DEI Document
DEI Document - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document Information [Abstract] | |||
Entity Registrant Name | NuStar Energy L.P. | ||
Entity Central Index Key | 1,110,805 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ns | ||
Amendment Flag | false | ||
Entity Partnership Units Outstanding | 77,886,078 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,838 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 118,862 | $ 87,912 |
Accounts receivable, net of allowance for doubtful accounts of $8,473 and $7,808 as of December 31, 2015 and 2014, respectively | 145,064 | 208,314 |
Receivable from related parties | 0 | 164 |
Inventories | 38,749 | 55,713 |
Other current assets | 31,176 | 35,944 |
Assets held for sale | 0 | 1,100 |
Total current assets | 333,851 | 389,147 |
Property, plant and equipment, at cost | 5,209,160 | 4,815,396 |
Accumulated depreciation and amortization | (1,525,589) | (1,354,664) |
Property, plant and equipment, net | 3,683,571 | 3,460,732 |
Intangible assets, net | 112,011 | 58,670 |
Goodwill | 696,637 | 617,429 |
Investment in joint venture | 0 | 74,223 |
Deferred income tax asset | 2,858 | 4,429 |
Other long-term assets, net | 320,334 | 314,166 |
Total assets | 5,149,262 | 4,918,796 |
Current liabilities: | ||
Accounts payable | 125,147 | 162,056 |
Payable to related party | 14,799 | 15,128 |
Short-term debt | 84,000 | 77,000 |
Accrued interest payable | 34,286 | 33,345 |
Accrued liabilities | 55,194 | 61,025 |
Taxes other than income tax | 12,810 | 14,121 |
Income tax payable | 5,977 | 2,517 |
Total current liabilities | 332,213 | 365,192 |
Long-term debt | 3,079,349 | 2,749,452 |
Long-term payable to related party | 32,080 | 33,537 |
Deferred income tax liability | 24,810 | 27,308 |
Other long-term liabilities | $ 70,966 | $ 27,097 |
Commitments and contingencies (Note 15) | ||
Partners' equity: | ||
Limited partners (77,886,078 common units outstanding as of December 31, 2015 and 2014) | $ 1,661,900 | $ 1,744,810 |
General partner | 36,738 | 39,312 |
Accumulated other comprehensive loss | (88,794) | (67,912) |
Total partners' equity | 1,609,844 | 1,716,210 |
Total liabilities and partners' equity | $ 5,149,262 | $ 4,918,796 |
CONSOLIDATED BALANCE SHEETS Non
CONSOLIDATED BALANCE SHEETS Non-Printing - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for Doubtful Accounts Receivable, Current | $ 8,473 | $ 7,808 |
Limited Partners' Capital Account, Units Outstanding | 77,886,078 | 77,886,078 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Service revenues | $ 1,114,153 | $ 1,026,446 | $ 938,138 |
Product sales | 969,887 | 2,048,672 | 2,525,594 |
Total revenues | 2,084,040 | 3,075,118 | 3,463,732 |
Cost of product sales | 907,574 | 1,967,528 | 2,453,997 |
Operating expenses: | |||
Third parties | 337,466 | 347,189 | 331,719 |
Related party | 135,565 | 125,736 | 122,677 |
Total operating expenses | 473,031 | 472,925 | 454,396 |
General and administrative expenses: | |||
Third parties | 35,752 | 29,146 | 32,484 |
Related party | 66,769 | 66,910 | 58,602 |
Total general and administrative expenses | 102,521 | 96,056 | 91,086 |
Depreciation and amortization expense | 210,210 | 191,708 | 178,921 |
Goodwill impairment loss | 0 | 0 | 304,453 |
Total costs and expenses | 1,693,336 | 2,728,217 | 3,482,853 |
Operating income (loss) | 390,704 | 346,901 | (19,121) |
Equity in earnings (loss) of joint ventures | 0 | 4,796 | (39,970) |
Interest expense, net | (131,868) | (132,281) | (127,119) |
Interest income from related party | 0 | 1,055 | 6,113 |
Other income, net | 61,822 | 4,499 | 7,341 |
Income (loss) from continuing operations before income tax expense | 320,658 | 224,970 | (172,756) |
Income tax expense | 14,712 | 10,801 | 12,753 |
Income (loss) from continuing operations | 305,946 | 214,169 | (185,509) |
Income (loss) from discontinued operations, net of tax | 774 | (3,791) | (99,162) |
Net income (loss) | 306,720 | 210,378 | (284,671) |
Less loss attributable to noncontrolling interest | 0 | (395) | (10,901) |
Net income (loss) attributable to NuStar Energy L.P. | $ 306,720 | $ 210,773 | $ (273,770) |
Net income (loss) per unit applicable to limited partners: | |||
Continuing operations | $ 3.29 | $ 2.14 | $ (2.89) |
Discontinued operations | 0.01 | (0.04) | (1.11) |
Total (Note 22) | $ 3.30 | $ 2.10 | $ (4) |
Weighted-average limited partner units outstanding | 77,886,078 | 77,886,078 | 77,886,078 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | $ 59,480 | $ 65,016 | $ 54,325 | $ 127,899 | $ 53,394 | $ 61,948 | $ 55,399 | $ 39,637 | $ 306,720 | $ 210,378 | $ (284,671) |
Other comprehensive loss: | |||||||||||
Foreign currency translation adjustment | (31,987) | (15,614) | (19,364) | ||||||||
Net unrealized gain on cash flow hedges | 1,303 | 0 | 7,213 | ||||||||
Net loss reclassified into income on cash flow hedges | 9,802 | 10,663 | 7,570 | ||||||||
Total other comprehensive loss | (20,882) | (4,951) | (4,581) | ||||||||
Comprehensive income (loss) | 285,838 | 205,427 | (289,252) | ||||||||
Less comprehensive loss attributable to noncontrolling interest | 0 | (828) | (10,953) | ||||||||
Comprehensive income (loss) attributable to NuStar Energy L.P. | $ 285,838 | $ 206,255 | $ (278,299) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 306,720 | $ 210,378 | $ (284,671) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization expense | 210,210 | 191,708 | 184,363 |
Amortization of debt related items | 8,840 | 8,969 | 4,329 |
Gain on sale or disposition of assets | (1,617) | (3,853) | (7,829) |
Gain associated with the Linden Acquisition | (56,277) | 0 | 0 |
Asset and goodwill impairment loss | 0 | 4,201 | 406,982 |
Deferred income tax expense (benefit) | 2,058 | 3,467 | (6,739) |
Equity in (earnings) loss of joint ventures | 0 | (4,796) | 39,970 |
Distributions of equity in earnings of joint ventures | 2,500 | 7,587 | 7,956 |
Changes in current assets and current liabilities (Note 23) | 50,559 | 82,418 | 112,776 |
Other, net | 1,944 | 18,444 | 28,082 |
Net cash provided by operating activities | 524,937 | 518,523 | 485,219 |
Cash Flows from Investing Activities: | |||
Capital expenditures | (324,808) | (356,965) | (343,320) |
Change in accounts payable related to capital expenditures | (3,156) | 4,903 | (5,384) |
Acquisitions | (142,500) | 0 | 0 |
Increase in other long-term assets | (3,564) | 0 | 0 |
Proceeds from sale or disposition of assets | 17,132 | 26,012 | 119,006 |
Proceeds from insurance recoveries | 4,867 | 0 | 0 |
Increase in note receivable from Axeon | 0 | (13,328) | (80,961) |
Other, net | 0 | (853) | (302) |
Net cash used in investing activities | (452,029) | (340,231) | (310,961) |
Cash Flows from Financing Activities: | |||
Proceeds from long-term debt borrowings | 860,131 | 743,719 | 1,738,451 |
Proceeds from short-term debt borrowings | 823,500 | 574,900 | 0 |
Proceeds from note offering, net of issuance costs | 0 | 0 | 686,863 |
Long-term debt repayments | (500,410) | (623,770) | (2,150,743) |
Short-term debt repayments | (816,500) | (497,900) | 0 |
Distributions to unitholders and general partner | (392,204) | (392,204) | (392,204) |
Payments for termination of interest rate swaps | 0 | 0 | (33,697) |
(Decrease) increase in cash book overdrafts | (2,954) | 12,851 | 2,851 |
Other, net | (792) | (5,781) | (871) |
Net cash used in financing activities | (29,229) | (188,185) | (149,350) |
Effect of foreign exchange rate changes on cash | (12,729) | (2,938) | (7,767) |
Net increase (decrease) in cash and cash equivalents | 30,950 | (12,831) | 17,141 |
Cash and cash equivalents as of the beginning of the period | 87,912 | 100,743 | 83,602 |
Cash and cash equivalents as of the end of the period | $ 118,862 | $ 87,912 | $ 100,743 |
CONSOLIDATED STATEMENTS OF PART
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY - USD ($) $ in Thousands | Total | NuStar Energy L.P. Partners' Equity | Noncontrolling Interest | AOCI Attributable to Parent [Member] | Limited Partners | General Partner |
Limited partner units - beginning balance at Dec. 31, 2012 | 77,886,078 | |||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest - beginning balance at Dec. 31, 2012 | $ 2,584,995 | $ 2,572,384 | $ 12,611 | $ (58,865) | $ 2,573,263 | $ 57,986 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Net income (loss) | (284,671) | (273,770) | (10,901) | 0 | (310,652) | 36,882 |
Other comprehensive loss | (4,581) | (4,529) | (52) | (4,529) | 0 | 0 |
Cash distributions to partners | (392,204) | (392,204) | 0 | 0 | (341,140) | (51,064) |
Other | 255 | 255 | 0 | 0 | 255 | 0 |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest - ending balance at Dec. 31, 2013 | 1,903,794 | 1,902,136 | 1,658 | (63,394) | $ 1,921,726 | 43,804 |
Limited partner units - ending balance at Dec. 31, 2013 | 77,886,078 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Net income (loss) | 210,378 | 210,773 | (395) | 0 | $ 164,201 | 46,572 |
Other comprehensive loss | (4,951) | (4,518) | (433) | (4,518) | 0 | 0 |
Cash distributions to partners | (392,204) | (392,204) | 0 | 0 | (341,140) | (51,064) |
Other | (807) | 23 | (830) | 0 | 23 | 0 |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest - ending balance at Dec. 31, 2014 | 1,716,210 | 1,716,210 | 0 | (67,912) | $ 1,744,810 | 39,312 |
Limited partner units - ending balance at Dec. 31, 2014 | 77,886,078 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Net income (loss) | 306,720 | 306,720 | 0 | 0 | $ 258,230 | 48,490 |
Other comprehensive loss | (20,882) | (20,882) | 0 | (20,882) | 0 | 0 |
Cash distributions to partners | (392,204) | (392,204) | 0 | 0 | (341,140) | (51,064) |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest - ending balance at Dec. 31, 2015 | $ 1,609,844 | $ 1,609,844 | $ 0 | $ (88,794) | $ 1,661,900 | $ 36,738 |
Limited partner units - ending balance at Dec. 31, 2015 | 77,886,078 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND OPERATIONS | ORGANIZATION AND OPERATIONS Organization NuStar Energy L.P. (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,” “NS,” “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 or NSH) (NYSE: NSH) owns our general partner, Riverwalk Logistics, L.P., and owns a 14.9% total interest in us as of December 31, 2015 . Operations We conduct our operations through our subsidiaries, primarily NuStar Logistics, L.P. (NuStar Logistics) and NuStar Pipeline Operating Partnership L.P. (NuPOP). We have three business segments: pipeline, storage and fuels marketing. Pipeline. We own 3,140 miles of refined product pipelines and 1,200 miles of crude oil pipelines, as well as approximately 4.0 million barrels of storage capacity, which comprise our Central West System. In addition, we own 2,360 miles of refined product pipelines, consisting of the East and North Pipelines, and a 2,000 mile ammonia pipeline, which comprise our Central East System. The East and North Pipelines have storage capacity of approximately 6.4 million barrels. We charge tariffs on a per barrel basis for transporting refined products, crude oil and other feedstocks in our refined product and crude oil pipelines and on a per ton basis for transporting anhydrous ammonia in the Ammonia Pipeline. Storage. We own terminal and storage facilities in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, and the United Kingdom, with approximately 82.9 million barrels of storage capacity. Our terminal and storage facilities provide storage, handling and other services on a fee basis for petroleum products, crude oil, specialty chemicals and other liquids. Fuels Marketing. Within our fuels marketing operations, we purchase crude oil and refined petroleum products for resale. The activities of the fuels marketing segment expose us to the risk of fluctuations in commodity prices, which has a direct impact on the segment’s results of operations. We enter into derivative contracts to attempt to mitigate the effect of commodity price fluctuations. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation The accompanying consolidated financial statements represent the consolidated operations of the Partnership and our subsidiaries. Noncontrolling interests are separately disclosed on the financial statements. Inter-partnership balances and transactions have been eliminated in consolidation. The operations of certain pipelines and terminals in which we own an undivided interest are proportionately consolidated in the accompanying consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, management reviews their estimates based on currently available information. Management may revise estimates due to changes in facts and circumstances. Cash and Cash Equivalents Cash equivalents are all highly liquid investments with an original maturity of three months or less when acquired. Accounts Receivable Accounts receivable represent valid claims against non-affiliated customers for products sold or services rendered. We extend credit terms to certain customers after review of various credit indicators, including the customer’s credit rating. Outstanding customer receivable balances are regularly reviewed for possible non-payment indicators and allowances for doubtful accounts are recorded based upon management’s estimate of collectability at the time of their review. Inventories Inventories consist of crude oil, refined petroleum products, and materials and supplies. Inventories, except those associated with a qualifying fair value hedge, are valued at the lower of cost or market. Cost is determined using the weighted-average cost method. Our inventory, other than materials and supplies, consists of one end-product category, petroleum products, which we include in the fuels marketing segment. Accordingly, we determine lower of cost or market adjustments on an aggregate basis. Inventories associated with qualifying fair value hedges are valued at current market prices. Materials and supplies are valued at the lower of average cost or market. Property, Plant and Equipment We record additions to property, plant and equipment, including reliability and strategic capital expenditures, at cost. Repair and maintenance costs associated with existing assets that are minor in nature and do not extend the useful life of existing assets are charged to operating expenses as incurred. Depreciation of property, plant and equipment is recorded on a straight-line basis over the estimated useful lives of the related assets. When property or equipment is retired, sold or otherwise disposed of, the difference between the carrying value and the net proceeds is recognized in “Other income, net” in the consolidated statements of income in the year of disposition. We capitalize overhead costs and interest costs incurred on funds used to construct property, plant and equipment while the asset is under construction. The overhead costs and capitalized interest are recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. Goodwill We assess goodwill for impairment annually on October 1, or more frequently if events or changes in circumstances indicate it might be impaired. We have the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. We performed a quantitative goodwill impairment test as of October 1, 2015 and 2014, and we determined that no impairment charges occurred. See Note 11 for a discussion of the goodwill impairment recognized in 2013. We calculate the estimated fair value of each of our reporting units using a weighted-average of values calculated using an income approach and a market approach. The income approach involves estimating the fair value of each reporting unit by discounting its estimated future cash flows using a discount rate that would be consistent with a market participant’s assumption. The market approach bases the fair value measurement on information obtained from observed stock prices of public companies and recent merger and acquisition transaction data of comparable entities. Our reporting units to which goodwill has been allocated consist of the following: • crude oil pipelines; • refined product pipelines; • refined product terminals, excluding our St. Eustatius and Point Tupper facilities; and • bunkering activity at our St. Eustatius and Point Tupper facilities. The quantitative impairment test for goodwill consists of a two-step process. Step 1 compares the fair value of the reporting unit to its carrying value including goodwill. The carrying value of each reporting unit equals the total identified assets (including goodwill) less the sum of each reporting unit’s identified liabilities. We used reasonable and supportable methods to assign the assets and liabilities to the appropriate reporting units in a consistent manner. If the carrying value exceeds fair value, there is a potential impairment and step 2 must be performed to determine the amount of goodwill impairment. Step 2 compares the carrying value of the reporting unit’s goodwill to its implied fair value using a hypothetical allocation of the reporting unit’s fair value. If the goodwill carrying value exceeds its implied fair value, the excess is reported as impairment. Investment in Joint Ventures We account for investment in the joint ventures using the equity method of accounting. We reported our ownership interest in our equity method investments within “Investment in joint ventures” on the consolidated balance sheet and our portion of the results of operations for our equity method investments in “Equity in earnings (loss) of joint ventures” in the consolidated statements of income (loss). On January 2, 2015, we acquired full ownership of ST Linden Terminal, LLC (Linden), which owns a refined products terminal in Linden, NJ with 4.3 million barrels of storage capacity (the Linden Acquisition). See Note 4 for additional information on the Linden Acquisition. On February 26, 2014, we sold our remaining 50% ownership interest in Axeon Specialty Products LLC. See Note 5 for additional discussion. Impairment of Long-Lived Assets We review long-lived assets, including property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We evaluate recoverability using undiscounted estimated net cash flows generated by the related asset or asset group. If the results of that evaluation indicate that the undiscounted cash flows are less than the carrying amount of the asset (i.e., the asset is not recoverable) we perform an impairment analysis. If our intent is to hold the asset for continued use, we determine the amount of impairment as the amount by which the net carrying value exceeds its fair value. If our intent is to sell the asset, and the criteria required to classify an asset as held for sale are met, we determine the amount of impairment as the amount by which the net carrying amount exceeds its fair value less costs to sell. We believe that the carrying amounts of our long-lived assets as of December 31, 2015 are recoverable. See Note 5 for a discussion of impairments of long-lived assets recognized in 2013. Income Taxes We are a limited partnership and generally are not subject to federal or state income taxes. Accordingly, our taxable income or loss, which may vary substantially from income or loss reported for financial reporting purposes, is generally included in the federal and state income tax returns of our partners. For transfers of publicly held units subsequent to our initial public offering, we have made an election permitted by Section 754 of the Internal Revenue Code (the Code) to adjust the common unit purchaser’s tax basis in our underlying assets to reflect the purchase price of the units. This results in an allocation of taxable income and expenses to the purchaser of the common units, including depreciation deductions and gains and losses on sales of assets, based upon the new unitholder’s purchase price for the common units. We conduct certain of our operations through taxable wholly owned corporate subsidiaries. We account for income taxes related to our taxable subsidiaries using the asset and liability method. Under this method, we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred taxes using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. We recognize a tax position if it is more-likely-than-not that the tax position will be sustained, based on the technical merits of the position, upon examination. We record uncertain tax positions in the financial statements at the largest amount of benefit that is more-likely-than-not to be realized. We had no unrecognized tax benefits as of December 31, 2015 and 2014 . NuStar Energy and certain of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. For U.S. federal and state purposes, as well as for our major non-U.S. jurisdictions, tax years subject to examination are 2011 through 2014, according to standard statute of limitations. Asset Retirement Obligations We record a liability for asset retirement obligations at the fair value of the estimated costs to retire a tangible long-lived asset at the time we incur that liability, which is generally when the asset is purchased, constructed or leased, when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the obligation can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the fair value. We have asset retirement obligations with respect to certain of our assets due to various legal obligations to clean and/or dispose of those assets at the time they are retired. However, these assets can be used for an extended and indeterminate period of time as long as they are properly maintained and/or upgraded. It is our practice and current intent to maintain our assets and continue making improvements to those assets based on technological advances. As a result, we believe that our assets have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire these assets cannot reasonably be estimated at this time. When a date or range of dates can reasonably be estimated for the retirement of any asset, we estimate the costs of performing the retirement activities and record a liability for the fair value of these costs. We also have legal obligations in the form of leases and right-of-way agreements, which require us to remove certain of our assets upon termination of the agreement. However, these lease or right-of-way agreements generally contain automatic renewal provisions that extend our rights indefinitely or we have other legal means available to extend our rights. We have recorded a liability of approximately $0.6 million and $0.8 million as of December 31, 2015 and 2014 , respectively, which is included in “Other long-term liabilities” in the consolidated balance sheets, for conditional asset retirement obligations related to the retirement of terminal assets with lease and right-of-way agreements. Environmental Remediation Costs Environmental remediation costs are expensed and an associated accrual established when site restoration and environmental remediation and cleanup obligations are either known or considered probable and can be reasonably estimated. These environmental obligations are based on estimates of probable undiscounted future costs over a 20 -year time period using currently available technology and applying current regulations, as well as our own internal environmental policies. The environmental liabilities have not been reduced by possible recoveries from third parties. Environmental costs include initial site surveys, costs for remediation and restoration and ongoing monitoring costs, as well as fines, damages and other costs, when estimable. Adjustments to initial estimates are recorded, from time to time, to reflect changing circumstances and estimates based upon additional information developed in subsequent periods. Product Imbalances We incur product imbalances as a result of variances in pipeline meter readings and volume fluctuations within the East Pipeline system due to pressure and temperature changes. We use quoted market prices as of the reporting date to value our assets and liabilities related to product imbalances. Product imbalance liabilities are included in “Accrued liabilities” and product imbalance assets are included in “Other current assets” in the consolidated balance sheets. Revenue Recognition Revenues for the pipeline segment are derived from interstate and intrastate pipeline transportation of refined product, crude oil and anhydrous ammonia. Transportation revenues (based on pipeline tariffs) are recognized as the refined product, crude oil or anhydrous ammonia is delivered out of the pipelines. Revenues for the storage segment include fees for tank storage agreements, whereby a customer agrees to pay for a certain amount of storage in a tank over a period of time (storage lease revenues), and throughput agreements, whereby a customer pays a fee per barrel for volumes moving through our terminals for which we charge additional fees (throughput revenues). Our terminals also provide blending, additive injections, handling and filtering services for which we charge additional fees. Certain of our facilities charge fees to provide marine services such as pilotage, tug assistance, line handling, launch service, emergency response services and other ship services. Storage lease revenues are recognized when services are provided to the customer. Throughput revenues are recognized as refined products or crude oil are received in or delivered out of our terminal and as crude oil and certain other refinery feedstocks are received by the related refinery. Revenues for marine services are recognized as those services are provided. Revenues from the sale of petroleum products, which are included in our fuels marketing segment, are recognized when product is delivered to the customer and title and risk pass to the customer. We collect taxes on certain revenue transactions to be remitted to governmental authorities, which may include sales, use, value added and some excise taxes. These taxes are not included in revenue. Income Allocation Our net income for each quarterly reporting period is first allocated to the general partner in an amount equal to the general partner’s incentive distribution calculated based upon the declared distribution for the respective reporting period. We allocate the remaining net income among the limited and general partners in accordance with their respective 98% and 2% interests. Net Income per Unit Applicable to Limited Partners We have identified the general partner interest and incentive distribution rights as participating securities and use the two-class method when calculating the net income per unit applicable to limited partners, which is based on the weighted-average number of common units outstanding during the period. Basic and diluted net income per unit applicable to limited partners are the same as we have no potentially dilutive securities outstanding. Derivative Financial Instruments We formally document all relationships between hedging instruments and hedged items. This process includes identification of the hedging instrument and the hedged transaction, the nature of the risk being hedged and how the hedging instrument’s effectiveness will be assessed. To qualify for hedge accounting, at inception of the hedge we assess whether the derivative instruments that are used in our hedging transactions are expected to be highly effective in offsetting changes in cash flows or the fair value of the hedged items. Throughout the designated hedge period and at least quarterly, we assess whether the derivative instruments are highly effective and continue to qualify for hedge accounting. To assess the effectiveness of the hedging relationship both prospectively and retrospectively, we use regression analysis to calculate the correlation of the changes in the fair values of the derivative instrument and related hedged item. We record commodity derivative instruments in the consolidated balance sheets at fair value. We recognize mark-to-market adjustments for derivative instruments designated and qualifying as fair value hedges (Fair Value Hedges) and the related change in the fair value of the associated hedged physical inventory or firm commitment within “Cost of product sales.” For derivative instruments designated and qualifying as cash flow hedges (Cash Flow Hedges), we record the effective portion of mark-to-market adjustments as a component of “Accumulated other comprehensive income” (AOCI) until the underlying hedged forecasted transactions occur. Any hedge ineffectiveness is recognized immediately in “Cost of product sales.” Once a hedged transaction occurs, we reclassify the effective portion from AOCI to “Cost of product sales.” If it becomes probable that a hedged transaction will not occur, then the associated gains or losses are reclassified from AOCI to “Cost of product sales” immediately. For derivative instruments that have associated underlying physical inventory but do not qualify for hedge accounting (Economic Hedges and Other Derivatives), we record the mark-to-market adjustments in “Cost of product sales.” Under the terms of our forward-starting interest rate swap agreements, we pay a fixed rate and receive a variable rate. We entered into the forward-starting swaps in order to hedge the risk of changes in the interest payments attributable to changes in the benchmark interest rate during the period from the effective date of the swap to the issuance of the forecasted debt. We account for the forward-starting interest rate swaps as Cash Flow Hedges, and we recognize the fair value of each interest rate swap in the consolidated balance sheets. We record the effective portion of mark-to-market adjustments as a component of AOCI, and any hedge ineffectiveness is recognized immediately in “Interest expense, net.” The amount accumulated in AOCI is amortized into “Interest expense, net” as the forecasted interest payments occur or if the interest payments are probable not to occur. We classify cash flows associated with our derivative instruments as operating cash flows in the consolidated statements of cash flows, except for receipts or payments associated with terminated forward-starting interest rate swap agreements, which are included in cash flows from financing activities. See Note 17 for additional information regarding our derivative financial instruments. Operating Leases We recognize rent expense on a straight-line basis over the lease term, including the impact of both scheduled rent increases and free or reduced rents (commonly referred to as “rent holidays”). Unit-based Compensation NuStar GP, LLC, a wholly owned subsidiary of NuStar GP Holdings, has adopted various long-term incentive plans that provide the Compensation Committee of the Board of Directors of NuStar GP, LLC with the right to grant employees and directors of NuStar GP, LLC and its affiliates providing services to NuStar Energy the right to receive NS common units. NuStar GP, LLC accounts for awards of NS common unit options, restricted units and performance awards at fair value as a derivative, whereby a liability for the award is recorded at inception. Subsequent changes in the fair value of the award are included in the determination of net income. NuStar GP, LLC determines the fair value of NS unit options using the Black-Scholes model at each reporting date. NuStar GP, LLC determines the fair value of NS restricted units and performance awards using the market price of NS common units at each reporting date. However, performance awards are earned only upon NuStar Energy’s achievement of an objective performance measure. NuStar GP, LLC records compensation expense each reporting period such that the cumulative compensation expense recognized equals the current fair value of the percentage of the award that has vested. NuStar GP, LLC records compensation expense related to NS unit options until such options are exercised, and compensation expense related to NS restricted units until the date of vesting. NuStar GP Holdings has adopted a long-term incentive plan that provides the Compensation Committee of the Board of Directors of NuStar GP Holdings with the right to grant employees, consultants and directors of NuStar GP Holdings and its affiliates, including NuStar GP, LLC, rights to receive NSH common units. NuStar GP Holdings accounts for awards of NSH restricted units and unit options granted to its directors or employees of NuStar GP, LLC at fair value. The fair value of NSH unit options is determined using the Black-Scholes model at the grant date, and the fair value of the NSH restricted unit equals the market price of NSH common units at the grant date. NuStar GP Holdings recognizes compensation expense for NSH restricted units and unit options ratably over the vesting period based on the fair value of the units at the grant date. Under these long-term incentive plans, certain awards provide that the grantee’s award vests immediately upon retirement. Compensation expense is recognized immediately if these awards are granted to retirement-eligible employees, as defined in each award. In addition, if, during a vesting period of a grant, the grantee will become retirement-eligible, then compensation expense associated with the grant is recognized from the grant date through the grantee’s retirement eligibility date. We reimburse NuStar GP, LLC for the expenses resulting from grants of NS and NSH awards under our long-term incentive plans to employees and directors of NuStar GP, LLC. We include such compensation expense in “General and administrative expenses” on the consolidated statements of income. We do not reimburse NuStar GP, LLC for the expense resulting from NSH awards to non-employee directors of NuStar GP Holdings. Margin Deposits Margin deposits relate to our exchange-traded derivative contracts and generally vary based on changes in the value of the contracts. Margin deposits are included in “Other current assets” in the consolidated balance sheets. Foreign Currency Translation The functional currencies of our foreign subsidiaries are the local currency of the country in which the subsidiary is located, except for our subsidiaries located in St. Eustatius in the Caribbean (formerly the Netherlands Antilles), whose functional currency is the U.S. dollar. The assets and liabilities of our foreign subsidiaries with local functional currencies are translated to U.S. dollars at period-end exchange rates, and income and expense items are translated to U.S. dollars at weighted-average exchange rates in effect during the period. These translation adjustments are included in “Accumulated other comprehensive loss” in the equity section of the consolidated balance sheets. Gains and losses on foreign currency transactions are included in “Other income, net” in the consolidated statements of income. