DEI Document
DEI Document - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
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 | 109,195,333 | |
Entity Central Index Key | 0001110805 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 17,278 | $ 16,192 |
Accounts receivable, net | 122,623 | 152,530 |
Inventories | 8,202 | 12,393 |
Prepaid and other current assets | 30,606 | 21,933 |
Total current assets | 178,709 | 203,048 |
Property, plant and equipment, at cost | 6,269,183 | 6,187,144 |
Accumulated depreciation and amortization | (2,178,531) | (2,068,165) |
Property, plant and equipment, net | 4,090,652 | 4,118,979 |
Intangible assets, net | 655,920 | 681,632 |
Goodwill | 780,853 | 1,005,853 |
Other long-term assets, net | 130,064 | 176,480 |
Total assets | 5,836,198 | 6,185,992 |
Current liabilities: | ||
Accounts payable | 77,457 | 109,834 |
Short-term debt and current portion of finance leases | 4,613 | 10,046 |
Current portion of long-term debt | 0 | 452,367 |
Accrued interest payable | 37,748 | 37,925 |
Accrued liabilities | 52,647 | 104,285 |
Taxes other than income tax | 13,830 | 12,781 |
Income tax payable | 2,075 | 4,325 |
Total current liabilities | 188,370 | 731,563 |
Long-term debt, less current portion | 3,429,160 | 2,934,918 |
Deferred income tax liability | 11,268 | 12,427 |
Other long-term liabilities | 152,541 | 148,939 |
Total liabilities | 3,781,339 | 3,827,847 |
Commitments and contingencies (Note 6) | ||
Series D preferred limited partners (23,246,650 preferred units outstanding as of June 30, 2020 and December 31, 2019) (Note 8) | $ 591,895 | $ 581,935 |
Series D preferred units outstanding | 23,246,650 | 23,246,650 |
Partners’ equity (Note 9): | ||
Common limited partners (109,195,278 and 108,527,806 common units outstanding as of June 30, 2020 and December 31, 2019, respectively) | $ 808,118 | $ 1,087,805 |
Limited partners common units outstanding (in units) | 109,195,278 | 108,527,806 |
Accumulated other comprehensive loss | $ (101,455) | $ (67,896) |
Total partners’ equity | 1,462,964 | 1,776,210 |
Total liabilities, mezzanine equity and partners’ equity | 5,836,198 | 6,185,992 |
Series A Preferred Limited Partner [Member] | ||
Partners’ equity (Note 9): | ||
Preferred limited partners | $ 218,307 | $ 218,307 |
Preferred units outstanding | 9,060,000 | 9,060,000 |
Series B Preferred Limited Partner [Member] | ||
Partners’ equity (Note 9): | ||
Preferred limited partners | $ 371,476 | $ 371,476 |
Preferred units outstanding | 15,400,000 | 15,400,000 |
Series C Preferred Limited Partner [Member] | ||
Partners’ equity (Note 9): | ||
Preferred limited partners | $ 166,518 | $ 166,518 |
Preferred units outstanding | 6,900,000 | 6,900,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues: | ||||
Total revenues | $ 339,540 | $ 372,445 | $ 732,331 | $ 720,271 |
Costs and expenses: | ||||
Operating expenses (excluding depreciation and amortization expense) | 101,078 | 101,095 | 201,260 | 196,506 |
Depreciation and amortization expense | 69,214 | 64,991 | 137,275 | 129,809 |
Goodwill impairment loss | 0 | 0 | 225,000 | 0 |
General and administrative expenses (excluding depreciation and amortization expense) | 23,700 | 24,868 | 46,671 | 50,559 |
Other depreciation and amortization expense | 2,171 | 1,819 | 4,357 | 3,938 |
Costs and expenses | 246,839 | 279,162 | 732,689 | 553,383 |
Operating income (loss) | 92,701 | 93,283 | (358) | 166,888 |
Interest expense, net | (59,499) | (45,693) | (106,993) | (89,984) |
Other (expense) income, net | (1,626) | 621 | (8,115) | 1,412 |
Income (loss) from continuing operations before income tax expense (benefit) | 31,576 | 48,211 | (115,466) | 78,316 |
Income tax expense | 1,810 | 1,296 | 2,409 | 2,478 |
Income (loss) from continuing operations | 29,766 | 46,915 | (117,875) | 75,838 |
Loss from discontinued operations, net of tax | 0 | (964) | 0 | (307,750) |
Net income (loss) | $ 29,766 | $ 45,951 | $ (117,875) | $ (231,912) |
Basic net income (loss) per common unit | ||||
Continuing operations | $ (0.06) | $ 0.11 | $ (1.74) | $ 0.05 |
Discontinued operations | 0 | (0.01) | 0 | (2.86) |
Total (Note 10) | $ (0.06) | $ 0.10 | $ (1.74) | $ (2.81) |
Basic weighted-average common units outstanding | 109,194,722 | 107,763,016 | 109,046,061 | 107,647,957 |
Comprehensive income (loss) | $ 32,520 | $ 37,992 | $ (151,434) | $ (244,697) |
Service [Member] | ||||
Revenues: | ||||
Total revenues | 284,151 | 282,472 | 600,897 | 541,499 |
Costs and expenses: | ||||
Total costs associated with service revenues/Cost of product sales | 170,292 | 166,086 | 338,535 | 326,315 |
Product [Member] | ||||
Revenues: | ||||
Total revenues | 55,389 | 89,973 | 131,434 | 178,772 |
Costs and expenses: | ||||
Total costs associated with service revenues/Cost of product sales | $ 50,676 | $ 86,389 | $ 118,126 | $ 172,571 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ (117,875) | $ (231,912) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization expense | 141,632 | 142,283 |
Amortization of unit-based compensation | 5,193 | 5,774 |
Amortization of debt related items | 3,976 | 2,643 |
Gain from sale or disposition of assets | (800) | (1,300) |
Asset and goodwill impairment losses | 225,000 | 336,838 |
Changes in current assets and current liabilities (Note 11) | (6,174) | (36,229) |
Decrease in other long-term assets | 5,980 | 15,190 |
Increase in other long-term liabilities | 3,601 | 9,157 |
Other, net | 9,908 | (1,550) |
Net cash provided by operating activities | 270,441 | 240,894 |
Cash flows from investing activities: | ||
Capital expenditures | (96,358) | (319,961) |
Change in accounts payable related to capital expenditures | (15,509) | 16,144 |
Proceeds from sale or disposition of assets | 5,787 | 143 |
Net cash (used in) provided by investing activities | (106,080) | (303,674) |
Cash flows from financing activities: | ||
Proceeds from Term Loan, net of discount and issuance costs | 463,051 | 0 |
Proceeds from note offering, net of issuance costs | 0 | 491,665 |
Proceeds from other long-term debt borrowings | 326,984 | 415,800 |
Proceeds from short-term debt borrowings | 52,000 | 178,500 |
Long-term debt repayments | (704,715) | (616,800) |
Short-term debt repayments | (57,500) | (191,000) |
Distributions to preferred unitholders | (60,846) | (60,846) |
Distributions to common unitholders | (108,846) | (129,025) |
Payments for termination of interest rate swaps | (49,225) | 0 |
Payment of tax withholding for unit-based compensation | (8,820) | (6,368) |
Decrease in cash book overdrafts | (1,359) | (4,718) |
Other, net | (13,043) | (3,451) |
Net cash (used in) provided by financing activities | (162,319) | 73,757 |
Effect of foreign exchange rate changes on cash | (945) | 261 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,097 | 11,238 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 24,980 | 13,644 |
Cash, cash equivalents and restricted cash as of the end of the period | $ 26,077 | $ 24,882 |
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] | Series D Preferred Limited Partner [Member] |
Partners' capital - beginning balance at Dec. 31, 2018 | $ 2,257,731 | $ (54,878) | $ 756,301 | $ 1,556,308 | |
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) | (231,912) | 0 | 32,066 | (292,758) | |
Net income (loss) excluding portion attributable to temporary equity | (260,692) | ||||
Net income, temporary equity | $ 28,780 | ||||
Other comprehensive income (loss) | (12,785) | (12,785) | 0 | 0 | |
Cash distributions to partners | (32,066) | (129,025) | |||
Cash distributions to partners, temporary equity | (28,780) | ||||
Unit-based compensation | 15,686 | 0 | 0 | 15,686 | |
Series D Preferred Unit accretion, common | (8,748) | 0 | 0 | (8,748) | |
Series D Preferred Unit accretion, preferred | 8,748 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Other | (798) | 0 | 0 | (798) | |
Other, temporary equity | (143) | ||||
Other, including temporary equity | (941) | ||||
Partners' capital - ending balance at Jun. 30, 2019 | 1,829,303 | (67,663) | 756,301 | $ 1,140,665 | |
Temporary equity - ending balance at Jun. 30, 2019 | 572,597 | ||||
Partners' capital and temporary equity - ending balance at Jun. 30, 2019 | 2,401,900 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Cash distributions paid, per unit | $ 1.20 | ||||
Partners' capital - beginning balance at Mar. 31, 2019 | 1,888,677 | (59,704) | 756,301 | $ 1,192,080 | |
Temporary equity - beginning balance at Mar. 31, 2019 | 568,293 | ||||
Partners' capital and temporary equity - beginning balance at Mar. 31, 2019 | 2,456,970 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 45,951 | 0 | 16,033 | 15,528 | |
Net income (loss) excluding portion attributable to temporary equity | 31,561 | ||||
Net income, temporary equity | 14,390 | ||||
Other comprehensive income (loss) | (7,959) | (7,959) | 0 | 0 | |
Cash distributions to partners | (16,033) | (64,658) | |||
Cash distributions to partners, temporary equity | (14,390) | ||||
Unit-based compensation | 2,146 | 0 | 0 | 2,146 | |
