DEI_Document
DEI Document | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
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-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ns | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 77,886,078 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $25,686 | $100,743 |
Accounts receivable, net of allowance for doubtful accounts of $306 and $1,224 as of September 30, 2014 and December 31, 2013, respectively | 220,841 | 281,310 |
Receivable from related parties | 45 | 51,084 |
Inventories | 117,937 | 138,147 |
Income tax receivable | 3,661 | 826 |
Other current assets | 37,523 | 39,452 |
Assets held for sale | 2,256 | 21,987 |
Total current assets | 407,949 | 633,549 |
Property, plant and equipment, at cost | 4,706,896 | 4,500,837 |
Accumulated depreciation and amortization | -1,315,466 | -1,190,184 |
Property, plant and equipment, net | 3,391,430 | 3,310,653 |
Intangible assets, net | 61,815 | 71,249 |
Goodwill | 617,429 | 617,429 |
Investment in joint ventures | 72,872 | 68,735 |
Deferred income tax asset | 4,902 | 5,769 |
Note receivable from related party | 0 | 165,440 |
Other long-term assets, net | 320,970 | 159,362 |
Total assets | 4,877,367 | 5,032,186 |
Current liabilities: | ' | ' |
Accounts payable | 177,961 | 298,751 |
Payable to related party | 14,119 | 8,325 |
Short-term debt | 21,400 | 0 |
Accrued interest payable | 27,501 | 33,113 |
Accrued liabilities | 39,053 | 38,632 |
Taxes other than income tax | 15,053 | 9,745 |
Income tax payable | 4,035 | 4,006 |
Total current liabilities | 299,122 | 392,572 |
Long-term debt | 2,731,551 | 2,655,553 |
Long-term payable to related party | 30,489 | 41,139 |
Deferred income tax liability | 27,785 | 27,350 |
Other long-term liabilities | 19,775 | 11,778 |
Commitments and contingencies (Note 5) | ' | ' |
Partners' equity: | ' | ' |
Limited partners (77,886,078 common units outstanding as of September 30, 2014 and December 31, 2013) | 1,788,360 | 1,921,726 |
General partner | 40,419 | 43,804 |
Accumulated other comprehensive loss | -60,134 | -63,394 |
Total NuStar Energy L.P. partners' equity | 1,768,645 | 1,902,136 |
Noncontrolling interest | 0 | 1,658 |
Total partners’ equity | 1,768,645 | 1,903,794 |
Total liabilities and partners' equity | $4,877,367 | $5,032,186 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $306 | $1,224 |
Limited partners common units outstanding (in units) | 77,886,078 | 77,886,078 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Service revenues | $266,651 | $243,712 | $755,551 | $700,922 |
Product sales | 527,771 | 534,433 | 1,637,829 | 1,977,423 |
Total revenues | 794,422 | 778,145 | 2,393,380 | 2,678,345 |
Costs and expenses: | ' | ' | ' | ' |
Cost of product sales | 509,794 | 527,217 | 1,578,508 | 1,928,237 |
Operating expenses: | ' | ' | ' | ' |
Third parties | 84,570 | 87,025 | 246,541 | 248,493 |
Related party | 31,394 | 30,076 | 91,025 | 93,440 |
Total operating expenses | 115,964 | 117,101 | 337,566 | 341,933 |
General and administrative expenses: | ' | ' | ' | ' |
Third parties | 7,567 | 8,336 | 20,044 | 24,171 |
Related party | 17,400 | 10,495 | 48,942 | 41,807 |
Total general and administrative expenses | 24,967 | 18,831 | 68,986 | 65,978 |
Depreciation and amortization expense | 48,599 | 46,245 | 142,765 | 133,116 |
Total costs and expenses | 699,324 | 709,394 | 2,127,825 | 2,469,264 |
Operating income | 95,098 | 68,751 | 265,555 | 209,081 |
Equity in earnings (loss) of joint ventures | 2,749 | -5,358 | 1,737 | -26,629 |
Interest expense, net | -33,007 | -30,823 | -100,546 | -92,849 |
Interest income from related party | 0 | 1,828 | 1,055 | 4,560 |
Other (expense) income, net | -1,388 | 1,389 | 1,816 | 3,917 |
Income from continuing operations before income tax expense | 63,452 | 35,787 | 169,617 | 98,080 |
Income tax expense | 4,335 | 105 | 10,317 | 8,087 |
Income from continuing operations | 59,117 | 35,682 | 159,300 | 89,993 |
Income (loss) from discontinued operations, net of tax | 2,831 | -2,446 | -2,316 | 616 |
Net income | 61,948 | 33,236 | 156,984 | 90,609 |
Less net loss attributable to noncontrolling interest | -173 | -161 | -395 | -439 |
Net income attributable to NuStar Energy L.P. | 62,121 | 33,397 | 157,379 | 91,048 |
Net income (loss) per unit applicable to limited partners: | ' | ' | ' | ' |
Continuing operations | $0.61 | $0.31 | $1.59 | $0.71 |
Discontinued operations | $0.03 | ($0.03) | ($0.03) | $0.02 |
Total (Note 10) | $0.64 | $0.28 | $1.56 | $0.73 |
Weighted-average limited partner units outstanding | 77,886,078 | 77,886,078 | 77,886,078 | 77,886,078 |
Comprehensive income | 58,167 | 38,790 | 159,811 | 90,042 |
Less comprehensive loss attributable to noncontrolling interest | -159 | -729 | -828 | -2,206 |
Comprehensive income attributable to NuStar Energy L.P. | $58,326 | $39,519 | $160,639 | $92,248 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $156,984 | $90,609 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization expense | 142,765 | 137,185 |
Amortization of debt related items | 7,015 | 1,721 |
Gain from sale or disposition of assets | -3,840 | -8,739 |
Asset impairment loss | 2,067 | 0 |
Deferred income tax expense (benefit) | 2,453 | -3,815 |
Equity in (earnings) loss of joint ventures | -1,737 | 26,629 |
Distributions of equity in earnings of joint ventures | 5,879 | 5,787 |
Changes in current assets and current liabilities (Note 11) | 1,080 | 116,838 |
Other, net | 2,529 | 12,325 |
Net cash provided by operating activities | 315,195 | 378,540 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -229,548 | -260,701 |
Change in accounts payable related to capital expenditures | 10,910 | -2,879 |
Proceeds from sale or disposition of assets | 25,975 | 116,467 |
Increase in note receivable from related party | -13,328 | -50,761 |
Other, net | -853 | 156 |
Net cash used in investing activities | -206,844 | -197,718 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from long-term debt borrowings | 537,436 | 1,299,220 |
Proceeds from note offering, net of issuance costs | 0 | 687,151 |
Proceeds from short-term debt borrowings | 205,200 | 0 |
Long-term debt repayments | -451,269 | -1,897,182 |
Short-term debt repayments | -183,800 | 0 |
Distributions to unitholders and general partner | -294,153 | -294,153 |
Payments for termination of interest rate swaps | 0 | -33,697 |
Other, net | 2,540 | 3,168 |
Net cash used in financing activities | -184,046 | -235,493 |
Effect of foreign exchange rate changes on cash | 638 | -4,412 |
Net decrease in cash and cash equivalents | -75,057 | -59,083 |
Cash and cash equivalents as of the beginning of the period | 100,743 | 83,602 |
Cash and cash equivalents as of the end of the period | $25,686 | $24,519 |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
ORGANIZATION AND BASIS OF PRESENTATION | ' |
ORGANIZATION AND BASIS OF PRESENTATION | |
Organization and Operations | |
NuStar Energy L.P. (NuStar Energy) (NYSE: NS) is engaged in the transportation of petroleum products and anhydrous ammonia, the terminalling and storage of petroleum products and the marketing of petroleum products. Unless otherwise indicated, the terms “NuStar Energy,” “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 15.1% total interest in us as of September 30, 2014. | |
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: pipeline, storage and fuels marketing. | |
Basis of Presentation | |
These unaudited condensed consolidated financial statements include the accounts of the Partnership and subsidiaries in which the Partnership has a controlling interest. Noncontrolling interests are separately disclosed on the financial statements. Inter-partnership balances and transactions have been eliminated in consolidation. We account for our investments in joint ventures using the equity method of accounting. | |
These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included, and all disclosures are adequate. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three and nine months ended September 30, 2014 and 2013 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited condensed consolidated financial statements. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The consolidated balance sheet as of December 31, 2013 has been derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016, using one of two retrospective transition methods. Early adoption is not permitted for public entities. We are currently assessing the impact of this new guidance on our financial statements and disclosures, and we have not yet selected a transition method. | |
In April 2014, the FASB amended the disclosure requirements for discontinued operations. Under the amended guidance, a discontinued operation is defined as the disposal of a component that represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. The amended guidance also requires expanded disclosures about discontinued operations and disposals of a significant part of an entity that do not qualify as discontinued operations. The amended guidance is effective prospectively to new disposals and new classifications of assets held for sale in annual periods beginning after December 15, 2014, and interim periods within those annual periods. Accordingly, we plan to adopt the amended guidance January 1, 2015. |
DISPOSITIONS_AND_DISCONTINUED_
DISPOSITIONS AND DISCONTINUED OPERATIONS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
DISPOSITIONS AND DISCONTINUED OPERATIONS | ' | |||||||||||||||
DISPOSITIONS AND DISCONTINUED OPERATIONS | ||||||||||||||||
Dispositions | ||||||||||||||||
On February 26, 2014, we sold our remaining 50% ownership interest in NuStar Asphalt LLC to Lindsay Goldberg LLC (Lindsay Goldberg), a private investment firm (the Asphalt JV Sale). Effective February 27, 2014, NuStar Asphalt LLC changed its name to Axeon Specialty Products LLC (Axeon). Lindsay Goldberg now owns 100% of Axeon. As a result of the Asphalt JV Sale, we ceased applying the equity method of accounting. Upon completion of the Asphalt JV Sale, the parties agreed to: (i) convert the $250.0 million unsecured revolving credit facility provided by us to Axeon (the NuStar JV Facility) from a revolving credit agreement into a $190.0 million term loan (the Axeon Term Loan); (ii) terminate the terminal services agreements with respect to our terminals in Rosario, NM, Catoosa, OK and Houston, TX; (iii) amend the terminal services agreements for our terminals in Baltimore, MD and Jacksonville, FL; and (iv) transfer ownership of both the Wilmington, NC and Dumfries, VA terminals to Axeon, which were categorized as assets held for sale at December 31, 2013. See Note 8 for a discussion of our agreements with Axeon. | ||||||||||||||||
Discontinued Operations | ||||||||||||||||
Terminals Held for Sale. In addition to the terminals located in Wilmington, NC and Dumfries, VA, we have identified and plan to divest several non-strategic, underperforming terminal facilities. As a result, we have classified the associated property, plant and equipment as “Assets held for sale” on the consolidated balance sheets. We presented the results of operations for those facilities, which were previously reported in the storage segment, as discontinued operations for all periods presented. In September 2014, we sold our 75% interest in our facility in Mersin, Turkey for total proceeds of $13.4 million. We recognized a gain of $3.7 million, which is included in discontinued operations for the three and nine months ended September 30, 2014. In June 2014, we sold three terminals located in Mobile, AL with an aggregate storage capacity of 1.8 million barrels for total proceeds of $13.7 million. We allocated interest expense to discontinued operations based on the ratio of net assets discontinued to consolidated net assets as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Allocated interest expense | $ | 115 | $ | 352 | $ | 811 | $ | 1,056 | ||||||||
San Antonio Refinery. On January 1, 2013, we sold our fuels refinery in San Antonio, Texas (the San Antonio Refinery) and related assets for approximately $117.0 million (the San Antonio Refinery Sale). We recognized a gain of $9.3 million on the sale, which is included in discontinued operations for the nine months ended September 30, 2013. | ||||||||||||||||
The following table summarizes the results from discontinued operations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Revenues | $ | 276 | $ | 1,865 | $ | 3,456 | $ | 5,756 | ||||||||
Income (loss) before income tax expense | $ | 2,831 | $ | (3,114 | ) | $ | (2,316 | ) | $ | (1,324 | ) | |||||
INVENTORIES
INVENTORIES | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(Thousands of Dollars) | ||||||||
Crude oil | $ | 6,294 | $ | 6,485 | ||||
Finished products | 102,602 | 123,656 | ||||||
Materials and supplies | 9,041 | 8,006 | ||||||
Total | $ | 117,937 | $ | 138,147 | ||||
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
DEBT | ' |
DEBT | |
Revolving Credit Agreement | |
During the nine months ended September 30, 2014, the balance under our $1.5 billion five-year revolving credit agreement (the 2012 Revolving Credit Agreement) increased by $79.4 million, which we used for general partnership purposes. The 2012 Revolving Credit Agreement bears interest, at our option, based on either an alternative base rate, a LIBOR-based rate or a EURIBOR-based rate. The interest rate on the 2012 Revolving Credit Agreement is subject to adjustment if our debt rating is downgraded (or upgraded) by certain credit rating agencies. As of September 30, 2014, our weighted average interest rate was 2.2% and we had $582.4 million outstanding. | |
The 2012 Revolving Credit Agreement contains customary restrictive covenants, such as limitations on indebtedness, liens, mergers, asset transfers and certain investing activities. In addition, the 2012 Revolving Credit Agreement requires 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 debt to consolidated EBITDA, each as defined in the 2012 Revolving Credit Agreement) not to exceed 5.00-to-1.00. 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 September 30, 2014, our consolidated debt coverage ratio was 4.0x, and we had $839.1 million available for borrowing. | |
On October 29, 2014, we amended and restated the 2012 Revolving Credit Agreement primarily to reduce the interest rate, to extend the maturity to October 29, 2019 and to amend certain of the restrictive covenants. | |
Gulf Opportunity Zone Revenue Bonds | |
In 2008, 2010 and 2011, the Parish of St. James, Louisiana issued, pursuant to the Gulf Opportunity Zone Act of 2005, tax-exempt revenue bonds (the GoZone Bonds) associated with our St. James, Louisiana terminal expansions. The GoZone Bonds bear interest based on a weekly tax-exempt bond market interest rate, and we pay interest monthly. The interest rate was 0.1% as of September 30, 2014. 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 expansions. 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” on the consolidated balance sheets. For the nine months ended September 30, 2014, we received $0.8 million from the trustee. As of September 30, 2014, the amount remaining in trust totaled $82.7 million. | |
Short-term Lines of Credit | |
In 2014, we entered into two short-term line of credit agreements with an aggregate uncommitted borrowing capacity of up to $80.0 million. These agreements allow us to better manage the fluctuations in our daily cash requirements and minimize our excess cash balances. The interest rate and maturity vary and are determined at the time of the borrowing. We had $21.4 million outstanding under these short-term lines of credit as of September 30, 2014. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2014 | |
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 September 30, 2014, we have accrued $1.1 million for contingent losses. The amount that will ultimately be paid 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. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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: | ||||||||||||||||
September 30, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Assets: | ||||||||||||||||
Other current assets: | ||||||||||||||||
Product imbalances | $ | 2,822 | $ | — | $ | — | $ | 2,822 | ||||||||
Commodity derivatives | 6,714 | 3,166 | — | 9,880 | ||||||||||||
Other long-term assets, net: | ||||||||||||||||
Commodity derivatives | — | 233 | — | 233 | ||||||||||||
Total | $ | 9,536 | $ | 3,399 | $ | — | $ | 12,935 | ||||||||
Liabilities: | ||||||||||||||||
Accrued liabilities: | ||||||||||||||||
Product imbalances | $ | (2,335 | ) | $ | — | $ | — | $ | (2,335 | ) | ||||||
Commodity derivatives | — | (1,615 | ) | — | (1,615 | ) | ||||||||||
Other long-term liabilities: | ||||||||||||||||
Commodity derivatives | — | (105 | ) | — | (105 | ) | ||||||||||
Guarantee liability | — | — | (1,730 | ) | (1,730 | ) | ||||||||||
Total | $ | (2,335 | ) | $ | (1,720 | ) | $ | (1,730 | ) | $ | (5,785 | ) | ||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Assets: | ||||||||||||||||
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 | ||||||||||||
Total | $ | 1,980 | $ | 11,925 | $ | — | $ | 13,905 | ||||||||
Liabilities: | ||||||||||||||||
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 | $ | (3,623 | ) | $ | (2,375 | ) | $ | (3,198 | ) | $ | (9,196 | ) | ||||
Product Imbalances. We value our assets and liabilities related to product imbalances using quoted market prices in active markets as of the reporting date. | ||||||||||||||||
Commodity Derivatives. We base the fair value of certain of our commodity derivative instruments on quoted prices on an exchange; accordingly, we include these items 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 7 for a discussion of our derivative instruments. | ||||||||||||||||
Contingent Consideration. On December 13, 2012, NuStar Logistics acquired certain assets from TexStar Midstream Services, LP and certain of its affiliates (collectively, TexStar) for approximately $325.0 million (the TexStar Asset Acquisition), including contingent consideration. In connection with the TexStar Asset Acquisition, we could have been obligated to pay additional consideration to TexStar, depending upon the cost of work required to complete certain assets and obtain outstanding real estate rights (collectively, the Contingent Consideration). In August 2014, we settled with TexStar and reduced the associated liability to $0. | ||||||||||||||||