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS Financial Instruments In January 2016, the Financial Accounting Standards Board (FASB) issued new guidance that addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The changes are effective for annual and interim periods beginning after December 15, 2017, and amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. We will adopt these provisions January 1, 2018 , and we do not expect the guidance to have a material impact on our financial position, results of operations or disclosures. Deferred Taxes In November 2015, the FASB issued amended guidance that requires deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. The changes are effective for annual and interim periods beginning after December 15, 2016, using either a prospective or retrospective transition method, and early adoption is permitted. Accordingly, we adopted these provisions during 2015 on a prospective basis, and they did not have a material impact on our financial position, results of operations or disclosures. Prior periods were not retrospectively adjusted. Business Combinations In September 2015, the FASB issued amended guidance for business combinations that eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment be recognized in the reporting period in which the adjustment is identified. The changes are effective for annual and interim periods beginning after December 15, 2015. Accordingly, we adopted the amended guidance on January 1, 2016, and it will not impact our financial position, results of operations or disclosures. Inventory In July 2015, the FASB issued amended guidance that requires inventory to be measured at the lower of cost or net realizable value. The changes are effective for annual and interim periods beginning after December 15, 2016, and must be applied prospectively after the date of adoption. We will adopt these provisions January 1, 2017, and we do not expect the amended guidance to have a material impact on our financial position, results of operations or disclosures. Debt Issuance Costs In April 2015, the FASB issued amended guidance for the presentation of debt issuance costs. Under the amended guidance, debt issuance costs will be presented on the balance sheet as a deduction from the carrying value of the associated debt liability. In August 2015, the FASB issued amended guidance that would allow debt issuance costs related to line-of-credit agreements to continue to be presented as an asset on the balance sheet. The changes are effective for annual and interim periods beginning after December 15, 2015, and retrospective application is required. Accordingly, we adopted the amended guidance on January 1, 2016 and it will not have a material impact on our financial position, results of operations or disclosures. Consolidation In February 2015, the FASB issued new consolidation guidance that modifies the criterion involved in a reporting organization’s evaluation of whether certain legal entities are subject to consolidation under the standard. The standard is effective for public companies for annual and interim reporting periods beginning after December 15, 2015, using one of two retrospective transition methods. Accordingly, we adopted the guidance on January 1, 2016, and it will not impact our financial position, results of operations or disclosures. Revenue Recognition In May 2014, the FASB and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard. In August 2015, the FASB deferred the effective date by one year. The standard is now effective for public entities for annual and interim periods beginning after December 15, 2017, using one of two retrospective transition methods. Early adoption is permitted, but not before the original effective date. 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. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions [Text Block] | ACQUISITIONS Linden Acquisition. On January 2, 2015, we acquired full ownership of Linden, which owns a refined products terminal in Linden, NJ with 4.3 million barrels of storage capacity. Linden is located on a 44-acre facility that provides deep-water terminalling capabilities in the New York Harbor and primarily stores petroleum products, including gasoline, jet fuel and fuel oils. Prior to the Linden Acquisition, Linden operated as a joint venture between us and Linden Holding Corp., with each party owning 50% . In connection with the Linden Acquisition, we ceased applying the equity method of accounting and consolidated Linden, which is included in our storage segment. The consolidated statements of income include the results of operations for Linden commencing on January 2, 2015. On the acquisition date, we remeasured our existing 50% equity investment in Linden to its fair value of $128.0 million and we recognized a gain of $56.3 million in “Other income, net” in the consolidated statements of income for the year ended December 31, 2015 . We estimated the fair value using a market approach and an income approach. The market approach estimates the enterprise value based on an earnings multiple. The income approach calculates fair value by discounting the estimated net cash flows. We funded the acquisition with borrowings under our revolving credit agreement. The acquisition complements our existing storage operations, and having sole ownership of Linden strengthens our presence in the New York Harbor and the East Coast market. We accounted for the Linden Acquisition using the acquisition method. The purchase price has been allocated based on the estimated fair values of the individual assets acquired and liabilities assumed at the date of the acquisition. The final purchase price allocation was as follows (in thousands of dollars): Cash paid for the Linden Acquisition $ 142,500 Fair value of liabilities assumed 22,865 Consideration 165,365 Acquisition date fair value of previously held equity interest 128,000 Total $ 293,365 Current assets (a) $ 9,513 Property, plant and equipment 134,484 Goodwill 79,208 Intangible assets (b) 70,050 Other long-term assets 110 Purchase price allocation $ 293,365 (a) Current assets include a receivable of $7.8 million related to a pre-acquisition insurance claim, for which proceeds were received in 2015. (b) Intangible assets primarily consist of customer contracts and relationships and are being amortized over 10 years . |
DISPOSITIONS
DISPOSITIONS | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions and Assets Held for Sale | DISPOSITIONS Discontinued Operations Terminal Dispositions. In January 2015, we sold our terminal in Alamogordo, NM with storage capacity of 0.1 million barrels for proceeds of $1.1 million . We classified the associated property, plant and equipment as “Assets held for sale” on the consolidated balance sheet as of December 31, 2014. In 2014, we divested our terminals in Mobile AL, Wilmington, NC and Dumfries, VA and our 75% interest in our facility in Mersin, Turkey (the Turkey Sale). We recognized a gain of $3.7 million on the Turkey Sale for the year ended December 31, 2014. We presented the results of operations for those facilities as discontinued operations. We allocated interest expense of $0.8 million and $1.4 million for the years ended December 31, 2014 and 2013 , respectively, to discontinued operations based on the ratio of net assets discontinued to consolidated net assets. In connection with the decision to dispose of these terminal facilities, we determined that the estimated fair value, less cost to sell, was less than the carrying amount of each disposal group, resulting in an impairment loss of $102.5 million for the year ended December 31, 2013 . We recorded the impairment loss in “Loss from discontinued operations, net of tax” on the consolidated statement of income. The impairment loss consisted of the following (in thousands of dollars): Property, plant and equipment, net $ 68,213 Intangible assets, net (customer relationships) 6,856 Goodwill 27,460 Asset impairment loss $ 102,529 San Antonio Refinery Disposition. 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) and recognized a gain of $9.3 million on the sale for the year ended December 31, 2013. We presented the results of operations for the San Antonio Refinery and related assets as discontinued operations. The following table summarizes the results from discontinued operations: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Revenues $ 208 $ 4,265 $ 7,758 Income (loss) before income tax expense $ 774 $ (3,791 ) $ (106,033 ) 2014 Asphalt Sale On February 26, 2014, we sold our remaining 50% ownership interest in NuStar Asphalt LLC to Lindsay Goldberg LLC, a private investment firm (the 2014 Asphalt Sale). Effective February 27, 2014, NuStar Asphalt LLC changed its name to Axeon Specialty Products LLC (Axeon). As a result of the 2014 Asphalt Sale, we ceased applying the equity method of accounting. Therefore, the results of our investment in Axeon were reported in “Equity in earnings (loss) of joint ventures” in the consolidated statements of income through February 25, 2014. Upon completion of the 2014 Asphalt 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. We ceased reporting transactions between us and Axeon as related party transactions in our consolidated financial statements on February 26, 2014. See Note 10 for additional information on the Axeon Term Loan. |
ALLOWANCE FOR DOUBTFUL ACCOUNTS
ALLOWANCE FOR DOUBTFUL ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable Additional Disclosures [Abstract] | |
Allowance for Doubtful Accounts [Text Block] | ALLOWANCE FOR DOUBTFUL ACCOUNTS The changes in the allowance for doubtful accounts consisted of the following: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Balance as of beginning of year $ 7,808 $ 1,224 $ 808 Increase in allowance, net 965 7,649 1,039 Accounts charged against the allowance (300 ) (1,065 ) (625 ) Foreign currency translation — — 2 Balance as of end of year $ 8,473 $ 7,808 $ 1,224 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: December 31, 2015 2014 (Thousands of Dollars) Crude oil and refined petroleum products $ 30,154 $ 46,733 Materials and supplies 8,595 8,980 Total $ 38,749 $ 55,713 We purchase crude oil and refined petroleum products for resale. Our refined petroleum products consist of intermediates, gasoline, distillates and other petroleum products. Materials and supplies mainly con sist of blending and additive chemicals and maintenance materials used in our pipeline and storage segments. |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Other Current Assets | OTHER CURRENT ASSETS Other current assets consisted of the following: December 31, 2015 2014 (Thousands of Dollars) Prepaid expenses $ 16,331 $ 16,140 Derivative assets 11,402 16,362 Other 3,443 3,442 Other current assets $ 31,176 $ 35,944 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, at cost, consisted of the following: Estimated Useful Lives December 31, 2015 2014 (Years) (Thousands of Dollars) Land - $ 140,292 $ 120,351 Land and leasehold improvements 5 - 40 186,848 160,283 Buildings 15 - 40 137,269 134,857 Pipelines, storage and terminals 20 - 40 4,399,378 3,963,134 Rights-of-way 20 - 40 194,055 160,008 Construction in progress - 151,318 276,763 Total 5,209,160 4,815,396 Less accumulated depreciation and amortization (1,525,589 ) (1,354,664 ) Property, plant and equipment, net $ 3,683,571 $ 3,460,732 Capitalized interest costs added to property, plant and equipment totaled $5.5 million , $5.7 million and $4.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Depreciation and amortization expense for property, plant and equipment totaled $192.3 million , $177.3 million and $168.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, which includes depreciation expense included in “Income (loss) from discontinued operations, net of tax” on the consolidated statements of income (loss). |
INTANGIBLE ASSETS AND OTHER LON
INTANGIBLE ASSETS AND OTHER LONG-TERM ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Intangible asset and Other long-term assets [Abstract] | |
Intangible Assets and Other Long-Term Assets | INTANGIBLE ASSETS AND OTHER LONG-TERM ASSETS Intangible Assets Intangible assets are recorded at cost and are amortized on a straight-line basis over 10 to 47 years. Intangible assets consisted of the following: December 31, 2015 December 31, 2014 Cost Accumulated Amortization Cost Accumulated Amortization (Thousands of Dollars) Customer relationships $ 196,616 $ (86,370 ) $ 126,566 $ (69,711 ) Other 2,359 (594 ) 2,359 (544 ) Total $ 198,975 $ (86,964 ) $ 128,925 $ (70,255 ) All of our intangible assets are subject to amortization. Amortization expense for intangible assets was $16.7 million , $12.6 million and $13.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The estimated aggregate amortization expense is $13.8 million for the each of the years 2016 through 2020 . Other Long-Term Assets, Net Other long-term assets, net consisted of the following: December 31, 2015 2014 (Thousands of Dollars) Axeon Term Loan $ 170,352 $ 169,235 Amount remaining in trust for the Gulf Opportunity Zone revenue bonds (Note 13) 54,822 72,240 Ammonia pipeline linefill and tank heel inventory 35,178 35,686 Deferred financing costs 29,939 32,957 Other 30,043 4,048 Other long-term assets, net $ 320,334 $ 314,166 As of December 31, 2015 , the carrying amount of the Axeon Term Loan is $170.4 million , consisting of the following: (i) the outstanding principal amount from the Axeon Term Loan of $190.0 million ; (ii) plus the fair value of guarantees of $1.7 million ; and (iii) less equity losses from our investment in Axeon of $21.3 million incurred prior to the 2014 Asphalt Sale and after the carrying value of our equity investment in Axeon was reduced to zero . We recognize interest income associated with the Axeon Term Loan ratably over the term of the loan in “Interest income, net” on the consolidated statements of income. We provide credit support, such as guarantees, letters of credit and cash collateral, as applicable, of up to $150.0 million to Axeon, until February 26, 2016, at which point the amount of credit support will decrease by $25.0 million . Our obligation will continue to decrease until the obligation is terminated no later than September 28, 2019. In the event that we are obligated to perform under any of these guarantees or letters of credit, that amount paid by us will be treated as additional borrowings under the Axeon Term Loan. As a result, we adjust the carrying value of the Axeon Term Loan by the same amount as the liability for the fair value of the guarantees outstanding. As of December 31, 2015 , we have provided $36.2 million in letters of credit on behalf of Axeon. Please refer to Note 16 for a discussion of the guarantees. We review the financial information of Axeon monthly for possible credit loss indicators. Any repayments of the Axeon Term Loan, including those that were scheduled in 2014 and 2015, are subject to Axeon meeting certain restrictive requirements contained in its third-party asset-based revolving credit facility. In 2015 and 2014, Axeon failed to make two scheduled principal payments, increasing the interest rate payable by Axeon until Axeon makes the payments. 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 no later than September 28, 2019. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill disclosure [Text Block] | GOODWILL Changes in the carrying amount of goodwill by segment were as follows: Pipeline Storage Fuels Marketing Total (Thousands of Dollars) Balances as of January 1, 2014 and December 31, 2014: Goodwill $ 306,207 $ 612,012 $ 53,255 $ 971,474 Accumulated impairment losses — (331,913 ) (22,132 ) (354,045 ) Net goodwill 306,207 280,099 31,123 617,429 Activity for the year ended December 31, 2015: Linden Acquisition final purchase price allocation — 79,208 — 79,208 Balances as of December 31, 2015: Goodwill 306,207 691,220 53,255 1,050,682 Accumulated impairment losses — (331,913 ) (22,132 ) (354,045 ) Net goodwill $ 306,207 $ 359,307 $ 31,123 $ 696,637 2013 Goodwill Impairment In 2013, the estimated fair value of the Statia Terminals reporting unit was less than its carrying value. To determine the amount of goodwill impairment loss, we first considered whether any other assets assigned to the Statia Terminals reporting unit were impaired. The only significant assets of this reporting unit, other than goodwill, consist of property, plant and equipment, which we determined were fully recoverable. The hypothetical fair value allocation for the Statia Terminals reporting unit indicated the estimated fair value of goodwill was $0 . As a result, we recognized a $304.5 million goodwill impairment charge in the fourth quarter of 2013, which represented all of the goodwill allocated to the Statia Terminals reporting unit. The goodwill impairment charge resulted from changes in demand for storage at our St. Eustatius and Point Tupper terminal locations. Increased supply from various shale formations within the U.S. has reduced the need for storage at these locations, which historically functioned as break bulk facilities for light crude moving from foreign sources into the U.S. These changes in crude flow patterns, as well as the backwardation of the forward pricing curve, reduced demand at these terminals. Primarily resulting from those factors, a customer at our St. Eustatius terminal vacated a significant portion of its storage in the fourth quarter of 2013. |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consisted of the following: December 31, 2015 2014 (Thousands of Dollars) Derivative liabilities $ 121 $ 4,623 Employee wages and benefit costs 31,143 32,349 Unearned income 14,290 10,884 Other 9,640 13,169 Accrued liabilities $ 55,194 $ 61,025 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Long-term debt consisted of the following: December 31, Maturity 2015 2014 (Thousands of Dollars) $1.5 billion revolving credit agreement 2019 $ 882,664 $ 601,496 4.75% senior notes 2022 250,000 250,000 6.75% senior notes 2021 300,000 300,000 4.80% senior notes 2020 450,000 450,000 7.65% senior notes 2018 350,000 350,000 7.625% subordinated notes 2043 402,500 402,500 Gulf Opportunity Zone revenue bonds 2038 thru 2041 365,440 365,440 Receivables Financing Agreement 2018 53,500 — Net fair value adjustments and unamortized discounts N/A 25,245 30,016 Total long-term debt $ 3,079,349 $ 2,749,452 The long-term debt repayments are due as follows (in thousands): 2016 - 2017 $ — 2018 403,500 2019 882,664 2020 450,000 Thereafter 1,317,940 Total repayments 3,054,104 Net fair value adjustments and unamortized discounts 25,245 Total long-term debt $ 3,079,349 Interest payments totaled $138.9 million , $135.0 million and $118.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Revolving Credit Agreement NuStar Logistics is party to a $1.5 billion five -year revolving credit agreement (the Revolving Credit Agreement), which matures on October 29, 2019 . The Revolving Credit Agreement includes an option allowing NuStar Logistics to request an aggregate increase in the commitments from the lenders of up to $250.0 million (after which increase the aggregate commitment from all lenders shall not exceed $1.75 billion) . The Revolving Credit Agreement also includes the ability to borrow up to the equivalent of $250.0 million in Euros and up to the equivalent of $250.0 million in British Pounds Sterling. Obligations under the Revolving Credit Agreement are guaranteed by NuStar Energy and NuPOP. The Revolving Credit Agreement bears interest, at our option, based on an alternative base rate, a LIBOR-based rate or a EURIBOR-based rate. The interest rate on the Revolving Credit Agreement is subject to adjustment if our debt rating is downgraded (or upgraded) by certain credit rating agencies. As of December 31, 2015 , our weighted-average interest rate was 2.1% . During the year ended December 31, 2015 , the weighted-average interest rate related to borrowings under the Revolving Credit Agreement was 2.0% . The Revolving Credit Agreement contains customary restrictive covenants, such as limitations on indebtedness, liens, mergers, asset transfers and certain investing activities. In addition, the Revolving Credit Agreement requires us to maintain, as of the end of each rolling period of four consecutive fiscal quarters, a consolidated debt coverage ratio (consolidated debt to consolidated EBITDA, each as defined in the Revolving Credit Agreement) not to exceed 5.00-to-1.00. If we consummate an acquisition for an aggregate net consideration of at least $50.0 million, the maximum consolidated debt coverage ratio will increase to 5.50-to-1.00 for two rolling periods. The requirement not to exceed a maximum consolidated debt coverage ratio may limit the amount we can borrow under the Revolving Credit Agreement to an amount less than the total amount available for borrowing. As of December 31, 2015 , our consolidated debt coverage ratio was 4.5 x, and we had $587.3 million available for borrowing. Letters of credit issued under our Revolving Credit Agreement totaled $30.1 million as of December 31, 2015 . Letters of credit are limited to $750.0 million (including up to the equivalent of $25.0 million in Euros and up to the equivalent of $25.0 million in British Pounds Sterling) and also may restrict the amount we can borrow under the Revolving Credit Agreement. Notes NuStar Logistics Senior Notes. Interest is payable semi-annually in arrears for the $250.0 million of 4.75% senior notes, $300.0 million of 6.75% senior notes, $450.0 million of 4.80% senior notes and $350.0 million of 7.65% senior notes (collectively, the NuStar Logistics Senior Notes). The interest rate payable on the 7.65% senior notes is subject to adjustment if our debt rating is downgraded (or upgraded) by certain credit rating agencies and is at 8.2% as of December 31, 2015 . The NuStar Logistics Senior Notes do not have sinking fund requirements. These notes rank equally with existing senior unsecured indebtedness of NuStar Logistics and contain restrictions on NuStar Logistics’ ability to incur additional secured indebtedness unless the same security is also provided for the benefit of holders of the NuStar Logistics Senior Notes. In addition, the NuStar Logistics Senior Notes limit NuStar Logistics’ ability to incur indebtedness secured by certain liens and to engage in certain sale-leaseback transactions. At the option of NuStar Logistics, the NuStar Logistics Senior Notes may be redeemed in whole or in part at any time at a redemption price, which includes a make-whole premium, plus accrued and unpaid interest to the redemption date. The NuStar Logistics Senior Notes are fully and unconditionally guaranteed by NuStar Energy and NuPOP. NuStar Logistics 7.625% Fixed-to-Floating Rate Subordinated Notes. NuStar Logistics’ $402.5 million of 7.625% fixed-to-floating rate subordinated notes are due January 15, 2043 (the Subordinated Notes). The Subordinated Notes are fully and unconditionally guaranteed on an unsecured and subordinated basis by NuStar Energy and NuPOP. The Subordinated Notes bear interest at a fixed annual rate of 7.625%, payable quarterly in arrears beginning on April 15, 2013 and ending on January 15, 2018. Thereafter, the Subordinated Notes will bear interest at an annual rate equal to the sum of the three-month LIBOR rate for the related quarterly interest period, plus 6.734% payable quarterly, commencing April 15, 2018, unless payment is deferred in accordance with the terms of the notes. NuStar Logistics may elect to defer interest payments on the Subordinated Notes on one or more occasions for up to five consecutive years. Deferred interest will accumulate additional interest at a rate equal to the interest rate then applicable to the Subordinated Notes until paid. If NuStar Logistics elects to defer interest payments, NuStar Energy cannot declare or make cash distributions to its unitholders during the period that interest payments are deferred. The Subordinated Notes do not have sinking fund requirements and are subordinated to existing senior unsecured indebtedness of NuStar Logistics and NuPOP. The Subordinated Notes do not contain restrictions on NuStar Logistics’ ability to incur additional indebtedness, including debt that ranks senior in priority of payment to the notes. In addition, the Subordinated Notes do not limit NuStar Logistics’ ability to incur indebtedness secured by liens or to engage in certain sale-leaseback transactions. At the option of NuStar Logistics, the Subordinated Notes may be redeemed in whole or in part at any time at a redemption price, which may include a make-whole premium, plus accrued and unpaid interest to the redemption date. Gulf Opportunity Zone Revenue Bonds In 2008, 2010 and 2011, the Parish of St. James, where our St. James, Louisiana, terminal is located, issued Revenue Bonds Series 2008, Series 2010, Series 2010A, Series 2010B and Series 2011 associated with our St. James terminal expansion pursuant to the Gulf Opportunity Zone Act of 2005 (collectively, the Gulf Opportunity Zone Revenue Bonds). The interest rates on these bonds are based on a weekly tax-exempt bond market interest rate, and interest is paid monthly. Following the issuance, the proceeds were deposited with a trustee and are disbursed to us upon our request for reimbursement of expenditures related to our St. James terminal expansion. We include the amount remaining in trust in “Other long-term assets, net,” and we include the amount of bonds issued in “Long-term debt” in our consolidated balance sheets. For the years ended December 31, 2015 and 2014 , the amount received from the trustee totaled $17.5 million and $11.9 million , respectively. NuStar Logistics is solely obligated to service the principal and interest payments associated with the Gulf Opportunity Zone Revenue Bonds. Letters of credit were issued by various individual banks on our behalf to guarantee the payment of interest and principal on the bonds. All letters of credit rank equally with existing senior unsecured indebtedness of NuStar Logistics. Obligations under the letters of credit issued are guaranteed by NuStar Energy and NuPOP. The letters of credit issued by individual banks do not restrict the amount we can borrow under the Revolving Credit Agreement. The following table summarizes the Gulf Opportunity Zone Revenue Bonds outstanding as of December 31, 2015 : Date Issued Maturity Date Amount Outstanding Amount of Letter of Credit Amount Received from Trustee Amount Remaining in Trust Average Annual Interest Rate (Thousands of Dollars) June 26, 2008 June 1, 2038 $ 55,440 $ 56,169 $ 55,440 $ — 0.1 % July 15, 2010 July 1, 2040 100,000 101,315 100,000 — 0.1 % October 7, 2010 October 1, 2040 50,000 50,658 43,441 6,806 0.1 % December 29, 2010 December 1, 2040 85,000 86,118 37,528 48,016 0.1 % August 29, 2011 August 1, 2041 75,000 75,986 75,000 — 0.1 % Total $ 365,440 $ 370,246 $ 311,409 $ 54,822 Receivables Financing Agreement NuStar Energy and NuStar Finance LLC (NuStar Finance), a special purpose entity and wholly owned subsidiary of NuStar Logistics, are parties to a $125.0 million receivables financing agreement with third-party lenders (the Receivables Financing Agreement) and agreements with certain of NuStar Energy’s wholly owned subsidiaries (collectively with the Receivables Financing Agreement, the Securitization Program). Under the Securitization Program, certain of NuStar Energy’s wholly owned subsidiaries, NuStar Logistics, NuPOP, NuStar Energy Services, Inc. and NuStar Supply & Trading LLC (collectively, the Originators), sell their accounts receivable to NuStar Finance on an ongoing basis, and NuStar Finance provides the newly acquired accounts receivable as collateral for its revolving borrowings under the Receivables Financing Agreement. NuStar Energy provides a performance guarantee in connection with the Securitization Program. The maximum amount available for borrowing by NuStar Finance under the Receivables Financing Agreement is $125.0 million, with an option for NuStar Finance to request an increase of up to $75.0 million from the lenders (for aggregate total borrowings not to exceed $200.0 million). The amount available for borrowing is based on the availability of eligible receivables and other customary factors and conditions. The Securitization Program contains various customary affirmative and negative covenants and default, indemnification and termination provisions, and the Receivables Financing Agreement provides for acceleration of amounts owed upon the occurrence of certain specified events. Borrowings by NuStar Finance under the Receivables Financing Agreement bear interest at either the applicable commercial paper rate or the applicable bank rate, each as defined under the Receivables Financing Agreement. The Securitization Program has an initial termination date of June 15, 2018, with the option to renew for additional 364-day periods thereafter. As of December 31, 2015 , $97.9 million of our accounts receivable are included in the Securitization Program. The weighted average interest rate related to outstanding borrowings under the Securitization Program during the year ended December 31, 2015 was 1.1% . NuStar Finance’s sole business consists of purchasing such receivables and providing them as collateral under the Securitization Program. NuStar Finance is a separate legal entity and the assets of NuStar Finance, including these accounts receivable, are not available to satisfy the claims of creditors of NuStar Energy, the Originators or their affiliates. Short-Term Lines of Credit NuStar Logistics is party to two short-term line of credit agreements with an aggregate uncommitted borrowing capacity of up to $105.0 million , which allow us to better manage 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 borrowing. We had $84.0 million outstanding under these lines of credit as of December 31, 2015 . Obligations under these short-term line of credit agreements are guaranteed by NuStar Energy. As of December 31, 2015 and 2014 , the weighted-average interest rates related to outstanding borrowings under our short-term lines of credit were 1.9% and 1.8% , respectively. |
HEALTH, SAFETY AND ENVIRONMENTA
HEALTH, SAFETY AND ENVIRONMENTAL MATTERS | 12 Months Ended |
Dec. 31, 2015 | |
Environmental Remediation Obligations [Abstract] | |
Health, Safety and Environmental Matters | HEALTH, SAFETY AND ENVIRONMENTAL MATTERS Our operations are subject to extensive federal, state and local environmental laws and regulations, including those relating to the discharge of materials into the environment, waste management and pollution prevention measures, among others. Our operations are also subject to extensive federal, state and local health and safety laws and regulations, including those relating to worker and pipeline safety, pipeline integrity and operator qualifications. The principal environmental and safety risks associated with our operations relate to unauthorized or unpermitted emissions into the air, unauthorized releases into soil, surface water or groundwater, and personal injury and property damage. Compliance with these environmental, health and safety laws, regulations and related permits increases our capital expenditures and our overall cost of business, and violations of these laws, regulations or permits can result in significant civil and criminal liabilities, injunctions or other penalties. Most of our pipelines are subject to federal regulation by one or more of the following governmental agencies: the Federal Energy Regulatory Commission (the FERC), the Surface Transportation Board (the STB), the Department of Transportation (DOT), the Environmental Protection Agency (EPA) and Homeland Security. Additionally, the operations and integrity of the pipelines are subject to the respective state jurisdictions along the route of the systems. We have adopted policies, practices and procedures including in the areas of pollution control, pipeline integrity, operator qualifications, public relations and education, process safety management, risk management planning, hazard communication, emergency response planning, community right-to-know, occupational health and the handling, storage, use and disposal of hazardous materials, that are designed to comply with applicable federal, state and local regulations and to prevent material environmental or other damage, to ensure the safety of our pipelines, our employees, the public and the environment and to limit the financial liability that could result from such events. Future governmental action and regulatory initiatives could result in changes to expected operating permits and procedures, additional remedial actions or increased capital expenditures and operating costs that cannot be assessed with certainty at this time. In addition, contamination resulting from spills of petroleum and other products occurs within the industry. Risks of additional costs and liabilities are inherent within the industry, and there can be no assurances that significant costs and liabilities will not be incurred in the future. Environmental and safety exposures and liabilities are difficult to assess and estimate due to unknown factors such as the timing and extent of remediation, the determination of our liability in proportion to other parties, improvements in cleanup technologies and the extent to which environmental and safety laws and regulations may change in the future. Although environmental and safety costs may have a significant impact on the results of operations for any single period, we believe that such costs will not have a material adverse effect on our financial position. The balance of and changes in the accruals for environmental matters were as follows: Year Ended December 31, 2015 2014 (Thousands of Dollars) Balance as of the beginning of year $ 6,598 $ 6,233 Additions to accrual 3,685 3,292 Payments (2,574 ) (2,878 ) Foreign currency translation (42 ) (49 ) Balance as of the end of year $ 7,667 $ 6,598 Accruals for environmental matters are included in the consolidated balance sheets as follows: December 31, 2015 2014 (Thousands of Dollars) Accrued liabilities $ 4,350 $ 3,518 Other long-term liabilities 3,317 3,080 Accruals for environmental matters $ 7,667 $ 6,598 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Contingencies We have contingent liabilities resulting from various litigation, claims and commitments. We record accruals for loss contingencies when losses are considered probable and can be reasonably estimated. Legal fees associated with defending the Partnership in legal matters are expensed as incurred. As of December 31, 2015 , we have accrued $4.8 million for contingent losses. The amount that will ultimately be paid related to these matters may differ from the recorded accruals, and the timing of such payments is uncertain. In addition, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on our results of operations, financial position or liquidity. Commitments Future minimum rental payments applicable to all noncancellable operating leases and purchase obligations as of December 31, 2015 are as follows: Payments Due by Period 2016 2017 2018 2019 2020 There- after Total (Thousands of Dollars) Operating leases $ 31,969 $ 27,919 $ 25,175 $ 18,522 $ 6,991 $ 65,258 $ 175,834 Purchase obligations 6,920 3,673 2,286 1,441 9 — 14,329 Rental expense for all operating leases totaled $39.7 million , $46.1 million and $52.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Our operating leases consist primarily of the following: • a ten-year lease for tugs and barges utilized at our St. Eustatius facility for bunker fuel sales, with two five-year renewal options ; and • land leases at various terminal facilities, with original terms ranging from 10 to 100 years. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2015 | |
