DEI Document
DEI Document - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-16417 | |
Entity Registrant Name | NuStar Energy L.P. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-2956831 | |
Entity Address, Street | 19003 IH-10 West | |
Entity Address, City | San Antonio | |
Entity Address, State | TX | |
Entity Address, Zip Code | 78257 | |
City Area Code | 210 | |
Entity Local Phone Number | 918-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Partnership Units Outstanding | 107,785,598 | |
Entity Central Index Key | 0001110805 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common units | |
Trading Symbol | NS | |
Security Exchange Name | NYSE | |
Series A Preferred Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | NSprA | |
Security Exchange Name | NYSE | |
Series B Preferred Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | NSprB | |
Security Exchange Name | NYSE | |
Series C Preferred Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | NSprC | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 15,354 | $ 11,529 |
Accounts receivable, net of allowance for doubtful accounts of $72 and $9,412 as of September 30, 2019 and December 31, 2018, respectively | 130,549 | 110,417 |
Inventories | 10,123 | 8,434 |
Prepaid and other current assets | 31,925 | 17,374 |
Assets held for sale | 0 | 599,347 |
Total current assets | 187,951 | 747,101 |
Property, plant and equipment, at cost | 6,090,131 | 5,627,805 |
Accumulated depreciation and amortization | (2,014,791) | (1,853,003) |
Property, plant and equipment, net | 4,075,340 | 3,774,802 |
Intangible assets, net | 694,488 | 733,056 |
Goodwill | 1,005,853 | 1,005,853 |
Other long-term assets, net | 172,204 | 88,328 |
Total assets | 6,135,836 | 6,349,140 |
Current liabilities: | ||
Accounts payable | 102,209 | 103,122 |
Short-term debt and current portion of finance leases | 15,664 | 18,500 |
Current portion of long-term debt | 453,241 | 0 |
Accrued interest payable | 40,902 | 36,293 |
Accrued liabilities | 99,889 | 74,418 |
Taxes other than income tax | 15,282 | 16,823 |
Income tax payable | 3,050 | 4,445 |
Liabilities held for sale | 0 | 69,834 |
Total current liabilities | 730,237 | 323,435 |
Long-term debt, less current portion | 2,898,477 | 3,111,996 |
Deferred income tax liability | 12,097 | 12,428 |
Other long-term liabilities | 148,108 | 79,558 |
Total liabilities | 3,788,919 | 3,527,417 |
Commitments and contingencies (Note 6) | ||
Series D preferred limited partners (23,246,650 preferred units outstanding as of September 30, 2019 and December 31, 2018) (Note 9) | 577,191 | 563,992 |
Partners’ equity (Note 10): | ||
Common limited partners (107,766,142 and 107,225,156 common units outstanding as of September 30, 2019 and December 31, 2018, respectively) | 1,092,686 | 1,556,308 |
Accumulated other comprehensive loss | (79,261) | (54,878) |
Total partners’ equity | 1,769,726 | 2,257,731 |
Total liabilities, mezzanine equity and partners’ equity | 6,135,836 | 6,349,140 |
Series A Preferred Limited Partner [Member] | ||
Partners’ equity (Note 10): | ||
Preferred limited partners | 218,307 | 218,307 |
Series B Preferred Limited Partner [Member] | ||
Partners’ equity (Note 10): | ||
Preferred limited partners | 371,476 | 371,476 |
Series C Preferred Limited Partner [Member] | ||
Partners’ equity (Note 10): | ||
Preferred limited partners | $ 166,518 | $ 166,518 |
CONSOLIDATED BALANCE SHEETS Non
CONSOLIDATED BALANCE SHEETS Non-Printing - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 72 | $ 9,412 |
Series D preferred units outstanding | 23,246,650 | 23,246,650 |
Limited partners common units outstanding (in units) | 107,766,142 | 107,225,156 |
Series A Preferred Limited Partner [Member] | ||
Preferred units outstanding | 9,060,000 | 9,060,000 |
Series B Preferred Limited Partner [Member] | ||
Preferred units outstanding | 15,400,000 | 15,400,000 |
Series C Preferred Limited Partner [Member] | ||
Preferred units outstanding | 6,900,000 | 6,900,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Total revenues | $ 378,056 | $ 380,142 | $ 1,098,327 | $ 1,146,125 |
Costs and expenses: | ||||
Operating expenses (excluding depreciation and amortization expense) | 100,852 | 94,673 | 297,358 | 283,481 |
Depreciation and amortization expense | 66,332 | 62,111 | 196,141 | 183,712 |
General and administrative expenses (excluding depreciation and amortization expense) | 27,804 | 26,255 | 78,363 | 71,151 |
Other depreciation and amortization expense | 2,216 | 2,192 | 6,154 | 6,389 |
Total costs and expenses | 278,084 | 290,977 | 831,467 | 897,080 |
Operating income | 99,972 | 89,165 | 266,860 | 249,045 |
Interest expense, net | (46,902) | (44,314) | (136,886) | (140,091) |
Other income, net | 608 | 925 | 2,020 | 3,548 |
Income (loss) from continuing operations before income tax expense | 53,678 | 45,776 | 131,994 | 112,502 |
Income tax expense | 1,090 | 2,113 | 3,568 | 8,697 |
Income (loss) from continuing operations | 52,588 | 43,663 | 128,426 | 103,805 |
(Loss) income from discontinued operations, net of tax | (4,777) | 4,473 | (312,527) | 99,863 |
Net income (loss) | $ 47,811 | $ 48,136 | $ (184,101) | $ 203,668 |
Basic net income (loss) per common unit (Note 11): | ||||
Continuing operations | $ 0.15 | $ (3.53) | $ 0.20 | $ (3.51) |
Discontinued operations | (0.04) | 0.04 | (2.90) | 1.01 |
Total net income (loss) per common unit | 0.11 | (3.49) | (2.70) | (2.50) |
Diluted net income (loss) per common unit (Note 11): | ||||
Continuing operations | 0.15 | (3.53) | 0.20 | (3.51) |
Discontinued operations | (0.04) | 0.04 | (2.90) | 1.01 |
Total net income (loss) per common unit | $ 0.11 | $ (3.49) | $ (2.70) | $ (2.50) |
Basic weighted-average common units outstanding | 107,763,870 | 104,264,796 | 107,687,019 | 96,920,202 |
Diluted weighted-average common units outstanding | 107,875,529 | 104,264,796 | 107,724,648 | 96,920,202 |
Comprehensive income (loss) | $ 36,213 | $ 53,037 | $ (208,484) | $ 226,872 |
Service [Member] | ||||
Revenues: | ||||
Total revenues | 289,258 | 270,269 | 830,757 | 777,937 |
Costs and expenses: | ||||
Total costs associated with service revenues/Cost of product sales | 167,184 | 156,784 | 493,499 | 467,193 |
Product [Member] | ||||
Revenues: | ||||
Total revenues | 88,798 | 109,873 | 267,570 | 368,188 |
Costs and expenses: | ||||
Total costs associated with service revenues/Cost of product sales | $ 80,880 | $ 105,746 | $ 253,451 | $ 352,347 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ (184,101) | $ 203,668 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 210,831 | 223,579 |
Unit-based compensation expense | 10,060 | 8,689 |
Amortization of debt related items | 3,991 | 5,926 |
Loss (gain) from sale or disposition of assets | 2,569 | (1,264) |
Asset and goodwill impairment losses | 336,838 | 0 |
Gain from insurance recoveries | 0 | (78,756) |
Deferred income tax (benefit) expense | (605) | 1,340 |
Changes in current assets and current liabilities (Note 12) | (38,082) | 31,243 |
Decrease (increase) in other long-term assets | 18,119 | (2,324) |
Decrease in other long-term liabilities | (3,223) | (28,171) |
Other, net | (1,736) | (610) |
Net cash provided by operating activities | 354,661 | 363,320 |
Cash flows from investing activities: | ||
Capital expenditures | (435,043) | (338,440) |
Change in accounts payable related to capital expenditures | (12,641) | (18,630) |
Proceeds from sale or disposition of assets | 314 | 2,220 |
Proceeds from sale of the St. Eustatius Operations (Note 3) | 227,709 | 0 |
Proceeds from insurance recoveries | 0 | 78,419 |
Acquisitions | 0 | (37,502) |
Investments in other long-term assets | 0 | (3,280) |
Other, net | 1,100 | 0 |
Net cash (used in) provided by investing activities | (220,761) | (317,213) |
Cash flows from financing activities: | ||
Proceeds from long-term debt borrowings | 565,400 | 985,453 |
Proceeds from short-term debt borrowings | 253,500 | 538,500 |
Proceeds from note offering, net of issuance costs | 491,588 | 0 |
Long-term debt repayments | (870,600) | (1,215,498) |
Short-term debt repayments | (260,500) | (563,000) |
Proceeds from issuance of Series D preferred units | 0 | 590,000 |
Payment of issuance costs for Series D preferred units | 0 | (34,187) |
Issuance of common units, including contributions from general partner | 0 | 10,204 |
Distributions to preferred unitholders | (91,269) | (60,247) |
Distributions to common unitholders and general partner | (193,683) | (236,549) |
Cash consideration for Merger (Note 1) | 0 | (61,271) |
Proceeds from termination of interest rate swaps | 0 | 8,048 |
Payment of tax withholding for unit-based compensation | (6,578) | (557) |
Decrease in cash book overdrafts | (4,741) | (27) |
Other, net | (7,218) | (5,970) |
Net cash (used in) provided by financing activities | (124,101) | (45,101) |
Effect of foreign exchange rate changes on cash | 681 | (719) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 10,480 | 287 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 13,644 | 24,292 |
Cash, cash equivalents and restricted cash as of the end of the period | $ 24,124 | $ 24,579 |
CONSOLIDATED STATEMENTS OF PART
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY AND MEZZANINE EQUITY - USD ($) $ in Thousands | Total | AOCI [Member] | Preferred Limited Partner [Member] | Common Limited Partner [Member] | General Partner [Member] | General Partner and Common Limited Partners [Member] | Series D Preferred Limited Partner [Member] |
Partners' capital - beginning balance at Dec. 31, 2017 | $ 2,480,089 | $ (84,927) | $ 756,603 | $ 1,770,587 | $ 37,826 | ||
Temporary equity - beginning balance at Dec. 31, 2017 | 0 | ||||||
Partners' capital and temporary equity - beginning balance at Dec. 31, 2017 | 2,480,089 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net income (loss) | 203,668 | 0 | 48,056 | 139,086 | 2,466 | ||
Net income (loss) excluding portion attributable to temporary equity | 189,608 | ||||||
Net income, temporary equity | $ 14,060 | ||||||
Other comprehensive income (loss) | 23,204 | 23,204 | 0 | 0 | 0 | ||
Cash distributions to partners | (48,056) | (222,170) | (14,379) | $ (236,549) | |||
Cash distributions to partners, temporary equity | (14,060) | ||||||
Issuance of common units, including contribution from general partner | 10,204 | 0 | 0 | 10,000 | 204 | ||
Issuance of Series D preferred units | 555,813 | 555,813 | |||||
Unit-based compensation | 6,559 | 0 | 0 | 6,559 | 0 | ||
Adjustments related to the Merger (Note 1) | (67,972) | 0 | 0 | (41,973) | (25,999) | ||
Series D Preferred Unit accretion, common | (4,031) | 0 | 0 | (4,031) | 0 | ||
Series D Preferred Unit accretion, preferred | 4,031 | ||||||
Series D Preferred Unit accretion, total | 0 | ||||||
Other | (6,174) | 0 | (300) | (5,756) | (118) | ||
Other, temporary equity | 0 | ||||||
Other, including temporary equity | (6,174) | ||||||
Partners' capital - ending balance at Sep. 30, 2018 | 2,346,882 | (61,723) | 756,303 | $ 1,652,302 | 0 | ||
Temporary equity - ending balance at Sep. 30, 2018 | 559,844 | ||||||
Partners' capital and temporary equity - ending balance at Sep. 30, 2018 | 2,906,726 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Cash distributions paid, per unit | $ 2.295 | ||||||
Partners' capital - beginning balance at Jun. 30, 2018 | 2,456,477 | (66,624) | 756,334 | $ 1,740,768 | 25,999 | ||
Temporary equity - beginning balance at Jun. 30, 2018 | 370,711 | ||||||
Partners' capital and temporary equity - beginning balance at Jun. 30, 2018 | 2,827,188 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net income (loss) | 48,136 | 0 | 16,033 | 18,255 | 0 | ||
Net income (loss) excluding portion attributable to temporary equity | 34,288 | ||||||
Net income, temporary equity | 13,848 | ||||||
Other comprehensive income (loss) | 4,901 | 4,901 | 0 | 0 | 0 | ||
Cash distributions to partners | (16,033) | (64,225) | 0 | $ (64,225) | |||
Cash distributions to partners, temporary equity | (13,848) | ||||||
Issuance of Series D preferred units | 185,102 | 185,102 | |||||
Unit-based compensation | 3,508 | 0 | 0 | 3,508 | 0 | ||
Adjustments related to the Merger (Note 1) | (67,972) | 0 | 0 | (41,973) | (25,999) | ||
Series D Preferred Unit accretion, common | (4,031) | 0 | 0 | (4,031) | 0 | ||
Series D Preferred Unit accretion, preferred | 4,031 | ||||||
Series D Preferred Unit accretion, total | 0 | ||||||
Other | (31) | 0 | (31) | 0 | 0 | ||
Other, temporary equity | 0 | ||||||
Other, including temporary equity | (31) | ||||||
Partners' capital - ending balance at Sep. 30, 2018 | 2,346,882 | (61,723) | 756,303 | $ 1,652,302 | 0 | ||
Temporary equity - ending balance at Sep. 30, 2018 | 559,844 | ||||||
Partners' capital and temporary equity - ending balance at Sep. 30, 2018 | 2,906,726 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Cash distributions paid, per unit | $ 0.60 | ||||||
Partners' capital - beginning balance at Dec. 31, 2018 | 2,257,731 | (54,878) | 756,301 | $ 1,556,308 | 0 | ||
Temporary equity - beginning balance at Dec. 31, 2018 | 563,992 | ||||||
Partners' capital and temporary equity - beginning balance at Dec. 31, 2018 | 2,821,723 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net income (loss) | (184,101) | 0 | 48,100 | (275,370) | 0 | ||
Net income (loss) excluding portion attributable to temporary equity | (227,270) | ||||||
Net income, temporary equity | 43,169 | ||||||
Other comprehensive income (loss) | (24,383) | (24,383) | 0 | 0 | 0 | ||
Cash distributions to partners | (48,100) | (193,683) | 0 | ||||
Cash distributions to partners, temporary equity | (43,169) | ||||||
Unit-based compensation | 19,218 | 0 | 0 | 19,218 | 0 | ||
Series D Preferred Unit accretion, common | (13,340) | (13,340) | 0 | ||||
Series D Preferred Unit accretion, preferred | 13,340 | ||||||
Series D Preferred Unit accretion, total | 0 | ||||||
Other | (447) | 0 | 0 | (447) | 0 | ||
Other, temporary equity | (141) | ||||||
Other, including temporary equity | (588) | ||||||
Partners' capital - ending balance at Sep. 30, 2019 | 1,769,726 | (79,261) | 756,301 | $ 1,092,686 | 0 | ||
Temporary equity - ending balance at Sep. 30, 2019 | 577,191 | ||||||
Partners' capital and temporary equity - ending balance at Sep. 30, 2019 | 2,346,917 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Cash distributions paid, per unit | $ 1.80 | ||||||
Partners' capital - beginning balance at Jun. 30, 2019 | 1,829,303 | (67,663) | 756,301 | $ 1,140,665 | 0 | ||
Temporary equity - beginning balance at Jun. 30, 2019 | 572,597 | ||||||
Partners' capital and temporary equity - beginning balance at Jun. 30, 2019 | 2,401,900 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net income (loss) | 47,811 | 0 | 16,034 | 17,388 | 0 | ||
Net income (loss) excluding portion attributable to temporary equity | 33,422 | ||||||
Net income, temporary equity | 14,389 | ||||||
Other comprehensive income (loss) | (11,598) | (11,598) | 0 | 0 | 0 | ||
Cash distributions to partners | (16,034) | (64,658) | 0 | ||||
Cash distributions to partners, temporary equity | (14,389) | ||||||
Unit-based compensation | 3,532 | 0 | 0 | 3,532 | 0 | ||
Series D Preferred Unit accretion, common | (4,592) | (4,592) | 0 | ||||
Series D Preferred Unit accretion, preferred | 4,592 | ||||||
Series D Preferred Unit accretion, total | 0 | ||||||
Other | 351 | 0 | 0 | 351 | 0 | ||
Other, temporary equity | $ 2 | ||||||
Other, including temporary equity | 353 | ||||||
Partners' capital - ending balance at Sep. 30, 2019 | 1,769,726 | $ (79,261) | $ 756,301 | $ 1,092,686 | $ 0 | ||
Temporary equity - ending balance at Sep. 30, 2019 | 577,191 | ||||||
Partners' capital and temporary equity - ending balance at Sep. 30, 2019 | $ 2,346,917 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Cash distributions paid, per unit | $ 0.60 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Organization and Operations NuStar Energy L.P. (NYSE: NS) is a publicly held Delaware limited partnership engaged in the transportation of petroleum products and anhydrous ammonia, and the terminalling, storage and 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. On July 20, 2018, we completed the merger of NuStar GP Holdings, LLC (NuStar GP Holdings or NSH) with a subsidiary of NS (the Merger). Consequently, NSH, which indirectly owns our general partner, became a wholly owned subsidiary of ours. Under the terms of the merger agreement, NSH unitholders received 0.55 of a common unit representing a limited partner interest in NS in exchange for each NSH unit owned at the effective time of the Merger, resulting in approximately 13.4 million incremental NS common units outstanding after the Merger. We accounted for the Merger as an equity transaction similar to a redemption or induced conversion of preferred stock, which resulted in a loss of $377.1 million that was subtracted from net income attributable to common unitholders in the calculation of net income (loss) per common unit for the three and nine months ended September 30, 2018. Please refer to Note 11 for the calculation of net income (loss) per common unit. 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. Recent Developments On July 29, 2019 , we sold our St. Eustatius terminal and bunkering operations for approximately $250.0 million , subject to adjustment. Please refer to Note 3 for additional discussion. Basis of Presentation These unaudited condensed consolidated financial statements include the accounts of the Partnership and subsidiaries in which the Partnership has a controlling interest. Inter-partnership balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included, and all disclosures are adequate. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 . We have reclassified certain previously reported amounts in the consolidated financial statements and notes to conform to current-period presentation. As further discussed in Note 3 , we reclassified certain balances to assets and liabilities held for sale and certain revenues and expenses to discontinued operations. New Accounting Policy As of September 30, 2019 , we have restricted cash representing legally restricted funds that are unavailable for general use totaling $8.8 million , which is included in “Prepaid and other current assets” on the consolidated balance sheet. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS Securities and Exchange Commission Disclosure Update and Simplification In August 2018, the Securities and Exchange Commission (SEC) issued final rules regarding disclosure requirements that were redundant, duplicative, overlapping or superseded by other SEC requirements or GAAP. The final rules primarily eliminated or reduced certain disclosure requirements, although they also required some additional disclosures. The guidance became effective on November 5, 2018, with an exception for the new disclosure requirement to present changes in partners’ equity in interim periods, which permits entities to begin disclosing this information in the quarter that begins after the effective date of the final rules. We elected to utilize this exception, and began presenting statements of partners’ equity on an interim basis beginning with the quarter ending March 31, 2019. These final rules did not have an impact on our financial position or results of operations. Cloud Computing Arrangements In August 2018, the Financial Accounting Standards Board (FASB) issued guidance addressing a customer’s accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is considered a service contract. Under the new guidance, implementation costs for a CCA should be evaluated for capitalization using the same approach as implementation costs associated with internal-use software and expensed over the term of the hosting arrangement. The guidance is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. Prospective adoption for eligible costs incurred on or after the date of adoption or retrospective adoption is permitted. We currently expect to adopt the guidance on January 1, 2020 on a prospective basis. We do not expect the guidance to have a material impact on our financial position, results of operations or disclosures. Disclosures for Defined Benefit Plans In August 2018, the FASB issued amended guidance that makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. The guidance is effective for annual periods beginning after December 15, 2020, with early adoption permitted, using a retrospective approach. We are currently evaluating whether we will adopt these provisions early, but we do not expect the guidance to have a material impact on our financial position, results of operations or disclosures. Goodwill In January 2017, the FASB issued amended guidance that simplifies the accounting for goodwill impairment. Under the amended guidance, goodwill impairment is measured as the excess of the reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill for that reporting unit. The changes are effective for annual and interim periods beginning after December 15, 2019, and amendments should be applied prospectively. Early adoption is permitted for any impairment tests performed after January 1, 2017. We adopted the amended guidance during the first quarter of 2019 and applied the guidance to the goodwill impairment discussed in Note 3 . Credit Losses In June 2016, the FASB issued amended guidance that requires the use of a “current expected loss” model for financial assets measured at amortized cost and certain off-balance sheet credit exposures. Under this model, entities will be required to estimate the lifetime expected credit losses on such instruments based on historical experience, current conditions, and reasonable and supportable forecasts. This amended guidance also expands the disclosure requirements to enable users of financial statements to understand an entity’s assumptions, models and methods for estimating expected credit losses. The changes are effective for annual and interim periods beginning after December 15, 2019, and amendments should be applied using a modified retrospective approach. We expect to adopt the amended guidance on January 1, 2020. Currently, we do not expect the amended guidance to have a material impact on our financial position, results of operations or disclosures. Leases In February 2016, the FASB issued amended guidance that requires lessees to recognize the assets and liabilities that arise from most leases on the balance sheet. For lessors, this amended guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. The changes are effective for annual and interim periods beginning after December 15, 2018, and amendments should be applied using one of two modified retrospective transition methods. We adopted these provisions on January 1, 2019 through a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The transition adjustment related to the adoption was immaterial , and we do not expect the adoption of this guidance to impact the results of our operations going forward. Please refer to Note 7 |