Guarantees. As of September 30, 2014, we recorded a liability of $1.7 million representing the fair value of guarantees we have issued on behalf of Axeon. We estimated the fair value considering the probability of default by Axeon 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 September 30, 2014, totaling $73.3 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 8 for a discussion of our agreements with Axeon. | ||||||||||||||||
In the event we are obligated to perform under any of these guarantees, the amount paid by us will be treated as additional borrowings under the Axeon Term Loan. As a result, we increased the carrying value of the note receivable from Axeon by the same amount as the increase to the liability for the fair value of the guarantees outstanding as of September 30, 2014. | ||||||||||||||||
The following table summarizes the activity in our Level 3 liabilities: | ||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Beginning balance | $ | 3,198 | ||||||||||||||
Amounts settled | (870 | ) | ||||||||||||||
Adjustments to guarantee liability | (150 | ) | ||||||||||||||
Changes in fair value recorded in earnings: | ||||||||||||||||
Operating expenses | (448 | ) | ||||||||||||||
Ending balance | $ | 1,730 | ||||||||||||||
Non-recurring Fair Value Measurements | ||||||||||||||||
We classified 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 values of $2.3 million and $22.0 million as of September 30, 2014 and December 31, 2013, respectively, 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, note receivables, payables and debt in our consolidated balance sheets at their carrying amounts. The fair values of these financial instruments, except for a note receivable from Axeon and long-term debt, approximate their carrying amounts. The estimated fair value and carrying amounts of the debt and note receivable were as follows: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Fair Value | Carrying Amount | Fair Value | Carrying Amount | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Long-term debt | $ | 2,783,666 | $ | 2,731,551 | $ | 2,636,734 | $ | 2,655,553 | ||||||||
Note receivable from Axeon | $ | 148,300 | $ | 170,385 | $ | 133,416 | $ | 165,440 | ||||||||
We estimated the fair value of our publicly-traded senior notes based upon quoted prices in active markets; therefore, we determined that 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 that the fair value falls in Level 2 of the fair value hierarchy. | ||||||||||||||||
The carrying amount of the Axeon Term Loan is $170.4 million, consisting of the following: (i) the outstanding principal amount of $190.0 million; (ii) plus the fair value of guarantees of $1.7 million as of September 30, 2014 (iii) less equity losses from our investment in Axeon of $21.3 million incurred prior to the Asphalt JV Sale and after the carrying value of our equity investment in Axeon was reduced to zero. We review the financial information of Axeon monthly for possible non-payment indicators. | ||||||||||||||||
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. See Note 8 for additional information on the note receivable from Axeon. |
DERIVATIVES_AND_RISK_MANAGEMEN
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
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 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 controls 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 | ||||||||||||||||||
As of September 30, 2014, we had no forward-starting interest rate swap agreements. However, we previously entered into certain interest rate swap agreements to manage our exposure to changes in interest rates, which included forward-starting interest rate swap agreements. These swaps qualified, and we designated them, as cash flow hedges. In 2013, we terminated our remaining forward-starting interest rate swap agreements. We recorded the effective portion of mark-to-market adjustments as a component of “Accumulated other comprehensive loss.” The amount in accumulated other comprehensive income (OCI) is amortized into “Interest expense, net” as the interest payments occur or expensed immediately if the interest payments are probable not to occur. | ||||||||||||||||||
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. | ||||||||||||||||||
The volume of commodity contracts is based on open derivative positions and represents the combined volume of our long and short open positions on an absolute basis, which totaled 15.6 million barrels and 15.2 million barrels as of September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||
As of December 31, 2013, we had $3.3 million of margin deposits related to our derivative instruments and none as of September 30, 2014. | ||||||||||||||||||
The fair values of our derivative instruments included in our consolidated balance sheets were as follows: | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Balance Sheet Location | September 30, | 31-Dec-13 | September 30, | 31-Dec-13 | ||||||||||||||
2014 | 2014 | |||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Derivatives Designated as | ||||||||||||||||||
Hedging Instruments: | ||||||||||||||||||
Commodity contracts | Other current assets | $ | 470 | $ | — | $ | (63 | ) | $ | — | ||||||||
Commodity contracts | Accrued liabilities | — | — | — | (130 | ) | ||||||||||||
Derivatives Not Designated | ||||||||||||||||||
as Hedging Instruments: | ||||||||||||||||||
Commodity contracts | Other current assets | 25,508 | 16,168 | (16,035 | ) | (11,220 | ) | |||||||||||
Commodity contracts | Other long-term assets, net | 1,754 | 15,883 | (1,521 | ) | (8,906 | ) | |||||||||||
Commodity contracts | Accrued liabilities | 2,807 | 4,523 | (4,422 | ) | (6,626 | ) | |||||||||||
Commodity contracts | Other long-term liabilities | 246 | 5,448 | (351 | ) | (7,023 | ) | |||||||||||
Total | 30,315 | 42,022 | (22,329 | ) | (33,775 | ) | ||||||||||||
Total Derivatives | $ | 30,785 | $ | 42,022 | $ | (22,392 | ) | $ | (33,905 | ) | ||||||||
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: | ||||||||||||||||||
Commodity Contracts | September 30, | 31-Dec-13 | ||||||||||||||||
2014 | ||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Net amounts of assets presented in the consolidated balance sheets | $ | 10,113 | $ | 11,925 | ||||||||||||||
Net amounts of liabilities presented in the consolidated balance sheets | $ | (1,720 | ) | $ | (3,808 | ) | ||||||||||||
The earnings impact of our derivative activity was as follows: | ||||||||||||||||||
Derivatives Designated as Fair Value Hedging Instruments | Income Statement | Amount of Gain | Amount of Gain | Amount of Gain | ||||||||||||||
Location | (Loss) Recognized | (Loss) | (Loss) Recognized | |||||||||||||||
in Income on | Recognized in | in Income on | ||||||||||||||||
Derivative | Income on | Derivative | ||||||||||||||||
(Effective Portion) | Hedged Item | (Ineffective Portion) | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Three months ended September 30, 2014: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 1,219 | $ | (1,058 | ) | $ | 161 | ||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (3,853 | ) | $ | 4,184 | $ | 331 | ||||||||||
Nine months ended September 30, 2014: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 2,178 | $ | (2,840 | ) | $ | (662 | ) | |||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 4,059 | $ | (6,298 | ) | $ | (2,239 | ) | |||||||||
Derivatives Designated as Cash Flow Hedging Instruments | Amount of Gain | Income Statement | Amount of Gain | Amount of Gain | ||||||||||||||
(Loss) Recognized | Location (a) | (Loss) Reclassified | (Loss) Recognized | |||||||||||||||
in OCI | from Accumulated | in Income on | ||||||||||||||||
on Derivative | OCI into Income | Derivative | ||||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective | ||||||||||||||||
Portion) | ||||||||||||||||||
(Thousands of Dollars) | (Thousands of Dollars) | |||||||||||||||||
Three months ended September 30, 2014: | ||||||||||||||||||
Interest rate swaps | $ | — | Interest expense, net | $ | (2,625 | ) | $ | — | ||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||
Interest rate swaps | $ | — | Interest expense, net | $ | (1,653 | ) | $ | — | ||||||||||
Nine months ended September 30, 2014: | ||||||||||||||||||
Interest rate swaps | $ | — | Interest expense, net | $ | (8,062 | ) | $ | — | ||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||
Interest rate swaps | $ | 7,213 | Interest expense, net | $ | (4,615 | ) | $ | — | ||||||||||
(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) | ||||||||||||||||||
Three months ended September 30, 2014: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 6,680 | |||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (4,941 | ) | ||||||||||||||
Nine months ended September 30, 2014: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 2,270 | |||||||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (4,492 | ) | ||||||||||||||
Commodity contracts | (Loss) income from discontinued | (218 | ) | |||||||||||||||
operations | ||||||||||||||||||
Total | $ | (4,710 | ) | |||||||||||||||
For derivatives designated as cash flow hedging instruments, once a hedged transaction occurs, we reclassify the effective portion from accumulated OCI to “Cost of product sales” or “Interest expense, net.” As of September 30, 2014, we expect to reclassify a loss of $10.0 million to “Interest expense, net” within the next twelve months. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
RELATED PARTY TRANSACTIONS | ' | |||||||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||||||
The following table summarizes information pertaining to related party transactions: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Revenues | $ | — | $ | 1,491 | $ | 929 | $ | 13,308 | ||||||||
Operating expenses | $ | 31,394 | $ | 30,076 | $ | 91,025 | $ | 93,440 | ||||||||
General and administrative expenses | $ | 17,400 | $ | 10,495 | $ | 48,942 | $ | 41,807 | ||||||||
Interest income | $ | — | $ | 1,828 | $ | 1,055 | $ | 4,560 | ||||||||
Revenues included in discontinued operations, net of tax | $ | 36 | $ | 885 | $ | 528 | $ | 2,875 | ||||||||
Expenses included in discontinued operations, net of tax | $ | 184 | $ | 1,441 | $ | 1,596 | $ | 4,403 | ||||||||
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. Employees of NuStar GP, LLC provide services to both NuStar Energy and NuStar GP Holdings; therefore, we reimburse NuStar GP, LLC for all employee costs, other than the expenses allocated to NuStar GP Holdings. | ||||||||||||||||
We had a payable to NuStar GP, LLC of $14.1 million and $8.3 million as of September 30, 2014 and December 31, 2013, 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 September 30, 2014 and December 31, 2013 of $30.5 million and $41.1 million, respectively, related to amounts payable for retiree medical benefits and other post-employment benefits. | ||||||||||||||||
Axeon | ||||||||||||||||
As a result of the Asphalt JV Sale, we ceased reporting transactions between us and Axeon as related party transactions in our consolidated financial statements on February 26, 2014. | ||||||||||||||||
Financing Agreements and Credit Support. Effective upon the Asphalt JV Sale, the NuStar JV Facility was converted into the Axeon Term Loan. The Axeon Term Loan will 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 Axeon Term Loan does not provide for any other scheduled payments, Axeon is required to use all of its excess cash, as defined in the Axeon Term Loan, to repay the Axeon Term Loan. The Axeon Term Loan must be repaid in full on September 28, 2019. All repayments of the Axeon Term Loan, including those scheduled in 2014 and 2015, are subject to Axeon meeting certain restrictive requirements contained in its third-party credit facility. The carrying value of the Axeon Term Loan is included in “Other long-term assets, net” on the consolidated balance sheet as of September 30, 2014. | ||||||||||||||||
NuStar Energy will continue to provide credit support, such as guarantees, letters of credit and cash collateral, as applicable, of up to $150.0 million. Our obligation to provide credit support will be reduced by a minimum of $25.0 million beginning February 2016 and will terminate in full no later than September 28, 2019. As of September 30, 2014, we provided guarantees for commodity purchases, lease obligations and certain utilities for Axeon with an aggregate maximum potential exposure of $73.3 million, plus two guarantees to suppliers that do not specify a maximum amount, but for which we believe any amounts due would be minimal. A majority of these guarantees have no expiration date. As of September 30, 2014, we have also provided $61.9 million in letters of credit on behalf of Axeon. In the event we are obligated to perform under any of these guarantees or letters of credit, the amount paid by us will be treated as additional borrowings under the Axeon Term Loan. | ||||||||||||||||
Crude Oil Supply Agreement. We were a party to a crude oil supply agreement with Axeon (the Axeon Crude Oil Supply Agreement) that committed Axeon to purchase from us a minimum number of barrels of crude oil in a given year. The Axeon Crude Oil Supply Agreement terminated effective January 1, 2014. As of December 31, 2013, we had a receivable from Axeon of $50.7 million, mainly associated with crude oil sales under the Axeon Crude Oil Supply Agreement. | ||||||||||||||||
Services Agreement between Axeon and NuStar GP, LLC. NuStar GP, LLC and Axeon were a party to a services agreement, which provided that NuStar GP, LLC furnish certain administrative and other operating services necessary to conduct the business of Axeon for an annual fee totaling $10.0 million, subject to adjustment (the Axeon Services Agreement). The Axeon Services Agreement terminated on June 30, 2014. |
PARTNERS_EQUITY
PARTNERS' EQUITY | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Partners' Capital Notes [Abstract] | ' | |||||||||||||||||||||||
PARTNERS' EQUITY | ' | |||||||||||||||||||||||
PARTNERS’ EQUITY | ||||||||||||||||||||||||
Partners’ Equity Activity | ||||||||||||||||||||||||
The following table summarizes changes in the carrying amount of equity attributable to NuStar Energy L.P. partners and noncontrolling interest: | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||
NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Beginning balance | $ | 1,808,370 | $ | 989 | $ | 1,809,359 | $ | 2,429,132 | $ | 11,134 | $ | 2,440,266 | ||||||||||||
Net income (loss) | 62,121 | (173 | ) | 61,948 | 33,397 | (161 | ) | 33,236 | ||||||||||||||||
Other comprehensive | ||||||||||||||||||||||||
income (loss): | ||||||||||||||||||||||||
Foreign currency translation | (6,420 | ) | 14 | (6,406 | ) | 4,469 | (568 | ) | 3,901 | |||||||||||||||
adjustment | ||||||||||||||||||||||||
Net loss on cash flow | 2,625 | — | 2,625 | 1,653 | — | 1,653 | ||||||||||||||||||
hedges reclassified | ||||||||||||||||||||||||
into interest expense, net | ||||||||||||||||||||||||
Total other comprehensive | (3,795 | ) | 14 | (3,781 | ) | 6,122 | (568 | ) | 5,554 | |||||||||||||||
income (loss) | ||||||||||||||||||||||||
Cash distributions to | (98,051 | ) | — | (98,051 | ) | (98,051 | ) | — | (98,051 | ) | ||||||||||||||
partners | ||||||||||||||||||||||||
Other | — | (830 | ) | (830 | ) | (26 | ) | — | (26 | ) | ||||||||||||||
Ending balance | $ | 1,768,645 | $ | — | $ | 1,768,645 | $ | 2,370,574 | $ | 10,405 | $ | 2,380,979 | ||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Beginning balance | $ | 1,902,136 | $ | 1,658 | $ | 1,903,794 | $ | 2,572,384 | $ | 12,611 | $ | 2,584,995 | ||||||||||||
Net income (loss) | 157,379 | (395 | ) | 156,984 | 91,048 | (439 | ) | 90,609 | ||||||||||||||||
Other comprehensive | ||||||||||||||||||||||||
income (loss): | ||||||||||||||||||||||||
Foreign currency translation | (4,802 | ) | (433 | ) | (5,235 | ) | (10,628 | ) | (1,767 | ) | (12,395 | ) | ||||||||||||
adjustment | ||||||||||||||||||||||||
Net unrealized gain on | — | — | — | 7,213 | — | 7,213 | ||||||||||||||||||
cash flow hedges | ||||||||||||||||||||||||
Net loss on cash flow | 8,062 | — | 8,062 | 4,615 | — | 4,615 | ||||||||||||||||||
hedges reclassified | ||||||||||||||||||||||||
into interest expense, net | ||||||||||||||||||||||||
Total other comprehensive | 3,260 | (433 | ) | 2,827 | 1,200 | (1,767 | ) | (567 | ) | |||||||||||||||
income (loss) | ||||||||||||||||||||||||
Cash distributions to | (294,153 | ) | — | (294,153 | ) | (294,153 | ) | — | (294,153 | ) | ||||||||||||||
partners | ||||||||||||||||||||||||
Other | 23 | (830 | ) | (807 | ) | 95 | — | 95 | ||||||||||||||||
Ending balance | $ | 1,768,645 | $ | — | $ | 1,768,645 | $ | 2,370,574 | $ | 10,405 | $ | 2,380,979 | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
The balance of and changes in the components included in “Accumulated other comprehensive loss” were as follows: | ||||||||||||||||||||||||
Foreign | Cash Flow Hedges | Total | ||||||||||||||||||||||
Currency | ||||||||||||||||||||||||
Translation | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Balance as of January 1, 2014 | $ | (13,658 | ) | $ | (49,736 | ) | $ | (63,394 | ) | |||||||||||||||
Activity | (4,802 | ) | 8,062 | 3,260 | ||||||||||||||||||||
Balance as of September 30, 2014 | $ | (18,460 | ) | $ | (41,674 | ) | $ | (60,134 | ) | |||||||||||||||
Allocations of Net Income | ||||||||||||||||||||||||
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 the 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: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Net income attributable to NuStar Energy L.P. | $ | 62,121 | $ | 33,397 | $ | 157,379 | $ | 91,048 | ||||||||||||||||
Less general partner incentive distribution | 10,805 | 10,805 | 32,415 | 32,415 | ||||||||||||||||||||
Net income after general partner incentive distribution | 51,316 | 22,592 | 124,964 | 58,633 | ||||||||||||||||||||
General partner interest | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||||||
General partner allocation of net income after general | 1,025 | 452 | 2,498 | 1,174 | ||||||||||||||||||||