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 for which little or no market data exists. We consider counterparty credit risk and our own credit risk in the determination of all estimated fair values. Recurring Fair Value Measurements The following assets and liabilities are measured at fair value on a recurring basis: December 31, 2015 Level 1 Level 2 Level 3 Total (Thousands of Dollars) Assets: Other current assets: Product imbalances $ 179 $ — $ — $ 179 Commodity derivatives 11,325 77 — 11,402 Other long-term assets, net: Interest rate swaps — 2,755 — 2,755 Total $ 11,504 $ 2,832 $ — $ 14,336 Liabilities: Accrued liabilities: Product imbalances $ (419 ) $ — $ — $ (419 ) Commodity derivatives — (120 ) — (120 ) Other long-term liabilities: Guarantee liability — — (1,697 ) (1,697 ) Interest rate swaps — (1,452 ) — (1,452 ) Total $ (419 ) $ (1,572 ) $ (1,697 ) $ (3,688 ) December 31, 2014 Level 1 Level 2 Level 3 Total (Thousands of Dollars) Assets: Other current assets: Product imbalances $ 117 $ — $ — $ 117 Commodity derivatives 11,009 5,353 — 16,362 Total $ 11,126 $ 5,353 $ — $ 16,479 Liabilities: Accrued liabilities: Product imbalances $ (1,388 ) $ — $ — $ (1,388 ) Commodity derivatives — (4,623 ) — (4,623 ) Other long-term liabilities: Guarantee liability — — (580 ) (580 ) Total $ (1,388 ) $ (4,623 ) $ (580 ) $ (6,591 ) Product Imbalances. We value our assets and liabilities related to product imbalances using quoted market prices in active markets as of the reporting date. Therefore, we include these product imbalances in Level 1 of the fair value hierarchy. Interest Rate Swaps. We estimate the fair value of our forward-starting interest rate swaps using discounted cash flows, which use observable inputs such as time to maturity and market interest rates. Therefore, we include these interest rate swaps in Level 2 of the fair value hierarchy. Commodity Derivatives. We base the fair value of certain of our commodity derivative instruments on quoted prices on an exchange; accordingly, we include these in Level 1 of the fair value hierarchy. We also have derivative instruments for which we determine fair value using industry pricing services and other observable inputs, such as quoted prices on an exchange for similar derivative instruments. Therefore, we include these derivative instruments in Level 2 of the fair value hierarchy. See Note 17 for a discussion of our derivative instruments. Guarantees. As of December 31, 2015 and 2014 , we recorded a liability of $1.7 million and $0.6 million , respectively, 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 December 31, 2015 and 2014 , totaling $71.9 million and $25.3 million , respectively, plus two guarantees that do not specify a maximum amount. We provide guarantees for commodity purchases, lease obligations and certain utilities for Axeon. A majority of these guarantees have no expiration date. Our estimate of the fair value is based on significant inputs not observable in the market and thus falls within Level 3 of the fair value hierarchy. The following table summarizes the activity in our Level 3 liabilities: Year Ended December 31, 2015 (Thousands of Dollars) Beginning balance $ 580 Adjustment to guarantee liability 1,117 Ending balance $ 1,697 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 the Axeon Term Loan and long-term debt, approximate their carrying amounts. The estimated fair values and carrying amounts of the long-term debt and the Axeon Term Loan were as follows: December 31, 2015 December 31, 2014 Fair Value Carrying Amount Fair Value Carrying Amount (Thousands of Dollars) Long-term debt $ 2,929,438 $ 3,079,349 $ 2,764,242 $ 2,749,452 Axeon Term Loan $ 172,123 $ 170,352 $ 164,386 $ 169,235 We estimated the fair value of our publicly-traded senior notes based upon quoted prices in active markets; therefore, we determined the fair value of our publicly-traded senior notes falls in Level 1 of the fair value hierarchy. For our other debt, for which a quoted market price is not available, we estimated the fair value using a discounted cash flow analysis using current incremental borrowing rates for similar types of borrowing arrangements and determined the fair value falls in Level 2 of the fair value hierarchy. We estimated the fair value of the Axeon Term Loan 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. The carrying value of the Axeon Term Loan is included in “Other long-term assets, net” on the consolidated balance sheets. |
DERIVATIVES AND RISK MANAGEMENT
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES | 12 Months Ended |
Dec. 31, 2015 | |
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 interest rate risk and commodity price 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 We are a party to certain interest rate swap agreements to manage our exposure to changes in interest rates. During the year ended December 31, 2015 , we entered into forward-starting interest rate swap agreements with an aggregate notional amount of $600.0 million . Under the terms of the swaps, we pay a fixed rate and receive a rate based on three month USD LIBOR . We entered into these swaps in order to hedge the risk of changes in the interest payments attributable to changes in the benchmark interest rate during the period from the effective date of the swap to the issuance of the forecasted debt. These swaps qualified, and we designated them, as cash flow hedges of future interest payments associated with forecasted debt issuances in 2018 and 2020. We record the effective portion of mark-to-market adjustments as a component of “Accumulated other comprehensive income” (AOCI), and the amount in AOCI will be recognized in “Interest expense, net” as the forecasted interest payments occur or if the interest payments are probable not to occur. In 2013, in connection with the maturity of the 6.05% senior notes due March 15, 2013 and 5.875% senior notes due June 1, 2013 , we terminated forward-starting interest rate swap agreements with an aggregate notional amount of $275.0 million . We paid $33.7 million in connection with the terminations, which we reclassify from “Accumulated other comprehensive loss” into “Interest expense, net” as the interest payments occur or if the interest payments are probable not to occur. During the second quarter of 2013, we determined that one forecasted interest payment was probable not to occur, and we reclassified $2.0 million from “Accumulated other comprehensive loss” to “Interest expense, net.” The termination payments are included in cash flows from financing activities on the consolidated statements of cash flows. We had no forward-starting interest rate swaps as of December 31, 2014. As of December 31, 2015 , the remaining fair value amount associated with unwound fixed-to-floating interest rate swap agreements totaled $26.3 million gain and is included in “Long-term debt” on the consolidated balance sheets. The remaining fair value amount associated with unwound forward-starting interest rate swap agreements totaled $29.3 million loss as of December 31, 2015 and is included in AOCI on the consolidated balance sheets. These amounts are amortized ratably over the remaining life of the related debt instrument into “Interest expense, net” on the consolidated statements of income. 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 refined 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 8.0 million barrels and 4.7 million barrels as of December 31, 2015 and 2014 , respectively. The fair values of our derivative instruments included in our consolidated balance sheets were as follows: Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2015 2014 2015 2014 (Thousands of Dollars) Derivatives Designated as Hedging Instruments: Commodity contracts Other current assets $ 1,937 $ 5,609 $ (23 ) $ — Interest rate swaps Other long-term assets, net 2,755 — — — Interest rate swaps Other long-term liabilities — — (1,452 ) — Total 4,692 5,609 (1,475 ) — Derivatives Not Designated as Hedging Instruments: Commodity contracts Other current assets 34,016 38,704 (24,528 ) (27,951 ) Commodity contracts Accrued liabilities 117 13,081 (237 ) (17,704 ) Total 34,133 51,785 (24,765 ) (45,655 ) Total Derivatives $ 38,825 $ 57,394 $ (26,240 ) $ (45,655 ) Certain of our derivative instruments are eligible for offset in the consolidated balance sheets and subject to master netting arrangements. Under our master netting arrangements, there is a legally enforceable right to offset amounts, and we intend to settle such amounts on a net basis. The following are the net amounts presented on the consolidated balance sheets: December 31, Commodity Contracts 2015 2014 (Thousands of Dollars) Net amounts of assets presented in the consolidated balance sheets $ 11,402 $ 16,362 Net amounts of liabilities presented in the consolidated balance sheets $ (120 ) $ (4,623 ) The earnings impact of our commodity contracts, for which gains and/or losses are recognized in "Cost of product sales" on the consolidated income statements, was as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Derivatives Designated as Fair Value Hedging Instruments: Gain (loss) recognized in income on derivative $ 21,589 $ 21,951 $ 3,964 Gain (loss) recognized in income on hedged item (18,047 ) (21,587 ) (6,327 ) Gain (loss) recognized in income for ineffective portion 3,542 364 (2,363 ) Derivatives Not Designated as Hedging Instruments: Gain (loss) recognized in income on derivative $ 2,208 $ 18,407 $ (5,323 ) The earnings impact of our interest rate swaps was as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Derivatives Designated as Cash Flow Hedging Instruments: Gain (loss) recognized in other comprehensive income on derivative (effective portion) $ 1,303 $ — $ 7,213 Gain (loss) reclassified from AOCI into interest expense, net (effective portion) (a) (9,802 ) (10,663 ) (7,570 ) (a) As of December 31, 2015, we expect to reclassify a loss of $8.3 million to "Interest expense, net" within the next twelve months associated with unwound forward-starting interest rate swaps. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS We had a payable to related party of $14.8 million and $15.1 million as of December 31, 2015 and 2014 , respectively, mainly representing payroll, employee benefit plan expenses and unit-based compensation. We also had a long-term payable to related party as of December 31, 2015 and 2014 of $32.1 million and $33.5 million , respectively, representing long-term employee benefits. The following table summarizes information pertaining to related party transactions: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Revenues $ — $ 929 $ 14,897 Operating expenses $ 135,565 $ 125,736 $ 122,677 General and administrative expenses $ 66,769 $ 66,910 $ 58,602 Interest income $ — $ 1,055 $ 6,113 Revenues included in discontinued operations, net of tax $ — $ 528 $ 3,720 Expenses included in discontinued operations, net of tax $ 2 $ 1,680 $ 6,051 NuStar GP, LLC Our operations are managed by NuStar GP, LLC, the general partner of our general partner. Under a services agreement between NuStar Energy and NuStar GP, LLC, employees of NuStar GP, LLC perform services for our U.S. operations. Certain of our wholly owned subsidiaries employ persons who perform services for our international operations. GP Services Agreement. NuStar Energy and NuStar GP, LLC entered into a services agreement effective January 1, 2008 (the GP Services Agreement). The GP Services Agreement provides that NuStar GP, LLC will furnish administrative and certain operating services necessary to conduct the business of NuStar Energy. All employees providing services to both NuStar GP Holdings and NuStar Energy are employed by NuStar GP, LLC; therefore, NuStar Energy reimburses NuStar GP, LLC for all employee costs, other than the expenses allocated to NuStar GP Holdings (the Holdco Administrative Services Expense). The GP Services Agreement renews automatically every two years unless terminated by either party. Non-Compete Agreement . On July 19, 2006, we entered into a non-compete agreement with NuStar GP Holdings, Riverwalk Logistics, L.P. and NuStar GP, LLC (the Non-Compete Agreement). The Non-Compete Agreement became effective on December 22, 2006 when NuStar GP Holdings ceased to be subject to the Amended and Restated Omnibus Agreement, dated March 31, 2006. Under the Non-Compete Agreement, we will have a right of first refusal with respect to the potential acquisition of assets that relate to the transportation, storage or terminalling of crude oil, feedstocks or refined petroleum products (including petrochemicals) in the United States and internationally. NuStar GP Holdings will have a right of first refusal with respect to the potential acquisition of general partner and other equity interests in publicly traded partnerships under common ownership with the general partner interest. With respect to any other business opportunities, neither the Partnership nor NuStar GP Holdings are prohibited from engaging in any business, even if the Partnership and NuStar GP Holdings would have a conflict of interest with respect to such other business opportunity. Please refer to Note 28 for a discussion of the employee transfer from NuStar GP, LLC. Axeon As a result of the 2014 Asphalt Sale, we ceased reporting transactions between us and Axeon as related party transactions in our consolidated financial statements on February 26, 2014. Terminal Service Agreements. We were a party to four terminal service agreements with Axeon for our terminals in Wilmington, NC, Rosario, NM, Catoosa, OK and Houston, TX. Pursuant to the terms of the agreements, we provided aggregate storage capacity of 0.8 million barrels and blending services to Axeon for a service charge of $1.5 million per year. In addition, we had terminal service agreements with Axeon for our terminals in Jacksonville, FL, Dumfries, VA, and Baltimore, MD. Pursuant to the terms of the agreements, we provided aggregate storage capacity of approximately 0.6 million barrels to Axeon for a storage charge of approximately $6.3 million per year, plus applicable throughput and handling fees. As a result of the 2014 Asphalt Sale, these terminal service agreements were either amended or terminated. 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. Services Agreement. NuStar GP, LLC and Axeon were a party to a services agreement, which provided that NuStar GP, LLC would 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 . |
EMPLOYEE BENEFIT PLANS AND LONG
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefits and Share-based Compensation [Abstract] | |
Employee Benefit Plans and Long-Term Incentive Plans | EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS Employee Benefit Plans We rely on employees of NuStar GP, LLC to provide the necessary services to conduct our U.S. operations. NuStar GP, LLC sponsors various employee benefit plans. The NuStar Pension Plan (the Pension Plan) is a qualified non-contributory defined benefit pension plan that provides eligible employees with retirement income as calculated under a cash balance formula. Under the cash balance formula, benefits are based on age, service and interest credits, and employees become fully vested in their benefits upon attaining three years of vesting service. Prior to January 1, 2014, eligible employees were covered under either a cash balance formula or a final average pay formula (FAP). Effective January 1, 2014, the Pension Plan was amended to freeze the FAP benefits as of December 31, 2013, and going forward, all eligible employees are covered under the cash balance formula discussed above. NuStar GP, LLC also maintains an excess pension plan (the Excess Pension Plan) which is a nonqualified deferred compensation plan that provides benefits to a select group of management or other highly compensated employees of NuStar GP, LLC. The supplemental executive retirement plan has no participants following final payouts in 2014. The NuStar Thrift Plan (the Thrift Plan) is a qualified defined contribution plan that became effective June 26, 2006. Participation in the Thrift Plan is voluntary and is open to substantially all NuStar GP, LLC employees upon their date of hire. Thrift Plan participants can contribute from 1% up to 30% of their total annual compensation to the Thrift Plan in the form of pre-tax and/or after tax employee contributions. NuStar GP, LLC makes matching contributions in an amount equal to 100% of each participant’s employee contributions up to a maximum of 6% of the participant’s total annual compensation. NuStar GP, LLC also maintains an excess thrift plan (the Excess Thrift Plan) that became effective July 1, 2006. The Excess Thrift Plan is a nonqualified deferred compensation plan that provides benefits to those employees of NuStar GP, LLC whose compensation and/or annual contributions under the Thrift Plan are subject to the limitations applicable to qualified retirement plans under the Code. Neither the Excess Thrift Plan nor the Excess Pension Plan is intended to constitute either a qualified plan under the provisions of Section 401 of the Code or a funded plan subject to the Employee Retirement Income Security Act. NuStar GP, LLC also sponsors a contributory medical benefits plan for employees that retired prior to April 1, 2014. For employees that retire on or after April 1, 2014, NuStar GP, LLC provides partial reimbursement for eligible third-party health care premiums. We also maintain several other defined contribution plans for certain international employees located in Canada, the Netherlands and the United Kingdom. For the years ended December 31, 2015 , 2014 and 2013 , our costs for these plans totaled $2.6 million , $2.7 million and $2.5 million , respectively. Long-Term Incentive Plans As of December 31, 2015, NuStar GP, LLC sponsored the following: • The Fourth Amended and Restated 2000 Long-Term Incentive Plan (the 2000 LTIP), under which NuStar GP, LLC may award up to 3,250,000 NS common units. Awards under the 2000 LTIP can include NS unit options, restricted units, performance awards, distribution equivalent rights (DER) and contractual rights to receive common units. As of December 31, 2015 , NS common units that remained available to be awarded totaled 1,260,634 under the 2000 LTIP. • The 2006 Long-Term Incentive Plan (the 2006 LTIP) under which NuStar GP Holdings may award up to 2,000,000 NSH units to employees, consultants and directors of NuStar GP Holdings and its affiliates, including us. Awards under the 2006 LTIP can include NSH unit options, performance awards, DER, restricted units, phantom units, unit grants and unit appreciation rights. As of December 31, 2015 , a total of 1,492,327 NSH units remained available to be awarded under the 2006 LTIP. The 2003 Employee Unit Incentive Plan (the UIP), under which NuStar GP, LLC awarded NS common units to employees of NuStar GP, LLC or its affiliates, terminated on June 16, 2013. The number of awards granted under the above-noted plans were as follows: Year Ended December 31, Vesting 2015 2014 2013 2000 LTIP: Performance awards (a) 29,633 28,841 38,786 Restricted units (b) 1/5 per year 250,563 208,714 269,182 Restricted units (grants to non-employee directors of NuStar GP, LLC) 1/3 per year 7,553 7,009 8,904 2006 LTIP: Restricted units 1/5 per year 26,240 16,895 18,620 Restricted units (grants to non-employee directors of NuStar GP Holdings) (c) 1/3 per year 12,814 8,911 13,183 (a) Performance awards vest 1/3 per year if certain performance measures are met , as defined in the award terms. (b) The 2000 LTIP restricted unit grants include 2,835 , 2,844 and 3,882 restricted unit awards granted to certain international employees for the years ended December 31, 2015 , 2014 and 2013 respectively, that vest 1/3 per year , as defined in the award terms. (c) We do not reimburse NuStar GP, LLC for compensation expense relating to these awards. Our share of compensation expense related to the benefit plans and long-term incentive plans sponsored by NuStar GP, LLC described above is as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Benefit plans $ 13,215 $ 11,385 $ 27,741 Long-term incentive plans $ 6,397 $ 10,934 $ 7,369 Please refer to Note 28 for a discussion of the employee transfer from NuStar GP, LLC. |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (EXPENSE) | OTHER INCOME Other income consisted of the following: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Gain associated with Linden Acquisition $ 56,277 $ — $ — Foreign exchange gains 3,891 2,057 7,707 Gain from sale or disposition of assets 1,617 642 (524 ) Other, net 37 1,800 158 Other income, net $ 61,822 $ 4,499 $ 7,341 |
PARTNERS' EQUITY
PARTNERS' EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Partners' Capital Notes [Abstract] | |
PARTNERS' EQUITY | PARTNERS’ EQUITY Accumulated Other Comprehensive Income (Loss) The balance of and changes in the components included in “Accumulated other comprehensive income (loss)” were as follows: Foreign Currency Translation Cash Flow Hedges Total (Thousands of Dollars) Balance as of January 1, 2013 $ 5,654 $ (64,519 ) $ (58,865 ) Other comprehensive (loss) income before reclassifications (19,312 ) 7,213 (12,099 ) Net loss reclassified into interest expense, net — 7,570 7,570 Other comprehensive (loss) income (19,312 ) 14,783 (4,529 ) Balance as of December 31, 2013 (13,658 ) (49,736 ) (63,394 ) Other comprehensive loss before reclassifications (15,181 ) — (15,181 ) Net loss reclassified into interest expense, net — 10,663 10,663 Other comprehensive (loss) income (15,181 ) 10,663 (4,518 ) Balance as of December 31, 2014 (28,839 ) (39,073 ) (67,912 ) Other comprehensive (loss) income before reclassifications (31,987 ) 1,303 (30,684 ) Net loss reclassified into interest expense, net — 9,802 9,802 Other comprehensive (loss) income (31,987 ) 11,105 (20,882 ) Balance as of December 31, 2015 $ (60,826 ) $ (27,968 ) $ (88,794 ) Allocations of Net Income General Partner. Our partnership agreement, as amended, sets forth the calculation to be used to determine the amount and priority of cash distributions that the common unitholders and general partner will receive. The partnership agreement also contains provisions for the allocation of net income and loss to the unitholders and the general partner. For purposes of maintaining partner capital accounts, the partnership agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interests. Normal allocations according to percentage interests are made after giving effect to priority income allocations, if any, in an amount equal to incentive cash distributions allocated 100% to the general partner. The following table details the calculation of net income applicable to the general partner: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Net income (loss) attributable to NuStar Energy L.P. $ 306,720 $ 210,773 $ (273,770 ) Less general partner incentive distribution 43,220 43,220 43,220 Net income (loss) after general partner incentive distribution 263,500 167,553 (316,990 ) General partner interest 2 % 2 % 2 % General partner allocation of net income (loss) after general partner incentive distribution 5,270 3,352 (6,338 ) General partner incentive distribution 43,220 43,220 43,220 Net income applicable to general partner $ 48,490 $ 46,572 $ 36,882 Cash Distributions We make quarterly distributions of 100% of our available cash, generally defined as cash receipts less cash disbursements and cash reserves established by the general partner, in its sole discretion. These quarterly distributions are declared and paid within 45 days subsequent to each quarter-end. The limited partner unitholders are entitled to receive a minimum quarterly distribution of $0.60 per unit each quarter ( $2.40 annualized). Our cash is first distributed 98% to the limited partners and 2% to the general partner until the amount distributed to our unitholders is equal to the minimum quarterly distribution and arrearages in the payment of the minimum quarterly distribution for any prior quarter. Cash in excess of the minimum quarterly distributions is distributed to our unitholders and our general partner based on the percentages shown below. Our general partner is entitled to incentive distributions if the amount we distribute with respect to any quarter exceeds specified target levels shown below: Percentage of Distribution Quarterly Distribution Amount per Unit Unitholders General Partner Up to $0.60 98% 2% Above $0.60 up to $0.66 90% 10% Above $0.66 75% 25% The following table reflects the allocation of total cash distributions to the general and limited partners applicable to the period in which the distributions were earned: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars, Except Per Unit Data) General partner interest $ 7,844 $ 7,844 $ 7,844 General partner incentive distribution 43,220 43,220 43,220 Total general partner distribution 51,064 51,064 51,064 Limited partners’ distribution 341,140 341,140 341,140 Total cash distributions $ 392,204 $ 392,204 $ 392,204 Cash distributions per unit applicable to limited partners $ 4.380 $ 4.380 $ 4.380 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) December 31, 2015 (a) $ 1.095 $ 98,051 February 8, 2016 February 12, 2016 September 30, 2015 $ 1.095 $ 98,051 November 9, 2015 November 13, 2015 June 30, 2015 $ 1.095 $ 98,051 August 7, 2015 August 13, 2015 March 31, 2015 $ 1.095 $ 98,051 May 8, 2015 May 14, 2015 (a) The distribution was announced on January 29, 2016 . |
NET INCOME (LOSS) PER UNIT
NET INCOME (LOSS) PER UNIT | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
NET INCOME PER UNIT | NET INCOME (LOSS) PER UNIT The following table details the calculation of earnings per unit: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars, Except Per Unit Data) Net income (loss) attributable to NuStar Energy L.P. $ 306,720 $ 210,773 $ (273,770 ) Less general partner distribution (including incentive distribution rights) 51,064 51,064 51,064 Less limited partner distribution 341,140 341,140 341,140 Distributions greater than earnings $ (85,484 ) $ (181,431 ) $ (665,974 ) General partner earnings: Distributions $ 51,064 $ 51,064 $ 51,064 Allocation of distributions greater than earnings (2%) (1,710 ) (3,630 ) (13,318 ) Total $ 49,354 $ 47,434 $ 37,746 Limited partner earnings: Distributions $ 341,140 $ 341,140 $ 341,140 Allocation of distributions greater than earnings (98%) (83,774 ) (177,801 ) (652,656 ) Total $ 257,366 $ 163,339 $ (311,516 ) Weighted-average limited partner units outstanding 77,886,078 77,886,078 77,886,078 Net income (loss) per unit applicable to limited partners $ 3.30 $ 2.10 $ (4.00 ) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2015 | |
Statement of Cash Flows [Abstract] | |
STATEMENTS OF CASH FLOWS | STATEMENTS OF CASH FLOWS Changes in current assets and current liabilities were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ 67,257 $ 72,298 $ 107,209 Receivable from related parties — 50,918 58,692 Inventories 16,776 82,075 31,975 Other current assets 4,414 3,785 26,139 Increase (decrease) in current liabilities: Accounts payable (32,152 ) (153,671 ) (96,330 ) Payable to related party (872 ) 837 6,922 Accrued interest payable 941 303 9,370 Accrued liabilities (7,834 ) 22,980 (32,452 ) Taxes other than income tax (1,522 ) 4,341 (87 ) Income tax payable 3,551 (1,448 ) 1,338 Changes in current assets and current liabilities $ 50,559 $ 82,418 $ 112,776 The above changes in current assets and current liabilities differ from changes between amounts reflected in the applicable consolidated balance sheets due to: • current assets and current liabilities acquired and disposed during the period; • the change in the amount accrued for capital expenditures; and • the effect of foreign currency translation. Non-cash financing activities for the years ended December 31, 2015 and 2013 mainly consist of changes in the fair values of our interest rate swap agreements. Cash flows related to interest and income taxes were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 133,388 $ 129,377 $ 113,805 Cash paid for income taxes, net of tax refunds received $ 9,971 $ 6,699 $ 11,386 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Components of income tax expense related to certain of our continuing operations conducted through separate taxable wholly owned corporate subsidiaries were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Current: U.S. $ 908 $ (182 ) $ 3,098 Foreign 9,820 7,516 9,273 Foreign withholding tax 1,926 — — Total current 12,654 7,334 12,371 Deferred: U.S. 1,022 1,889 1,687 Foreign (1,464 ) 1,578 (1,305 ) Foreign withholding tax 2,500 — — Total deferred 2,058 3,467 382 Total income tax expense $ 14,712 $ 10,801 $ 12,753 The difference between income tax expense recorded in our consolidated statements of income and income taxes computed by applying the statutory federal income tax rate ( 35% for all years presented) to income before income tax expense is due to the fact that the majority of our income is not subject to federal income tax due to our status as a limited partnership. The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows: December 31, 2015 2014 (Thousands of Dollars) Deferred income tax assets: Net operating losses $ 33,043 $ 35,698 Environmental and legal reserves 894 664 Allowance for bad debt 2,698 1,261 Other 1,758 1,827 Total deferred income tax assets 38,393 39,450 Less: Valuation allowance (13,151 ) (14,532 ) Net deferred income tax assets 25,242 24,918 Deferred income tax liabilities: Property, plant and equipment (44,880 ) (47,797 ) Foreign withholding tax (2,314 ) — Total deferred income tax liabilities (47,194 ) (47,797 ) Net deferred income tax liability $ (21,952 ) $ (22,879 ) Reported on the consolidated balance sheets as: Deferred income tax asset $ 2,858 $ 4,429 Deferred income tax liability (24,810 ) (27,308 ) Net deferred income tax liability $ (21,952 ) $ (22,879 ) As of December 31, 2015 , our U.S. and foreign corporate operations have net operating loss carryforwards for tax purposes totaling approximately $83.3 million and $13.1 million , respectively, which are subject to various limitations on use and expire in years 2021 through 2024 for U.S. losses and in years 2016 and 2018 for foreign losses. As of December 31, 2015 and 2014 , we recorded a valuation allowance of $13.2 million and $14.5 million , respectively, related to our deferred tax assets. We estimate the amount of valuation allowance based upon our expectations of taxable income in the various jurisdictions in which we operate and the period over which we can utilize those future deductions. The valuation allowance reflects uncertainties related to our ability to utilize certain net operating loss carryforwards before they expire. In 2015, the valuation allowance decreased $1.1 million for the U.S. net operating loss and decreased $0.2 million for the foreign net operating loss, due to changes in our estimates of the amount of those loss carryforwards that will be realized, based upon future taxable income. The realization of net deferred income tax assets recorded as of December 31, 2015 is dependent upon our ability to generate future taxable income in the United States. We believe it is more likely than not that the net deferred income tax assets as of December 31, 2015 will be realized, based on expected future taxable income. Repatriation Previously all undistributed earnings of our foreign subsidiaries were indefinitely reinvested. In the fourth quarter of 2015, management determined that we would begin to repatriate a portion of undistributed foreign earnings in order to provide greater flexibility to meet cash flow needs. As a result, we recognized a current tax liability of $1.9 million and a deferred tax liability of $2.5 million related to foreign withholding taxes on approximately $90.0 million of undistributed foreign earnings. St. Eustatius Tax Agreement On February 22, 2006, we entered into a Tax and Maritime Agreement with the governments of St. Eustatius and the Netherlands Antilles (the 2005 Tax Agreement). The 2005 Tax Agreement was effective beginning January 1, 2005 and expired on December 31, 2014. The 2005 Tax Agreement provides for annual minimum profit tax of approximately $0.6 million, beginning as of January 1, 2005. Effective January 1, 2011, the Netherlands Antilles ceased to exist, and St. Eustatius became part of the Netherlands. The Netherlands Tax Ministry (the Ministry) contends that as of January 2011, we are subject to real estate tax rather than profit tax as expressed in our 2005 Tax Agreement. In 2013, the Ministry issued a property tax assessment for years 2011 through 2012. We objected to and appealed the assessment. The Ministry later issued property tax assessments for the years 2013 and 2014, to which we have or will file similar objections. In 2013, we filed a lawsuit in the Netherlands civil court seeking to enforce the terms of our existing 2005 Tax Agreement. In 2014, the Netherlands civil court determined that it did not have jurisdiction and deferred to the jurisdiction of the tax court; we appealed this decision. In 2015, the tax court held that NuStar was obligated to pay the property tax. In February 2016, the civil appellate court also ruled against NuStar, deferring to the decision of the tax court. We are evaluating whether to file a further appeal. