 |
Nondesignated Derivatives | Commodity contracts | Revenues | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ' | -7,654 | 235 |
Nondesignated Derivatives | Commodity contracts | Discontinued Operations | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ($218) | $6,176 | $7,207 |
DERIVATIVES_AND_RISK_MANAGEMEN5
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative [Line Items] | ' | ' | ' |
(Payments for) proceeds from termination of interest rate swaps | ($33,697,000) | ($5,678,000) | $33,433,000 |
Volume of commodity contracts (in barrels) | 15,200,000 | 22,700,000 | ' |
Margin deposits | 3,285,000 | 6,192,000 | ' |
Gain (loss) to be reclassified during next 12 months, forward-starting interest rate swaps | -10,700,000 | ' | ' |
Interest rate swaps | Fair Value Hedges | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
New and Terminated Interest Rate Swap, Notional Amount | ' | 200,000,000 | ' |
New and Terminated Interest Rate Swaps, Hedged Debt Instruments | ' | ' 4.75% senior notes | ' |
Terminated interest rate swaps, notional amount | ' | 270,000,000 | ' |
Terminated interest rate swaps, hedged debt instruments | ' | '4.80% senior notes | ' |
New Interest Rate Swaps, Interest Rate Received | ' | 4.75% | 4.80% |
New Interest Rate Swaps, Pay Rate | ' | 'variable rate based on one month USD LIBOR plus a percentage that varied with each agreement | 'variable rate based on one month USD LIBOR, plus a percentage that varies with each agreement |
(Payments for) proceeds from termination of interest rate swaps | ' | 19,700,000 | ' |
Notional amount of interest rate swaps | 0 | 0 | ' |
Interest rate swaps | Cash Flow Hedges | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Terminated interest rate swaps, notional amount | 275,000,000 | 225,000,000 | ' |
Terminated interest rate swaps, hedged debt instruments | '6.05% senior notes due March 15, 2013 and 5.875% senior notes due June 1, 2013 | '4.75% senior notes | ' |
(Payments for) proceeds from termination of interest rate swaps | -33,700,000 | -25,400,000 | ' |
Discontinued forward-starting interest rate swaps, Gain (Loss) | -2,000,000 | ' | ' |
Notional amount of interest rate swaps | 0 | 275,000,000 | ' |
Commodity contracts | Cash Flow Hedges | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
San Antonio Refinery Hedges, Gain (Loss) | ' | -21,700,000 | 16,400,000 |
San Antonio Refinery Hedges, Gain (Loss) Reclassified From AOCI | ' | ' | $15,100,000 |
RELATED_PARTY_TRANSACTIONS_Tab1
RELATED PARTY TRANSACTIONS Table (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenues | $14,897 | $1,990 | $0 |
Operating expenses | 122,677 | 133,654 | 138,324 |
General and administrative expenses | 58,602 | 62,490 | 66,220 |
Interest income | 6,113 | 1,219 | 0 |
Related party revenue in discontinued operations | 3,720 | 3,390 | 1,039 |
Related party expenses in discontinued operations | $6,051 | $14,328 | $12,238 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' |
Payable to NuStar GP, LLC | $8,325,000 | $1,408,000 |
Long-term payable to NuStar GP, LLC | 41,139,000 | 18,071,000 |
Receivable from related parties | 51,084,000 | 109,833,000 |
NuStar GP LLC [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Payable to NuStar GP, LLC | 8,300,000 | 1,400,000 |
Long-term payable to NuStar GP, LLC | 41,100,000 | 18,100,000 |
Asphalt JV [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Maximum amount available under credit facility to related party | 250,000,000 | ' |
Term of Credit Facility to Related Party | '7 years | ' |
Maturity Date of Credit Facility to Related Party | 28-Sep-19 | ' |
Interest Rate of Credit Facility to Related Party | 3.20% | ' |
Alternate Maturity Date of Credit Facility to Related Party | 'In the event NuStar Energy no longer owns an equity interest in Asphalt JV, the interest rate increases and the availability under the NuStar JV Facility is reduced to a maximum of $167.0 million after two years and $83.0 million after three years. | ' |
Due from Related Parties, Noncurrent | 176,700,000 | ' |
Maximum Amount Guarantees | 150,000,000 | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 79,700,000 | ' |
Number of Guarantees with Unlimited Exposure | 2 | ' |
Letters of Credit to Related Party | 9,700,000 | ' |
Variable Interest Entity, Maximum Loss Exposure, Amount | 450,700,000 | ' |
Equity method investment, ownership percentage | 50.00% | ' |
Receivable from related parties | 50,700,000 | 109,400,000 |
Description of Purchase Obligation With Related Party | 'We entered into a crude oil supply agreement with Asphalt JV (the Asphalt JV Crude Oil Supply Agreement) that commits Asphalt JV to purchase from us in a given year the lesser of (i) the number of barrels of crude oil required to be purchased by us from PDVSA under the CSA for such year or (ii) 35,000 barrels per day of crude oil multiplied by the number of days in such year. | ' |
Asphalt JV [Member] | Terminal Service Agreements [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Number of agreements | 4 | ' |
Aggregate Storage Capacity (in barrels) | 800,000 | ' |
Annual Service Charge | 1,500,000 | ' |
Term of Agreement | 'The terminal service agreements each have a term of ten years, with Asphalt JV’s option to extend for an additional five years. Asphalt JV also has the option to terminate any terminal service agreement with 90 days written notice. | ' |
Asphalt JV [Member] | Terminal Service Agreements 2 [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Aggregate Storage Capacity (in barrels) | 600,000 | ' |
Annual Service Charge | $6,300,000 | ' |
Term of Agreement | 'These terminal service agreements have lease terms ranging from one to five years, with annual renewal options. Asphalt JV has the option to terminate any of these agreements at the end of a lease term with 90 days written notice. | ' |
NuStar GP LLC and Asphalt JV [Member] | Services Agreement [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Administrative Fees, Description | 'The Asphalt JV Services Agreement provides that NuStar GP, LLC furnish certain administrative and other operating services necessary to conduct the business of Asphalt JV. Asphalt JV compensates NuStar GP, LLC for these services through an annual fee totaling $10.0 million, subject to adjustment based on the annual merit increase percentage applicable to NuStar GP, LLC employees for the most recently completed contract year. | ' |
Related Party Transaction, Date | 31-Dec-17 | ' |
Percentage of Services Used Under Agreement with Related Party | 63.00% | ' |
NuStar GP LLC and Asphalt JV [Member] | Employee Services Agreement [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Administrative Fees, Description | 'The Asphalt JV Employee Services Agreement provided that certain of NuStar GP, LLC employees would provide employee-services to Asphalt JV. In exchange, Asphalt JV would reimburse NuStar GP, LLC for the compensation expense of those employees at the same rates that were in effect at the effective date of the Asphalt JV Employee Services Agreement, including an annual bonus amount that does not exceed NuStar GP, LLC’s target bonus plan. The employees covered under the Asphalt JV Employee Services Agreement were not entitled to any new unit-based compensation grants from NuStar GP, LLC, and Asphalt JV was not responsible for unit-based compensation costs prior to the effective date. | ' |
Related Party Transaction, Date | 31-Dec-12 | ' |
RELATED_PARTY_TRANSACTIONS_Tab2
RELATED PARTY TRANSACTIONS Table 2 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Receivable from Asphalt JV | $51,084 | $109,833 |
Note receivable under the NuStar JV Facility | 165,440 | 95,711 |
Asphalt JV [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Total (Maximum Exposure to Loss) | 450,717 | ' |
Total (Carrying Value) | 214,277 | ' |
Maximum Exposure to Loss [Member] | Asphalt JV [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Receivable from Asphalt JV | 50,717 | ' |
Note receivable under the NuStar JV Facility | 250,000 | ' |
Credit support, including guarantees | 150,000 | ' |
Carrying Value [Member] | Asphalt JV [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Receivable from Asphalt JV | 50,717 | ' |
Note receivable under the NuStar JV Facility | 165,440 | ' |
Credit support, including guarantees | ($1,880) | ' |
EMPLOYEE_BENEFIT_PLANS_AND_LON2
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Benefit Plan Costs, International Employees | $2.50 | $2.60 | $2.60 |