DISCONTINUED OPERATIONS AND IMP
DISCONTINUED OPERATIONS AND IMPAIRMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND IMPAIRMENTS | DISCONTINUED OPERATIONS AND IMPAIRMENTS On July 29, 2019 , we sold our St. Eustatius terminal and bunkering operations (the St. Eustatius Operations) for approximately $250.0 million , subject to adjustment (the St. Eustatius Disposition). The St. Eustatius Disposition included a 14.3 million barrel storage and terminalling facility and related assets on the island of St. Eustatius in the Caribbean Netherlands. We previously reported the terminal operations in our storage segment and the bunkering operations in our fuels marketing segment. We received net proceeds of $227.7 million as of September 30, 2019. We recognized a non-cash loss of $3.9 million in “(Loss) income from discontinued operations, net of tax” on the condensed consolidated statements of comprehensive income (loss) in the third quarter of 2019. On November 30, 2018 , we sold our European operations, which consisted of six liquids storage terminals in the United Kingdom and one facility in Amsterdam and related assets that were previously reported in our storage segment (the European Operations), for approximately $270.0 million (the European Disposition). During the second quarter of 2019, we determined the assets and liabilities associated with the St. Eustatius Operations met the criteria to be classified as held for sale. We determined the St. Eustatius Operations and the European Operations met the requirements to be reported as discontinued operations since the St. Eustatius Disposition and the European Disposition together represent a strategic shift that will have a major impact on our operations and financial results. These sales were part of our plan to improve our debt metrics and partially fund capital projects to grow our core business in North America. Accordingly, the consolidated balance sheet reflects the assets and liabilities associated with the St. Eustatius Operations as held for sale as of December 31, 2018, and the condensed consolidated statements of comprehensive income (loss) reflect the St. Eustatius Operations and the European Operations as discontinued operations for all applicable periods presented. Discontinued Operations The following is a reconciliation of the major classes of line items included in “(Loss) income from discontinued operations, net of tax” on the condensed consolidated statements of comprehensive income (loss): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Thousands of Dollars) Revenues $ 17,501 $ 110,221 $ 248,981 $ 306,323 Costs and expenses: Cost of revenues 17,715 102,463 220,595 277,096 Impairment losses — — 336,838 — General and administrative expenses (excluding depreciation and amortization expense) 621 1,562 1,231 4,421 Other depreciation and amortization expense — 84 — 256 Total costs and expenses 18,336 104,109 558,664 281,773 Operating (loss) income (835 ) 6,112 (309,683 ) 24,550 Interest (expense) income, net — (511 ) 32 (1,442 ) Other (expense) income, net (3,942 ) (5 ) (2,775 ) 78,536 (Loss) income from discontinued operations before income tax expense (4,777 ) 5,596 (312,426 ) 101,644 Income tax expense — 1,123 101 1,781 (Loss) income from discontinued operations, net of tax $ (4,777 ) $ 4,473 $ (312,527 ) $ 99,863 The consolidated statements of cash flows have not been adjusted to separately disclose cash flows related to discontinued operations. The following table presents selected cash flow information associated with our discontinued operations: Nine Months Ended September 30, 2019 2018 (Thousands of Dollars) Capital expenditures $ (27,954 ) $ (99,327 ) Significant noncash operating activities: Depreciation and amortization expense $ 8,536 $ 33,478 Asset impairment losses $ 305,715 $ — Goodwill impairment loss $ 31,123 $ — Loss from sale of the St. Eustatius Operations $ 3,942 $ — Gain from insurance recoveries $ — $ (78,756 ) Impairments On January 28, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control added Petroleos de Venezuela, S.A. (PDVSA), at the time a customer at the St. Eustatius facility, to its List of Specially Designated Nationals and Blocked Persons (the SDN List). The inclusion of PDVSA on the SDN List required us to wind down our contracts with PDVSA. Prior to winding down such contracts, PDVSA was the St. Eustatius terminal’s largest customer. The effect of the sanctions issued against PDVSA, combined with the progression in the sale negotiations that occurred during March 2019, resulted in triggering events that caused us to evaluate the long-lived assets and goodwill associated with the St. Eustatius terminal and bunkering operations for potential impairment. With respect to the terminal operations long-lived assets, our estimates of future expected cash flows included the possibility of a near-term sale, as well as continuing to operate the terminal. The carrying value of the terminal’s long-lived assets exceeded our estimate of the total expected cash flows, indicating the long-lived assets were potentially impaired. To determine an impairment amount, we estimated the fair value of the long-lived assets for comparison to the carrying amount of those assets. Our estimate of the fair value considered the expected sales price as well as estimates generated from income and market approaches using a market participant’s assumptions. The estimated fair values resulting from the market and income approaches were consistent with the expected sales price. Therefore, we concluded that the estimated sales price, which was less than the carrying amount of the long-lived assets, represented the best estimate of fair value at March 31, 2019, and we recorded a long-lived asset impairment charge of $297.3 million in the first quarter of 2019 to reduce the carrying value of the assets to their estimated fair value. We recorded an additional impairment charge of $8.4 million in the second quarter of 2019, mainly due to additional capital expenditures incurred in the second quarter. Our estimate of the fair value is based on a transaction price in a market that is not active and thus falls within Level 2 of the fair value hierarchy. With respect to the goodwill in the Statia Bunkering reporting unit, which consisted of our bunkering operations at the St. Eustatius terminal facility, we estimated the fair value based on the expected sales price discussed above, which is inclusive of the bunkering operations. As a result, we concluded the goodwill was impaired. Consistent with FASB’s amended goodwill impairment guidance discussed in Note 2, which we adopted in the first quarter of 2019, we measured the goodwill impairment as the difference between the reporting unit’s carrying value and its fair value. Therefore, we recognized a goodwill impairment charge of $31.1 million in the first quarter of 2019 to reduce the goodwill to $0 for the Statia Bunkering reporting unit. The impairment charges are included in “(Loss) income from discontinued operations, net of tax” on the condensed consolidated statements of comprehensive income (loss). Assets and Liabilities Held for Sale The following is a reconciliation of the carrying amounts of the major classes of assets and liabilities included in “Assets held for sale” and “Liabilities held for sale” on the consolidated balance sheet: December 31, 2018 (Thousands of Dollars) Total current assets $ 54,404 Property, plant and equipment, net 513,820 Goodwill 31,123 Assets held for sale $ 599,347 Current liabilities $ 69,834 |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS [Text Block] | REVENUE FROM CONTRACTS WITH CUSTOMERS Contract Assets and Contract Liabilities The following table provides information about contract assets and contract liabilities from contracts with customers: 2019 2018 Contract Assets Contract Liabilities Contract Assets Contract Liabilities (Thousands of Dollars) Balances as of January 1: Current portion $ 2,066 $ (21,579 ) $ 1,956 $ (13,801 ) Noncurrent portion 539 (38,945 ) 171 (46,361 ) Held for sale — (25,357 ) — (302 ) Total 2,605 (85,881 ) 2,127 (60,464 ) Activity: Additions 3,091 (41,211 ) 1,086 (64,492 ) Transfer to accounts receivable (3,956 ) — (2,576 ) — Transfer to revenues, including amounts reported in discontinued operations — 67,171 — 42,417 Total (865 ) 25,960 (1,490 ) (22,075 ) Balances as of September 30: Current portion 343 (21,245 ) 227 (10,886 ) Noncurrent portion 1,397 (38,676 ) 410 (37,083 ) Held for sale — — — (34,570 ) Total $ 1,740 $ (59,921 ) $ 637 $ (82,539 ) As previously discussed in Note 3, the inclusion of PDVSA on the SDN List prevented us from providing services to PDVSA unless these sanctions were lifted or otherwise modified. As a result, in the first quarter of 2019 we accelerated the recognition of revenue totaling $16.3 million , representing the amount remaining from a third quarter 2018 settlement we entered into with PDVSA. Remaining Performance Obligations The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenue as of September 30, 2019 (in thousands of dollars): 2019 (remaining) $ 135,006 2020 476,405 2021 331,169 2022 278,062 2023 206,542 Thereafter 376,382 Total $ 1,803,566 Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to customer service contracts that have fixed pricing and fixed volume terms and conditions, generally including contracts with payment obligations for take-or-pay minimum volume commitments. Disaggregation of Revenues The following table disaggregates our revenues: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Thousands of Dollars) Pipeline segment: Crude oil pipelines $ 81,287 $ 67,543 $ 227,058 $ 181,487 Refined products and ammonia pipelines 95,219 95,300 272,859 268,368 Total pipeline segment revenues from contracts with customers 176,506 162,843 499,917 449,855 Lessor revenues 2,667 — 8,000 54 Total pipeline segment revenues 179,173 162,843 507,917 449,909 Storage segment: Throughput terminals 26,333 21,143 71,189 61,300 Storage terminals 77,209 79,127 225,869 245,030 Total storage segment revenues from contracts with customers 103,542 100,270 297,058 306,330 Lessor revenues 10,193 9,963 30,580 29,887 Total storage segment revenues 113,735 110,233 327,638 336,217 Fuels marketing segment: Revenues from contracts with customers 85,148 107,072 262,776 360,023 Consolidation and intersegment eliminations — (6 ) (4 ) (24 ) Total revenues $ 378,056 $ 380,142 $ 1,098,327 $ 1,146,125 |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Revolving Credit Agreement On September 12, 2019, NuStar Logistics amended its revolving credit agreement (the Revolving Credit Agreement) primarily to extend the maturity date to October 29, 2021 and reduce the total amount available for borrowing from $1.4 billion to $1.2 billion . As of September 30, 2019 , we had $445.0 million outstanding under the Revolving Credit Agreement. 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. In the second quarter of 2019, our credit rating was downgraded by S&P Global Ratings from BB to BB- , and our outlook was changed from negative to stable by S&P Global Ratings, Moody’s Investor Service Inc. and Fitch, Inc. However, per the terms of the Revolving Credit Agreement, these changes did not impact the interest rate on our Revolving Credit Agreement, which is the only debt arrangement with an interest rate that is subject to adjustment if our debt rating is downgraded (or upgraded) by certain credit rating agencies. As of September 30, 2019 , our weighted-average interest rate related to borrowings under the Revolving Credit Agreement was 4.2% . For the rolling period of four quarters ending September 30, 2019, the consolidated debt coverage ratio (as defined in the Revolving Credit Agreement) could not exceed 5.00-to-1.00 and the consolidated interest coverage ratio (as defined in the Revolving Credit Agreement) must not be less than 1.75-to-1.00. The maximum consolidated debt coverage ratio and minimum consolidated interest coverage ratio requirements 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 September 30, 2019 , we had $751.5 million available for borrowing, and we believe that we are in compliance with the covenants in the Revolving Credit Agreement. Receivables Financing Agreement NuStar Energy and NuStar Finance LLC (NuStar Finance), a special purpose entity and wholly owned subsidiary of NuStar Energy, 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). On April 29, 2019, we amended the Receivables Financing Agreement to extend the scheduled termination date from September 20, 2020 to September 20, 2021 and to amend certain provisions with respect to receivables related to certain customers. NuStar Finance’s sole activity consists of purchasing receivables from NuStar Energy’s wholly owned subsidiaries that participate in the Securitization Program and providing these receivables as collateral for NuStar Finance’s revolving borrowings 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, its subsidiaries selling receivables under the Securitization Program or their affiliates. The amount available for borrowing is based on the availability of eligible receivables and other customary factors and conditions. Borrowings by NuStar Finance under the Receivables Financing Agreement bear interest at the applicable bank rate, as defined under the Receivables Financing Agreement. The weighted average interest rate related to outstanding borrowings under the Securitization Program as of September 30, 2019 was 2.9% . As of September 30, 2019 , $109.8 million of our accounts receivable are included in the Securitization Program. The amount of borrowings outstanding under the Receivables Financing Agreement totaled $56.6 million as of September 30, 2019 , which is included in “Long-term debt, less current portion” on the consolidated balance sheet. Issuance of Debt On May 22, 2019 , NuStar Logistics issued $500.0 million of 6.0% senior notes due June 1, 2026 . We received net proceeds of approximately $491.6 million , which we used to repay outstanding borrowings under our Revolving Credit Agreement. The interest on the 6.0% senior notes is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2019. The 6.0% senior notes do not have sinking fund requirements. These notes rank equally with existing senior unsecured indebtedness and senior to existing subordinated indebtedness of NuStar Logistics. The 6.0% senior notes contain restrictions on NuStar Logistics’ ability to incur secured indebtedness unless the same security is also provided for the benefit of holders of the senior notes. In addition, the senior notes limit NuStar Logistics’ ability to incur indebtedness secured by certain liens, engage in certain sale-leaseback transactions and engage in certain consolidations, mergers or asset sales. The 6.0% senior notes are fully and unconditionally guaranteed by NuStar Energy and NuPOP. At the option of NuStar Logistics, the 6.0% senior notes may be redeemed in whole or in part at any time at a redemption price, plus accrued and unpaid interest to the redemption date. If we undergo a change of control, as defined in the supplemental indenture, each holder of the notes may require us to repurchase all or a portion of its notes at a price equal to 101% of the principal amount of the notes repurchased, plus any accrued and unpaid interest to the date of repurchase. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND 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. We accrued $3.7 million for contingent losses as of September 30, 2019 and $2.8 million as of December 31, 2018 |
LEASE ASSETS AND LIABILITIES
LEASE ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessee, operating leases | LEASE ASSETS AND LIABILITIES Transition On January 1, 2019, we adopted Accounting Standards Codification Topic 842, “Leases” (ASC Topic 842) using the modified retrospective method. Results for reporting periods beginning after January 1, 2019 are presented under ASC Topic 842. In accordance with the modified retrospective approach, prior period amounts were not adjusted and are reported under ASC Topic 840, “Leases.” As a result of the adoption of ASC Topic 842, we recorded right-of-use assets and lease liabilities of approximately $207.0 million and $192.0 million , respectively, as of January 1, 2019. The adoption of ASC Topic 842 had an immaterial impact on our results of operations and cash flows. We elected the following practical expedients permitted under the transition guidance within the new standard: • the package of practical expedients, which, among other things, allowed us to carry forward historical lease classification; • the practical expedient specifically related to land easements, which, among other things, allowed us to carry forward our historical accounting treatment for existing land easement agreements; • the lessee practical expedient to combine lease and non-lease components for all of our asset classes except the other pipeline and terminal equipment asset class; and • the lessor practical expedient to combine lease and non-lease components and to account for the transaction based on the predominant component (i.e., ASC Topic 842 or ASC Topic 606, “Revenue from Contracts with Customers”). We apply this expedient to certain contracts in which we agree to provide both storage capacity and optional services to customers. We record all leases on our consolidated balance sheet except for those leases with an initial term of 12 months or less, which are expensed on a straight-line basis over the lease term. We use judgment in determining the reasonably certain lease term and consider factors such as the nature and utility of the leased asset, as well as the importance of the leased asset to our operations. We calculate the present value of our lease liabilities based upon our incremental borrowing rate unless the rate implicit in the lease is readily determinable. Lessee Arrangements Our operating leases consist primarily of land and dock leases at various terminal facilities. Land and dock leases have remaining terms generally ranging from 3 years to 17 years and include options to extend up to 15 years , which we are reasonably certain to exercise . The primary component of our finance lease portfolio is a dock at a terminal facility, which includes a commitment for minimum dockage and wharfage throughput volumes. The dock lease has a remaining initial term of 2 years and four additional five-year renewal periods, all of which we are reasonably certain to exercise . We historically accounted for the dock lease under legacy build-to-suit accounting guidance, which was eliminated by ASC Topic 842. Certain of our leases are subject to variable payment arrangements, the most notable of which include: • dockage and wharfage charges, which are based on volumes moved over leased docks and are included in our calculation of our lease payments based on minimum throughput volume requirements. We recognize charges on excess throughput volumes in profit or loss in the period in which the obligation for those payments is incurred; and • consumer price index adjustments, which are measured and included in the calculation of our lease payments based on the consumer price index at the adoption date or, after adoption, at the commencement date. We recognize changes in lease payments as a result of changes in the consumer price index in profit or loss in the period in which those payments are made. As of September 30, 2019 , right-of-use assets and lease liabilities included in our consolidated balance sheet were as follows: Balance Sheet Location September 30, 2019 (Thousands of Dollars) Right-of-Use Assets: Operating Other long-term assets, net $ 84,143 Finance Property, plant and equipment, net of accumulated amortization of $2,703 $ 74,161 Lease Liabilities: Operating: Current Accrued liabilities $ 11,354 Noncurrent Other long-term liabilities 71,664 Total operating lease liabilities $ 83,018 Finance: Current Short-term debt and current portion of finance leases $ 4,164 Noncurrent Long-term debt, less current portion 55,105 Total finance lease liabilities $ 59,269 As of September 30, 2019 , maturities of our operating and finance lease liabilities were as follows: Operating Leases Finance Leases (Thousands of Dollars) 2019 (remaining) $ 3,256 $ 1,576 2020 12,642 6,306 2021 9,419 4,855 2022 8,717 4,186 2023 7,605 4,109 Thereafter 67,093 63,418 Total lease payments $ 108,732 $ 84,450 Less: Interest 25,714 25,181 Present value of lease liabilities $ 83,018 $ 59,269 Costs incurred for leases, including costs associated with discontinued operations, were as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (Thousands of Dollars) Operating lease cost $ 5,978 $ 24,920 Finance lease cost: Amortization of right-of-use assets 962 2,703 Interest expense on lease liability 554 1,653 Short-term lease cost 5,051 14,974 Variable lease cost 1,256 3,044 Total lease cost $ 13,801 $ 47,294 The table below presents additional information regarding our leases: Operating Leases Finance Leases (Thousands of Dollars, Except Term and Rate Data) For the nine months ended September 30, 2019: Cash outflows from operating activities $ 24,314 $ 1,469 Cash outflows from financing activities $ — $ 2,586 Right-of-use assets obtained in exchange for lease liabilities $ 2,153 $ 2,593 As of September 30, 2019: Weighted-average remaining lease term (in years) 15 21 Weighted-average discount rate 3.6 % 3.7 % |