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Our reportable business segments consist of pipeline, storage and fuels marketing. 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 the 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 resulted from storage agreements with our joint ventures. Results of operations for the reportable segments were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Revenues: Pipeline: Third parties $ 508,522 $ 477,030 $ 411,529 Storage: Third parties 599,302 537,142 518,253 Intersegment 25,606 26,435 32,044 Related party — 929 6,252 Total storage 624,908 564,506 556,549 Fuels marketing: Third parties 976,216 2,060,017 2,519,053 Related party — — 8,645 Total fuels marketing 976,216 2,060,017 2,527,698 Consolidation and intersegment eliminations (25,606 ) (26,435 ) (32,044 ) Total revenues $ 2,084,040 $ 3,075,118 $ 3,463,732 Depreciation and amortization expense: Pipeline $ 84,951 $ 77,691 $ 68,871 Storage 116,768 103,848 99,868 Fuels marketing — 16 27 Total segment depreciation and amortization expense 201,719 181,555 168,766 Other depreciation and amortization expense 8,491 10,153 10,155 Total depreciation and amortization expense $ 210,210 $ 191,708 $ 178,921 Operating income (loss): Pipeline $ 270,349 $ 245,233 $ 208,293 Storage 217,818 183,104 (127,484 ) Fuels marketing 13,507 24,805 (126 ) Consolidation and intersegment eliminations 42 (32 ) 1,437 Total segment operating income 501,716 453,110 82,120 Less general and administrative expenses 102,521 96,056 91,086 Less other depreciation and amortization expense 8,491 10,153 10,155 Total operating income (loss) $ 390,704 $ 346,901 $ (19,121 ) Revenues by geographic area are shown in the table below. Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) United States $ 1,599,088 $ 2,276,609 $ 2,340,694 Netherlands 386,282 705,207 1,027,260 Other 98,670 93,302 95,778 Consolidated revenues $ 2,084,040 $ 3,075,118 $ 3,463,732 For the years ended December 31, 2015 , 2014 and 2013 , Valero Energy Corporation accounted for approximately 16% , or $331.7 million , 9% , or $282.9 million , and 15% , or $534.2 million , of our consolidated revenues, respectively. These revenues were included in all of our reportable business segments. No other single customer accounted for 10% or more of our consolidated revenues. Total amounts of property, plant and equipment, net by geographic area were as follows: December 31, 2015 2014 (Thousands of Dollars) United States $ 3,049,334 $ 2,809,462 Netherlands 449,406 451,564 Other 184,831 199,706 Consolidated long-lived assets $ 3,683,571 $ 3,460,732 Total assets by reportable segment were as follows: December 31, 2015 2014 (Thousands of Dollars) Pipeline $ 2,051,866 $ 1,962,821 Storage 2,438,621 2,241,573 Fuels marketing 156,866 227,642 Total segment assets 4,647,353 4,432,036 Other partnership assets 501,909 486,760 Total consolidated assets $ 5,149,262 $ 4,918,796 Capital expenditures, including acquisitions and investments in other noncurrent assets, by reportable segment were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Pipeline $ 175,657 $ 244,713 $ 165,096 Storage 285,258 108,457 170,637 Fuels marketing — — 69 Other partnership assets 9,957 3,795 7,518 Total capital expenditures $ 470,872 $ 356,965 $ 343,320 |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS NuStar Energy has no operations and its assets consist mainly of its investments in NuStar Logistics and NuPOP, both wholly owned subsidiaries. The senior and subordinated notes issued by NuStar Logistics are fully and unconditionally guaranteed by NuStar Energy and NuPOP. As a result, the following condensed consolidating financial statements are presented as an alternative to providing separate financial statements for NuStar Logistics and NuPOP. Condensed Consolidating Balance Sheets December 31, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 885 $ 4 $ — $ 117,973 $ — $ 118,862 Receivables, net — 419 — 144,645 — 145,064 Inventories — 1,776 3,648 33,325 — 38,749 Other current assets 140 11,026 497 19,513 — 31,176 Intercompany receivable — 1,610,370 — — (1,610,370 ) — Total current assets 1,025 1,623,595 4,145 315,456 (1,610,370 ) 333,851 Property, plant and equipment, net — 1,915,370 570,415 1,197,786 — 3,683,571 Intangible assets, net — 48,961 — 63,050 — 112,011 Goodwill — 149,453 170,652 376,532 — 696,637 Investment in wholly owned subsidiaries 2,205,904 48,547 1,031,162 915,115 (4,200,728 ) — Deferred income tax asset — — — 4,037 (1,179 ) 2,858 Other long-term assets, net 933 279,063 26,329 14,009 — 320,334 Total assets $ 2,207,862 $ 4,064,989 $ 1,802,703 $ 2,885,985 $ (5,812,277 ) $ 5,149,262 Liabilities and Partners’ Equity Payables $ 12 $ 52,650 $ 11,193 $ 76,091 $ — $ 139,946 Short-term debt — 84,000 — — — 84,000 Accrued interest payable — 34,271 — 15 — 34,286 Accrued liabilities 723 32,816 5,753 15,902 — 55,194 Taxes other than income tax 126 6,452 3,325 2,907 — 12,810 Income tax payable — 1,362 9 4,606 — 5,977 Intercompany payable 508,363 — 858,018 243,989 (1,610,370 ) — Total current liabilities 509,224 211,551 878,298 343,510 (1,610,370 ) 332,213 Long-term debt — 3,025,849 — 53,500 — 3,079,349 Long-term payable to related party — 26,638 — 5,442 — 32,080 Deferred income tax liability — 1,143 36 24,810 (1,179 ) 24,810 Other long-term liabilities — 37,209 9,294 24,463 — 70,966 Total partners’ equity 1,698,638 762,599 915,075 2,434,260 (4,200,728 ) 1,609,844 Total liabilities and partners’ equity $ 2,207,862 $ 4,064,989 $ 1,802,703 $ 2,885,985 $ (5,812,277 ) $ 5,149,262 Condensed Consolidating Balance Sheets December 31, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 923 $ 6 $ — $ 86,983 $ — $ 87,912 Receivables, net — 47,038 18,347 143,093 — 208,478 Inventories — 1,998 3,768 49,989 (42 ) 55,713 Other current assets — 10,403 418 25,239 (116 ) 35,944 Assets held for sale — — — 1,100 — 1,100 Intercompany receivable — 1,438,675 — — (1,438,675 ) — Total current assets 923 1,498,120 22,533 306,404 (1,438,833 ) 389,147 Property, plant and equipment, net — 1,820,126 559,808 1,080,798 — 3,460,732 Intangible assets, net — 55,801 — 2,869 — 58,670 Goodwill — 149,453 170,652 297,324 — 617,429 Investment in wholly owned subsidiaries 2,289,673 37,179 910,394 913,343 (4,150,589 ) — Investment in joint venture — — — 74,223 — 74,223 Deferred income tax asset — — — 4,429 — 4,429 Other long-term assets, net 673 279,058 26,329 8,106 — 314,166 Total assets $ 2,291,269 $ 3,839,737 $ 1,689,716 $ 2,687,496 $ (5,589,422 ) $ 4,918,796 Liabilities and Partners’ Equity Payables $ — $ 60,687 $ 8,211 $ 108,286 $ — $ 177,184 Short-term debt — 77,000 — — — 77,000 Accrued interest payable — 33,340 — 5 — 33,345 Accrued liabilities 862 32,178 6,965 21,020 — 61,025 Taxes other than income tax 125 7,896 3,099 3,001 — 14,121 Income tax payable — — 4 2,629 (116 ) 2,517 Intercompany payable 506,160 — 751,023 181,492 (1,438,675 ) — Total current liabilities 507,147 211,101 769,302 316,433 (1,438,791 ) 365,192 Long-term debt — 2,749,452 — — — 2,749,452 Long-term payable to related party — 28,094 — 5,443 — 33,537 Deferred income tax liability — 528 22 26,758 — 27,308 Other long-term liabilities — 13,681 6,963 6,453 — 27,097 Total partners’ equity 1,784,122 836,881 913,429 2,332,409 (4,150,631 ) 1,716,210 Total liabilities and partners’ equity $ 2,291,269 $ 3,839,737 $ 1,689,716 $ 2,687,496 $ (5,589,422 ) $ 4,918,796 Condensed Consolidating Statements of Income For the Year Ended December 31, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 547,959 $ 215,469 $ 1,322,675 $ (2,063 ) $ 2,084,040 Costs and expenses 1,717 293,708 140,081 1,259,935 (2,105 ) 1,693,336 Operating (loss) income (1,717 ) 254,251 75,388 62,740 42 390,704 Equity in earnings (loss) of subsidiaries 308,437 (7,257 ) 120,768 197,760 (619,708 ) — Interest (expense) income, net — (137,847 ) 1,611 4,368 — (131,868 ) Other income, net — 1,179 5 60,638 — 61,822 Income from continuing operations before income tax (benefit) expense 306,720 110,326 197,772 325,506 (619,666 ) 320,658 Income tax (benefit) expense — (392 ) 23 15,081 — 14,712 Income from continuing operations 306,720 110,718 197,749 310,425 (619,666 ) 305,946 Income from discontinued operations, net of tax — — — 774 — 774 Net income $ 306,720 $ 110,718 $ 197,749 $ 311,199 $ (619,666 ) $ 306,720 Condensed Consolidating Statements of Income (Loss) For the Year Ended December 31, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 510,833 $ 229,211 $ 2,344,750 $ (9,676 ) $ 3,075,118 Costs and expenses 1,753 287,614 149,955 2,298,540 (9,645 ) 2,728,217 Operating (loss) income (1,753 ) 223,219 79,256 46,210 (31 ) 346,901 Equity in earnings (loss) of subsidiaries 212,527 (12,798 ) 62,946 142,238 (404,913 ) — Equity in (loss) earnings of joint ventures — (8,278 ) — 13,074 — 4,796 Interest (expense) income, net — (132,274 ) 89 959 — (131,226 ) Other income (expense), net — 511 (37 ) 4,025 — 4,499 Income from continuing operations before income tax expense 210,774 70,380 142,254 206,506 (404,944 ) 224,970 Income tax expense 1 5 23 10,772 — 10,801 Income from continuing operations 210,773 70,375 142,231 195,734 (404,944 ) 214,169 Loss from discontinued operations, net of tax — (169 ) — (3,622 ) — (3,791 ) Net income 210,773 70,206 142,231 192,112 (404,944 ) 210,378 Less net loss attributable to noncontrolling interest — — — (395 ) — (395 ) Net income attributable to NuStar Energy L.P. $ 210,773 $ 70,206 $ 142,231 $ 192,507 $ (404,944 ) $ 210,773 Condensed Consolidating Statements of Income (Loss) For the Year Ended December 31, 2013 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 415,128 $ 218,591 $ 2,864,160 $ (34,147 ) $ 3,463,732 Costs and expenses 1,908 242,743 147,117 3,125,253 (34,168 ) 3,482,853 Operating (loss) income (1,908 ) 172,385 71,474 (261,093 ) 21 (19,121 ) Equity in (loss) earnings of subsidiaries (271,862 ) 16,531 (347,808 ) (281,327 ) 884,466 — Equity in (loss) earnings of joint ventures — (49,599 ) — 9,629 — (39,970 ) Interest (expense) income, net — (116,624 ) (4,851 ) 469 — (121,006 ) Other (expense) income, net — (115 ) (127 ) 7,583 — 7,341 (Loss) income from continuing operations before income tax expense (273,770 ) 22,578 (281,312 ) (524,739 ) 884,487 (172,756 ) Income tax expense — 579 8 12,166 — 12,753 (Loss) income from continuing operations (273,770 ) 21,999 (281,320 ) (536,905 ) 884,487 (185,509 ) Loss from discontinued operations, net of tax — (12,317 ) — (86,845 ) — (99,162 ) Net (loss) income (273,770 ) 9,682 (281,320 ) (623,750 ) 884,487 (284,671 ) Less net loss attributable to noncontrolling interest — — — (10,901 ) — (10,901 ) Net (loss) income attributable to NuStar Energy L.P. $ (273,770 ) $ 9,682 $ (281,320 ) $ (612,849 ) $ 884,487 $ (273,770 ) Condensed Consolidating Statements of Comprehensive Income For the Year Ended December 31, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 306,720 $ 110,718 $ 197,749 $ 311,199 $ (619,666 ) $ 306,720 Other comprehensive income: Foreign currency translation adjustment — — — (31,987 ) — (31,987 ) Net unrealized gain on cash flow hedges — 1,303 — — — 1,303 Net loss reclassified into income on cash flow hedges — 9,802 — — — 9,802 Total other comprehensive income (loss) — 11,105 — (31,987 ) — (20,882 ) Comprehensive income $ 306,720 $ 121,823 $ 197,749 $ 279,212 $ (619,666 ) $ 285,838 Condensed Consolidating Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 210,773 $ 70,206 $ 142,231 $ 192,112 $ (404,944 ) $ 210,378 Other comprehensive income (loss): Foreign currency translation adjustment — 3,723 — (19,337 ) — (15,614 ) Net loss reclassified into income on cash flow hedges — 10,663 — — — 10,663 Total other comprehensive income (loss) — 14,386 — (19,337 ) — (4,951 ) Comprehensive income 210,773 84,592 142,231 172,775 (404,944 ) 205,427 Less comprehensive loss attributable to noncontrolling interest — — — (828 ) — (828 ) Comprehensive income attributable to NuStar Energy L.P. $ 210,773 $ 84,592 $ 142,231 $ 173,603 $ (404,944 ) $ 206,255 Condensed Consolidating Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2013 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) income $ (273,770 ) $ 9,682 $ (281,320 ) $ (623,750 ) $ 884,487 $ (284,671 ) Other comprehensive income (loss): Foreign currency translation adjustment — (3,090 ) — (16,274 ) — (19,364 ) Net unrealized gain on cash flow hedges — 7,213 — — — 7,213 Net loss reclassified into income on cash flow hedges — 7,570 — — — 7,570 Total other comprehensive income (loss) — 11,693 — (16,274 ) — (4,581 ) Comprehensive (loss) income (273,770 ) 21,375 (281,320 ) (640,024 ) 884,487 (289,252 ) Less comprehensive loss attributable to noncontrolling interest — — — (10,953 ) — (10,953 ) Comprehensive (loss) income attributable to NuStar Energy L.P. $ (273,770 ) $ 21,375 $ (281,320 ) $ (629,071 ) $ 884,487 $ (278,299 ) Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 389,967 $ 237,780 $ 119,928 $ 365,588 $ (588,326 ) $ 524,937 Cash flows from investing activities: Capital expenditures — (201,388 ) (39,533 ) (83,887 ) — (324,808 ) Change in accounts payable related to capital expenditures — (4,950 ) 33 1,761 — (3,156 ) Acquisitions — — — (142,500 ) — (142,500 ) Increase in other long-term assets — — — (3,564 ) — (3,564 ) Proceeds from sale or disposition of assets — 10,320 22 6,790 — 17,132 Proceeds from insurance recoveries — — — 4,867 — 4,867 Net cash used in investing activities — (196,018 ) (39,478 ) (216,533 ) — (452,029 ) Cash flows from financing activities: Debt borrowings — 1,589,131 — 94,500 — 1,683,631 Debt repayments — (1,275,910 ) — (41,000 ) — (1,316,910 ) Distributions to unitholders and general partner (392,204 ) (196,102 ) (196,102 ) (196,122 ) 588,326 (392,204 ) Net intercompany activity 2,199 (155,278 ) 115,652 37,427 — — Other, net — (3,605 ) — (141 ) — (3,746 ) Net cash used in financing activities (390,005 ) (41,764 ) (80,450 ) (105,336 ) 588,326 (29,229 ) Effect of foreign exchange rate changes on cash — — — (12,729 ) — (12,729 ) Net (decrease) increase in cash and cash equivalents (38 ) (2 ) — 30,990 — 30,950 Cash and cash equivalents as of the beginning of the period 923 6 — 86,983 — 87,912 Cash and cash equivalents as of the end of the period $ 885 $ 4 $ — $ 117,973 $ — $ 118,862 Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 390,543 $ 221,422 $ 111,931 $ 333,936 $ (539,309 ) $ 518,523 Cash flows from investing activities: Capital expenditures — (273,785 ) (14,625 ) (68,555 ) — (356,965 ) Change in accounts payable related to capital expenditures — 8,741 789 (4,627 ) — 4,903 Proceeds from sale or disposition of assets — 651 22 25,339 — 26,012 Increase in note receivable from Axeon — (13,328 ) — — — (13,328 ) Investment in subsidiaries (23 ) — 13,340 — (13,317 ) — Other, net 23 (45 ) — (831 ) — (853 ) Net cash used in investing activities — (277,766 ) (474 ) (48,674 ) (13,317 ) (340,231 ) Cash flows from financing activities: Debt borrowings — 1,318,619 — — — 1,318,619 Debt repayments — (1,121,670 ) — — — (1,121,670 ) Distributions to unitholders and general partner (392,204 ) (245,127 ) (147,077 ) (147,105 ) 539,309 (392,204 ) Contributions from (distributions to) affiliates — — — (13,340 ) 13,340 — Net intercompany activity 1,680 83,387 35,620 (120,687 ) — — Other, net — (1,166 ) — 8,259 (23 ) 7,070 Net cash (used in) provided by financing activities (390,524 ) 34,043 (111,457 ) (272,873 ) 552,626 (188,185 ) Effect of foreign exchange rate changes on cash — — — (2,938 ) — (2,938 ) Net increase (decrease) in cash and cash equivalents 19 (22,301 ) — 9,451 — (12,831 ) Cash and cash equivalents as of the beginning of the period 904 22,307 — 77,532 — 100,743 Cash and cash equivalents as of the end of the period $ 923 $ 6 $ — $ 86,983 $ — $ 87,912 Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2013 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 390,002 $ 210,742 $ 84,490 $ 192,228 $ (392,243 ) $ 485,219 Cash flows from investing activities: Capital expenditures — (224,798 ) (19,049 ) (99,473 ) — (343,320 ) Change in accounts payable related to capital expenditures — (9,700 ) 824 3,492 — (5,384 ) Proceeds from sale or disposition of assets — 118,806 35 165 — 119,006 Increase in note receivable from Axeon — (80,961 ) — — — (80,961 ) Investment in subsidiaries (302 ) 527 — 3 (228 ) — Other, net 302 (604 ) — — — (302 ) Net cash used in investing activities — (196,730 ) (18,190 ) (95,813 ) (228 ) (310,961 ) Cash flows from financing activities: Debt borrowings — 1,738,451 — — — 1,738,451 Debt repayments — (1,866,282 ) (250,000 ) (34,461 ) — (2,150,743 ) Proceeds from note offerings, net of issuance costs — 686,863 — — — 686,863 Distributions to unitholders and general partner (392,204 ) (392,204 ) — (39 ) 392,243 (392,204 ) Payments for termination of interest rate swaps — (33,697 ) — — — (33,697 ) Contributions from (distributions to) affiliates — 302 — (530 ) 228 — Net intercompany activity (3,880 ) (128,277 ) 183,700 (51,543 ) — — Other, net (47 ) 2,027 — — — 1,980 Net cash (used in) provided by financing activities (396,131 ) 7,183 (66,300 ) (86,573 ) 392,471 (149,350 ) Effect of foreign exchange rate changes on cash — — — (7,767 ) — (7,767 ) Net (decrease) increase in cash and cash equivalents (6,129 ) 21,195 — 2,075 — 17,141 Cash and cash equivalents as of the beginning of the period 7,033 1,112 — 75,457 — 83,602 Cash and cash equivalents as of the end of the period $ 904 $ 22,307 $ — $ 77,532 $ — $ 100,743 |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) The following table summarizes quarterly financial data for the years ended December 31, 2015 and 2014 : First Quarter Second Quarter Third Quarter Fourth Quarter Total (Thousands of Dollars, Except Per Unit Data) 2015: Revenues $ 554,944 $ 570,611 $ 493,566 $ 464,919 $ 2,084,040 Operating income $ 99,281 $ 92,405 $ 100,994 $ 98,024 $ 390,704 Income from continuing operations $ 127,125 $ 54,325 $ 65,016 $ 59,480 $ 305,946 Income from discontinued operations, net of tax 774 — — — 774 Net income $ 127,899 $ 54,325 $ 65,016 $ 59,480 $ 306,720 Net income per unit applicable to limited partners: Continuing operations $ 1.46 $ 0.54 $ 0.68 $ 0.61 $ 3.29 Discontinued operations 0.01 — — — 0.01 Total $ 1.47 $ 0.54 $ 0.68 $ 0.61 $ 3.30 Cash distributions per unit applicable to limited partners $ 1.095 $ 1.095 $ 1.095 $ 1.095 $ 4.380 2014: Revenues $ 849,213 $ 749,745 $ 794,422 $ 681,738 $ 3,075,118 Operating income $ 81,103 $ 89,354 $ 95,098 $ 81,346 $ 346,901 Income from continuing operations $ 42,996 $ 57,187 $ 59,117 $ 54,869 $ 214,169 (Loss) income from discontinued operations, net of tax (3,359 ) (1,788 ) 2,831 (1,475 ) (3,791 ) Net income $ 39,637 $ 55,399 $ 61,948 $ 53,394 $ 210,378 Net income (loss) per unit applicable to limited partners: Continuing operations $ 0.40 $ 0.58 $ 0.61 $ 0.55 $ 2.14 Discontinued operations (0.04 ) (0.02 ) 0.03 (0.01 ) (0.04 ) Total $ 0.36 $ 0.56 $ 0.64 $ 0.54 $ 2.10 Cash distributions per unit applicable to limited partners $ 1.095 $ 1.095 $ 1.095 $ 1.095 $ 4.380 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Event [Line Items] | |
Subsequent Events | SUBSEQUENT EVENT On March 1, 2016, NuStar GP, LLC intends to transfer and assign to NuStar Services Company LLC, a wholly owned subsidiary of NuStar Energy, all of NuStar GP, LLC’s employees and related benefit plans. Following the transfer of employees, we will pay employee costs directly and sponsor the following related benefit plans, among others: • The NuStar Thrift Plan (the Thrift Plan), a qualified employee profit-sharing plan; • The NuStar Pension Plan, a qualified non-contributory defined benefit pension plan; • The NuStar Excess Thrift Plan, a benefit plan to those employees whose compensation and/or annual contributions under the Thrift Plan are subject to the limitations applicable to qualified retirement plans; • The NuStar Excess Pension Plan, a benefit plan to a select group of management or other highly compensated employees; and • The NuStar GP, LLC Retiree Welfare Benefits Plan, a medical benefits plan for certain retired employees. We do not expect this transfer of employees and related benefit plans to materially change our expenses since we currently reimburse NuStar GP, LLC for all employee costs attributable to us. Our consolidated balance sheet will reflect employee-related obligations to external parties instead of related party payables to NuStar GP, LLC. On January 28, 2016, at a special meeting of unitholders, NuStar Energy’s unitholders approved the Fifth Amended and Restated 2000 Long-Term Incentive Plan (the Amended Plan), which, among other items, provided that NuStar Energy could use newly issued units from NuStar Energy to satisfy unit awards. The unitholder vote approving the Amended Plan on January 28, 2016 , coupled with the subsequent transfer of the employees of NuStar GP, LLC into NuStar Services Company LLC, will result in the classification of substantially all of our currently outstanding and subsequently issued awards as equity awards. At the time of the transfer of employees, NuStar Services Company LLC will assume obligations associated therewith, including all outstanding awards, and we intend to satisfy substantively all of the vestings of such awards with newly issued units of NuStar Energy. |
SUMMARY OF SIGNIFICANT ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The accompanying consolidated financial statements represent the consolidated operations of the Partnership and our subsidiaries. Noncontrolling interests are separately disclosed on the financial statements. Inter-partnership balances and transactions have been eliminated in consolidation. The operations of certain pipelines and terminals in which we own an undivided interest are proportionately consolidated in the accompanying consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, management reviews their estimates based on currently available information. Management may revise estimates due to changes in facts and circumstances. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are all highly liquid investments with an original maturity of three months or less when acquired. |
Accounts Receivable | Accounts Receivable Accounts receivable represent valid claims against non-affiliated customers for products sold or services rendered. We extend credit terms to certain customers after review of various credit indicators, including the customer’s credit rating. Outstanding customer receivable balances are regularly reviewed for possible non-payment indicators and allowances for doubtful accounts are recorded based upon management’s estimate of collectability at the time of their review. |
Inventories | Inventories Inventories consist of crude oil, refined petroleum products, and materials and supplies. Inventories, except those associated with a qualifying fair value hedge, are valued at the lower of cost or market. Cost is determined using the weighted-average cost method. Our inventory, other than materials and supplies, consists of one end-product category, petroleum products, which we include in the fuels marketing segment. Accordingly, we determine lower of cost or market adjustments on an aggregate basis. Inventories associated with qualifying fair value hedges are valued at current market prices. Materials and supplies are valued at the lower of average cost or market. |
Property, Plant and Equipment | Property, Plant and Equipment We record additions to property, plant and equipment, including reliability and strategic capital expenditures, at cost. Repair and maintenance costs associated with existing assets that are minor in nature and do not extend the useful life of existing assets are charged to operating expenses as incurred. Depreciation of property, plant and equipment is recorded on a straight-line basis over the estimated useful lives of the related assets. When property or equipment is retired, sold or otherwise disposed of, the difference between the carrying value and the net proceeds is recognized in “Other income, net” in the consolidated statements of income in the year of disposition. We capitalize overhead costs and interest costs incurred on funds used to construct property, plant and equipment while the asset is under construction. The overhead costs and capitalized interest are recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. |
Goodwill | Goodwill We assess goodwill for impairment annually on October 1, or more frequently if events or changes in circumstances indicate it might be impaired. We have the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. We performed a quantitative goodwill impairment test as of October 1, 2015 and 2014, and we determined that no impairment charges occurred. See Note 11 for a discussion of the goodwill impairment recognized in 2013. We calculate the estimated fair value of each of our reporting units using a weighted-average of values calculated using an income approach and a market approach. The income approach involves estimating the fair value of each reporting unit by discounting its estimated future cash flows using a discount rate that would be consistent with a market participant’s assumption. The market approach bases the fair value measurement on information obtained from observed stock prices of public companies and recent merger and acquisition transaction data of comparable entities. Our reporting units to which goodwill has been allocated consist of the following: • crude oil pipelines; • refined product pipelines; • refined product terminals, excluding our St. Eustatius and Point Tupper facilities; and • bunkering activity at our St. Eustatius and Point Tupper facilities. The quantitative impairment test for goodwill consists of a two-step process. Step 1 compares the fair value of the reporting unit to its carrying value including goodwill. The carrying value of each reporting unit equals the total identified assets (including goodwill) less the sum of each reporting unit’s identified liabilities. We used reasonable and supportable methods to assign the assets and liabilities to the appropriate reporting units in a consistent manner. If the carrying value exceeds fair value, there is a potential impairment and step 2 must be performed to determine the amount of goodwill impairment. Step 2 compares the carrying value of the reporting unit’s goodwill to its implied fair value using a hypothetical allocation of the reporting unit’s fair value. If the goodwill carrying value exceeds its implied fair value, the excess is reported as impairment. |
Investment in Joint Ventures | Investment in Joint Ventures We account for investment in the joint ventures using the equity method of accounting. We reported our ownership interest in our equity method investments within “Investment in joint ventures” on the consolidated balance sheet and our portion of the results of operations for our equity method investments in “Equity in earnings (loss) of joint ventures” in the consolidated statements of income (loss). On January 2, 2015, we acquired full ownership of ST Linden Terminal, LLC (Linden), which owns a refined products terminal in Linden, NJ with 4.3 million barrels of storage capacity (the Linden Acquisition). See Note 4 for additional information on the Linden Acquisition. On February 26, 2014, we sold our remaining 50% ownership interest in Axeon Specialty Products LLC. See Note 5 for additional discussion. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We review long-lived assets, including property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We evaluate recoverability using undiscounted estimated net cash flows generated by the related asset or asset group. If the results of that evaluation indicate that the undiscounted cash flows are less than the carrying amount of the asset (i.e., the asset is not recoverable) we perform an impairment analysis. If our intent is to hold the asset for continued use, we determine the amount of impairment as the amount by which the net carrying value exceeds its fair value. If our intent is to sell the asset, and the criteria required to classify an asset as held for sale are met, we determine the amount of impairment as the amount by which the net carrying amount exceeds its fair value less costs to sell. We believe that the carrying amounts of our long-lived assets as of December 31, 2015 are recoverable. See Note 5 for a discussion of impairments of long-lived assets recognized in 2013. |
Income Taxes | Income Taxes We are a limited partnership and generally are not subject to federal or state income taxes. Accordingly, our taxable income or loss, which may vary substantially from income or loss reported for financial reporting purposes, is generally included in the federal and state income tax returns of our partners. For transfers of publicly held units subsequent to our initial public offering, we have made an election permitted by Section 754 of the Internal Revenue Code (the Code) to adjust the common unit purchaser’s tax basis in our underlying assets to reflect the purchase price of the units. This results in an allocation of taxable income and expenses to the purchaser of the common units, including depreciation deductions and gains and losses on sales of assets, based upon the new unitholder’s purchase price for the common units. We conduct certain of our operations through taxable wholly owned corporate subsidiaries. We account for income taxes related to our taxable subsidiaries using the asset and liability method. Under this method, we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred taxes using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. We recognize a tax position if it is more-likely-than-not that the tax position will be sustained, based on the technical merits of the position, upon examination. We record uncertain tax positions in the financial statements at the largest amount of benefit that is more-likely-than-not to be realized. We had no unrecognized tax benefits as of December 31, 2015 and 2014 . NuStar Energy and certain of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. For U.S. federal and state purposes, as well as for our major non-U.S. jurisdictions, tax years subject to examination are 2011 through 2014, according to standard statute of limitations. |
Asset Retirement Obligations | Asset Retirement Obligations We record a liability for asset retirement obligations at the fair value of the estimated costs to retire a tangible long-lived asset at the time we incur that liability, which is generally when the asset is purchased, constructed or leased, when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the obligation can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the fair value. We have asset retirement obligations with respect to certain of our assets due to various legal obligations to clean and/or dispose of those assets at the time they are retired. However, these assets can be used for an extended and indeterminate period of time as long as they are properly maintained and/or upgraded. It is our practice and current intent to maintain our assets and continue making improvements to those assets based on technological advances. As a result, we believe that our assets have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire these assets cannot reasonably be estimated at this time. When a date or range of dates can reasonably be estimated for the retirement of any asset, we estimate the costs of performing the retirement activities and record a liability for the fair value of these costs. We also have legal obligations in the form of leases and right-of-way agreements, which require us to remove certain of our assets upon termination of the agreement. However, these lease or right-of-way agreements generally contain automatic renewal provisions that extend our rights indefinitely or we have other legal means available to extend our rights. We have recorded a liability of approximately $0.6 million and $0.8 million as of December 31, 2015 and 2014 , respectively, which is included in “Other long-term liabilities” in the consolidated balance sheets, for conditional asset retirement obligations related to the retirement of terminal assets with lease and right-of-way agreements. |
Environmental Remediation Costs | Environmental Remediation Costs Environmental remediation costs are expensed and an associated accrual established when site restoration and environmental remediation and cleanup obligations are either known or considered probable and can be reasonably estimated. These environmental obligations are based on estimates of probable undiscounted future costs over a 20 -year time period using currently available technology and applying current regulations, as well as our own internal environmental policies. The environmental liabilities have not been reduced by possible recoveries from third parties. Environmental costs include initial site surveys, costs for remediation and restoration and ongoing monitoring costs, as well as fines, damages and other costs, when estimable. Adjustments to initial estimates are recorded, from time to time, to reflect changing circumstances and estimates based upon additional information developed in subsequent periods. |
Product Imbalances | Product Imbalances We incur product imbalances as a result of variances in pipeline meter readings and volume fluctuations within the East Pipeline system due to pressure and temperature changes. We use quoted market prices as of the reporting date to value our assets and liabilities related to product imbalances. Product imbalance liabilities are included in “Accrued liabilities” and product imbalance assets are included in “Other current assets” in the consolidated balance sheets. |