partner incentive distribution | ||||||||||||||||||||||||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 32,415 | ||||||||||||||||||||
Net income applicable to general partner | $ | 11,830 | $ | 11,257 | $ | 34,913 | $ | 33,589 | ||||||||||||||||
Cash Distributions | ||||||||||||||||||||||||
The following table reflects the allocation of total cash distributions to the general and limited partners applicable to the period in which the distributions were earned: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||||||||||
General partner interest | $ | 1,961 | $ | 1,961 | $ | 5,883 | $ | 5,883 | ||||||||||||||||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 32,415 | ||||||||||||||||||||
Total general partner distribution | 12,766 | 12,766 | 38,298 | 38,298 | ||||||||||||||||||||
Limited partners’ distribution | 85,285 | 85,285 | 255,855 | 255,855 | ||||||||||||||||||||
Total cash distributions | $ | 98,051 | $ | 98,051 | $ | 294,153 | $ | 294,153 | ||||||||||||||||
Cash distributions per unit applicable to limited partners | $ | 1.095 | $ | 1.095 | $ | 3.285 | $ | 3.285 | ||||||||||||||||
The following table summarizes information related to our quarterly cash distributions: | ||||||||||||||||||||||||
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions | Record Date | Payment Date | ||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
September 30, 2014 (a) | $ | 1.095 | $ | 98,051 | November 10, 2014 | November 14, 2014 | ||||||||||||||||||
30-Jun-14 | $ | 1.095 | $ | 98,051 | August 6, 2014 | August 11, 2014 | ||||||||||||||||||
31-Mar-14 | $ | 1.095 | $ | 98,051 | May 7, 2014 | May 12, 2014 | ||||||||||||||||||
31-Dec-13 | $ | 1.095 | $ | 98,051 | February 10, 2014 | February 14, 2014 | ||||||||||||||||||
(a) | The distribution was announced on October 31, 2014. |
NET_INCOME_PER_UNIT
NET INCOME PER UNIT | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
NET INCOME PER UNIT | ' | |||||||||||||||
NET INCOME PER UNIT | ||||||||||||||||
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 because we have no potentially dilutive securities outstanding. | ||||||||||||||||
The following table details the calculation of earnings per unit: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars, Except Unit and Per Unit Data) | ||||||||||||||||
Net income attributable to NuStar Energy L.P. | $ | 62,121 | $ | 33,397 | $ | 157,379 | $ | 91,048 | ||||||||
Less general partner distribution (including IDR) | 12,766 | 12,766 | 38,298 | 38,298 | ||||||||||||
Less limited partner distribution | 85,285 | 85,285 | 255,855 | 255,855 | ||||||||||||
Distributions in excess of earnings | $ | (35,930 | ) | $ | (64,654 | ) | $ | (136,774 | ) | $ | (203,105 | ) | ||||
General partner earnings: | ||||||||||||||||
Distributions | $ | 12,766 | $ | 12,766 | $ | 38,298 | $ | 38,298 | ||||||||
Allocation of distributions in excess of earnings (2%) | (719 | ) | (1,293 | ) | (2,736 | ) | (4,061 | ) | ||||||||
Total | $ | 12,047 | $ | 11,473 | $ | 35,562 | $ | 34,237 | ||||||||
Limited partner earnings: | ||||||||||||||||
Distributions | $ | 85,285 | $ | 85,285 | $ | 255,855 | $ | 255,855 | ||||||||
Allocation of distributions in excess of earnings (98%) | (35,211 | ) | (63,361 | ) | (134,038 | ) | (199,044 | ) | ||||||||
Total | $ | 50,074 | $ | 21,924 | $ | 121,817 | $ | 56,811 | ||||||||
Weighted-average limited partner units outstanding | 77,886,078 | 77,886,078 | 77,886,078 | 77,886,078 | ||||||||||||
Net income per unit applicable to limited partners | $ | 0.64 | $ | 0.28 | $ | 1.56 | $ | 0.73 | ||||||||
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Statement of Cash Flows [Abstract] | ' | |||||||
STATEMENTS OF CASH FLOWS | ' | |||||||
STATEMENTS OF CASH FLOWS | ||||||||
Changes in current assets and current liabilities were as follows: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(Thousands of Dollars) | ||||||||
Decrease (increase) in current assets: | ||||||||
Accounts receivable | $ | 60,010 | $ | 145,803 | ||||
Receivable from related parties | 51,037 | 83,265 | ||||||
Inventories | 19,865 | 47,145 | ||||||
Income tax receivable | (2,939 | ) | 1,204 | |||||
Other current assets | 1,637 | 24,026 | ||||||
Increase (decrease) in current liabilities: | ||||||||
Accounts payable | (134,932 | ) | (176,161 | ) | ||||
Payable to related party | 5,841 | 18,180 | ||||||
Accrued interest payable | (5,611 | ) | 2,643 | |||||
Accrued liabilities | 807 | (33,618 | ) | |||||
Taxes other than income tax | 5,319 | 3,144 | ||||||
Income tax payable | 46 | 1,207 | ||||||
Changes in current assets and current liabilities | $ | 1,080 | $ | 116,838 | ||||
The above changes in current assets and current liabilities differ from changes between amounts reflected in the applicable consolidated balance sheets due to the change in the amount accrued for capital expenditures and the effect of foreign currency translation. | ||||||||
Cash flows related to interest and income taxes were as follows: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(Thousands of Dollars) | ||||||||
Cash paid for interest, net of amount capitalized | $ | 103,832 | $ | 88,529 | ||||
Cash paid for income taxes, net of tax refunds received | $ | 9,826 | $ | 8,183 | ||||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
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 transportation of petroleum products and anhydrous ammonia, the terminalling and storage of petroleum products and the marketing of petroleum products. Intersegment revenues result from storage agreements with wholly owned subsidiaries of NuStar Energy at lease rates consistent with rates charged to third parties for storage. Related party revenues mainly result from storage agreements with our joint ventures. | ||||||||||||||||
Results of operations for the reportable segments were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Revenues: | ||||||||||||||||
Pipeline | $ | 125,461 | $ | 111,508 | $ | 346,218 | $ | 301,761 | ||||||||
Storage: | ||||||||||||||||
Third parties | 137,771 | 130,227 | 400,421 | 393,390 | ||||||||||||
Intersegment | 6,174 | 6,890 | 20,147 | 24,911 | ||||||||||||
Related party | — | 1,491 | 929 | 4,663 | ||||||||||||
Total storage | 143,945 | 138,608 | 421,497 | 422,964 | ||||||||||||
Fuels marketing: | ||||||||||||||||
Third parties | 531,190 | 534,919 | 1,645,812 | 1,969,886 | ||||||||||||
Related party | — | — | — | 8,645 | ||||||||||||
Total fuels marketing | 531,190 | 534,919 | 1,645,812 | 1,978,531 | ||||||||||||
Consolidation and intersegment eliminations | (6,174 | ) | (6,890 | ) | (20,147 | ) | (24,911 | ) | ||||||||
Total revenues | $ | 794,422 | $ | 778,145 | $ | 2,393,380 | $ | 2,678,345 | ||||||||
Operating income: | ||||||||||||||||
Pipeline | $ | 65,652 | $ | 58,018 | $ | 178,878 | $ | 149,126 | ||||||||
Storage | 49,401 | 41,051 | 141,415 | 139,419 | ||||||||||||
Fuels marketing | 7,518 | (9,079 | ) | 21,897 | (7,240 | ) | ||||||||||
Consolidation and intersegment eliminations | (25 | ) | 123 | (35 | ) | 1,382 | ||||||||||
Total segment operating income | 122,546 | 90,113 | 342,155 | 282,687 | ||||||||||||
General and administrative expenses | 24,967 | 18,831 | 68,986 | 65,978 | ||||||||||||
Other depreciation and amortization expense | 2,481 | 2,531 | 7,614 | 7,628 | ||||||||||||
Total operating income | $ | 95,098 | $ | 68,751 | $ | 265,555 | $ | 209,081 | ||||||||
Total assets by reportable segment were as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Pipeline | $ | 1,898,684 | $ | 1,797,698 | ||||||||||||
Storage | 2,237,537 | 2,275,183 | ||||||||||||||
Fuels marketing | 306,636 | 445,882 | ||||||||||||||
Total segment assets | 4,442,857 | 4,518,763 | ||||||||||||||
Other partnership assets | 434,510 | 513,423 | ||||||||||||||
Total consolidated assets | $ | 4,877,367 | $ | 5,032,186 | ||||||||||||
CONDENSED_CONSOLIDATING_FINANC
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 913 | $ | 7 | $ | — | $ | 24,766 | $ | — | $ | 25,686 | ||||||||||||
Receivables, net | — | 44,063 | 14,384 | 162,439 | — | 220,886 | ||||||||||||||||||
Inventories | — | 2,187 | 8,765 | 107,029 | (44 | ) | 117,937 | |||||||||||||||||
Income tax receivable | — | — | — | 3,661 | — | 3,661 | ||||||||||||||||||
Other current assets | — | 13,537 | 3,349 | 20,637 | — | 37,523 | ||||||||||||||||||
Assets held for sale | — | — | — | 2,256 | — | 2,256 | ||||||||||||||||||
Intercompany receivable | — | 1,296,459 | — | — | (1,296,459 | ) | — | |||||||||||||||||
Total current assets | 913 | 1,356,253 | 26,498 | 320,788 | (1,296,503 | ) | 407,949 | |||||||||||||||||
Property, plant and equipment, net | — | 1,743,433 | 558,646 | 1,089,351 | — | 3,391,430 | ||||||||||||||||||
Intangible assets, net | — | 57,511 | — | 4,304 | — | 61,815 | ||||||||||||||||||
Goodwill | — | 149,453 | 170,652 | 297,324 | — | 617,429 | ||||||||||||||||||
Investment in wholly owned | 2,333,931 | 175,150 | 907,661 | 925,563 | (4,342,305 | ) | — | |||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Investment in joint venture | — | — | — | 72,872 | — | 72,872 | ||||||||||||||||||
Deferred income tax asset | — | — | — | 4,902 | — | 4,902 | ||||||||||||||||||
Other long-term assets, net | 673 | 287,358 | 26,329 | 6,610 | — | 320,970 | ||||||||||||||||||
Total assets | $ | 2,335,517 | $ | 3,769,158 | $ | 1,689,786 | $ | 2,721,714 | $ | (5,638,808 | ) | $ | 4,877,367 | |||||||||||
Liabilities and Partners’ Equity | ||||||||||||||||||||||||
Payables | $ | 39 | $ | 59,565 | $ | 8,032 | $ | 124,444 | $ | — | $ | 192,080 | ||||||||||||
Short-term debt | — | 21,400 | — | — | — | 21,400 | ||||||||||||||||||
Accrued interest payable | — | 27,465 | — | 36 | — | 27,501 | ||||||||||||||||||
Accrued liabilities | 747 | 17,352 | 7,514 | 13,440 | — | 39,053 | ||||||||||||||||||
Taxes other than income tax | 63 | 7,234 | 3,909 | 3,847 | — | 15,053 | ||||||||||||||||||
Income tax payable | — | 613 | 5 | 3,417 | — | 4,035 | ||||||||||||||||||
Intercompany payable | 505,889 | — | 742,623 | 47,947 | (1,296,459 | ) | — | |||||||||||||||||
Total current liabilities | 506,738 | 133,629 | 762,083 | 193,131 | (1,296,459 | ) | 299,122 | |||||||||||||||||
Long-term debt | — | 2,731,551 | — | — | — | 2,731,551 | ||||||||||||||||||
Long-term payable to related party | — | 25,047 | — | 5,442 | — | 30,489 | ||||||||||||||||||
Deferred income tax liability | — | — | — | 27,785 | — | 27,785 | ||||||||||||||||||
Other long-term liabilities | — | 12,433 | 2,192 | 5,150 | — | 19,775 | ||||||||||||||||||
Total partners’ equity | 1,828,779 | 866,498 | 925,511 | 2,490,206 | (4,342,349 | ) | 1,768,645 | |||||||||||||||||
Total liabilities and | $ | 2,335,517 | $ | 3,769,158 | $ | 1,689,786 | $ | 2,721,714 | $ | (5,638,808 | ) | $ | 4,877,367 | |||||||||||
partners’ equity | ||||||||||||||||||||||||
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 party | — | 165,440 | — | — | — | 165,440 | ||||||||||||||||||
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 | — | 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 Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 134,345 | $ | 54,431 | $ | 606,307 | $ | (661 | ) | $ | 794,422 | |||||||||||
Costs and expenses | 479 | 72,363 | 36,710 | 590,409 | (637 | ) | 699,324 | |||||||||||||||||
Operating (loss) income | (479 | ) | 61,982 | 17,721 | 15,898 | (24 | ) | 95,098 | ||||||||||||||||
Equity in earnings (loss) of | 62,600 | (1,952 | ) | 18,402 | 36,119 | (115,169 | ) | — | ||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Equity in earnings of joint venture | — | — | — | 2,749 | — | 2,749 | ||||||||||||||||||
Interest (expense) income, net | — | (33,306 | ) | 16 | 283 | — | (33,007 | ) | ||||||||||||||||
Other loss, net | — | (18 | ) | (20 | ) | (1,350 | ) | — | (1,388 | ) | ||||||||||||||
Income from continuing | 62,121 | 26,706 | 36,119 | 53,699 | (115,193 | ) | 63,452 | |||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense | — | 220 | 2 | 4,113 | — | 4,335 | ||||||||||||||||||
Income from continuing | 62,121 | 26,486 | 36,117 | 49,586 | (115,193 | ) | 59,117 | |||||||||||||||||
operations | ||||||||||||||||||||||||
(Loss) income from discontinued | — | (13 | ) | — | 2,844 | — | 2,831 | |||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 62,121 | 26,473 | 36,117 | 52,430 | (115,193 | ) | 61,948 | |||||||||||||||||
Less net loss attributable to | — | — | — | (173 | ) | — | (173 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 62,121 | $ | 26,473 | $ | 36,117 | $ | 52,603 | $ | (115,193 | ) | $ | 62,121 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income | $ | 62,121 | $ | 33,515 | $ | 36,117 | $ | 41,607 | $ | (115,193 | ) | $ | 58,167 | |||||||||||
Less comprehensive loss | — | — | — | (159 | ) | — | (159 | ) | ||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income | $ | 62,121 | $ | 33,515 | $ | 36,117 | $ | 41,766 | $ | (115,193 | ) | $ | 58,326 | |||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 106,892 | $ | 50,669 | $ | 629,335 | $ | (8,751 | ) | $ | 778,145 | |||||||||||
Costs and expenses | 507 | 66,288 | 32,274 | 619,156 | (8,831 | ) | 709,394 | |||||||||||||||||
Operating (loss) income | (507 | ) | 40,604 | 18,395 | 10,179 | 80 | 68,751 | |||||||||||||||||
Equity in earnings of subsidiaries | 33,904 | 8,136 | 4,992 | 23,449 | (70,481 | ) | — | |||||||||||||||||
Equity in (loss) earnings of | — | (8,202 | ) | — | 2,844 | — | (5,358 | ) | ||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Interest (expense) income, net | — | (29,451 | ) | 76 | 380 | — | (28,995 | ) | ||||||||||||||||
Other income, net | — | — | 8 | 1,381 | — | 1,389 | ||||||||||||||||||
Income from continuing | 33,397 | 11,087 | 23,471 | 38,233 | (70,401 | ) | 35,787 | |||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense (benefit) | — | 146 | 1 | (42 | ) | — | 105 | |||||||||||||||||
Income from continuing | 33,397 | 10,941 | 23,470 | 38,275 | (70,401 | ) | 35,682 | |||||||||||||||||
operations | ||||||||||||||||||||||||
Loss from discontinued | — | (543 | ) | — | (1,903 | ) | — | (2,446 | ) | |||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 33,397 | 10,398 | 23,470 | 36,372 | (70,401 | ) | 33,236 | |||||||||||||||||
Less net loss attributable to | — | — | — | (161 | ) | — | (161 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 33,397 | $ | 10,398 | $ | 23,470 | $ | 36,533 | $ | (70,401 | ) | $ | 33,397 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income | $ | 33,397 | $ | 12,746 | $ | 23,470 | $ | 39,578 | $ | (70,401 | ) | $ | 38,790 | |||||||||||
Less comprehensive loss | — | — | — | (729 | ) | — | (729 | ) | ||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income | $ | 33,397 | $ | 12,746 | $ | 23,470 | $ | 40,307 | $ | (70,401 | ) | $ | 39,519 | |||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 369,308 | $ | 163,890 | $ | 1,869,240 | $ | (9,058 | ) | $ | 2,393,380 | |||||||||||
Costs and expenses | 1,352 | 204,415 | 105,473 | 1,825,609 | (9,024 | ) | 2,127,825 | |||||||||||||||||
Operating (loss) income | (1,352 | ) | 164,893 | 58,417 | 43,631 | (34 | ) | 265,555 | ||||||||||||||||
Equity in earnings (loss) of | 158,732 | (2,811 | ) | 46,874 | 105,293 | (308,088 | ) | — | ||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Equity in (loss) earnings of | — | (8,278 | ) | — | 10,015 | — | 1,737 | |||||||||||||||||
joint venture | ||||||||||||||||||||||||
Interest (expense) income, net | — | (100,121 | ) | 38 | 592 | — | (99,491 | ) | ||||||||||||||||
Other income (expense), net | — | 524 | (36 | ) | 1,328 | — | 1,816 | |||||||||||||||||
Income from continuing | 157,380 | 54,207 | 105,293 | 160,859 | (308,122 | ) | 169,617 | |||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense | 1 | 628 | 5 | 9,683 | — | 10,317 | ||||||||||||||||||
Income from continuing | 157,379 | 53,579 | 105,288 | 151,176 | (308,122 | ) | 159,300 | |||||||||||||||||
operations | ||||||||||||||||||||||||
Loss from discontinued | — | (181 | ) | — | (2,135 | ) | — | (2,316 | ) | |||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 157,379 | 53,398 | 105,288 | 149,041 | (308,122 | ) | 156,984 | |||||||||||||||||
Less net loss attributable to | — | — | — | (395 | ) | — | (395 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 157,379 | $ | 53,398 | $ | 105,288 | $ | 149,436 | $ | (308,122 | ) | $ | 157,379 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income | $ | 157,379 | $ | 65,183 | $ | 105,288 | $ | 140,083 | $ | (308,122 | ) | $ | 159,811 | |||||||||||
Less comprehensive loss | — | — | — | (828 | ) | — | (828 | ) | ||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income | $ | 157,379 | $ | 65,183 | $ | 105,288 | $ | 140,911 | $ | (308,122 | ) | $ | 160,639 | |||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 308,414 | $ | 151,189 | $ | 2,244,549 | $ | (25,807 | ) | $ | 2,678,345 | |||||||||||
Costs and expenses | 1,438 | 179,298 | 104,311 | 2,209,992 | (25,775 | ) | 2,469,264 | |||||||||||||||||
Operating (loss) income | (1,438 | ) | 129,116 | 46,878 | 34,557 | (32 | ) | 209,081 | ||||||||||||||||
Equity in earnings of subsidiaries | 92,486 | 15,779 | 20,750 | 62,614 | (191,629 | ) | — | |||||||||||||||||
Equity in (loss) earnings of | — | (31,713 | ) | — | 5,084 | — | (26,629 | ) | ||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Interest (expense) income, net | — | (83,788 | ) | (4,941 | ) | 440 | — | (88,289 | ) | |||||||||||||||
Other income (loss), net | — | 2,466 | (65 | ) | 1,516 | — | 3,917 | |||||||||||||||||
Income from continuing | 91,048 | 31,860 | 62,622 | 104,211 | (191,661 | ) | 98,080 | |||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense | — | 420 | 4 | 7,663 | — | 8,087 | ||||||||||||||||||
Income from continuing | 91,048 | 31,440 | 62,618 | 96,548 | (191,661 | ) | 89,993 | |||||||||||||||||
operations | ||||||||||||||||||||||||
(Loss) income from discontinued | — | (1,624 | ) | — | 2,240 | — | 616 | |||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 91,048 | 29,816 | 62,618 | 98,788 | (191,661 | ) | 90,609 | |||||||||||||||||
Less net loss attributable to | — | — | — | (439 | ) | — | (439 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 91,048 | $ | 29,816 | $ | 62,618 | $ | 99,227 | $ | (191,661 | ) | $ | 91,048 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income | $ | 91,048 | $ | 43,306 | $ | 62,618 | $ | 84,731 | $ | (191,661 | ) | $ | 90,042 | |||||||||||