Lessee, finance leases | LEASE ASSETS AND LIABILITIES Transition On January 1, 2019, we adopted Accounting Standards Codification Topic 842, “Leases” (ASC Topic 842) using the modified retrospective method. Results for reporting periods beginning after January 1, 2019 are presented under ASC Topic 842. In accordance with the modified retrospective approach, prior period amounts were not adjusted and are reported under ASC Topic 840, “Leases.” As a result of the adoption of ASC Topic 842, we recorded right-of-use assets and lease liabilities of approximately $207.0 million and $192.0 million , respectively, as of January 1, 2019. The adoption of ASC Topic 842 had an immaterial impact on our results of operations and cash flows. We elected the following practical expedients permitted under the transition guidance within the new standard: • the package of practical expedients, which, among other things, allowed us to carry forward historical lease classification; • the practical expedient specifically related to land easements, which, among other things, allowed us to carry forward our historical accounting treatment for existing land easement agreements; • the lessee practical expedient to combine lease and non-lease components for all of our asset classes except the other pipeline and terminal equipment asset class; and • the lessor practical expedient to combine lease and non-lease components and to account for the transaction based on the predominant component (i.e., ASC Topic 842 or ASC Topic 606, “Revenue from Contracts with Customers”). We apply this expedient to certain contracts in which we agree to provide both storage capacity and optional services to customers. We record all leases on our consolidated balance sheet except for those leases with an initial term of 12 months or less, which are expensed on a straight-line basis over the lease term. We use judgment in determining the reasonably certain lease term and consider factors such as the nature and utility of the leased asset, as well as the importance of the leased asset to our operations. We calculate the present value of our lease liabilities based upon our incremental borrowing rate unless the rate implicit in the lease is readily determinable. Lessee Arrangements Our operating leases consist primarily of land and dock leases at various terminal facilities. Land and dock leases have remaining terms generally ranging from 3 years to 17 years and include options to extend up to 15 years , which we are reasonably certain to exercise . The primary component of our finance lease portfolio is a dock at a terminal facility, which includes a commitment for minimum dockage and wharfage throughput volumes. The dock lease has a remaining initial term of 2 years and four additional five-year renewal periods, all of which we are reasonably certain to exercise . We historically accounted for the dock lease under legacy build-to-suit accounting guidance, which was eliminated by ASC Topic 842. Certain of our leases are subject to variable payment arrangements, the most notable of which include: • dockage and wharfage charges, which are based on volumes moved over leased docks and are included in our calculation of our lease payments based on minimum throughput volume requirements. We recognize charges on excess throughput volumes in profit or loss in the period in which the obligation for those payments is incurred; and • consumer price index adjustments, which are measured and included in the calculation of our lease payments based on the consumer price index at the adoption date or, after adoption, at the commencement date. We recognize changes in lease payments as a result of changes in the consumer price index in profit or loss in the period in which those payments are made. As of September 30, 2019 , right-of-use assets and lease liabilities included in our consolidated balance sheet were as follows: Balance Sheet Location September 30, 2019 (Thousands of Dollars) Right-of-Use Assets: Operating Other long-term assets, net $ 84,143 Finance Property, plant and equipment, net of accumulated amortization of $2,703 $ 74,161 Lease Liabilities: Operating: Current Accrued liabilities $ 11,354 Noncurrent Other long-term liabilities 71,664 Total operating lease liabilities $ 83,018 Finance: Current Short-term debt and current portion of finance leases $ 4,164 Noncurrent Long-term debt, less current portion 55,105 Total finance lease liabilities $ 59,269 As of September 30, 2019 , maturities of our operating and finance lease liabilities were as follows: Operating Leases Finance Leases (Thousands of Dollars) 2019 (remaining) $ 3,256 $ 1,576 2020 12,642 6,306 2021 9,419 4,855 2022 8,717 4,186 2023 7,605 4,109 Thereafter 67,093 63,418 Total lease payments $ 108,732 $ 84,450 Less: Interest 25,714 25,181 Present value of lease liabilities $ 83,018 $ 59,269 Costs incurred for leases, including costs associated with discontinued operations, were as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (Thousands of Dollars) Operating lease cost $ 5,978 $ 24,920 Finance lease cost: Amortization of right-of-use assets 962 2,703 Interest expense on lease liability 554 1,653 Short-term lease cost 5,051 14,974 Variable lease cost 1,256 3,044 Total lease cost $ 13,801 $ 47,294 The table below presents additional information regarding our leases: Operating Leases Finance Leases (Thousands of Dollars, Except Term and Rate Data) For the nine months ended September 30, 2019: Cash outflows from operating activities $ 24,314 $ 1,469 Cash outflows from financing activities $ — $ 2,586 Right-of-use assets obtained in exchange for lease liabilities $ 2,153 $ 2,593 As of September 30, 2019: Weighted-average remaining lease term (in years) 15 21 Weighted-average discount rate 3.6 % 3.7 % |
Lessor, operating leases | Lessor Arrangements We have entered into certain revenue arrangements where we are considered to be the lessor. Under the largest of these arrangements, we lease certain of our storage tanks in exchange for a fixed fee, subject to an annual consumer price index adjustment. The operating leases commenced on January 1, 2017, and have initial terms of 10 years with successive automatic renewal terms. We recognized lease revenues from these leases of $30.6 million for the nine months ended September 30, 2019 , which are included in “Service revenues” in the consolidated statements of income. As of September 30, 2019 , we expect to receive minimum lease payments totaling $283.4 million , based upon the consumer price index as of the adoption date. We will recognize these payments ratably over the remaining initial lease term. As of September 30, 2019 , the cost and accumulated depreciation of lease storage assets, which are included in our “Pipeline, storage and terminals” asset class within property, plant and equipment and have an estimated useful life of 30 years , total $234.8 million and $119.4 million , respectively. |
DERIVATIVES AND FAIR VALUE MEAS
DERIVATIVES AND FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND FAIR VALUE MEASUREMENTS | DERIVATIVES AND FAIR VALUE MEASUREMENTS Derivative Instruments 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 commodity volumes, grades, locations and delivery schedules, to help ensure that our hedging activities address our market risks. Derivative financial instruments associated with commodity price risk with respect to our petroleum product inventories and related firm commitments to purchase and/or sell such inventories were not material for any periods presented. Interest Rate Risk. We are a party to certain interest rate swap agreements that terminate in September 2020 to manage our exposure to changes in interest rates, which include forward-starting interest rate swap agreements related to a forecasted debt issuance in 2020. We entered into these swaps in order to hedge the risk of fluctuations in the required 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. Under the terms of the swaps, we pay a fixed rate and receive a rate based on the three-month USD LIBOR. These swaps qualify as cash flow hedges, and we designate them as such. We record the effective portion of mark-to-market adjustments as a component of “Accumulated other comprehensive loss” (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. As of September 30, 2019 and December 31, 2018 , the aggregate notional amount of forward-starting interest rate swaps totaled $250.0 million . The fair values of our interest rate swaps included in our consolidated balance sheets were as follows: Asset Derivatives Liability Derivatives Balance Sheet Location September 30, December 31, September 30, December 31, (Thousands of Dollars) Other long-term assets, net $ — $ 627 $ — $ — Accrued liabilities $ — $ — $ (27,582 ) $ — Other long-term liabilities $ — $ — $ — $ (751 ) Our forward-starting interest rate swaps had the following impact on earnings: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Thousands of Dollars) (Loss) gain recognized in other comprehensive income (loss) on derivative $ (10,866 ) $ 3,540 $ (27,458 ) $ 26,067 Loss reclassified from AOCI into interest expense, net $ (906 ) $ (1,719 ) $ (2,989 ) $ (4,271 ) As of September 30, 2019 , we expect to reclassify a loss of $2.6 million to “Interest expense, net” within the next twelve months associated with unwound forward-starting interest rate swaps. 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. Because 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, we include interest rate swaps in Level 2 of the fair value hierarchy. Non-recurring Fair Value Measurements. Please refer to Note 3 for a discussion of the Level 2 non-recurring fair value measurement associated with the impairment of long-lived assets related to the St. Eustatius terminal. Fair Value of Financial Instruments We recognize cash equivalents, receivables, payables and debt in our consolidated balance sheets at their carrying amounts. The fair values of these financial instruments, except for long-term debt other than finance leases, approximate their carrying amounts. The estimated fair values and carrying amounts of long-term debt, including the current portion and excluding finance leases, were as follows: September 30, 2019 December 31, 2018 (Thousands of Dollars) Fair value $ 3,435,992 $ 3,056,704 Carrying amount $ 3,296,613 $ 3,111,996 We have estimated the fair value of our publicly traded notes based upon quoted prices in active markets; therefore, we determined that the fair value of our publicly traded notes falls in Level 1 of the fair value hierarchy. With regard to our other debt, for which a quoted market price is not available, we have estimated the fair value using a discounted cash flow analysis using current incremental borrowing rates for similar types of borrowing arrangements and determined that the fair value falls in Level 2 of the fair value hierarchy. |
SERIES D CUMULATIVE CONVERTIBLE
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS | 9 Months Ended |
Sep. 30, 2019 | |
Temporary Equity Disclosure [Abstract] | |
SERIES D CUMULATIVE COVERTIBLE PREFERRED UNITS | SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Distributions on the Series D Cumulative Convertible Preferred Units (Series D Preferred Units) are payable out of any legally available funds, accrue and are cumulative from the original issuance dates, and are payable on the 15th day (or next business day) of each of March, June, September and December, to holders of record on the first business day of each payment month. The distribution rate on the Series D Preferred Units is: (i) 9.75% per annum (or $0.619 per unit per distribution period) for the first two years (beginning with the September 17, 2018 distribution); (ii) 10.75% per annum (or $0.682 per unit per distribution period) for years three through five; and (iii) the greater of 13.75% per annum (or $0.872 per unit per distribution period) or the distribution per common unit thereafter . While the Series D Preferred Units are outstanding, the Partnership will be prohibited from paying distributions on any junior securities, including the common units, unless full cumulative distributions on the Series D Preferred Units (and any parity securities) have been, or contemporaneously are being, paid or set aside for payment through the most recent Series D Preferred Unit distribution payment date. Any Series D Preferred Unit distributions in excess of $0.635 per unit may be paid, in the Partnership’s sole discretion, in additional Series D Preferred Units, with the remainder paid in cash. In October 2019, our board of directors declared distributions of $0.619 per Series D Preferred Unit to be paid on December 16, 2019 . |
PARTNERS' EQUITY
PARTNERS' EQUITY | 9 Months Ended |
Sep. 30, 2019 | |
Partners' Capital Notes [Abstract] | |
PARTNERS' EQUITY | PARTNERS' EQUITY Series A, B and C Preferred Units We allocate net income to our 8.50% Series A, 7.625% Series B and 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (collectively, the Series A, B and C Preferred Units) equal to the amount of distributions earned during the period. Distributions on our Series A, B and C Preferred Units are payable out of any legally available funds, accrue and are cumulative from the original issuance dates, and are payable on the 15th day (or next business day) of each of March, June, September and December of each year to holders of record on the first business day of each payment month as follows (until the distribution rate changes to a floating rate): Units Fixed Distribution Rate Per Unit Per Quarter Fixed Distribution Per Quarter Date at Which Distribution Rate Becomes Floating (Thousands of Dollars) Series A Preferred Units $ 0.53125 $ 4,813 December 15, 2021 Series B Preferred Units $ 0.47657 $ 7,339 June 15, 2022 Series C Preferred Units $ 0.56250 $ 3,881 December 15, 2022 In October 2019 , our board of directors declared distributions with respect to the Series A, B and C Preferred Units to be paid on December 16, 2019 . Common Limited Partners We make quarterly distributions to common unitholders of 100% of our “Available Cash,” generally defined as cash receipts less cash disbursements, including distributions to our preferred units , 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 common unitholders receive a distribution each quarter as determined by the board of directors, subject to limitation by the distributions in arrears, if any, on our preferred units. The following table summarizes information about quarterly cash distributions declared for our common limited partners: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) September 30, 2019 $ 0.60 $ 64,660 November 8, 2019 November 14, 2019 June 30, 2019 $ 0.60 $ 64,658 August 7, 2019 August 13, 2019 March 31, 2019 $ 0.60 $ 64,690 May 8, 2019 May 14, 2019 Accumulated Other Comprehensive Income (Loss) The balance of and changes in the components included in AOCI were as follows: Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total (Thousands of Dollars) Balance as of January 1, 2019 $ (47,299 ) $ (893 ) $ (6,686 ) $ (54,878 ) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification adjustments 1,802 (27,458 ) — (25,656 ) Net gain on pension costs reclassified into other income, net — — (1,736 ) (1,736 ) Net loss on cash flow hedges reclassified into interest expense, net — 2,989 — 2,989 Other — — 20 20 Other comprehensive income (loss) 1,802 (24,469 ) (1,716 ) (24,383 ) Balance as of September 30, 2019 $ (45,497 ) $ (25,362 ) $ (8,402 ) $ (79,261 ) |
NET INCOME (LOSS) PER COMMON UN
NET INCOME (LOSS) PER COMMON UNIT | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER COMMON UNIT | NET INCOME (LOSS) PER COMMON UNIT Basic net income (loss) per common unit is determined pursuant to the two-class method. Under this method, all earnings are allocated to our limited partners and participating securities based on their respective rights to receive distributions earned during the period. Participating securities include restricted units awarded under our long-term incentive plans. We compute basic net income (loss) per common unit by dividing net income (loss) attributable to common units by the weighted-average number of common units outstanding during the period. Diluted net income (loss) per common unit is computed by dividing net income (loss) attributable to common units by the sum of (i) the weighted average number of common units outstanding during the period and (ii) the effect of dilutive potential common units outstanding during the period. Dilutive potential common units may include contingently issuable performance unit awards and the Series D Preferred Units. The Series D Preferred Units are convertible into common units at the option of the holder at any time on or after June 29, 2028. As such, we calculated the dilutive effect of the Series D Preferred Units using the if-converted method. The effect of the assumed conversion of the Series D Preferred Units outstanding as of the end of each period presented was antidilutive; therefore, we did not include such conversion in the computation of diluted net income (loss) per common unit. The following table details the calculation of net income (loss) per common unit: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Thousands of Dollars, Except Unit and Per Unit Data) Net income (loss) $ 47,811 $ 48,136 $ (184,101 ) $ 203,668 Distributions to preferred limited partners (30,423 ) (29,881 ) (91,269 ) (62,116 ) Distributions to general partner — — — (1,141 ) Distributions to common limited partners (64,660 ) (64,248 ) (194,008 ) (184,369 ) Distribution equivalent rights to restricted units (607 ) (473 ) (1,892 ) (1,398 ) Distributions in excess of income (loss) $ (47,879 ) $ (46,466 ) $ (471,270 ) $ (45,356 ) Distributions to common limited partners $ 64,660 $ 64,248 $ 194,008 $ 184,369 Allocation of distributions in excess of income (loss) (47,879 ) (46,466 ) (471,270 ) (45,378 ) Series D Preferred Unit accretion (4,592 ) (4,031 ) (13,340 ) (4,031 ) Loss to common unitholders attributable to the Merger (refer to Note 1) — (377,079 ) — (377,079 ) Net income (loss) attributable to common units $ 12,189 $ (363,328 ) $ (290,602 ) $ (242,119 ) Basic weighted-average common units outstanding 107,763,870 104,264,796 107,687,019 96,920,202 Diluted common units outstanding: Basic weighted-average common units outstanding 107,763,870 104,264,796 107,687,019 96,920,202 Effect of dilutive potential common units 111,659 — 37,629 — Diluted weighted-average common units outstanding 107,875,529 104,264,796 107,724,648 96,920,202 Basic and diluted net income (loss) per common unit $ 0.11 $ (3.49 ) $ (2.70 ) $ (2.50 ) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS | 9 Months Ended |