Revenue Recognition | Revenue Recognition Revenues for the pipeline segment are derived from interstate and intrastate pipeline transportation of refined product, crude oil and anhydrous ammonia. Transportation revenues (based on pipeline tariffs) are recognized as the refined product, crude oil or anhydrous ammonia is delivered out of the pipelines. Revenues for the storage segment include fees for tank storage agreements, whereby a customer agrees to pay for a certain amount of storage in a tank over a period of time (storage lease revenues), and throughput agreements, whereby a customer pays a fee per barrel for volumes moving through our terminals for which we charge additional fees (throughput revenues). Our terminals also provide blending, additive injections, handling and filtering services for which we charge additional fees. Certain of our facilities charge fees to provide marine services such as pilotage, tug assistance, line handling, launch service, emergency response services and other ship services. Storage lease revenues are recognized when services are provided to the customer. Throughput revenues are recognized as refined products or crude oil are received in or delivered out of our terminal and as crude oil and certain other refinery feedstocks are received by the related refinery. Revenues for marine services are recognized as those services are provided. Revenues from the sale of petroleum products, which are included in our fuels marketing segment, are recognized when product is delivered to the customer and title and risk pass to the customer. We collect taxes on certain revenue transactions to be remitted to governmental authorities, which may include sales, use, value added and some excise taxes. These taxes are not included in revenue. |
Income Allocation | Income Allocation Our net income for each quarterly reporting period is first allocated to the general partner in an amount equal to the general partner’s incentive distribution calculated based upon the declared distribution for the respective reporting period. We allocate the remaining net income among the limited and general partners in accordance with their respective 98% and 2% interests. |
Net Income per Unit Applicable to Limited Partners | Net Income per Unit Applicable to Limited Partners We have identified the general partner interest and incentive distribution rights as participating securities and use the two-class method when calculating the net income per unit applicable to limited partners, which is based on the weighted-average number of common units outstanding during the period. Basic and diluted net income per unit applicable to limited partners are the same as we have no potentially dilutive securities outstanding. |
Derivative Financial Instruments | Derivative Financial Instruments We formally document all relationships between hedging instruments and hedged items. This process includes identification of the hedging instrument and the hedged transaction, the nature of the risk being hedged and how the hedging instrument’s effectiveness will be assessed. To qualify for hedge accounting, at inception of the hedge we assess whether the derivative instruments that are used in our hedging transactions are expected to be highly effective in offsetting changes in cash flows or the fair value of the hedged items. Throughout the designated hedge period and at least quarterly, we assess whether the derivative instruments are highly effective and continue to qualify for hedge accounting. To assess the effectiveness of the hedging relationship both prospectively and retrospectively, we use regression analysis to calculate the correlation of the changes in the fair values of the derivative instrument and related hedged item. We record commodity derivative instruments in the consolidated balance sheets at fair value. We recognize mark-to-market adjustments for derivative instruments designated and qualifying as fair value hedges (Fair Value Hedges) and the related change in the fair value of the associated hedged physical inventory or firm commitment within “Cost of product sales.” For derivative instruments designated and qualifying as cash flow hedges (Cash Flow Hedges), we record the effective portion of mark-to-market adjustments as a component of “Accumulated other comprehensive income” (AOCI) until the underlying hedged forecasted transactions occur. Any hedge ineffectiveness is recognized immediately in “Cost of product sales.” Once a hedged transaction occurs, we reclassify the effective portion from AOCI to “Cost of product sales.” If it becomes probable that a hedged transaction will not occur, then the associated gains or losses are reclassified from AOCI to “Cost of product sales” immediately. For derivative instruments that have associated underlying physical inventory but do not qualify for hedge accounting (Economic Hedges and Other Derivatives), we record the mark-to-market adjustments in “Cost of product sales.” Under the terms of our forward-starting interest rate swap agreements, we pay a fixed rate and receive a variable rate. We entered into the forward-starting swaps in order to hedge the risk of changes in the interest payments attributable to changes in the benchmark interest rate during the period from the effective date of the swap to the issuance of the forecasted debt. We account for the forward-starting interest rate swaps as Cash Flow Hedges, and we recognize the fair value of each interest rate swap in the consolidated balance sheets. We record the effective portion of mark-to-market adjustments as a component of AOCI, and any hedge ineffectiveness is recognized immediately in “Interest expense, net.” The amount accumulated in AOCI is amortized into “Interest expense, net” as the forecasted interest payments occur or if the interest payments are probable not to occur. We classify cash flows associated with our derivative instruments as operating cash flows in the consolidated statements of cash flows, except for receipts or payments associated with terminated forward-starting interest rate swap agreements, which are included in cash flows from financing activities. See Note 17 for additional information regarding our derivative financial instruments. |
Operating Leases | Operating Leases We recognize rent expense on a straight-line basis over the lease term, including the impact of both scheduled rent increases and free or reduced rents (commonly referred to as “rent holidays”). |
Unit-based Compensation | Unit-based Compensation NuStar GP, LLC, a wholly owned subsidiary of NuStar GP Holdings, has adopted various long-term incentive plans that provide the Compensation Committee of the Board of Directors of NuStar GP, LLC with the right to grant employees and directors of NuStar GP, LLC and its affiliates providing services to NuStar Energy the right to receive NS common units. NuStar GP, LLC accounts for awards of NS common unit options, restricted units and performance awards at fair value as a derivative, whereby a liability for the award is recorded at inception. Subsequent changes in the fair value of the award are included in the determination of net income. NuStar GP, LLC determines the fair value of NS unit options using the Black-Scholes model at each reporting date. NuStar GP, LLC determines the fair value of NS restricted units and performance awards using the market price of NS common units at each reporting date. However, performance awards are earned only upon NuStar Energy’s achievement of an objective performance measure. NuStar GP, LLC records compensation expense each reporting period such that the cumulative compensation expense recognized equals the current fair value of the percentage of the award that has vested. NuStar GP, LLC records compensation expense related to NS unit options until such options are exercised, and compensation expense related to NS restricted units until the date of vesting. NuStar GP Holdings has adopted a long-term incentive plan that provides the Compensation Committee of the Board of Directors of NuStar GP Holdings with the right to grant employees, consultants and directors of NuStar GP Holdings and its affiliates, including NuStar GP, LLC, rights to receive NSH common units. NuStar GP Holdings accounts for awards of NSH restricted units and unit options granted to its directors or employees of NuStar GP, LLC at fair value. The fair value of NSH unit options is determined using the Black-Scholes model at the grant date, and the fair value of the NSH restricted unit equals the market price of NSH common units at the grant date. NuStar GP Holdings recognizes compensation expense for NSH restricted units and unit options ratably over the vesting period based on the fair value of the units at the grant date. Under these long-term incentive plans, certain awards provide that the grantee’s award vests immediately upon retirement. Compensation expense is recognized immediately if these awards are granted to retirement-eligible employees, as defined in each award. In addition, if, during a vesting period of a grant, the grantee will become retirement-eligible, then compensation expense associated with the grant is recognized from the grant date through the grantee’s retirement eligibility date. We reimburse NuStar GP, LLC for the expenses resulting from grants of NS and NSH awards under our long-term incentive plans to employees and directors of NuStar GP, LLC. We include such compensation expense in “General and administrative expenses” on the consolidated statements of income. We do not reimburse NuStar GP, LLC for the expense resulting from NSH awards to non-employee directors of NuStar GP Holdings. |
Margin Deposits | Margin Deposits Margin deposits relate to our exchange-traded derivative contracts and generally vary based on changes in the value of the contracts. Margin deposits are included in “Other current assets” in the consolidated balance sheets. |
Foreign Currency Translation | Foreign Currency Translation The functional currencies of our foreign subsidiaries are the local currency of the country in which the subsidiary is located, except for our subsidiaries located in St. Eustatius in the Caribbean (formerly the Netherlands Antilles), whose functional currency is the U.S. dollar. The assets and liabilities of our foreign subsidiaries with local functional currencies are translated to U.S. dollars at period-end exchange rates, and income and expense items are translated to U.S. dollars at weighted-average exchange rates in effect during the period. These translation adjustments are included in “Accumulated other comprehensive loss” in the equity section of the consolidated balance sheets. Gains and losses on foreign currency transactions are included in “Other income, net” in the consolidated statements of income. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final purchase price allocation was as follows (in thousands of dollars): Cash paid for the Linden Acquisition $ 142,500 Fair value of liabilities assumed 22,865 Consideration 165,365 Acquisition date fair value of previously held equity interest 128,000 Total $ 293,365 Current assets (a) $ 9,513 Property, plant and equipment 134,484 Goodwill 79,208 Intangible assets (b) 70,050 Other long-term assets 110 Purchase price allocation $ 293,365 (a) Current assets include a receivable of $7.8 million related to a pre-acquisition insurance claim, for which proceeds were received in 2015. (b) Intangible assets primarily consist of customer contracts and relationships and are being amortized over 10 years . |
DISPOSITIONS (Tables)
DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Details of Impairment of Long-Lived Assets Held For Sale by Asset [Table Text Block] | The impairment loss consisted of the following (in thousands of dollars): Property, plant and equipment, net $ 68,213 Intangible assets, net (customer relationships) 6,856 Goodwill 27,460 Asset impairment loss $ 102,529 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table summarizes the results from discontinued operations: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Revenues $ 208 $ 4,265 $ 7,758 Income (loss) before income tax expense $ 774 $ (3,791 ) $ (106,033 ) |
ALLOWANCE FOR DOUBTFUL ACCOUN39
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable Additional Disclosures [Abstract] | |
Allowance for Doubtful Accounts [Table Text Block] | The changes in the allowance for doubtful accounts consisted of the following: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Balance as of beginning of year $ 7,808 $ 1,224 $ 808 Increase in allowance, net 965 7,649 1,039 Accounts charged against the allowance (300 ) (1,065 ) (625 ) Foreign currency translation — — 2 Balance as of end of year $ 8,473 $ 7,808 $ 1,224 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory Table [Text Block] | Inventories consisted of the following: December 31, 2015 2014 (Thousands of Dollars) Crude oil and refined petroleum products $ 30,154 $ 46,733 Materials and supplies 8,595 8,980 Total $ 38,749 $ 55,713 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Other current assets [Table Text Block] | Other current assets consisted of the following: December 31, 2015 2014 (Thousands of Dollars) Prepaid expenses $ 16,331 $ 16,140 Derivative assets 11,402 16,362 Other 3,443 3,442 Other current assets $ 31,176 $ 35,944 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, at cost, consisted of the following: Estimated Useful Lives December 31, 2015 2014 (Years) (Thousands of Dollars) Land - $ 140,292 $ 120,351 Land and leasehold improvements 5 - 40 186,848 160,283 Buildings 15 - 40 137,269 134,857 Pipelines, storage and terminals 20 - 40 4,399,378 3,963,134 Rights-of-way 20 - 40 194,055 160,008 Construction in progress - 151,318 276,763 Total 5,209,160 4,815,396 Less accumulated depreciation and amortization (1,525,589 ) (1,354,664 ) Property, plant and equipment, net $ 3,683,571 $ 3,460,732 |
INTANGIBLE ASSETS AND OTHER L43
INTANGIBLE ASSETS AND OTHER LONG-TERM ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible asset and Other long-term assets [Abstract] | |
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | Intangible assets are recorded at cost and are amortized on a straight-line basis over 10 to 47 years. Intangible assets consisted of the following: December 31, 2015 December 31, 2014 Cost Accumulated Amortization Cost Accumulated Amortization (Thousands of Dollars) Customer relationships $ 196,616 $ (86,370 ) $ 126,566 $ (69,711 ) Other 2,359 (594 ) 2,359 (544 ) Total $ 198,975 $ (86,964 ) $ 128,925 $ (70,255 ) |
Schedule of Other Long-Term Assets [Table Text Block] | Other long-term assets, net consisted of the following: December 31, 2015 2014 (Thousands of Dollars) Axeon Term Loan $ 170,352 $ 169,235 Amount remaining in trust for the Gulf Opportunity Zone revenue bonds (Note 13) 54,822 72,240 Ammonia pipeline linefill and tank heel inventory 35,178 35,686 Deferred financing costs 29,939 32,957 Other 30,043 4,048 Other long-term assets, net $ 320,334 $ 314,166 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill by segment were as follows: Pipeline Storage Fuels Marketing Total (Thousands of Dollars) Balances as of January 1, 2014 and December 31, 2014: Goodwill $ 306,207 $ 612,012 $ 53,255 $ 971,474 Accumulated impairment losses — (331,913 ) (22,132 ) (354,045 ) Net goodwill 306,207 280,099 31,123 617,429 Activity for the year ended December 31, 2015: Linden Acquisition final purchase price allocation — 79,208 — 79,208 Balances as of December 31, 2015: Goodwill 306,207 691,220 53,255 1,050,682 Accumulated impairment losses — (331,913 ) (22,132 ) (354,045 ) Net goodwill $ 306,207 $ 359,307 $ 31,123 $ 696,637 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities consisted of the following: December 31, 2015 2014 (Thousands of Dollars) Derivative liabilities $ 121 $ 4,623 Employee wages and benefit costs 31,143 32,349 Unearned income 14,290 10,884 Other 9,640 13,169 Accrued liabilities $ 55,194 $ 61,025 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consisted of the following: December 31, Maturity 2015 2014 (Thousands of Dollars) $1.5 billion revolving credit agreement 2019 $ 882,664 $ 601,496 4.75% senior notes 2022 250,000 250,000 6.75% senior notes 2021 300,000 300,000 4.80% senior notes 2020 450,000 450,000 7.65% senior notes 2018 350,000 350,000 7.625% subordinated notes 2043 402,500 402,500 Gulf Opportunity Zone revenue bonds 2038 thru 2041 365,440 365,440 Receivables Financing Agreement 2018 53,500 — Net fair value adjustments and unamortized discounts N/A 25,245 30,016 Total long-term debt $ 3,079,349 $ 2,749,452 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The long-term debt repayments are due as follows (in thousands): 2016 - 2017 $ — 2018 403,500 2019 882,664 2020 450,000 Thereafter 1,317,940 Total repayments 3,054,104 Net fair value adjustments and unamortized discounts 25,245 Total long-term debt $ 3,079,349 |
Schedule of GoZone Bonds [Table Text Block] | The following table summarizes the Gulf Opportunity Zone Revenue Bonds outstanding as of December 31, 2015 : Date Issued Maturity Date Amount Outstanding Amount of Letter of Credit Amount Received from Trustee Amount Remaining in Trust Average Annual Interest Rate (Thousands of Dollars) June 26, 2008 June 1, 2038 $ 55,440 $ 56,169 $ 55,440 $ — 0.1 % July 15, 2010 July 1, 2040 100,000 101,315 100,000 — 0.1 % October 7, 2010 October 1, 2040 50,000 50,658 43,441 6,806 0.1 % December 29, 2010 December 1, 2040 85,000 86,118 37,528 48,016 0.1 % August 29, 2011 August 1, 2041 75,000 75,986 75,000 — 0.1 % Total $ 365,440 $ 370,246 $ 311,409 $ 54,822 |
HEALTH, SAFETY AND ENVIRONMEN47
HEALTH, SAFETY AND ENVIRONMENTAL MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Accrual Rollforward [Table Text Block] | The balance of and changes in the accruals for environmental matters were as follows: Year Ended December 31, 2015 2014 (Thousands of Dollars) Balance as of the beginning of year $ 6,598 $ 6,233 Additions to accrual 3,685 3,292 Payments (2,574 ) (2,878 ) Foreign currency translation (42 ) (49 ) Balance as of the end of year $ 7,667 $ 6,598 |
Environmental Accruals By Balance Sheet Location [Table Text Block] | Accruals for environmental matters are included in the consolidated balance sheets as follows: December 31, 2015 2014 (Thousands of Dollars) Accrued liabilities $ 4,350 $ 3,518 Other long-term liabilities 3,317 3,080 Accruals for environmental matters $ 7,667 $ 6,598 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments for Operating Leases and Purchase Obligations [Table Text Block] | Future minimum rental payments applicable to all noncancellable operating leases and purchase obligations as of December 31, 2015 are as follows: Payments Due by Period 2016 2017 2018 2019 2020 There- after Total (Thousands of Dollars) Operating leases $ 31,969 $ 27,919 $ 25,175 $ 18,522 $ 6,991 $ 65,258 $ 175,834 Purchase obligations 6,920 3,673 2,286 1,441 9 — 14,329 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | The following assets and liabilities are measured at fair value on a recurring basis: December 31, 2015 Level 1 Level 2 Level 3 Total (Thousands of Dollars) Assets: Other current assets: Product imbalances $ 179 $ — $ — $ 179 Commodity derivatives 11,325 77 — 11,402 Other long-term assets, net: Interest rate swaps — 2,755 — 2,755 Total $ 11,504 $ 2,832 $ — $ 14,336 Liabilities: Accrued liabilities: Product imbalances $ (419 ) $ — $ — $ (419 ) Commodity derivatives — (120 ) — (120 ) Other long-term liabilities: Guarantee liability — — (1,697 ) (1,697 ) Interest rate swaps — (1,452 ) — (1,452 ) Total $ (419 ) $ (1,572 ) $ (1,697 ) $ (3,688 ) December 31, 2014 Level 1 Level 2 Level 3 Total (Thousands of Dollars) Assets: Other current assets: Product imbalances $ 117 $ — $ — $ 117 Commodity derivatives 11,009 5,353 — 16,362 Total $ 11,126 $ 5,353 $ — $ 16,479 Liabilities: Accrued liabilities: Product imbalances $ (1,388 ) $ — $ — $ (1,388 ) Commodity derivatives — (4,623 ) — (4,623 ) Other long-term liabilities: Guarantee liability — — (580 ) (580 ) Total $ (1,388 ) $ (4,623 ) $ (580 ) $ (6,591 ) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table summarizes the activity in our Level 3 liabilities: Year Ended December 31, 2015 (Thousands of Dollars) Beginning balance $ 580 Adjustment to guarantee liability 1,117 Ending balance $ 1,697 |
Fair Value and Carrying Value of Debt and Note Receivable [Text Block] | The estimated fair values and carrying amounts of the long-term debt and the Axeon Term Loan were as follows: December 31, 2015 December 31, 2014 Fair Value Carrying Amount Fair Value Carrying Amount (Thousands of Dollars) Long-term debt $ 2,929,438 $ 3,079,349 $ 2,764,242 $ 2,749,452 Axeon Term Loan $ 172,123 $ 170,352 $ 164,386 $ 169,235 |
DERIVATIVES AND RISK MANAGEME50
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Text Block] | The fair values of our derivative instruments included in our consolidated balance sheets were as follows: Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2015 2014 2015 2014 (Thousands of Dollars) Derivatives Designated as Hedging Instruments: Commodity contracts Other current assets $ 1,937 $ 5,609 $ (23 ) $ — Interest rate swaps Other long-term assets, net 2,755 — — — Interest rate swaps Other long-term liabilities — — (1,452 ) — Total 4,692 5,609 (1,475 ) — Derivatives Not Designated as Hedging Instruments: Commodity contracts Other current assets 34,016 38,704 (24,528 ) (27,951 ) Commodity contracts Accrued liabilities 117 13,081 (237 ) (17,704 ) Total 34,133 51,785 (24,765 ) (45,655 ) Total Derivatives $ 38,825 $ 57,394 $ (26,240 ) $ (45,655 ) |
Offsetting Assets [Table Text Block] | The following are the net amounts presented on the consolidated balance sheets: December 31, Commodity Contracts 2015 2014 (Thousands of Dollars) Net amounts of assets presented in the consolidated balance sheets $ 11,402 $ 16,362 Net amounts of liabilities presented in the consolidated balance sheets $ (120 ) $ (4,623 ) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | The earnings impact of our commodity contracts, for which gains and/or losses are recognized in "Cost of product sales" on the consolidated income statements, was as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Derivatives Designated as Fair Value Hedging Instruments: Gain (loss) recognized in income on derivative $ 21,589 $ 21,951 $ 3,964 Gain (loss) recognized in income on hedged item (18,047 ) (21,587 ) (6,327 ) Gain (loss) recognized in income for ineffective portion 3,542 364 (2,363 ) Derivatives Not Designated as Hedging Instruments: Gain (loss) recognized in income on derivative $ 2,208 $ 18,407 $ (5,323 ) The earnings impact of our interest rate swaps was as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Derivatives Designated as Cash Flow Hedging Instruments: Gain (loss) recognized in other comprehensive income on derivative (effective portion) $ 1,303 $ — $ 7,213 Gain (loss) reclassified from AOCI into interest expense, net (effective portion) (a) (9,802 ) (10,663 ) (7,570 ) (a) As of December 31, 2015, we expect to reclassify a loss of $8.3 million to "Interest expense, net" within the next twelve months associated with unwound forward-starting interest rate swaps. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Text Block] | The following table summarizes information pertaining to related party transactions: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Revenues $ — $ 929 $ 14,897 Operating expenses $ 135,565 $ 125,736 $ 122,677 General and administrative expenses $ 66,769 $ 66,910 $ 58,602 Interest income $ — $ 1,055 $ 6,113 Revenues included in discontinued operations, net of tax $ — $ 528 $ 3,720 Expenses included in discontinued operations, net of tax $ 2 $ 1,680 $ 6,051 |
EMPLOYEE BENEFIT PLANS AND LO52
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefits and Share-based Compensation [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The number of awards granted under the above-noted plans were as follows: Year Ended December 31, Vesting 2015 2014 2013 2000 LTIP: Performance awards (a) 29,633 28,841 38,786 Restricted units (b) 1/5 per year 250,563 208,714 269,182 Restricted units (grants to non-employee directors of NuStar GP, LLC) 1/3 per year 7,553 7,009 8,904 2006 LTIP: Restricted units 1/5 per year 26,240 16,895 18,620 Restricted units (grants to non-employee directors of NuStar GP Holdings) (c) 1/3 per year 12,814 8,911 13,183 (a) Performance awards vest 1/3 per year if certain performance measures are met , as defined in the award terms. (b) The 2000 LTIP restricted unit grants include 2,835 , 2,844 and 3,882 restricted unit awards granted to certain international employees for the years ended December 31, 2015 , 2014 and 2013 respectively, that vest 1/3 per year , as defined in the award terms. (c) We do not reimburse NuStar GP, LLC for compensation expense relating to these awards. |
Schedule of Compensation Expense for Long Term Incentive Plans and Benefit Plans [Table Text Block] | Our share of compensation expense related to the benefit plans and long-term incentive plans sponsored by NuStar GP, LLC described above is as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Benefit plans $ 13,215 $ 11,385 $ 27,741 Long-term incentive plans $ 6,397 $ 10,934 $ 7,369 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Expense) | Other income consisted of the following: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Gain associated with Linden Acquisition $ 56,277 $ — $ — Foreign exchange gains 3,891 2,057 7,707 Gain from sale or disposition of assets 1,617 642 (524 ) Other, net 37 1,800 158 Other income, net $ 61,822 $ 4,499 $ 7,341 |
PARTNERS' EQUITY (Tables)
PARTNERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Partners' Capital Notes [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The balance of and changes in the components included in “Accumulated other comprehensive income (loss)” were as follows: Foreign Currency Translation Cash Flow Hedges Total (Thousands of Dollars) Balance as of January 1, 2013 $ 5,654 $ (64,519 ) $ (58,865 ) Other comprehensive (loss) income before reclassifications (19,312 ) 7,213 (12,099 ) Net loss reclassified into interest expense, net — 7,570 7,570 Other comprehensive (loss) income (19,312 ) 14,783 (4,529 ) Balance as of December 31, 2013 (13,658 ) (49,736 ) (63,394 ) Other comprehensive loss before reclassifications (15,181 ) — (15,181 ) Net loss reclassified into interest expense, net — 10,663 10,663 Other comprehensive (loss) income (15,181 ) 10,663 (4,518 ) Balance as of December 31, 2014 (28,839 ) (39,073 ) (67,912 ) Other comprehensive (loss) income before reclassifications (31,987 ) 1,303 (30,684 ) Net loss reclassified into interest expense, net — 9,802 9,802 Other comprehensive (loss) income (31,987 ) 11,105 (20,882 ) Balance as of December 31, 2015 $ (60,826 ) $ (27,968 ) $ (88,794 ) |
Schedule of Calculation of Net Income Applicable to General Partner [Text Block] | The following table details the calculation of net income applicable to the general partner: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Net income (loss) attributable to NuStar Energy L.P. $ 306,720 $ 210,773 $ (273,770 ) Less general partner incentive distribution 43,220 43,220 43,220 Net income (loss) after general partner incentive distribution 263,500 167,553 (316,990 ) General partner interest 2 % 2 % 2 % General partner allocation of net income (loss) after general partner incentive distribution 5,270 3,352 (6,338 ) General partner incentive distribution 43,220 43,220 43,220 Net income applicable to general partner $ 48,490 $ 46,572 $ 36,882 |
Schedule of Distribution Waterfall [Table Text Block] | Our general partner is entitled to incentive distributions if the amount we distribute with respect to any quarter exceeds specified target levels shown below: Percentage of Distribution Quarterly Distribution Amount per Unit Unitholders General Partner Up to $0.60 98% 2% Above $0.60 up to $0.66 90% 10% Above $0.66 75% 25% |
Schedule of Distributions To General and Limited Partners [Text Block] | The following table reflects the allocation of total cash distributions to the general and limited partners applicable to the period in which the distributions were earned: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars, Except Per Unit Data) General partner interest $ 7,844 $ 7,844 $ 7,844 General partner incentive distribution 43,220 43,220 43,220 Total general partner distribution 51,064 51,064 51,064 Limited partners’ distribution 341,140 341,140 341,140 Total cash distributions $ 392,204 $ 392,204 $ 392,204 Cash distributions per unit applicable to limited partners $ 4.380 $ 4.380 $ 4.380 |
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) December 31, 2015 (a) $ 1.095 $ 98,051 February 8, 2016 February 12, 2016 September 30, 2015 $ 1.095 $ 98,051 November 9, 2015 November 13, 2015 June 30, 2015 $ 1.095 $ 98,051 August 7, 2015 August 13, 2015 March 31, 2015 $ 1.095 $ 98,051 May 8, 2015 May 14, 2015 (a) The distribution was announced on January 29, 2016 . |
NET INCOME (LOSS) PER UNIT (Tab
NET INCOME (LOSS) PER UNIT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Unit [Text Block] | The following table details the calculation of earnings per unit: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars, Except Per Unit Data) Net income (loss) attributable to NuStar Energy L.P. $ 306,720 $ 210,773 $ (273,770 ) Less general partner distribution (including incentive distribution rights) 51,064 51,064 51,064 Less limited partner distribution 341,140 341,140 341,140 Distributions greater than earnings $ (85,484 ) $ (181,431 ) $ (665,974 ) General partner earnings: Distributions $ 51,064 $ 51,064 $ 51,064 Allocation of distributions greater than earnings (2%) (1,710 ) (3,630 ) (13,318 ) Total $ 49,354 $ 47,434 $ 37,746 Limited partner earnings: Distributions $ 341,140 $ 341,140 $ 341,140 Allocation of distributions greater than earnings (98%) (83,774 ) (177,801 ) (652,656 ) Total $ 257,366 $ 163,339 $ (311,516 ) Weighted-average limited partner units outstanding 77,886,078 77,886,078 77,886,078 Net income (loss) per unit applicable to limited partners $ 3.30 $ 2.10 $ (4.00 ) |
STATEMENTS OF CASH FLOWS (Table
STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Statement of Cash Flows [Abstract] | |
Schedule of Changes in Current Assets and Liabilities [Text Block] | Changes in current assets and current liabilities were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ 67,257 $ 72,298 $ 107,209 Receivable from related parties — 50,918 58,692 Inventories 16,776 82,075 31,975 Other current assets 4,414 3,785 26,139 Increase (decrease) in current liabilities: Accounts payable (32,152 ) (153,671 ) (96,330 ) Payable to related party (872 ) 837 6,922 Accrued interest payable 941 303 9,370 Accrued liabilities (7,834 ) 22,980 (32,452 ) Taxes other than income tax (1,522 ) 4,341 (87 ) Income tax payable 3,551 (1,448 ) 1,338 Changes in current assets and current liabilities $ 50,559 $ 82,418 $ 112,776 |
Schedule of Supplemental Cash Flow Information [Text Block] | Cash flows related to interest and income taxes were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 133,388 $ 129,377 $ 113,805 Cash paid for income taxes, net of tax refunds received $ 9,971 $ 6,699 $ 11,386 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of income tax expense related to certain of our continuing operations conducted through separate taxable wholly owned corporate subsidiaries were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Current: U.S. $ 908 $ (182 ) $ 3,098 Foreign 9,820 7,516 9,273 Foreign withholding tax 1,926 — — Total current 12,654 7,334 12,371 Deferred: U.S. 1,022 1,889 1,687 Foreign (1,464 ) 1,578 (1,305 ) Foreign withholding tax 2,500 — — Total deferred 2,058 3,467 382 Total income tax expense $ 14,712 $ 10,801 $ 12,753 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows: December 31, 2015 2014 (Thousands of Dollars) Deferred income tax assets: Net operating losses $ 33,043 $ 35,698 Environmental and legal reserves 894 664 Allowance for bad debt 2,698 1,261 Other 1,758 1,827 Total deferred income tax assets 38,393 39,450 Less: Valuation allowance (13,151 ) (14,532 ) Net deferred income tax assets 25,242 24,918 Deferred income tax liabilities: Property, plant and equipment (44,880 ) (47,797 ) Foreign withholding tax (2,314 ) — Total deferred income tax liabilities (47,194 ) (47,797 ) Net deferred income tax liability $ (21,952 ) $ (22,879 ) Reported on the consolidated balance sheets as: Deferred income tax asset $ 2,858 $ 4,429 Deferred income tax liability (24,810 ) (27,308 ) Net deferred income tax liability $ (21,952 ) $ (22,879 ) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Text Block] | Results of operations for the reportable segments were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Revenues: Pipeline: Third parties $ 508,522 $ 477,030 $ 411,529 Storage: Third parties 599,302 537,142 518,253 Intersegment 25,606 26,435 32,044 Related party — 929 6,252 Total storage 624,908 564,506 556,549 Fuels marketing: Third parties 976,216 2,060,017 2,519,053 Related party — — 8,645 Total fuels marketing 976,216 2,060,017 2,527,698 Consolidation and intersegment eliminations (25,606 ) (26,435 ) (32,044 ) Total revenues $ 2,084,040 $ 3,075,118 $ 3,463,732 Depreciation and amortization expense: Pipeline $ 84,951 $ 77,691 $ 68,871 Storage 116,768 103,848 99,868 Fuels marketing — 16 27 Total segment depreciation and amortization expense 201,719 181,555 168,766 Other depreciation and amortization expense 8,491 10,153 10,155 Total depreciation and amortization expense $ 210,210 $ 191,708 $ 178,921 Operating income (loss): Pipeline $ 270,349 $ 245,233 $ 208,293 Storage 217,818 183,104 (127,484 ) Fuels marketing 13,507 24,805 (126 ) Consolidation and intersegment eliminations 42 (32 ) 1,437 Total segment operating income 501,716 453,110 82,120 Less general and administrative expenses 102,521 96,056 91,086 Less other depreciation and amortization expense 8,491 10,153 10,155 Total operating income (loss) $ 390,704 $ 346,901 $ (19,121 ) |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Revenues by geographic area are shown in the table below. Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) United States $ 1,599,088 $ 2,276,609 $ 2,340,694 Netherlands 386,282 705,207 1,027,260 Other 98,670 93,302 95,778 Consolidated revenues $ 2,084,040 $ 3,075,118 $ 3,463,732 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Total amounts of property, plant and equipment, net by geographic area were as follows: December 31, 2015 2014 (Thousands of Dollars) United States $ 3,049,334 $ 2,809,462 Netherlands 449,406 451,564 Other 184,831 199,706 Consolidated long-lived assets $ 3,683,571 $ 3,460,732 |