Series D Preferred Unit accretion, common | (4,446) | 0 | 0 | (4,446) | |
Series D Preferred Unit accretion, preferred | 4,446 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Other | 15 | 0 | 0 | 15 | |
Other, temporary equity | (142) | ||||
Other, including temporary equity | (127) | ||||
Partners' capital - ending balance at Jun. 30, 2019 | 1,829,303 | (67,663) | 756,301 | $ 1,140,665 | |
Temporary equity - ending balance at Jun. 30, 2019 | 572,597 | ||||
Partners' capital and temporary equity - ending balance at Jun. 30, 2019 | 2,401,900 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Cash distributions paid, per unit | $ 0.60 | ||||
Partners' capital - beginning balance at Dec. 31, 2019 | 1,776,210 | (67,896) | 756,301 | $ 1,087,805 | |
Temporary equity - beginning balance at Dec. 31, 2019 | 581,935 | ||||
Partners' capital and temporary equity - beginning balance at Dec. 31, 2019 | 2,358,145 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | (117,875) | 0 | 32,066 | (178,982) | |
Net income (loss) excluding portion attributable to temporary equity | (146,916) | ||||
Net income, temporary equity | 29,041 | ||||
Other comprehensive income (loss) | (33,559) | (33,559) | 0 | 0 | |
Cash distributions to partners | (32,066) | (108,846) | |||
Cash distributions to partners, temporary equity | (29,041) | ||||
Unit-based compensation | 18,107 | 0 | 0 | 18,107 | |
Series D Preferred Unit accretion, common | (9,966) | (9,966) | |||
Series D Preferred Unit accretion, preferred | 9,966 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Other | 0 | 0 | 0 | 0 | |
Other, temporary equity | (6) | ||||
Other, including temporary equity | (6) | ||||
Partners' capital - ending balance at Jun. 30, 2020 | 1,462,964 | (101,455) | 756,301 | $ 808,118 | |
Temporary equity - ending balance at Jun. 30, 2020 | 591,895 | ||||
Partners' capital and temporary equity - ending balance at Jun. 30, 2020 | 2,054,859 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Cash distributions paid, per unit | $ 1 | ||||
Partners' capital - beginning balance at Mar. 31, 2020 | 1,507,814 | (104,209) | 756,301 | $ 855,722 | |
Temporary equity - beginning balance at Mar. 31, 2020 | 586,837 | ||||
Partners' capital and temporary equity - beginning balance at Mar. 31, 2020 | 2,094,651 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 29,766 | 0 | 16,033 | (918) | |
Net income (loss) excluding portion attributable to temporary equity | 15,115 | ||||
Net income, temporary equity | 14,651 | ||||
Other comprehensive income (loss) | 2,754 | 2,754 | 0 | 0 | |
Cash distributions to partners | (16,033) | (43,677) | |||
Cash distributions to partners, temporary equity | (14,651) | ||||
Unit-based compensation | 2,056 | 0 | 0 | 2,056 | |
Series D Preferred Unit accretion, common | (5,064) | (5,064) | |||
Series D Preferred Unit accretion, preferred | 5,064 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Other | (1) | 0 | 0 | (1) | |
Other, temporary equity | $ (6) | ||||
Other, including temporary equity | (7) | ||||
Partners' capital - ending balance at Jun. 30, 2020 | 1,462,964 | $ (101,455) | $ 756,301 | $ 808,118 | |
Temporary equity - ending balance at Jun. 30, 2020 | 591,895 | ||||
Partners' capital and temporary equity - ending balance at Jun. 30, 2020 | $ 2,054,859 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Cash distributions paid, per unit | $ 0.40 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2020 | |
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. Our business is managed under the direction of the board of directors of NuStar GP, LLC, the general partner of our general partner, Riverwalk Logistics, L.P., both of which are indirectly wholly owned subsidiaries of ours. 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 Term Loan Credit Agreement. On April 19, 2020, NuStar Energy and NuStar Logistics entered into an unsecured term loan credit agreement with certain lenders and Oaktree Fund Administration, LLC, as administrative agent for the lenders (the Term Loan). The Term Loan provides for an aggregate commitment of up to $750.0 million pursuant to a three-year unsecured term loan credit facility. NuStar Logistics drew $500.0 million on April 21, 2020, leaving an additional aggregate principal amount of $250.0 million, which NuStar Logistics may elect to draw, on or prior to April 19, 2021, in one or more draws, subject to certain conditions. Please refer to Note 5 for further discussion. COVID-19 and OPEC+ Actions. The coronavirus, or COVID-19, which was first identified in North America during the first quarter of 2020, has had a severe negative impact on economic activity, as government authorities have instituted stay-home orders, business closures and other measures to reduce the spread of the virus, and people around the world ceased or altered their usual day-to-day activities. The scale of this decrease in economic activity has significantly reduced demand for petroleum products. In March, the negative economic impact of the COVID-19 pandemic and demand deterioration was exacerbated by disputes among the Organization of Petroleum Exporting Countries and other oil producing nations (OPEC+) regarding their agreed production rates that contributed to a significant over-supply in crude, resulting in a sharp decline in, and increase in the volatility of, crude oil prices. In the second quarter, crude oil prices stabilized somewhat but remained low compared to recent years. The effects of the COVID-19 pandemic, combined with actions by OPEC+, led to a decline in our unit price and market capitalization in March 2020, and we recorded a goodwill impairment charge of $225.0 million associated with our crude oil pipelines in the first quarter of 2020. Please refer to Note 3 for additional information. In the second quarter of 2020, the COVID-19 pandemic and actions by OPEC+ had a negative impact on our results of operations. Uncertainty regarding the duration, severity and lingering impact on economic activity from the COVID-19 pandemic and future production decisions by OPEC+ will continue to affect demand for services provided by our operations. Selby Terminal Fire. On October 15, 2019, our terminal facility in Selby, California experienced a fire that destroyed two storage tanks and temporarily shut down the terminal. The property damage was isolated, and in the fourth quarter of 2019, we incurred losses of $5.4 million, which represent the aggregate amount of our deductibles under various insurance policies. For the six months ended June 30, 2020, we received insurance proceeds of $25.0 million. Gains from business interruption insurance of $3.1 million are included in “Operating expenses” in the condensed consolidated statement of comprehensive loss for the six months ended June 30, 2020. Insurance proceeds relate to cleanup costs and business interruption and are therefore included in “Cash flows from operating activities” in the consolidated statement of cash flows. We believe we have adequate insurance to offset additional costs in excess of the insurance deductibles. 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 |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the Financial Accounting Standards Board (FASB) issued guidance intended to simplify the accounting for convertible instruments by eliminating certain accounting models for convertible debt instruments and convertible preferred stock. In addition, the guidance amends the derivatives scope exception for contracts in an entity’s own equity, the disclosure requirements for convertible instruments, and certain earnings-per-unit guidance. The guidance is effective for annual periods beginning after December 15, 2021, and early adoption is permitted for annual periods beginning after December 31, 2020. Amendments may be applied using either a modified retrospective approach or a fully retrospective approach. We are currently assessing the impact of this amended guidance on our financial position, results of operations and disclosures and are also evaluating whether we will adopt these provisions early. We plan to provide additional information about the expected impact at a future date. Reference Rate Reform In March 2020, the FASB issued guidance intended to provide relief to companies impacted by reference rate reform. The amended guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The guidance is effective as of March 12, 2020 through December 31, 2022. We adopted the guidance on the effective date on a prospective basis. The guidance did not have an impact on our financial position, results of operations or disclosures at transition, but we will continue to evaluate its impact on contracts and hedging relationships entered into or modified on or before December 31, 2022. Financial Disclosures about Guarantors and Issuers of Guaranteed Securities In March 2020, the Securities and Exchange Commission (SEC) issued final rules regarding presentation of financial information for guarantor subsidiaries. The final rules reduce the number of periods for which guarantor financial