Sep. 30, 2019 | |
Statement of Cash Flows [Abstract] | |
STATEMENTS OF CASH FLOWS | STATEMENTS OF CASH FLOWS Changes in current assets and current liabilities were as follows: Nine Months Ended September 30, 2019 2018 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ (2,514 ) $ 11,530 Receivable from related party — 160 Inventories 1,398 2,079 Other current assets (6,368 ) (953 ) Increase (decrease) in current liabilities: Accounts payable 1,559 18,082 Accrued interest payable 4,609 (9,700 ) Accrued liabilities (32,375 ) 4,830 Taxes other than income tax (2,991 ) 4,809 Income tax payable (1,400 ) 406 Changes in current assets and current liabilities $ (38,082 ) $ 31,243 The above changes in current assets and current liabilities differ from changes between amounts reflected in the applicable consolidated balance sheets due to: • the change in the amount accrued for capital expenditures; • the effect of foreign currency translation; • changes in the fair values of our interest rate swap agreements; • the recognition of lease liabilities upon the adoption of ASC Topic 842; • the reclassification of certain assets and liabilities to “Assets held for sale” and “Liabilities held for sale” on the consolidated balance sheets (please refer to Note 3 for additional discussion); and • current assets and current liabilities disposed of during the period. Cash flows related to interest and income taxes were as follows: Nine Months Ended September 30, 2019 2018 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 128,670 $ 145,089 Cash paid for income taxes, net of tax refunds received $ 6,876 $ 8,490 As of September 30, 2019 , restricted cash is included in "Prepaid and other current assets" on the consolidated balance sheet. “Cash, cash equivalents and restricted cash” on the consolidated statements of cash flows was included in the consolidated balance sheets as follows: September 30, December 31, (Thousands of Dollars) Cash and cash equivalents $ 15,354 $ 11,529 Prepaid and other current assets 8,770 — Assets held for sale — 2,115 Cash, cash equivalents and restricted cash $ 24,124 $ 13,644 |
EMPLOYEE BENEFIT PLANS AND UNIT
EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2019 | |
Compensation Related Costs [Abstract] | |
Employee Benefit Plans and Unit-Based Compensation [Text Block] | EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION Employee Benefit Plans NuStar’s Pension Plan is a qualified non-contributory defined benefit pension plan that provides eligible U.S. employees with retirement income as calculated under a cash balance formula. NuStar’s Excess Pension Plan is a nonqualified deferred compensation plan that provides benefits to a select group of management or other highly compensated employees. The Pension Plan and Excess Pension Plan are collectively referred to as the Pension Plans. In September 2019, we contributed $11.0 million to our Pension Plans. Our other postretirement benefit plans include a contributory medical benefits plan for U.S. employees who retired prior to April 1, 2014, and for employees who retire on or after April 1, 2014, a partial reimbursement for eligible third-party health care premiums. The components of net periodic benefit cost (income) related to our Pension Plans and other postretirement benefit plans were as follows: Pension Plans Other Postretirement Benefit Plans 2019 2018 2019 2018 (Thousands of Dollars) For the three months ended September 30: Service cost $ 2,387 $ 2,405 $ 108 $ 126 Interest cost 1,370 1,206 113 107 Expected return on assets (2,004 ) (1,854 ) — — Amortization of prior service credit (515 ) (515 ) (286 ) (286 ) Amortization of net loss 212 544 10 53 Net periodic benefit cost (income) $ 1,450 $ 1,786 $ (55 ) $ — For the nine months ended September 30: Service cost $ 7,162 $ 7,216 $ 323 $ 378 Interest cost 4,110 3,618 340 322 Expected return on assets (6,011 ) (5,563 ) — — Amortization of prior service credit (1,543 ) (1,543 ) (859 ) (859 ) Amortization of net loss 635 1,631 31 160 Net periodic benefit cost (income) $ 4,353 $ 5,359 $ (165 ) $ 1 The service cost component of net periodic benefit cost (income) is presented in the same income statement line items as other current employee compensation costs, but the remaining components of net periodic benefit cost (income) are reported on the condensed consolidated statements of comprehensive income (loss) in “Other income, net.” Unit-Based Compensation In April 2019, our common unitholders approved the 2019 Long-Term Incentive Plan (2019 LTIP) for eligible employees, consultants and directors of NuStar Energy L.P., and of NuStar GP, LLC, and their respective affiliates who perform services for us and our subsidiaries. The 2019 LTIP allows for the awarding of (i) options; (ii) restricted units; (iii) distribution equivalent rights; (iv) performance cash; (v) performance units; and (vi) unit awards. The 2019 LTIP permits the granting of awards totaling an aggregate of 2,500,000 common units, subject to adjustment as provided in the 2019 LTIP. The 2019 LTIP generally will be administered by the compensation committee of our board of directors. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Our reportable business segments consist of the pipeline, storage and fuels marketing segments. 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, and the terminalling, storage and marketing of petroleum products. Results of operations for the reportable segments were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Thousands of Dollars) Revenues: Pipeline $ 179,173 $ 162,843 $ 507,917 $ 449,909 Storage: Third parties 113,735 110,227 327,634 336,193 Intersegment — 6 4 24 Total storage 113,735 110,233 327,638 336,217 Fuels marketing 85,148 107,072 262,776 360,023 Consolidation and intersegment eliminations — (6 ) (4 ) (24 ) Total revenues $ 378,056 $ 380,142 $ 1,098,327 $ 1,146,125 Operating income: Pipeline $ 87,818 $ 77,021 $ 233,834 $ 197,794 Storage 37,906 39,271 108,222 121,139 Fuels marketing 4,268 1,320 9,353 7,652 Consolidation and intersegment eliminations — — (32 ) — Total segment operating income 129,992 117,612 351,377 326,585 General and administrative expenses 27,804 26,255 78,363 71,151 Other depreciation and amortization expense 2,216 2,192 6,154 6,389 Total operating income $ 99,972 $ 89,165 $ 266,860 $ 249,045 Total assets by reportable segment were as follows: September 30, December 31, (Thousands of Dollars) Pipeline $ 3,851,998 $ 3,637,226 Storage 2,058,551 1,902,764 Fuels marketing 38,706 37,252 Total segment assets 5,949,255 5,577,242 Assets held for sale — 599,347 Other partnership assets 186,581 172,551 Total consolidated assets $ 6,135,836 $ 6,349,140 |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 9 Months Ended |
Sep. 30, 2019 | |
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 100% indirectly owned subsidiaries, NuStar Logistics and NuPOP. The senior and subordinated notes issued by NuStar Logistics are fully and unconditionally guaranteed by NuStar Energy and NuPOP. As a result, the following condensed consolidating financial statements are presented as an alternative to providing separate financial statements for NuStar Logistics and NuPOP. Condensed Consolidating Balance Sheets September 30, 2019 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 90 $ 27 $ — $ 15,237 $ — $ 15,354 Receivables, net — 82 — 130,467 — 130,549 Inventories — 1,912 4,693 3,518 — 10,123 Prepaid and other current assets 138 26,696 1,056 4,035 — 31,925 Intercompany receivable — 1,290,555 — 595,493 (1,886,048 ) — Total current assets 228 1,319,272 5,749 748,750 (1,886,048 ) 187,951 Property, plant and equipment, net — 2,044,102 610,544 1,420,694 — 4,075,340 Intangible assets, net — 42,039 — 652,449 — 694,488 Goodwill — 149,453 170,652 685,748 — 1,005,853 Investment in wholly owned subsidiaries 2,887,631 1,725,947 1,147,269 498,799 (6,259,646 ) — Other long-term assets, net 79 104,751 32,344 35,030 — 172,204 Total assets $ 2,887,938 $ 5,385,564 $ 1,966,558 $ 4,041,470 $ (8,145,694 ) $ 6,135,836 Liabilities, Mezzanine Equity and Partners’ Equity Accounts payable $ 5,411 $ 38,926 $ 6,470 $ 51,402 $ — $ 102,209 Short-term debt and current portion of finance leases — 15,442 206 16 — 15,664 Current portion of long-term debt — 453,241 — — — 453,241 Accrued interest payable — 40,867 3 32 — 40,902 Accrued liabilities 1,069 50,772 8,659 39,389 — 99,889 Taxes other than income tax 63 8,027 6,607 585 — 15,282 Income tax payable — 341 1 2,708 — 3,050 Intercompany payable 455,217 — 1,430,831 — (1,886,048 ) — Total current liabilities 461,760 607,616 1,452,777 94,132 (1,886,048 ) 730,237 Long-term debt, less current portion — 2,841,373 768 56,336 — 2,898,477 Deferred income tax liability — 1,675 9 10,413 — 12,097 Other long-term liabilities — 67,928 14,348 65,832 — 148,108 Series D preferred units 577,191 — — — — 577,191 Total partners’ equity 1,848,987 1,866,972 498,656 3,814,757 (6,259,646 ) 1,769,726 Total liabilities, mezzanine equity and partners’ equity $ 2,887,938 $ 5,385,564 $ 1,966,558 $ 4,041,470 $ (8,145,694 ) $ 6,135,836 Condensed Consolidating Balance Sheets December 31, 2018 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 1,255 $ 51 $ — $ 10,223 $ — $ 11,529 Receivables, net — 2,212 — 108,205 — 110,417 Inventories — 1,741 5,237 1,456 — 8,434 Prepaid and other current assets 61 14,422 908 1,983 — 17,374 Assets held for sale — — — 599,347 — 599,347 Intercompany receivable — 1,327,833 — 500,583 (1,828,416 ) — Total current assets 1,316 1,346,259 6,145 1,221,797 (1,828,416 ) 747,101 Property, plant and equipment, net — 1,858,264 615,549 1,300,989 — 3,774,802 Intangible assets, net — 49,107 — 683,949 — 733,056 Goodwill — 149,453 170,652 685,748 — 1,005,853 Investment in wholly owned subsidiaries 3,355,636 1,750,256 1,425,283 857,485 (7,388,660 ) — Other long-term assets, net 304 54,429 26,716 6,879 — 88,328 Total assets $ 3,357,256 $ 5,207,768 $ 2,244,345 $ 4,756,847 $ (9,217,076 ) $ 6,349,140 Liabilities, Mezzanine Equity and Partners’ Equity Accounts payable $ 6,460 $ 39,680 $ 6,331 $ 50,651 $ — $ 103,122 Short-term debt — 18,500 — — — 18,500 Accrued interest payable — 36,253 — 40 — 36,293 Accrued liabilities 1,280 24,858 8,082 40,198 — 74,418 Taxes other than income tax 125 7,285 4,718 4,695 — 16,823 Income tax payable — 457 2 3,986 — 4,445 Liabilities held for sale — — — 69,834 — 69,834 Intercompany payable 472,790 — 1,355,626 — (1,828,416 ) — Total current liabilities 480,655 127,033 1,374,759 169,404 (1,828,416 ) 323,435 Long-term debt — 3,050,531 — 61,465 — 3,111,996 Deferred income tax liability — 1,675 9 10,744 — 12,428 Other long-term liabilities — 28,392 12,348 38,818 — 79,558 Series D preferred units 563,992 — — — — 563,992 Total partners’ equity 2,312,609 2,000,137 857,229 4,476,416 (7,388,660 ) 2,257,731 Total liabilities, mezzanine equity and partners’ equity $ 3,357,256 $ 5,207,768 $ 2,244,345 $ 4,756,847 $ (9,217,076 ) $ 6,349,140 Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended September 30, 2019 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 138,159 $ 59,093 $ 180,895 $ (91 ) $ 378,056 Costs and expenses 517 86,742 37,872 153,044 (91 ) 278,084 Operating (loss) income (517 ) 51,417 21,221 27,851 — 99,972 Equity in earnings of subsidiaries 53,001 12,690 16,428 36,163 (118,282 ) — Interest income (expense), net 104 (47,741 ) (1,683 ) 2,418 — (46,902 ) Other income (expense), net — 737 196 (325 ) — 608 Income from continuing operations before income tax expense 52,588 17,103 36,162 66,107 (118,282 ) 53,678 Income tax expense — 124 — 966 — 1,090 Income from continuing operations 52,588 16,979 36,162 65,141 (118,282 ) 52,588 Loss from discontinued operations, net of tax (a) (4,777 ) — (4,776 ) (9,553 ) 14,329 (4,777 ) Net income $ 47,811 $ 16,979 $ 31,386 $ 55,588 $ (103,953 ) $ 47,811 Comprehensive income $ 47,811 $ 7,019 $ 31,386 $ 53,950 $ (103,953 ) $ 36,213 (a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended September 30, 2018 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 127,165 $ 62,981 $ 190,102 $ (106 ) $ 380,142 Costs and expenses 600 76,932 40,497 173,054 (106 ) 290,977 Operating (loss) income (600 ) 50,233 22,484 17,048 — 89,165 Equity in earnings of subsidiaries 44,195 9,405 9,411 30,134 (93,145 ) — Interest income (expense), net 68 (45,532 ) (1,882 ) 3,032 — (44,314 ) Other income, net — 468 119 338 — 925 Income from continuing operations before income tax expense 43,663 14,574 30,132 50,552 (93,145 ) 45,776 Income tax expense — 82 — 2,031 — 2,113 Income from continuing operations 43,663 14,492 30,132 48,521 (93,145 ) 43,663 Income from discontinued 4,473 — 4,473 8,946 (13,419 ) 4,473 Net income $ 48,136 $ 14,492 $ 34,605 $ 57,467 $ (106,564 ) $ 48,136 Comprehensive income $ 48,136 $ 19,751 $ 34,605 $ 57,109 $ (106,564 ) $ 53,037 (a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive (Loss) Income For the Nine Months Ended September 30, 2019 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 385,850 $ 181,898 $ 531,042 $ (463 ) $ 1,098,327 Costs and expenses 1,892 247,182 115,157 467,699 (463 ) 831,467 Operating (loss) income (1,892 ) 138,668 66,741 63,343 — 266,860 Equity in earnings of subsidiaries 129,991 25,019 42,951 104,787 (302,748 ) — Interest income (expense), net 329 (140,213 ) (5,456 ) 8,454 — (136,886 ) Other income (expense), net — 2,234 551 (765 ) — 2,020 Income from continuing operations before income tax expense (benefit) 128,428 25,708 104,787 175,819 (302,748 ) 131,994 Income tax expense (benefit) 2 (228 ) 1 3,793 — 3,568 Income from continuing operations 128,426 25,936 104,786 172,026 (302,748 ) 128,426 (Loss) income from discontinued operations, net of tax (a) (312,527 ) 7,912 (320,439 ) (640,877 ) 953,404 (312,527 ) Net (loss) income (184,101 ) 33,848 (215,653 ) (468,851 ) 650,656 (184,101 ) Comprehensive (loss) income $ (184,101 ) $ 9,379 $ (215,653 ) $ (468,765 ) $ 650,656 $ (208,484 ) (a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive Income For the Nine Months Ended September 30, 2018 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 364,721 $ 185,760 $ 596,099 $ (455 ) $ 1,146,125 Costs and expenses 1,750 235,936 118,002 541,847 (455 ) 897,080 Operating (loss) income (1,750 ) 128,785 67,758 54,252 — 249,045 Equity in earnings of subsidiaries 105,418 8,848 49,169 112,056 (275,491 ) — Interest income (expense), net 137 (145,915 ) (5,177 ) 10,864 — (140,091 ) Other income, net — 2,792 307 449 — 3,548 Income (loss) from continuing operations before income tax expense 103,805 (5,490 ) 112,057 177,621 (275,491 ) 112,502 Income tax expense — 313 1 8,383 — 8,697 Income (loss) from continuing operations 103,805 (5,803 ) 112,056 169,238 (275,491 ) 103,805 Income from discontinued 99,863 — 99,863 199,726 (299,589 ) 99,863 Net income (loss) $ 203,668 $ (5,803 ) $ 211,919 $ 368,964 $ (575,080 ) $ 203,668 Comprehensive income $ 203,668 $ 24,535 $ 211,919 $ 361,830 $ (575,080 ) $ 226,872 (a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2019 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 281,988 $ 109,849 $ 88,654 $ 301,613 $ (427,443 ) $ 354,661 Cash flows from investing activities: Capital expenditures — (215,031 ) (18,451 ) (201,561 ) — (435,043 ) Change in accounts payable related to capital expenditures — 1,539 (878 ) (13,302 ) — (12,641 ) Proceeds from sale or disposition of assets — 166 34 114 — 314 Proceeds from sale of the St. Eustatius Operations (Note 3) — — — 227,709 — 227,709 Investment in subsidiaries — (11,999 ) — — 11,999 — Other, net — — — (1,100 ) — (1,100 ) Net cash (used in) provided by investing activities — (225,325 ) (19,295 ) 11,860 11,999 (220,761 ) Cash flows from financing activities: Debt borrowings — 790,000 — 28,900 — 818,900 Debt repayments — (1,097,000 ) — (34,100 ) — (1,131,100 ) Note offering, net of issuance costs — 491,588 — — — 491,588 Distributions to preferred unitholders (91,269 ) (45,635 ) (45,635 ) (45,640 ) 136,910 (91,269 ) Distributions to common unitholders (193,683 ) (96,841 ) (96,841 ) (96,851 ) 290,533 (193,683 ) Contributions from affiliates — — — 11,999 (11,999 ) — Net intercompany activity 10,025 92,218 73,196 (175,439 ) — — Payment of tax withholding for unit-based compensation (6,578 ) — — — — (6,578 ) Other, net (1,648 ) (10,108 ) (79 ) (124 ) — (11,959 ) Net cash (used in) provided by financing activities (283,153 ) 124,222 (69,359 ) (311,255 ) 415,444 (124,101 ) Effect of foreign exchange rate changes on cash — — — 681 — 681 Net (decrease) increase in cash, cash equivalents and restricted cash (1,165 ) 8,746 — 2,899 — 10,480 Cash, cash equivalents, and restricted cash as of the beginning of the period 1,255 51 — 12,338 — 13,644 Cash, cash equivalents and restricted cash as of the end of the period $ 90 $ 8,797 $ — $ 15,237 $ — $ 24,124 Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2018 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 296,475 $ 60,254 $ 90,482 $ 361,320 $ (445,211 ) $ 363,320 Cash flows from investing activities: Capital expenditures — (32,270 ) (14,002 ) (292,168 ) — (338,440 ) Change in accounts payable related to capital expenditures — 2,063 (6,209 ) (14,484 ) — (18,630 ) Investment in other long-term assets — — — (3,280 ) — (3,280 ) Proceeds from sale or disposition of assets — 1,464 20 736 — 2,220 Proceeds from insurance recoveries — — — 78,419 — 78,419 Acquisitions — — (37,502 ) — — (37,502 ) Net cash used in investing activities — (28,743 ) (57,693 ) (230,777 ) — (317,213 ) Cash flows from financing activities: Debt borrowings — 1,498,853 — 25,100 — 1,523,953 Debt repayments — (1,754,798 ) — (23,700 ) — (1,778,498 ) Issuance of Series D preferred units 590,000 — — — — 590,000 Payment of issuance costs for (34,187 ) — — — — (34,187 ) Issuance of common units, including general partner contribution 10,204 — — — — 10,204 Distributions to preferred unitholders (60,249 ) (30,123 ) (30,124 ) (30,123 ) 90,372 (60,247 ) Distributions to common unitholders and general partner (236,549 ) (118,275 ) (118,274 ) (118,290 ) 354,839 (236,549 ) Cash consideration for Merger (61,411 ) — — 140 — (61,271 ) Proceeds from termination of interest rate swaps — 8,048 — — — 8,048 Net intercompany activity (501,574 ) 373,055 115,609 12,910 — — Other, net (2,430 ) (4,062 ) — (62 ) — (6,554 ) Net cash used in financing activities (296,196 ) (27,302 ) (32,789 ) (134,025 ) 445,211 (45,101 ) Effect of foreign exchange rate changes on cash — — — (719 ) — (719 ) Net increase (decrease) in cash and cash equivalents 279 4,209 — (4,201 ) — 287 Cash and cash equivalents as of the beginning of the period 885 29 — 23,378 — 24,292 Cash and cash equivalents as of the end of the period $ 1,164 $ 4,238 $ — $ 19,177 $ — $ 24,579 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restricted Cash [Policy Text Block] | As of September 30, 2019 , we have restricted cash representing legally restricted funds that are unavailable for general use totaling $8.8 million , which is included in “Prepaid and other current assets” on the consolidated balance sheet. |
LEASE ASSETS AND LIABILITIES Le
LEASE ASSETS AND LIABILITIES Leases (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Leases [Policy Text Block] | We elected the following practical expedients permitted under the transition guidance within the new standard: • the package of practical expedients, which, among other things, allowed us to carry forward historical lease classification; • the practical expedient specifically related to land easements, which, among other things, allowed us to carry forward our historical accounting treatment for existing land easement agreements; • the lessee practical expedient to combine lease and non-lease components for all of our asset classes except the other pipeline and terminal equipment asset class; and • the lessor practical expedient to combine lease and non-lease components and to account for the transaction based on the predominant component (i.e., ASC Topic 842 or ASC Topic 606, “Revenue from Contracts with Customers”). We apply this expedient to certain contracts in which we agree to provide both storage capacity and optional services to customers. We record all leases on our consolidated balance sheet except for those leases with an initial term of 12 months or less, which are expensed on a straight-line basis over the lease term. We use judgment in determining the reasonably certain lease term and consider factors such as the nature and utility of the leased asset, as well as the importance of the leased asset to our operations. We calculate the present value of our lease liabilities based upon our incremental borrowing rate unless the rate implicit in the lease is readily determinable. |
DISCONTINUED OPERATIONS AND I_2