Schedule of Segment Reporting Information Assets By Segment [Text Block] | Total assets by reportable segment were as follows: December 31, 2015 2014 (Thousands of Dollars) Pipeline $ 2,051,866 $ 1,962,821 Storage 2,438,621 2,241,573 Fuels marketing 156,866 227,642 Total segment assets 4,647,353 4,432,036 Other partnership assets 501,909 486,760 Total consolidated assets $ 5,149,262 $ 4,918,796 |
Schedule of Capital Expenditures, by Segment [Table Text Block] | Capital expenditures, including acquisitions and investments in other noncurrent assets, by reportable segment were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Pipeline $ 175,657 $ 244,713 $ 165,096 Storage 285,258 108,457 170,637 Fuels marketing — — 69 Other partnership assets 9,957 3,795 7,518 Total capital expenditures $ 470,872 $ 356,965 $ 343,320 |
CONDENSED CONSOLIDATING FINAN59
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | |
Condensed Consolidating Balance Sheets [Table Text Block] | Condensed Consolidating Balance Sheets December 31, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 885 $ 4 $ — $ 117,973 $ — $ 118,862 Receivables, net — 419 — 144,645 — 145,064 Inventories — 1,776 3,648 33,325 — 38,749 Other current assets 140 11,026 497 19,513 — 31,176 Intercompany receivable — 1,610,370 — — (1,610,370 ) — Total current assets 1,025 1,623,595 4,145 315,456 (1,610,370 ) 333,851 Property, plant and equipment, net — 1,915,370 570,415 1,197,786 — 3,683,571 Intangible assets, net — 48,961 — 63,050 — 112,011 Goodwill — 149,453 170,652 376,532 — 696,637 Investment in wholly owned subsidiaries 2,205,904 48,547 1,031,162 915,115 (4,200,728 ) — Deferred income tax asset — — — 4,037 (1,179 ) 2,858 Other long-term assets, net 933 279,063 26,329 14,009 — 320,334 Total assets $ 2,207,862 $ 4,064,989 $ 1,802,703 $ 2,885,985 $ (5,812,277 ) $ 5,149,262 Liabilities and Partners’ Equity Payables $ 12 $ 52,650 $ 11,193 $ 76,091 $ — $ 139,946 Short-term debt — 84,000 — — — 84,000 Accrued interest payable — 34,271 — 15 — 34,286 Accrued liabilities 723 32,816 5,753 15,902 — 55,194 Taxes other than income tax 126 6,452 3,325 2,907 — 12,810 Income tax payable — 1,362 9 4,606 — 5,977 Intercompany payable 508,363 — 858,018 243,989 (1,610,370 ) — Total current liabilities 509,224 211,551 878,298 343,510 (1,610,370 ) 332,213 Long-term debt — 3,025,849 — 53,500 — 3,079,349 Long-term payable to related party — 26,638 — 5,442 — 32,080 Deferred income tax liability — 1,143 36 24,810 (1,179 ) 24,810 Other long-term liabilities — 37,209 9,294 24,463 — 70,966 Total partners’ equity 1,698,638 762,599 915,075 2,434,260 (4,200,728 ) 1,609,844 Total liabilities and partners’ equity $ 2,207,862 $ 4,064,989 $ 1,802,703 $ 2,885,985 $ (5,812,277 ) $ 5,149,262 Condensed Consolidating Balance Sheets December 31, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 923 $ 6 $ — $ 86,983 $ — $ 87,912 Receivables, net — 47,038 18,347 143,093 — 208,478 Inventories — 1,998 3,768 49,989 (42 ) 55,713 Other current assets — 10,403 418 25,239 (116 ) 35,944 Assets held for sale — — — 1,100 — 1,100 Intercompany receivable — 1,438,675 — — (1,438,675 ) — Total current assets 923 1,498,120 22,533 306,404 (1,438,833 ) 389,147 Property, plant and equipment, net — 1,820,126 559,808 1,080,798 — 3,460,732 Intangible assets, net — 55,801 — 2,869 — 58,670 Goodwill — 149,453 170,652 297,324 — 617,429 Investment in wholly owned subsidiaries 2,289,673 37,179 910,394 913,343 (4,150,589 ) — Investment in joint venture — — — 74,223 — 74,223 Deferred income tax asset — — — 4,429 — 4,429 Other long-term assets, net 673 279,058 26,329 8,106 — 314,166 Total assets $ 2,291,269 $ 3,839,737 $ 1,689,716 $ 2,687,496 $ (5,589,422 ) $ 4,918,796 Liabilities and Partners’ Equity Payables $ — $ 60,687 $ 8,211 $ 108,286 $ — $ 177,184 Short-term debt — 77,000 — — — 77,000 Accrued interest payable — 33,340 — 5 — 33,345 Accrued liabilities 862 32,178 6,965 21,020 — 61,025 Taxes other than income tax 125 7,896 3,099 3,001 — 14,121 Income tax payable — — 4 2,629 (116 ) 2,517 Intercompany payable 506,160 — 751,023 181,492 (1,438,675 ) — Total current liabilities 507,147 211,101 769,302 316,433 (1,438,791 ) 365,192 Long-term debt — 2,749,452 — — — 2,749,452 Long-term payable to related party — 28,094 — 5,443 — 33,537 Deferred income tax liability — 528 22 26,758 — 27,308 Other long-term liabilities — 13,681 6,963 6,453 — 27,097 Total partners’ equity 1,784,122 836,881 913,429 2,332,409 (4,150,631 ) 1,716,210 Total liabilities and partners’ equity $ 2,291,269 $ 3,839,737 $ 1,689,716 $ 2,687,496 $ (5,589,422 ) $ 4,918,796 |
Condensed Consolidating Statements of Income (Loss) [Table Text Block] | Condensed Consolidating Statements of Income For the Year Ended December 31, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 547,959 $ 215,469 $ 1,322,675 $ (2,063 ) $ 2,084,040 Costs and expenses 1,717 293,708 140,081 1,259,935 (2,105 ) 1,693,336 Operating (loss) income (1,717 ) 254,251 75,388 62,740 42 390,704 Equity in earnings (loss) of subsidiaries 308,437 (7,257 ) 120,768 197,760 (619,708 ) — Interest (expense) income, net — (137,847 ) 1,611 4,368 — (131,868 ) Other income, net — 1,179 5 60,638 — 61,822 Income from continuing operations before income tax (benefit) expense 306,720 110,326 197,772 325,506 (619,666 ) 320,658 Income tax (benefit) expense — (392 ) 23 15,081 — 14,712 Income from continuing operations 306,720 110,718 197,749 310,425 (619,666 ) 305,946 Income from discontinued operations, net of tax — — — 774 — 774 Net income $ 306,720 $ 110,718 $ 197,749 $ 311,199 $ (619,666 ) $ 306,720 Condensed Consolidating Statements of Income (Loss) For the Year Ended December 31, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 510,833 $ 229,211 $ 2,344,750 $ (9,676 ) $ 3,075,118 Costs and expenses 1,753 287,614 149,955 2,298,540 (9,645 ) 2,728,217 Operating (loss) income (1,753 ) 223,219 79,256 46,210 (31 ) 346,901 Equity in earnings (loss) of subsidiaries 212,527 (12,798 ) 62,946 142,238 (404,913 ) — Equity in (loss) earnings of joint ventures — (8,278 ) — 13,074 — 4,796 Interest (expense) income, net — (132,274 ) 89 959 — (131,226 ) Other income (expense), net — 511 (37 ) 4,025 — 4,499 Income from continuing operations before income tax expense 210,774 70,380 142,254 206,506 (404,944 ) 224,970 Income tax expense 1 5 23 10,772 — 10,801 Income from continuing operations 210,773 70,375 142,231 195,734 (404,944 ) 214,169 Loss from discontinued operations, net of tax — (169 ) — (3,622 ) — (3,791 ) Net income 210,773 70,206 142,231 192,112 (404,944 ) 210,378 Less net loss attributable to noncontrolling interest — — — (395 ) — (395 ) Net income attributable to NuStar Energy L.P. $ 210,773 $ 70,206 $ 142,231 $ 192,507 $ (404,944 ) $ 210,773 Condensed Consolidating Statements of Income (Loss) For the Year Ended December 31, 2013 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 415,128 $ 218,591 $ 2,864,160 $ (34,147 ) $ 3,463,732 Costs and expenses 1,908 242,743 147,117 3,125,253 (34,168 ) 3,482,853 Operating (loss) income (1,908 ) 172,385 71,474 (261,093 ) 21 (19,121 ) Equity in (loss) earnings of subsidiaries (271,862 ) 16,531 (347,808 ) (281,327 ) 884,466 — Equity in (loss) earnings of joint ventures — (49,599 ) — 9,629 — (39,970 ) Interest (expense) income, net — (116,624 ) (4,851 ) 469 — (121,006 ) Other (expense) income, net — (115 ) (127 ) 7,583 — 7,341 (Loss) income from continuing operations before income tax expense (273,770 ) 22,578 (281,312 ) (524,739 ) 884,487 (172,756 ) Income tax expense — 579 8 12,166 — 12,753 (Loss) income from continuing operations (273,770 ) 21,999 (281,320 ) (536,905 ) 884,487 (185,509 ) Loss from discontinued operations, net of tax — (12,317 ) — (86,845 ) — (99,162 ) Net (loss) income (273,770 ) 9,682 (281,320 ) (623,750 ) 884,487 (284,671 ) Less net loss attributable to noncontrolling interest — — — (10,901 ) — (10,901 ) Net (loss) income attributable to NuStar Energy L.P. $ (273,770 ) $ 9,682 $ (281,320 ) $ (612,849 ) $ 884,487 $ (273,770 ) |
Condensed Consolidating Statements of Comprehensive Income (Loss) [Table Text Block] | Condensed Consolidating Statements of Comprehensive Income For the Year Ended December 31, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 306,720 $ 110,718 $ 197,749 $ 311,199 $ (619,666 ) $ 306,720 Other comprehensive income: Foreign currency translation adjustment — — — (31,987 ) — (31,987 ) Net unrealized gain on cash flow hedges — 1,303 — — — 1,303 Net loss reclassified into income on cash flow hedges — 9,802 — — — 9,802 Total other comprehensive income (loss) — 11,105 — (31,987 ) — (20,882 ) Comprehensive income $ 306,720 $ 121,823 $ 197,749 $ 279,212 $ (619,666 ) $ 285,838 Condensed Consolidating Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 210,773 $ 70,206 $ 142,231 $ 192,112 $ (404,944 ) $ 210,378 Other comprehensive income (loss): Foreign currency translation adjustment — 3,723 — (19,337 ) — (15,614 ) Net loss reclassified into income on cash flow hedges — 10,663 — — — 10,663 Total other comprehensive income (loss) — 14,386 — (19,337 ) — (4,951 ) Comprehensive income 210,773 84,592 142,231 172,775 (404,944 ) 205,427 Less comprehensive loss attributable to noncontrolling interest — — — (828 ) — (828 ) Comprehensive income attributable to NuStar Energy L.P. $ 210,773 $ 84,592 $ 142,231 $ 173,603 $ (404,944 ) $ 206,255 Condensed Consolidating Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2013 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) income $ (273,770 ) $ 9,682 $ (281,320 ) $ (623,750 ) $ 884,487 $ (284,671 ) Other comprehensive income (loss): Foreign currency translation adjustment — (3,090 ) — (16,274 ) — (19,364 ) Net unrealized gain on cash flow hedges — 7,213 — — — 7,213 Net loss reclassified into income on cash flow hedges — 7,570 — — — 7,570 Total other comprehensive income (loss) — 11,693 — (16,274 ) — (4,581 ) Comprehensive (loss) income (273,770 ) 21,375 (281,320 ) (640,024 ) 884,487 (289,252 ) Less comprehensive loss attributable to noncontrolling interest — — — (10,953 ) — (10,953 ) Comprehensive (loss) income attributable to NuStar Energy L.P. $ (273,770 ) $ 21,375 $ (281,320 ) $ (629,071 ) $ 884,487 $ (278,299 ) |
Condensed Consolidating Statements of Cash Flows [Table Text Block] | Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 389,967 $ 237,780 $ 119,928 $ 365,588 $ (588,326 ) $ 524,937 Cash flows from investing activities: Capital expenditures — (201,388 ) (39,533 ) (83,887 ) — (324,808 ) Change in accounts payable related to capital expenditures — (4,950 ) 33 1,761 — (3,156 ) Acquisitions — — — (142,500 ) — (142,500 ) Increase in other long-term assets — — — (3,564 ) — (3,564 ) Proceeds from sale or disposition of assets — 10,320 22 6,790 — 17,132 Proceeds from insurance recoveries — — — 4,867 — 4,867 Net cash used in investing activities — (196,018 ) (39,478 ) (216,533 ) — (452,029 ) Cash flows from financing activities: Debt borrowings — 1,589,131 — 94,500 — 1,683,631 Debt repayments — (1,275,910 ) — (41,000 ) — (1,316,910 ) Distributions to unitholders and general partner (392,204 ) (196,102 ) (196,102 ) (196,122 ) 588,326 (392,204 ) Net intercompany activity 2,199 (155,278 ) 115,652 37,427 — — Other, net — (3,605 ) — (141 ) — (3,746 ) Net cash used in financing activities (390,005 ) (41,764 ) (80,450 ) (105,336 ) 588,326 (29,229 ) Effect of foreign exchange rate changes on cash — — — (12,729 ) — (12,729 ) Net (decrease) increase in cash and cash equivalents (38 ) (2 ) — 30,990 — 30,950 Cash and cash equivalents as of the beginning of the period 923 6 — 86,983 — 87,912 Cash and cash equivalents as of the end of the period $ 885 $ 4 $ — $ 117,973 $ — $ 118,862 Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 390,543 $ 221,422 $ 111,931 $ 333,936 $ (539,309 ) $ 518,523 Cash flows from investing activities: Capital expenditures — (273,785 ) (14,625 ) (68,555 ) — (356,965 ) Change in accounts payable related to capital expenditures — 8,741 789 (4,627 ) — 4,903 Proceeds from sale or disposition of assets — 651 22 25,339 — 26,012 Increase in note receivable from Axeon — (13,328 ) — — — (13,328 ) Investment in subsidiaries (23 ) — 13,340 — (13,317 ) — Other, net 23 (45 ) — (831 ) — (853 ) Net cash used in investing activities — (277,766 ) (474 ) (48,674 ) (13,317 ) (340,231 ) Cash flows from financing activities: Debt borrowings — 1,318,619 — — — 1,318,619 Debt repayments — (1,121,670 ) — — — (1,121,670 ) Distributions to unitholders and general partner (392,204 ) (245,127 ) (147,077 ) (147,105 ) 539,309 (392,204 ) Contributions from (distributions to) affiliates — — — (13,340 ) 13,340 — Net intercompany activity 1,680 83,387 35,620 (120,687 ) — — Other, net — (1,166 ) — 8,259 (23 ) 7,070 Net cash (used in) provided by financing activities (390,524 ) 34,043 (111,457 ) (272,873 ) 552,626 (188,185 ) Effect of foreign exchange rate changes on cash — — — (2,938 ) — (2,938 ) Net increase (decrease) in cash and cash equivalents 19 (22,301 ) — 9,451 — (12,831 ) Cash and cash equivalents as of the beginning of the period 904 22,307 — 77,532 — 100,743 Cash and cash equivalents as of the end of the period $ 923 $ 6 $ — $ 86,983 $ — $ 87,912 Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2013 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 390,002 $ 210,742 $ 84,490 $ 192,228 $ (392,243 ) $ 485,219 Cash flows from investing activities: Capital expenditures — (224,798 ) (19,049 ) (99,473 ) — (343,320 ) Change in accounts payable related to capital expenditures — (9,700 ) 824 3,492 — (5,384 ) Proceeds from sale or disposition of assets — 118,806 35 165 — 119,006 Increase in note receivable from Axeon — (80,961 ) — — — (80,961 ) Investment in subsidiaries (302 ) 527 — 3 (228 ) — Other, net 302 (604 ) — — — (302 ) Net cash used in investing activities — (196,730 ) (18,190 ) (95,813 ) (228 ) (310,961 ) Cash flows from financing activities: Debt borrowings — 1,738,451 — — — 1,738,451 Debt repayments — (1,866,282 ) (250,000 ) (34,461 ) — (2,150,743 ) Proceeds from note offerings, net of issuance costs — 686,863 — — — 686,863 Distributions to unitholders and general partner (392,204 ) (392,204 ) — (39 ) 392,243 (392,204 ) Payments for termination of interest rate swaps — (33,697 ) — — — (33,697 ) Contributions from (distributions to) affiliates — 302 — (530 ) 228 — Net intercompany activity (3,880 ) (128,277 ) 183,700 (51,543 ) — — Other, net (47 ) 2,027 — — — 1,980 Net cash (used in) provided by financing activities (396,131 ) 7,183 (66,300 ) (86,573 ) 392,471 (149,350 ) Effect of foreign exchange rate changes on cash — — — (7,767 ) — (7,767 ) Net (decrease) increase in cash and cash equivalents (6,129 ) 21,195 — 2,075 — 17,141 Cash and cash equivalents as of the beginning of the period 7,033 1,112 — 75,457 — 83,602 Cash and cash equivalents as of the end of the period $ 904 $ 22,307 $ — $ 77,532 $ — $ 100,743 |
QUARTERLY FINANCIAL DATA (UNA60
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following table summarizes quarterly financial data for the years ended December 31, 2015 and 2014 : First Quarter Second Quarter Third Quarter Fourth Quarter Total (Thousands of Dollars, Except Per Unit Data) 2015: Revenues $ 554,944 $ 570,611 $ 493,566 $ 464,919 $ 2,084,040 Operating income $ 99,281 $ 92,405 $ 100,994 $ 98,024 $ 390,704 Income from continuing operations $ 127,125 $ 54,325 $ 65,016 $ 59,480 $ 305,946 Income from discontinued operations, net of tax 774 — — — 774 Net income $ 127,899 $ 54,325 $ 65,016 $ 59,480 $ 306,720 Net income per unit applicable to limited partners: Continuing operations $ 1.46 $ 0.54 $ 0.68 $ 0.61 $ 3.29 Discontinued operations 0.01 — — — 0.01 Total $ 1.47 $ 0.54 $ 0.68 $ 0.61 $ 3.30 Cash distributions per unit applicable to limited partners $ 1.095 $ 1.095 $ 1.095 $ 1.095 $ 4.380 2014: Revenues $ 849,213 $ 749,745 $ 794,422 $ 681,738 $ 3,075,118 Operating income $ 81,103 $ 89,354 $ 95,098 $ 81,346 $ 346,901 Income from continuing operations $ 42,996 $ 57,187 $ 59,117 $ 54,869 $ 214,169 (Loss) income from discontinued operations, net of tax (3,359 ) (1,788 ) 2,831 (1,475 ) (3,791 ) Net income $ 39,637 $ 55,399 $ 61,948 $ 53,394 $ 210,378 Net income (loss) per unit applicable to limited partners: Continuing operations $ 0.40 $ 0.58 $ 0.61 $ 0.55 $ 2.14 Discontinued operations (0.04 ) (0.02 ) 0.03 (0.01 ) (0.04 ) Total $ 0.36 $ 0.56 $ 0.64 $ 0.54 $ 2.10 Cash distributions per unit applicable to limited partners $ 1.095 $ 1.095 $ 1.095 $ 1.095 $ 4.380 |
ORGANIZATION AND OPERATIONS Seg
ORGANIZATION AND OPERATIONS Segment Information, Narrative (Details) bbl in Millions | 12 Months Ended |
Dec. 31, 2015mibbl | |
Organization and Operations [Abstract] | |
Total ownership interest held by general partner | 14.90% |
Segment Information | |
Number of business segments | 3 |
Pipeline Segment | Central West Refined Products Pipelines | |
Segment Information | |
Pipeline length, in miles | 3,140 |
Pipeline Segment | Crude Oil Pipelines | |
Segment Information | |
Pipeline length, in miles | 1,200 |
Storage capacity, in barrels | bbl | 4 |
Pipeline Segment | East and North Pipelines | |
Segment Information | |
Pipeline length, in miles | 2,360 |
Storage capacity, in barrels | bbl | 6.4 |
Pipeline Segment | Ammonia Pipeline | |
Segment Information | |
Pipeline length, in miles | 2,000 |
Storage Segment | |
Segment Information | |
Storage capacity, in barrels | bbl | 82.9 |
SUMMARY OF SIGNIFICANT ACCOUN62
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General, Narrative (Details) bbl in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013 | Jan. 02, 2015bbl | Feb. 26, 2014 | |
Business Acquisition [Line Items] | |||||
Unrecognized tax benefits | $ 0 | $ 0 | |||
Tax years subject to examination | For U.S. federal and state purposes, as well as for our major non-U.S. jurisdictions, tax years subject to examination are 2011 through 2014, according to standard statute of limitations. | ||||
Asset retirement obligation | $ 0.6 | $ 0.8 | |||
Environmental remediation costs, time period used, in years | 20 years | ||||
Limited Partners Ownership Interest | 98.00% | 98.00% | 98.00% | ||
General Partner Ownership Interest | 2.00% | 2.00% | 2.00% | ||
Linden Acquisition | |||||
Business Acquisition [Line Items] | |||||
Acquired Storage Capacity | bbl | 4.3 | ||||
Axeon [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership Percentage of Entity Sold | 50.00% |
ACQUISITIONS Linden, Narrative
ACQUISITIONS Linden, Narrative (Details) $ in Thousands, bbl in Millions | Jan. 02, 2015USD ($)bbl | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | ||||
Gain associated with the Linden Acquisition | $ (56,277) | $ 0 | $ 0 | |
Linden Acquisition | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 100.00% | |||
Acquired Storage Capacity | bbl | 4.3 | |||
Equity method investment, ownership percentage by joint venture partner | 50.00% | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 50.00% | |||
Acquisition date fair value of previously held equity interest | $ 128,000 | |||
Gain associated with the Linden Acquisition | $ (56,300) |
ACQUISITIONS Linden, Table (Det
ACQUISITIONS Linden, Table (Details) - USD ($) $ in Thousands | Jan. 02, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 696,637 | $ 617,429 | $ 617,429 | |
Linden Acquisition | ||||
Business Acquisition [Line Items] | ||||
Cash paid for the Linden Acquisition | $ 142,500 | |||
Fair value of liabilities assumed | 22,865 | |||
Consideration | 165,365 | |||
Acquisition date fair value of previously held equity interest | 128,000 | |||
Total | 293,365 | |||
Current assets (a) | 9,513 | |||
Property, plant and equipment | 134,484 | |||
Goodwill | 79,208 | |||
Intangible assets (b) | 70,050 | |||
Other long-term assets | 110 | |||
Purchase price allocation | 293,365 | |||
Contingent gain receivable | $ 7,800 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
DISPOSITIONS Narrative 1 (Detai
DISPOSITIONS Narrative 1 (Details) $ in Thousands, bbl in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2015USD ($)bbl | Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Dispositions and Discontinued operations [Line Items] | |||||
Proceeds from sale or disposition of assets | $ 17,132 | $ 26,012 | $ 119,006 | ||
One Terminal Sale [Member] | |||||
Dispositions and Discontinued operations [Line Items] | |||||
Sold Storage Capacity (in barrels) | bbl | 0.1 | ||||
Proceeds from sale or disposition of assets | $ 1,100 | ||||
Turkey Ownership Interest [Member] | |||||
Dispositions and Discontinued operations [Line Items] | |||||
Ownership Percentage of Entity Sold | 75.00% | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 3,700 | ||||
Terminals Held for Sale [Member] | |||||
Dispositions and Discontinued operations [Line Items] | |||||
Interest expense allocated to discontinued operations | $ 800 | 1,400 | |||
Asset impairment loss | $ 102,529 |
DISPOSITIONS Table 1 (Details)
DISPOSITIONS Table 1 (Details) - Terminals Held for Sale [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Dispositions and Discontinued operations [Line Items] | |
Asset impairment loss | $ 102,529 |
Property, plant and equipment, net | |
Dispositions and Discontinued operations [Line Items] | |
Asset impairment loss | 68,213 |
Intangible assets, net (customer relationships) | |
Dispositions and Discontinued operations [Line Items] | |
Asset impairment loss | 6,856 |
Goodwill | |
Dispositions and Discontinued operations [Line Items] | |
Asset impairment loss | $ 27,460 |
DISPOSITIONS Narrative 2 (Detai
DISPOSITIONS Narrative 2 (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dispositions and Discontinued operations [Line Items] | ||||
Proceeds from sale or disposition of assets | $ 17,132 | $ 26,012 | $ 119,006 | |
Gain from sale or disposition of assets | $ 1,617 | $ 642 | (524) | |
San Antonio Refinery Sale | ||||
Dispositions and Discontinued operations [Line Items] | ||||
Disposal Date | Jan. 1, 2013 | |||
Proceeds from sale or disposition of assets | $ 117,000 | |||
Gain from sale or disposition of assets | $ 9,300 |
DISPOSITIONS Table 2 (Details)
DISPOSITIONS Table 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Revenues | $ 208 | $ 4,265 | $ 7,758 |
Income (loss) before income tax expense | $ 774 | $ (3,791) | $ (106,033) |
DISPOSITIONS Narrative 3 (Detai
DISPOSITIONS Narrative 3 (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Feb. 26, 2014 | Feb. 25, 2014 |
Axeon [Member] | |||
Dispositions and Discontinued operations [Line Items] | |||
Ownership Percentage of Entity Sold | 50.00% | ||
Axeon [Member] | |||
Dispositions and Discontinued operations [Line Items] | |||
Maximum Amount Available, Credit Facility to Related Party | $ 250 | ||
Axeon [Member] | |||
Dispositions and Discontinued operations [Line Items] | |||
Term Loan Receivable | $ 190 |
ALLOWANCE FOR DOUBTFUL ACCOUN70
ALLOWANCE FOR DOUBTFUL ACCOUNTS Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Receivable Additional Disclosures [Abstract] | |||
Balance as of beginning of year | $ 7,808 | $ 1,224 | $ 808 |
Increase in allowance, net | 965 | 7,649 | 1,039 |
Accounts charged against the allowance | (300) | (1,065) | (625) |
Foreign currency translation | 0 | 0 | 2 |
Balance as of end of year | $ 8,473 | $ 7,808 | $ 1,224 |
INVENTORIES Table (Details)
INVENTORIES Table (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Crude oil and refined petroleum products | $ 30,154 | $ 46,733 |
Materials and supplies | 8,595 | 8,980 |
Total | $ 38,749 | $ 55,713 |
OTHER CURRENT ASSETS Table (Det
OTHER CURRENT ASSETS Table (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid expenses | $ 16,331 | $ 16,140 |
Derivative assets | 11,402 | 16,362 |
Other | 3,443 | 3,442 |
Other current assets | $ 31,176 | $ 35,944 |
PROPERTY, PLANT AND EQUIPMENT T
PROPERTY, PLANT AND EQUIPMENT Table (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Total | $ 5,209,160 | $ 4,815,396 |
Less accumulated depreciation and amortization | (1,525,589) | (1,354,664) |
Property, plant and equipment, net | 3,683,571 | 3,460,732 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 140,292 | 120,351 |
Land and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 186,848 | 160,283 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total | 137,269 | 134,857 |
Pipelines, storage and terminals | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,399,378 | 3,963,134 |
Rights-of-way | ||
Property, Plant and Equipment [Line Items] | ||
Total | 194,055 | 160,008 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 151,318 | $ 276,763 |
Minimum [Member] | Land and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Minimum [Member] | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Minimum [Member] | Pipelines, storage and terminals | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Minimum [Member] | Rights-of-way | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Maximum [Member] | Land and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Maximum [Member] | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Maximum [Member] | Pipelines, storage and terminals | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Maximum [Member] | Rights-of-way | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years |
PROPERTY, PLANT AND EQUIPMENT N
PROPERTY, PLANT AND EQUIPMENT Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Capitalized interest costs | $ 5.5 | $ 5.7 | $ 4.5 |
Depreciation and amortization expense for property, plant and equipment | $ 192.3 | $ 177.3 | $ 168.8 |
INTANGIBLE ASSETS AND OTHER L75
INTANGIBLE ASSETS AND OTHER LONG-TERM ASSETS Table 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets [Line Items] | ||
Cost | $ 198,975 | $ 128,925 |
Accumulated Amortization | (86,964) | (70,255) |
Customer relationships | ||
Intangible Assets [Line Items] | ||
Cost | 196,616 | 126,566 |
Accumulated Amortization | (86,370) | (69,711) |
Other | ||
Intangible Assets [Line Items] | ||
Cost | 2,359 | 2,359 |
Accumulated Amortization | $ (594) | $ (544) |
Minimum [Member] | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Maximum [Member] | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 47 years |
INTANGIBLE ASSETS AND OTHER L76
INTANGIBLE ASSETS AND OTHER LONG-TERM ASSETS Table 2 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Other Long-Term Assets [Line Items] | ||
Ammonia pipeline linefill and tank heel inventory | $ 35,178 | $ 35,686 |
Deferred financing costs | 29,939 | 32,957 |
Other | 30,043 | 4,048 |
Other long-term assets, net | 320,334 | 314,166 |
Axeon [Member] | ||
Schedule of Other Long-Term Assets [Line Items] | ||
Axeon Term Loan | 170,352 | 169,235 |
Gulf Opportunity Zone revenue bonds | ||
Schedule of Other Long-Term Assets [Line Items] | ||
Amount remaining in trust for the Gulf Opportunity Zone revenue bonds (Note 13) | $ 54,822 | $ 72,240 |
INTANGIBLE ASSETS AND OTHER L77
INTANGIBLE ASSETS AND OTHER LONG-TERM ASSETS Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 26, 2014 | |
Schedule of Other Long-Term Assets [Line Items] | ||||
Investment in joint venture | $ 0 | $ 74,223,000 | ||
Amortization expense | 16,700,000 | 12,600,000 | $ 13,800,000 | |
2,016 | 13,840,000 | |||
2,017 | 13,840,000 | |||
2,018 | 13,840,000 | |||
2,019 | 13,840,000 | |||
2,020 | 13,840,000 | |||
Axeon [Member] | ||||
Schedule of Other Long-Term Assets [Line Items] | ||||
Carrying amount, Axeon Term Loan | 170,352,000 | 169,235,000 | ||
Term Loan Receivable | 190,000,000 | |||
Guarantee liability | 1,700,000 | $ 600,000 | ||
Maximum Amount Guarantees | 150,000,000 | |||
Reduction in Credit Support | 25,000,000 | |||
Axeon [Member] | ||||
Schedule of Other Long-Term Assets [Line Items] | ||||
Equity method losses in excess of investment | $ 21,300,000 | |||
Investment in joint venture | $ 0 | |||
Financial Standby Letter of Credit [Member] | Axeon [Member] | ||||
Schedule of Other Long-Term Assets [Line Items] | ||||
Amount of letters of credit provided | $ 36,200,000 |
GOODWILL Table (Details)
GOODWILL Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | |||
Goodwill | $ 1,050,682 | $ 971,474 | $ 971,474 |
Accumulated impairment losses | (354,045) | (354,045) | (354,045) |
Linden Acquisition final purchase price allocation | 79,208 | ||
Net goodwill | 696,637 | 617,429 | 617,429 |
Pipeline Segment | |||
Goodwill [Roll Forward] | |||
Goodwill | 306,207 | 306,207 | 306,207 |
Accumulated impairment losses | 0 | 0 | 0 |
Linden Acquisition final purchase price allocation | 0 | ||
Net goodwill | 306,207 | 306,207 | 306,207 |
Storage Segment | |||
Goodwill [Roll Forward] | |||
Goodwill | 691,220 | 612,012 | 612,012 |
Accumulated impairment losses | (331,913) | (331,913) | (331,913) |
Linden Acquisition final purchase price allocation | 79,208 | ||
Net goodwill | 359,307 | 280,099 | 280,099 |
Fuels Marketing Segment | |||
Goodwill [Roll Forward] | |||
Goodwill | 53,255 | 53,255 | 53,255 |
Accumulated impairment losses | (22,132) | (22,132) | (22,132) |
Linden Acquisition final purchase price allocation | 0 | ||
Net goodwill | $ 31,123 | $ 31,123 | $ 31,123 |
GOODWILL Narrative (Details)
GOODWILL Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Goodwill, impairment loss | $ 0 | $ 0 | $ 304,453,000 |
Statia Terminals [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Fair Value | 0 | ||
Goodwill, impairment loss | $ 304,500,000 |
ACCRUED LIABILITIES Table (Deta
ACCRUED LIABILITIES Table (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities, Current [Abstract] | ||
Derivative liabilities | $ 121 | $ 4,623 |
Employee wages and benefit costs | 31,143 | 32,349 |
Unearned income | 14,290 | 10,884 |
Other | 9,640 | 13,169 |
Accrued liabilities | $ 55,194 | $ 61,025 |
DEBT Table 1 (Details)
DEBT Table 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Net fair value adjustments and unamortized discounts | $ 25,245 | $ 30,016 |
Total long-term debt | $ 3,079,349 | 2,749,452 |
$1.5 billion revolving credit agreement | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 29, 2019 | |
Total long-term debt | $ 882,664 | 601,496 |
4.75% senior notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 1, 2022 | |
Total long-term debt | $ 250,000 | 250,000 |
6.75 % senior notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 1, 2021 | |
Total long-term debt | $ 300,000 | 300,000 |
4.80% senior notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 1, 2020 | |
Total long-term debt | $ 450,000 | 450,000 |
7.65% senior notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Mar. 15, 2018 | |
Total long-term debt | $ 350,000 | 350,000 |
7.625% subordinated notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 15, 2043 | |
Total long-term debt | $ 402,500 | 402,500 |
Gulf Opportunity Zone revenue bonds | ||
Debt Instrument [Line Items] | ||
Maturity date range, start | Jun. 1, 2038 | |
Maturity date range, end | Aug. 1, 2041 | |
Total long-term debt | $ 365,440 | 365,440 |
Receivables Financing Agreement | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 15, 2018 | |
Total long-term debt | $ 53,500 | $ 0 |
DEBT Table 2 (Details)
DEBT Table 2 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 0 | |
2,017 | 0 | |
2,018 | 403,500 | |
2,019 | 882,664 | |
2,020 | 450,000 | |
Thereafter | 1,317,940 | |
Total repayments | 3,054,104 | |
Net fair value adjustments and unamortized discounts | 25,245 | $ 30,016 |
Total long-term debt | $ 3,079,349 | $ 2,749,452 |
DEBT Narrative (Details)
DEBT Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||
Interest payments | $ 138,900 | $ 135,000 | $ 118,300 |
Amount outstanding | 3,079,349 | 2,749,452 | |
Short-term debt | 84,000 | 77,000 | |
$1.5 billion revolving credit agreement | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 1,500,000 | ||
Term | 5 years | ||
Maturity Date | Oct. 29, 2019 | ||
Line of Credit Facility, Commitment Fee Amount | The Revolving Credit Agreement includes an option allowing NuStar Logistics to request an aggregate increase in the commitments from the lenders of up to $250.0 million (after which increase the aggregate commitment from all lenders shall not exceed $1.75 billion) | ||
Maximum available for Euro borrowings | $ 250,000 | ||
Maximum available for British Pound Borrowings | $ 250,000 | ||
Interest rate at period end | 2.10% | ||
Interest rate during period | 2.00% | ||
Covenant terms | The Revolving Credit Agreement contains customary restrictive covenants, such as limitations on indebtedness, liens, mergers, asset transfers and certain investing activities. In addition, the Revolving Credit Agreement requires us to maintain, as of the end of each rolling period of four consecutive fiscal quarters, a consolidated debt coverage ratio (consolidated debt to consolidated EBITDA, each as defined in the Revolving Credit Agreement) not to exceed 5.00-to-1.00. If we consummate an acquisition for an aggregate net consideration of at least $50.0 million, the maximum consolidated debt coverage ratio will increase to 5.50-to-1.00 for two rolling periods. | ||
Debt coverage ratio | 4.5 | ||
Current remaining borrowing capacity | $ 587,300 | ||
Letters of credit issued | 30,100 | ||
Maximum letters of credit allowed | 750,000 | ||
Line of Credit Facility, Maximum Letters of Credit Available for Euro Borrowings | 25,000 | ||
Line of Credit Facility, Maximum Letters of Credit Available for British Borrowings | 25,000 | ||
Amount outstanding | $ 882,664 | 601,496 | |
4.75% senior notes | |||
Debt Instrument [Line Items] | |||
Maturity Date | Feb. 1, 2022 | ||
Amount outstanding | $ 250,000 | 250,000 | |
Stated interest rate | 4.75% | ||
6.75 % senior notes | |||
Debt Instrument [Line Items] | |||
Maturity Date | Feb. 1, 2021 | ||
Amount outstanding | $ 300,000 | 300,000 | |
Stated interest rate | 6.75% | ||
4.80% senior notes | |||
Debt Instrument [Line Items] | |||
Maturity Date | Sep. 1, 2020 | ||
Amount outstanding | $ 450,000 | 450,000 | |
Stated interest rate | 4.80% | ||
7.65% senior notes | |||
Debt Instrument [Line Items] | |||
Maturity Date | Mar. 15, 2018 | ||
Amount outstanding | $ 350,000 | 350,000 | |
Stated interest rate | 7.65% | ||
Interest rate terms | The interest rate payable on the 7.65% senior notes is subject to adjustment if our debt rating is downgraded (or upgraded) by certain credit rating agencies | ||
Debt Instrument, Interest Rate, Effective Percentage | 8.20% | ||
7.625% subordinated notes | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jan. 15, 2043 | ||
Amount outstanding | $ 402,500 | 402,500 | |
Stated interest rate | 7.625% | ||