Less comprehensive loss | — | — | — | (2,206 | ) | — | (2,206 | ) | ||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income | $ | 91,048 | $ | 43,306 | $ | 62,618 | $ | 86,937 | $ | (191,661 | ) | $ | 92,248 | |||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating | $ | 292,757 | $ | 133,967 | $ | 76,913 | $ | 203,783 | $ | (392,225 | ) | $ | 315,195 | |||||||||||
activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (174,296 | ) | (6,308 | ) | (48,944 | ) | — | (229,548 | ) | ||||||||||||||
Change in accounts payable | — | 18,470 | 81 | (7,641 | ) | — | 10,910 | |||||||||||||||||
related to capital expenditures | ||||||||||||||||||||||||
Proceeds from sale or disposition | — | 651 | 13 | 25,311 | — | 25,975 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Increase in note receivable from | — | (13,328 | ) | — | — | — | (13,328 | ) | ||||||||||||||||
related party | ||||||||||||||||||||||||
Other, net | — | (46 | ) | — | (830 | ) | 23 | (853 | ) | |||||||||||||||
Net cash used in investing activities | — | (168,549 | ) | (6,214 | ) | (32,104 | ) | 23 | (206,844 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 742,636 | — | — | — | 742,636 | ||||||||||||||||||
Debt repayments | — | (635,069 | ) | — | — | — | (635,069 | ) | ||||||||||||||||
Distributions to unitholders | (294,153 | ) | (196,101 | ) | (98,052 | ) | (98,072 | ) | 392,225 | (294,153 | ) | |||||||||||||
and general partner | ||||||||||||||||||||||||
Net intercompany borrowings | 1,405 | 100,930 | 27,353 | (129,688 | ) | — | — | |||||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | — | (114 | ) | — | 2,677 | (23 | ) | 2,540 | ||||||||||||||||
Net cash (used in) provided by | (292,748 | ) | 12,282 | (70,699 | ) | (225,083 | ) | 392,202 | (184,046 | ) | ||||||||||||||
financing activities | ||||||||||||||||||||||||
Effect of foreign exchange rate | — | — | — | 638 | — | 638 | ||||||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net increase (decrease) in cash | 9 | (22,300 | ) | — | (52,766 | ) | — | (75,057 | ) | |||||||||||||||
and cash equivalents | ||||||||||||||||||||||||
Cash and cash equivalents as of the | 904 | 22,307 | — | 77,532 | — | 100,743 | ||||||||||||||||||
beginning of the period | ||||||||||||||||||||||||
Cash and cash equivalents as of the | $ | 913 | $ | 7 | $ | — | $ | 24,766 | $ | — | $ | 25,686 | ||||||||||||
end of the period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating | $ | 292,499 | $ | 159,157 | $ | 50,587 | $ | 170,479 | $ | (294,182 | ) | $ | 378,540 | |||||||||||
activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (181,580 | ) | (13,449 | ) | (65,672 | ) | — | (260,701 | ) | ||||||||||||||
Change in accounts payable | — | (5,419 | ) | 1,534 | 1,006 | — | (2,879 | ) | ||||||||||||||||
related to capital expenditures | ||||||||||||||||||||||||
Proceeds from sale or disposition | — | 116,348 | 28 | 91 | — | 116,467 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Increase in note receivable from | — | (50,761 | ) | — | — | — | (50,761 | ) | ||||||||||||||||
related party | ||||||||||||||||||||||||
Other, net | — | 15 | — | — | 141 | 156 | ||||||||||||||||||
Net cash used in investing activities | — | (121,397 | ) | (11,887 | ) | (64,575 | ) | 141 | (197,718 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 1,299,220 | — | — | — | 1,299,220 | ||||||||||||||||||
Note offering, net | — | 687,151 | — | — | — | 687,151 | ||||||||||||||||||
Debt repayments | — | (1,647,182 | ) | (250,000 | ) | — | — | (1,897,182 | ) | |||||||||||||||
Distributions to unitholders and | (294,153 | ) | (294,153 | ) | — | (29 | ) | 294,182 | (294,153 | ) | ||||||||||||||
general partner | ||||||||||||||||||||||||
Payments for termination of | — | (33,697 | ) | — | — | — | (33,697 | ) | ||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||
Net intercompany borrowings | (5,047 | ) | (53,557 | ) | 211,300 | (152,696 | ) | — | — | |||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | (46 | ) | 3,355 | — | — | (141 | ) | 3,168 | ||||||||||||||||
Net cash used in financing activities | (299,246 | ) | (38,863 | ) | (38,700 | ) | (152,725 | ) | 294,041 | (235,493 | ) | |||||||||||||
Effect of foreign exchange rate | — | — | — | (4,412 | ) | — | (4,412 | ) | ||||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net decrease in cash and | (6,747 | ) | (1,103 | ) | — | (51,233 | ) | — | (59,083 | ) | ||||||||||||||
cash 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 | $ | 286 | $ | 9 | $ | — | $ | 24,224 | $ | — | $ | 24,519 | ||||||||||||
end of the period | ||||||||||||||||||||||||
DISPOSITIONS_AND_DISCONTINUED_1
DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Interest Expense Allocated to Discontinued Operations [Table Text Block] | ' | |||||||||||||||
We allocated interest expense to discontinued operations based on the ratio of net assets discontinued to consolidated net assets as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Allocated interest expense | $ | 115 | $ | 352 | $ | 811 | $ | 1,056 | ||||||||
Schedule of results from discontinued operations [Table Text Block] | ' | |||||||||||||||
The following table summarizes the results from discontinued operations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Revenues | $ | 276 | $ | 1,865 | $ | 3,456 | $ | 5,756 | ||||||||
Income (loss) before income tax expense | $ | 2,831 | $ | (3,114 | ) | $ | (2,316 | ) | $ | (1,324 | ) | |||||
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory Table [Text Block] | ' | |||||||
Inventories consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(Thousands of Dollars) | ||||||||
Crude oil | $ | 6,294 | $ | 6,485 | ||||
Finished products | 102,602 | 123,656 | ||||||
Materials and supplies | 9,041 | 8,006 | ||||||
Total | $ | 117,937 | $ | 138,147 | ||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | |||||||||||||||
The following assets and liabilities are measured at fair value on a recurring basis: | ||||||||||||||||
September 30, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Assets: | ||||||||||||||||
Other current assets: | ||||||||||||||||
Product imbalances | $ | 2,822 | $ | — | $ | — | $ | 2,822 | ||||||||
Commodity derivatives | 6,714 | 3,166 | — | 9,880 | ||||||||||||
Other long-term assets, net: | ||||||||||||||||
Commodity derivatives | — | 233 | — | 233 | ||||||||||||
Total | $ | 9,536 | $ | 3,399 | $ | — | $ | 12,935 | ||||||||
Liabilities: | ||||||||||||||||
Accrued liabilities: | ||||||||||||||||
Product imbalances | $ | (2,335 | ) | $ | — | $ | — | $ | (2,335 | ) | ||||||
Commodity derivatives | — | (1,615 | ) | — | (1,615 | ) | ||||||||||
Other long-term liabilities: | ||||||||||||||||
Commodity derivatives | — | (105 | ) | — | (105 | ) | ||||||||||
Guarantee liability | — | — | (1,730 | ) | (1,730 | ) | ||||||||||
Total | $ | (2,335 | ) | $ | (1,720 | ) | $ | (1,730 | ) | $ | (5,785 | ) | ||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Assets: | ||||||||||||||||
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 | ||||||||||||
Total | $ | 1,980 | $ | 11,925 | $ | — | $ | 13,905 | ||||||||
Liabilities: | ||||||||||||||||
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 | $ | (3,623 | ) | $ | (2,375 | ) | $ | (3,198 | ) | $ | (9,196 | ) | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||
The following table summarizes the activity in our Level 3 liabilities: | ||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Beginning balance | $ | 3,198 | ||||||||||||||
Amounts settled | (870 | ) | ||||||||||||||
Adjustments to guarantee liability | (150 | ) | ||||||||||||||
Changes in fair value recorded in earnings: | ||||||||||||||||
Operating expenses | (448 | ) | ||||||||||||||
Ending balance | $ | 1,730 | ||||||||||||||
Fair Value and Carrying Value of Debt and Note Receivable [Table Text Block] | ' | |||||||||||||||
The estimated fair value and carrying amounts of the debt and note receivable were as follows: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Fair Value | Carrying Amount | Fair Value | Carrying Amount | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Long-term debt | $ | 2,783,666 | $ | 2,731,551 | $ | 2,636,734 | $ | 2,655,553 | ||||||||
Note receivable from Axeon | $ | 148,300 | $ | 170,385 | $ | 133,416 | $ | 165,440 | ||||||||
DERIVATIVES_AND_RISK_MANAGEMEN1
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table 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 | September 30, | 31-Dec-13 | September 30, | 31-Dec-13 | ||||||||||||||
2014 | 2014 | |||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Derivatives Designated as | ||||||||||||||||||
Hedging Instruments: | ||||||||||||||||||
Commodity contracts | Other current assets | $ | 470 | $ | — | $ | (63 | ) | $ | — | ||||||||
Commodity contracts | Accrued liabilities | — | — | — | (130 | ) | ||||||||||||
Derivatives Not Designated | ||||||||||||||||||
as Hedging Instruments: | ||||||||||||||||||
Commodity contracts | Other current assets | 25,508 | 16,168 | (16,035 | ) | (11,220 | ) | |||||||||||
Commodity contracts | Other long-term assets, net | 1,754 | 15,883 | (1,521 | ) | (8,906 | ) | |||||||||||
Commodity contracts | Accrued liabilities | 2,807 | 4,523 | (4,422 | ) | (6,626 | ) | |||||||||||
Commodity contracts | Other long-term liabilities | 246 | 5,448 | (351 | ) | (7,023 | ) | |||||||||||
Total | 30,315 | 42,022 | (22,329 | ) | (33,775 | ) | ||||||||||||
Total Derivatives | $ | 30,785 | $ | 42,022 | $ | (22,392 | ) | $ | (33,905 | ) | ||||||||
Derivatives Assets And Liabilities Eligible for Offset Net [Table Text Block] | ' | |||||||||||||||||
The following are the net amounts presented on the consolidated balance sheets: | ||||||||||||||||||
Commodity Contracts | September 30, | 31-Dec-13 | ||||||||||||||||
2014 | ||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Net amounts of assets presented in the consolidated balance sheets | $ | 10,113 | $ | 11,925 | ||||||||||||||
Net amounts of liabilities presented in the consolidated balance sheets | $ | (1,720 | ) | $ | (3,808 | ) | ||||||||||||
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 Value Hedging Instruments | Income Statement | Amount of Gain | Amount of Gain | Amount of Gain | ||||||||||||||
Location | (Loss) Recognized | (Loss) | (Loss) Recognized | |||||||||||||||
in Income on | Recognized in | in Income on | ||||||||||||||||
Derivative | Income on | Derivative | ||||||||||||||||
(Effective Portion) | Hedged Item | (Ineffective Portion) | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Three months ended September 30, 2014: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 1,219 | $ | (1,058 | ) | $ | 161 | ||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (3,853 | ) | $ | 4,184 | $ | 331 | ||||||||||
Nine months ended September 30, 2014: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 2,178 | $ | (2,840 | ) | $ | (662 | ) | |||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 4,059 | $ | (6,298 | ) | $ | (2,239 | ) | |||||||||
Derivatives Designated as Cash Flow Hedging Instruments | Amount of Gain | Income Statement | Amount of Gain | Amount of Gain | ||||||||||||||
(Loss) Recognized | Location (a) | (Loss) Reclassified | (Loss) Recognized | |||||||||||||||
in OCI | from Accumulated | in Income on | ||||||||||||||||
on Derivative | OCI into Income | Derivative | ||||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective | ||||||||||||||||
Portion) | ||||||||||||||||||
(Thousands of Dollars) | (Thousands of Dollars) | |||||||||||||||||
Three months ended September 30, 2014: | ||||||||||||||||||
Interest rate swaps | $ | — | Interest expense, net | $ | (2,625 | ) | $ | — | ||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||
Interest rate swaps | $ | — | Interest expense, net | $ | (1,653 | ) | $ | — | ||||||||||
Nine months ended September 30, 2014: | ||||||||||||||||||
Interest rate swaps | $ | — | Interest expense, net | $ | (8,062 | ) | $ | — | ||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||
Interest rate swaps | $ | 7,213 | Interest expense, net | $ | (4,615 | ) | $ | — | ||||||||||
(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) | ||||||||||||||||||
Three months ended September 30, 2014: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 6,680 | |||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (4,941 | ) | ||||||||||||||
Nine months ended September 30, 2014: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 2,270 | |||||||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (4,492 | ) | ||||||||||||||
Commodity contracts | (Loss) income from discontinued | (218 | ) | |||||||||||||||
operations | ||||||||||||||||||
Total | $ | (4,710 | ) |
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of Related Party Transactions [Text Block] | ' | |||||||||||||||
The following table summarizes information pertaining to related party transactions: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Revenues | $ | — | $ | 1,491 | $ | 929 | $ | 13,308 | ||||||||
Operating expenses | $ | 31,394 | $ | 30,076 | $ | 91,025 | $ | 93,440 | ||||||||
General and administrative expenses | $ | 17,400 | $ | 10,495 | $ | 48,942 | $ | 41,807 | ||||||||
Interest income | $ | — | $ | 1,828 | $ | 1,055 | $ | 4,560 | ||||||||
Revenues included in discontinued operations, net of tax | $ | 36 | $ | 885 | $ | 528 | $ | 2,875 | ||||||||
Expenses included in discontinued operations, net of tax | $ | 184 | $ | 1,441 | $ | 1,596 | $ | 4,403 | ||||||||
PARTNERS_EQUITY_Tables
PARTNERS' EQUITY (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Partners' Capital Notes [Abstract] | ' | |||||||||||||||||||||||
Schedule of Changes in Partners' Equity | ' | |||||||||||||||||||||||
The following table summarizes changes in the carrying amount of equity attributable to NuStar Energy L.P. partners and noncontrolling interest: | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||
NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Beginning balance | $ | 1,808,370 | $ | 989 | $ | 1,809,359 | $ | 2,429,132 | $ | 11,134 | $ | 2,440,266 | ||||||||||||
Net income (loss) | 62,121 | (173 | ) | 61,948 | 33,397 | (161 | ) | 33,236 | ||||||||||||||||
Other comprehensive | ||||||||||||||||||||||||
income (loss): | ||||||||||||||||||||||||
Foreign currency translation | (6,420 | ) | 14 | (6,406 | ) | 4,469 | (568 | ) | 3,901 | |||||||||||||||
adjustment | ||||||||||||||||||||||||
Net loss on cash flow | 2,625 | — | 2,625 | 1,653 | — | 1,653 | ||||||||||||||||||
hedges reclassified | ||||||||||||||||||||||||
into interest expense, net | ||||||||||||||||||||||||
Total other comprehensive | (3,795 | ) | 14 | (3,781 | ) | 6,122 | (568 | ) | 5,554 | |||||||||||||||
income (loss) | ||||||||||||||||||||||||
Cash distributions to | (98,051 | ) | — | (98,051 | ) | (98,051 | ) | — | (98,051 | ) | ||||||||||||||
partners | ||||||||||||||||||||||||
Other | — | (830 | ) | (830 | ) | (26 | ) | — | (26 | ) | ||||||||||||||
Ending balance | $ | 1,768,645 | $ | — | $ | 1,768,645 | $ | 2,370,574 | $ | 10,405 | $ | 2,380,979 | ||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Beginning balance | $ | 1,902,136 | $ | 1,658 | $ | 1,903,794 | $ | 2,572,384 | $ | 12,611 | $ | 2,584,995 | ||||||||||||
Net income (loss) | 157,379 | (395 | ) | 156,984 | 91,048 | (439 | ) | 90,609 | ||||||||||||||||
Other comprehensive | ||||||||||||||||||||||||
income (loss): | ||||||||||||||||||||||||
Foreign currency translation | (4,802 | ) | (433 | ) | (5,235 | ) | (10,628 | ) | (1,767 | ) | (12,395 | ) | ||||||||||||
adjustment | ||||||||||||||||||||||||
Net unrealized gain on | — | — | — | 7,213 | — | 7,213 | ||||||||||||||||||
cash flow hedges | ||||||||||||||||||||||||
Net loss on cash flow | 8,062 | — | 8,062 | 4,615 | — | 4,615 | ||||||||||||||||||
hedges reclassified | ||||||||||||||||||||||||
into interest expense, net | ||||||||||||||||||||||||
Total other comprehensive | 3,260 | (433 | ) | 2,827 | 1,200 | (1,767 | ) | (567 | ) | |||||||||||||||
income (loss) | ||||||||||||||||||||||||
Cash distributions to | (294,153 | ) | — | (294,153 | ) | (294,153 | ) | — | (294,153 | ) | ||||||||||||||
partners | ||||||||||||||||||||||||
Other | 23 | (830 | ) | (807 | ) | 95 | — | 95 | ||||||||||||||||
Ending balance | $ | 1,768,645 | $ | — | $ | 1,768,645 | $ | 2,370,574 | $ | 10,405 | $ | 2,380,979 | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||
The balance of and changes in the components included in “Accumulated other comprehensive loss” were as follows: | ||||||||||||||||||||||||
Foreign | Cash Flow Hedges | Total | ||||||||||||||||||||||
Currency | ||||||||||||||||||||||||
Translation | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Balance as of January 1, 2014 | $ | (13,658 | ) | $ | (49,736 | ) | $ | (63,394 | ) | |||||||||||||||
Activity | (4,802 | ) | 8,062 | 3,260 | ||||||||||||||||||||
Balance as of September 30, 2014 | $ | (18,460 | ) | $ | (41,674 | ) | $ | (60,134 | ) | |||||||||||||||
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: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Net income attributable to NuStar Energy L.P. | $ | 62,121 | $ | 33,397 | $ | 157,379 | $ | 91,048 | ||||||||||||||||
Less general partner incentive distribution | 10,805 | 10,805 | 32,415 | 32,415 | ||||||||||||||||||||
Net income after general partner incentive distribution | 51,316 | 22,592 | 124,964 | 58,633 | ||||||||||||||||||||
General partner interest | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||||||
General partner allocation of net income after general | 1,025 | 452 | 2,498 | 1,174 | ||||||||||||||||||||
partner incentive distribution | ||||||||||||||||||||||||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 32,415 | ||||||||||||||||||||
Net income applicable to general partner | $ | 11,830 | $ | 11,257 | $ | 34,913 | $ | 33,589 | ||||||||||||||||
Schedule of Distributions To General and Limited Partners [Text Block] | ' | |||||||||||||||||||||||
The following table reflects the allocation of total cash distributions to the general and limited partners applicable to the period in which the distributions were earned: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||||||||||
General partner interest | $ | 1,961 | $ | 1,961 | $ | 5,883 | $ | 5,883 | ||||||||||||||||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 32,415 | ||||||||||||||||||||
Total general partner distribution | 12,766 | 12,766 | 38,298 | 38,298 | ||||||||||||||||||||