DISCONTINUED OPERATIONS AND IMPAIRMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations, Supplemental Income Statement Disclosures [Table Text Block] | The following is a reconciliation of the major classes of line items included in “(Loss) income from discontinued operations, net of tax” on the condensed consolidated statements of comprehensive income (loss): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Thousands of Dollars) Revenues $ 17,501 $ 110,221 $ 248,981 $ 306,323 Costs and expenses: Cost of revenues 17,715 102,463 220,595 277,096 Impairment losses — — 336,838 — General and administrative expenses (excluding depreciation and amortization expense) 621 1,562 1,231 4,421 Other depreciation and amortization expense — 84 — 256 Total costs and expenses 18,336 104,109 558,664 281,773 Operating (loss) income (835 ) 6,112 (309,683 ) 24,550 Interest (expense) income, net — (511 ) 32 (1,442 ) Other (expense) income, net (3,942 ) (5 ) (2,775 ) 78,536 (Loss) income from discontinued operations before income tax expense (4,777 ) 5,596 (312,426 ) 101,644 Income tax expense — 1,123 101 1,781 (Loss) income from discontinued operations, net of tax $ (4,777 ) $ 4,473 $ (312,527 ) $ 99,863 |
Discontinued Operations, Selected Cash Flow Information | The following table presents selected cash flow information associated with our discontinued operations: Nine Months Ended September 30, 2019 2018 (Thousands of Dollars) Capital expenditures $ (27,954 ) $ (99,327 ) Significant noncash operating activities: Depreciation and amortization expense $ 8,536 $ 33,478 Asset impairment losses $ 305,715 $ — Goodwill impairment loss $ 31,123 $ — Loss from sale of the St. Eustatius Operations $ 3,942 $ — Gain from insurance recoveries $ — $ (78,756 ) |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following is a reconciliation of the carrying amounts of the major classes of assets and liabilities included in “Assets held for sale” and “Liabilities held for sale” on the consolidated balance sheet: December 31, 2018 (Thousands of Dollars) Total current assets $ 54,404 Property, plant and equipment, net 513,820 Goodwill 31,123 Assets held for sale $ 599,347 Current liabilities $ 69,834 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about contract assets and contract liabilities from contracts with customers: 2019 2018 Contract Assets Contract Liabilities Contract Assets Contract Liabilities (Thousands of Dollars) Balances as of January 1: Current portion $ 2,066 $ (21,579 ) $ 1,956 $ (13,801 ) Noncurrent portion 539 (38,945 ) 171 (46,361 ) Held for sale — (25,357 ) — (302 ) Total 2,605 (85,881 ) 2,127 (60,464 ) Activity: Additions 3,091 (41,211 ) 1,086 (64,492 ) Transfer to accounts receivable (3,956 ) — (2,576 ) — Transfer to revenues, including amounts reported in discontinued operations — 67,171 — 42,417 Total (865 ) 25,960 (1,490 ) (22,075 ) Balances as of September 30: Current portion 343 (21,245 ) 227 (10,886 ) Noncurrent portion 1,397 (38,676 ) 410 (37,083 ) Held for sale — — — (34,570 ) Total $ 1,740 $ (59,921 ) $ 637 $ (82,539 ) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenue as of September 30, 2019 (in thousands of dollars): 2019 (remaining) $ 135,006 2020 476,405 2021 331,169 2022 278,062 2023 206,542 Thereafter 376,382 Total $ 1,803,566 |
Disaggregation of Revenue [Table Text Block] | The following table disaggregates our revenues: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Thousands of Dollars) Pipeline segment: Crude oil pipelines $ 81,287 $ 67,543 $ 227,058 $ 181,487 Refined products and ammonia pipelines 95,219 95,300 272,859 268,368 Total pipeline segment revenues from contracts with customers 176,506 162,843 499,917 449,855 Lessor revenues 2,667 — 8,000 54 Total pipeline segment revenues 179,173 162,843 507,917 449,909 Storage segment: Throughput terminals 26,333 21,143 71,189 61,300 Storage terminals 77,209 79,127 225,869 245,030 Total storage segment revenues from contracts with customers 103,542 100,270 297,058 306,330 Lessor revenues 10,193 9,963 30,580 29,887 Total storage segment revenues 113,735 110,233 327,638 336,217 Fuels marketing segment: Revenues from contracts with customers 85,148 107,072 262,776 360,023 Consolidation and intersegment eliminations — (6 ) (4 ) (24 ) Total revenues $ 378,056 $ 380,142 $ 1,098,327 $ 1,146,125 |
LEASE ASSETS AND LIABILITIES (T
LEASE ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Right-of-Use Assets and Lease Liabilities | As of September 30, 2019 , right-of-use assets and lease liabilities included in our consolidated balance sheet were as follows: Balance Sheet Location September 30, 2019 (Thousands of Dollars) Right-of-Use Assets: Operating Other long-term assets, net $ 84,143 Finance Property, plant and equipment, net of accumulated amortization of $2,703 $ 74,161 Lease Liabilities: Operating: Current Accrued liabilities $ 11,354 Noncurrent Other long-term liabilities 71,664 Total operating lease liabilities $ 83,018 Finance: Current Short-term debt and current portion of finance leases $ 4,164 Noncurrent Long-term debt, less current portion 55,105 Total finance lease liabilities $ 59,269 |
Maturity Analysis of Lease Liabilities | As of September 30, 2019 , maturities of our operating and finance lease liabilities were as follows: Operating Leases Finance Leases (Thousands of Dollars) 2019 (remaining) $ 3,256 $ 1,576 2020 12,642 6,306 2021 9,419 4,855 2022 8,717 4,186 2023 7,605 4,109 Thereafter 67,093 63,418 Total lease payments $ 108,732 $ 84,450 Less: Interest 25,714 25,181 Present value of lease liabilities $ 83,018 $ 59,269 |
Lease Cost | Costs incurred for leases, including costs associated with discontinued operations, were as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (Thousands of Dollars) Operating lease cost $ 5,978 $ 24,920 Finance lease cost: Amortization of right-of-use assets 962 2,703 Interest expense on lease liability 554 1,653 Short-term lease cost 5,051 14,974 Variable lease cost 1,256 3,044 Total lease cost $ 13,801 $ 47,294 |
Additional Lease Information | The table below presents additional information regarding our leases: Operating Leases Finance Leases (Thousands of Dollars, Except Term and Rate Data) For the nine months ended September 30, 2019: Cash outflows from operating activities $ 24,314 $ 1,469 Cash outflows from financing activities $ — $ 2,586 Right-of-use assets obtained in exchange for lease liabilities $ 2,153 $ 2,593 As of September 30, 2019: Weighted-average remaining lease term (in years) 15 21 Weighted-average discount rate 3.6 % 3.7 % |
DERIVATIVES AND FAIR VALUE ME_2
DERIVATIVES AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The fair values of our interest rate swaps included in our consolidated balance sheets were as follows: Asset Derivatives Liability Derivatives Balance Sheet Location September 30, December 31, September 30, December 31, (Thousands of Dollars) Other long-term assets, net $ — $ 627 $ — $ — Accrued liabilities $ — $ — $ (27,582 ) $ — Other long-term liabilities $ — $ — $ — $ (751 ) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | Our forward-starting interest rate swaps had the following impact on earnings: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Thousands of Dollars) (Loss) gain recognized in other comprehensive income (loss) on derivative $ (10,866 ) $ 3,540 $ (27,458 ) $ 26,067 Loss reclassified from AOCI into interest expense, net $ (906 ) $ (1,719 ) $ (2,989 ) $ (4,271 ) |
Fair Value and Carrying Value of Debt [Table Text Block] | The estimated fair values and carrying amounts of long-term debt, including the current portion and excluding finance leases, were as follows: September 30, 2019 December 31, 2018 (Thousands of Dollars) Fair value $ 3,435,992 $ 3,056,704 Carrying amount $ 3,296,613 $ 3,111,996 |
PARTNERS' EQUITY (Tables)
PARTNERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Distribution Made to Preferred Limited Partner [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The balance of and changes in the components included in AOCI were as follows: Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total (Thousands of Dollars) Balance as of January 1, 2019 $ (47,299 ) $ (893 ) $ (6,686 ) $ (54,878 ) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification adjustments 1,802 (27,458 ) — (25,656 ) Net gain on pension costs reclassified into other income, net — — (1,736 ) (1,736 ) Net loss on cash flow hedges reclassified into interest expense, net — 2,989 — 2,989 Other — — 20 20 Other comprehensive income (loss) 1,802 (24,469 ) (1,716 ) (24,383 ) Balance as of September 30, 2019 $ (45,497 ) $ (25,362 ) $ (8,402 ) $ (79,261 ) |
Preferred Limited Partner [Member] | |
Distribution Made to Preferred Limited Partner [Line Items] | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Distributions on our Series A, B and C Preferred Units are payable out of any legally available funds, accrue and are cumulative from the original issuance dates, and are payable on the 15th day (or next business day) of each of March, June, September and December of each year to holders of record on the first business day of each payment month as follows (until the distribution rate changes to a floating rate): Units Fixed Distribution Rate Per Unit Per Quarter Fixed Distribution Per Quarter Date at Which Distribution Rate Becomes Floating (Thousands of Dollars) Series A Preferred Units $ 0.53125 $ 4,813 December 15, 2021 Series B Preferred Units $ 0.47657 $ 7,339 June 15, 2022 Series C Preferred Units $ 0.56250 $ 3,881 December 15, 2022 |
Common Limited Partner [Member] | |
Distribution Made to Preferred Limited Partner [Line Items] | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | The following table summarizes information about quarterly cash distributions declared for our common limited partners: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) September 30, 2019 $ 0.60 $ 64,660 November 8, 2019 November 14, 2019 June 30, 2019 $ 0.60 $ 64,658 August 7, 2019 August 13, 2019 March 31, 2019 $ 0.60 $ 64,690 May 8, 2019 May 14, 2019 |
NET INCOME (LOSS) PER COMMON _2
NET INCOME (LOSS) PER COMMON UNIT (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income (Loss) Per Common Unit | The following table details the calculation of net income (loss) per common unit: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Thousands of Dollars, Except Unit and Per Unit Data) Net income (loss) $ 47,811 $ 48,136 $ (184,101 ) $ 203,668 Distributions to preferred limited partners (30,423 ) (29,881 ) (91,269 ) (62,116 ) Distributions to general partner — — — (1,141 ) Distributions to common limited partners (64,660 ) (64,248 ) (194,008 ) (184,369 ) Distribution equivalent rights to restricted units (607 ) (473 ) (1,892 ) (1,398 ) Distributions in excess of income (loss) $ (47,879 ) $ (46,466 ) $ (471,270 ) $ (45,356 ) Distributions to common limited partners $ 64,660 $ 64,248 $ 194,008 $ 184,369 Allocation of distributions in excess of income (loss) (47,879 ) (46,466 ) (471,270 ) (45,378 ) Series D Preferred Unit accretion (4,592 ) (4,031 ) (13,340 ) (4,031 ) Loss to common unitholders attributable to the Merger (refer to Note 1) — (377,079 ) — (377,079 ) Net income (loss) attributable to common units $ 12,189 $ (363,328 ) $ (290,602 ) $ (242,119 ) Basic weighted-average common units outstanding 107,763,870 104,264,796 107,687,019 96,920,202 Diluted common units outstanding: Basic weighted-average common units outstanding 107,763,870 104,264,796 107,687,019 96,920,202 Effect of dilutive potential common units 111,659 — 37,629 — Diluted weighted-average common units outstanding 107,875,529 104,264,796 107,724,648 96,920,202 Basic and diluted net income (loss) per common unit $ 0.11 $ (3.49 ) $ (2.70 ) $ (2.50 ) |
STATEMENTS OF CASH FLOWS (Table
STATEMENTS OF CASH FLOWS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Statement of Cash Flows [Abstract] | |
Schedule of Changes in Current Assets and Liabilities [Table Text Block] | Changes in current assets and current liabilities were as follows: Nine Months Ended September 30, 2019 2018 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ (2,514 ) $ 11,530 Receivable from related party — 160 Inventories 1,398 2,079 Other current assets (6,368 ) (953 ) Increase (decrease) in current liabilities: Accounts payable 1,559 18,082 Accrued interest payable 4,609 (9,700 ) Accrued liabilities (32,375 ) 4,830 Taxes other than income tax (2,991 ) 4,809 Income tax payable (1,400 ) 406 Changes in current assets and current liabilities $ (38,082 ) $ 31,243 |
Schedule of Supplemental Cash Flow Information [Table Text Block] | “Cash, cash equivalents and restricted cash” on the consolidated statements of cash flows was included in the consolidated balance sheets as follows: September 30, December 31, (Thousands of Dollars) Cash and cash equivalents $ 15,354 $ 11,529 Prepaid and other current assets 8,770 — Assets held for sale — 2,115 Cash, cash equivalents and restricted cash $ 24,124 $ 13,644 Cash flows related to interest and income taxes were as follows: Nine Months Ended September 30, 2019 2018 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 128,670 $ 145,089 Cash paid for income taxes, net of tax refunds received $ 6,876 $ 8,490 |
EMPLOYEE BENEFIT PLANS AND UN_2
EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Compensation Related Costs [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic benefit cost (income) related to our Pension Plans and other postretirement benefit plans were as follows: Pension Plans Other Postretirement Benefit Plans 2019 2018 2019 2018 (Thousands of Dollars) For the three months ended September 30: Service cost $ 2,387 $ 2,405 $ 108 $ 126 Interest cost 1,370 1,206 113 107 Expected return on assets (2,004 ) (1,854 ) — — Amortization of prior service credit (515 ) (515 ) (286 ) (286 ) Amortization of net loss 212 544 10 53 Net periodic benefit cost (income) $ 1,450 $ 1,786 $ (55 ) $ — For the nine months ended September 30: Service cost $ 7,162 $ 7,216 $ 323 $ 378 Interest cost 4,110 3,618 340 322 Expected return on assets (6,011 ) (5,563 ) — — Amortization of prior service credit (1,543 ) (1,543 ) (859 ) (859 ) Amortization of net loss 635 1,631 31 160 Net periodic benefit cost (income) $ 4,353 $ 5,359 $ (165 ) $ 1 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Results of operations for the reportable segments were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Thousands of Dollars) Revenues: Pipeline $ 179,173 $ 162,843 $ 507,917 $ 449,909 Storage: Third parties 113,735 110,227 327,634 336,193 Intersegment — 6 4 24 Total storage 113,735 110,233 327,638 336,217 Fuels marketing 85,148 107,072 262,776 360,023 Consolidation and intersegment eliminations — (6 ) (4 ) (24 ) Total revenues $ 378,056 $ 380,142 $ 1,098,327 $ 1,146,125 Operating income: Pipeline $ 87,818 $ 77,021 $ 233,834 $ 197,794 Storage 37,906 39,271 108,222 121,139 Fuels marketing 4,268 1,320 9,353 7,652 Consolidation and intersegment eliminations — — (32 ) — Total segment operating income 129,992 117,612 351,377 326,585 General and administrative expenses 27,804 26,255 78,363 71,151 Other depreciation and amortization expense 2,216 2,192 6,154 6,389 Total operating income $ 99,972 $ 89,165 $ 266,860 $ 249,045 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total assets by reportable segment were as follows: September 30, December 31, (Thousands of Dollars) Pipeline $ 3,851,998 $ 3,637,226 Storage 2,058,551 1,902,764 Fuels marketing 38,706 37,252 Total segment assets 5,949,255 5,577,242 Assets held for sale — 599,347 Other partnership assets 186,581 172,551 Total consolidated assets $ 6,135,836 $ 6,349,140 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | |
Condensed Consolidating Balance Sheets [Text Block] | Condensed Consolidating Balance Sheets September 30, 2019 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 90 $ 27 $ — $ 15,237 $ — $ 15,354 Receivables, net — 82 — 130,467 — 130,549 Inventories — 1,912 4,693 3,518 — 10,123 Prepaid and other current assets 138 26,696 1,056 4,035 — 31,925 Intercompany receivable — 1,290,555 — 595,493 (1,886,048 ) — Total current assets 228 1,319,272 5,749 748,750 (1,886,048 ) 187,951 Property, plant and equipment, net — 2,044,102 610,544 1,420,694 — 4,075,340 Intangible assets, net — 42,039 — 652,449 — 694,488 Goodwill — 149,453 170,652 685,748 — 1,005,853 Investment in wholly owned subsidiaries 2,887,631 1,725,947 1,147,269 498,799 (6,259,646 ) — Other long-term assets, net 79 104,751 32,344 35,030 — 172,204 Total assets $ 2,887,938 $ 5,385,564 $ 1,966,558 $ 4,041,470 $ (8,145,694 ) $ 6,135,836 Liabilities, Mezzanine Equity and Partners’ Equity Accounts payable $ 5,411 $ 38,926 $ 6,470 $ 51,402 $ — $ 102,209 Short-term debt and current portion of finance leases — 15,442 206 16 — 15,664 Current portion of long-term debt — 453,241 — — — 453,241 Accrued interest payable — 40,867 3 32 — 40,902 Accrued liabilities 1,069 50,772 8,659 39,389 — 99,889 Taxes other than income tax 63 8,027 6,607 585 — 15,282 Income tax payable — 341 1 2,708 — 3,050 Intercompany payable 455,217 — 1,430,831 — (1,886,048 ) — Total current liabilities 461,760 607,616 1,452,777 94,132 (1,886,048 ) 730,237 Long-term debt, less current portion — 2,841,373 768 56,336 — 2,898,477 Deferred income tax liability — 1,675 9 10,413 — 12,097 Other long-term liabilities — 67,928 14,348 65,832 — 148,108 Series D preferred units 577,191 — — — — 577,191 Total partners’ equity 1,848,987 1,866,972 498,656 3,814,757 (6,259,646 ) 1,769,726 Total liabilities, mezzanine equity and partners’ equity $ 2,887,938 $ 5,385,564 $ 1,966,558 $ 4,041,470 $ (8,145,694 ) $ 6,135,836 Condensed Consolidating Balance Sheets December 31, 2018 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 1,255 $ 51 $ — $ 10,223 $ — $ 11,529 Receivables, net — 2,212 — 108,205 — 110,417 Inventories — 1,741 5,237 1,456 — 8,434 Prepaid and other current assets 61 14,422 908 1,983 — 17,374 Assets held for sale — — — 599,347 — 599,347 Intercompany receivable — 1,327,833 — 500,583 (1,828,416 ) — Total current assets 1,316 1,346,259 6,145 1,221,797 (1,828,416 ) 747,101 Property, plant and equipment, net — 1,858,264 615,549 1,300,989 — 3,774,802 Intangible assets, net — 49,107 — 683,949 — 733,056 Goodwill — 149,453 170,652 685,748 — 1,005,853 Investment in wholly owned subsidiaries 3,355,636 1,750,256 1,425,283 857,485 (7,388,660 ) — Other long-term assets, net 304 54,429 26,716 6,879 — 88,328 Total assets $ 3,357,256 $ 5,207,768 $ 2,244,345 $ 4,756,847 $ (9,217,076 ) $ 6,349,140 Liabilities, Mezzanine Equity and Partners’ Equity Accounts payable $ 6,460 $ 39,680 $ 6,331 $ 50,651 $ — $ 103,122 Short-term debt — 18,500 — — — 18,500 Accrued interest payable — 36,253 — 40 — 36,293 Accrued liabilities 1,280 24,858 8,082 40,198 — 74,418 Taxes other than income tax 125 7,285 4,718 4,695 — 16,823 Income tax payable — 457 2 3,986 — 4,445 Liabilities held for sale — — — 69,834 — 69,834 Intercompany payable 472,790 — 1,355,626 — (1,828,416 ) — Total current liabilities 480,655 127,033 1,374,759 169,404 (1,828,416 ) 323,435 Long-term debt — 3,050,531 — 61,465 — 3,111,996 Deferred income tax liability — 1,675 9 10,744 — 12,428 Other long-term liabilities — 28,392 12,348 38,818 — 79,558 Series D preferred units 563,992 — — — — 563,992 Total partners’ equity 2,312,609 2,000,137 857,229 4,476,416 (7,388,660 ) 2,257,731 Total liabilities, mezzanine equity and partners’ equity $ 3,357,256 $ 5,207,768 $ 2,244,345 $ 4,756,847 $ (9,217,076 ) $ 6,349,140 |