information is required and allow presentation of summarized financial information in lieu of separate financial statements. The guidance is effective for fiscal periods ending after January 4, 2021, with early adoption permitted. We continue to evaluate these requirements, including whether we will adopt these provisions early, but expect the guidance will reduce our disclosures related to guarantor financial information. Simplifying the Accounting for Income Taxes In December 2019, the FASB issued amended guidance that simplifies the accounting for income taxes, including enacted changes in tax laws in interim periods. The guidance is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. These provisions should be applied retrospectively, prospectively, or on a modified retrospective basis depending on the area affected by the amended guidance. We plan on adopting the amended guidance on January 1, 2021 and do not expect this amended guidance to have a material impact on our financial position, results of operations or disclosures. Cloud Computing Arrangements In August 2018, the FASB issued guidance addressing a customer’s accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is considered a service contract. The new guidance specifies that an entity would apply the capitalization criteria for implementation costs related to internal-use software to determine which implementation costs related to a CCA that is a service contract should be capitalized and which should be expensed. The amendments also require that capitalized implementation costs be classified in the same balance sheet line item as prepayments related to the CCA and, generally, amortized on a straight-line basis over the term of the CCA. Amortization of capitalized implementation costs should be presented in the same income statement line item as CCA service fees, and cash flows for capitalized implementation costs should be presented consistently with those related to the CCA service. 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 adopted the guidance on January 1, 2020 on a prospective basis, and the guidance did not 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 continue to evaluate these provisions, including whether we will adopt these provisions early, but we do not expect the guidance to have a material impact on our disclosures. Credit Losses In June 2016, the FASB issued amended guidance that replaces the incurred loss model for the measurement of financial assets with the current expected credit losses (CECL) model. Under the CECL model, entities are required to consider a broader range of information to estimate expected credit losses, including historical experience, current conditions, and reasonable and supportable forecasts, which may result in earlier recognition of 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 adopted the amended guidance on January 1, 2020, and the amended guidance did not have a material impact on our financial position, results of operations or disclosures at the transition date. |
IMPAIRMENTS AND DISCONTINUED OP
IMPAIRMENTS AND DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
IMPAIRMENTS AND DISCONTINUED OPERATIONS | IMPAIRMENTS AND DISCONTINUED OPERATIONS 2020 Impairment In March 2020, the COVID-19 pandemic and actions taken by OPEC+ resulted in severe disruptions in the capital and commodities markets, which led to significant decline in our unit price. As a result, our equity market capitalization fell significantly. The decline in crude oil prices and demand for petroleum products also led to a decline in expected earnings from some of our goodwill reporting units. These factors and others related to COVID-19 and OPEC+ caused us to conclude there were triggering events that occurred in March that required us to perform a goodwill impairment test as of March 31, 2020. The decline in our equity market capitalization resulted in a decline in the estimated fair value of the crude oil pipelines reporting unit. Therefore, we recognized a goodwill impairment charge of $225.0 million in the first quarter of 2020, which is reported in the pipeline segment. Our assessment did not identify any other reporting units at risk of a goodwill impairment. We calculated the estimated fair value of each of our reporting units using a weighted-average of values determined from an income approach and a market approach. The income approach involves estimating the fair value of each reporting unit by discounting its estimated future cash flows using a discount rate that would be consistent with a market participant’s assumption. The market approach bases the fair value measurement on information obtained from observed stock prices of public companies and recent merger and acquisition transaction data of comparable entities. In order to estimate the fair value of goodwill, management must make certain estimates and assumptions that affect the total fair value of the reporting unit including, among other things, an assessment of market conditions, projected cash flows, discount rates and growth rates. Management’s estimates of projected cash flows related to the reporting unit include, but are not limited to, future earnings of the reporting unit, assumptions about the use or disposition of the asset, estimated remaining life of the asset, and future expenditures necessary to maintain the asset’s existing service potential. The assumptions in the fair value measurement reflect the current market environment, industry-specific factors and company-specific factors. The decline in expected earnings from certain of our long-lived assets was also an indicator that the carrying values of these long-lived assets may not be recoverable. Prior to performing the goodwill impairment test, we tested these long-lived assets for recoverability and determined they were fully recoverable as of March 31, 2020. Management’s estimates are based on numerous assumptions about future operations and market conditions, which we believe to be reasonable but are inherently uncertain. The uncertainties underlying our assumptions and estimates could differ significantly from actual results, including with respect to the duration and severity of the COVID-19 pandemic. Through the filing date of this report, we did not identify any factors to warrant an evaluation of the recoverability of the carrying value of our long-lived assets or goodwill as of June 30, 2020. However, in the current volatile economic environment and to the extent conditions further deteriorate, we may identify additional triggering events that may require future evaluations of the recoverability of the carrying value of our long-lived assets and goodwill, which could result in further impairment charges that could be material to our results of operations. 2019 Impairments and Discontinued Operations On July 29, 2019, we sold our St. Eustatius terminal and bunkering operations (the St. Eustatius Operations) for net proceeds of approximately $230.0 million (the St. Eustatius 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, and as a result, we reclassified certain revenues and expenses to discontinued operations for all applicable periods presented. We determined the St. Eustatius Operations and the European operations, which we sold on November 30, 2018, met the requirements to be reported as discontinued operations since the St. Eustatius Disposition and the sale of the European operations together represented a strategic shift that would 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. We previously reported the terminal operations in our storage segment and the bunkering operations in our fuels marketing segment. 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. 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, 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 from discontinued operations, net of tax” on the condensed consolidated statements of comprehensive income (loss). Discontinued Operations The following is a reconciliation of the major classes of line items included in “Loss from discontinued operations, net of tax” on the condensed consolidated statements of comprehensive income (loss): Three Months Ended Six Months Ended (Thousands of Dollars) Revenues $ 92,837 $ 231,480 Costs and expenses: Cost of revenues 86,278 202,880 Impairment losses 8,398 336,838 General and administrative expenses (excluding depreciation and amortization expense) 305 610 Total costs and expenses 94,981 540,328 Operating loss (2,144) (308,848) Interest income, net 9 32 Other income, net 1,171 1,167 Loss from discontinued operations before income tax expense (964) (307,649) Income tax expense — 101 Loss from discontinued operations, net of tax $ (964) $ (307,750) The consolidated statement of cash flows has 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: Six Months Ended June 30, 2019 (Thousands of Dollars) Capital expenditures $ (23,635) Significant noncash operating activities: Depreciation and amortization expense $ 8,536 Asset impairment losses $ 305,715 Goodwill impairment loss $ 31,123 |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended |
Jun. 30, 2020 | |
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: 2020 2019 Contract Assets Contract Liabilities Contract Assets Contract Liabilities (Thousands of Dollars) Balance as of January 1: Current portion $ 2,140 $ (21,083) $ 2,066 $ (21,579) Noncurrent portion 1,003 (40,289) 539 (38,945) Held for sale — — — (25,357) Total 3,143 (61,372) 2,605 (85,881) Activity: Additions 2,670 (34,156) 2,674 (24,537) Transfer to accounts receivable (2,258) — (2,638) — Transfer to revenues, including amounts reported in discontinued operations (125) 29,848 — 46,757 Total 287 (4,308) 36 22,220 Balance as of June 30: Current portion 2,218 (20,235) 1,483 (23,688) Noncurrent portion 1,212 (45,445) 1,158 (39,973) Total $ 3,430 $ (65,680) $ 2,641 $ (63,661) As previously discussed in Note 3, the inclusion of PDVSA on the SDN List prevented us from providing services to PDVSA unless the 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 June 30, 2020 (in thousands of dollars): 2020 (remaining) $ 303,381 2021 447,265 2022 350,120 2023 259,775 2024 189,709 Thereafter 279,738 Total $ 1,829,988 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Thousands of Dollars) Pipeline segment: Crude oil pipelines $ 79,110 $ 77,293 $ 170,832 $ 145,771 Refined products and ammonia pipelines (excluding lessor revenues) 86,173 92,534 189,307 177,640 Total pipeline segment revenues from contracts with customers 165,283 169,827 360,139 323,411 Lessor revenues 825 2,666 1,650 5,333 Total pipeline segment revenues 166,108 172,493 361,789 328,744 Storage segment: Throughput terminals 32,199 23,170 70,922 44,856 Storage terminals (excluding lessor revenues) 76,880 77,039 151,046 148,660 Total storage segment revenues from contracts with customers 109,079 100,209 221,968 193,516 Lessor revenues 10,328 10,194 20,656 20,387 Total storage segment revenues 119,407 110,403 242,624 213,903 Fuels marketing segment: Revenues from contracts with customers 54,025 89,549 127,927 177,628 Consolidation and intersegment eliminations — — (9) (4) Total revenues $ 339,540 $ 372,445 $ 732,331 $ 720,271 |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Term Loan Credit Agreement On April 19, 2020, NuStar Energy and NuStar Logistics entered into an unsecured term loan credit agreement with certain lenders and Oaktree Fund Administration, LLC, as administrative agent for the lenders. The Term Loan provides for an aggregate commitment of up to $750.0 million pursuant to a three-year unsecured term loan credit facility. NuStar Logistics drew $500.0 million (the Initial Loan) on April 21, 2020 (the Initial Loan Funding Date), leaving an additional aggregate principal amount of $250.0 million, which NuStar Logistics may elect to draw, on or prior to April 19, 2021, in one or more draws, subject to certain conditions. We utilized the proceeds from the Initial Loan, net of the original issue discount of $22.5 million (3.0% of the total commitment) and issuance costs of $14.4 million, to repay outstanding borrowings under our Revolving Credit Agreement, as defined below. The Term Loan also bolsters our liquidity to address our senior note maturities in 2020 and early 2021. Outstanding borrowings bear interest at an aggregate rate of 12.0% per annum. Additionally, NuStar Logistics will pay a commitment fee in the amount of 5.0% per annum on the average daily undrawn amount. The obligations under the Term Loan are guaranteed by NuStar Energy and NuPOP. NuStar Logistics is required to make mandatory prepayment in an amount equal to 100.0% of the proceeds received as a result of certain events, subject to certain exclusions and adjustments, such as the incurrence of additional indebtedness (excluding additional borrowings under the Revolving Credit Agreement) and the issuance of equity securities, and is required to offer to make such a prepayment with respect to the sale of property or assets. Depending on the amount of time that has passed since the Initial Loan Funding Date, if there is a payment or prepayment (subject to certain exceptions), NuStar Logistics is required to pay, as liquidated damages and compensation for the costs of making funds available, a make-whole premium or similar amount. From the Initial Loan Funding Date through the 18-month anniversary of the Initial Loan Funding Date, such premium will be the sum of (i) the make-whole amount and (ii) 6.25% of the aggregate principal amount of borrowings then paid, prepaid or accelerated. After the 18-month anniversary of the Initial Loan Funding Date through the 30-month anniversary of the Initial Loan Funding Date, such premium will be 6.25% of the aggregate principal amount of borrowings then paid, prepaid or accelerated. Prepayments accepted in connection with one or more asset sales of up to an aggregate amount of $250.0 million will be subject to a lower prepayment premium. For such asset sale prepayments from the Initial Loan Funding Date through the 18-month anniversary of the Initial Loan Funding Date, such premium will be 5.0% of the aggregate principal amount of borrowings then paid, prepaid or accelerated. After the 18-month anniversary of the Initial Loan Funding Date through the 30-month anniversary of the Initial Loan Funding Date, such premium will be 3.0% of the aggregate principal amount of borrowings then paid, prepaid or accelerated. There will be no premium for any prepayments of borrowings after the 30-month anniversary of the Initial Loan Funding Date. The Term Loan contains customary covenants (including ratio requirements) regarding NuStar Energy and its subsidiaries that are generally based upon and are comparable to those contained in the Revolving Credit Agreement and also contains customary events of default. Gulf Opportunity Zone Revenue Bonds In 2008, 2010 and 2011, the Parish of St. James, Louisiana issued Revenue Bonds Series 2008, Series 2010, Series 2010A, Series 2010B and Series 2011 associated with our St. James terminal expansions pursuant to the Gulf Opportunity Zone Act of 2005 (collectively, GoZone Bonds) for an aggregate $365.4 million. Following the issuances, the proceeds were deposited with a trustee and were disbursed to us upon our request for reimbursement of expenditures related to our St. James terminal expansions. On March 4, 2020, NuStar Logistics repaid $43.3 million of GoZone Bonds with unused funds, which had been held in trust. NuStar Logistics is obligated to make payments in amounts sufficient to pay the principal of, premium, if any, interest and certain other payments on, the GoZone Bonds. On June 3, 2020, NuStar Logistics completed the reoffering and conversion of the GoZone Bonds through supplements to the original indentures governing the GoZone Bonds and supplements to the original agreements between NuStar Logistics and the Parish of St. James, which, among other things, converted the interest rate from a weekly rate to a long-term rate. In connection with the reoffering and conversion, we terminated the letters of credit previously issued by various individual banks on our behalf to support the payments required in connection with the GoZone Bonds, and NuStar Energy and NuPOP guaranteed NuStar Logistics’ obligations with respect to the GoZone Bonds. We did not receive any proceeds from the reoffering, and the reoffering did not increase our outstanding debt. The following table summarizes the GoZone Bonds outstanding as of June 30, 2020: Series Date Issued Amount Mandatory Maturity Date (Thousands of Series 2008 June 26, 2008 $ 55,440 6.10 % June 1, 2030 June 1, 2038 Series 2010 July 15, 2010 100,000 6.35 % n/a July 1, 2040 Series 2010A October 7, 2010 43,300 6.35 % n/a October 1, 2040 Series 2010B December 29, 2010 48,400 6.10 % June 1, 2030 December 1, 2040 Series 2011 August 9, 2011 75,000 5.85 % June 1, 2025 August 1, 2041 Total $ 322,140 Interest on the GoZone Bonds accrues from June 3, 2020 and is payable semi-annually on June 1 and December 1 of each year, beginning December 1, 2020. The holders of the Series 2008, Series 2010B and Series 2011 GoZone Bonds are required to tender their bonds at the applicable mandatory purchase date in exchange for 100% of the principal plus accrued and unpaid interest, after which these bonds will potentially be remarketed with a new interest rate established. Each of the Series 2010 and Series 2010A GoZone Bonds is subject to redemption on or after June 1, 2030 by the Parish of St. James, at our option, in whole or in part, at a redemption price of 100% of the principal amount to be redeemed plus accrued interest. The Series 2008, Series 2010B and Series 2011 GoZone Bonds are not subject to optional redemption. NuStar Logistics’ agreements with the Parish of St. James related to the GoZone Bonds contain (i) customary restrictive covenants that limit the ability of NuStar Logistics and its subsidiaries, to, among other things, create liens or enter into sale-leaseback transactions, consolidations, mergers or asset sales and (ii) a change of control provision that provides each holder the right to require the trustee, with funds provided by NuStar Logistics, to repurchase all or a portion of that holder’s GoZone Bonds upon a change of control at a price equal to 101% of the aggregate principal amount repurchased, plus any accrued and unpaid interest. Revolving Credit Agreement On March 6, 2020, NuStar Logistics amended its revolving credit agreement (the Revolving Credit Agreement) to, among other things, extend the maturity date from October 29, 2021 to October 27, 2023, reduce the total amount available for borrowing from $1.2 billion to $1.0 billion and increase the rates included in the definition of Applicable Rate contained in the Revolving Credit Agreement. On April 6, 2020, NuStar Logistics amended the Revolving Credit Agreement to allow for certain transactions related to the GoZone Bonds. As of June 30, 2020, we had $110.9 million outstanding under the Revolving Credit Agreement. Obligations under the Revolving Credit Agreement are guaranteed by NuStar Energy and NuPOP. The Revolving Credit Agreement provides for U.S. dollar borrowings, which bear interest, at our option, based on an alternative base rate or a LIBOR-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 March 2020, S&P Global Ratings changed our rating outlook from stable to negative, and back to stable in April 2020. In April 2020, Fitch, Inc. downgraded our credit rating from BB to BB- and placed our rating on Rating Watch Negative and Moody’s Investor Service Inc. placed our rating under review for downgrade. These actions 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 June 30, 2020, our weighted-average interest rate related to borrowings under the Revolving Credit Agreement was 2.5%. For the rolling period of four quarters ending June 30, 2020, 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 June 30, 2020, we had $885.0 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). 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 Energy provides a performance guarantee in connection with 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 June 30, 2020 was 1.1%. As of June 30, 2020, $94.7 million of our accounts receivable is included in the Securitization Program. The amount of borrowings outstanding under the Receivables Financing Agreement totaled $48.6 million as of June 30, 2020, which is included in “Long-term debt, less current portion” on the consolidated balance sheet. Current Maturities We expect to fund senior note maturities in 2020 and 2021 by utilizing senior note issuances in the capital markets, borrowings under our Revolving Credit Agreement or the Term Loan. Therefore, the senior note maturities in 2020 and 2021 are classified as long-term debt. Although the Term Loan provides us the financial flexibility to fund these maturities in the near term, we plan to continue to monitor the debt capital markets for opportunities to raise additional capital at favorable terms. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIESWe 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 $3.6 million and $3.7 million for contingent losses as of June 30, 2020 and December 31, 2019, respectively. The amount that will ultimately be paid related to such matters may differ from the recorded accruals, and the timing of such payments is uncertain. We evaluate each contingent loss at least quarterly, and more frequently as each matter progresses and develops over time, and we do not believe that the resolution of any particular claim or proceeding, or all matters in the aggregate, would have a material adverse effect on our results of operations, financial position or liquidity. |
DERIVATIVES AND FAIR VALUE MEAS
DERIVATIVES AND FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2020 | |
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 were a party to certain interest rate swap agreements to manage our exposure to changes in interest rates, which consisted of 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 paid a weighted-average fixed rate of 2.8% and received a rate based on the three-month USD LIBOR. These swaps qualified as cash flow hedges, and we designated them as such. We recorded mark-to-market adjustments as a component of “Accumulated other comprehensive loss” (AOCI), and the amount in AOCI is recognized in “Interest expense, net” as the forecasted interest payments occur or if the interest payments are probable not to occur. In June 2020, in connection with the reoffering and conversion of the GoZone Bonds, we terminated forward-starting interest rate swaps with an aggregate notional amount of $250.0 million and paid $49.2 million, which will be amortized into “Interest expense, net” as the related forecasted interest payments occur. The termination payments are included in cash flows from financing activities on the consolidated statement of cash flows. Our forward-starting interest rate swaps had the following impact on earnings: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Thousands of Dollars) Loss recognized in other comprehensive income (loss) on derivative $ (461) $ (9,784) $ (30,291) $ (16,592) Loss reclassified from AOCI into interest expense, net $ (878) $ (1,005) $ (1,525) $ (2,083) As of June 30, 2020, we expect to reclassify a loss of $5.4 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. Prior to the termination of our forward-starting interest rate swaps in the second quarter of 2020, we estimated the fair value using discounted cash flows, which used observable inputs such as time to maturity and market interest rates and, therefore, we included the interest rate swaps in Level 2 of the fair value hierarchy. As of December 31, 2019, the fair value of our forward-starting interest rate swap agreements included in “Accrued liabilities” on our consolidated balance sheet was $19.2 million, with an aggregate notional amount of $250.0 million. 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: June 30, 2020 December 31, 2019 (Thousands of Dollars) Fair value $ 3,372,527 $ 3,442,001 Carrying amount $ 3,374,056 $ 3,331,839 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. For the Term Loan, we estimated the fair value using a discounted cash flow analysis that reflects management’s assumptions about the inputs that market participants would use and determined that the fair value falls in Level 3 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. The carrying amount includes net fair value adjustments, unamortized discounts and unamortized debt issuance costs. |
SERIES D CUMULATIVE CONVERTIBLE
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS | 6 Months Ended |
Jun. 30, 2020 | |
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 rates on the Series D Preferred Units are as follows: (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 July 2020, our board of directors declared distributions of $0.682 per Series D Preferred Unit to be paid on September 15, 2020. |
PARTNERS' EQUITY
PARTNERS' EQUITY | 6 Months Ended |
Jun. 30, 2020 | |
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 Date at Which Distribution (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 July 2020, our board of directors declared distributions with respect to the Series A, B and C Preferred Units to be paid on September 15, 2020. 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 Total Cash Record Date Payment Date (Thousands of Dollars) June 30, 2020 $ 0.40 $ 43,678 August 7, 2020 August 13, 2020 March 31, 2020 $ 0.40 $ 43,730 May 11, 2020 May 15, 2020 December 31, 2019 $ 0.60 $ 65,128 February 10, 2020 February 14, 2020 Accumulated Other Comprehensive Income (Loss) The balance of and changes in the components included in AOCI were as follows: 2020 2019 Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total (Thousands of Dollars) Balance as of March 31 $ (50,600) $ (45,307) $ (8,302) $ (104,209) $ (45,823) $ (6,623) $ (7,258) $ (59,704) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification adjustments 2,638 (461) — 2,177 1,392 (9,784) — (8,392) Net gain on pension costs reclassified into other income, net — — (305) (305) — — (578) (578) Net loss on cash flow hedges reclassified into interest expense, net — 878 — 878 — 1,005 — 1,005 Other — — 4 4 — — 6 6 Other comprehensive income (loss) 2,638 417 (301) 2,754 1,392 (8,779) (572) (7,959) Balance as of June 30 $ (47,962) $ (44,890) $ (8,603) $ (101,455) $ (44,431) $ (15,402) $ (7,830) $ (67,663) 2020 2019 Foreign Cash Flow Pension and Total Foreign Cash Flow Pension and Total (Thousands of Dollars) Balance as of January 1 $ (43,772) $ (16,124) $ (8,000) $ (67,896) $ (47,299) $ (893) $ (6,686) $ (54,878) Other comprehensive (loss) income: Other comprehensive (loss) income before reclassification adjustments (4,190) (30,291) — (34,481) 2,868 (16,592) — (13,724) Net gain on pension costs reclassified into other income, net — — (610) (610) — — (1,157) (1,157) Net loss on cash flow hedges reclassified into interest expense, net — 1,525 — 1,525 — 2,083 — 2,083 Other — — 7 7 — — 13 13 Other comprehensive (loss) income (4,190) (28,766) (603) (33,559) 2,868 (14,509) (1,144) (12,785) Balance as of June 30 $ (47,962) $ (44,890) $ (8,603) $ (101,455) $ (44,431) $ (15,402) $ (7,830) $ (67,663) |