Limited partners’ distribution | 85,285 | 85,285 | 255,855 | 255,855 | ||||||||||||||||||||
Total cash distributions | $ | 98,051 | $ | 98,051 | $ | 294,153 | $ | 294,153 | ||||||||||||||||
Cash distributions per unit applicable to limited partners | $ | 1.095 | $ | 1.095 | $ | 3.285 | $ | 3.285 | ||||||||||||||||
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 | Record Date | Payment Date | ||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
September 30, 2014 (a) | $ | 1.095 | $ | 98,051 | November 10, 2014 | November 14, 2014 | ||||||||||||||||||
30-Jun-14 | $ | 1.095 | $ | 98,051 | August 6, 2014 | August 11, 2014 | ||||||||||||||||||
31-Mar-14 | $ | 1.095 | $ | 98,051 | May 7, 2014 | May 12, 2014 | ||||||||||||||||||
31-Dec-13 | $ | 1.095 | $ | 98,051 | February 10, 2014 | February 14, 2014 | ||||||||||||||||||
(a) | The distribution was announced on October 31, 2014. |
NET_INCOME_PER_UNIT_Tables
NET INCOME PER UNIT (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Net Income Per Unit | ' | |||||||||||||||
The following table details the calculation of earnings per unit: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars, Except Unit and Per Unit Data) | ||||||||||||||||
Net income attributable to NuStar Energy L.P. | $ | 62,121 | $ | 33,397 | $ | 157,379 | $ | 91,048 | ||||||||
Less general partner distribution (including IDR) | 12,766 | 12,766 | 38,298 | 38,298 | ||||||||||||
Less limited partner distribution | 85,285 | 85,285 | 255,855 | 255,855 | ||||||||||||
Distributions in excess of earnings | $ | (35,930 | ) | $ | (64,654 | ) | $ | (136,774 | ) | $ | (203,105 | ) | ||||
General partner earnings: | ||||||||||||||||
Distributions | $ | 12,766 | $ | 12,766 | $ | 38,298 | $ | 38,298 | ||||||||
Allocation of distributions in excess of earnings (2%) | (719 | ) | (1,293 | ) | (2,736 | ) | (4,061 | ) | ||||||||
Total | $ | 12,047 | $ | 11,473 | $ | 35,562 | $ | 34,237 | ||||||||
Limited partner earnings: | ||||||||||||||||
Distributions | $ | 85,285 | $ | 85,285 | $ | 255,855 | $ | 255,855 | ||||||||
Allocation of distributions in excess of earnings (98%) | (35,211 | ) | (63,361 | ) | (134,038 | ) | (199,044 | ) | ||||||||
Total | $ | 50,074 | $ | 21,924 | $ | 121,817 | $ | 56,811 | ||||||||
Weighted-average limited partner units outstanding | 77,886,078 | 77,886,078 | 77,886,078 | 77,886,078 | ||||||||||||
Net income per unit applicable to limited partners | $ | 0.64 | $ | 0.28 | $ | 1.56 | $ | 0.73 | ||||||||
STATEMENTS_OF_CASH_FLOWS_Table
STATEMENTS OF CASH FLOWS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(Thousands of Dollars) | ||||||||
Decrease (increase) in current assets: | ||||||||
Accounts receivable | $ | 60,010 | $ | 145,803 | ||||
Receivable from related parties | 51,037 | 83,265 | ||||||
Inventories | 19,865 | 47,145 | ||||||
Income tax receivable | (2,939 | ) | 1,204 | |||||
Other current assets | 1,637 | 24,026 | ||||||
Increase (decrease) in current liabilities: | ||||||||
Accounts payable | (134,932 | ) | (176,161 | ) | ||||
Payable to related party | 5,841 | 18,180 | ||||||
Accrued interest payable | (5,611 | ) | 2,643 | |||||
Accrued liabilities | 807 | (33,618 | ) | |||||
Taxes other than income tax | 5,319 | 3,144 | ||||||
Income tax payable | 46 | 1,207 | ||||||
Changes in current assets and current liabilities | $ | 1,080 | $ | 116,838 | ||||
Schedule of Supplemental Cash Flow Information [Text Block] | ' | |||||||
Cash flows related to interest and income taxes were as follows: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(Thousands of Dollars) | ||||||||
Cash paid for interest, net of amount capitalized | $ | 103,832 | $ | 88,529 | ||||
Cash paid for income taxes, net of tax refunds received | $ | 9,826 | $ | 8,183 | ||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||
Results of operations for the reportable segments were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Revenues: | ||||||||||||||||
Pipeline | $ | 125,461 | $ | 111,508 | $ | 346,218 | $ | 301,761 | ||||||||
Storage: | ||||||||||||||||
Third parties | 137,771 | 130,227 | 400,421 | 393,390 | ||||||||||||
Intersegment | 6,174 | 6,890 | 20,147 | 24,911 | ||||||||||||
Related party | — | 1,491 | 929 | 4,663 | ||||||||||||
Total storage | 143,945 | 138,608 | 421,497 | 422,964 | ||||||||||||
Fuels marketing: | ||||||||||||||||
Third parties | 531,190 | 534,919 | 1,645,812 | 1,969,886 | ||||||||||||
Related party | — | — | — | 8,645 | ||||||||||||
Total fuels marketing | 531,190 | 534,919 | 1,645,812 | 1,978,531 | ||||||||||||
Consolidation and intersegment eliminations | (6,174 | ) | (6,890 | ) | (20,147 | ) | (24,911 | ) | ||||||||
Total revenues | $ | 794,422 | $ | 778,145 | $ | 2,393,380 | $ | 2,678,345 | ||||||||
Operating income: | ||||||||||||||||
Pipeline | $ | 65,652 | $ | 58,018 | $ | 178,878 | $ | 149,126 | ||||||||
Storage | 49,401 | 41,051 | 141,415 | 139,419 | ||||||||||||
Fuels marketing | 7,518 | (9,079 | ) | 21,897 | (7,240 | ) | ||||||||||
Consolidation and intersegment eliminations | (25 | ) | 123 | (35 | ) | 1,382 | ||||||||||
Total segment operating income | 122,546 | 90,113 | 342,155 | 282,687 | ||||||||||||
General and administrative expenses | 24,967 | 18,831 | 68,986 | 65,978 | ||||||||||||
Other depreciation and amortization expense | 2,481 | 2,531 | 7,614 | 7,628 | ||||||||||||
Total operating income | $ | 95,098 | $ | 68,751 | $ | 265,555 | $ | 209,081 | ||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||||
Total assets by reportable segment were as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Pipeline | $ | 1,898,684 | $ | 1,797,698 | ||||||||||||
Storage | 2,237,537 | 2,275,183 | ||||||||||||||
Fuels marketing | 306,636 | 445,882 | ||||||||||||||
Total segment assets | 4,442,857 | 4,518,763 | ||||||||||||||
Other partnership assets | 434,510 | 513,423 | ||||||||||||||
Total consolidated assets | $ | 4,877,367 | $ | 5,032,186 | ||||||||||||
CONDENSED_CONSOLIDATING_FINANC1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets [Text Block] | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 913 | $ | 7 | $ | — | $ | 24,766 | $ | — | $ | 25,686 | ||||||||||||
Receivables, net | — | 44,063 | 14,384 | 162,439 | — | 220,886 | ||||||||||||||||||
Inventories | — | 2,187 | 8,765 | 107,029 | (44 | ) | 117,937 | |||||||||||||||||
Income tax receivable | — | — | — | 3,661 | — | 3,661 | ||||||||||||||||||
Other current assets | — | 13,537 | 3,349 | 20,637 | — | 37,523 | ||||||||||||||||||
Assets held for sale | — | — | — | 2,256 | — | 2,256 | ||||||||||||||||||
Intercompany receivable | — | 1,296,459 | — | — | (1,296,459 | ) | — | |||||||||||||||||
Total current assets | 913 | 1,356,253 | 26,498 | 320,788 | (1,296,503 | ) | 407,949 | |||||||||||||||||
Property, plant and equipment, net | — | 1,743,433 | 558,646 | 1,089,351 | — | 3,391,430 | ||||||||||||||||||
Intangible assets, net | — | 57,511 | — | 4,304 | — | 61,815 | ||||||||||||||||||
Goodwill | — | 149,453 | 170,652 | 297,324 | — | 617,429 | ||||||||||||||||||
Investment in wholly owned | 2,333,931 | 175,150 | 907,661 | 925,563 | (4,342,305 | ) | — | |||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Investment in joint venture | — | — | — | 72,872 | — | 72,872 | ||||||||||||||||||
Deferred income tax asset | — | — | — | 4,902 | — | 4,902 | ||||||||||||||||||
Other long-term assets, net | 673 | 287,358 | 26,329 | 6,610 | — | 320,970 | ||||||||||||||||||
Total assets | $ | 2,335,517 | $ | 3,769,158 | $ | 1,689,786 | $ | 2,721,714 | $ | (5,638,808 | ) | $ | 4,877,367 | |||||||||||
Liabilities and Partners’ Equity | ||||||||||||||||||||||||
Payables | $ | 39 | $ | 59,565 | $ | 8,032 | $ | 124,444 | $ | — | $ | 192,080 | ||||||||||||
Short-term debt | — | 21,400 | — | — | — | 21,400 | ||||||||||||||||||
Accrued interest payable | — | 27,465 | — | 36 | — | 27,501 | ||||||||||||||||||
Accrued liabilities | 747 | 17,352 | 7,514 | 13,440 | — | 39,053 | ||||||||||||||||||
Taxes other than income tax | 63 | 7,234 | 3,909 | 3,847 | — | 15,053 | ||||||||||||||||||
Income tax payable | — | 613 | 5 | 3,417 | — | 4,035 | ||||||||||||||||||
Intercompany payable | 505,889 | — | 742,623 | 47,947 | (1,296,459 | ) | — | |||||||||||||||||
Total current liabilities | 506,738 | 133,629 | 762,083 | 193,131 | (1,296,459 | ) | 299,122 | |||||||||||||||||
Long-term debt | — | 2,731,551 | — | — | — | 2,731,551 | ||||||||||||||||||
Long-term payable to related party | — | 25,047 | — | 5,442 | — | 30,489 | ||||||||||||||||||
Deferred income tax liability | — | — | — | 27,785 | — | 27,785 | ||||||||||||||||||
Other long-term liabilities | — | 12,433 | 2,192 | 5,150 | — | 19,775 | ||||||||||||||||||
Total partners’ equity | 1,828,779 | 866,498 | 925,511 | 2,490,206 | (4,342,349 | ) | 1,768,645 | |||||||||||||||||
Total liabilities and | $ | 2,335,517 | $ | 3,769,158 | $ | 1,689,786 | $ | 2,721,714 | $ | (5,638,808 | ) | $ | 4,877,367 | |||||||||||
partners’ equity | ||||||||||||||||||||||||
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 party | — | 165,440 | — | — | — | 165,440 | ||||||||||||||||||
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 | — | 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 Statements of Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 134,345 | $ | 54,431 | $ | 606,307 | $ | (661 | ) | $ | 794,422 | |||||||||||
Costs and expenses | 479 | 72,363 | 36,710 | 590,409 | (637 | ) | 699,324 | |||||||||||||||||
Operating (loss) income | (479 | ) | 61,982 | 17,721 | 15,898 | (24 | ) | 95,098 | ||||||||||||||||
Equity in earnings (loss) of | 62,600 | (1,952 | ) | 18,402 | 36,119 | (115,169 | ) | — | ||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Equity in earnings of joint venture | — | — | — | 2,749 | — | 2,749 | ||||||||||||||||||
Interest (expense) income, net | — | (33,306 | ) | 16 | 283 | — | (33,007 | ) | ||||||||||||||||
Other loss, net | — | (18 | ) | (20 | ) | (1,350 | ) | — | (1,388 | ) | ||||||||||||||
Income from continuing | 62,121 | 26,706 | 36,119 | 53,699 | (115,193 | ) | 63,452 | |||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense | — | 220 | 2 | 4,113 | — | 4,335 | ||||||||||||||||||
Income from continuing | 62,121 | 26,486 | 36,117 | 49,586 | (115,193 | ) | 59,117 | |||||||||||||||||
operations | ||||||||||||||||||||||||
(Loss) income from discontinued | — | (13 | ) | — | 2,844 | — | 2,831 | |||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 62,121 | 26,473 | 36,117 | 52,430 | (115,193 | ) | 61,948 | |||||||||||||||||
Less net loss attributable to | — | — | — | (173 | ) | — | (173 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 62,121 | $ | 26,473 | $ | 36,117 | $ | 52,603 | $ | (115,193 | ) | $ | 62,121 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income | $ | 62,121 | $ | 33,515 | $ | 36,117 | $ | 41,607 | $ | (115,193 | ) | $ | 58,167 | |||||||||||
Less comprehensive loss | — | — | — | (159 | ) | — | (159 | ) | ||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income | $ | 62,121 | $ | 33,515 | $ | 36,117 | $ | 41,766 | $ | (115,193 | ) | $ | 58,326 | |||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 106,892 | $ | 50,669 | $ | 629,335 | $ | (8,751 | ) | $ | 778,145 | |||||||||||
Costs and expenses | 507 | 66,288 | 32,274 | 619,156 | (8,831 | ) | 709,394 | |||||||||||||||||
Operating (loss) income | (507 | ) | 40,604 | 18,395 | 10,179 | 80 | 68,751 | |||||||||||||||||
Equity in earnings of subsidiaries | 33,904 | 8,136 | 4,992 | 23,449 | (70,481 | ) | — | |||||||||||||||||
Equity in (loss) earnings of | — | (8,202 | ) | — | 2,844 | — | (5,358 | ) | ||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Interest (expense) income, net | — | (29,451 | ) | 76 | 380 | — | (28,995 | ) | ||||||||||||||||
Other income, net | — | — | 8 | 1,381 | — | 1,389 | ||||||||||||||||||
Income from continuing | 33,397 | 11,087 | 23,471 | 38,233 | (70,401 | ) | 35,787 | |||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense (benefit) | — | 146 | 1 | (42 | ) | — | 105 | |||||||||||||||||
Income from continuing | 33,397 | 10,941 | 23,470 | 38,275 | (70,401 | ) | 35,682 | |||||||||||||||||
operations | ||||||||||||||||||||||||
Loss from discontinued | — | (543 | ) | — | (1,903 | ) | — | (2,446 | ) | |||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 33,397 | 10,398 | 23,470 | 36,372 | (70,401 | ) | 33,236 | |||||||||||||||||
Less net loss attributable to | — | — | — | (161 | ) | — | (161 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 33,397 | $ | 10,398 | $ | 23,470 | $ | 36,533 | $ | (70,401 | ) | $ | 33,397 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income | $ | 33,397 | $ | 12,746 | $ | 23,470 | $ | 39,578 | $ | (70,401 | ) | $ | 38,790 | |||||||||||
Less comprehensive loss | — | — | — | (729 | ) | — | (729 | ) | ||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income | $ | 33,397 | $ | 12,746 | $ | 23,470 | $ | 40,307 | $ | (70,401 | ) | $ | 39,519 | |||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 369,308 | $ | 163,890 | $ | 1,869,240 | $ | (9,058 | ) | $ | 2,393,380 | |||||||||||
Costs and expenses | 1,352 | 204,415 | 105,473 | 1,825,609 | (9,024 | ) | 2,127,825 | |||||||||||||||||
Operating (loss) income | (1,352 | ) | 164,893 | 58,417 | 43,631 | (34 | ) | 265,555 | ||||||||||||||||
Equity in earnings (loss) of | 158,732 | (2,811 | ) | 46,874 | 105,293 | (308,088 | ) | — | ||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Equity in (loss) earnings of | — | (8,278 | ) | — | 10,015 | — | 1,737 | |||||||||||||||||
joint venture | ||||||||||||||||||||||||
Interest (expense) income, net | — | (100,121 | ) | 38 | 592 | — | (99,491 | ) | ||||||||||||||||
Other income (expense), net | — | 524 | (36 | ) | 1,328 | — | 1,816 | |||||||||||||||||
Income from continuing | 157,380 | 54,207 | 105,293 | 160,859 | (308,122 | ) | 169,617 | |||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense | 1 | 628 | 5 | 9,683 | — | 10,317 | ||||||||||||||||||
Income from continuing | 157,379 | 53,579 | 105,288 | 151,176 | (308,122 | ) | 159,300 | |||||||||||||||||
operations | ||||||||||||||||||||||||
Loss from discontinued | — | (181 | ) | — | (2,135 | ) | — | (2,316 | ) | |||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 157,379 | 53,398 | 105,288 | 149,041 | (308,122 | ) | 156,984 | |||||||||||||||||
Less net loss attributable to | — | — | — | (395 | ) | — | (395 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 157,379 | $ | 53,398 | $ | 105,288 | $ | 149,436 | $ | (308,122 | ) | $ | 157,379 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income | $ | 157,379 | $ | 65,183 | $ | 105,288 | $ | 140,083 | $ | (308,122 | ) | $ | 159,811 | |||||||||||
Less comprehensive loss | — | — | — | (828 | ) | — | (828 | ) | ||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income | $ | 157,379 | $ | 65,183 | $ | 105,288 | $ | 140,911 | $ | (308,122 | ) | $ | 160,639 | |||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 308,414 | $ | 151,189 | $ | 2,244,549 | $ | (25,807 | ) | $ | 2,678,345 | |||||||||||
Costs and expenses | 1,438 | 179,298 | 104,311 | 2,209,992 | (25,775 | ) | 2,469,264 | |||||||||||||||||
Operating (loss) income | (1,438 | ) | 129,116 | 46,878 | 34,557 | (32 | ) | 209,081 | ||||||||||||||||
Equity in earnings of subsidiaries | 92,486 | 15,779 | 20,750 | 62,614 | (191,629 | ) | — | |||||||||||||||||
Equity in (loss) earnings of | — | (31,713 | ) | — | 5,084 | — | (26,629 | ) | ||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Interest (expense) income, net | — | (83,788 | ) | (4,941 | ) | 440 | — | (88,289 | ) | |||||||||||||||
Other income (loss), net | — | 2,466 | (65 | ) | 1,516 | — | 3,917 | |||||||||||||||||
Income from continuing | 91,048 | 31,860 | 62,622 | 104,211 | (191,661 | ) | 98,080 | |||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense | — | 420 | 4 | 7,663 | — | 8,087 | ||||||||||||||||||
Income from continuing | 91,048 | 31,440 | 62,618 | 96,548 | (191,661 | ) | 89,993 | |||||||||||||||||
operations | ||||||||||||||||||||||||
(Loss) income from discontinued | — | (1,624 | ) | — | 2,240 | — | 616 | |||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 91,048 | 29,816 | 62,618 | 98,788 | (191,661 | ) | 90,609 | |||||||||||||||||
Less net loss attributable to | — | — | — | (439 | ) | — | (439 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 91,048 | $ | 29,816 | $ | 62,618 | $ | 99,227 | $ | (191,661 | ) | $ | 91,048 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income | $ | 91,048 | $ | 43,306 | $ | 62,618 | $ | 84,731 | $ | (191,661 | ) | $ | 90,042 | |||||||||||
Less comprehensive loss | — | — | — | (2,206 | ) | — | (2,206 | ) | ||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income | $ | 91,048 | $ | 43,306 | $ | 62,618 | $ | 86,937 | $ | (191,661 | ) | $ | 92,248 | |||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows [Text Block] | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating | $ | 292,757 | $ | 133,967 | $ | 76,913 | $ | 203,783 | $ | (392,225 | ) | $ | 315,195 | |||||||||||
activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (174,296 | ) | (6,308 | ) | (48,944 | ) | — | (229,548 | ) | ||||||||||||||
Change in accounts payable | — | 18,470 | 81 | (7,641 | ) | — | 10,910 | |||||||||||||||||
related to capital expenditures | ||||||||||||||||||||||||
Proceeds from sale or disposition | — | 651 | 13 | 25,311 | — | 25,975 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Increase in note receivable from | — | (13,328 | ) | — | — | — | (13,328 | ) | ||||||||||||||||
related party | ||||||||||||||||||||||||
Other, net | — | (46 | ) | — | (830 | ) | 23 | (853 | ) | |||||||||||||||
Net cash used in investing activities | — | (168,549 | ) | (6,214 | ) | (32,104 | ) | 23 | (206,844 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 742,636 | — | — | — | 742,636 | ||||||||||||||||||
Debt repayments | — | (635,069 | ) | — | — | — | (635,069 | ) | ||||||||||||||||
Distributions to unitholders | (294,153 | ) | (196,101 | ) | (98,052 | ) | (98,072 | ) | 392,225 | (294,153 | ) | |||||||||||||
and general partner | ||||||||||||||||||||||||
Net intercompany borrowings | 1,405 | 100,930 | 27,353 | (129,688 | ) | — | — | |||||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | — | (114 | ) | — | 2,677 | (23 | ) | 2,540 | ||||||||||||||||
Net cash (used in) provided by | (292,748 | ) | 12,282 | (70,699 | ) | (225,083 | ) | 392,202 | (184,046 | ) | ||||||||||||||