Condensed Consolidating Statements of Comprehensive Income (Loss) [Table Text Block] | Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended September 30, 2019 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 138,159 $ 59,093 $ 180,895 $ (91 ) $ 378,056 Costs and expenses 517 86,742 37,872 153,044 (91 ) 278,084 Operating (loss) income (517 ) 51,417 21,221 27,851 — 99,972 Equity in earnings of subsidiaries 53,001 12,690 16,428 36,163 (118,282 ) — Interest income (expense), net 104 (47,741 ) (1,683 ) 2,418 — (46,902 ) Other income (expense), net — 737 196 (325 ) — 608 Income from continuing operations before income tax expense 52,588 17,103 36,162 66,107 (118,282 ) 53,678 Income tax expense — 124 — 966 — 1,090 Income from continuing operations 52,588 16,979 36,162 65,141 (118,282 ) 52,588 Loss from discontinued operations, net of tax (a) (4,777 ) — (4,776 ) (9,553 ) 14,329 (4,777 ) Net income $ 47,811 $ 16,979 $ 31,386 $ 55,588 $ (103,953 ) $ 47,811 Comprehensive income $ 47,811 $ 7,019 $ 31,386 $ 53,950 $ (103,953 ) $ 36,213 (a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended September 30, 2018 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 127,165 $ 62,981 $ 190,102 $ (106 ) $ 380,142 Costs and expenses 600 76,932 40,497 173,054 (106 ) 290,977 Operating (loss) income (600 ) 50,233 22,484 17,048 — 89,165 Equity in earnings of subsidiaries 44,195 9,405 9,411 30,134 (93,145 ) — Interest income (expense), net 68 (45,532 ) (1,882 ) 3,032 — (44,314 ) Other income, net — 468 119 338 — 925 Income from continuing operations before income tax expense 43,663 14,574 30,132 50,552 (93,145 ) 45,776 Income tax expense — 82 — 2,031 — 2,113 Income from continuing operations 43,663 14,492 30,132 48,521 (93,145 ) 43,663 Income from discontinued 4,473 — 4,473 8,946 (13,419 ) 4,473 Net income $ 48,136 $ 14,492 $ 34,605 $ 57,467 $ (106,564 ) $ 48,136 Comprehensive income $ 48,136 $ 19,751 $ 34,605 $ 57,109 $ (106,564 ) $ 53,037 (a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive (Loss) Income For the Nine Months Ended September 30, 2019 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 385,850 $ 181,898 $ 531,042 $ (463 ) $ 1,098,327 Costs and expenses 1,892 247,182 115,157 467,699 (463 ) 831,467 Operating (loss) income (1,892 ) 138,668 66,741 63,343 — 266,860 Equity in earnings of subsidiaries 129,991 25,019 42,951 104,787 (302,748 ) — Interest income (expense), net 329 (140,213 ) (5,456 ) 8,454 — (136,886 ) Other income (expense), net — 2,234 551 (765 ) — 2,020 Income from continuing operations before income tax expense (benefit) 128,428 25,708 104,787 175,819 (302,748 ) 131,994 Income tax expense (benefit) 2 (228 ) 1 3,793 — 3,568 Income from continuing operations 128,426 25,936 104,786 172,026 (302,748 ) 128,426 (Loss) income from discontinued operations, net of tax (a) (312,527 ) 7,912 (320,439 ) (640,877 ) 953,404 (312,527 ) Net (loss) income (184,101 ) 33,848 (215,653 ) (468,851 ) 650,656 (184,101 ) Comprehensive (loss) income $ (184,101 ) $ 9,379 $ (215,653 ) $ (468,765 ) $ 650,656 $ (208,484 ) (a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive Income For the Nine Months Ended September 30, 2018 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 364,721 $ 185,760 $ 596,099 $ (455 ) $ 1,146,125 Costs and expenses 1,750 235,936 118,002 541,847 (455 ) 897,080 Operating (loss) income (1,750 ) 128,785 67,758 54,252 — 249,045 Equity in earnings of subsidiaries 105,418 8,848 49,169 112,056 (275,491 ) — Interest income (expense), net 137 (145,915 ) (5,177 ) 10,864 — (140,091 ) Other income, net — 2,792 307 449 — 3,548 Income (loss) from continuing operations before income tax expense 103,805 (5,490 ) 112,057 177,621 (275,491 ) 112,502 Income tax expense — 313 1 8,383 — 8,697 Income (loss) from continuing operations 103,805 (5,803 ) 112,056 169,238 (275,491 ) 103,805 Income from discontinued 99,863 — 99,863 199,726 (299,589 ) 99,863 Net income (loss) $ 203,668 $ (5,803 ) $ 211,919 $ 368,964 $ (575,080 ) $ 203,668 Comprehensive income $ 203,668 $ 24,535 $ 211,919 $ 361,830 $ (575,080 ) $ 226,872 (a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. |
Condensed Consolidating Statements of Cash Flows [Text Block] | Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2019 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 281,988 $ 109,849 $ 88,654 $ 301,613 $ (427,443 ) $ 354,661 Cash flows from investing activities: Capital expenditures — (215,031 ) (18,451 ) (201,561 ) — (435,043 ) Change in accounts payable related to capital expenditures — 1,539 (878 ) (13,302 ) — (12,641 ) Proceeds from sale or disposition of assets — 166 34 114 — 314 Proceeds from sale of the St. Eustatius Operations (Note 3) — — — 227,709 — 227,709 Investment in subsidiaries — (11,999 ) — — 11,999 — Other, net — — — (1,100 ) — (1,100 ) Net cash (used in) provided by investing activities — (225,325 ) (19,295 ) 11,860 11,999 (220,761 ) Cash flows from financing activities: Debt borrowings — 790,000 — 28,900 — 818,900 Debt repayments — (1,097,000 ) — (34,100 ) — (1,131,100 ) Note offering, net of issuance costs — 491,588 — — — 491,588 Distributions to preferred unitholders (91,269 ) (45,635 ) (45,635 ) (45,640 ) 136,910 (91,269 ) Distributions to common unitholders (193,683 ) (96,841 ) (96,841 ) (96,851 ) 290,533 (193,683 ) Contributions from affiliates — — — 11,999 (11,999 ) — Net intercompany activity 10,025 92,218 73,196 (175,439 ) — — Payment of tax withholding for unit-based compensation (6,578 ) — — — — (6,578 ) Other, net (1,648 ) (10,108 ) (79 ) (124 ) — (11,959 ) Net cash (used in) provided by financing activities (283,153 ) 124,222 (69,359 ) (311,255 ) 415,444 (124,101 ) Effect of foreign exchange rate changes on cash — — — 681 — 681 Net (decrease) increase in cash, cash equivalents and restricted cash (1,165 ) 8,746 — 2,899 — 10,480 Cash, cash equivalents, and restricted cash as of the beginning of the period 1,255 51 — 12,338 — 13,644 Cash, cash equivalents and restricted cash as of the end of the period $ 90 $ 8,797 $ — $ 15,237 $ — $ 24,124 Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2018 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 296,475 $ 60,254 $ 90,482 $ 361,320 $ (445,211 ) $ 363,320 Cash flows from investing activities: Capital expenditures — (32,270 ) (14,002 ) (292,168 ) — (338,440 ) Change in accounts payable related to capital expenditures — 2,063 (6,209 ) (14,484 ) — (18,630 ) Investment in other long-term assets — — — (3,280 ) — (3,280 ) Proceeds from sale or disposition of assets — 1,464 20 736 — 2,220 Proceeds from insurance recoveries — — — 78,419 — 78,419 Acquisitions — — (37,502 ) — — (37,502 ) Net cash used in investing activities — (28,743 ) (57,693 ) (230,777 ) — (317,213 ) Cash flows from financing activities: Debt borrowings — 1,498,853 — 25,100 — 1,523,953 Debt repayments — (1,754,798 ) — (23,700 ) — (1,778,498 ) Issuance of Series D preferred units 590,000 — — — — 590,000 Payment of issuance costs for (34,187 ) — — — — (34,187 ) Issuance of common units, including general partner contribution 10,204 — — — — 10,204 Distributions to preferred unitholders (60,249 ) (30,123 ) (30,124 ) (30,123 ) 90,372 (60,247 ) Distributions to common unitholders and general partner (236,549 ) (118,275 ) (118,274 ) (118,290 ) 354,839 (236,549 ) Cash consideration for Merger (61,411 ) — — 140 — (61,271 ) Proceeds from termination of interest rate swaps — 8,048 — — — 8,048 Net intercompany activity (501,574 ) 373,055 115,609 12,910 — — Other, net (2,430 ) (4,062 ) — (62 ) — (6,554 ) Net cash used in financing activities (296,196 ) (27,302 ) (32,789 ) (134,025 ) 445,211 (45,101 ) Effect of foreign exchange rate changes on cash — — — (719 ) — (719 ) Net increase (decrease) in cash and cash equivalents 279 4,209 — (4,201 ) — 287 Cash and cash equivalents as of the beginning of the period 885 29 — 23,378 — 24,292 Cash and cash equivalents as of the end of the period $ 1,164 $ 4,238 $ — $ 19,177 $ — $ 24,579 |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION Narrative 1 (Details) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($)shares | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jul. 20, 2018Rate | |
Class of Stock [Line Items] | |||||
Common unit conversion rate | Rate | 55.00% | ||||
Loss to common unitholders attributable to the Merger | $ | $ 0 | $ (377,079) | $ 0 | $ (377,079) | |
Number of business segments | 3 | ||||
Common Limited Partner [Member] | |||||
Class of Stock [Line Items] | |||||
Issuance of NuStar Energy common units as a result of the Merger, incremental units issued | shares | 13.4 |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION Narrative 2 (Details) $ in Millions | Jul. 29, 2019USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Divestiture of business, sales price, St. Eustatius Disposition | $ 250 |
ORGANIZATION AND BASIS OF PRE_5
ORGANIZATION AND BASIS OF PRESENTATION Narrative 3 (Details) $ in Millions | Sep. 30, 2019USD ($) |
Prepaid and other current assets | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Restricted cash | $ 8.8 |
NEW ACCOUNTING PRONOUNCEMENTS N
NEW ACCOUNTING PRONOUNCEMENTS Narrative (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Transition adjustment | The transition adjustment related to the adoption was immaterial |
DISCONTINUED OPERATIONS AND I_3
DISCONTINUED OPERATIONS AND IMPAIRMENTS Narrative 1 (Details) - USD ($) $ in Thousands | Jul. 29, 2019 | Nov. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Divestiture of business, sales price, St. Eustatius Disposition | $ 250,000 | |||
Proceeds from sale of the St. Eustatius Operations | $ 227,709 | $ 0 | ||
Non-cash loss on sale of St. Eustatius Operations | $ 3,900 | |||
Net sales proceeds from the European Disposition | $ 270,000 | |||
The St. Eustatius Disposition [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Description of assets sold | The St. Eustatius Disposition included a 14.3 million barrel storage and terminalling facility and related assets on the island of St. Eustatius in the Caribbean Netherlands. | |||
The European Disposition [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Description of assets sold | European operations, which consisted of six liquids storage terminals in the United Kingdom and one facility in Amsterdam and related assets |
DISCONTINUED OPERATIONS AND I_4
DISCONTINUED OPERATIONS AND IMPAIRMENTS Table 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
(Loss) income from discontinued operations before income tax expense | $ (4,777) | $ 5,596 | $ (312,426) | $ 101,644 |
Income tax expense | 0 | 1,123 | 101 | 1,781 |
(Loss) income from discontinued operations, net of tax | (4,777) | 4,473 | (312,527) | 99,863 |
Discontinued operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 17,501 | 110,221 | 248,981 | 306,323 |
Cost of revenues | 17,715 | 102,463 | 220,595 | 277,096 |
Impairment losses | 0 | 0 | 336,838 | 0 |
General and administrative expenses (excluding depreciation and amortization expense) | 621 | 1,562 | 1,231 | 4,421 |
Other depreciation and amortization expense | 0 | 84 | 0 | 256 |
Total costs and expenses | 18,336 | 104,109 | 558,664 | 281,773 |
Operating income (loss) | (835) | 6,112 | (309,683) | 24,550 |
Interest expense, net | (511) | (1,442) | ||
Interest income, net | 0 | 32 | ||
Other expense, net | $ (3,942) | $ (5) | $ (2,775) | |
Other income, net | $ 78,536 |
DISCONTINUED OPERATIONS AND I_5
DISCONTINUED OPERATIONS AND IMPAIRMENTS Table 2 (Details) - USD ($) $ in Thousands | Jul. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Asset impairment losses | $ 8,400 | $ 297,300 | |||
Non-cash loss on sale of St. Eustatius Operations | $ 3,900 | ||||
Gain from insurance recoveries | $ 0 | $ (78,756) | |||
Discontinued operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Capital expenditures | (27,954) | (99,327) | |||
Depreciation and amortization expense | 8,536 | 33,478 | |||
Asset impairment losses | 305,715 | 0 | |||
Goodwill impairment loss | 31,123 | 0 | |||
Non-cash loss on sale of St. Eustatius Operations | 3,942 | 0 | |||
Gain from insurance recoveries | $ 0 | $ (78,756) |
DISCONTINUED OPERATIONS AND I_6
DISCONTINUED OPERATIONS AND IMPAIRMENTS Narrative 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Asset impairment losses | $ 8,400 | $ 297,300 | ||
Goodwill | $ 1,005,853 | $ 1,005,853 | ||
St. Eustatius Bunkers [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill impairment loss | 31,100 | |||
Goodwill | $ 0 |
DISCONTINUED OPERATIONS AND I_7
DISCONTINUED OPERATIONS AND IMPAIRMENTS Table 3 (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 0 | $ 599,347 |
Discontinued operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total current assets | 54,404 | |
Property, plant and equipment, net | 513,820 | |
Goodwill | 31,123 | |
Current liabilities | $ 69,834 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 1 - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Contract assets | ||||
Noncurrent portion | $ 1,397 | $ 410 | $ 539 | $ 171 |
Total | 1,740 | 637 | 2,605 | 2,127 |
Additions | 3,091 | 1,086 | ||
Transfer to accounts receivable | (3,956) | (2,576) | ||
Total activity | (865) | (1,490) | ||
Contract liabilities | ||||
Noncurrent portion | (38,676) | (37,083) | (38,945) | (46,361) |
Total | (59,921) | (82,539) | (85,881) | (60,464) |
Additions | (41,211) | (64,492) | ||
Transfer to revenues, including amounts reported in discontinued operations | 67,171 | 42,417 | ||
Total activity | 25,960 | (22,075) | ||
Other current assets | ||||
Contract assets | ||||
Current portion/Held for sale | 343 | 227 | 2,066 | 1,956 |
Accrued liabilities | ||||
Contract liabilities | ||||
Current portion/Held for sale | (21,245) | (10,886) | (21,579) | (13,801) |
Assets held for sale | ||||
Contract assets | ||||
Current portion/Held for sale | 0 | 0 | 0 | 0 |
Liabilities held for sale | ||||
Contract liabilities | ||||
Current portion/Held for sale | $ 0 | $ (34,570) | $ (25,357) | $ (302) |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS Narrative 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue recognized | $ 67,171 | $ 42,417 | |
Petroleos de Venezuela, S.A. (PDVSA) [Member] | |||
Revenue recognized | $ 16,300 |
REVENUE FROM CONTRACTS WITH C_5
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 2 - Expected Timing of Satisfaction of Performance Obligations (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 1,803,566 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 135,006 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 476,405 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 331,169 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 278,062 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 206,542 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 376,382 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
REVENUE FROM CONTRACTS WITH C_6
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 3 - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 378,056 | $ 380,142 | $ 1,098,327 | $ 1,146,125 |
Intersegment Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | (6) | (4) | (24) |
Pipeline Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 176,506 | 162,843 | 499,917 | 449,855 |
Lessor revenues | 2,667 | 0 | 8,000 | 54 |
Total revenues | 179,173 | 162,843 | 507,917 | 449,909 |
Pipeline Segment | Crude Oil Pipelines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 81,287 | 67,543 | 227,058 | 181,487 |
Pipeline Segment | Refined Products and Ammonia Pipelines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 95,219 | 95,300 | 272,859 | 268,368 |
Storage Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 103,542 | 100,270 | 297,058 | 306,330 |
Lessor revenues | 10,193 | 9,963 | 30,580 | 29,887 |
Total revenues | 113,735 | 110,233 | 327,638 | 336,217 |
Storage Segment | Throughput Terminal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 26,333 | 21,143 | 71,189 | 61,300 |
Storage Segment | Storage Terminal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 77,209 | 79,127 | 225,869 | 245,030 |
Fuels Marketing Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 85,148 | 107,072 | 262,776 | 360,023 |
Total revenues | $ 85,148 | $ 107,072 | $ 262,776 | $ 360,023 |
DEBT Narrative (Details)
DEBT Narrative (Details) - USD ($) $ in Thousands | May 22, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 3,296,613 | $ 3,111,996 | ||
Logistics revolving credit agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 1,200,000 | $ 1,400,000 | ||
Long-term debt | $ 445,000 | |||
Interest rate at period end - Revolving Credit Agreement | 4.20% | |||
Covenant terms | For the rolling period of four quarters ending September 30, 2019, the consolidated debt coverage ratio (as defined in the Revolving Credit Agreement) could not exceed 5.00-to-1.00 and the consolidated interest coverage ratio (as defined in the Revolving Credit Agreement) must not be less than 1.75-to-1.00. | |||
Current remaining borrowing capacity | $ 751,500 | |||
Receivables Financing Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 125,000 | |||
Long-term debt | $ 56,600 | |||
Weighted average interest rate | 2.90% | |||
Collateral amount | $ 109,800 | |||
Logistics Notes due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 500,000 | |||
Stated interest rate | 6.00% | |||
Proceeds from note offering, net of issuance costs | $ 491,600 | |||
Debt instrument, redemption, description | At the option of NuStar Logistics, the 6.0% senior notes may be redeemed in whole or in part at any time at a redemption price, plus accrued and unpaid interest to the redemption date. If we undergo a change of control, as defined in the supplemental indenture, each holder of the notes may require us to repurchase all or a portion of its notes at a price equal to 101% of the principal amount of the notes repurchased, plus any accrued and unpaid interest to the date of repurchase. |
COMMITMENTS AND CONTINGENCIES N
COMMITMENTS AND CONTINGENCIES Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss contingency accrual, at carrying value | $ 3.7 | $ 2.8 |
LEASE ASSETS AND LIABILITIES Na
LEASE ASSETS AND LIABILITIES Narrative 1 (Details) $ in Millions | Jan. 01, 2019USD ($) |
Leases [Abstract] | |
Right-of-use assets recognized at transition | $ 207 |
Lease liabilities recognized at transition | $ 192 |
LEASE ASSETS AND LIABILITIES _2
LEASE ASSETS AND LIABILITIES Narrative 2 (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Operating Lease Type [Line Items] | |
Lessee, operating lease, description | Our operating leases consist primarily of land and dock leases at various terminal facilities. |
Lessee, operating lease, renewal term | 15 years |
Lessee, Finance Lease, Description [Abstract] | |
Lessee, finance lease, description | The primary component of our finance lease portfolio is a dock at a terminal facility, which includes a commitment for minimum dockage and wharfage throughput volumes. |
Lessee, finance lease, remaining term | 2 years |
Number of renewal periods | 4 |
Lessee, finance lease, renewal term | 5 years |
Minimum [Member] | |
Operating Lease Type [Line Items] | |
Lessee, operating lease, remaining term | 3 years |
Maximum [Member] | |
Operating Lease Type [Line Items] | |
Lessee, operating lease, remaining term | 17 years |
LEASE ASSETS AND LIABILITIES Ta
LEASE ASSETS AND LIABILITIES Table 1 - Schedule of Right-of-Use Assets and Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Right-of-Use Assets: | |
Accumulated amortization on finance right-of-use asset | $ 2,703 |
Lease Liabilities: | |
Total operating lease liabilities | 83,018 |
Total finance lease liabilities | 59,269 |
Other long-term assets, net | |
Right-of-Use Assets: | |
Operating lease | 84,143 |
Property, plant and equipment, net of accumulated amortization | |
Right-of-Use Assets: | |
Finance lease | 74,161 |
Accrued liabilities | |
Lease Liabilities: | |
Operating lease, current | 11,354 |
Other long-term liabilities | |
Lease Liabilities: | |
Operating lease, noncurrent | 71,664 |
Short-term debt and current portion of finance leases | |
Lease Liabilities: | |
Finance lease, current | 4,164 |
Long-term debt, less current portion | |
Lease Liabilities: | |
Finance lease, noncurrent | $ 55,105 |
LEASE ASSETS AND LIABILITIES _3
LEASE ASSETS AND LIABILITIES Table 2 - Maturity Analysis of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2019 (remaining) | $ 3,256 |
2020 | 12,642 |
2021 | 9,419 |
2022 | 8,717 |
2023 | 7,605 |
Thereafter | 67,093 |
Total lease payments | 108,732 |
Less: Interest | 25,714 |
Present value of lease liabilities | 83,018 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2019 (remaining) | 1,576 |
2020 | 6,306 |
2021 | 4,855 |
2022 | 4,186 |
2023 | 4,109 |
Thereafter | 63,418 |
Total lease payments | 84,450 |
Less: Interest | 25,181 |
Present value of lease liabilities | $ 59,269 |
LEASE ASSETS AND LIABILITIES _4
LEASE ASSETS AND LIABILITIES Table 3 - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 5,978 | $ 24,920 |
Amortization of right-of-use assets | 962 | 2,703 |
Interest expense on lease liability | 554 | 1,653 |
Short-term lease cost | 5,051 | 14,974 |
Variable lease cost | 1,256 | 3,044 |
Total lease cost | $ 13,801 | $ 47,294 |
LEASE ASSETS AND LIABILITIES _5
LEASE ASSETS AND LIABILITIES Table 4 - Additional Lease Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)Rate | |
Operating Leases [Abstract] | |
Cash outflows from operating activities | $ 24,314 |
Right-of-use assets obtained in exchange for lease liabilities | $ 2,153 |
Weighted-average remaining lease term (in years) | 15 years |
Weighted-average discount rate | Rate | 3.60% |
Finance Leases [Abstract] | |
Cash outflows from operating activities | $ 1,469 |
Cash outflows from financing activities | 2,586 |
Right-of-use assets obtained in exchange for lease liabilities | $ 2,593 |
Weighted-average remaining lease term (in years) | 21 years |
Weighted-average discount rate | Rate | 3.70% |
LEASE ASSETS AND LIABILITIES _6
LEASE ASSETS AND LIABILITIES Narrative 3 (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Lessor, Lease, Description [Line Items] | ||
Lessor, operating lease, term of contract | 10 years | |
Lessor, operating lease, expected minimum lease payments | $ 283,400 | |
Lease storage assets, cost | 6,090,131 | $ 5,627,805 |
Lease storage assets, accumulated depreciation | $ 2,014,791 | $ 1,853,003 |
Assets Leased to Others [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Lease storage assets, estimated useful life | 30 years | |