General partner employees benefit plans | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pension Plan, Description | 'The NuStar Pension Plan (the Pension Plan) is a qualified non-contributory defined benefit pension plan that became effective July 1, 2006. The Pension Plan covers substantially all of NuStar GP, LLC’s employees and generally provides eligible employees with retirement income calculated under a final average pay formula (FAP) or a cash balance formula. Employees hired before January 1, 2011 are covered under FAP, which is based on years of service and compensation during their period of service, and employees become fully vested in their benefits upon attaining five years of vesting service. Employees hired on January 1, 2011 or after are covered under the cash balance formula, which is based on age and service and interest credits, and employees become fully vested in their benefits upon attaining three years of vesting service. Effective January 1, 2014, the Pension Plan was amended to freeze the FAP benefit as of December 31, 2013 and all employees will be covered under the cash balance formula. | ' | ' |
Thrift Plan, Description | 'The NuStar Thrift Plan (the Thrift Plan) is a qualified employee profit-sharing plan that became effective June 26, 2006. Participation in the Thrift Plan is voluntary and is open to substantially all NuStar GP, LLC employees upon their date of hire, except for part-time employees (as defined in the Thrift Plan), who become eligible upon completing one year of service (as defined in the Thrift Plan). Thrift Plan participants can contribute from 1% up to 30% of their total annual compensation to the Thrift Plan in the form of pre-tax and/or after tax employee contributions. NuStar GP, LLC makes matching contributions in an amount equal to 100% of each participant’s employee contributions up to a maximum of 6% of the participant’s total annual compensation. | ' | ' |
General partner employees benefit plans | The 2000 LTIP [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unit-based compensation, number of units authorized | 3,250,000 | ' | ' |
Unit-based compensation, number of units available to be awarded | 1,517,027 | ' | ' |
General partner employees benefit plans | The 2006 LTIP [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unit-based compensation, number of units authorized | 2,000,000 | ' | ' |
Unit-based compensation, number of units available to be awarded | 1,494,177 | ' | ' |
EMPLOYEE_BENEFIT_PLANS_AND_LON3
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS Table 1 (Details) (General partner employees benefit plans) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
The 2000 LTIP [Member] | Performance Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted units, granted | 38,786 | 33,445 | 27,111 |
Vesting | 'Performance awards vest 1/3Â per year if certain performance measures are met | 'Performance awards vest 1/3Â per year if certain performance measures are met | 'Performance awards vest 1/3Â per year if certain performance measures are met |
The 2000 LTIP [Member] | Restricted Units, GP Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted units, granted | 269,182 | 231,855 | 208,195 |
Vesting | '1/5 per year | '1/5 per year | '1/5 per year |
The 2000 LTIP [Member] | Restricted Units, Non-employee Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted units, granted | 8,904 | 8,170 | 6,760 |
Vesting | '1/3 per year | '1/3 per year | '1/3 per year |
The 2000 LTIP [Member] | Restricted Units Certain International Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted units, granted | 3,882 | ' | ' |
Vesting | '1/3 per year | ' | ' |
The UIP [Member] | Restricted Units, GP Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted units, granted | 0 | 15,382 | 14,005 |
Vesting | '0 | '1/5 per year | '1/5 per year |
The UIP [Member] | Restricted Units Certain International Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted units, granted | ' | 3,392 | 2,880 |
Vesting | ' | '1/3 per year | '1/3 per year |
The 2006 LTIP [Member] | Restricted Units, GP Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted units, granted | 18,620 | 25,640 | 24,970 |
Vesting | '1/5 per year | '1/5 per year | '1/5 per year |
The 2006 LTIP [Member] | Restricted Units, Non-employee Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted units, granted | 13,183 | 10,601 | 9,987 |
Vesting | '1/3 per year | '1/3 per year | '1/3 per year |
EMPLOYEE_BENEFIT_PLANS_AND_LON4
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS Table 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Expense, Long-term Incentive Plans | $9,818 | $7,745 | $8,521 |
Related Party Expense, Benefit Plans | $18,204 | $23,602 | $13,684 |
OTHER_INCOME_EXPENSE_Table_Det
OTHER INCOME (EXPENSE) Table (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Foreign exchange gains (losses) | $7,707 | ($1,429) | $1,902 |
Gain (Loss) from sale or disposition of assets | -524 | -1,522 | 155 |
Loss on deconsolidation of Asphalt JV | 0 | -23,800 | 0 |
Storage agreement early termination costs | 0 | 0 | -5,000 |
Contingent loss adjustment | 0 | 0 | -3,250 |
Other, net | 158 | 2,062 | 2,620 |
Other income (expense), net | $7,341 | ($24,689) | ($3,573) |
PARTNERS_EQUITY_Narrative_1_De
PARTNERS' EQUITY Narrative 1 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Issuances Of Common Units [Line Items] | ' | ' | ' |
Net proceeds | ' | $343,860,000 | $323,993,000 |
General Partner Ownership Interest | 2.00% | 2.00% | 2.00% |
Limited Partner [Member] | ' | ' | ' |
Issuances Of Common Units [Line Items] | ' | ' | ' |
Number of common units issued | ' | 7,130,000 | 6,145,529 |
Net proceeds | ' | 336,739,000 | 317,285,000 |
General Partner [Member] | ' | ' | ' |
Issuances Of Common Units [Line Items] | ' | ' | ' |
Net proceeds | ' | 7,121,000 | 6,708,000 |
Equity Issuance 2012 [Member] | ' | ' | ' |
Issuances Of Common Units [Line Items] | ' | ' | ' |
Date of Issuance | ' | 10-Sep-12 | ' |
Sale Price Per Unit | ' | $48.94 | ' |
Net proceeds | ' | 343,900,000 | ' |
Equity Issuance 2012 [Member] | Limited Partner [Member] | ' | ' | ' |
Issuances Of Common Units [Line Items] | ' | ' | ' |
Number of common units issued | ' | 7,130,000 | ' |
Equity Issuance 2012 [Member] | General Partner [Member] | ' | ' | ' |
Issuances Of Common Units [Line Items] | ' | ' | ' |
Net proceeds | ' | 7,100,000 | ' |
Equity Issuance 2011 No 2 [Member] | ' | ' | ' |
Issuances Of Common Units [Line Items] | ' | ' | ' |
Date of Issuance | ' | ' | 9-Dec-11 |
Sale Price Per Unit | ' | ' | $53.45 |
Net proceeds | ' | ' | 318,000,000 |
Equity Issuance 2011 No 2 [Member] | Limited Partner [Member] | ' | ' | ' |
Issuances Of Common Units [Line Items] | ' | ' | ' |
Number of common units issued | ' | ' | 6,037,500 |
Equity Issuance 2011 No 2 [Member] | General Partner [Member] | ' | ' | ' |
Issuances Of Common Units [Line Items] | ' | ' | ' |
Net proceeds | ' | ' | 6,600,000 |
Equity Issuance 2011 No 1 [Member] | ' | ' | ' |
Issuances Of Common Units [Line Items] | ' | ' | ' |
Net proceeds | ' | ' | 6,000,000 |
Maximum amount that can be sold under equity agreement | ' | ' | 200,000,000 |
Equity Issuance 2011 No 1 [Member] | Limited Partner [Member] | ' | ' | ' |
Issuances Of Common Units [Line Items] | ' | ' | ' |
Number of common units issued | ' | ' | 108,029 |
Equity Issuance 2011 No 1 [Member] | General Partner [Member] | ' | ' | ' |
Issuances Of Common Units [Line Items] | ' | ' | ' |
Net proceeds | ' | ' | $100,000 |
PARTNERS_EQUITY_Table_1_Detail
PARTNERS' EQUITY Table 1 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | ($58,865) | ' | ' |
Other comprehensive income (loss) | -4,581 | -30,360 | -76,913 |
Ending Balance | -63,394 | -58,865 | ' |
Foreign Currency Translation | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | 5,654 | -3,925 | 11,500 |
Other comprehensive income (loss) before reclassifications | -19,312 | 9,579 | -15,425 |
Other comprehensive income (loss) | -19,312 | 9,579 | -15,425 |
Ending Balance | -13,658 | 5,654 | -3,925 |
Cash Flow Hedges | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | -64,519 | -23,482 | 35,000 |
Other comprehensive income (loss) before reclassifications | 7,213 | -94,269 | -53,452 |
Other comprehensive income (loss) | 14,783 | -41,037 | -58,482 |
Ending Balance | -49,736 | -64,519 | -23,482 |
Parent [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | -58,865 | -27,407 | 46,500 |
Other comprehensive income (loss) before reclassifications | -12,099 | -84,690 | -68,877 |
Other comprehensive income (loss) | -4,529 | -31,458 | -73,907 |
Ending Balance | -63,394 | -58,865 | -27,407 |
Noncontrolling Interest | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Other comprehensive income (loss) | -52 | 1,098 | -3,006 |