financing activities | ||||||||||||||||||||||||
Effect of foreign exchange rate | — | — | — | 638 | — | 638 | ||||||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net increase (decrease) in cash | 9 | (22,300 | ) | — | (52,766 | ) | — | (75,057 | ) | |||||||||||||||
and cash equivalents | ||||||||||||||||||||||||
Cash and cash equivalents as of the | 904 | 22,307 | — | 77,532 | — | 100,743 | ||||||||||||||||||
beginning of the period | ||||||||||||||||||||||||
Cash and cash equivalents as of the | $ | 913 | $ | 7 | $ | — | $ | 24,766 | $ | — | $ | 25,686 | ||||||||||||
end of the period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by operating | $ | 292,499 | $ | 159,157 | $ | 50,587 | $ | 170,479 | $ | (294,182 | ) | $ | 378,540 | |||||||||||
activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (181,580 | ) | (13,449 | ) | (65,672 | ) | — | (260,701 | ) | ||||||||||||||
Change in accounts payable | — | (5,419 | ) | 1,534 | 1,006 | — | (2,879 | ) | ||||||||||||||||
related to capital expenditures | ||||||||||||||||||||||||
Proceeds from sale or disposition | — | 116,348 | 28 | 91 | — | 116,467 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Increase in note receivable from | — | (50,761 | ) | — | — | — | (50,761 | ) | ||||||||||||||||
related party | ||||||||||||||||||||||||
Other, net | — | 15 | — | — | 141 | 156 | ||||||||||||||||||
Net cash used in investing activities | — | (121,397 | ) | (11,887 | ) | (64,575 | ) | 141 | (197,718 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 1,299,220 | — | — | — | 1,299,220 | ||||||||||||||||||
Note offering, net | — | 687,151 | — | — | — | 687,151 | ||||||||||||||||||
Debt repayments | — | (1,647,182 | ) | (250,000 | ) | — | — | (1,897,182 | ) | |||||||||||||||
Distributions to unitholders and | (294,153 | ) | (294,153 | ) | — | (29 | ) | 294,182 | (294,153 | ) | ||||||||||||||
general partner | ||||||||||||||||||||||||
Payments for termination of | — | (33,697 | ) | — | — | — | (33,697 | ) | ||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||
Net intercompany borrowings | (5,047 | ) | (53,557 | ) | 211,300 | (152,696 | ) | — | — | |||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | (46 | ) | 3,355 | — | — | (141 | ) | 3,168 | ||||||||||||||||
Net cash used in financing activities | (299,246 | ) | (38,863 | ) | (38,700 | ) | (152,725 | ) | 294,041 | (235,493 | ) | |||||||||||||
Effect of foreign exchange rate | — | — | — | (4,412 | ) | — | (4,412 | ) | ||||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net decrease in cash and | (6,747 | ) | (1,103 | ) | — | (51,233 | ) | — | (59,083 | ) | ||||||||||||||
cash 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 | $ | 286 | $ | 9 | $ | — | $ | 24,224 | $ | — | $ | 24,519 | ||||||||||||
end of the period | ||||||||||||||||||||||||
ORGANIZATION_AND_BASIS_OF_PRES1
ORGANIZATION AND BASIS OF PRESENTATION Narrative (Details) | 0 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Organization and Operations [Abstract] | ' | ' |
Total ownership interest held by general partner | 15.10% | ' |
Number of business segments | ' | 3 |
DISPOSITIONS_AND_DISCONTINUED_2
DISPOSITIONS AND DISCONTINUED OPERATIONS Narrative 1 (Details) (USD $) | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Feb. 26, 2014 | Feb. 25, 2014 | Sep. 30, 2014 | Feb. 26, 2014 | Jun. 30, 2014 | Jan. 31, 2013 | Sep. 30, 2013 | |
Axeon [Member] | Axeon [Member] | Axeon [Member] | Turkey Ownership Interest [Member] | Axeon [Member] | Three Terminal Sale [Member] | San Antonio Refinery Sale [Member] | San Antonio Refinery Sale [Member] | |||
bbl | ||||||||||
Divestitures and Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent ownership interest sold | ' | ' | ' | ' | ' | 75.00% | 50.00% | ' | ' | ' |
Ownership percentage by acquiring entity | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Maximum amount available under credit facility to related party | ' | ' | ' | ' | $250,000,000 | ' | ' | ' | ' | ' |
Term Loan Receivable | ' | ' | 190,000,000 | 190,000,000 | ' | ' | ' | ' | ' | ' |
Sold Number of Terminals | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Sold Storage Capacity (in barrels) | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' |
Proceeds from sale or disposition of assets | 25,975,000 | 116,467,000 | ' | ' | ' | 13,400,000 | ' | 13,700,000 | 117,000,000 | ' |
Gain on Disposal of Discontinued Operation | ' | ' | ' | ' | ' | $3,700,000 | ' | ' | ' | $9,300,000 |
Disposal Date | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-13 | ' |
DISPOSITIONS_AND_DISCONTINUED_3
DISPOSITIONS AND DISCONTINUED OPERATIONS Table 1 (Details) (Terminals Held for Sale [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Terminals Held for Sale [Member] | ' | ' | ' | ' |
Discontinued Operations Information [Line Items] | ' | ' | ' | ' |
Allocated interest expense | $115 | $352 | $811 | $1,056 |
DISPOSITIONS_AND_DISCONTINUED_4
DISPOSITIONS AND DISCONTINUED OPERATIONS Table 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Discontinued Operations Information [Line Items] | ' | ' | ' | ' |
Revenues | $276 | $1,865 | $3,456 | $5,756 |
Income (loss) before income tax expense | $2,831 | ($3,114) | ($2,316) | ($1,324) |
INVENTORIES_Table_Details
INVENTORIES Table (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Crude oil | $6,294 | $6,485 |
Finished products | 102,602 | 123,656 |
Materials and supplies | 9,041 | 8,006 |
Total | $117,937 | $138,147 |
DEBT_Narrative_Details
DEBT Narrative (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Logisitics 2012 Revolving Credit Agreement | GoZone Bonds | Short Term Line of Credit | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | $1,500,000,000 | ' | $80,000,000 |
Term | ' | ' | '5 years | ' | ' |
Line of Credit Facility, Increase (Decrease), Net | ' | ' | 79,400,000 | ' | ' |
Interest rate at period end | ' | ' | 2.20% | ' | ' |
Long-term Debt | ' | ' | 582,400,000 | ' | ' |
Covenant terms | ' | ' | 'The 2012 Revolving Credit Agreement contains customary restrictive covenants, such as limitations on indebtedness, liens, mergers, asset transfers and certain investing activities. In addition, the 2012 Revolving Credit Agreement requires 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 debt to consolidated EBITDA, each as defined in the 2012 Revolving Credit Agreement) not to exceed 5.00-to-1.00. | ' | ' |
Debt coverage ratio | ' | ' | 4 | ' | ' |
Current remaining borrowing capacity | ' | ' | 839,100,000 | ' | ' |
Interest rate at period end | ' | ' | ' | 0.10% | ' |
Amount received from trustee | ' | ' | ' | 800,000 | ' |
Amount remaining in trust | ' | ' | ' | 82,700,000 | ' |
Line of Credit Facility, Amount Outstanding | $21,400,000 | $0 | ' | ' | $21,400,000 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES Narrative 1 (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Loss Contingencies [Line Items] | ' |
Loss Contingency Accrual, at Carrying Value | $1.10 |
FAIR_VALUE_MEASUREMENTS_Table_
FAIR VALUE MEASUREMENTS Table 1 (Details) (Recurring Fair Value Measurements, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Total (assets) | $12,935 | $13,905 |
Liabilities: | ' | ' |
Total (liabilities) | -5,785 | -9,196 |
Fair Value Level 1 | ' | ' |
Assets: | ' | ' |
Total (assets) | 9,536 | 1,980 |
Liabilities: | ' | ' |
Total (liabilities) | -2,335 | -3,623 |
Fair Value Level 2 | ' | ' |
Assets: | ' | ' |
Total (assets) | 3,399 | 11,925 |
Liabilities: | ' | ' |
Total (liabilities) | -1,720 | -2,375 |
Fair Value Level 3 | ' | ' |
Assets: | ' | ' |
Total (assets) | 0 | 0 |
Liabilities: | ' | ' |
Total (liabilities) | -1,730 | -3,198 |
Other current assets | ' | ' |
Assets: | ' | ' |
Product imbalances - asset | 2,822 | 1,980 |
Commodity derivatives - assets | 9,880 | 4,948 |
Other current assets | Fair Value Level 1 | ' | ' |
Assets: | ' | ' |
Product imbalances - asset | 2,822 | 1,980 |
Commodity derivatives - assets | 6,714 | 0 |
Other current assets | Fair Value Level 2 | ' | ' |
Assets: | ' | ' |
Product imbalances - asset | 0 | 0 |
Commodity derivatives - assets | 3,166 | 4,948 |
Other current assets | Fair Value Level 3 | ' | ' |
Assets: | ' | ' |
Product imbalances - asset | 0 | 0 |
Commodity derivatives - assets | 0 | 0 |
Other long-term assets, net | ' | ' |
Assets: | ' | ' |
Commodity derivatives - assets | 233 | 6,977 |
Other long-term assets, net | Fair Value Level 1 | ' | ' |
Assets: | ' | ' |
Commodity derivatives - assets | 0 | 0 |
Other long-term assets, net | Fair Value Level 2 | ' | ' |
Assets: | ' | ' |
Commodity derivatives - assets | 233 | 6,977 |
Other long-term assets, net | Fair Value Level 3 | ' | ' |
Assets: | ' | ' |
Commodity derivatives - assets | 0 | 0 |
Accrued liabilities | ' | ' |
Liabilities: | ' | ' |
Product imbalances - liability | -2,335 | -2,190 |
Commodity derivatives - liabilities | -1,615 | -2,233 |
Contingent consideration | ' | -1,318 |
Accrued liabilities | Fair Value Level 1 | ' | ' |
Liabilities: | ' | ' |
Product imbalances - liability | -2,335 | -2,190 |
Commodity derivatives - liabilities | 0 | -1,433 |
Contingent consideration | ' | 0 |
Accrued liabilities | Fair Value Level 2 | ' | ' |
Liabilities: | ' | ' |
Product imbalances - liability | 0 | 0 |
Commodity derivatives - liabilities | -1,615 | -800 |
Contingent consideration | ' | 0 |
Accrued liabilities | Fair Value Level 3 | ' | ' |
Liabilities: | ' | ' |
Product imbalances - liability | 0 | 0 |
Commodity derivatives - liabilities | 0 | 0 |
Contingent consideration | ' | -1,318 |
Other long-term liabilities | ' | ' |
Liabilities: | ' | ' |
Commodity derivatives - liabilities | -105 | -1,575 |
Guarantee liability | -1,730 | -1,880 |
Other long-term liabilities | Fair Value Level 1 | ' | ' |
Liabilities: | ' | ' |
Commodity derivatives - liabilities | 0 | 0 |
Guarantee liability | 0 | 0 |
Other long-term liabilities | Fair Value Level 2 | ' | ' |
Liabilities: | ' | ' |
Commodity derivatives - liabilities | -105 | -1,575 |
Guarantee liability | 0 | 0 |
Other long-term liabilities | Fair Value Level 3 | ' | ' |
Liabilities: | ' | ' |
Commodity derivatives - liabilities | 0 | 0 |
Guarantee liability | ($1,730) | ($1,880) |
FAIR_VALUE_MEASUREMENTS_Table_1
FAIR VALUE MEASUREMENTS Table 2 (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Contingent consideration [Member] | Guarantees [Member] | Operating expenses | ||
Contingent consideration [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | $1,730 | $3,198 | ' | ' | ' |
Amounts settled | ' | ' | -870 | ' | ' |
Adjustment to guarantee liability | ' | ' | ' | -150 | ' |
Changes in fair value recorded in earnings | ' | ' | ' | ' | -448 |
Ending balance | $1,730 | $3,198 | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Table_2
FAIR VALUE MEASUREMENTS Table 3 (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value and Carrying Value of Debt and Note Receivable from Counterparty [Line Items] | ' | ' |
Fair value, debt | $2,783,666 | $2,636,734 |
Carrying amount, debt | 2,731,551 | 2,655,553 |
Carrying amount, note receivable from related party | 0 | 165,440 |
Axeon [Member] | ' | ' |
Fair Value and Carrying Value of Debt and Note Receivable from Counterparty [Line Items] | ' | ' |
Fair value, note receivable | 148,300 | 133,416 |
Carrying amount, note receivable from Axeon | 170,385 | ' |
Carrying amount, note receivable from related party | ' | $165,440 |
FAIR_VALUE_MEASUREMENTS_Narrat
FAIR VALUE MEASUREMENTS Narrative (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Feb. 26, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2014 |
Axeon [Member] | Axeon [Member] | Axeon [Member] | Axeon [Member] | Axeon [Member] | Recurring Fair Value Measurements | Nonrecurring Fair Value Measurements | Nonrecurring Fair Value Measurements | TexStar Asset Acquisition [Member] | TexStar Asset Acquisition [Member] | |||
Financial Guarantee [Member] | Fair Value Level 3 | Fair Value Level 3 | Fair Value Level 3 | |||||||||
Axeon [Member] | ||||||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Dec-12 | ' |
Cost of Acquired Entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $325,000,000 | ' |
Contingent Consideration, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Guarantee liability | ' | ' | ' | ' | 1,700,000 | ' | ' | 1,700,000 | ' | ' | ' | ' |
Amount of Guarantees Provided | ' | ' | ' | ' | ' | ' | 73,300,000 | ' | ' | ' | ' | ' |
Number of Guarantees with Unlimited Exposure | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Assets held for sale | 2,256,000 | 21,987,000 | ' | ' | ' | ' | ' | ' | 2,300,000 | 22,000,000 | ' | ' |
Carrying amount, note receivable from Axeon | ' | ' | ' | ' | 170,385,000 | ' | ' | ' | ' | ' | ' | ' |
Term Loan Receivable | ' | ' | ' | ' | 190,000,000 | 190,000,000 | ' | ' | ' | ' | ' | ' |
Equity method losses in excess of investment | ' | ' | 21,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investments | $72,872,000 | $68,735,000 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
DERIVATIVES_AND_RISK_MANAGEMEN2
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Narrative (Details) (USD $) | 0 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
bbl | bbl | |
Derivative [Line Items] | ' | ' |
Margin Deposit | 0 | 3,300,000 |
Gain (loss) to be reclassified during next 12 months, forward-starting interest rate swaps | -10,000,000 | ' |
Interest rate swaps | Cash Flow Hedges | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of forward-starting interest rate swaps | 0 | ' |
Commodity contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of commodity contracts, volume (in barrels) | 15,600,000 | 15,200,000 |
DERIVATIVES_AND_RISK_MANAGEMEN3
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 1 (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value | ' | ' |
Asset Derivatives | $30,785 | $42,022 |
Liability Derivatives | -22,392 | -33,905 |
Designated as Hedging Instrument | Commodity contracts | Other current assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 470 | 0 |
Liability Derivatives | -63 | 0 |
Designated as Hedging Instrument | Commodity contracts | Accrued liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | -130 |
Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 30,315 | 42,022 |
Liability Derivatives | -22,329 | -33,775 |
Not Designated as Hedging Instrument | Commodity contracts | Other current assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 25,508 | 16,168 |
Liability Derivatives | -16,035 | -11,220 |
Not Designated as Hedging Instrument | Commodity contracts | Other long-term assets, net | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 1,754 | 15,883 |
Liability Derivatives | -1,521 | -8,906 |
Not Designated as Hedging Instrument | Commodity contracts | Accrued liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 2,807 | 4,523 |
Liability Derivatives | -4,422 | -6,626 |
Not Designated as Hedging Instrument | Commodity contracts | Other long-term liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 246 | 5,448 |
Liability Derivatives | ($351) | ($7,023) |
DERIVATIVES_AND_RISK_MANAGEMEN4
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 2 (Details) (Commodity contracts, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commodity contracts | ' | ' |
Derivative Assets and Liabilities Eligible for Offset, Net [Line Items] | ' | ' |
Net amounts of assets presented in the consolidated balance sheets | $10,113 | $11,925 |
Net amounts of liabilities presented in the consolidated balance sheets | ($1,720) | ($3,808) |
DERIVATIVES_AND_RISK_MANAGEMEN5
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 3 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value Hedges | Commodity contracts | Cost of product sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | $1,219 | ($3,853) | $2,178 | $4,059 |
Amount of gain (loss) recognized in income on hedged item | -1,058 | 4,184 | -2,840 | -6,298 |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | 161 | 331 | -662 | -2,239 |
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 | 0 |
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) | -2,625 | -1,653 | -8,062 | -4,615 |
Cash Flow Hedges | Interest rate swaps | Other comprehensive income | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in OCI on derivative (effective portion) | 0 | 0 | 0 | 7,213 |
Nondesignated Derivatives | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ' | ' | ' | -4,710 |
Nondesignated Derivatives | Commodity contracts | Cost of product sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | 6,680 | -4,941 | 2,270 | -4,492 |
Nondesignated Derivatives | Commodity contracts | (Loss) income from discontinued operations | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ' | ' | ' | ($218) |
RELATED_PARTY_TRANSACTIONS_Tab1
RELATED PARTY TRANSACTIONS Table (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Revenues | $0 | $1,491 | $929 | $13,308 |
Operating expenses | 31,394 | 30,076 | 91,025 | 93,440 |
General and administrative expenses | 17,400 | 10,495 | 48,942 | 41,807 |
Interest income | 0 | 1,828 | 1,055 | 4,560 |
Revenues included in discontinued operations, net of tax | 36 | 885 | 528 | 2,875 |
Expenses included in discontinued operations, net of tax | $184 | $1,441 | $1,596 | $4,403 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS Narrative (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Feb. 26, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 29, 2016 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 |
Axeon [Member] | Axeon [Member] | Axeon [Member] | Axeon [Member] | Axeon [Member] | Axeon [Member] | Axeon [Member] | NuStar GP LLC [Member] | NuStar GP LLC [Member] | Axeon [Member] | NuStar GP LLC and Axeon [Member] | |||
Financial Guarantee [Member] | Financial Standby Letter of Credit [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Services Agreement Between General Partner and Other Related Parties [Member] | ||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payable to related party | $14,119,000 | $8,325,000 | ' | ' | ' | ' | ' | ' | ' | $14,100,000 | $8,300,000 | ' | ' |
Long-term payable to related party | 30,489,000 | 41,139,000 | ' | ' | ' | ' | ' | ' | ' | 30,500,000 | 41,100,000 | ' | ' |
Term Loan Receivable | ' | ' | 190,000,000 | 190,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan Receivable Face Amount Step Down 1 | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | ' | ' |