Interest rate terms | The Subordinated Notes bear interest at a fixed annual rate of 7.625%, payable quarterly in arrears beginning on April 15, 2013 and ending on January 15, 2018. Thereafter, the Subordinated Notes will bear interest at an annual rate equal to the sum of the three-month LIBOR rate for the related quarterly interest period, plus 6.734% payable quarterly, commencing April 15, 2018, unless payment is deferred in accordance with the terms of the notes. NuStar Logistics may elect to defer interest payments on the Subordinated Notes on one or more occasions for up to five consecutive years. | ||
Gulf Opportunity Zone revenue bonds | |||
Debt Instrument [Line Items] | |||
Letters of credit issued | $ 370,246 | ||
Amount outstanding | 365,440 | 365,440 | |
Amount Received From Trustee | 17,500 | 11,900 | |
Receivables Financing Agreement | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 125,000 | ||
Maturity Date | Jun. 15, 2018 | ||
Amount outstanding | $ 53,500 | $ 0 | |
Line of Credit Facility, Borrowing Capacity, Description | The maximum amount available for borrowing by NuStar Finance under the Receivables Financing Agreement is $125.0 million, with an option for NuStar Finance to request an increase of up to $75.0 million from the lenders (for aggregate total borrowings not to exceed $200.0 million). The amount available for borrowing is based on the availability of eligible receivables and other customary factors and conditions. | ||
Debt Instrument, Maturity Date, Description | The Securitization Program has an initial termination date of June 15, 2018, with the option to renew for additional 364-day periods thereafter. | ||
Debt Instrument, Collateral Amount | $ 97,900 | ||
Average Annual Interest Rate | 1.10% | ||
Short-term lines of credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 105,000 | ||
Interest rate at period end | 1.90% | 1.80% | |
Short-term debt | $ 84,000 |
DEBT Table 3 (Details)
DEBT Table 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Amount outstanding | $ 3,079,349 | $ 2,749,452 |
Go Zone Bonds Due June 2038 | ||
Debt Instrument [Line Items] | ||
Date Issued | Jun. 26, 2008 | |
Maturity Date | Jun. 1, 2038 | |
Amount outstanding | $ 55,440 | |
Amount of Letter of Credit | 56,169 | |
Amount Received From Trustee | 55,440 | |
Amount Remaining in Trust | $ 0 | |
Average Annual Interest Rate | 0.10% | |
Go Zone Bonds Due July 2040 | ||
Debt Instrument [Line Items] | ||
Date Issued | Jul. 15, 2010 | |
Maturity Date | Jul. 1, 2040 | |
Amount outstanding | $ 100,000 | |
Amount of Letter of Credit | 101,315 | |
Amount Received From Trustee | 100,000 | |
Amount Remaining in Trust | $ 0 | |
Average Annual Interest Rate | 0.10% | |
Go Zone Bonds Due October 2040 | ||
Debt Instrument [Line Items] | ||
Date Issued | Oct. 7, 2010 | |
Maturity Date | Oct. 1, 2040 | |
Amount outstanding | $ 50,000 | |
Amount of Letter of Credit | 50,658 | |
Amount Received From Trustee | 43,441 | |
Amount Remaining in Trust | $ 6,806 | |
Average Annual Interest Rate | 0.10% | |
Go Zone Bonds Due December 2040 | ||
Debt Instrument [Line Items] | ||
Date Issued | Dec. 29, 2010 | |
Maturity Date | Dec. 1, 2040 | |
Amount outstanding | $ 85,000 | |
Amount of Letter of Credit | 86,118 | |
Amount Received From Trustee | 37,528 | |
Amount Remaining in Trust | $ 48,016 | |
Average Annual Interest Rate | 0.10% | |
Go Zone Bonds Due August 2041 | ||
Debt Instrument [Line Items] | ||
Date Issued | Aug. 29, 2011 | |
Maturity Date | Aug. 1, 2041 | |
Amount outstanding | $ 75,000 | |
Amount of Letter of Credit | 75,986 | |
Amount Received From Trustee | 75,000 | |
Amount Remaining in Trust | $ 0 | |
Average Annual Interest Rate | 0.10% | |
Total Gulf Opportunity Zone revenue bonds | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ 365,440 | 365,440 |
Amount of Letter of Credit | 370,246 | |
Amount Received From Trustee | 311,409 | |
Amount Remaining in Trust | $ 54,822 | $ 72,240 |
HEALTH, SAFETY AND ENVIRONMEN85
HEALTH, SAFETY AND ENVIRONMENTAL MATTERS Table 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Balance as of the beginning of year | $ 6,598 | $ 6,233 |
Additions to accrual | 3,685 | 3,292 |
Payments | (2,574) | (2,878) |
Foreign currency translation | (42) | (49) |
Balance as of the end of year | $ 7,667 | $ 6,598 |
HEALTH, SAFETY AND ENVIRONMEN86
HEALTH, SAFETY AND ENVIRONMENTAL MATTERS Table 2 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract] | |||
Accrued liabilities | $ 4,350 | $ 3,518 | |
Other long-term liabilities | 3,317 | 3,080 | |
Accruals for environmental matters | $ 7,667 | $ 6,598 | $ 6,233 |
COMMITMENTS AND CONTINGENCIES N
COMMITMENTS AND CONTINGENCIES Narrative: Contingencies (Details) $ in Millions | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency Accrual, at Carrying Value | $ 4.8 |
COMMITMENTS AND CONTINGENCIES T
COMMITMENTS AND CONTINGENCIES Table: Commitments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases | |
2,016 | $ 31,969 |
2,017 | 27,919 |
2,018 | 25,175 |
2,019 | 18,522 |
2,020 | 6,991 |
Thereafter | 65,258 |
Total | 175,834 |
Purchase Obligations | |
2,016 | 6,920 |
2,017 | 3,673 |
2,018 | 2,286 |
2,019 | 1,441 |
2,020 | 9 |
Thereafter | 0 |
Total | $ 14,329 |
COMMITMENTS AND CONTINGENCIES89
COMMITMENTS AND CONTINGENCIES Narrative: Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Major Operating Leases | |||
Rent expense for operating leases | $ 39.7 | $ 46.1 | $ 52.9 |
St Eustatius Tugs and Barges [Member] | |||
Major Operating Leases | |||
Description of Lessee Leasing Arrangements for Operating Leases | a ten-year lease for tugs and barges utilized at our St. Eustatius facility for bunker fuel sales, with two five-year renewal options | ||
Land Leases [Member] | |||
Major Operating Leases | |||
Description of Lessee Leasing Arrangements for Operating Leases | land leases at various terminal facilities, with original terms ranging from 10 to 100 years. |
FAIR VALUE MEASUREMENTS Table 1
FAIR VALUE MEASUREMENTS Table 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Recurring Fair Value Measurements | ||
Assets | ||
Total (assets) | $ 14,336 | $ 16,479 |
Liabilities [Abstract] | ||
Total (liabilities) | (3,688) | (6,591) |
Recurring Fair Value Measurements | Fair Value Level 1 | ||
Assets | ||
Total (assets) | 11,504 | 11,126 |
Liabilities [Abstract] | ||
Total (liabilities) | (419) | (1,388) |
Recurring Fair Value Measurements | Fair Value Level 2 | ||
Assets | ||
Total (assets) | 2,832 | 5,353 |
Liabilities [Abstract] | ||
Total (liabilities) | (1,572) | (4,623) |
Recurring Fair Value Measurements | Fair Value Level 3 | ||
Assets | ||
Total (assets) | 0 | 0 |
Liabilities [Abstract] | ||
Total (liabilities) | (1,697) | (580) |
Recurring Fair Value Measurements | Other current assets | ||
Assets | ||
Product imbalances - asset | 179 | 117 |
Commodity derivatives - asset | 11,402 | 16,362 |
Recurring Fair Value Measurements | Other current assets | Fair Value Level 1 | ||
Assets | ||
Product imbalances - asset | 179 | 117 |
Commodity derivatives - asset | 11,325 | 11,009 |
Recurring Fair Value Measurements | Other current assets | Fair Value Level 2 | ||
Assets | ||
Product imbalances - asset | 0 | 0 |
Commodity derivatives - asset | 77 | 5,353 |
Recurring Fair Value Measurements | Other current assets | Fair Value Level 3 | ||
Assets | ||
Product imbalances - asset | 0 | 0 |
Commodity derivatives - asset | 0 | 0 |
Recurring Fair Value Measurements | Other long-term assets, net | ||
Assets | ||
Interest rate swaps - asset | 2,755 | |
Recurring Fair Value Measurements | Other long-term assets, net | Fair Value Level 1 | ||
Assets | ||
Interest rate swaps - asset | 0 | |
Recurring Fair Value Measurements | Other long-term assets, net | Fair Value Level 2 | ||
Assets | ||
Interest rate swaps - asset | 2,755 | |
Recurring Fair Value Measurements | Other long-term assets, net | Fair Value Level 3 | ||
Assets | ||
Interest rate swaps - asset | 0 | |
Recurring Fair Value Measurements | Accrued liabilities | ||
Liabilities [Abstract] | ||
Product imbalances - liability | (419) | (1,388) |
Commodity derivatives - liability | (120) | (4,623) |
Recurring Fair Value Measurements | Accrued liabilities | Fair Value Level 1 | ||
Liabilities [Abstract] | ||
Product imbalances - liability | (419) | (1,388) |
Commodity derivatives - liability | 0 | 0 |
Recurring Fair Value Measurements | Accrued liabilities | Fair Value Level 2 | ||
Liabilities [Abstract] | ||
Product imbalances - liability | 0 | 0 |
Commodity derivatives - liability | (120) | (4,623) |
Recurring Fair Value Measurements | Accrued liabilities | Fair Value Level 3 | ||
Liabilities [Abstract] | ||
Product imbalances - liability | 0 | 0 |
Commodity derivatives - liability | 0 | 0 |
Recurring Fair Value Measurements | Other long-term liabilities | ||
Liabilities [Abstract] | ||
Guarantee liability | (1,697) | (580) |
Interest rate swaps - liability | (1,452) | |
Recurring Fair Value Measurements | Other long-term liabilities | Fair Value Level 1 | ||
Liabilities [Abstract] | ||
Guarantee liability | 0 | 0 |
Interest rate swaps - liability | 0 | |
Recurring Fair Value Measurements | Other long-term liabilities | Fair Value Level 2 | ||
Liabilities [Abstract] | ||
Guarantee liability | 0 | 0 |
Interest rate swaps - liability | (1,452) | |
Recurring Fair Value Measurements | Other long-term liabilities | Fair Value Level 3 | ||
Liabilities [Abstract] | ||
Guarantee liability | (1,697) | (580) |
Interest rate swaps - liability | 0 | |
Axeon [Member] | ||
Liabilities [Abstract] | ||
Guarantee liability | $ (1,700) | $ (600) |
FAIR VALUE MEASUREMENTS Table 2
FAIR VALUE MEASUREMENTS Table 2 (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 580 |
Ending balance | 1,697 |
Guarantees [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Adjustment to guarantee liability | $ 1,117 |
FAIR VALUE MEASUREMENTS Table 3
FAIR VALUE MEASUREMENTS Table 3 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value and Carrying Value of Debt and Note Receivable from Counterparty [Line Items] | ||
Fair value, long-term debt | $ 2,929,438 | $ 2,764,242 |
Carrying amount, long-term debt | (3,079,349) | (2,749,452) |
Axeon [Member] | ||
Fair Value and Carrying Value of Debt and Note Receivable from Counterparty [Line Items] | ||
Fair value, Axeon Term Loan | 172,123 | 164,386 |
Carrying amount, Axeon Term Loan | $ 170,352 | $ 169,235 |
FAIR VALUE MEASUREMENTS Narrati
FAIR VALUE MEASUREMENTS Narrative 1 (Details) - Axeon [Member] $ in Millions | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Guarantee liability | $ 1.7 | $ 0.6 |
Financial Guarantee [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Amount of guarantees provided | $ 71.9 | $ 25.3 |
Number of Guarantees with Unlimited Exposure | 2 | |
Financial Standby Letter of Credit [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Amount of guarantees provided | $ 36.2 |
DERIVATIVES AND RISK MANAGEME94
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Narrative (Details) bbl in Millions | Dec. 31, 2015USD ($)bbl | Dec. 31, 2014USD ($)bbl | Jun. 30, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Derivative [Line Items] | ||||||
(Payments for) proceeds from termination of interest rate swaps | $ 0 | $ 0 | $ (33,697,000) | |||
Fair Market Value of Unwound Fixed-to-Floating Interest Rate Swap | $ 26,300,000 | 26,300,000 | ||||
Fair Market Value of Unwound Forward Starting Interest Rate Swap | 29,300,000 | 29,300,000 | ||||
Interest rate swaps | Cash Flow Hedges | ||||||
Derivative [Line Items] | ||||||
Notional amount of interest rate swaps | $ 600,000,000 | $ 0 | $ 600,000,000 | $ 0 | ||
Interest Rate Swaps Interest Rate Received | receive a rate based on three month USD LIBOR | |||||
Terminated interest rate swaps, hedged debt instruments | 6.05% senior notes due March 15, 2013 and 5.875% senior notes due June 1, 2013 | |||||
Terminated interest rate swaps, notional amount | $ 275,000,000 | |||||
(Payments for) proceeds from termination of interest rate swaps | $ (33,700,000) | |||||
Discontinued forward-starting interest rate swaps, Gain (Loss) | $ (2,000,000) | |||||
Commodity contracts | ||||||
Derivative [Line Items] | ||||||
Notional amount of commodity contracts, in barrels | bbl | 8 | 4.7 |
DERIVATIVES AND RISK MANAGEME95
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value | ||
Asset Derivatives | $ 38,825 | $ 57,394 |
Liability Derivatives | (26,240) | (45,655) |
Designated as Hedging Instrument | ||
Derivatives, Fair Value | ||
Asset Derivatives | 4,692 | 5,609 |
Liability Derivatives | (1,475) | 0 |
Designated as Hedging Instrument | Commodity contracts | Other current assets | ||
Derivatives, Fair Value | ||
Asset Derivatives | 1,937 | 5,609 |
Liability Derivatives | (23) | 0 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value | ||
Asset Derivatives | 34,133 | 51,785 |
Liability Derivatives | (24,765) | (45,655) |
Not Designated as Hedging Instrument | Commodity contracts | Other current assets | ||
Derivatives, Fair Value | ||
Asset Derivatives | 34,016 | 38,704 |
Liability Derivatives | (24,528) | (27,951) |
Not Designated as Hedging Instrument | Commodity contracts | Accrued liabilities | ||
Derivatives, Fair Value | ||
Asset Derivatives | 117 | 13,081 |
Liability Derivatives | (237) | (17,704) |
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps | Other long-term assets, net | ||
Derivatives, Fair Value | ||
Asset Derivatives | 2,755 | 0 |
Liability Derivatives | 0 | 0 |
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps | Other long-term liabilities | ||
Derivatives, Fair Value | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | $ (1,452) | $ 0 |
DERIVATIVES AND RISK MANAGEME96
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 2 (Details) - Commodity contracts - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Net amounts of assets presented in the consolidated balance sheets | $ 11,402 | $ 16,362 |
Net amounts of liabilities presented in the consolidated balance sheets | $ (120) | $ (4,623) |
DERIVATIVES AND RISK MANAGEME97
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) | |||
Gain (loss) to be reclassified during next 12 months, forward starting interest rate swaps | $ 8,300 | ||
Designated as Hedging Instrument | Fair Value Hedges | Commodity contracts | Cost of product sales | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) recognized in income | 21,589 | $ 21,951 | $ 3,964 |
Gain (loss) recognized in income on hedged item | (18,047) | (21,587) | (6,327) |
Gain (loss) recognized in income on derivative (ineffective portion) | 3,542 | 364 | (2,363) |
Designated as Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Interest expense, net | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) reclassified from AOCI into income (effective portion) | (10,663) | (7,570) | |
Designated as Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other comprehensive income | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) recognized in other comprehensive income on derivative (effective portion) | 1,303 | 0 | 7,213 |
Designated as Hedging Instrument | Cash Flow Hedges | Unwound interest rate swaps | Interest expense, net | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) reclassified from AOCI into income (effective portion) | (9,802) | ||
Not Designated as Hedging Instrument | Commodity contracts | Cost of product sales | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) recognized in income | $ 2,208 | $ 18,407 | $ (5,323) |
RELATED PARTY TRANSACTIONS Tabl
RELATED PARTY TRANSACTIONS Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Revenues | $ 0 | $ 929 | $ 14,897 |
Operating expenses | 135,565 | 125,736 | 122,677 |
General and administrative expenses | 66,769 | 66,910 | 58,602 |
Interest income | 0 | 1,055 | 6,113 |
Revenues included in discontinued operations, net of tax | 0 | 528 | 3,720 |
Expenses included in discontinued operations, net of tax | $ 2 | $ 1,680 | $ 6,051 |
RELATED PARTY TRANSACTIONS Narr
RELATED PARTY TRANSACTIONS Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |||
Payable to related party | $ 15,128 | $ 14,799 | |
Long-term payable to related party | 33,537 | 32,080 | |
NuStar GP LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Payable to related party | 15,100 | 14,800 | |
Long-term payable to related party | $ 33,500 | $ 32,100 | |
Axeon [Member] | Terminal Service Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Number of agreements | 4 | ||
Aggregate Storage Capacity | 800,000 | ||
Annual Service Charge | $ 1,500 | ||
Axeon [Member] | Terminal Service Agreements 2 [Member] | |||
Related Party Transaction [Line Items] | |||
Aggregate Storage Capacity | 600,000 | ||
Annual Service Charge | $ 6,300 | ||
NuStar GP LLC and Axeon [Member] | Services Agreement Between General Partner and Other Related Parties [Member] | |||
Related Party Transaction [Line Items] | |||
Administrative Fees, Description | which provided that NuStar GP, LLC would furnish certain administrative and other operating services necessary to conduct the business of Axeon for an annual fee totaling $10.0 million, subject to adjustment | ||
Administrative Agreement Maturity Date | Jun. 30, 2014 |
EMPLOYEE BENEFIT PLANS AND L100
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Benefit Plan Costs, International Employees | $ 2.6 | $ 2.7 | $ 2.5 |
GP Pension Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pension Plan, Description | The NuStar Pension Plan (the Pension Plan) is a qualified non-contributory defined benefit pension plan that provides eligible employees with retirement income as calculated under a cash balance formula. Under the cash balance formula, benefits are based on age, service and interest credits, and employees become fully vested in their benefits upon attaining three years of vesting service. Prior to January 1, 2014, eligible employees were covered under either a cash balance formula or a final average pay formula (FAP). Effective January 1, 2014, the Pension Plan was amended to freeze the FAP benefits as of December 31, 2013, and going forward, all eligible employees are covered under the cash balance formula discussed above. | ||
GP Thrift Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Thrift Plan, Description | The NuStar Thrift Plan (the Thrift Plan) is a qualified defined contribution plan that became effective June 26, 2006. Participation in the Thrift Plan is voluntary and is open to substantially all NuStar GP, LLC employees upon their date of hire. Thrift Plan participants can contribute from 1% up to 30% of their total annual compensation to the Thrift Plan in the form of pre-tax and/or after tax employee contributions. NuStar GP, LLC makes matching contributions in an amount equal to 100% of each participant’s employee contributions up to a maximum of 6% of the participant’s total annual compensation. | ||
The 2000 LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unit-based compensation, number of units authorized | 3,250,000 | ||
Unit-based compensation, number of units available to be awarded | 1,260,634 | ||
The 2006 LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unit-based compensation, number of units authorized | 2,000,000 | ||
Unit-based compensation, number of units available to be awarded | 1,492,327 |
EMPLOYEE BENEFIT PLANS AND L101
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS Table 1 (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
The 2000 LTIP [Member] | Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted units, granted | 29,633 | 28,841 | 38,786 |
Vesting | Performance awards vest 1/3 per year if certain performance measures are met | Performance awards vest 1/3 per year if certain performance measures are met | Performance awards vest 1/3 per year if certain performance measures are met |
The 2000 LTIP [Member] | Restricted Units, GP Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted units, granted | 250,563 | 208,714 | 269,182 |
Vesting | 1/5 per year | 1/5 per year | 1/5 per year |
The 2000 LTIP [Member] | Restricted Units, Non-employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted units, granted | 7,553 | 7,009 | 8,904 |
Vesting | 1/3 per year | 1/3 per year | 1/3 per year |
The 2000 LTIP [Member] | Restricted Units Certain International Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted units, granted | 2,835 | 2,844 | 3,882 |
Vesting | 1/3 per year | 1/3 per year | 1/3 per year |
The 2006 LTIP [Member] | Restricted Units, GP Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted units, granted | 26,240 | 16,895 | 18,620 |
Vesting | 1/5 per year | 1/5 per year | 1/5 per year |
The 2006 LTIP [Member] | Restricted Units, Non-employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted units, granted | 12,814 | 8,911 | 13,183 |
Vesting | 1/3 per year | 1/3 per year | 1/3 per year |
EMPLOYEE BENEFIT PLANS AND L102
EMPLOYEE BENEFIT PLANS AND LONG-TERM INCENTIVE PLANS Table 2 (Details) - NuStar GP LLC [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Benefit plans | $ 13,215 | $ 11,385 | $ 27,741 |
Long-term incentive plans | $ 6,397 | $ 10,934 | $ 7,369 |
OTHER INCOME Table (Details)
OTHER INCOME Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Gain associated with Linden Acquisition | $ 56,277 | $ 0 | $ 0 |
Foreign exchange gains | 3,891 | 2,057 | 7,707 |
Gain from sale or disposition of assets | 1,617 | 642 | (524) |
Other, net | 37 | 1,800 | 158 |
Other income, net | $ 61,822 | $ 4,499 | $ 7,341 |
PARTNERS' EQUITY Table 1 (Detai
PARTNERS' EQUITY Table 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (67,912) | ||
Other comprehensive income (loss) | (20,882) | $ (4,951) | $ (4,581) |
Ending Balance | (88,794) | (67,912) | |
Foreign Currency Translation | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (28,839) | (13,658) | 5,654 |
Other comprehensive income (loss) before reclassifications | (31,987) | (15,181) | (19,312) |
Other comprehensive income (loss) | (31,987) | (15,181) | (19,312) |
Ending Balance | (60,826) | (28,839) | (13,658) |
Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (39,073) | (49,736) | (64,519) |
Other comprehensive income (loss) before reclassifications | 1,303 | 0 | 7,213 |
Other comprehensive income (loss) | 11,105 | 10,663 | 14,783 |
Ending Balance | (27,968) | (39,073) | (49,736) |
Total | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (67,912) | (63,394) | (58,865) |
Other comprehensive income (loss) before reclassifications | (30,684) | (15,181) | (12,099) |
Other comprehensive income (loss) | (20,882) | (4,518) | (4,529) |
Ending Balance | (88,794) | (67,912) | (63,394) |
Interest expense, net | Foreign Currency Translation | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net loss reclassified into interest expense, net | 0 | 0 | 0 |
Interest expense, net | Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net loss reclassified into interest expense, net | 9,802 | 10,663 | 7,570 |
Interest expense, net | Total | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net loss reclassified into interest expense, net | $ 9,802 | $ 10,663 | $ 7,570 |
PARTNERS' EQUITY Table 2 (Detai
PARTNERS' EQUITY Table 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income Allocation [Abstract] | |||
Net income (loss) attributable to NuStar Energy L.P. | $ 306,720 | $ 210,773 | $ (273,770) |
Less general partner incentive distribution | 43,220 | 43,220 | 43,220 |
Net income (loss) after general partner incentive distribution | $ 263,500 | $ 167,553 | $ (316,990) |
General partner interest | 2.00% | 2.00% | 2.00% |
General partner allocation of net income (loss) after general partner incentive distribution | $ 5,270 | $ 3,352 | $ (6,338) |
General partner incentive distribution | 43,220 | 43,220 | 43,220 |
Net income applicable to general partner | $ 48,490 | $ 46,572 | $ 36,882 |
PARTNERS' EQUITY Narrative (Det
PARTNERS' EQUITY Narrative (Details) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Distributions Made to Limited Partners and General Partner [Line Items] | |
Percentage of Incentive Cash Distributions Allocated to the General Partner | 100.00% |
Percent of Available Cash Distributed | 100.00% |
Number of Days Within Which Distribution Is Paid | 45 |
Minimum Per Unit Quarterly Distribution to Limited Partners | $ 0.60 |
Minimum Per Unit Quarterly Distribution to Limited Partners, Annualized | $ 2.40 |
Quarterly Distributions Level 1 [Member] | |
Distributions Made to Limited Partners and General Partner [Line Items] | |
Percentage of Distribution Allocated to Limited Partners | 98.00% |
Percentage of Distribution Allocated to the General Partner | 2.00% |
PARTNERS' EQUITY Table 3 (Detai
PARTNERS' EQUITY Table 3 (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Distributions Level 1 [Member] | |
Distribution Allocation [Line Items] | |
Quarterly Distribution Amount Per Unit | Up to $0.60 |
Percentage of Distribution Allocated to Unitholders | 98.00% |
Percentage of Distribution Allocated to the General Partner | 2.00% |
Quarterly Distributions Level 2 [Member] | |
Distribution Allocation [Line Items] | |
Quarterly Distribution Amount Per Unit | Above $0.60 up to $0.66 |
Percentage of Distribution Allocated to Unitholders | 90.00% |
Percentage of Distribution Allocated to the General Partner | 10.00% |
Quarterly Distributions Level 3 [Member] | |
Distribution Allocation [Line Items] | |
Quarterly Distribution Amount Per Unit | $0.66 |
Percentage of Distribution Allocated to Unitholders | 75.00% |
Percentage of Distribution Allocated to the General Partner | 25.00% |
PARTNERS' EQUITY Table 4 (Detai
PARTNERS' EQUITY Table 4 (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Distributions Made to Limited Partners and General Partner [Line Items] | |||||||||||
General partner interest | $ 7,844 | $ 7,844 | $ 7,844 | ||||||||
General partner incentive distribution | 43,220 | 43,220 | 43,220 | ||||||||
Total general partner distributions | 51,064 | 51,064 | 51,064 | ||||||||
Limited partners' distribution | 341,140 | 341,140 | 341,140 | ||||||||
Total cash distributions | $ 98,051 | $ 98,051 | $ 98,051 | $ 98,051 | $ 392,204 | $ 392,204 | $ 392,204 | ||||
Cash distributions per unit applicable to limited partners | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 4.380 | $ 4.38 | $ 4.38 |
PARTNERS' EQUITY Table 5 (Detai
PARTNERS' EQUITY Table 5 (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 29, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions per unit applicable to limited partners | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 4.380 | $ 4.38 | $ 4.38 | |
Total cash distributions (distribution earned) | $ 98,051 | $ 98,051 | $ 98,051 | $ 98,051 | $ 392,204 | $ 392,204 | $ 392,204 | |||||
Distribution date of record (distribution earned) | Feb. 8, 2016 | Nov. 9, 2015 | Aug. 7, 2015 | May 8, 2015 | ||||||||
Distribution payment date | Feb. 12, 2016 | Nov. 13, 2015 | Aug. 13, 2015 | May 14, 2015 | ||||||||
Subsequent Event [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Distribution announcement date (distribution earned) | Jan. 29, 2016 |
NET INCOME (LOSS) PER UNIT Tabl
NET INCOME (LOSS) PER UNIT Table (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) attributable to NuStar Energy L.P. | $ 306,720 | $ 210,773 | $ (273,770) | ||||||||
Less general partner distribution (including incentive distribution rights) | 51,064 | 51,064 | 51,064 | ||||||||
Less limited partner distribution | 341,140 | 341,140 | 341,140 | ||||||||
Distributions greater than earnings | (85,484) | (181,431) | (665,974) | ||||||||
General partner earnings: | |||||||||||
Distributions | 51,064 | 51,064 | 51,064 | ||||||||
Allocation of distributions greater than earnings (2%) | (1,710) | (3,630) | (13,318) | ||||||||
Total | 49,354 | 47,434 | 37,746 | ||||||||
Limited partner earnings: | |||||||||||
Distributions | 341,140 | 341,140 | 341,140 | ||||||||
Allocation of distributions greater than earnings (98%) | (83,774) | (177,801) | (652,656) | ||||||||
Total | $ 257,366 | $ 163,339 | $ (311,516) | ||||||||
Weighted-average limited partner units outstanding (units) | 77,886,078 | 77,886,078 | 77,886,078 | ||||||||
Net income (loss) per unit applicable to limited partners (dollars per unit) | $ 0.61 | $ 0.68 | $ 0.54 | $ 1.47 | $ 0.54 | $ 0.64 | $ 0.56 | $ 0.36 | $ 3.30 | $ 2.10 | $ (4) |
NET INCOME (LOSS) PER UNIT Non-
NET INCOME (LOSS) PER UNIT Non-Printing Section (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
General Partner Ownership Interest | 2.00% | 2.00% | 2.00% |
Limited partner allocation percentage | 98.00% | 98.00% | 98.00% |
STATEMENTS OF CASH FLOWS Table
STATEMENTS OF CASH FLOWS Table 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Decrease (increase) in current assets: | |||
Accounts receivable | $ 67,257 | $ 72,298 | $ 107,209 |
Receivable from related parties | 0 | 50,918 | 58,692 |
Inventories | 16,776 | 82,075 | 31,975 |
Other current assets | 4,414 | 3,785 | 26,139 |
Increase (decrease) in current liabilities: | |||
Accounts payable | (32,152) | (153,671) | (96,330) |
Payable to related party | (872) | 837 | 6,922 |
Accrued interest payable | 941 | 303 | 9,370 |
Accrued liabilities | (7,834) | 22,980 | (32,452) |
Taxes other than income tax | (1,522) | 4,341 | (87) |
Income tax payable | 3,551 | (1,448) | 1,338 |
Changes in current assets and current liabilities | $ (50,559) | $ (82,418) | $ (112,776) |
STATEMENTS OF CASH FLOWS Tab113
STATEMENTS OF CASH FLOWS Table 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest, net of amount capitalized | $ 133,388 | $ 129,377 | $ 113,805 |
Cash paid for income taxes, net of tax refunds received | $ 9,971 | $ 6,699 | $ 11,386 |
INCOME TAXES Table 1 (Details)
INCOME TAXES Table 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
U.S. | $ 908 | $ (182) | $ 3,098 |
Foreign | 9,820 | 7,516 | 9,273 |
Foreign withholding tax | 1,926 | 0 | 0 |
Total current | 12,654 | 7,334 | 12,371 |
Deferred: | |||
U.S. | 1,022 | 1,889 | 1,687 |
Foreign | (1,464) | 1,578 | (1,305) |
Foreign withholding tax expense | 2,500 | 0 | 0 |
Total deferred | 2,058 | 3,467 | 382 |
Total income tax expense | $ 14,712 | $ 10,801 | $ 12,753 |
INCOME TAXES Table 2 (Details)
INCOME TAXES Table 2 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax assets: | ||
Net operating losses | $ 33,043 | $ 35,698 |
Environmental and legal reserves | 894 | 664 |
Allowance for bad debt | 2,698 | 1,261 |
Other | 1,758 | 1,827 |
Total deferred income tax assets | 38,393 | 39,450 |
Less: Valuation allowance | (13,200) | (14,500) |
Net deferred income tax assets | 25,242 | 24,918 |
Deferred income tax liabilities: | ||
Property, plant and equipment | (44,880) | (47,797) |
Foreign withholding tax | 2,314 | 0 |
Total deferred income tax liabilities | 47,194 | 47,797 |
Net deferred income tax liability | 21,952 | 22,879 |
Reported on the Consolidated Balance Sheets as: | ||
Deferred income tax asset | 2,858 | 4,429 |
Deferred income tax liability | $ (24,810) | $ (27,308) |
INCOME TAXES Narrative 1 (Detai
INCOME TAXES Narrative 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Effective income tax rate reconciliation percent | 35.00% | |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $ 13,200 | $ 14,500 |
Foreign [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 13,100 | |
Change in valuation allowance | $ 200 | |
Foreign [Member] | Minimum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, expiration date | Jan. 1, 2016 | |
Foreign [Member] | Maximum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, expiration date | Dec. 31, 2018 | |
U.S. [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 83,300 | |
Valuation allowance | 13,151 | $ 14,532 |
Change in valuation allowance | $ 1,100 | |
U.S. [Member] | Minimum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, expiration date | Jan. 1, 2021 | |
U.S. [Member] | Maximum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, expiration date | Dec. 31, 2024 |
INCOME TAXES Narrative 2 (Detai
INCOME TAXES Narrative 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | |||
Current foreign withholding tax expense | $ 1,926 | $ 0 | $ 0 |
Deferred foreign withholding tax expense | 2,500 | $ 0 | $ 0 |
Undistributed foreign earnings | $ 90,000 | ||
St. Eustatius [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax holiday, description | On February 22, 2006, we entered into a Tax and Maritime Agreement with the governments of St. Eustatius and the Netherlands Antilles (the 2005 Tax Agreement). The 2005 Tax Agreement was effective beginning January 1, 2005 and expired on December 31, 2014. The 2005 Tax Agreement provides for annual minimum profit tax of approximately $0.6 million, beginning as of January 1, 2005. | ||
Other information pertaining to income taxes | Effective January 1, 2011, the Netherlands Antilles ceased to exist, and St. Eustatius became part of the Netherlands. The Netherlands Tax Ministry (the Ministry) contends that as of January 2011, we are subject to real estate tax rather than profit tax as expressed in our 2005 Tax Agreement. In 2013, the Ministry issued a property tax assessment for years 2011 through 2012. We objected to and appealed the assessment. The Ministry later issued property tax assessments for the years 2013 and 2014, to which we have or will file similar objections. In 2013, we filed a lawsuit in the Netherlands civil court seeking to enforce the terms of our existing 2005 Tax Agreement. In 2014, the Netherlands civil court determined that it did not have jurisdiction and deferred to the jurisdiction of the tax court; we appealed this decision. In 2015, the tax court held that NuStar was obligated to pay the property tax. In February 2016, the civil appellate court also ruled against NuStar, deferring to the decision of the tax court. We are evaluating whether to file a further appeal. |
SEGMENT INFORMATION Table 1 (De
SEGMENT INFORMATION Table 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||||||||||
Revenues | $ 464,919 | $ 493,566 | $ 570,611 | $ 554,944 | $ 681,738 | $ 794,422 | $ 749,745 | $ 849,213 | $ 2,084,040 | $ 3,075,118 | $ 3,463,732 |
Depreciation, Depletion and Amortization [Abstract] | |||||||||||
Depreciation and amortization expense | 210,210 | 191,708 | 178,921 | ||||||||
Operating income (loss): | |||||||||||
Less general and administrative expenses | 102,521 | 96,056 | 91,086 | ||||||||
Less other depreciation and amortization expense | 210,210 | 191,708 | 178,921 | ||||||||
Total operating income (loss) | $ 98,024 | $ 100,994 | $ 92,405 | $ 99,281 | $ 81,346 | $ 95,098 | $ 89,354 | $ 81,103 | 390,704 | 346,901 | (19,121) |