Interest expense, net | Foreign Currency Translation | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification from accumulated other comprehensive income | 0 | 0 | ' |
Interest expense, net | Cash Flow Hedges | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification from accumulated other comprehensive income | 7,570 | 1,749 | ' |
Interest expense, net | Parent [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification from accumulated other comprehensive income | 7,570 | 1,749 | ' |
Discontinued Operations | Foreign Currency Translation | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification from accumulated other comprehensive income | ' | 0 | 0 |
Discontinued Operations | Cash Flow Hedges | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification from accumulated other comprehensive income | ' | 51,483 | -5,030 |
Discontinued Operations | Parent [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification from accumulated other comprehensive income | ' | $51,483 | ($5,030) |
PARTNERS_EQUITY_Table_2_Detail
PARTNERS' EQUITY Table 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income Allocation [Line Items] | ' | ' | ' |
Net income (loss) attributable to NuStar Energy L.P. | ($273,770) | ($226,616) | $221,461 |
Less general partner incentive distribution (a) | 43,220 | 41,242 | 36,319 |
Net income (loss) after general partner incentive distribution | -316,990 | -267,858 | 185,142 |
General partner interest | 2.00% | 2.00% | 2.00% |
General partner allocation of net income (loss) after general partner incentive distribution | -6,338 | -5,356 | 3,703 |
General partner incentive distribution | 43,220 | 41,242 | 36,319 |
Net income applicable to general partner | $36,882 | $35,886 | $40,022 |
PARTNERS_EQUITY_Narrative_2_De
PARTNERS' EQUITY Narrative 2 (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Distributions Made to Limited Partners and General Partner [Line Items] | ' |
Percent of Available Cash Distributed | 100.00% |
Number of Days Within Which Distribution Is Paid | 45 |
Minimum Per Unit Quarterly Distribution to Limited Partners | $0.60 |
Minimum Per Unit Quarterly Distribution to Limited Partners, Annualized | $2.40 |
Quarterly Distributions Level 1 [Member] | ' |
Distributions Made to Limited Partners and General Partner [Line Items] | ' |
Percentage of Distribution Allocated to Limited Partners | 98.00% |
Percentage of Distribution Allocated to the General Partner | 2.00% |
PARTNERS_EQUITY_Table_3_Detail
PARTNERS' EQUITY Table 3 (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Quarterly Distributions Level 1 [Member] | ' |
Distribution Allocation [Line Items] | ' |
Quarterly Distribution Amount Per Unit | 'Up to $0.60 |
Percentage of Distribution Allocated to Unitholders | 98.00% |
Percentage of Distribution Allocated to the General Partner | 2.00% |
Quarterly Distributions Level 2 [Member] | ' |
Distribution Allocation [Line Items] | ' |
Quarterly Distribution Amount Per Unit | 'Above $0.60 up to $0.66 |
Percentage of Distribution Allocated to Unitholders | 90.00% |
Percentage of Distribution Allocated to the General Partner | 10.00% |
Quarterly Distributions Level 3 [Member] | ' |
Distribution Allocation [Line Items] | ' |
Quarterly Distribution Amount Per Unit | 'Above $0.66 |
Percentage of Distribution Allocated to Unitholders | 75.00% |
Percentage of Distribution Allocated to the General Partner | 25.00% |
PARTNERS_EQUITY_Table_4_Detail
PARTNERS' EQUITY Table 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Distributions Made to Limited Partners and General Partner [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General partner interest | ' | ' | ' | ' | ' | ' | ' | ' | $7,844 | $7,486 | $6,630 |
General Partner Incentive Distribution | ' | ' | ' | ' | ' | ' | ' | ' | 43,220 | 41,242 | 36,326 |
Total General Partner Distribution | ' | ' | ' | ' | ' | ' | ' | ' | 51,064 | 48,728 | 42,956 |
Limited Partners' Distribution | ' | ' | ' | ' | ' | ' | ' | ' | 341,140 | 325,526 | 288,550 |
Total cash distributions | $98,051 | $98,051 | $98,051 | $98,051 | ' | ' | ' | ' | $392,204 | $374,254 | $331,506 |
Cash distributions per unit applicable to limited partners | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $4.38 | $4.38 | $4.36 |
PARTNERS_EQUITY_Table_5_Detail
PARTNERS' EQUITY Table 5 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Distribution Made to Limited Partner [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distributions per unit applicable to limited partners | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $4.38 | $4.38 | $4.36 |
Total cash distributions (distribution earned) | $98,051 | $98,051 | $98,051 | $98,051 | ' | ' | ' | ' | $392,204 | $374,254 | $331,506 |
Distribution date of record (distribution earned) | 10-Feb-14 | 11-Nov-13 | 5-Aug-13 | 6-May-13 | ' | ' | ' | ' | ' | ' | ' |
Distribution payment date (distribution earned) | 14-Feb-14 | 14-Nov-13 | 9-Aug-13 | 10-May-13 | ' | ' | ' | ' | ' | ' | ' |
Distribution announcement date (distribution earned) | 30-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET_LOSS_INCOME_PER_UNIT_Table1
NET (LOSS) INCOME PER UNIT Table (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Net Income Per Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | ($273,770) | ($226,616) | $221,461 |
Less general partner distribution (including IDR) | ' | ' | ' | ' | ' | ' | ' | ' | 51,064 | 48,728 | 42,948 |
Less limited partner distribution | ' | ' | ' | ' | ' | ' | ' | ' | 341,140 | 325,526 | 288,497 |
Distributions greater than earnings | ' | ' | ' | ' | ' | ' | ' | ' | -665,974 | -600,870 | -109,984 |
General partner earnings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions | ' | ' | ' | ' | ' | ' | ' | ' | 51,064 | 48,728 | 42,948 |
Allocation of distributions greater than earnings (2%) | ' | ' | ' | ' | ' | ' | ' | ' | -13,318 | -12,019 | -2,201 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 37,746 | 36,709 | 40,747 |
Limited partner earnings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partners' distribution | ' | ' | ' | ' | ' | ' | ' | ' | 341,140 | 325,526 | 288,497 |
Allocation of distributions greater than earnings (98%) | ' | ' | ' | ' | ' | ' | ' | ' | -652,656 | -588,851 | -107,783 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ($311,516) | ($263,325) | $180,714 |
Weighted-average limited partner units outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 77,886,078 | 72,957,417 | 65,018,301 |
Net income per unit applicable to limited partners | ($4.73) | $0.28 | $0.28 | $0.17 | ($0.27) | ($0.09) | ($3.56) | $0.23 | ($4) | ($3.61) | $2.78 |
NET_LOSS_INCOME_PER_UNIT_Paren
NET (LOSS) INCOME PER UNIT Parentheticals (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Schedule Of Net Income Per Unit [Line Items] | ' |
General Partner Ownership Interest of Limited Partnership | 2.00% |
Limited Partners Ownership Interest | 98.00% |
STATEMENTS_OF_CASH_FLOWS_Table1
STATEMENTS OF CASH FLOWS Table 1 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Decrease (increase) in current assets: | ' | ' | ' |
Accounts receivable | $107,209 | $160,435 | ($230,980) |
Receivable from related parties | 58,692 | -113,018 | 0 |
Inventories | 31,975 | 112,589 | -160,139 |
Income tax receivable | 414 | 2,921 | -4,265 |
Other current assets | 25,725 | -26,050 | -1,825 |
Increase (decrease) in current liabilities: | ' | ' | ' |
Accounts payable | -96,330 | -43,451 | 140,898 |
Payable to related party | 6,922 | -5,339 | -3,603 |
Accrued interest payable | 9,370 | -6,092 | 126 |
Accrued liabilities | -32,452 | 11,259 | -10,087 |
Taxes other than income tax | -87 | -2,444 | 2,574 |
Income tax payable | 1,338 | -563 | 1,848 |
Changes in current assets and current liabilities | ($112,776) | ($90,247) | $265,453 |
STATEMENTS_OF_CASH_FLOWS_Table2
STATEMENTS OF CASH FLOWS Table 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Cash paid for interest, net of amount capitalized | $113,805 | $110,679 | $109,027 |
Cash paid for income taxes, net of tax refunds received | $11,386 | $21,032 | $14,920 |
INCOME_TAXES_Table_1_Details
INCOME TAXES Table 1 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
U.S. | $3,098 | $4,416 | $3,769 |
Foreign | 9,273 | 16,480 | 8,596 |
Total current | 12,371 | 20,896 | 12,365 |
Deferred: | ' | ' | ' |
U.S. | 1,687 | 7,494 | 2,962 |
Foreign | -1,305 | -3,940 | 3,228 |
Total deferred | 382 | 3,554 | 6,190 |
Total income tax expense | $12,753 | $24,450 | $18,555 |
INCOME_TAXES_Table_2_Details
INCOME TAXES Table 2 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ' | ' |
Net operating losses | $28,945 | $25,567 |
Environmental and legal reserves | 433 | 291 |
Valuation allowance | -12,237 | -78 |
Other | 1,772 | 0 |
Total deferred income tax assets | 18,913 | 25,780 |