Term Loan Receivable Face Amount Step Down 2 | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' |
Maximum Amount Guarantees | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in Credit Support | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' |
Amount of Guarantees Provided | ' | ' | ' | ' | 73,300,000 | 61,900,000 | ' | ' | ' | ' | ' | ' | ' |
Number of Guarantees with Unlimited Exposure | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable from related parties | $45,000 | $51,084,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,700,000 | ' |
Administrative Fees, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'which provided that NuStar GP, LLC furnish certain administrative and other operating services necessary to conduct the business of Axeon for an annual fee totaling $10.0 million, subject to adjustment |
Administrative Agreement Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-14 |
PARTNERS_EQUITY_Table_1_Detail
PARTNERS' EQUITY Table 1 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $1,809,359 | $2,440,266 | $1,903,794 | $2,584,995 |
Net income (loss) | 61,948 | 33,236 | 156,984 | 90,609 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | -6,406 | 3,901 | -5,235 | -12,395 |
Net unrealized gain on cash flow hedges | ' | ' | 0 | 7,213 |
Total other comprehensive income (loss) | -3,781 | 5,554 | 2,827 | -567 |
Cash distributions to partners | -98,051 | -98,051 | -294,153 | -294,153 |
Other | -830 | -26 | -807 | 95 |
Ending balance | 1,768,645 | 2,380,979 | 1,768,645 | 2,380,979 |
Interest expense, net | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net loss on cash flow hedges reclassified out of AOCI | 2,625 | 1,653 | 8,062 | 4,615 |
NuStar Energy L.P. Partners' Equity | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 1,808,370 | 2,429,132 | 1,902,136 | 2,572,384 |
Net income (loss) | 62,121 | 33,397 | 157,379 | 91,048 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | -6,420 | 4,469 | -4,802 | -10,628 |
Net unrealized gain on cash flow hedges | ' | ' | 0 | 7,213 |
Total other comprehensive income (loss) | -3,795 | 6,122 | 3,260 | 1,200 |
Cash distributions to partners | -98,051 | -98,051 | -294,153 | -294,153 |
Other | 0 | -26 | 23 | 95 |
Ending balance | 1,768,645 | 2,370,574 | 1,768,645 | 2,370,574 |
NuStar Energy L.P. Partners' Equity | Interest expense, net | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net loss on cash flow hedges reclassified out of AOCI | 2,625 | 1,653 | 8,062 | 4,615 |
Noncontrolling Interest | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 989 | 11,134 | 1,658 | 12,611 |
Net income (loss) | -173 | -161 | -395 | -439 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | 14 | -568 | -433 | -1,767 |
Net unrealized gain on cash flow hedges | ' | ' | 0 | 0 |
Total other comprehensive income (loss) | 14 | -568 | -433 | -1,767 |
Cash distributions to partners | 0 | 0 | 0 | 0 |
Other | -830 | 0 | -830 | 0 |
Ending balance | 0 | 10,405 | 0 | 10,405 |
Noncontrolling Interest | Interest expense, net | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net loss on cash flow hedges reclassified out of AOCI | $0 | $0 | $0 | $0 |
PARTNERS_EQUITY_Table_2_Detail
PARTNERS' EQUITY Table 2 (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Foreign Currency Translation | Cash Flow Hedges | Total | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Balance as of January 1, 2014 | ($60,134) | ($63,394) | ($13,658) | ($49,736) | ($63,394) |
Activity | ' | ' | -4,802 | 8,062 | 3,260 |
Balance as of September 30, 2014 | ($60,134) | ($63,394) | ($18,460) | ($41,674) | ($60,134) |
PARTNERS_EQUITY_Table_3_Detail
PARTNERS' EQUITY Table 3 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income Allocation [Abstract] | ' | ' | ' | ' |
Net income attributable to NuStar Energy L.P. | $62,121 | $33,397 | $157,379 | $91,048 |
Less general partner incentive distribution | 10,805 | 10,805 | 32,415 | 32,415 |
Net income after general partner incentive distribution | 51,316 | 22,592 | 124,964 | 58,633 |
General partner interest | 2.00% | 2.00% | 2.00% | 2.00% |
General partner allocation of net income after general partner incentive distribution | 1,025 | 452 | 2,498 | 1,174 |
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 32,415 |
Net income applicable to general partner | $11,830 | $11,257 | $34,913 | $33,589 |
PARTNERS_EQUITY_Table_4_Detail
PARTNERS' EQUITY Table 4 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Distributions Made to Limited Partners and General Partner [Line Items] | ' | ' | ' | ' | ' | ' | ' |
General partner interest | $1,961 | ' | ' | ' | $1,961 | $5,883 | $5,883 |
General partner incentive distribution | 10,805 | ' | ' | ' | 10,805 | 32,415 | 32,415 |
Total general partner distribution | 12,766 | ' | ' | ' | 12,766 | 38,298 | 38,298 |
Limited partners' distribution | 85,285 | ' | ' | ' | 85,285 | 255,855 | 255,855 |
Total cash distributions | $98,051 | $98,051 | $98,051 | $98,051 | $98,051 | $294,153 | $294,153 |
Cash distributions per unit applicable to limited partners | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $3.29 | $3.29 |
PARTNERS_EQUITY_Table_5_Detail
PARTNERS' EQUITY Table 5 (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2014 |
Subsequent Event [Member] | ||||||||
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 | $3.29 | $3.29 | ' |
Total cash distributions (distribution earned) | $98,051 | $98,051 | $98,051 | $98,051 | $98,051 | $294,153 | $294,153 | ' |
Distribution date of record (distribution earned) | 10-Nov-14 | 6-Aug-14 | 7-May-14 | 10-Feb-14 | ' | ' | ' | ' |
Distribution payment date (distribution earned) | 14-Nov-14 | 11-Aug-14 | 12-May-14 | 14-Feb-14 | ' | ' | ' | ' |
Distribution anouncement date (distribution earned) | ' | ' | ' | ' | ' | ' | ' | 31-Oct-14 |
NET_INCOME_PER_UNIT_Table_Deta
NET INCOME PER UNIT Table (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income attributable to NuStar Energy L.P. | $62,121 | $33,397 | $157,379 | $91,048 |
Less general partner distribution (including IDR) | 12,766 | 12,766 | 38,298 | 38,298 |
Less limited partner distribution | 85,285 | 85,285 | 255,855 | 255,855 |
Distributions in excess of earnings | -35,930 | -64,654 | -136,774 | -203,105 |
General partner earnings: | ' | ' | ' | ' |
Distributions | 12,766 | 12,766 | 38,298 | 38,298 |
Allocation of distributions in excess of earnings (2%) | -719 | -1,293 | -2,736 | -4,061 |
Total | 12,047 | 11,473 | 35,562 | 34,237 |
Limited partner earnings: | ' | ' | ' | ' |
Distributions | 85,285 | 85,285 | 255,855 | 255,855 |
Allocation of distributions in excess of earnings (98%) | -35,211 | -63,361 | -134,038 | -199,044 |
Total | $50,074 | $21,924 | $121,817 | $56,811 |
Weighted-average limited partner units outstanding (units) | 77,886,078 | 77,886,078 | 77,886,078 | 77,886,078 |
Net income per unit applicable to limited partners (dollars per unit) | $0.64 | $0.28 | $1.56 | $0.73 |
NET_INCOME_PER_UNIT_Parentheti
NET INCOME PER UNIT Parentheticals (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
General partner allocation percentage | 2.00% | 2.00% | 2.00% | 2.00% |
Limited partners allocation percentage | ' | ' | 98.00% | ' |
STATEMENTS_OF_CASH_FLOWS_Table1
STATEMENTS OF CASH FLOWS Table 1 (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Decrease (increase) in current assets: | ' | ' |
Accounts receivable | $60,010 | $145,803 |
Receivable from related parties | 51,037 | 83,265 |
Inventories | 19,865 | 47,145 |
Income tax receivable | -2,939 | 1,204 |
Other current assets | 1,637 | 24,026 |
Increase (decrease) in current liabilities: | ' | ' |
Accounts payable | -134,932 | -176,161 |
Payable to related party | 5,841 | 18,180 |
Accrued interest payable | -5,611 | 2,643 |
Accrued liabilities | 807 | -33,618 |
Taxes other than income tax | 5,319 | 3,144 |
Income tax payable | 46 | 1,207 |
Changes in current assets and current liabilities | $1,080 | $116,838 |
STATEMENTS_OF_CASH_FLOWS_Table2
STATEMENTS OF CASH FLOWS Table 2 (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Cash paid for interest, net of amount capitalized | $103,832 | $88,529 |
Cash paid for income taxes, net of tax refunds received | $9,826 | $8,183 |
SEGMENT_INFORMATION_Table_1_De
SEGMENT INFORMATION Table 1 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Revenues | $794,422 | $778,145 | $2,393,380 | $2,678,345 |
Operating income: | ' | ' | ' | ' |
General and administrative expenses | 24,967 | 18,831 | 68,986 | 65,978 |
Other depreciation and amortization expense | 48,599 | 46,245 | 142,765 | 133,116 |
Operating income | 95,098 | 68,751 | 265,555 | 209,081 |
Pipeline Segment | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 125,461 | 111,508 | 346,218 | 301,761 |
Storage Segment | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 143,945 | 138,608 | 421,497 | 422,964 |
Storage Segment | Third Party Revenue [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 137,771 | 130,227 | 400,421 | 393,390 |
Storage Segment | Intersegment revenue [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 6,174 | 6,890 | 20,147 | 24,911 |
Storage Segment | Related Party Revenue [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 0 | 1,491 | 929 | 4,663 |
Fuels Marketing Segment | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 531,190 | 534,919 | 1,645,812 | 1,978,531 |
Fuels Marketing Segment | Third Party Revenue [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 531,190 | 534,919 | 1,645,812 | 1,969,886 |
Fuels Marketing Segment | Related Party Revenue [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 8,645 |
Operating Segments [Member] | ' | ' | ' | ' |
Operating income: | ' | ' | ' | ' |
Operating income | 122,546 | 90,113 | 342,155 | 282,687 |
Operating Segments [Member] | Pipeline Segment | ' | ' | ' | ' |
Operating income: | ' | ' | ' | ' |
Operating income | 65,652 | 58,018 | 178,878 | 149,126 |
Operating Segments [Member] | Storage Segment | ' | ' | ' | ' |
Operating income: | ' | ' | ' | ' |
Operating income | 49,401 | 41,051 | 141,415 | 139,419 |
Operating Segments [Member] | Fuels Marketing Segment | ' | ' | ' | ' |
Operating income: | ' | ' | ' | ' |
Operating income | 7,518 | -9,079 | 21,897 | -7,240 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | -6,174 | -6,890 | -20,147 | -24,911 |
Operating income: | ' | ' | ' | ' |
Operating income | -25 | 123 | -35 | 1,382 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Operating income: | ' | ' | ' | ' |
General and administrative expenses | 24,967 | 18,831 | 68,986 | 65,978 |
Other depreciation and amortization expense | $2,481 | $2,531 | $7,614 | $7,628 |
SEGMENT_INFORMATION_Table_2_De
SEGMENT INFORMATION Table 2 (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Information | ' | ' |
Total consolidated assets | $4,877,367 | $5,032,186 |
Operating Segments [Member] | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | 4,442,857 | 4,518,763 |
Operating Segments [Member] | Pipeline Segment | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | 1,898,684 | 1,797,698 |
Operating Segments [Member] | Storage Segment | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | 2,237,537 | 2,275,183 |
Operating Segments [Member] | Fuels Marketing Segment | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | 306,636 | 445,882 |
Operating Segments [Member] | Other partnership assets | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | $434,510 | $513,423 |
CONDENSED_CONSOLIDATING_FINANC2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 1 (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $25,686,000 | ' | $100,743,000 | $24,519,000 | ' | $83,602,000 |
Receivables, net | 220,886,000 | ' | 332,394,000 | ' | ' | ' |
Inventories | 117,937,000 | ' | 138,147,000 | ' | ' | ' |
Income tax receivable | 3,661,000 | ' | 826,000 | ' | ' | ' |
Other current assets | 37,523,000 | ' | 39,452,000 | ' | ' | ' |
Assets held for sale | 2,256,000 | ' | 21,987,000 | ' | ' | ' |
Intercompany receivable | 0 | ' | 0 | ' | ' | ' |
Total current assets | 407,949,000 | ' | 633,549,000 | ' | ' | ' |
Property, plant and equipment, net | 3,391,430,000 | ' | 3,310,653,000 | ' | ' | ' |
Intangible assets, net | 61,815,000 | ' | 71,249,000 | ' | ' | ' |
Goodwill | 617,429,000 | ' | 617,429,000 | ' | ' | ' |
Investment in wholly owned subsidiaries | 0 | ' | 0 | ' | ' | ' |
Investment in joint ventures | 72,872,000 | ' | 68,735,000 | ' | ' | ' |
Deferred income tax asset | 4,902,000 | ' | 5,769,000 | ' | ' | ' |
Note receivable from related party | ' | ' | 165,440,000 | ' | ' | ' |
Other long-term assets, net | 320,970,000 | ' | 159,362,000 | ' | ' | ' |
Total assets | 4,877,367,000 | ' | 5,032,186,000 | ' | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' | ' | ' |
Payables | 192,080,000 | ' | 307,076,000 | ' | ' | ' |
Short-term debt | 21,400,000 | ' | 0 | ' | ' | ' |
Accrued interest payable | 27,501,000 | ' | 33,113,000 | ' | ' | ' |
Accrued liabilities | 39,053,000 | ' | 38,632,000 | ' | ' | ' |
Taxes other than income tax | 15,053,000 | ' | 9,745,000 | ' | ' | ' |
Income tax payable | 4,035,000 | ' | 4,006,000 | ' | ' | ' |
Intercompany payable | 0 | ' | 0 | ' | ' | ' |
Total current liabilities | 299,122,000 | ' | 392,572,000 | ' | ' | ' |
Long-term debt | 2,731,551,000 | ' | 2,655,553,000 | ' | ' | ' |
Long-term payable to related party | 30,489,000 | ' | 41,139,000 | ' | ' | ' |
Deferred income tax liability | 27,785,000 | ' | 27,350,000 | ' | ' | ' |
Other long-term liabilities | 19,775,000 | ' | 11,778,000 | ' | ' | ' |
Total partners’ equity | 1,768,645,000 | 1,809,359,000 | 1,903,794,000 | 2,380,979,000 | 2,440,266,000 | 2,584,995,000 |
Total liabilities and partners' equity | 4,877,367,000 | ' | 5,032,186,000 | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | 0 | ' | 0 |
Receivables, net | 0 | ' | -6,000 | ' | ' | ' |
Inventories | -44,000 | ' | -10,000 | ' | ' | ' |
Income tax receivable | 0 | ' | 0 | ' | ' | ' |
Other current assets | 0 | ' | 0 | ' | ' | ' |
Assets held for sale | 0 | ' | 0 | ' | ' | ' |
Intercompany receivable | -1,296,459,000 | ' | -1,521,552,000 | ' | ' | ' |
Total current assets | -1,296,503,000 | ' | -1,521,568,000 | ' | ' | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Investment in wholly owned subsidiaries | -4,342,305,000 | ' | -4,426,418,000 | ' | ' | ' |
Investment in joint ventures | 0 | ' | 0 | ' | ' | ' |
Deferred income tax asset | 0 | ' | 0 | ' | ' | ' |
Note receivable from related party | ' | ' | 0 | ' | ' | ' |
Other long-term assets, net | 0 | ' | 0 | ' | ' | ' |
Total assets | -5,638,808,000 | ' | -5,947,986,000 | ' | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' | ' | ' |
Payables | 0 | ' | -6,000 | ' | ' | ' |
Short-term debt | 0 | ' | ' | ' | ' | ' |
Accrued interest payable | 0 | ' | 0 | ' | ' | ' |
Accrued liabilities | 0 | ' | 0 | ' | ' | ' |
Taxes other than income tax | 0 | ' | 0 | ' | ' | ' |
Income tax payable | 0 | ' | 0 | ' | ' | ' |
Intercompany payable | -1,296,459,000 | ' | -1,521,552,000 | ' | ' | ' |
Total current liabilities | -1,296,459,000 | ' | -1,521,558,000 | ' | ' | ' |
Long-term debt | 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 | -4,342,349,000 | ' | -4,426,428,000 | ' | ' | ' |
Total liabilities and partners' equity | -5,638,808,000 | ' | -5,947,986,000 | ' | ' | ' |
NuStar Energy | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 913,000 | ' | 904,000 | 286,000 | ' | 7,033,000 |
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 | 913,000 | ' | 904,000 | ' | ' | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Investment in wholly owned subsidiaries | 2,333,931,000 | ' | 2,469,331,000 | ' | ' | ' |
Investment in joint ventures | 0 | ' | 0 | ' | ' | ' |
Deferred income tax asset | 0 | ' | 0 | ' | ' | ' |
Note receivable from related party | ' | ' | 0 | ' | ' | ' |
Other long-term assets, net | 673,000 | ' | 611,000 | ' | ' | ' |
Total assets | 2,335,517,000 | ' | 2,470,846,000 | ' | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' | ' | ' |
Payables | 39,000 | ' | 123,000 | ' | ' | ' |
Short-term debt | 0 | ' | ' | ' | ' | ' |
Accrued interest payable | 0 | ' | 0 | ' | ' | ' |
Accrued liabilities | 747,000 | ' | 585,000 | ' | ' | ' |
Taxes other than income tax | 63,000 | ' | 125,000 | ' | ' | ' |
Income tax payable | 0 | ' | 0 | ' | ' | ' |
Intercompany payable | 505,889,000 | ' | 504,483,000 | ' | ' | ' |
Total current liabilities | 506,738,000 | ' | 505,316,000 | ' | ' | ' |
Long-term debt | 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 | 1,828,779,000 | ' | 1,965,530,000 | ' | ' | ' |
Total liabilities and partners' equity | 2,335,517,000 | ' | 2,470,846,000 | ' | ' | ' |
NuStar Logistics | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 7,000 | ' | 22,307,000 | 9,000 | ' | 1,112,000 |
Receivables, net | 44,063,000 | ' | 87,899,000 | ' | ' | ' |
Inventories | 2,187,000 | ' | 2,083,000 | ' | ' | ' |
Income tax receivable | 0 | ' | 0 | ' | ' | ' |
Other current assets | 13,537,000 | ' | 18,109,000 | ' | ' | ' |
Assets held for sale | 0 | ' | 0 | ' | ' | ' |
Intercompany receivable | 1,296,459,000 | ' | 1,521,552,000 | ' | ' | ' |
Total current assets | 1,356,253,000 | ' | 1,651,950,000 | ' | ' | ' |
Property, plant and equipment, net | 1,743,433,000 | ' | 1,556,893,000 | ' | ' | ' |
Intangible assets, net | 57,511,000 | ' | 16,993,000 | ' | ' | ' |
Goodwill | 149,453,000 | ' | 149,453,000 | ' | ' | ' |
Investment in wholly owned subsidiaries | 175,150,000 | ' | 177,961,000 | ' | ' | ' |
Investment in joint ventures | 0 | ' | 0 | ' | ' | ' |
Deferred income tax asset | 0 | ' | 0 | ' | ' | ' |
Note receivable from related party | ' | ' | 165,440,000 | ' | ' | ' |
Other long-term assets, net | 287,358,000 | ' | 118,254,000 | ' | ' | ' |
Total assets | 3,769,158,000 | ' | 3,836,944,000 | ' | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' | ' | ' |
Payables | 59,565,000 | ' | 84,533,000 | ' | ' | ' |
Short-term debt | 21,400,000 | ' | ' | ' | ' | ' |
Accrued interest payable | 27,465,000 | ' | 33,066,000 | ' | ' | ' |
Accrued liabilities | 17,352,000 | ' | 18,850,000 | ' | ' | ' |
Taxes other than income tax | 7,234,000 | ' | 6,272,000 | ' | ' | ' |
Income tax payable | 613,000 | ' | 618,000 | ' | ' | ' |
Intercompany payable | 0 | ' | 0 | ' | ' | ' |