NET INCOME (LOSS) PER COMMON UN
NET INCOME (LOSS) PER COMMON UNIT | 6 Months Ended |
Jun. 30, 2020 | |
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, 2020. 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Thousands of Dollars, Except Unit and Per Unit Data) Net income (loss) $ 29,766 $ 45,951 $ (117,875) $ (231,912) Distributions to preferred limited partners (30,684) (30,423) (61,107) (60,846) Distributions to common limited partners (43,678) (64,658) (87,408) (129,348) Distribution equivalent rights to restricted units (502) (642) (1,008) (1,285) Distributions in excess of income (loss) $ (45,098) $ (49,772) $ (267,398) $ (423,391) Distributions to common limited partners $ 43,678 $ 64,658 $ 87,408 $ 129,348 Allocation of distributions in excess of income (loss) (45,098) (49,772) (267,398) (423,391) Series D Preferred Unit accretion (5,064) (4,446) (9,966) (8,748) Net (loss) income attributable to common units $ (6,484) $ 10,440 $ (189,956) $ (302,791) Basic weighted-average common units outstanding 109,194,722 107,763,016 109,046,061 107,647,957 Basic net (loss) income per common unit $ (0.06) $ 0.10 $ (1.74) $ (2.81) |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 6 Months Ended |
Jun. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures | SUPPLEMENTAL CASH FLOW INFORMATION Changes in current assets and current liabilities were as follows: Six Months Ended June 30, 2020 2019 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ 25,386 $ (3,146) Inventories 4,176 1,551 Other current assets (8,781) (4,075) Increase (decrease) in current liabilities: Accounts payable (15,197) 7,704 Accrued interest payable (177) 2,636 Accrued liabilities (9,375) (34,814) Taxes other than income tax 44 (3,556) Income tax payable (2,250) (2,529) Changes in current assets and current liabilities $ (6,174) $ (36,229) 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; and • the recognition of lease liabilities upon the adoption of ASC Topic 842. Cash flows related to interest and income taxes were as follows: Six Months Ended June 30, 2020 2019 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 103,034 $ 84,677 Cash paid for income taxes, net of tax refunds received $ 4,661 $ 6,557 As of June 30, 2020 and December 31, 2019, restricted cash, representing legally restricted funds that are unavailable for general use, is included in "Other long-term assets, net" on the consolidated balance sheets. “Cash, cash equivalents and restricted cash” on the consolidated statements of cash flows was included in the consolidated balance sheets as follows: June 30, December 31, (Thousands of Dollars) Cash and cash equivalents $ 17,278 $ 16,192 Other long-term assets, net 8,799 8,788 Cash, cash equivalents and restricted cash $ 26,077 $ 24,980 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2020 | |
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 (loss), 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Thousands of Dollars) Revenues: Pipeline $ 166,108 $ 172,493 $ 361,789 $ 328,744 Storage 119,407 110,403 242,624 213,903 Fuels marketing 54,025 89,549 127,927 177,628 Consolidation and intersegment eliminations — — (9) (4) Total revenues $ 339,540 $ 372,445 $ 732,331 $ 720,271 Operating income (loss): Pipeline $ 71,981 $ 78,712 $ (50,943) $ 146,016 Storage 43,242 38,098 91,821 70,316 Fuels marketing 3,349 3,160 9,792 5,085 Consolidation and intersegment eliminations — — — (32) Total segment operating income 118,572 119,970 50,670 221,385 General and administrative expenses 23,700 24,868 46,671 50,559 Other depreciation and amortization expense 2,171 1,819 4,357 3,938 Total operating income (loss) $ 92,701 $ 93,283 $ (358) $ 166,888 Total assets by reportable segment were as follows: June 30, December 31, (Thousands of Dollars) Pipeline $ 3,635,467 $ 3,884,819 Storage 2,032,327 2,082,832 Fuels marketing 23,357 31,064 Total segment assets 5,691,151 5,998,715 Other partnership assets 145,047 187,277 Total consolidated assets $ 5,836,198 $ 6,185,992 |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2020 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | |
Condensed 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 June 30, 2020 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Assets Cash and cash equivalents $ 264 $ 705 $ — $ 16,309 $ — $ 17,278 Receivables, net — 80 — 127,195 (4,652) 122,623 Inventories — 1,906 2,357 3,939 — 8,202 Prepaid and other current assets 105 25,864 1,411 3,226 — 30,606 Intercompany receivable — 1,253,361 — 412,063 (1,665,424) — Total current assets 369 1,281,916 3,768 562,732 (1,670,076) 178,709 Property, plant and equipment, net — 2,027,712 600,471 1,462,469 — 4,090,652 Intangible assets, net — 34,971 — 620,949 — 655,920 Goodwill — 50,453 170,652 559,748 — 780,853 Investment in wholly owned subsidiaries 2,585,212 1,636,363 952,846 479,649 (5,654,070) — Other long-term assets, net 101 68,365 31,960 29,638 — 130,064 Total assets $ 2,585,682 $ 5,099,780 $ 1,759,697 $ 3,715,185 $ (7,324,146) $ 5,836,198 Liabilities, Mezzanine Equity and Partners’ Equity Accounts payable $ 5,717 $ 20,220 $ 8,638 $ 42,882 $ — $ 77,457 Short-term debt and current portion of finance leases — 4,049 473 91 — 4,613 Accrued interest payable — 37,728 6 14 — 37,748 Accrued liabilities 868 20,668 8,223 22,888 — 52,647 Taxes other than income tax 2 6,419 5,715 6,346 (4,652) 13,830 Income tax payable — 361 1 1,713 — 2,075 Intercompany payable 422,781 — 1,242,643 — (1,665,424) — Total current liabilities 429,368 89,445 1,265,699 73,934 (1,670,076) 188,370 Long-term debt, less current portion — 3,378,740 1,773 48,647 — 3,429,160 Deferred income tax liability — 1,499 10 9,759 — 11,268 Other long-term liabilities — 65,417 12,680 74,444 — 152,541 Series D preferred units 591,895 — — — — 591,895 Total partners’ equity 1,564,419 1,564,679 479,535 3,508,401 (5,654,070) 1,462,964 Total liabilities, mezzanine equity and partners’ equity $ 2,585,682 $ 5,099,780 $ 1,759,697 $ 3,715,185 $ (7,324,146) $ 5,836,198 Condensed Consolidating Balance Sheets December 31, 2019 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Assets Cash and cash equivalents $ 176 $ 24 $ — $ 15,992 $ — $ 16,192 Receivables, net — 317 4 152,209 — 152,530 Inventories — 1,953 4,821 5,619 — 12,393 Prepaid and other current assets 61 16,325 600 4,947 — 21,933 Intercompany receivable — 1,276,839 — 610,298 (1,887,137) — Total current assets 237 1,295,458 5,425 789,065 (1,887,137) 203,048 Property, plant and equipment, net — 2,058,530 612,128 1,448,321 — 4,118,979 Intangible assets, net — 39,683 — 641,949 — 681,632 Goodwill — 149,453 170,652 685,748 — 1,005,853 Investment in wholly owned subsidiaries 2,871,540 1,743,066 1,155,855 490,826 (6,261,287) — Other long-term assets, net 98 111,362 32,121 32,899 — 176,480 Total assets $ 2,871,875 $ 5,397,552 $ 1,976,181 $ 4,088,808 $ (8,148,424) $ 6,185,992 Liabilities, Mezzanine Equity and Partners’ Equity Accounts payable $ 5,427 $ 42,064 $ 8,379 $ 53,964 $ — $ 109,834 Short-term debt and current portion of finance leases — 9,722 299 25 — 10,046 Current portion of long-term debt — 452,367 — — — 452,367 Accrued interest payable — 37,888 4 33 — 37,925 Accrued liabilities 1,425 40,514 8,461 53,885 — 104,285 Taxes other than income tax 125 7,311 5,160 185 — 12,781 Income tax payable — 492 2 3,831 — 4,325 Intercompany payable 438,857 — 1,448,280 — (1,887,137) — Total current liabilities 445,834 590,358 1,470,585 111,923 (1,887,137) 731,563 Long-term debt, less current portion — 2,871,786 1,127 62,005 — 2,934,918 Deferred income tax liability — 1,499 10 10,918 — 12,427 Other long-term liabilities — 65,577 13,774 69,588 — 148,939 Series D preferred units 581,935 — — — — 581,935 Total partners’ equity 1,844,106 1,868,332 490,685 3,834,374 (6,261,287) 1,776,210 Total liabilities, mezzanine equity and partners’ equity $ 2,871,875 $ 5,397,552 $ 1,976,181 $ 4,088,808 $ (8,148,424) $ 6,185,992 Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2020 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Revenues $ — $ 129,893 $ 61,563 $ 148,194 $ (110) $ 339,540 Costs and expenses 599 79,536 40,392 126,422 (110) 246,839 Operating (loss) income (599) 50,357 21,171 21,772 — 92,701 Equity in earnings of subsidiaries 30,353 11,512 10,290 32,099 (84,254) — Interest income (expense), net 12 (60,239) 445 283 — (59,499) Other (expense) income, net — (3,015) 193 1,196 — (1,626) Income (loss) before income tax expense 29,766 (1,385) 32,099 55,350 (84,254) 31,576 Income tax expense — 232 1 1,577 — 1,810 Net income (loss) $ 29,766 $ (1,617) $ 32,098 $ 53,773 $ (84,254) $ 29,766 Comprehensive income (loss) $ 29,766 $ (1,200) $ 32,098 $ 56,110 $ (84,254) $ 32,520 Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended June 30, 2019 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Revenues $ — $ 130,136 $ 64,452 $ 178,042 $ (185) $ 372,445 Costs and expenses 699 83,029 41,235 154,384 (185) 279,162 Operating (loss) income (699) 47,107 23,217 23,658 — 93,283 Equity in earnings of subsidiaries 47,499 10,990 13,785 35,339 (107,613) — Interest income (expense), net 117 (47,016) (1,840) 3,046 — (45,693) Other income (expense), net — 743 178 (300) — 621 Income from continuing operations before income tax expense (benefit) 46,917 11,824 35,340 61,743 (107,613) 48,211 Income tax expense (benefit) 2 (469) 1 1,762 — 1,296 Income from continuing operations 46,915 12,293 35,339 59,981 (107,613) 46,915 (Loss) income from discontinued operations, net of tax (a) (964) 7,912 (8,877) (17,752) 18,717 (964) Net income $ 45,951 $ 20,205 $ 26,462 $ 42,229 $ (88,896) $ 45,951 Comprehensive income $ 45,951 $ 11,426 $ 26,462 $ 43,049 $ (88,896) $ 37,992 (a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive (Loss) Income For the Six Months Ended June 30, 2020 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Revenues $ — $ 291,195 $ 124,227 $ 317,155 $ (246) $ 732,331 Costs and expenses 1,327 263,707 78,171 389,730 (246) 732,689 Operating (loss) income (1,327) 27,488 46,056 (72,575) — (358) Equity in (loss) earnings of subsidiaries (116,635) (106,703) 27,077 73,678 122,583 — Interest income (expense), net 87 (108,309) 126 1,103 — (106,993) Other (expense) income, net — (2,156) 440 (6,399) — (8,115) (Loss) income before income tax expense (117,875) (189,680) 73,699 (4,193) 122,583 (115,466) Income tax expense — 361 1 2,047 — 2,409 Net (loss) income (117,875) (190,041) 73,698 (6,240) 122,583 (117,875) Comprehensive (loss) income $ (117,875) $ (218,807) $ 73,698 $ (11,033) $ 122,583 $ (151,434) Condensed Consolidating Statements of Comprehensive (Loss) Income For the Six Months Ended June 30, 2019 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Revenues $ — $ 247,691 $ 122,805 $ 350,147 $ (372) $ 720,271 Costs and expenses 1,375 160,440 77,285 314,655 (372) 553,383 Operating (loss) income (1,375) 87,251 45,520 35,492 — 166,888 Equity in earnings of subsidiaries 76,990 12,329 26,523 68,624 (184,466) — Interest income (expense), net 225 (92,472) (3,773) 6,036 — (89,984) Other income (expense), net — 1,497 355 (440) — 1,412 Income from continuing operations before income tax expense (benefit) 75,840 8,605 68,625 109,712 (184,466) 78,316 Income tax expense (benefit) 2 (352) 1 2,827 — 2,478 Income from continuing operations 75,838 8,957 68,624 106,885 (184,466) 75,838 (Loss) income from discontinued operations, net of tax (a) (307,750) 7,912 (315,663) (631,324) 939,075 (307,750) Net (loss) income $ (231,912) $ 16,869 $ (247,039) $ (524,439) $ 754,609 $ (231,912) Comprehensive (loss) income $ (231,912) $ 2,360 $ (247,039) $ (522,715) $ 754,609 $ (244,697) (a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2020 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 167,758 $ 73,526 $ 297,417 $ 216,375 $ (484,635) $ 270,441 Cash flows from investing activities: Capital expenditures — (25,787) (5,596) (64,975) — (96,358) Change in accounts payable related to capital expenditures — (12,492) (1,325) (1,692) — (15,509) Proceeds from sale or disposition of assets — 335 117 5,335 — 5,787 Net cash used in investing activities — (37,944) (6,804) (61,332) — (106,080) Cash flows from financing activities: Debt borrowings — 827,435 — 14,600 — 842,035 Debt repayments — (734,015) — (28,200) — (762,215) Distributions to preferred unitholders (60,846) (30,424) (30,424) (30,424) 91,272 (60,846) Distributions to common unitholders (108,846) (54,423) (54,423) (54,431) 163,277 (108,846) Payments for termination of interest rate swaps — (49,225) — — — (49,225) Distributions to affiliates — — — (230,086) 230,086 — Net intercompany activity 12,059 18,680 (205,545) 174,806 — — Payment of tax withholding for unit-based compensation (8,820) — — — — (8,820) Other, net (1,217) (12,918) (221) (46) — (14,402) Net cash used in financing activities (167,670) (34,890) (290,613) (153,781) 484,635 (162,319) Effect of foreign exchange rate changes on cash — — — (945) — (945) Net increase in cash, cash equivalents and restricted cash 88 692 — 317 — 1,097 Cash, cash equivalents, and restricted cash as of the beginning of the period 176 8,812 — 15,992 — 24,980 Cash, cash equivalents and restricted cash as of the end of the period $ 264 $ 9,504 $ — $ 16,309 $ — $ 26,077 Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2019 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 187,265 $ 77,144 $ 60,539 $ 200,762 $ (284,816) $ 240,894 Cash flows from investing activities: Capital expenditures — (167,647) (9,131) (143,183) — (319,961) Change in accounts payable related to capital expenditures — 11,708 522 3,914 — 16,144 Proceeds from sale or disposition of assets — 71 26 46 — 143 Investment in subsidiaries — (11,999) — — 11,999 — Net cash used in investing activities — (167,867) (8,583) (139,223) 11,999 (303,674) Cash flows from financing activities: Debt borrowings — 570,500 — 23,800 — 594,300 Note offering, net of issuance costs — 491,665 — — — 491,665 Debt repayments — (785,000) — (22,800) — (807,800) Distributions to preferred unitholders (60,846) (30,424) (30,423) (30,425) 91,272 (60,846) Distributions to common unitholders (129,025) (64,512) (64,512) (64,520) 193,544 (129,025) Contributions from affiliates — — — 11,999 (11,999) — Net intercompany activity 9,641 (75,900) 43,009 23,250 — — Payment of tax withholding for unit-based compensation (6,368) — — — — (6,368) Other, net (1,436) (6,581) (30) (122) — (8,169) Net cash (used in) provided by financing activities (188,034) 99,748 (51,956) (58,818) 272,817 73,757 Effect of foreign exchange rate changes on cash — — — 261 — 261 Net (decrease) increase in cash, cash equivalents and restricted cash (769) 9,025 — 2,982 — 11,238 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 $ 486 $ 9,076 $ — $ 15,320 $ — $ 24,882 |
IMPAIRMENTS AND DISCONTINUED _2
IMPAIRMENTS AND DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 from discontinued operations, net of tax” on the condensed consolidated statements of comprehensive income (loss): Three Months Ended Six Months Ended (Thousands of Dollars) Revenues $ 92,837 $ 231,480 Costs and expenses: Cost of revenues 86,278 202,880 Impairment losses 8,398 336,838 General and administrative expenses (excluding depreciation and amortization expense) 305 610 Total costs and expenses 94,981 540,328 Operating loss (2,144) (308,848) Interest income, net 9 32 Other income, net 1,171 1,167 Loss from discontinued operations before income tax expense (964) (307,649) Income tax expense — 101 Loss from discontinued operations, net of tax $ (964) $ (307,750) |
Discontinued Operations, Selected Cash Flow Information | The following table presents selected cash flow information associated with our discontinued operations: Six Months Ended June 30, 2019 (Thousands of Dollars) Capital expenditures $ (23,635) Significant noncash operating activities: Depreciation and amortization expense $ 8,536 Asset impairment losses $ 305,715 Goodwill impairment loss $ 31,123 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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: 2020 2019 Contract Assets Contract Liabilities Contract Assets Contract Liabilities (Thousands of Dollars) Balance as of January 1: Current portion $ 2,140 $ (21,083) $ 2,066 $ (21,579) Noncurrent portion 1,003 (40,289) 539 (38,945) Held for sale — — — (25,357) Total 3,143 (61,372) 2,605 (85,881) Activity: Additions 2,670 (34,156) 2,674 (24,537) Transfer to accounts receivable (2,258) — (2,638) — Transfer to revenues, including amounts reported in discontinued operations (125) 29,848 — 46,757 Total 287 (4,308) 36 22,220 Balance as of June 30: Current portion 2,218 (20,235) 1,483 (23,688) Noncurrent portion 1,212 (45,445) 1,158 (39,973) Total $ 3,430 $ (65,680) $ 2,641 $ (63,661) |
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 June 30, 2020 (in thousands of dollars): 2020 (remaining) $ 303,381 2021 447,265 2022 350,120 2023 259,775 2024 189,709 Thereafter 279,738 Total $ 1,829,988 |
Disaggregation of Revenue [Table Text Block] | The following table disaggregates our revenues: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Thousands of Dollars) Pipeline segment: Crude oil pipelines $ 79,110 $ 77,293 $ 170,832 $ 145,771 Refined products and ammonia pipelines (excluding lessor revenues) 86,173 92,534 189,307 177,640 Total pipeline segment revenues from contracts with customers 165,283 169,827 360,139 323,411 Lessor revenues 825 2,666 1,650 5,333 Total pipeline segment revenues 166,108 172,493 361,789 328,744 Storage segment: Throughput terminals 32,199 23,170 70,922 44,856 Storage terminals (excluding lessor revenues) 76,880 77,039 151,046 148,660 Total storage segment revenues from contracts with customers 109,079 100,209 221,968 193,516 Lessor revenues 10,328 10,194 20,656 20,387 Total storage segment revenues 119,407 110,403 242,624 213,903 Fuels marketing segment: Revenues from contracts with customers 54,025 89,549 127,927 177,628 Consolidation and intersegment eliminations — — (9) (4) Total revenues $ 339,540 $ 372,445 $ 732,331 $ 720,271 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of GoZone Bonds | The following table summarizes the GoZone Bonds outstanding as of June 30, 2020: Series Date Issued Amount Mandatory Maturity Date (Thousands of Series 2008 June 26, 2008 $ 55,440 6.10 % June 1, 2030 June 1, 2038 Series 2010 July 15, 2010 100,000 6.35 % n/a July 1, 2040 Series 2010A October 7, 2010 43,300 6.35 % n/a October 1, 2040 Series 2010B December 29, 2010 48,400 6.10 % June 1, 2030 December 1, 2040 Series 2011 August 9, 2011 75,000 5.85 % June 1, 2025 August 1, 2041 Total $ 322,140 |