Pipeline Segment | Third Party Revenue [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 508,522 | 477,030 | 411,529 | ||||||||
Storage Segment | |||||||||||
Revenues: | |||||||||||
Revenues | 624,908 | 564,506 | 556,549 | ||||||||
Storage Segment | Third Party Revenue [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 599,302 | 537,142 | 518,253 | ||||||||
Storage Segment | Intersegment revenue [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 25,606 | 26,435 | 32,044 | ||||||||
Storage Segment | Related Party Revenue [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 0 | 929 | 6,252 | ||||||||
Fuels Marketing Segment | |||||||||||
Revenues: | |||||||||||
Revenues | 976,216 | 2,060,017 | 2,527,698 | ||||||||
Fuels Marketing Segment | Third Party Revenue [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 976,216 | 2,060,017 | 2,519,053 | ||||||||
Fuels Marketing Segment | Related Party Revenue [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 0 | 0 | 8,645 | ||||||||
Operating Segments [Member] | |||||||||||
Depreciation, Depletion and Amortization [Abstract] | |||||||||||
Depreciation and amortization expense | 201,719 | 181,555 | 168,766 | ||||||||
Operating income (loss): | |||||||||||
Less other depreciation and amortization expense | 201,719 | 181,555 | 168,766 | ||||||||
Total operating income (loss) | 501,716 | 453,110 | 82,120 | ||||||||
Operating Segments [Member] | Pipeline Segment | |||||||||||
Depreciation, Depletion and Amortization [Abstract] | |||||||||||
Depreciation and amortization expense | 84,951 | 77,691 | 68,871 | ||||||||
Operating income (loss): | |||||||||||
Less other depreciation and amortization expense | 84,951 | 77,691 | 68,871 | ||||||||
Total operating income (loss) | 270,349 | 245,233 | 208,293 | ||||||||
Operating Segments [Member] | Storage Segment | |||||||||||
Depreciation, Depletion and Amortization [Abstract] | |||||||||||
Depreciation and amortization expense | 116,768 | 103,848 | 99,868 | ||||||||
Operating income (loss): | |||||||||||
Less other depreciation and amortization expense | 116,768 | 103,848 | 99,868 | ||||||||
Total operating income (loss) | 217,818 | 183,104 | (127,484) | ||||||||
Operating Segments [Member] | Fuels Marketing Segment | |||||||||||
Depreciation, Depletion and Amortization [Abstract] | |||||||||||
Depreciation and amortization expense | 0 | 16 | 27 | ||||||||
Operating income (loss): | |||||||||||
Less other depreciation and amortization expense | 0 | 16 | 27 | ||||||||
Total operating income (loss) | 13,507 | 24,805 | (126) | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | (25,606) | (26,435) | (32,044) | ||||||||
Operating income (loss): | |||||||||||
Total operating income (loss) | 42 | (32) | 1,437 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Depreciation, Depletion and Amortization [Abstract] | |||||||||||
Depreciation and amortization expense | 8,491 | 10,153 | 10,155 | ||||||||
Operating income (loss): | |||||||||||
Less general and administrative expenses | 102,521 | 96,056 | 91,086 | ||||||||
Less other depreciation and amortization expense | $ 8,491 | $ 10,153 | $ 10,155 |
SEGMENT INFORMATION Table 2 (De
SEGMENT INFORMATION Table 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues By Geographic Areas | |||||||||||
Revenues | $ 464,919 | $ 493,566 | $ 570,611 | $ 554,944 | $ 681,738 | $ 794,422 | $ 749,745 | $ 849,213 | $ 2,084,040 | $ 3,075,118 | $ 3,463,732 |
United States | |||||||||||
Revenues By Geographic Areas | |||||||||||
Revenues | 1,599,088 | 2,276,609 | 2,340,694 | ||||||||
Netherlands | |||||||||||
Revenues By Geographic Areas | |||||||||||
Revenues | 386,282 | 705,207 | 1,027,260 | ||||||||
Other | |||||||||||
Revenues By Geographic Areas | |||||||||||
Revenues | $ 98,670 | $ 93,302 | $ 95,778 |
SEGMENT INFORMATION Narrative (
SEGMENT INFORMATION Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue, Major Customer [Line Items] | |||||||||||
Revenue from largest customer | $ 464,919 | $ 493,566 | $ 570,611 | $ 554,944 | $ 681,738 | $ 794,422 | $ 749,745 | $ 849,213 | $ 2,084,040 | $ 3,075,118 | $ 3,463,732 |
Sales Revenue, Net [Member] | Valero Energy Corporation [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Largest customer percentage of revenue | 16.00% | 9.00% | 15.00% | ||||||||
Revenue from largest customer | $ 331,700 | $ 282,900 | $ 534,200 |
SEGMENT INFORMATION Table 3 (De
SEGMENT INFORMATION Table 3 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long-Lived Assets By Geographic Areas | ||
Long-lived assets | $ 3,683,571 | $ 3,460,732 |
United States | ||
Long-Lived Assets By Geographic Areas | ||
Long-lived assets | 3,049,334 | 2,809,462 |
Netherlands | ||
Long-Lived Assets By Geographic Areas | ||
Long-lived assets | 449,406 | 451,564 |
Other | ||
Long-Lived Assets By Geographic Areas | ||
Long-lived assets | $ 184,831 | $ 199,706 |
SEGMENT INFORMATION Table 4 (De
SEGMENT INFORMATION Table 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Information | ||
Total consolidated assets | $ 5,149,262 | $ 4,918,796 |
Operating Segments [Member] | ||
Segment Information | ||
Total consolidated assets | 4,647,353 | 4,432,036 |
Operating Segments [Member] | Pipeline Segment | ||
Segment Information | ||
Total consolidated assets | 2,051,866 | 1,962,821 |
Operating Segments [Member] | Storage Segment | ||
Segment Information | ||
Total consolidated assets | 2,438,621 | 2,241,573 |
Operating Segments [Member] | Fuels Marketing Segment | ||
Segment Information | ||
Total consolidated assets | 156,866 | 227,642 |
Operating Segments [Member] | Other partnership assets | ||
Segment Information | ||
Total consolidated assets | $ 501,909 | $ 486,760 |
SEGMENT INFORMATION Table 5 (De
SEGMENT INFORMATION Table 5 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Information | |||
Capital expenditures | $ 470,872 | $ 356,965 | $ 343,320 |
Pipeline Segment | |||
Segment Information | |||
Capital expenditures | 175,657 | 244,713 | 165,096 |
Storage Segment | |||
Segment Information | |||
Capital expenditures | 285,258 | 108,457 | 170,637 |
Fuels Marketing Segment | |||
Segment Information | |||
Capital expenditures | 0 | 0 | 69 |
Other partnership assets | |||
Segment Information | |||
Capital expenditures | $ 9,957 | $ 3,795 | $ 7,518 |
CONDENSED CONSOLIDATING BALANCE
CONDENSED CONSOLIDATING BALANCE SHEETS Table 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and cash equivalents | $ 118,862 | $ 87,912 | $ 100,743 | $ 83,602 |
Receivables, net | 145,064 | 208,478 | ||
Inventories | 38,749 | 55,713 | ||
Other current assets | 31,176 | 35,944 | ||
Assets held for sale | 0 | 1,100 | ||
Intercompany receivable | 0 | 0 | ||
Total current assets | 333,851 | 389,147 | ||
Property, plant and equipment, net | 3,683,571 | 3,460,732 | ||
Intangible assets, net | 112,011 | 58,670 | ||
Goodwill | 696,637 | 617,429 | 617,429 | |
Investment in wholly owned subsidiaries | 0 | 0 | ||
Investment in joint venture | 0 | 74,223 | ||
Deferred income tax asset | 2,858 | 4,429 | ||
Other long-term assets, net | 320,334 | 314,166 | ||
Total assets | 5,149,262 | 4,918,796 | ||
Liabilities and Partners' Equity | ||||
Payables | 139,946 | 177,184 | ||
Short-term debt | 84,000 | 77,000 | ||
Accrued interest payable | 34,286 | 33,345 | ||
Accrued liabilities | 55,194 | 61,025 | ||
Taxes other than income tax | 12,810 | 14,121 | ||
Income tax payable | 5,977 | 2,517 | ||
Intercompany payable | 0 | 0 | ||
Total current liabilities | 332,213 | 365,192 | ||
Long-term debt | 3,079,349 | 2,749,452 | ||
Long-term payable to related party | 32,080 | 33,537 | ||
Deferred income tax liability | 24,810 | 27,308 | ||
Other long-term liabilities | 70,966 | 27,097 | ||
Total partners’ equity | 1,609,844 | 1,716,210 | ||
Total liabilities and partners' equity | 5,149,262 | 4,918,796 | ||
Eliminations | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 0 | ||
Inventories | 0 | (42) | ||
Other current assets | 0 | (116) | ||
Assets held for sale | 0 | |||
Intercompany receivable | (1,610,370) | (1,438,675) | ||
Total current assets | (1,610,370) | (1,438,833) | ||
Property, plant and equipment, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in wholly owned subsidiaries | (4,200,728) | (4,150,589) | ||
Investment in joint venture | 0 | |||
Deferred income tax asset | (1,179) | 0 | ||
Other long-term assets, net | 0 | 0 | ||
Total assets | (5,812,277) | (5,589,422) | ||
Liabilities and Partners' Equity | ||||
Payables | 0 | 0 | ||
Short-term debt | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Taxes other than income tax | 0 | 0 | ||
Income tax payable | 0 | (116) | ||
Intercompany payable | (1,610,370) | (1,438,675) | ||
Total current liabilities | (1,610,370) | (1,438,791) | ||
Long-term debt | 0 | 0 | ||
Long-term payable to related party | 0 | 0 | ||
Deferred income tax liability | (1,179) | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total partners’ equity | (4,200,728) | (4,150,631) | ||
Total liabilities and partners' equity | (5,812,277) | (5,589,422) | ||
NuStar Energy | ||||
Assets | ||||
Cash and cash equivalents | 885 | 923 | 904 | 7,033 |
Receivables, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other current assets | 140 | 0 | ||
Assets held for sale | 0 | |||
Intercompany receivable | 0 | 0 | ||
Total current assets | 1,025 | 923 | ||
Property, plant and equipment, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in wholly owned subsidiaries | 2,205,904 | 2,289,673 | ||
Investment in joint venture | 0 | |||
Deferred income tax asset | 0 | 0 | ||
Other long-term assets, net | 933 | 673 | ||
Total assets | 2,207,862 | 2,291,269 | ||
Liabilities and Partners' Equity | ||||
Payables | 12 | 0 | ||
Short-term debt | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Accrued liabilities | 723 | 862 | ||
Taxes other than income tax | 126 | 125 | ||
Income tax payable | 0 | 0 | ||
Intercompany payable | 508,363 | 506,160 | ||
Total current liabilities | 509,224 | 507,147 | ||
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 | 1,698,638 | 1,784,122 | ||
Total liabilities and partners' equity | 2,207,862 | 2,291,269 | ||
NuStar Logistics | ||||
Assets | ||||
Cash and cash equivalents | 4 | 6 | 22,307 | 1,112 |
Receivables, net | 419 | 47,038 | ||
Inventories | 1,776 | 1,998 | ||
Other current assets | 11,026 | 10,403 | ||
Assets held for sale | 0 | |||
Intercompany receivable | 1,610,370 | 1,438,675 | ||
Total current assets | 1,623,595 | 1,498,120 | ||
Property, plant and equipment, net | 1,915,370 | 1,820,126 | ||
Intangible assets, net | 48,961 | 55,801 | ||
Goodwill | 149,453 | 149,453 | ||
Investment in wholly owned subsidiaries | 48,547 | 37,179 | ||
Investment in joint venture | 0 | |||
Deferred income tax asset | 0 | 0 | ||
Other long-term assets, net | 279,063 | 279,058 | ||
Total assets | 4,064,989 | 3,839,737 | ||
Liabilities and Partners' Equity | ||||
Payables | 52,650 | 60,687 | ||
Short-term debt | 84,000 | 77,000 | ||
Accrued interest payable | 34,271 | 33,340 | ||
Accrued liabilities | 32,816 | 32,178 | ||
Taxes other than income tax | 6,452 | 7,896 | ||
Income tax payable | 1,362 | 0 | ||
Intercompany payable | 0 | 0 | ||
Total current liabilities | 211,551 | 211,101 | ||
Long-term debt | 3,025,849 | 2,749,452 | ||
Long-term payable to related party | 26,638 | 28,094 | ||
Deferred income tax liability | 1,143 | 528 | ||
Other long-term liabilities | 37,209 | 13,681 | ||
Total partners’ equity | 762,599 | 836,881 | ||
Total liabilities and partners' equity | 4,064,989 | 3,839,737 | ||
NuPOP | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 18,347 | ||
Inventories | 3,648 | 3,768 | ||
Other current assets | 497 | 418 | ||
Assets held for sale | 0 | |||
Intercompany receivable | 0 | 0 | ||
Total current assets | 4,145 | 22,533 | ||
Property, plant and equipment, net | 570,415 | 559,808 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 170,652 | 170,652 | ||
Investment in wholly owned subsidiaries | 1,031,162 | 910,394 | ||
Investment in joint venture | 0 | |||
Deferred income tax asset | 0 | 0 | ||
Other long-term assets, net | 26,329 | 26,329 | ||
Total assets | 1,802,703 | 1,689,716 | ||
Liabilities and Partners' Equity | ||||
Payables | 11,193 | 8,211 | ||
Short-term debt | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Accrued liabilities | 5,753 | 6,965 | ||
Taxes other than income tax | 3,325 | 3,099 | ||
Income tax payable | 9 | 4 | ||
Intercompany payable | 858,018 | 751,023 | ||
Total current liabilities | 878,298 | 769,302 | ||
Long-term debt | 0 | 0 | ||
Long-term payable to related party | 0 | 0 | ||
Deferred income tax liability | 36 | 22 | ||
Other long-term liabilities | 9,294 | 6,963 | ||
Total partners’ equity | 915,075 | 913,429 | ||
Total liabilities and partners' equity | 1,802,703 | 1,689,716 | ||
Non-Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 117,973 | 86,983 | $ 77,532 | $ 75,457 |
Receivables, net | 144,645 | 143,093 | ||
Inventories | 33,325 | 49,989 | ||
Other current assets | 19,513 | 25,239 | ||
Assets held for sale | 1,100 | |||
Intercompany receivable | 0 | 0 | ||
Total current assets | 315,456 | 306,404 | ||
Property, plant and equipment, net | 1,197,786 | 1,080,798 | ||
Intangible assets, net | 63,050 | 2,869 | ||
Goodwill | 376,532 | 297,324 | ||
Investment in wholly owned subsidiaries | 915,115 | 913,343 | ||
Investment in joint venture | 74,223 | |||
Deferred income tax asset | 4,037 | 4,429 | ||
Other long-term assets, net | 14,009 | 8,106 | ||
Total assets | 2,885,985 | 2,687,496 | ||
Liabilities and Partners' Equity | ||||
Payables | 76,091 | 108,286 | ||
Short-term debt | 0 | 0 | ||
Accrued interest payable | 15 | 5 | ||
Accrued liabilities | 15,902 | 21,020 | ||
Taxes other than income tax | 2,907 | 3,001 | ||
Income tax payable | 4,606 | 2,629 | ||
Intercompany payable | 243,989 | 181,492 | ||
Total current liabilities | 343,510 | 316,433 | ||
Long-term debt | 53,500 | 0 | ||
Long-term payable to related party | 5,442 | 5,443 | ||
Deferred income tax liability | 24,810 | 26,758 | ||
Other long-term liabilities | 24,463 | 6,453 | ||
Total partners’ equity | 2,434,260 | 2,332,409 | ||
Total liabilities and partners' equity | $ 2,885,985 | $ 2,687,496 |
CONDENSED CONSOLIDATING STATEME
CONDENSED CONSOLIDATING STATEMENTS OF INCOME Table 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | $ 464,919 | $ 493,566 | $ 570,611 | $ 554,944 | $ 681,738 | $ 794,422 | $ 749,745 | $ 849,213 | $ 2,084,040 | $ 3,075,118 | $ 3,463,732 |
Costs and expenses | 1,693,336 | 2,728,217 | 3,482,853 | ||||||||
Operating income (loss) | 98,024 | 100,994 | 92,405 | 99,281 | 81,346 | 95,098 | 89,354 | 81,103 | 390,704 | 346,901 | (19,121) |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) of joint ventures | 0 | 4,796 | (39,970) | ||||||||
Interest (expense) income, net | (131,868) | (131,226) | (121,006) | ||||||||
Other income (expense), net | 61,822 | 4,499 | 7,341 | ||||||||
Income (loss) from continuing operations before income tax expense | 320,658 | 224,970 | (172,756) | ||||||||
Income tax expense | 14,712 | 10,801 | 12,753 | ||||||||
Income (loss) from continuing operations | 59,480 | 65,016 | 54,325 | 127,125 | 54,869 | 59,117 | 57,187 | 42,996 | 305,946 | 214,169 | (185,509) |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 774 | (1,475) | 2,831 | (1,788) | (3,359) | 774 | (3,791) | (99,162) |
Net income (loss) | $ 59,480 | $ 65,016 | $ 54,325 | $ 127,899 | $ 53,394 | $ 61,948 | $ 55,399 | $ 39,637 | 306,720 | 210,378 | (284,671) |
Less net income (loss) attributable to noncontrolling interest | 0 | (395) | (10,901) | ||||||||
Net income (loss) attributable to NuStar Energy L.P. | 306,720 | 210,773 | (273,770) | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | (2,063) | (9,676) | (34,147) | ||||||||
Costs and expenses | (2,105) | (9,645) | (34,168) | ||||||||
Operating income (loss) | 42 | (31) | 21 | ||||||||
Equity in earnings (loss) of subsidiaries | (619,708) | (404,913) | 884,466 | ||||||||
Equity in earnings (loss) of joint ventures | 0 | 0 | |||||||||
Interest (expense) income, net | 0 | 0 | 0 | ||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations before income tax expense | (619,666) | (404,944) | 884,487 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations | (619,666) | (404,944) | 884,487 | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | (619,666) | (404,944) | 884,487 | ||||||||
Less net income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to NuStar Energy L.P. | (619,666) | (404,944) | 884,487 | ||||||||
NuStar Energy | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Costs and expenses | 1,717 | 1,753 | 1,908 | ||||||||
Operating income (loss) | (1,717) | (1,753) | (1,908) | ||||||||
Equity in earnings (loss) of subsidiaries | 308,437 | 212,527 | (271,862) | ||||||||
Equity in earnings (loss) of joint ventures | 0 | 0 | |||||||||
Interest (expense) income, net | 0 | 0 | 0 | ||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations before income tax expense | 306,720 | 210,774 | (273,770) | ||||||||
Income tax expense | 0 | 1 | 0 | ||||||||
Income (loss) from continuing operations | 306,720 | 210,773 | (273,770) | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | 306,720 | 210,773 | (273,770) | ||||||||
Less net income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to NuStar Energy L.P. | 306,720 | 210,773 | (273,770) | ||||||||
NuStar Logistics | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 547,959 | 510,833 | 415,128 | ||||||||
Costs and expenses | 293,708 | 287,614 | 242,743 | ||||||||
Operating income (loss) | 254,251 | 223,219 | 172,385 | ||||||||
Equity in earnings (loss) of subsidiaries | (7,257) | (12,798) | 16,531 | ||||||||
Equity in earnings (loss) of joint ventures | (8,278) | (49,599) | |||||||||
Interest (expense) income, net | (137,847) | (132,274) | (116,624) | ||||||||
Other income (expense), net | 1,179 | 511 | (115) | ||||||||
Income (loss) from continuing operations before income tax expense | 110,326 | 70,380 | 22,578 | ||||||||
Income tax expense | (392) | 5 | 579 | ||||||||
Income (loss) from continuing operations | 110,718 | 70,375 | 21,999 | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | (169) | (12,317) | ||||||||
Net income (loss) | 110,718 | 70,206 | 9,682 | ||||||||
Less net income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to NuStar Energy L.P. | 110,718 | 70,206 | 9,682 | ||||||||
NuPOP | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 215,469 | 229,211 | 218,591 | ||||||||
Costs and expenses | 140,081 | 149,955 | 147,117 | ||||||||
Operating income (loss) | 75,388 | 79,256 | 71,474 | ||||||||
Equity in earnings (loss) of subsidiaries | 120,768 | 62,946 | (347,808) | ||||||||
Equity in earnings (loss) of joint ventures | 0 | 0 | |||||||||
Interest (expense) income, net | 1,611 | 89 | (4,851) | ||||||||
Other income (expense), net | 5 | (37) | (127) | ||||||||
Income (loss) from continuing operations before income tax expense | 197,772 | 142,254 | (281,312) | ||||||||
Income tax expense | 23 | 23 | 8 | ||||||||
Income (loss) from continuing operations | 197,749 | 142,231 | (281,320) | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | 197,749 | 142,231 | (281,320) | ||||||||
Less net income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to NuStar Energy L.P. | 197,749 | 142,231 | (281,320) | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 1,322,675 | 2,344,750 | 2,864,160 | ||||||||
Costs and expenses | 1,259,935 | 2,298,540 | 3,125,253 | ||||||||
Operating income (loss) | 62,740 | 46,210 | (261,093) | ||||||||
Equity in earnings (loss) of subsidiaries | 197,760 | 142,238 | (281,327) | ||||||||
Equity in earnings (loss) of joint ventures | 13,074 | 9,629 | |||||||||
Interest (expense) income, net | 4,368 | 959 | 469 | ||||||||
Other income (expense), net | 60,638 | 4,025 | 7,583 | ||||||||
Income (loss) from continuing operations before income tax expense | 325,506 | 206,506 | (524,739) | ||||||||
Income tax expense | 15,081 | 10,772 | 12,166 | ||||||||
Income (loss) from continuing operations | 310,425 | 195,734 | (536,905) | ||||||||
Income (loss) from discontinued operations, net of tax | 774 | (3,622) | (86,845) | ||||||||
Net income (loss) | 311,199 | 192,112 | (623,750) | ||||||||
Less net income (loss) attributable to noncontrolling interest | (395) | (10,901) | |||||||||
Net income (loss) attributable to NuStar Energy L.P. | $ 311,199 | $ 192,507 | $ (612,849) |
CONDENSED CONSOLIDATING STAT126
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Table 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | $ 59,480 | $ 65,016 | $ 54,325 | $ 127,899 | $ 53,394 | $ 61,948 | $ 55,399 | $ 39,637 | $ 306,720 | $ 210,378 | $ (284,671) |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (31,987) | (15,614) | (19,364) | ||||||||
Net unrealized gain (loss) on cash flow hedges | 1,303 | 0 | 7,213 | ||||||||
Net loss (gain) reclassified into income on cash flow hedges | 9,802 | 10,663 | 7,570 | ||||||||
Other comprehensive loss | (20,882) | (4,951) | (4,581) | ||||||||
Comprehensive (loss) income | 285,838 | 205,427 | (289,252) | ||||||||
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | (828) | (10,953) | ||||||||
Comprehensive income (loss) attributable to NuStar Energy L.P. | 285,838 | 206,255 | (278,299) | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | (619,666) | (404,944) | 884,487 | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Net unrealized gain (loss) on cash flow hedges | 0 | 0 | |||||||||
Net loss (gain) reclassified into income on cash flow hedges | 0 | 0 | 0 | ||||||||
Other comprehensive loss | 0 | 0 | 0 | ||||||||
Comprehensive (loss) income | (404,944) | 884,487 | |||||||||
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Comprehensive income (loss) attributable to NuStar Energy L.P. | (619,666) | (404,944) | 884,487 | ||||||||
NuStar Energy | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 306,720 | 210,773 | (273,770) | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Net unrealized gain (loss) on cash flow hedges | 0 | 0 | |||||||||
Net loss (gain) reclassified into income on cash flow hedges | 0 | 0 | 0 | ||||||||
Other comprehensive loss | 0 | 0 | 0 | ||||||||
Comprehensive (loss) income | 210,773 | (273,770) | |||||||||
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Comprehensive income (loss) attributable to NuStar Energy L.P. | 306,720 | 210,773 | (273,770) | ||||||||
NuStar Logistics | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 110,718 | 70,206 | 9,682 | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | 0 | 3,723 | (3,090) | ||||||||
Net unrealized gain (loss) on cash flow hedges | 1,303 | 7,213 | |||||||||
Net loss (gain) reclassified into income on cash flow hedges | 9,802 | 10,663 | 7,570 | ||||||||
Other comprehensive loss | 11,105 | 14,386 | 11,693 | ||||||||
Comprehensive (loss) income | 84,592 | 21,375 | |||||||||
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Comprehensive income (loss) attributable to NuStar Energy L.P. | 121,823 | 84,592 | 21,375 | ||||||||
NuPOP | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 197,749 | 142,231 | (281,320) | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Net unrealized gain (loss) on cash flow hedges | 0 | 0 | |||||||||
Net loss (gain) reclassified into income on cash flow hedges | 0 | 0 | 0 | ||||||||
Other comprehensive loss | 0 | 0 | 0 | ||||||||
Comprehensive (loss) income | 142,231 | (281,320) | |||||||||
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Comprehensive income (loss) attributable to NuStar Energy L.P. | 197,749 | 142,231 | (281,320) | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 311,199 | 192,112 | (623,750) | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (31,987) | (19,337) | (16,274) | ||||||||
Net unrealized gain (loss) on cash flow hedges | 0 | 0 | |||||||||
Net loss (gain) reclassified into income on cash flow hedges | 0 | 0 | 0 | ||||||||
Other comprehensive loss | (31,987) | (19,337) | (16,274) | ||||||||
Comprehensive (loss) income | 172,775 | (640,024) | |||||||||
Less comprehensive income (loss) attributable to noncontrolling interest | (828) | (10,953) | |||||||||
Comprehensive income (loss) attributable to NuStar Energy L.P. | $ 279,212 | $ 173,603 | $ (629,071) |
CONDENSED CONSOLIDATING STAT127
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Table 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | $ 524,937 | $ 518,523 | $ 485,219 |
Cash flows from investing activities: | |||
Capital expenditures | (324,808) | (356,965) | (343,320) |
Change in accounts payable related to capital expenditures | (3,156) | 4,903 | (5,384) |
Acquisitions | (142,500) | 0 | 0 |
Increase in other long-term assets | (3,564) | 0 | 0 |
Proceeds from sale or disposition of assets | 17,132 | 26,012 | 119,006 |
Proceeds from insurance recoveries | 4,867 | 0 | 0 |
Increase in note receivable from Axeon | 0 | (13,328) | (80,961) |
Investment in subsidiaries | 0 | 0 | |
Other, net | 0 | (853) | (302) |
Net cash used in investing activities | (452,029) | (340,231) | (310,961) |
Cash flows from financing activities: | |||
Debt borrowings | 1,683,631 | 1,318,619 | 1,738,451 |
Debt repayments | (1,316,910) | (1,121,670) | (2,150,743) |
Proceeds from note offering, net of issuance costs | 0 | 0 | 686,863 |
Distributions to unitholders and general partner | (392,204) | (392,204) | (392,204) |
(Payments for) proceeds from termination of interest rate swaps | 0 | 0 | (33,697) |
Contributions from (distributions to) affiliates | 0 | 0 | |
Net intercompany activity | 0 | 0 | 0 |
Other, net | (3,746) | 7,070 | 1,980 |
Net cash used in financing activities | (29,229) | (188,185) | (149,350) |
Effect of foreign exchange rate changes on cash | (12,729) | (2,938) | (7,767) |
Net increase (decrease) in cash and cash equivalents | 30,950 | (12,831) | 17,141 |
Cash and cash equivalents as of the beginning of the period | 87,912 | 100,743 | 83,602 |
Cash and cash equivalents as of the end of the period | 118,862 | 87,912 | 100,743 |
Eliminations | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | (588,326) | (539,309) | (392,243) |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | 0 |
Change in accounts payable related to capital expenditures | 0 | 0 | 0 |
Proceeds from sale or disposition of assets | 0 | 0 | 0 |
Proceeds from insurance recoveries | 0 | ||
Increase in note receivable from Axeon | 0 | 0 | |
Investment in subsidiaries | (13,317) | (228) | |
Other, net | 0 | 0 | |
Net cash used in investing activities | 0 | (13,317) | (228) |
Cash flows from financing activities: | |||
Debt borrowings | 0 | 0 | 0 |
Debt repayments | 0 | 0 | 0 |
Proceeds from note offering, net of issuance costs | 0 | ||
Distributions to unitholders and general partner | 588,326 | 539,309 | 392,243 |
(Payments for) proceeds from termination of interest rate swaps | 0 | ||
Contributions from (distributions to) affiliates | 13,340 | 228 | |
Net intercompany activity | 0 | 0 | 0 |
Other, net | 0 | (23) | 0 |
Net cash used in financing activities | 588,326 | 552,626 | 392,471 |
Effect of foreign exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents as of the beginning of the period | 0 | 0 | 0 |
Cash and cash equivalents as of the end of the period | 0 | 0 | 0 |
NuStar Energy | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | 389,967 | 390,543 | 390,002 |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | 0 |
Change in accounts payable related to capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | ||
Increase in other long-term assets | 0 | ||
Proceeds from sale or disposition of assets | 0 | 0 | 0 |
Proceeds from insurance recoveries | 0 | ||
Increase in note receivable from Axeon | 0 | 0 | |
Investment in subsidiaries | (23) | (302) | |
Other, net | 23 | 302 | |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Debt borrowings | 0 | 0 | 0 |
Debt repayments | 0 | 0 | 0 |
Proceeds from note offering, net of issuance costs | 0 | ||
Distributions to unitholders and general partner | (392,204) | (392,204) | (392,204) |
(Payments for) proceeds from termination of interest rate swaps | 0 | ||
Contributions from (distributions to) affiliates | 0 | 0 | |
Net intercompany activity | 2,199 | 1,680 | (3,880) |
Other, net | 0 | 0 | (47) |
Net cash used in financing activities | (390,005) | (390,524) | (396,131) |
Effect of foreign exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (38) | 19 | (6,129) |
Cash and cash equivalents as of the beginning of the period | 923 | 904 | 7,033 |
Cash and cash equivalents as of the end of the period | 885 | 923 | 904 |
NuStar Logistics | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | 237,780 | 221,422 | 210,742 |
Cash flows from investing activities: | |||
Capital expenditures | (201,388) | (273,785) | (224,798) |
Change in accounts payable related to capital expenditures | (4,950) | 8,741 | (9,700) |
Acquisitions | 0 | ||
Increase in other long-term assets | 0 | ||
Proceeds from sale or disposition of assets | 10,320 | 651 | 118,806 |
Proceeds from insurance recoveries | 0 | ||
Increase in note receivable from Axeon | (13,328) | (80,961) | |
Investment in subsidiaries | 0 | 527 | |
Other, net | (45) | (604) | |
Net cash used in investing activities | (196,018) | (277,766) | (196,730) |
Cash flows from financing activities: | |||
Debt borrowings | 1,589,131 | 1,318,619 | 1,738,451 |
Debt repayments | (1,275,910) | (1,121,670) | (1,866,282) |
Proceeds from note offering, net of issuance costs | 686,863 | ||
Distributions to unitholders and general partner | (196,102) | (245,127) | (392,204) |
(Payments for) proceeds from termination of interest rate swaps | (33,697) | ||
Contributions from (distributions to) affiliates | 0 | 302 | |
Net intercompany activity | (155,278) | 83,387 | (128,277) |
Other, net | (3,605) | (1,166) | 2,027 |
Net cash used in financing activities | (41,764) | 34,043 | 7,183 |
Effect of foreign exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (2) | (22,301) | 21,195 |
Cash and cash equivalents as of the beginning of the period | 6 | 22,307 | 1,112 |
Cash and cash equivalents as of the end of the period | 4 | 6 | 22,307 |
NuPOP | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | 119,928 | 111,931 | 84,490 |
Cash flows from investing activities: | |||
Capital expenditures | (39,533) | (14,625) | (19,049) |
Change in accounts payable related to capital expenditures | 33 | 789 | 824 |
Acquisitions | 0 | ||
Increase in other long-term assets | 0 | ||
Proceeds from sale or disposition of assets | 22 | 22 | 35 |
Proceeds from insurance recoveries | 0 | ||
Increase in note receivable from Axeon | 0 | 0 | |
Investment in subsidiaries | 13,340 | 0 | |
Other, net | 0 | 0 | |
Net cash used in investing activities | (39,478) | (474) | (18,190) |
Cash flows from financing activities: | |||
Debt borrowings | 0 | 0 | 0 |
Debt repayments | 0 | 0 | (250,000) |
Proceeds from note offering, net of issuance costs | 0 | ||
Distributions to unitholders and general partner | (196,102) | (147,077) | 0 |
(Payments for) proceeds from termination of interest rate swaps | 0 | ||
Contributions from (distributions to) affiliates | 0 | 0 | |
Net intercompany activity | 115,652 | 35,620 | 183,700 |
Other, net | 0 | 0 | 0 |
Net cash used in financing activities | (80,450) | (111,457) | (66,300) |
Effect of foreign exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents as of the beginning of the period | 0 | 0 | 0 |
Cash and cash equivalents as of the end of the period | 0 | 0 | 0 |
Non-Guarantor Subsidiaries | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | 365,588 | 333,936 | 192,228 |
Cash flows from investing activities: | |||
Capital expenditures | (83,887) | (68,555) | (99,473) |
Change in accounts payable related to capital expenditures | 1,761 | (4,627) | 3,492 |
Acquisitions | (142,500) | ||
Increase in other long-term assets | (3,564) | ||
Proceeds from sale or disposition of assets | 6,790 | 25,339 | 165 |
Proceeds from insurance recoveries | 4,867 | ||
Increase in note receivable from Axeon | 0 | 0 | |
Investment in subsidiaries | 0 | 3 | |
Other, net | (831) | 0 | |
Net cash used in investing activities | (216,533) | (48,674) | (95,813) |
Cash flows from financing activities: | |||
Debt borrowings | 94,500 | 0 | 0 |
Debt repayments | (41,000) | 0 | (34,461) |
Proceeds from note offering, net of issuance costs | 0 | ||
Distributions to unitholders and general partner | (196,122) | (147,105) | (39) |
(Payments for) proceeds from termination of interest rate swaps | 0 | ||
Contributions from (distributions to) affiliates | (13,340) | (530) | |
Net intercompany activity | 37,427 | (120,687) | (51,543) |
Other, net | (141) | 8,259 | 0 |
Net cash used in financing activities | (105,336) | (272,873) | (86,573) |
Effect of foreign exchange rate changes on cash | (12,729) | (2,938) | (7,767) |
Net increase (decrease) in cash and cash equivalents | 30,990 | 9,451 | 2,075 |
Cash and cash equivalents as of the beginning of the period | 86,983 | 77,532 | 75,457 |
Cash and cash equivalents as of the end of the period | 117,973 | $ 86,983 | $ 77,532 |
Eliminations | |||
Cash flows from investing activities: | |||
Acquisitions | 0 | ||
Increase in other long-term assets | $ 0 |
QUARTERLY FINANCIAL DATA (UN128
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 464,919 | $ 493,566 | $ 570,611 | $ 554,944 | $ 681,738 | $ 794,422 | $ 749,745 | $ 849,213 | $ 2,084,040 | $ 3,075,118 | $ 3,463,732 |
Operating income (loss) | 98,024 | 100,994 | 92,405 | 99,281 | 81,346 | 95,098 | 89,354 | 81,103 | 390,704 | 346,901 | (19,121) |
Income (loss) from continuing operations | 59,480 | 65,016 | 54,325 | 127,125 | 54,869 | 59,117 | 57,187 | 42,996 | 305,946 | 214,169 | (185,509) |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 774 | (1,475) | 2,831 | (1,788) | (3,359) | 774 | (3,791) | (99,162) |
Net income (loss) | $ 59,480 | $ 65,016 | $ 54,325 | $ 127,899 | $ 53,394 | $ 61,948 | $ 55,399 | $ 39,637 | $ 306,720 | $ 210,378 | $ (284,671) |
Net income (loss) per unit applicable to limited partners: | |||||||||||
Continuing operations | $ 0.61 | $ 0.68 | $ 0.54 | $ 1.46 | $ 0.55 | $ 0.61 | $ 0.58 | $ 0.40 | $ 3.29 | $ 2.14 | $ (2.89) |
Discontinued operations | 0 | 0 | 0 | 0.01 | (0.01) | 0.03 | (0.02) | (0.04) | 0.01 | (0.04) | (1.11) |
Total | 0.61 | 0.68 | 0.54 | 1.47 | 0.54 | 0.64 | 0.56 | 0.36 | 3.30 | 2.10 | (4) |
Cash distributions per unit applicable to limited partners | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 4.380 | $ 4.38 | $ 4.38 |