Total current liabilities | 133,629,000 | ' | 143,339,000 | ' | ' | ' |
Long-term debt | 2,731,551,000 | ' | 2,655,553,000 | ' | ' | ' |
Long-term payable to related party | 25,047,000 | ' | 35,696,000 | ' | ' | ' |
Deferred income tax liability | 0 | ' | 0 | ' | ' | ' |
Other long-term liabilities | 12,433,000 | ' | 4,961,000 | ' | ' | ' |
Total partners’ equity | 866,498,000 | ' | 997,395,000 | ' | ' | ' |
Total liabilities and partners' equity | 3,769,158,000 | ' | 3,836,944,000 | ' | ' | ' |
NuPOP | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | 0 | ' | 0 |
Receivables, net | 14,384,000 | ' | 13,281,000 | ' | ' | ' |
Inventories | 8,765,000 | ' | 2,879,000 | ' | ' | ' |
Income tax receivable | 0 | ' | 0 | ' | ' | ' |
Other current assets | 3,349,000 | ' | 2,334,000 | ' | ' | ' |
Assets held for sale | 0 | ' | 0 | ' | ' | ' |
Intercompany receivable | 0 | ' | 0 | ' | ' | ' |
Total current assets | 26,498,000 | ' | 18,494,000 | ' | ' | ' |
Property, plant and equipment, net | 558,646,000 | ' | 573,694,000 | ' | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' | ' |
Goodwill | 170,652,000 | ' | 170,652,000 | ' | ' | ' |
Investment in wholly owned subsidiaries | 907,661,000 | ' | 860,787,000 | ' | ' | ' |
Investment in joint ventures | 0 | ' | 0 | ' | ' | ' |
Deferred income tax asset | 0 | ' | 0 | ' | ' | ' |
Note receivable from related party | ' | ' | 0 | ' | ' | ' |
Other long-term assets, net | 26,329,000 | ' | 26,331,000 | ' | ' | ' |
Total assets | 1,689,786,000 | ' | 1,649,958,000 | ' | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' | ' | ' |
Payables | 8,032,000 | ' | 7,517,000 | ' | ' | ' |
Short-term debt | 0 | ' | ' | ' | ' | ' |
Accrued interest payable | 0 | ' | 0 | ' | ' | ' |
Accrued liabilities | 7,514,000 | ' | 6,133,000 | ' | ' | ' |
Taxes other than income tax | 3,909,000 | ' | 2,873,000 | ' | ' | ' |
Income tax payable | 5,000 | ' | 6,000 | ' | ' | ' |
Intercompany payable | 742,623,000 | ' | 714,847,000 | ' | ' | ' |
Total current liabilities | 762,083,000 | ' | 731,376,000 | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' | ' | ' |
Long-term payable to related party | 0 | ' | 0 | ' | ' | ' |
Deferred income tax liability | 0 | ' | 0 | ' | ' | ' |
Other long-term liabilities | 2,192,000 | ' | 306,000 | ' | ' | ' |
Total partners’ equity | 925,511,000 | ' | 918,276,000 | ' | ' | ' |
Total liabilities and partners' equity | 1,689,786,000 | ' | 1,649,958,000 | ' | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 24,766,000 | ' | 77,532,000 | 24,224,000 | ' | 75,457,000 |
Receivables, net | 162,439,000 | ' | 231,220,000 | ' | ' | ' |
Inventories | 107,029,000 | ' | 133,195,000 | ' | ' | ' |
Income tax receivable | 3,661,000 | ' | 826,000 | ' | ' | ' |
Other current assets | 20,637,000 | ' | 19,009,000 | ' | ' | ' |
Assets held for sale | 2,256,000 | ' | 21,987,000 | ' | ' | ' |
Intercompany receivable | 0 | ' | 0 | ' | ' | ' |
Total current assets | 320,788,000 | ' | 483,769,000 | ' | ' | ' |
Property, plant and equipment, net | 1,089,351,000 | ' | 1,180,066,000 | ' | ' | ' |
Intangible assets, net | 4,304,000 | ' | 54,256,000 | ' | ' | ' |
Goodwill | 297,324,000 | ' | 297,324,000 | ' | ' | ' |
Investment in wholly owned subsidiaries | 925,563,000 | ' | 918,339,000 | ' | ' | ' |
Investment in joint ventures | 72,872,000 | ' | 68,735,000 | ' | ' | ' |
Deferred income tax asset | 4,902,000 | ' | 5,769,000 | ' | ' | ' |
Note receivable from related party | ' | ' | 0 | ' | ' | ' |
Other long-term assets, net | 6,610,000 | ' | 14,166,000 | ' | ' | ' |
Total assets | 2,721,714,000 | ' | 3,022,424,000 | ' | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' | ' | ' |
Payables | 124,444,000 | ' | 214,909,000 | ' | ' | ' |
Short-term debt | 0 | ' | ' | ' | ' | ' |
Accrued interest payable | 36,000 | ' | 47,000 | ' | ' | ' |
Accrued liabilities | 13,440,000 | ' | 13,064,000 | ' | ' | ' |
Taxes other than income tax | 3,847,000 | ' | 475,000 | ' | ' | ' |
Income tax payable | 3,417,000 | ' | 3,382,000 | ' | ' | ' |
Intercompany payable | 47,947,000 | ' | 302,222,000 | ' | ' | ' |
Total current liabilities | 193,131,000 | ' | 534,099,000 | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' | ' | ' |
Long-term payable to related party | 5,442,000 | ' | 5,443,000 | ' | ' | ' |
Deferred income tax liability | 27,785,000 | ' | 27,350,000 | ' | ' | ' |
Other long-term liabilities | 5,150,000 | ' | 6,511,000 | ' | ' | ' |
Total partners’ equity | 2,490,206,000 | ' | 2,449,021,000 | ' | ' | ' |
Total liabilities and partners' equity | $2,721,714,000 | ' | $3,022,424,000 | ' | ' | ' |
CONDENSED_CONSOLIDATING_FINANC3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | $794,422 | $778,145 | $2,393,380 | $2,678,345 |
Costs and expenses | 699,324 | 709,394 | 2,127,825 | 2,469,264 |
Operating income (loss) | 95,098 | 68,751 | 265,555 | 209,081 |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings (loss) of joint ventures | 2,749 | -5,358 | 1,737 | -26,629 |
Interest (expense) income, net | -33,007 | -30,823 | -100,546 | -92,849 |
Interest (expense) income, net | -33,007 | -28,995 | -99,491 | -88,289 |
Other income (expense), net | -1,388 | 1,389 | 1,816 | 3,917 |
Income (loss) from continuing operations before income tax expense | 63,452 | 35,787 | 169,617 | 98,080 |
Income tax expense (benefit) | 4,335 | 105 | 10,317 | 8,087 |
Income from continuing operations | 59,117 | 35,682 | 159,300 | 89,993 |
Income (loss) from discontinued operations, net of tax | 2,831 | -2,446 | -2,316 | 616 |
Net income | 61,948 | 33,236 | 156,984 | 90,609 |
Less net income (loss) attributable to noncontrolling interest | -173 | -161 | -395 | -439 |
Net income attributable to NuStar Energy L.P. | 62,121 | 33,397 | 157,379 | 91,048 |
Comprehensive income | 58,167 | 38,790 | 159,811 | 90,042 |
Less comprehensive income (loss) attributable to noncontrolling interest | -159 | -729 | -828 | -2,206 |
Comprehensive income attributable to NuStar Energy L.P. | 58,326 | 39,519 | 160,639 | 92,248 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | -661 | -8,751 | -9,058 | -25,807 |
Costs and expenses | -637 | -8,831 | -9,024 | -25,775 |
Operating income (loss) | -24 | 80 | -34 | -32 |
Equity in earnings (loss) of subsidiaries | -115,169 | -70,481 | -308,088 | -191,629 |
Equity in earnings (loss) of joint ventures | 0 | 0 | 0 | 0 |
Interest (expense) income, net | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income tax expense | -115,193 | -70,401 | -308,122 | -191,661 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income from continuing operations | -115,193 | -70,401 | -308,122 | -191,661 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income | -115,193 | -70,401 | -308,122 | -191,661 |
Less net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income attributable to NuStar Energy L.P. | -115,193 | -70,401 | -308,122 | -191,661 |
Comprehensive income | -115,193 | -70,401 | -308,122 | -191,661 |
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income attributable to NuStar Energy L.P. | -115,193 | -70,401 | -308,122 | -191,661 |
NuStar Energy | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Costs and expenses | 479 | 507 | 1,352 | 1,438 |
Operating income (loss) | -479 | -507 | -1,352 | -1,438 |
Equity in earnings (loss) of subsidiaries | 62,600 | 33,904 | 158,732 | 92,486 |
Equity in earnings (loss) of joint ventures | 0 | 0 | 0 | 0 |
Interest (expense) income, net | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income tax expense | 62,121 | 33,397 | 157,380 | 91,048 |
Income tax expense (benefit) | 0 | 0 | 1 | 0 |
Income from continuing operations | 62,121 | 33,397 | 157,379 | 91,048 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income | 62,121 | 33,397 | 157,379 | 91,048 |
Less net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income attributable to NuStar Energy L.P. | 62,121 | 33,397 | 157,379 | 91,048 |
Comprehensive income | 62,121 | 33,397 | 157,379 | 91,048 |
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income attributable to NuStar Energy L.P. | 62,121 | 33,397 | 157,379 | 91,048 |
NuStar Logistics | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 134,345 | 106,892 | 369,308 | 308,414 |
Costs and expenses | 72,363 | 66,288 | 204,415 | 179,298 |
Operating income (loss) | 61,982 | 40,604 | 164,893 | 129,116 |
Equity in earnings (loss) of subsidiaries | -1,952 | 8,136 | -2,811 | 15,779 |
Equity in earnings (loss) of joint ventures | 0 | -8,202 | -8,278 | -31,713 |
Interest (expense) income, net | -33,306 | -29,451 | -100,121 | -83,788 |
Other income (expense), net | -18 | 0 | 524 | 2,466 |
Income (loss) from continuing operations before income tax expense | 26,706 | 11,087 | 54,207 | 31,860 |
Income tax expense (benefit) | 220 | 146 | 628 | 420 |
Income from continuing operations | 26,486 | 10,941 | 53,579 | 31,440 |
Income (loss) from discontinued operations, net of tax | -13 | -543 | -181 | -1,624 |
Net income | 26,473 | 10,398 | 53,398 | 29,816 |
Less net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income attributable to NuStar Energy L.P. | 26,473 | 10,398 | 53,398 | 29,816 |
Comprehensive income | 33,515 | 12,746 | 65,183 | 43,306 |
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income attributable to NuStar Energy L.P. | 33,515 | 12,746 | 65,183 | 43,306 |
NuPOP | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 54,431 | 50,669 | 163,890 | 151,189 |
Costs and expenses | 36,710 | 32,274 | 105,473 | 104,311 |
Operating income (loss) | 17,721 | 18,395 | 58,417 | 46,878 |
Equity in earnings (loss) of subsidiaries | 18,402 | 4,992 | 46,874 | 20,750 |
Equity in earnings (loss) of joint ventures | 0 | 0 | 0 | 0 |
Interest (expense) income, net | 16 | 76 | 38 | -4,941 |
Other income (expense), net | -20 | 8 | -36 | -65 |
Income (loss) from continuing operations before income tax expense | 36,119 | 23,471 | 105,293 | 62,622 |
Income tax expense (benefit) | 2 | 1 | 5 | 4 |
Income from continuing operations | 36,117 | 23,470 | 105,288 | 62,618 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income | 36,117 | 23,470 | 105,288 | 62,618 |
Less net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income attributable to NuStar Energy L.P. | 36,117 | 23,470 | 105,288 | 62,618 |
Comprehensive income | 36,117 | 23,470 | 105,288 | 62,618 |
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income attributable to NuStar Energy L.P. | 36,117 | 23,470 | 105,288 | 62,618 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 606,307 | 629,335 | 1,869,240 | 2,244,549 |
Costs and expenses | 590,409 | 619,156 | 1,825,609 | 2,209,992 |
Operating income (loss) | 15,898 | 10,179 | 43,631 | 34,557 |
Equity in earnings (loss) of subsidiaries | 36,119 | 23,449 | 105,293 | 62,614 |
Equity in earnings (loss) of joint ventures | 2,749 | 2,844 | 10,015 | 5,084 |
Interest (expense) income, net | 283 | 380 | 592 | 440 |
Other income (expense), net | -1,350 | 1,381 | 1,328 | 1,516 |
Income (loss) from continuing operations before income tax expense | 53,699 | 38,233 | 160,859 | 104,211 |
Income tax expense (benefit) | 4,113 | -42 | 9,683 | 7,663 |
Income from continuing operations | 49,586 | 38,275 | 151,176 | 96,548 |
Income (loss) from discontinued operations, net of tax | 2,844 | -1,903 | -2,135 | 2,240 |
Net income | 52,430 | 36,372 | 149,041 | 98,788 |
Less net income (loss) attributable to noncontrolling interest | -173 | -161 | -395 | -439 |
Net income attributable to NuStar Energy L.P. | 52,603 | 36,533 | 149,436 | 99,227 |
Comprehensive income | 41,607 | 39,578 | 140,083 | 84,731 |
Less comprehensive income (loss) attributable to noncontrolling interest | -159 | -729 | -828 | -2,206 |
Comprehensive income attributable to NuStar Energy L.P. | $41,766 | $40,307 | $140,911 | $86,937 |
CONDENSED_CONSOLIDATING_FINANC4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 3 (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities | $315,195 | $378,540 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -229,548 | -260,701 |
Change in accounts payable related to capital expenditures | 10,910 | -2,879 |
Proceeds from sale or disposition of assets | 25,975 | 116,467 |
Increase in note receivable from related party | -13,328 | -50,761 |
Other, net | -853 | 156 |
Net cash provided by (used in) investing activities | -206,844 | -197,718 |
Cash flows from financing activities: | ' | ' |
Debt borrowings | 742,636 | 1,299,220 |
Note offering, net | 0 | 687,151 |
Debt repayments | -635,069 | -1,897,182 |
Distributions to unitholders and general partner | -294,153 | -294,153 |
Proceeds from (payments for) termination of interest rate swaps | 0 | -33,697 |
Net intercompany borrowings (repayments) | 0 | 0 |
Other, net | 2,540 | 3,168 |
Net cash provided by (used in) financing activities | -184,046 | -235,493 |
Effect of foreign exchange rate changes on cash | 638 | -4,412 |
Net increase (decrease) in cash and cash equivalents | -75,057 | -59,083 |
Cash and cash equivalents as of the beginning of the period | 100,743 | 83,602 |
Cash and cash equivalents as of the end of the period | 25,686 | 24,519 |
Eliminations | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities | -392,225 | -294,182 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | 0 | 0 |
Change in accounts payable related to capital expenditures | 0 | 0 |
Proceeds from sale or disposition of assets | 0 | 0 |
Increase in note receivable from related party | 0 | 0 |
Other, net | 23 | 141 |
Net cash provided by (used in) investing activities | 23 | 141 |
Cash flows from financing activities: | ' | ' |
Debt borrowings | 0 | 0 |
Note offering, net | ' | 0 |
Debt repayments | 0 | 0 |
Distributions to unitholders and general partner | 392,225 | 294,182 |
Proceeds from (payments for) termination of interest rate swaps | ' | 0 |
Net intercompany borrowings (repayments) | 0 | 0 |
Other, net | -23 | -141 |
Net cash provided by (used in) financing activities | 392,202 | 294,041 |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents as of the beginning of the period | 0 | 0 |
Cash and cash equivalents as of the end of the period | 0 | 0 |
NuStar Energy | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 292,757 | 292,499 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | 0 | 0 |
Change in accounts payable related to capital expenditures | 0 | 0 |
Proceeds from sale or disposition of assets | 0 | 0 |
Increase in note receivable from related party | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Debt borrowings | 0 | 0 |
Note offering, net | ' | 0 |
Debt repayments | 0 | 0 |
Distributions to unitholders and general partner | -294,153 | -294,153 |
Proceeds from (payments for) termination of interest rate swaps | ' | 0 |
Net intercompany borrowings (repayments) | 1,405 | -5,047 |
Other, net | 0 | -46 |
Net cash provided by (used in) financing activities | -292,748 | -299,246 |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 9 | -6,747 |
Cash and cash equivalents as of the beginning of the period | 904 | 7,033 |
Cash and cash equivalents as of the end of the period | 913 | 286 |
NuStar Logistics | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 133,967 | 159,157 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -174,296 | -181,580 |
Change in accounts payable related to capital expenditures | 18,470 | -5,419 |
Proceeds from sale or disposition of assets | 651 | 116,348 |
Increase in note receivable from related party | -13,328 | -50,761 |
Other, net | -46 | 15 |
Net cash provided by (used in) investing activities | -168,549 | -121,397 |
Cash flows from financing activities: | ' | ' |
Debt borrowings | 742,636 | 1,299,220 |
Note offering, net | ' | 687,151 |
Debt repayments | -635,069 | -1,647,182 |
Distributions to unitholders and general partner | -196,101 | -294,153 |
Proceeds from (payments for) termination of interest rate swaps | ' | -33,697 |
Net intercompany borrowings (repayments) | 100,930 | -53,557 |
Other, net | -114 | 3,355 |
Net cash provided by (used in) financing activities | 12,282 | -38,863 |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -22,300 | -1,103 |
Cash and cash equivalents as of the beginning of the period | 22,307 | 1,112 |
Cash and cash equivalents as of the end of the period | 7 | 9 |
NuPOP | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 76,913 | 50,587 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -6,308 | -13,449 |
Change in accounts payable related to capital expenditures | 81 | 1,534 |
Proceeds from sale or disposition of assets | 13 | 28 |
Increase in note receivable from related party | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | -6,214 | -11,887 |
Cash flows from financing activities: | ' | ' |
Debt borrowings | 0 | 0 |
Note offering, net | ' | 0 |
Debt repayments | 0 | -250,000 |
Distributions to unitholders and general partner | -98,052 | 0 |
Proceeds from (payments for) termination of interest rate swaps | ' | 0 |
Net intercompany borrowings (repayments) | 27,353 | 211,300 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | -70,699 | -38,700 |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents as of the beginning of the period | 0 | 0 |
Cash and cash equivalents as of the end of the period | 0 | 0 |
Non-Guarantor Subsidiaries | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 203,783 | 170,479 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -48,944 | -65,672 |
Change in accounts payable related to capital expenditures | -7,641 | 1,006 |
Proceeds from sale or disposition of assets | 25,311 | 91 |
Increase in note receivable from related party | 0 | 0 |
Other, net | -830 | 0 |
Net cash provided by (used in) investing activities | -32,104 | -64,575 |
Cash flows from financing activities: | ' | ' |
Debt borrowings | 0 | 0 |
Note offering, net | ' | 0 |
Debt repayments | 0 | 0 |
Distributions to unitholders and general partner | -98,072 | -29 |
Proceeds from (payments for) termination of interest rate swaps | ' | 0 |
Net intercompany borrowings (repayments) | -129,688 | -152,696 |
Other, net | 2,677 | 0 |
Net cash provided by (used in) financing activities | -225,083 | -152,725 |
Effect of foreign exchange rate changes on cash | 638 | -4,412 |
Net increase (decrease) in cash and cash equivalents | -52,766 | -51,233 |
Cash and cash equivalents as of the beginning of the period | 77,532 | 75,457 |
Cash and cash equivalents as of the end of the period | $24,766 | $24,224 |