Deferred income tax liabilities: | ' | ' |
Property, plant and equipment | -40,494 | -54,155 |
Other | 0 | -631 |
Total deferred income tax liabilities | -40,494 | -54,786 |
Reported on the Consolidated Balance Sheets as: | ' | ' |
Deferred income tax asset | 5,769 | 3,108 |
Deferred income tax liability | -27,350 | -32,114 |
Net deferred income tax liability | ($21,581) | ($29,006) |
INCOME_TAXES_Narrative_Details
INCOME TAXES Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax Disclosures [Line Items] | ' | ' | ' |
Federal Statutory Income Tax Rate | 35.00% | ' | ' |
Valuation Allowance, Amount | $12,237,000 | $78,000 | ' |
Gain on legal settlement | 0 | 28,738,000 | 0 |
Income Tax Expense (Benefit) | 12,753,000 | 24,450,000 | 18,555,000 |
Deferred Tax Liabilities | 40,494,000 | 54,786,000 | ' |
U.S. [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 80,000,000 | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 'years 2021 through 2033 | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 10,300,000 | ' | ' |
Foreign [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 4,700,000 | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 'years 2017 and 2018 | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 1,800,000 | ' | ' |
Canada 1 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | ' | 1,000,000 | ' |
Income Tax Examination, Penalties and Interest Expense | ' | 2,200,000 | ' |
Canada 2 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | ' | 1,300,000 | ' |
Income Tax Examination, Penalties and Interest Expense | ' | 700,000 | ' |
St. Eustatius | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Holiday, Description | 'On June 1, 1989, the governments of the Netherlands Antilles and St. Eustatius approved a Free Zone and Profit Tax Agreement retroactive to January 1, 1989, which expired on December 31, 2000. This agreement required a subsidiary of Kaneb, which we acquired on July 1, 2005, to pay the greater of 2% of taxable income, as defined therein, or 500,000 Netherlands Antilles guilders (approximately $0.3 million) per year. The agreement further provided that any amounts paid in order to meet the minimum annual payment were available to offset future tax liabilities under the agreement to the extent that the minimum annual payment is greater than 2% of taxable income. On February 22, 2006, we entered into a revised agreement (the 2005 Tax and Maritime Agreement) with the governments of St. Eustatius and the Netherlands Antilles. The 2005 Tax and Maritime Agreement was effective beginning January 1, 2005 and expires on December 31, 2014. Under the terms of the 2005 Tax and Maritime Agreement, we agreed to make a one-time payment of 5.0 million Netherlands Antilles guilders (approximately $2.8 million) in full and final settlement of all of our liabilities, taxes, fees, levies, charges, or otherwise (including settlement of audits) due or potentially due to St. Eustatius. We further agreed to pay an annual minimum profit tax to St. Eustatius of 1.0 million Netherlands Antilles guilders (approximately $0.6 million), beginning as of January 1, 2005. We agreed to pay the minimum annual profit tax in twelve equal monthly installments. To the extent the minimum annual profit tax exceeds 2% of taxable profit (as defined in the 2005 Tax and Maritime Agreement), we can carry forward that excess to offset future tax liabilities. If the minimum annual profit tax is less than 2% of taxable profit, we agreed to pay that difference. | ' | ' |
Grace Energy Corporation Matter | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Gain on legal settlement | ' | 28,700,000 | ' |
Income Tax Expense (Benefit) | ' | $10,100,000 | ' |
Year 1 [Member] | Canada 1 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2006 | ' | ' |
Year 1 [Member] | Canada 2 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2003 | ' | ' |
Year 2 [Member] | Canada 1 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2007 | ' | ' |
Year 2 [Member] | Canada 2 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2004 | ' | ' |
Year 3 [Member] | Canada 1 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2008 | ' | ' |
Year 3 [Member] | Canada 2 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2005 | ' | ' |
Year 4 [Member] | Canada 1 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2009 | ' | ' |
Year 4 [Member] | Canada 2 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2006 | ' | ' |
Year 5 [Member] | Canada 1 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2010 | ' | ' |
Year 5 [Member] | Canada 2 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2007 | ' | ' |
Year 6 [Member] | Canada 1 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2011 | ' | ' |
Year 6 [Member] | Canada 2 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2008 | ' | ' |
Year 7 [Member] | Canada 2 [Member] | ' | ' | ' |
Tax Disclosures [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2009 | ' | ' |
SEGMENT_INFORMATION_Table_1_De
SEGMENT INFORMATION Table 1 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $785,387 | $778,145 | $902,014 | $998,186 | $982,890 | $1,591,730 | $1,764,667 | $1,606,449 | $3,463,732 | $5,945,736 | $6,257,629 |
Depreciation and amortization expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 178,921 | 159,789 | 161,773 |
Operating income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 91,086 | 104,756 | 103,050 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 178,921 | 159,789 | 161,773 |
Gain on legal settlement | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 28,738 | 0 |
Total operating income (loss) | -228,202 | 68,751 | 76,972 | 63,358 | 60,125 | 62,750 | -201,925 | 60,882 | -19,121 | -18,168 | 310,883 |
Storage Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 556,549 | 578,066 | 546,627 |
Storage Segment | Third Party Revenue [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 518,253 | 517,699 | 500,303 |
Storage Segment | Intersegment revenue [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 32,044 | 59,168 | 46,324 |
Storage Segment | Related Party Revenue [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,252 | 1,199 | 0 |
Pipeline Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 411,529 | 340,455 | 311,514 |
Pipeline Segment | Third Party Revenue [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 411,529 | 340,455 | 311,449 |
Pipeline Segment | Intersegment revenue [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 65 |
Fuels Marketing Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,527,698 | 5,086,383 | 5,455,659 |
Fuels Marketing Segment | Third Party Revenue [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,519,053 | 5,085,592 | 5,445,877 |
Fuels Marketing Segment | Intersegment revenue [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 9,782 |
Fuels Marketing Segment | Related Party Revenue [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,645 | 791 | 0 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 168,766 | 152,348 | 155,035 |
Operating income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 168,766 | 152,348 | 155,035 |
Total operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 82,120 | 68,586 | 420,671 |
Operating Segments [Member] | Storage Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 99,868 | 88,217 | 82,921 |
Operating income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 99,868 | 88,217 | 82,921 |
Total operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -127,484 | 198,842 | 196,508 |
Operating Segments [Member] | Pipeline Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 68,871 | 52,878 | 51,165 |
Operating income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 68,871 | 52,878 | 51,165 |
Total operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 208,293 | 158,590 | 146,403 |
Operating Segments [Member] | Fuels Marketing Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 27 | 11,253 | 20,949 |
Operating income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 27 | 11,253 | 20,949 |
Total operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -126 | -296,785 | 71,854 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -32,044 | -59,168 | -56,171 |
Operating income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,437 | 7,939 | 5,906 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 10,155 | 7,441 | 6,738 |
Operating income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 91,086 | 104,756 | 103,050 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 10,155 | 7,441 | 6,738 |
Other asset impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,295 | 0 |