Lease storage assets, cost | $ 234,800 | |
Lease storage assets, accumulated depreciation | 119,400 | |
Service revenues [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Operating lease, lease income | $ 30,600 |
DERIVATIVES AND FAIR VALUE ME_3
DERIVATIVES AND FAIR VALUE MEASUREMENTS Narrative (Details) - Interest rate swaps - Cash Flow Hedges - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate swaps interest rate received | receive a rate based on the three-month USD LIBOR. | |
Notional amount of forward-starting interest rate swaps that terminate in September 2020 | $ 250 | $ 250 |
DERIVATIVES AND FAIR VALUE ME_4
DERIVATIVES AND FAIR VALUE MEASUREMENTS Table 1 - Fair Values of Derivative Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - Interest rate swaps - Designated as Hedging Instruments - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Other long-term assets, net | ||
Derivatives, Fair Value | ||
Asset Derivatives | $ 0 | $ 627 |
Liability Derivatives | 0 | 0 |
Other current liabilities | ||
Derivatives, Fair Value | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | (27,582) | 0 |
Other long-term liabilities | ||
Derivatives, Fair Value | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | $ 0 | $ (751) |
DERIVATIVES AND FAIR VALUE ME_5
DERIVATIVES AND FAIR VALUE MEASUREMENTS Table 2 - Impact of Derivatives on Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) to be reclassified during next 12 months, forward-starting interest rate swaps | $ (2,600) | $ (2,600) | ||
Interest rate swaps | Other comprehensive income | Designated as Hedging Instruments | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in other comprehensive income (loss) on derivative | (10,866) | $ 3,540 | (27,458) | $ 26,067 |
Interest rate swaps | Interest expense, net | Designated as Hedging Instruments | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) reclassified from AOCI into interest expense, net | $ (906) | $ (1,719) | $ (2,989) | $ (4,271) |
DERIVATIVES AND FAIR VALUE ME_6
DERIVATIVES AND FAIR VALUE MEASUREMENTS Table 3 - Estimated Fair Values and Carrying Amounts of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair value, long-term debt | $ 3,435,992 | $ 3,056,704 |
Long-term debt, including current portion and excluding finance leases | $ 3,296,613 | $ 3,111,996 |
SERIES D CUMULATIVE CONVERTIB_2
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Narrative (Details) - Series D Preferred Limited Partner [Member] - $ / shares | 3 Months Ended | 9 Months Ended |
Dec. 31, 2019 | Sep. 30, 2019 | |
Preferred Stock, Distributions, Period - June 29, 2018 to June 28, 2020 [Member] | ||
Class of Stock [Line Items] | ||
Preferred units distribution percentage | 9.75% | |
Preferred stock, dividend amount, per unit | $ 0.619 | |
Preferred Stock, Distributions, Period - June 29, 2020 to June 28, 2023 [Member] | ||
Class of Stock [Line Items] | ||
Preferred units distribution percentage | 10.75% | |
Preferred stock, dividend amount, per unit | $ 0.682 | |
Preferred Stock, Distributions, Period - June 29, 2023 and thereafter [Member] | ||
Class of Stock [Line Items] | ||
Preferred units, dividend payment rate, variable | the greater of 13.75% per annum (or $0.872 per unit per distribution period) or the distribution per common unit thereafter | |
Preferred Stock Distributions, Period - June 16, 2019 and thereafter [Member] | ||
Class of Stock [Line Items] | ||
Required amount of per unit cash dividends to permit dividend paid in kind | $ 0.635 | |
Subsequent Event [Member] | ||
Class of Stock [Line Items] | ||
Preferred unit distribution | $ 0.619 | |
Minimum [Member] | Preferred Stock, Distributions, Period - June 29, 2023 and thereafter [Member] | ||
Class of Stock [Line Items] | ||
Preferred units distribution percentage | 13.75% | |
Preferred stock, dividend amount, per unit | $ 0.872 |
PARTNERS' EQUITY Table 1 - Cash
PARTNERS' EQUITY Table 1 - Cash Distributions - Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Series A Preferred Limited Partner [Member] | |||||
Distribution Made to Preferred Limited Partner [Line Items] | |||||
Preferred units distribution percentage | 8.50% | ||||
Preferred unit distribution | $ 0.53125 | ||||
Fixed distribution per quarter | $ 4,813 | ||||
Series B Preferred Limited Partner [Member] | |||||
Distribution Made to Preferred Limited Partner [Line Items] | |||||
Preferred units distribution percentage | 7.625% | ||||
Preferred unit distribution | $ 0.47657 | ||||
Fixed distribution per quarter | $ 7,339 | ||||
Series C Preferred Limited Partner [Member] | |||||
Distribution Made to Preferred Limited Partner [Line Items] | |||||
Preferred units distribution percentage | 9.00% | ||||
Preferred unit distribution | $ 0.56250 | ||||
Fixed distribution per quarter | $ 3,881 | ||||
Preferred Limited Partner [Member] | |||||
Distribution Made to Preferred Limited Partner [Line Items] | |||||
Fixed distribution per quarter | $ 16,034 | $ 16,033 | $ 48,100 | $ 48,056 | |
Subsequent Event [Member] | Preferred Limited Partner [Member] | |||||
Distribution Made to Preferred Limited Partner [Line Items] | |||||
Distribution payment date, preferred units | Dec. 16, 2019 |
PARTNERS' EQUITY Narrative (Det
PARTNERS' EQUITY Narrative (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Class of Stock [Line Items] | |
Percent of Available Cash distributed | 100.00% |
Number of days within which distribution is paid to common unitholders | 45 |
PARTNERS' EQUITY Table 2 - Cash
PARTNERS' EQUITY Table 2 - Cash Distributions Declared - Common Limited Partners (Details) - Common Limited Partner [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Distribution Made to Common Limited Partners [Line Items] | |||
Cash distributions per unit | $ 0.60 | $ 0.60 | $ 0.60 |
Cash distributions applicable to common unitholders (distribution earned) | $ 64,660 | $ 64,658 | $ 64,690 |
Distribution date of record (distribution earned) | Nov. 8, 2019 | Aug. 7, 2019 | May 8, 2019 |
Distribution payment date (distribution earned) | Nov. 14, 2019 | Aug. 13, 2019 | May 14, 2019 |
PARTNERS' EQUITY Table 3 - Bala
PARTNERS' EQUITY Table 3 - Balance of and Changes in Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance as of January 1, 2019 | $ (54,878) |
Balance as of September 30, 2019 | (79,261) |
Foreign Currency Translation | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance as of January 1, 2019 | (47,299) |
Other comprehensive income (loss) before reclassification adjustments | 1,802 |
Other | 0 |
Other comprehensive income (loss) | 1,802 |
Balance as of September 30, 2019 | (45,497) |
Cash Flow Hedges | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance as of January 1, 2019 | (893) |
Other comprehensive income (loss) before reclassification adjustments | (27,458) |
Other | 0 |
Other comprehensive income (loss) | (24,469) |
Balance as of September 30, 2019 | (25,362) |
Pension and Other Postretirement Benefits | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance as of January 1, 2019 | (6,686) |
Other comprehensive income (loss) before reclassification adjustments | 0 |
Other | 20 |
Other comprehensive income (loss) | (1,716) |
Balance as of September 30, 2019 | (8,402) |
Total | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance as of January 1, 2019 | (54,878) |
Other comprehensive income (loss) before reclassification adjustments | (25,656) |
Other | 20 |
Other comprehensive income (loss) | (24,383) |
Balance as of September 30, 2019 | (79,261) |
Other income, net | Foreign Currency Translation | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Net (gain) loss reclassified from AOCI | 0 |
Other income, net | Cash Flow Hedges | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Net (gain) loss reclassified from AOCI | 0 |
Other income, net | Pension and Other Postretirement Benefits | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Net (gain) loss reclassified from AOCI | (1,736) |
Other income, net | Total | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Net (gain) loss reclassified from AOCI | (1,736) |
Interest expense, net | Foreign Currency Translation | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Net (gain) loss reclassified from AOCI | 0 |
Interest expense, net | Cash Flow Hedges | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Net (gain) loss reclassified from AOCI | 2,989 |
Interest expense, net | Pension and Other Postretirement Benefits | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Net (gain) loss reclassified from AOCI | 0 |
Interest expense, net | Total | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Net (gain) loss reclassified from AOCI | $ 2,989 |
NET INCOME (LOSS) PER COMMON _3
NET INCOME (LOSS) PER COMMON UNIT Table - Net Income (Loss) per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 47,811 | $ 48,136 | $ (184,101) | $ 203,668 |
Distributions to preferred limited partners | (30,423) | (29,881) | (91,269) | (62,116) |
Distributions to general partner | 0 | 0 | 0 | (1,141) |
Distributions to common limited partners | (64,660) | (64,248) | (194,008) | (184,369) |
Distribution equivalent rights to restricted units | (607) | (473) | (1,892) | (1,398) |
Distributions in excess of income (loss) | (47,879) | (46,466) | (471,270) | (45,356) |
Distributions to common limited partners | 64,660 | 64,248 | 194,008 | 184,369 |
Allocation of distributions in excess of income (loss) | (47,879) | (46,466) | (471,270) | (45,378) |
Series D Preferred Unit accretion | (4,592) | (4,031) | (13,340) | (4,031) |
Loss to common unitholders attributable to the Merger | 0 | (377,079) | 0 | (377,079) |
Net income (loss) attributable to common units | $ 12,189 | $ (363,328) | $ (290,602) | $ (242,119) |
Basic weighted-average common units outstanding | 107,763,870 | 104,264,796 | 107,687,019 | 96,920,202 |
Effect of dilutive potential common units | 111,659 | 0 | 37,629 | 0 |
Diluted weighted-average common units outstanding | 107,875,529 | 104,264,796 | 107,724,648 | 96,920,202 |
Basic net income (loss) per common unit | $ 0.11 | $ (3.49) | $ (2.70) | $ (2.50) |
Diluted net income (loss) per common unit | $ 0.11 | $ (3.49) | $ (2.70) | $ (2.50) |
STATEMENTS OF CASH FLOWS Table
STATEMENTS OF CASH FLOWS Table 1 - Changes in Current Assets and Current Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Decrease (increase) in current assets: | ||
Accounts receivable | $ (2,514) | $ 11,530 |
Receivable from related party | 0 | 160 |
Inventories | 1,398 | 2,079 |
Other current assets | (6,368) | (953) |
Increase (decrease) in current liabilities: | ||
Accounts payable | 1,559 | 18,082 |
Accrued interest payable | 4,609 | (9,700) |
Accrued liabilities | (32,375) | 4,830 |
Taxes other than income tax | (2,991) | 4,809 |
Income tax payable | (1,400) | 406 |
Changes in current assets and current liabilities | $ (38,082) | $ 31,243 |
STATEMENTS OF CASH FLOWS Tabl_2
STATEMENTS OF CASH FLOWS Table 2 - Cash Flows Related to Interest and Income Taxes (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Cash Flows [Abstract] | ||
Cash paid for interest, net of amount capitalized | $ 128,670 | $ 145,089 |
Cash paid for income taxes, net of tax refunds received | $ 6,876 | $ 8,490 |
STATEMENTS OF CASH FLOWS Tabl_3
STATEMENTS OF CASH FLOWS Table 3 - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash, cash equivalents and restricted cash | $ 24,124 | $ 13,644 | $ 24,579 | $ 24,292 |
Cash and cash equivalents [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash, cash equivalents and restricted cash | 15,354 | 11,529 | ||
Prepaid and other current assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash, cash equivalents and restricted cash | 8,770 | 0 | ||
Assets held for sale | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash, cash equivalents and restricted cash | $ 0 | $ 2,115 |
EMPLOYEE BENEFIT PLANS AND UN_3
EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION Narrative 1 (Details) $ in Millions | 1 Months Ended |
Sep. 30, 2019USD ($) | |
Compensation Related Costs [Abstract] | |
Pension Plan contribution | $ 11 |
EMPLOYEE BENEFIT PLANS AND UN_4
EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION Table - Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,387 | $ 2,405 | $ 7,162 | $ 7,216 |
Interest cost | 1,370 | 1,206 | 4,110 | 3,618 |
Expected return on assets | (2,004) | (1,854) | (6,011) | (5,563) |
Amortization of prior service credit | (515) | (515) | (1,543) | (1,543) |
Amortization of net loss | 212 | 544 | 635 | 1,631 |
Net periodic benefit cost (income) | 1,450 | 1,786 | 4,353 | 5,359 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 108 | 126 | 323 | 378 |
Interest cost | 113 | 107 | 340 | 322 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of prior service credit | (286) | (286) | (859) | (859) |
Amortization of net loss | 10 | 53 | 31 | 160 |
Net periodic benefit cost (income) | $ (55) | $ 0 | $ (165) | $ 1 |
EMPLOYEE BENEFIT PLANS AND UN_5
EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION Narrative 2 (Details) | Apr. 23, 2019shares |
Unit-Based Compensation 2019 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unit-based compensation, number of units authorized | 2,500,000 |
SEGMENT INFORMATION Table 1 - R
SEGMENT INFORMATION Table 1 - Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Total revenues | $ 378,056 | $ 380,142 | $ 1,098,327 | $ 1,146,125 |
Operating income: | ||||
General and administrative expenses | 27,804 | 26,255 | 78,363 | 71,151 |
Other depreciation and amortization expense | 2,216 | 2,192 | 6,154 | 6,389 |
Operating income (loss) | 99,972 | 89,165 | 266,860 | 249,045 |
Pipeline Segment | ||||
Revenues: | ||||
Total revenues | 179,173 | 162,843 | 507,917 | 449,909 |
Storage Segment | ||||
Revenues: | ||||
Total revenues | 113,735 | 110,233 | 327,638 | 336,217 |
Storage Segment | Third Party Revenue [Member] | ||||
Revenues: | ||||
Total revenues | 113,735 | 110,227 | 327,634 | 336,193 |
Storage Segment | Intersegment Revenue [Member] | ||||
Revenues: | ||||
Total revenues | 0 | 6 | 4 | 24 |
Fuels Marketing Segment | ||||
Revenues: | ||||
Total revenues | 85,148 | 107,072 | 262,776 | 360,023 |
Total segment | ||||
Operating income: | ||||
Operating income (loss) | 129,992 | 117,612 | 351,377 | 326,585 |
Total segment | Pipeline Segment | ||||
Operating income: | ||||
Operating income (loss) | 87,818 | 77,021 | 233,834 | 197,794 |
Total segment | Storage Segment | ||||
Operating income: | ||||
Operating income (loss) | 37,906 | 39,271 | 108,222 | 121,139 |
Total segment | Fuels Marketing Segment | ||||
Operating income: | ||||
Operating income (loss) | 4,268 | 1,320 | 9,353 | 7,652 |
Intersegment Eliminations [Member] | ||||
Revenues: | ||||
Total revenues | 0 | (6) | (4) | (24) |
Operating income: | ||||
Operating income (loss) | 0 | 0 | (32) | 0 |
Consolidation and intersegment eliminations | ||||
Operating income: | ||||
General and administrative expenses | 27,804 | 26,255 | 78,363 | 71,151 |
Other depreciation and amortization expense | $ 2,216 | $ 2,192 | $ 6,154 | $ 6,389 |
SEGMENT INFORMATION Table 2 - A
SEGMENT INFORMATION Table 2 - Assets by Reportable Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Segment Information | ||
Total assets | $ 6,135,836 | $ 6,349,140 |
Total segment assets | ||
Segment Information | ||
Total assets | 5,949,255 | 5,577,242 |
Total segment assets | Pipeline Segment | ||
Segment Information | ||
Total assets | 3,851,998 | 3,637,226 |
Total segment assets | Storage Segment | ||
Segment Information | ||
Total assets | 2,058,551 | 1,902,764 |
Total segment assets | Fuels Marketing Segment | ||
Segment Information | ||
Total assets | 38,706 | 37,252 |
Assets held for sale | ||
Segment Information | ||
Total assets | 0 | 599,347 |
Other partnership assets | ||
Segment Information | ||
Total assets | $ 186,581 | $ 172,551 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Narrative (Details) - NuStar Energy | 9 Months Ended |
Sep. 30, 2019 | |
NuPOP | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% |
NuStar Logistics | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 1 - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||||||
Cash and cash equivalents | $ 15,354 | $ 11,529 | $ 24,579 | $ 24,292 | ||
Receivables, net | 130,549 | 110,417 | ||||
Inventories | 10,123 | 8,434 | ||||
Prepaid and other current assets | 31,925 | 17,374 | ||||
Assets held for sale | 0 | 599,347 | ||||
Intercompany receivable | 0 | 0 | ||||
Total current assets | 187,951 | 747,101 | ||||
Property, plant and equipment, net | 4,075,340 | 3,774,802 | ||||
Intangible assets, net | 694,488 | 733,056 | ||||
Goodwill | 1,005,853 | 1,005,853 | ||||
Investment in wholly owned subsidiaries | 0 | 0 | ||||
Other long-term assets, net | 172,204 | 88,328 | ||||
Total assets | 6,135,836 | 6,349,140 | ||||
Liabilities, Mezzanine Equity and Partners’ Equity | ||||||
Accounts payable | 102,209 | 103,122 | ||||
Short-term debt and current portion of finance leases | 15,664 | 18,500 | ||||
Current portion of long-term debt | 453,241 | 0 | ||||
Accrued interest payable | 40,902 | 36,293 | ||||
Accrued liabilities | 99,889 | 74,418 | ||||
Taxes other than income tax | 15,282 | 16,823 | ||||
Income tax payable | 3,050 | 4,445 | ||||
Liabilities held for sale | 0 | 69,834 | ||||
Intercompany payable | 0 | 0 | ||||
Total current liabilities | 730,237 | 323,435 | ||||
Long-term debt, less current portion | 2,898,477 | 3,111,996 | ||||
Deferred income tax liability | 12,097 | 12,428 | ||||
Other long-term liabilities | 148,108 | 79,558 | ||||
Series D preferred units | 577,191 | $ 572,597 | 563,992 | 559,844 | $ 370,711 | 0 |
Total partners' equity | 1,769,726 | $ 1,829,303 | 2,257,731 | 2,346,882 | $ 2,456,477 | 2,480,089 |
Total liabilities, mezzanine equity and partners’ equity | 6,135,836 | 6,349,140 | ||||
Eliminations [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Receivables, net | 0 | 0 | ||||
Inventories | 0 | 0 | ||||
Prepaid and other current assets | 0 | 0 | ||||
Assets held for sale | 0 | |||||
Intercompany receivable | (1,886,048) | (1,828,416) | ||||
Total current assets | (1,886,048) | (1,828,416) | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Investment in wholly owned subsidiaries | (6,259,646) | (7,388,660) | ||||
Other long-term assets, net | 0 | 0 | ||||
Total assets | (8,145,694) | (9,217,076) | ||||
Liabilities, Mezzanine Equity and Partners’ Equity | ||||||
Accounts payable | 0 | 0 | ||||
Short-term debt and current portion of finance leases | 0 | 0 | ||||
Current portion of long-term debt | 0 | |||||
Accrued interest payable | 0 | 0 | ||||
Accrued liabilities | 0 | 0 | ||||
Taxes other than income tax | 0 | 0 | ||||
Income tax payable | 0 | 0 | ||||
Liabilities held for sale | 0 | |||||
Intercompany payable | (1,886,048) | (1,828,416) | ||||
Total current liabilities | (1,886,048) | (1,828,416) | ||||
Long-term debt, less current portion | 0 | 0 | ||||
Deferred income tax liability | 0 | 0 | ||||
Other long-term liabilities | 0 | 0 | ||||
Series D preferred units | 0 | 0 | ||||
Total partners' equity | (6,259,646) | (7,388,660) | ||||
Total liabilities, mezzanine equity and partners’ equity | (8,145,694) | (9,217,076) | ||||
Parent Company Guarantor [Member] | NuStar Energy | Reportable Legal Entities [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 90 | 1,255 | 1,164 | 885 | ||
Receivables, net | 0 | 0 | ||||
Inventories | 0 | 0 | ||||
Prepaid and other current assets | 138 | 61 | ||||
Assets held for sale | 0 | |||||
Intercompany receivable | 0 | 0 | ||||
Total current assets | 228 | 1,316 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Investment in wholly owned subsidiaries | 2,887,631 | 3,355,636 | ||||
Other long-term assets, net | 79 | 304 | ||||
Total assets | 2,887,938 | 3,357,256 | ||||
Liabilities, Mezzanine Equity and Partners’ Equity | ||||||
Accounts payable | 5,411 | 6,460 | ||||
Short-term debt and current portion of finance leases | 0 | 0 | ||||
Current portion of long-term debt | 0 | |||||
Accrued interest payable | 0 | 0 | ||||
Accrued liabilities | 1,069 | 1,280 | ||||
Taxes other than income tax | 63 | 125 | ||||
Income tax payable | 0 | 0 | ||||
Liabilities held for sale | 0 | |||||
Intercompany payable | 455,217 | 472,790 | ||||
Total current liabilities | 461,760 | 480,655 | ||||
Long-term debt, less current portion | 0 | 0 | ||||
Deferred income tax liability | 0 | 0 | ||||
Other long-term liabilities | 0 | 0 | ||||
Series D preferred units | 577,191 | 563,992 | ||||
Total partners' equity | 1,848,987 | 2,312,609 | ||||
Total liabilities, mezzanine equity and partners’ equity | 2,887,938 | 3,357,256 | ||||
Subsidiary Issuer [Member] | NuStar Logistics | Reportable Legal Entities [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 27 | 51 | 4,238 | 29 | ||
Receivables, net | 82 | 2,212 | ||||
Inventories | 1,912 | 1,741 | ||||
Prepaid and other current assets | 26,696 | 14,422 | ||||
Assets held for sale | 0 | |||||
Intercompany receivable | 1,290,555 | 1,327,833 | ||||