Gain on legal settlement | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ($28,738) | $0 |
SEGMENT_INFORMATION_Table_2_De
SEGMENT INFORMATION Table 2 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues By Geographic Areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $785,387 | $778,145 | $902,014 | $998,186 | $982,890 | $1,591,730 | $1,764,667 | $1,606,449 | $3,463,732 | $5,945,736 | $6,257,629 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues By Geographic Areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,340,694 | 4,230,607 | 4,521,553 |
Netherlands | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues By Geographic Areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,027,260 | 1,438,297 | 1,564,062 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues By Geographic Areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $95,778 | $276,832 | $172,014 |
SEGMENT_INFORMATION_Table_3_De
SEGMENT INFORMATION Table 3 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-Lived Assets By Geographic Areas | ' | ' |
Long-lived assets | $3,310,653 | $3,238,460 |
United States | ' | ' |
Long-Lived Assets By Geographic Areas | ' | ' |
Long-lived assets | 2,635,792 | 2,560,608 |
Netherlands | ' | ' |
Long-Lived Assets By Geographic Areas | ' | ' |
Long-lived assets | 467,660 | 454,560 |
Other | ' | ' |
Long-Lived Assets By Geographic Areas | ' | ' |
Long-lived assets | $207,201 | $223,292 |
SEGMENT_INFORMATION_Table_4_De
SEGMENT INFORMATION Table 4 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Information | ' | ' |
Total consolidated assets | $5,032,186 | $5,613,089 |
Operating Segments [Member] | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | 4,518,763 | 5,234,318 |
Operating Segments [Member] | Storage Segment | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | 2,275,183 | 2,627,946 |
Operating Segments [Member] | Pipeline Segment | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | 1,797,698 | 1,720,711 |
Operating Segments [Member] | Fuels Marketing Segment | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | 445,882 | 885,661 |
Operating Segments [Member] | Other partnership assets | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | $513,423 | $378,771 |
SEGMENT_INFORMATION_Table_5_De
SEGMENT INFORMATION Table 5 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Information | ' | ' | ' |
Capital expenditures | $343,320 | $729,015 | $445,340 |
Storage Segment | ' | ' | ' |
Segment Information | ' | ' | ' |
Capital expenditures | 170,637 | 161,672 | 263,918 |
Pipeline Segment | ' | ' | ' |
Segment Information | ' | ' | ' |
Capital expenditures | 165,096 | 493,028 | 45,170 |
Fuels Marketing Segment | ' | ' | ' |
Segment Information | ' | ' | ' |
Capital expenditures | 69 | 20,333 | 90,683 |
Other partnership assets | ' | ' | ' |
Segment Information | ' | ' | ' |
Capital expenditures | $7,518 | $53,982 | $45,569 |
SEGMENT_INFORMATION_Narrative_
SEGMENT INFORMATION Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Entity-Wide Revenue, Major Customer, Percent of Total Revenues | 15.00% | 11.00% | 11.00% |
Entity-Wide Revenue, Major Customer, Amount | $534.20 | $668.10 | $684.10 |
CONDENSED_CONSOLIDATING_FINANC2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 1 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $100,743 | $83,602 | $17,497 | $181,121 |
Receivables, net | 332,394 | 497,776 | ' | ' |
Inventories | 138,147 | 173,228 | ' | ' |
Income tax receivable | 826 | 1,265 | ' | ' |
Other current assets | 39,452 | 65,238 | ' | ' |
Assets held for sale | 21,987 | 118,334 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Total current assets | 633,549 | 939,443 | ' | ' |
Property, plant and equipment, net | 3,310,653 | 3,238,460 | ' | ' |
Intangible assets, net | 71,249 | 92,435 | ' | ' |
Goodwill | 617,429 | 951,024 | 846,717 | ' |
Investment in wholly owned subsidiaries | 0 | 0 | ' | ' |
Investment in joint ventures | 68,735 | 102,945 | ' | ' |
Deferred income tax asset | 5,769 | 3,108 | ' | ' |
Note receivable from related party, net | 165,440 | 95,711 | ' | ' |
Other long-term assets, net | 159,362 | 189,963 | ' | ' |
Total assets | 5,032,186 | 5,613,089 | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' |
Current portion of long-term debt | 0 | 286,422 | ' | ' |
Payables | 307,076 | 399,041 | ' | ' |
Accrued interest payable | 33,113 | 23,741 | ' | ' |
Accrued liabilities | 38,632 | 124,203 | ' | ' |
Taxes other than income tax | 9,745 | 9,893 | ' | ' |
Income tax payable | 4,006 | 2,671 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Total current liabilities | 392,572 | 845,971 | ' | ' |
Long-term debt, less current portion | 2,655,553 | 2,124,582 | ' | ' |
Long-term payable to related party | 41,139 | 18,071 | ' | ' |
Deferred income tax liability | 27,350 | 32,114 | ' | ' |
Other long-term liabilities | 11,778 | 7,356 | ' | ' |
Total partners’ equity | 1,903,794 | 2,584,995 | 2,864,335 | 2,702,700 |
Total liabilities and partners' equity | 5,032,186 | 5,613,089 | ' | ' |
NuStar Energy | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 904 | 7,033 | 139 | 53 |
Receivables, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Income tax receivable | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Assets held for sale | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Total current assets | 904 | 7,033 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Investment in wholly owned subsidiaries | 2,469,331 | 3,133,097 | ' | ' |
Investment in joint ventures | 0 | 0 | ' | ' |
Deferred income tax asset | 0 | 0 | ' | ' |
Note receivable from related party, net | 0 | 0 | ' | ' |
Other long-term assets, net | 611 | 490 | ' | ' |
Total assets | 2,470,846 | 3,140,620 | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' |
Current portion of long-term debt | ' | 0 | ' | ' |
Payables | 123 | 15 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Accrued liabilities | 585 | 862 | ' | ' |
Taxes other than income tax | 125 | 129 | ' | ' |
Income tax payable | 0 | 0 | ' | ' |
Intercompany payable | 504,483 | 508,365 | ' | ' |
Total current liabilities | 505,316 | 509,371 | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Long-term payable to related party | 0 | 0 | ' | ' |
Deferred income tax liability | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total partners’ equity | 1,965,530 | 2,631,249 | ' | ' |
Total liabilities and partners' equity | 2,470,846 | 3,140,620 | ' | ' |
NuStar Logistics | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 22,307 | 1,112 | 14 | 107,655 |
Receivables, net | 87,899 | 157,452 | ' | ' |
Inventories | 2,083 | 2,320 | ' | ' |
Income tax receivable | 0 | 0 | ' | ' |
Other current assets | 18,109 | 26,353 | ' | ' |
Assets held for sale | 0 | 35,337 | ' | ' |
Intercompany receivable | 1,521,552 | 353,384 | ' | ' |
Total current assets | 1,651,950 | 575,958 | ' | ' |
Property, plant and equipment, net | 1,556,893 | 1,423,991 | ' | ' |
Intangible assets, net | 16,993 | 18,733 | ' | ' |
Goodwill | 149,453 | 145,990 | ' | ' |
Investment in wholly owned subsidiaries | 177,961 | 161,957 | ' | ' |
Investment in joint ventures | 0 | 35,883 | ' | ' |
Deferred income tax asset | 0 | 0 | ' | ' |
Note receivable from related party, net | 165,440 | 95,711 | ' | ' |
Other long-term assets, net | 118,254 | 148,384 | ' | ' |
Total assets | 3,836,944 | 2,606,607 | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' |
Current portion of long-term debt | ' | 1,313 | ' | ' |
Payables | 84,533 | 122,706 | ' | ' |
Accrued interest payable | 33,066 | 22,512 | ' | ' |
Accrued liabilities | 18,850 | 76,322 | ' | ' |
Taxes other than income tax | 6,272 | 5,671 | ' | ' |
Income tax payable | 618 | 247 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Total current liabilities | 143,339 | 228,771 | ' | ' |
Long-term debt, less current portion | 2,655,553 | 2,124,582 | ' | ' |
Long-term payable to related party | 35,696 | 12,629 | ' | ' |
Deferred income tax liability | 0 | 0 | ' | ' |
Other long-term liabilities | 4,961 | 2,701 | ' | ' |
Total partners’ equity | 997,395 | 237,924 | ' | ' |
Total liabilities and partners' equity | 3,836,944 | 2,606,607 | ' | ' |
NuPOP | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 13,281 | 10,561 | ' | ' |
Inventories | 2,879 | 5,590 | ' | ' |
Income tax receivable | 0 | 0 | ' | ' |
Other current assets | 2,334 | 1,468 | ' | ' |
Assets held for sale | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 599,599 | ' | ' |
Total current assets | 18,494 | 617,218 | ' | ' |
Property, plant and equipment, net | 573,694 | 582,299 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 170,652 | 170,652 | ' | ' |
Investment in wholly owned subsidiaries | 860,787 | 1,208,595 | ' | ' |
Investment in joint ventures | 0 | 0 | ' | ' |
Deferred income tax asset | 0 | 0 | ' | ' |
Note receivable from related party, net | 0 | 0 | ' | ' |
Other long-term assets, net | 26,331 | 26,330 | ' | ' |
Total assets | 1,649,958 | 2,605,094 | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' |
Current portion of long-term debt | ' | 250,967 | ' | ' |
Payables | 7,517 | 12,657 | ' | ' |
Accrued interest payable | 0 | 1,224 | ' | ' |
Accrued liabilities | 6,133 | 7,542 | ' | ' |
Taxes other than income tax | 2,873 | 2,830 | ' | ' |
Income tax payable | 6 | 0 | ' | ' |
Intercompany payable | 714,847 | 0 | ' | ' |
Total current liabilities | 731,376 | 275,220 | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Long-term payable to related party | 0 | 0 | ' | ' |
Deferred income tax liability | 0 | 0 | ' | ' |
Other long-term liabilities | 306 | 279 | ' | ' |
Total partners’ equity | 918,276 | 2,329,595 | ' | ' |
Total liabilities and partners' equity | 1,649,958 | 2,605,094 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 77,532 | 75,457 | 17,344 | 73,413 |
Receivables, net | 231,220 | 340,144 | ' | ' |
Inventories | 133,195 | 165,349 | ' | ' |
Income tax receivable | 826 | 1,265 | ' | ' |
Other current assets | 19,009 | 37,417 | ' | ' |
Assets held for sale | 21,987 | 82,997 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Total current assets | 483,769 | 702,629 | ' | ' |
Property, plant and equipment, net | 1,180,066 | 1,232,170 | ' | ' |
Intangible assets, net | 54,256 | 73,702 | ' | ' |
Goodwill | 297,324 | 634,382 | ' | ' |
Investment in wholly owned subsidiaries | 918,339 | 2,329,595 | ' | ' |
Investment in joint ventures | 68,735 | 67,062 | ' | ' |
Deferred income tax asset | 5,769 | 3,108 | ' | ' |
Note receivable from related party, net | 0 | 0 | ' | ' |
Other long-term assets, net | 14,166 | 14,759 | ' | ' |
Total assets | 3,022,424 | 5,057,407 | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' |
Current portion of long-term debt | ' | 34,142 | ' | ' |
Payables | 214,909 | 274,044 | ' | ' |
Accrued interest payable | 47 | 5 | ' | ' |
Accrued liabilities | 13,064 | 39,477 | ' | ' |
Taxes other than income tax | 475 | 1,263 | ' | ' |
Income tax payable | 3,382 | 2,424 | ' | ' |
Intercompany payable | 302,222 | 444,618 | ' | ' |
Total current liabilities | 534,099 | 795,973 | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Long-term payable to related party | 5,443 | 5,442 | ' | ' |
Deferred income tax liability | 27,350 | 32,114 | ' | ' |
Other long-term liabilities | 6,511 | 4,376 | ' | ' |
Total partners’ equity | 2,449,021 | 4,219,502 | ' | ' |
Total liabilities and partners' equity | 3,022,424 | 5,057,407 | ' | ' |
Eliminations | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | -6 | -10,381 | ' | ' |
Inventories | -10 | -31 | ' | ' |
Income tax receivable | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Assets held for sale | 0 | 0 | ' | ' |
Intercompany receivable | -1,521,552 | -952,983 | ' | ' |
Total current assets | -1,521,568 | -963,395 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Investment in wholly owned subsidiaries | -4,426,418 | -6,833,244 | ' | ' |
Investment in joint ventures | 0 | 0 | ' | ' |
Deferred income tax asset | 0 | 0 | ' | ' |
Note receivable from related party, net | 0 | 0 | ' | ' |
Other long-term assets, net | 0 | 0 | ' | ' |
Total assets | -5,947,986 | -7,796,639 | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' |
Current portion of long-term debt | ' | 0 | ' | ' |
Payables | -6 | -10,381 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Taxes other than income tax | 0 | 0 | ' | ' |
Income tax payable | 0 | 0 | ' | ' |
Intercompany payable | -1,521,552 | -952,983 | ' | ' |
Total current liabilities | -1,521,558 | -963,364 | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Long-term payable to related party | 0 | 0 | ' | ' |
Deferred income tax liability | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total partners’ equity | -4,426,428 | -6,833,275 | ' | ' |
Total liabilities and partners' equity | ($5,947,986) | ($7,796,639) | ' | ' |
CONDENSED_CONSOLIDATING_FINANC3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 2 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $785,387 | $778,145 | $902,014 | $998,186 | $982,890 | $1,591,730 | $1,764,667 | $1,606,449 | $3,463,732 | $5,945,736 | $6,257,629 |
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,482,853 | 5,963,904 | 5,946,746 |
Operating income (loss) | -228,202 | 68,751 | 76,972 | 63,358 | 60,125 | 62,750 | -201,925 | 60,882 | -19,121 | -18,168 | 310,883 |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in earnings (loss) of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -39,970 | -9,378 | 11,458 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -121,006 | -89,316 | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -127,119 | -90,535 | -81,539 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 7,341 | -24,689 | -3,573 |
Income (loss) from continuing operations before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -172,756 | -141,551 | 237,229 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 12,753 | 24,450 | 18,555 |
Income (loss) from continuing operations | -275,502 | 35,682 | 34,712 | 19,599 | 18,892 | 17,000 | -241,871 | 39,978 | -185,509 | -166,001 | 218,674 |
Income (loss) from discontinued operations, net of tax | -99,778 | -2,446 | -1,743 | 4,805 | -29,915 | -12,658 | -4,939 | -13,724 | -99,162 | -61,236 | 2,927 |
Net income (loss) | -375,280 | 33,236 | 32,969 | 24,404 | -11,023 | 4,342 | -246,810 | 26,254 | -284,671 | -227,237 | 221,601 |
Less net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -10,901 | -621 | 140 |
Net income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | -273,770 | -226,616 | 221,461 |
NuStar Energy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,908 | 1,699 | 1,663 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1,908 | -1,699 | -1,663 |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -271,862 | -224,917 | 223,125 |
Equity in earnings (loss) of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -273,770 | -226,616 | 221,462 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -273,770 | -226,616 | 221,461 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -273,770 | -226,616 | 221,461 |
Less net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | -273,770 | -226,616 | 221,461 |
NuStar Logistics | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 415,128 | 362,451 | 296,142 |
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 242,743 | 216,159 | 174,360 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 172,385 | 146,292 | 121,782 |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 16,531 | -361,830 | 12,883 |
Equity in earnings (loss) of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -49,599 | -16,117 | 0 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -116,624 | -76,311 | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -56,389 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -115 | -26,596 | 1,309 |
Income (loss) from continuing operations before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 22,578 | -334,562 | 79,585 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 579 | 255 | -575 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 21,999 | -334,817 | 80,160 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -12,317 | -2,085 | -2,334 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 9,682 | -336,902 | 77,826 |
Less net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | 9,682 | -336,902 | 77,826 |
NuPOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 218,591 | 210,712 | 199,569 |
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 147,117 | 151,185 | 142,077 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 71,474 | 59,527 | 57,492 |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -347,808 | 65,505 | 108,644 |
Equity in earnings (loss) of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -4,851 | -12,546 | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,840 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -127 | 1,679 | 1,936 |
Income (loss) from continuing operations before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -281,312 | 114,165 | 145,232 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 1,329 | 13 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -281,320 | 112,836 | 145,219 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -281,320 | 112,836 | 145,219 |
Less net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | -281,320 | 112,836 | 145,219 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,864,160 | 5,397,626 | 5,794,433 |