Total current assets | 1,319,272 | 1,346,259 | ||||
Property, plant and equipment, net | 2,044,102 | 1,858,264 | ||||
Intangible assets, net | 42,039 | 49,107 | ||||
Goodwill | 149,453 | 149,453 | ||||
Investment in wholly owned subsidiaries | 1,725,947 | 1,750,256 | ||||
Other long-term assets, net | 104,751 | 54,429 | ||||
Total assets | 5,385,564 | 5,207,768 | ||||
Liabilities, Mezzanine Equity and Partners’ Equity | ||||||
Accounts payable | 38,926 | 39,680 | ||||
Short-term debt and current portion of finance leases | 15,442 | 18,500 | ||||
Current portion of long-term debt | 453,241 | |||||
Accrued interest payable | 40,867 | 36,253 | ||||
Accrued liabilities | 50,772 | 24,858 | ||||
Taxes other than income tax | 8,027 | 7,285 | ||||
Income tax payable | 341 | 457 | ||||
Liabilities held for sale | 0 | |||||
Intercompany payable | 0 | 0 | ||||
Total current liabilities | 607,616 | 127,033 | ||||
Long-term debt, less current portion | 2,841,373 | 3,050,531 | ||||
Deferred income tax liability | 1,675 | 1,675 | ||||
Other long-term liabilities | 67,928 | 28,392 | ||||
Series D preferred units | 0 | 0 | ||||
Total partners' equity | 1,866,972 | 2,000,137 | ||||
Total liabilities, mezzanine equity and partners’ equity | 5,385,564 | 5,207,768 | ||||
Guarantor Subsidiaries [Member] | NuPOP | Reportable Legal Entities [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Receivables, net | 0 | 0 | ||||
Inventories | 4,693 | 5,237 | ||||
Prepaid and other current assets | 1,056 | 908 | ||||
Assets held for sale | 0 | |||||
Intercompany receivable | 0 | 0 | ||||
Total current assets | 5,749 | 6,145 | ||||
Property, plant and equipment, net | 610,544 | 615,549 | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 170,652 | 170,652 | ||||
Investment in wholly owned subsidiaries | 1,147,269 | 1,425,283 | ||||
Other long-term assets, net | 32,344 | 26,716 | ||||
Total assets | 1,966,558 | 2,244,345 | ||||
Liabilities, Mezzanine Equity and Partners’ Equity | ||||||
Accounts payable | 6,470 | 6,331 | ||||
Short-term debt and current portion of finance leases | 206 | 0 | ||||
Current portion of long-term debt | 0 | |||||
Accrued interest payable | 3 | 0 | ||||
Accrued liabilities | 8,659 | 8,082 | ||||
Taxes other than income tax | 6,607 | 4,718 | ||||
Income tax payable | 1 | 2 | ||||
Liabilities held for sale | 0 | |||||
Intercompany payable | 1,430,831 | 1,355,626 | ||||
Total current liabilities | 1,452,777 | 1,374,759 | ||||
Long-term debt, less current portion | 768 | 0 | ||||
Deferred income tax liability | 9 | 9 | ||||
Other long-term liabilities | 14,348 | 12,348 | ||||
Series D preferred units | 0 | 0 | ||||
Total partners' equity | 498,656 | 857,229 | ||||
Total liabilities, mezzanine equity and partners’ equity | 1,966,558 | 2,244,345 | ||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 15,237 | 10,223 | $ 19,177 | $ 23,378 | ||
Receivables, net | 130,467 | 108,205 | ||||
Inventories | 3,518 | 1,456 | ||||
Prepaid and other current assets | 4,035 | 1,983 | ||||
Assets held for sale | 599,347 | |||||
Intercompany receivable | 595,493 | 500,583 | ||||
Total current assets | 748,750 | 1,221,797 | ||||
Property, plant and equipment, net | 1,420,694 | 1,300,989 | ||||
Intangible assets, net | 652,449 | 683,949 | ||||
Goodwill | 685,748 | 685,748 | ||||
Investment in wholly owned subsidiaries | 498,799 | 857,485 | ||||
Other long-term assets, net | 35,030 | 6,879 | ||||
Total assets | 4,041,470 | 4,756,847 | ||||
Liabilities, Mezzanine Equity and Partners’ Equity | ||||||
Accounts payable | 51,402 | 50,651 | ||||
Short-term debt and current portion of finance leases | 16 | 0 | ||||
Current portion of long-term debt | 0 | |||||
Accrued interest payable | 32 | 40 | ||||
Accrued liabilities | 39,389 | 40,198 | ||||
Taxes other than income tax | 585 | 4,695 | ||||
Income tax payable | 2,708 | 3,986 | ||||
Liabilities held for sale | 69,834 | |||||
Intercompany payable | 0 | 0 | ||||
Total current liabilities | 94,132 | 169,404 | ||||
Long-term debt, less current portion | 56,336 | 61,465 | ||||
Deferred income tax liability | 10,413 | 10,744 | ||||
Other long-term liabilities | 65,832 | 38,818 | ||||
Series D preferred units | 0 | 0 | ||||
Total partners' equity | 3,814,757 | 4,476,416 | ||||
Total liabilities, mezzanine equity and partners’ equity | $ 4,041,470 | $ 4,756,847 |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 2 - Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | $ 378,056 | $ 380,142 | $ 1,098,327 | $ 1,146,125 |
Costs and expenses | 278,084 | 290,977 | 831,467 | 897,080 |
Operating income (loss) | 99,972 | 89,165 | 266,860 | 249,045 |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Interest income (expense), net | (46,902) | (44,314) | (136,886) | (140,091) |
Other income (expense), net | 608 | 925 | 2,020 | 3,548 |
Income (loss) from continuing operations before income tax expense | 53,678 | 45,776 | 131,994 | 112,502 |
Income tax expense (benefit) | 1,090 | 2,113 | 3,568 | 8,697 |
Income (loss) from continuing operations | 52,588 | 43,663 | 128,426 | 103,805 |
(Loss) income from discontinued operations, net of tax | (4,777) | 4,473 | (312,527) | 99,863 |
Net income (loss) | 47,811 | 48,136 | (184,101) | 203,668 |
Comprehensive income (loss) | 36,213 | 53,037 | (208,484) | 226,872 |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | (91) | (106) | (463) | (455) |
Costs and expenses | (91) | (106) | (463) | (455) |
Operating income (loss) | 0 | 0 | 0 | 0 |
Equity in earnings (loss) of subsidiaries | (118,282) | (93,145) | (302,748) | (275,491) |
Interest income (expense), net | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income tax expense | (118,282) | (93,145) | (302,748) | (275,491) |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | (118,282) | (93,145) | (302,748) | (275,491) |
(Loss) income from discontinued operations, net of tax | 14,329 | (13,419) | 953,404 | (299,589) |
Net income (loss) | (103,953) | (106,564) | 650,656 | (575,080) |
Comprehensive income (loss) | (103,953) | (106,564) | 650,656 | (575,080) |
Parent Company Guarantor [Member] | NuStar Energy | Reportable Legal Entities [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and expenses | 517 | 600 | 1,892 | 1,750 |
Operating income (loss) | (517) | (600) | (1,892) | (1,750) |
Equity in earnings (loss) of subsidiaries | 53,001 | 44,195 | 129,991 | 105,418 |
Interest income (expense), net | 104 | 68 | 329 | 137 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income tax expense | 52,588 | 43,663 | 128,428 | 103,805 |
Income tax expense (benefit) | 0 | 0 | 2 | 0 |
Income (loss) from continuing operations | 52,588 | 43,663 | 128,426 | 103,805 |
(Loss) income from discontinued operations, net of tax | (4,777) | 4,473 | (312,527) | 99,863 |
Net income (loss) | 47,811 | 48,136 | (184,101) | 203,668 |
Comprehensive income (loss) | 47,811 | 48,136 | (184,101) | 203,668 |
Subsidiary Issuer [Member] | NuStar Logistics | Reportable Legal Entities [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 138,159 | 127,165 | 385,850 | 364,721 |
Costs and expenses | 86,742 | 76,932 | 247,182 | 235,936 |
Operating income (loss) | 51,417 | 50,233 | 138,668 | 128,785 |
Equity in earnings (loss) of subsidiaries | 12,690 | 9,405 | 25,019 | 8,848 |
Interest income (expense), net | (47,741) | (45,532) | (140,213) | (145,915) |
Other income (expense), net | 737 | 468 | 2,234 | 2,792 |
Income (loss) from continuing operations before income tax expense | 17,103 | 14,574 | 25,708 | (5,490) |
Income tax expense (benefit) | 124 | 82 | (228) | 313 |
Income (loss) from continuing operations | 16,979 | 14,492 | 25,936 | (5,803) |
(Loss) income from discontinued operations, net of tax | 0 | 0 | 7,912 | 0 |
Net income (loss) | 16,979 | 14,492 | 33,848 | (5,803) |
Comprehensive income (loss) | 7,019 | 19,751 | 9,379 | 24,535 |
Guarantor Subsidiaries [Member] | NuPOP | Reportable Legal Entities [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 59,093 | 62,981 | 181,898 | 185,760 |
Costs and expenses | 37,872 | 40,497 | 115,157 | 118,002 |
Operating income (loss) | 21,221 | 22,484 | 66,741 | 67,758 |
Equity in earnings (loss) of subsidiaries | 16,428 | 9,411 | 42,951 | 49,169 |
Interest income (expense), net | (1,683) | (1,882) | (5,456) | (5,177) |
Other income (expense), net | 196 | 119 | 551 | 307 |
Income (loss) from continuing operations before income tax expense | 36,162 | 30,132 | 104,787 | 112,057 |
Income tax expense (benefit) | 0 | 0 | 1 | 1 |
Income (loss) from continuing operations | 36,162 | 30,132 | 104,786 | 112,056 |
(Loss) income from discontinued operations, net of tax | (4,776) | 4,473 | (320,439) | 99,863 |
Net income (loss) | 31,386 | 34,605 | (215,653) | 211,919 |
Comprehensive income (loss) | 31,386 | 34,605 | (215,653) | 211,919 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 180,895 | 190,102 | 531,042 | 596,099 |
Costs and expenses | 153,044 | 173,054 | 467,699 | 541,847 |
Operating income (loss) | 27,851 | 17,048 | 63,343 | 54,252 |
Equity in earnings (loss) of subsidiaries | 36,163 | 30,134 | 104,787 | 112,056 |
Interest income (expense), net | 2,418 | 3,032 | 8,454 | 10,864 |
Other income (expense), net | (325) | 338 | (765) | 449 |
Income (loss) from continuing operations before income tax expense | 66,107 | 50,552 | 175,819 | 177,621 |
Income tax expense (benefit) | 966 | 2,031 | 3,793 | 8,383 |
Income (loss) from continuing operations | 65,141 | 48,521 | 172,026 | 169,238 |
(Loss) income from discontinued operations, net of tax | (9,553) | 8,946 | (640,877) | 199,726 |
Net income (loss) | 55,588 | 57,467 | (468,851) | 368,964 |
Comprehensive income (loss) | $ 53,950 | $ 57,109 | $ (468,765) | $ 361,830 |
CONDENSED CONSOLIDATING FINAN_6
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 3 - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net cash provided by operating activities | $ 354,661 | $ 363,320 |
Cash flows from investing activities: | ||
Capital expenditures | (435,043) | (338,440) |
Change in accounts payable related to capital expenditures | (12,641) | (18,630) |
Investments in other long-term assets | 0 | (3,280) |
Proceeds from sale or disposition of assets | 314 | 2,220 |
Proceeds from sale of the St. Eustatius Operations (Note 3) | 227,709 | 0 |
Investment In subsidiaries | 0 | |
Proceeds from insurance recoveries | 0 | 78,419 |
Acquisitions | 0 | (37,502) |
Other, net | 1,100 | 0 |
Net cash (used in) provided by investing activities | (220,761) | (317,213) |
Cash flows from financing activities: | ||
Debt borrowings | 818,900 | 1,523,953 |
Debt repayments | (1,131,100) | (1,778,498) |
Proceeds from note offering, net of issuance costs | 491,588 | 0 |
Proceeds from issuance of Series D preferred units | 0 | 590,000 |
Payment of issuance costs for Series D preferred units | 0 | (34,187) |
Issuance of common units, including contributions from general partner | 0 | 10,204 |
Distributions to preferred unitholders | (91,269) | (60,247) |
Distributions to common unitholders and general partner | (193,683) | (236,549) |
Cash consideration for Merger | 0 | (61,271) |
Proceeds from termination of interest rate swaps | 0 | 8,048 |
Contributions from affiliates | 0 | |
Net intercompany activity | 0 | 0 |
Payment of tax withholding for unit-based compensation | (6,578) | (557) |
Other, net | (11,959) | (6,554) |
Net cash (used in) provided by financing activities | (124,101) | (45,101) |
Effect of foreign exchange rate changes on cash | 681 | (719) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 10,480 | 287 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 13,644 | 24,292 |
Cash, cash equivalents and restricted cash as of the end of the period | 24,124 | 24,579 |
Cash and cash equivalents as of the beginning of the period | 11,529 | 24,292 |
Cash and cash equivalents as of the end of the period | 15,354 | 24,579 |
Eliminations [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities | (427,443) | (445,211) |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Change in accounts payable related to capital expenditures | 0 | 0 |
Investments in other long-term assets | 0 | |
Proceeds from sale or disposition of assets | 0 | 0 |
Proceeds from sale of the St. Eustatius Operations (Note 3) | 0 | |
Investment In subsidiaries | 11,999 | |
Proceeds from insurance recoveries | 0 | |
Acquisitions | 0 | |
Other, net | 0 | |
Net cash (used in) provided by investing activities | 11,999 | 0 |
Cash flows from financing activities: | ||
Debt borrowings | 0 | 0 |
Debt repayments | 0 | 0 |
Proceeds from note offering, net of issuance costs | 0 | |
Proceeds from issuance of Series D preferred units | 0 | |
Payment of issuance costs for Series D preferred units | 0 | |
Issuance of common units, including contributions from general partner | 0 | |
Distributions to preferred unitholders | 136,910 | 90,372 |
Distributions to common unitholders and general partner | 290,533 | 354,839 |
Cash consideration for Merger | 0 | |
Proceeds from termination of interest rate swaps | 0 | |
Contributions from affiliates | (11,999) | |
Net intercompany activity | 0 | 0 |
Payment of tax withholding for unit-based compensation | 0 | |
Other, net | 0 | 0 |
Net cash (used in) provided by financing activities | 415,444 | 445,211 |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 0 | |
Cash, cash equivalents and restricted cash as of the end of the period | 0 | |
Cash and cash equivalents as of the beginning of the period | 0 | 0 |
Cash and cash equivalents as of the end of the period | 0 | 0 |
Parent Company Guarantor [Member] | NuStar Energy | Reportable Legal Entities [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities | 281,988 | 296,475 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Change in accounts payable related to capital expenditures | 0 | 0 |
Investments in other long-term assets | 0 | |
Proceeds from sale or disposition of assets | 0 | 0 |
Proceeds from sale of the St. Eustatius Operations (Note 3) | 0 | |
Investment In subsidiaries | 0 | |
Proceeds from insurance recoveries | 0 | |
Acquisitions | 0 | |
Other, net | 0 | |
Net cash (used in) provided by investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Debt borrowings | 0 | 0 |
Debt repayments | 0 | 0 |
Proceeds from note offering, net of issuance costs | 0 | |
Proceeds from issuance of Series D preferred units | 590,000 | |
Payment of issuance costs for Series D preferred units | (34,187) | |
Issuance of common units, including contributions from general partner | 10,204 | |
Distributions to preferred unitholders | (91,269) | (60,249) |
Distributions to common unitholders and general partner | (193,683) | (236,549) |
Cash consideration for Merger | (61,411) | |
Proceeds from termination of interest rate swaps | 0 | |
Contributions from affiliates | 0 | |
Net intercompany activity | 10,025 | (501,574) |
Payment of tax withholding for unit-based compensation | (6,578) | |
Other, net | (1,648) | (2,430) |
Net cash (used in) provided by financing activities | (283,153) | (296,196) |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,165) | 279 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 1,255 | |
Cash, cash equivalents and restricted cash as of the end of the period | 90 | |
Cash and cash equivalents as of the beginning of the period | 1,255 | 885 |
Cash and cash equivalents as of the end of the period | 90 | 1,164 |
Subsidiary Issuer [Member] | NuStar Logistics | Reportable Legal Entities [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities | 109,849 | 60,254 |
Cash flows from investing activities: | ||
Capital expenditures | (215,031) | (32,270) |
Change in accounts payable related to capital expenditures | 1,539 | 2,063 |
Investments in other long-term assets | 0 | |
Proceeds from sale or disposition of assets | 166 | 1,464 |
Proceeds from sale of the St. Eustatius Operations (Note 3) | 0 | |
Investment In subsidiaries | (11,999) | |
Proceeds from insurance recoveries | 0 | |
Acquisitions | 0 | |
Other, net | 0 | |
Net cash (used in) provided by investing activities | (225,325) | (28,743) |
Cash flows from financing activities: | ||
Debt borrowings | 790,000 | 1,498,853 |
Debt repayments | (1,097,000) | (1,754,798) |
Proceeds from note offering, net of issuance costs | 491,588 | |
Proceeds from issuance of Series D preferred units | 0 | |
Payment of issuance costs for Series D preferred units | 0 | |
Issuance of common units, including contributions from general partner | 0 | |
Distributions to preferred unitholders | (45,635) | (30,123) |
Distributions to common unitholders and general partner | (96,841) | (118,275) |
Cash consideration for Merger | 0 | |
Proceeds from termination of interest rate swaps | 8,048 | |
Contributions from affiliates | 0 | |
Net intercompany activity | 92,218 | 373,055 |
Payment of tax withholding for unit-based compensation | 0 | |
Other, net | (10,108) | (4,062) |
Net cash (used in) provided by financing activities | 124,222 | (27,302) |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 8,746 | 4,209 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 51 | |
Cash, cash equivalents and restricted cash as of the end of the period | 8,797 | |
Cash and cash equivalents as of the beginning of the period | 51 | 29 |
Cash and cash equivalents as of the end of the period | 27 | 4,238 |
Guarantor Subsidiaries [Member] | NuPOP | Reportable Legal Entities [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities | 88,654 | 90,482 |
Cash flows from investing activities: | ||
Capital expenditures | (18,451) | (14,002) |
Change in accounts payable related to capital expenditures | (878) | (6,209) |
Investments in other long-term assets | 0 | |
Proceeds from sale or disposition of assets | 34 | 20 |
Proceeds from sale of the St. Eustatius Operations (Note 3) | 0 | |
Investment In subsidiaries | 0 | |
Proceeds from insurance recoveries | 0 | |
Acquisitions | (37,502) | |
Other, net | 0 | |
Net cash (used in) provided by investing activities | (19,295) | (57,693) |
Cash flows from financing activities: | ||
Debt borrowings | 0 | 0 |
Debt repayments | 0 | 0 |
Proceeds from note offering, net of issuance costs | 0 | |
Proceeds from issuance of Series D preferred units | 0 | |
Payment of issuance costs for Series D preferred units | 0 | |
Issuance of common units, including contributions from general partner | 0 | |
Distributions to preferred unitholders | (45,635) | (30,124) |
Distributions to common unitholders and general partner | (96,841) | (118,274) |
Cash consideration for Merger | 0 | |
Proceeds from termination of interest rate swaps | 0 | |
Contributions from affiliates | 0 | |
Net intercompany activity | 73,196 | 115,609 |
Payment of tax withholding for unit-based compensation | 0 | |
Other, net | (79) | 0 |
Net cash (used in) provided by financing activities | (69,359) | (32,789) |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 0 | |
Cash, cash equivalents and restricted cash as of the end of the period | 0 | |
Cash and cash equivalents as of the beginning of the period | 0 | 0 |
Cash and cash equivalents as of the end of the period | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities | 301,613 | 361,320 |
Cash flows from investing activities: | ||
Capital expenditures | (201,561) | (292,168) |
Change in accounts payable related to capital expenditures | (13,302) | (14,484) |
Investments in other long-term assets | (3,280) | |
Proceeds from sale or disposition of assets | 114 | 736 |
Proceeds from sale of the St. Eustatius Operations (Note 3) | 227,709 | |
Investment In subsidiaries | 0 | |
Proceeds from insurance recoveries | 78,419 | |
Acquisitions | 0 | |
Other, net | 1,100 | |
Net cash (used in) provided by investing activities | 11,860 | (230,777) |
Cash flows from financing activities: | ||
Debt borrowings | 28,900 | 25,100 |
Debt repayments | (34,100) | (23,700) |
Proceeds from note offering, net of issuance costs | 0 | |
Proceeds from issuance of Series D preferred units | 0 | |
Payment of issuance costs for Series D preferred units | 0 | |
Issuance of common units, including contributions from general partner | 0 | |
Distributions to preferred unitholders | (45,640) | (30,123) |
Distributions to common unitholders and general partner | (96,851) | (118,290) |
Cash consideration for Merger | 140 | |
Proceeds from termination of interest rate swaps | 0 | |
Contributions from affiliates | 11,999 | |
Net intercompany activity | (175,439) | 12,910 |
Payment of tax withholding for unit-based compensation | 0 | |
Other, net | (124) | (62) |
Net cash (used in) provided by financing activities | (311,255) | (134,025) |
Effect of foreign exchange rate changes on cash | 681 | (719) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,899 | (4,201) |
Cash, cash equivalents and restricted cash as of the beginning of the period | 12,338 | |
Cash, cash equivalents and restricted cash as of the end of the period | 15,237 | |
Cash and cash equivalents as of the beginning of the period | 10,223 | 23,378 |
Cash and cash equivalents as of the end of the period | $ 15,237 | $ 19,177 |