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,125,253 | 5,620,326 | 5,661,577 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -261,093 | -222,700 | 132,856 |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -281,327 | 112,818 | 145,218 |
Equity in earnings (loss) of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 9,629 | 6,739 | 11,458 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 469 | -459 | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,310 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 7,583 | 228 | -6,818 |
Income (loss) from continuing operations before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -524,739 | -103,374 | 280,404 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 12,166 | 22,866 | 19,116 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -536,905 | -126,240 | 261,288 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -86,845 | -58,765 | 5,261 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -623,750 | -185,005 | 266,549 |
Less net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -10,901 | -621 | 140 |
Net income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | -612,849 | -184,384 | 266,409 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -34,147 | -25,053 | -32,515 |
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -34,168 | -25,465 | -32,931 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 21 | 412 | 416 |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 884,466 | 408,424 | -489,870 |
Equity in earnings (loss) of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 884,487 | 408,836 | -489,454 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 884,487 | 408,836 | -489,454 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -386 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 884,487 | 408,450 | -489,454 |
Less net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | $884,487 | $408,450 | ($489,454) |
CONDENSED_CONSOLIDATING_FINANC4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 3 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ($375,280) | $33,236 | $32,969 | $24,404 | ($11,023) | $4,342 | ($246,810) | $26,254 | ($284,671) | ($227,237) | $221,601 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -19,364 | 10,677 | -18,431 |
Net unrealized gain (loss) on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 7,213 | -94,269 | -53,452 |
Net loss (gain) reclassified into income on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 7,570 | 53,232 | -5,030 |
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -4,581 | -30,360 | -76,913 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -289,252 | -257,597 | 144,688 |
Less comprehensive income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -10,953 | 477 | -2,866 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | -278,299 | -258,074 | 147,554 |
NuStar Energy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -273,770 | -226,616 | 221,461 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net unrealized gain (loss) on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net loss (gain) reclassified into income on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -273,770 | -226,616 | 221,461 |
Less comprehensive income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | -273,770 | -226,616 | 221,461 |
NuStar Logistics | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 9,682 | -336,902 | 77,826 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -3,090 | 0 | 0 |
Net unrealized gain (loss) on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 7,213 | -17,069 | -84,199 |
Net loss (gain) reclassified into income on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 7,570 | 1,749 | 0 |
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 11,693 | -15,320 | -84,199 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 21,375 | -352,222 | -6,373 |
Less comprehensive income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | 21,375 | -352,222 | -6,373 |
NuPOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -281,320 | 112,836 | 145,219 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net unrealized gain (loss) on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net loss (gain) reclassified into income on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -281,320 | 112,836 | 145,219 |
Less comprehensive income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | -281,320 | 112,836 | 145,219 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -623,750 | -185,005 | 266,549 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -16,274 | 10,677 | -18,431 |
Net unrealized gain (loss) on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -77,200 | 30,747 |
Net loss (gain) reclassified into income on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 51,483 | -5,030 |
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -16,274 | -15,040 | 7,286 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -640,024 | -200,045 | 273,835 |
Less comprehensive income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -10,953 | 477 | -2,866 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | -629,071 | -200,522 | 276,701 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 884,487 | 408,450 | -489,454 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net unrealized gain (loss) on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net loss (gain) reclassified into income on cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 884,487 | 408,450 | -489,454 |
Less comprehensive income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | ' | ' | ' | ' | ' | ' | ' | ' | $884,487 | $408,450 | ($489,454) |
CONDENSED_CONSOLIDATING_FINANC5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 4 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | $485,219 | $299,203 | $94,468 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -343,320 | -410,595 | -335,660 |
Change in accounts payable related to capital expenditures | -5,384 | 0 | 0 |
Acquisitions | 0 | -315,810 | -100,690 |
Investment in other long-term assets | 0 | -2,610 | -8,990 |
Proceeds from sale or disposition of assets | 119,006 | 478,926 | 2,086 |
Increase in note receivable from related party | -80,961 | -95,711 | 0 |
Investment in subsidiaries | 0 | 0 | 0 |
Other, net | -302 | 0 | 0 |
Net cash used in investing activities | -310,961 | -345,800 | -443,254 |
Cash flows from financing activities: | ' | ' | ' |
Debt borrowings | 1,738,451 | 2,621,025 | 949,549 |
Debt repayments | -2,150,743 | -2,720,355 | -801,950 |
Proceeds from note offering, net of issuance costs | 686,863 | 247,398 | 0 |
Issuance of common units, net of issuance costs | 0 | 336,415 | 317,285 |
General partner contribution | 0 | 7,121 | 6,708 |
Distributions to unitholders and general partner | -392,204 | -365,279 | -322,046 |
(Payments for) proceeds from termination of interest rate swaps | -33,697 | -5,678 | 33,433 |
Contributions from (distributions to) affiliates | 0 | 0 | 0 |
Net intercompany borrowings (repayments) | 0 | 0 | 0 |
Other, net | 1,980 | -9,978 | 3,742 |
Net cash provided by (used in) financing activities | -149,350 | 110,669 | 186,721 |
Effect of foreign exchange rate changes on cash | -7,767 | 2,033 | -1,559 |
Net increase (decrease) in cash and cash equivalents | 17,141 | 66,105 | -163,624 |
Cash and cash equivalents as of the beginning of the period | 83,602 | 17,497 | 181,121 |
Cash and cash equivalents as of the end of the period | 100,743 | 83,602 | 17,497 |
NuStar Energy | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | 390,002 | 363,639 | 377,469 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Change in accounts payable related to capital expenditures | 0 | ' | ' |
Acquisitions | ' | 0 | 0 |
Investment in other long-term assets | ' | 0 | 0 |
Proceeds from sale or disposition of assets | 0 | 0 | 0 |
Increase in note receivable from related party | 0 | 0 | ' |
Investment in subsidiaries | -302 | -337,123 | -374,628 |
Other, net | 302 | ' | ' |
Net cash used in investing activities | 0 | -337,123 | -374,628 |
Cash flows from financing activities: | ' | ' | ' |
Debt borrowings | 0 | 0 | 0 |
Debt repayments | 0 | 0 | 0 |
Proceeds from note offering, net of issuance costs | 0 | 0 | ' |
Issuance of common units, net of issuance costs | ' | 336,415 | 317,285 |
General partner contribution | ' | 7,121 | 6,708 |
Distributions to unitholders and general partner | -392,204 | -365,279 | -322,046 |
(Payments for) proceeds from termination of interest rate swaps | 0 | 0 | 0 |
Contributions from (distributions to) affiliates | 0 | 0 | 0 |
Net intercompany borrowings (repayments) | -3,880 | 2,254 | -4,702 |
Other, net | -47 | -133 | 0 |
Net cash provided by (used in) financing activities | -396,131 | -19,622 | -2,755 |
Effect of foreign exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -6,129 | 6,894 | 86 |
Cash and cash equivalents as of the beginning of the period | 7,033 | 139 | 53 |
Cash and cash equivalents as of the end of the period | 904 | 7,033 | 139 |
NuStar Logistics | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | 210,742 | 86,333 | 121,416 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -224,798 | -292,873 | -197,845 |
Change in accounts payable related to capital expenditures | -9,700 | ' | ' |
Acquisitions | ' | -201,610 | -47,817 |
Investment in other long-term assets | ' | 0 | 0 |
Proceeds from sale or disposition of assets | 118,806 | 441,442 | 63 |
Increase in note receivable from related party | -80,961 | -95,711 | ' |
Investment in subsidiaries | 527 | -114,200 | 0 |
Other, net | -604 | ' | ' |
Net cash used in investing activities | -196,730 | -262,952 | -245,599 |
Cash flows from financing activities: | ' | ' | ' |
Debt borrowings | 1,738,451 | 2,621,025 | 949,549 |
Debt repayments | -1,866,282 | -2,470,355 | -801,950 |
Proceeds from note offering, net of issuance costs | 686,863 | 247,398 | ' |
Issuance of common units, net of issuance costs | ' | 0 | 0 |
General partner contribution | ' | 0 | 0 |
Distributions to unitholders and general partner | -392,204 | -365,279 | -322,046 |
(Payments for) proceeds from termination of interest rate swaps | -33,697 | -5,678 | 33,433 |
Contributions from (distributions to) affiliates | 302 | 337,123 | 260,028 |
Net intercompany borrowings (repayments) | -128,277 | -177,851 | -105,944 |
Other, net | 2,027 | -9,845 | 4,705 |
Net cash provided by (used in) financing activities | 7,183 | 176,538 | 17,775 |
Effect of foreign exchange rate changes on cash | 0 | 1,179 | -1,233 |
Net increase (decrease) in cash and cash equivalents | 21,195 | 1,098 | -107,641 |
Cash and cash equivalents as of the beginning of the period | 1,112 | 14 | 107,655 |
Cash and cash equivalents as of the end of the period | 22,307 | 1,112 | 14 |
NuPOP | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | 84,490 | 81,700 | 59,109 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -19,049 | -16,114 | -8,093 |
Change in accounts payable related to capital expenditures | 824 | ' | ' |
Acquisitions | ' | 0 | 0 |
Investment in other long-term assets | ' | 0 | 0 |
Proceeds from sale or disposition of assets | 35 | 4,537 | 86 |
Increase in note receivable from related party | 0 | 0 | ' |
Investment in subsidiaries | 0 | 0 | -56,727 |
Other, net | 0 | ' | ' |
Net cash used in investing activities | -18,190 | -11,577 | -64,734 |
Cash flows from financing activities: | ' | ' | ' |
Debt borrowings | 0 | 0 | 0 |
Debt repayments | -250,000 | -250,000 | 0 |
Proceeds from note offering, net of issuance costs | 0 | 0 | ' |
Issuance of common units, net of issuance costs | ' | 0 | 0 |
General partner contribution | ' | 0 | 0 |
Distributions to unitholders and general partner | 0 | 0 | 0 |
(Payments for) proceeds from termination of interest rate swaps | 0 | 0 | 0 |
Contributions from (distributions to) affiliates | 0 | 0 | 56,727 |
Net intercompany borrowings (repayments) | 183,700 | 179,877 | -51,102 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | -66,300 | -70,123 | 5,625 |
Effect of foreign exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents as of the beginning of the period | 0 | 0 | 0 |
Cash and cash equivalents as of the end of the period | 0 | 0 | 0 |
Non-Guarantor Subsidiaries | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | 192,228 | 149,369 | -84,135 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -99,473 | -101,608 | -129,722 |
Change in accounts payable related to capital expenditures | 3,492 | ' | ' |
Acquisitions | ' | -114,200 | -52,873 |
Investment in other long-term assets | ' | -2,610 | -8,990 |
Proceeds from sale or disposition of assets | 165 | 32,947 | 1,937 |
Increase in note receivable from related party | 0 | 0 | ' |
Investment in subsidiaries | 3 | -34 | -56,759 |
Other, net | 0 | ' | ' |
Net cash used in investing activities | -95,813 | -185,505 | -246,407 |
Cash flows from financing activities: | ' | ' | ' |
Debt borrowings | 0 | 0 | 0 |
Debt repayments | -34,461 | 0 | 0 |
Proceeds from note offering, net of issuance costs | 0 | 0 | ' |
Issuance of common units, net of issuance costs | ' | 0 | 0 |
General partner contribution | ' | 0 | 0 |
Distributions to unitholders and general partner | -39 | -16,567 | -32 |
(Payments for) proceeds from termination of interest rate swaps | 0 | 0 | 0 |
Contributions from (distributions to) affiliates | -530 | 114,234 | 114,053 |
Net intercompany borrowings (repayments) | -51,543 | -4,272 | 161,741 |
Other, net | 0 | 0 | -963 |
Net cash provided by (used in) financing activities | -86,573 | 93,395 | 274,799 |
Effect of foreign exchange rate changes on cash | -7,767 | 854 | -326 |
Net increase (decrease) in cash and cash equivalents | 2,075 | 58,113 | -56,069 |
Cash and cash equivalents as of the beginning of the period | 75,457 | 17,344 | 73,413 |
Cash and cash equivalents as of the end of the period | 77,532 | 75,457 | 17,344 |
Eliminations | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | -392,243 | -381,838 | -379,391 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Change in accounts payable related to capital expenditures | 0 | ' | ' |
Acquisitions | ' | 0 | 0 |
Investment in other long-term assets | ' | 0 | 0 |
Proceeds from sale or disposition of assets | 0 | 0 | 0 |
Increase in note receivable from related party | 0 | 0 | ' |
Investment in subsidiaries | -228 | 451,357 | 488,114 |
Other, net | 0 | ' | ' |
Net cash used in investing activities | -228 | 451,357 | 488,114 |
Cash flows from financing activities: | ' | ' | ' |
Debt borrowings | 0 | 0 | 0 |
Debt repayments | 0 | 0 | 0 |
Proceeds from note offering, net of issuance costs | 0 | 0 | ' |
Issuance of common units, net of issuance costs | ' | 0 | 0 |
General partner contribution | ' | 0 | 0 |
Distributions to unitholders and general partner | 392,243 | 381,846 | 322,078 |
(Payments for) proceeds from termination of interest rate swaps | 0 | 0 | 0 |
Contributions from (distributions to) affiliates | 228 | -451,357 | -430,808 |
Net intercompany borrowings (repayments) | 0 | -8 | 7 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 392,471 | -69,519 | -108,723 |
Effect of foreign exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents as of the beginning of the period | 0 | 0 | 0 |
Cash and cash equivalents as of the end of the period | $0 | $0 | $0 |
QUARTERLY_FINANCIAL_DATA_UNAUD2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $785,387 | $778,145 | $902,014 | $998,186 | $982,890 | $1,591,730 | $1,764,667 | $1,606,449 | $3,463,732 | $5,945,736 | $6,257,629 |
Operating income (loss) | -228,202 | 68,751 | 76,972 | 63,358 | 60,125 | 62,750 | -201,925 | 60,882 | -19,121 | -18,168 | 310,883 |
Income (loss) from continuing operations | -275,502 | 35,682 | 34,712 | 19,599 | 18,892 | 17,000 | -241,871 | 39,978 | -185,509 | -166,001 | 218,674 |
Income (loss) from discontinued operations, net of tax | -99,778 | -2,446 | -1,743 | 4,805 | -29,915 | -12,658 | -4,939 | -13,724 | -99,162 | -61,236 | 2,927 |
Net income (loss) | ($375,280) | $33,236 | $32,969 | $24,404 | ($11,023) | $4,342 | ($246,810) | $26,254 | ($284,671) | ($227,237) | $221,601 |
Net income (loss) per unit applicable to limited partners: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations | ($3.60) | $0.31 | $0.30 | $0.10 | $0.10 | $0.08 | ($3.48) | $0.41 | ($2.89) | ($2.79) | $2.74 |
Discontinued operations | ($1.13) | ($0.03) | ($0.02) | $0.07 | ($0.37) | ($0.17) | ($0.08) | ($0.18) | ($1.11) | ($0.82) | $0.04 |
Total | ($4.73) | $0.28 | $0.28 | $0.17 | ($0.27) | ($0.09) | ($3.56) | $0.23 | ($4) | ($3.61) | $2.78 |
Cash distributions per unit applicable to limited partners | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $4.38 | $4.38 | $4.36 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Sale of Asphalt JV Interest [Member], USD $) | 2 Months Ended |
In Millions, unless otherwise specified | Feb. 26, 2014 |
Sale of Asphalt JV Interest [Member] | ' |
Subsequent Event [Line Items] | ' |
Percent Ownership Interest Sold | 50.00% |
Ownership Percentage By Acquiring Entity | 100.00% |
Maximum Amount Available Under Term Loan to Related Party | $190 |
Maximum Amount Available Under Term Loan to Related Party Step Down | '$175.0 million on December 31, 2014 and then to $150.0 million on September 30, 2015 |
Term of Credit Support for Related Party | 'two years |