DERIVATIVES AND FAIR VALUE ME_2
DERIVATIVES AND FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Thousands of Dollars) Loss recognized in other comprehensive income (loss) on derivative $ (461) $ (9,784) $ (30,291) $ (16,592) Loss reclassified from AOCI into interest expense, net $ (878) $ (1,005) $ (1,525) $ (2,083) |
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: June 30, 2020 December 31, 2019 (Thousands of Dollars) Fair value $ 3,372,527 $ 3,442,001 Carrying amount $ 3,374,056 $ 3,331,839 |
PARTNERS' EQUITY (Tables)
PARTNERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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: 2020 2019 Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total (Thousands of Dollars) Balance as of March 31 $ (50,600) $ (45,307) $ (8,302) $ (104,209) $ (45,823) $ (6,623) $ (7,258) $ (59,704) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification adjustments 2,638 (461) — 2,177 1,392 (9,784) — (8,392) Net gain on pension costs reclassified into other income, net — — (305) (305) — — (578) (578) Net loss on cash flow hedges reclassified into interest expense, net — 878 — 878 — 1,005 — 1,005 Other — — 4 4 — — 6 6 Other comprehensive income (loss) 2,638 417 (301) 2,754 1,392 (8,779) (572) (7,959) Balance as of June 30 $ (47,962) $ (44,890) $ (8,603) $ (101,455) $ (44,431) $ (15,402) $ (7,830) $ (67,663) 2020 2019 Foreign Cash Flow Pension and Total Foreign Cash Flow Pension and Total (Thousands of Dollars) Balance as of January 1 $ (43,772) $ (16,124) $ (8,000) $ (67,896) $ (47,299) $ (893) $ (6,686) $ (54,878) Other comprehensive (loss) income: Other comprehensive (loss) income before reclassification adjustments (4,190) (30,291) — (34,481) 2,868 (16,592) — (13,724) Net gain on pension costs reclassified into other income, net — — (610) (610) — — (1,157) (1,157) Net loss on cash flow hedges reclassified into interest expense, net — 1,525 — 1,525 — 2,083 — 2,083 Other — — 7 7 — — 13 13 Other comprehensive (loss) income (4,190) (28,766) (603) (33,559) 2,868 (14,509) (1,144) (12,785) Balance as of June 30 $ (47,962) $ (44,890) $ (8,603) $ (101,455) $ (44,431) $ (15,402) $ (7,830) $ (67,663) |
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 Date at Which Distribution (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 Total Cash Record Date Payment Date (Thousands of Dollars) June 30, 2020 $ 0.40 $ 43,678 August 7, 2020 August 13, 2020 March 31, 2020 $ 0.40 $ 43,730 May 11, 2020 May 15, 2020 December 31, 2019 $ 0.60 $ 65,128 February 10, 2020 February 14, 2020 |
NET INCOME (LOSS) PER COMMON _2
NET INCOME (LOSS) PER COMMON UNIT (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Thousands of Dollars, Except Unit and Per Unit Data) Net income (loss) $ 29,766 $ 45,951 $ (117,875) $ (231,912) Distributions to preferred limited partners (30,684) (30,423) (61,107) (60,846) Distributions to common limited partners (43,678) (64,658) (87,408) (129,348) Distribution equivalent rights to restricted units (502) (642) (1,008) (1,285) Distributions in excess of income (loss) $ (45,098) $ (49,772) $ (267,398) $ (423,391) Distributions to common limited partners $ 43,678 $ 64,658 $ 87,408 $ 129,348 Allocation of distributions in excess of income (loss) (45,098) (49,772) (267,398) (423,391) Series D Preferred Unit accretion (5,064) (4,446) (9,966) (8,748) Net (loss) income attributable to common units $ (6,484) $ 10,440 $ (189,956) $ (302,791) Basic weighted-average common units outstanding 109,194,722 107,763,016 109,046,061 107,647,957 Basic net (loss) income per common unit $ (0.06) $ 0.10 $ (1.74) $ (2.81) |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Changes in Current Assets and Liabilities [Table Text Block] | Changes in current assets and current liabilities were as follows: Six Months Ended June 30, 2020 2019 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ 25,386 $ (3,146) Inventories 4,176 1,551 Other current assets (8,781) (4,075) Increase (decrease) in current liabilities: Accounts payable (15,197) 7,704 Accrued interest payable (177) 2,636 Accrued liabilities (9,375) (34,814) Taxes other than income tax 44 (3,556) Income tax payable (2,250) (2,529) Changes in current assets and current liabilities $ (6,174) $ (36,229) |
Schedule of Supplemental Cash Flow Information [Table Text Block] | Cash flows related to interest and income taxes were as follows: Six Months Ended June 30, 2020 2019 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 103,034 $ 84,677 Cash paid for income taxes, net of tax refunds received $ 4,661 $ 6,557 |
Schedule of Cash and Cash Equivalents [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: June 30, December 31, (Thousands of Dollars) Cash and cash equivalents $ 17,278 $ 16,192 Other long-term assets, net 8,799 8,788 Cash, cash equivalents and restricted cash $ 26,077 $ 24,980 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Thousands of Dollars) Revenues: Pipeline $ 166,108 $ 172,493 $ 361,789 $ 328,744 Storage 119,407 110,403 242,624 213,903 Fuels marketing 54,025 89,549 127,927 177,628 Consolidation and intersegment eliminations — — (9) (4) Total revenues $ 339,540 $ 372,445 $ 732,331 $ 720,271 Operating income (loss): Pipeline $ 71,981 $ 78,712 $ (50,943) $ 146,016 Storage 43,242 38,098 91,821 70,316 Fuels marketing 3,349 3,160 9,792 5,085 Consolidation and intersegment eliminations — — — (32) Total segment operating income 118,572 119,970 50,670 221,385 General and administrative expenses 23,700 24,868 46,671 50,559 Other depreciation and amortization expense 2,171 1,819 4,357 3,938 Total operating income (loss) $ 92,701 $ 93,283 $ (358) $ 166,888 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total assets by reportable segment were as follows: June 30, December 31, (Thousands of Dollars) Pipeline $ 3,635,467 $ 3,884,819 Storage 2,032,327 2,082,832 Fuels marketing 23,357 31,064 Total segment assets 5,691,151 5,998,715 Other partnership assets 145,047 187,277 Total consolidated assets $ 5,836,198 $ 6,185,992 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | |
Condensed Balance Sheet | Condensed Consolidating Balance Sheets June 30, 2020 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Assets Cash and cash equivalents $ 264 $ 705 $ — $ 16,309 $ — $ 17,278 Receivables, net — 80 — 127,195 (4,652) 122,623 Inventories — 1,906 2,357 3,939 — 8,202 Prepaid and other current assets 105 25,864 1,411 3,226 — 30,606 Intercompany receivable — 1,253,361 — 412,063 (1,665,424) — Total current assets 369 1,281,916 3,768 562,732 (1,670,076) 178,709 Property, plant and equipment, net — 2,027,712 600,471 1,462,469 — 4,090,652 Intangible assets, net — 34,971 — 620,949 — 655,920 Goodwill — 50,453 170,652 559,748 — 780,853 Investment in wholly owned subsidiaries 2,585,212 1,636,363 952,846 479,649 (5,654,070) — Other long-term assets, net 101 68,365 31,960 29,638 — 130,064 Total assets $ 2,585,682 $ 5,099,780 $ 1,759,697 $ 3,715,185 $ (7,324,146) $ 5,836,198 Liabilities, Mezzanine Equity and Partners’ Equity Accounts payable $ 5,717 $ 20,220 $ 8,638 $ 42,882 $ — $ 77,457 Short-term debt and current portion of finance leases — 4,049 473 91 — 4,613 Accrued interest payable — 37,728 6 14 — 37,748 Accrued liabilities 868 20,668 8,223 22,888 — 52,647 Taxes other than income tax 2 6,419 5,715 6,346 (4,652) 13,830 Income tax payable — 361 1 1,713 — 2,075 Intercompany payable 422,781 — 1,242,643 — (1,665,424) — Total current liabilities 429,368 89,445 1,265,699 73,934 (1,670,076) 188,370 Long-term debt, less current portion — 3,378,740 1,773 48,647 — 3,429,160 Deferred income tax liability — 1,499 10 9,759 — 11,268 Other long-term liabilities — 65,417 12,680 74,444 — 152,541 Series D preferred units 591,895 — — — — 591,895 Total partners’ equity 1,564,419 1,564,679 479,535 3,508,401 (5,654,070) 1,462,964 Total liabilities, mezzanine equity and partners’ equity $ 2,585,682 $ 5,099,780 $ 1,759,697 $ 3,715,185 $ (7,324,146) $ 5,836,198 Condensed Consolidating Balance Sheets December 31, 2019 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Assets Cash and cash equivalents $ 176 $ 24 $ — $ 15,992 $ — $ 16,192 Receivables, net — 317 4 152,209 — 152,530 Inventories — 1,953 4,821 5,619 — 12,393 Prepaid and other current assets 61 16,325 600 4,947 — 21,933 Intercompany receivable — 1,276,839 — 610,298 (1,887,137) — Total current assets 237 1,295,458 5,425 789,065 (1,887,137) 203,048 Property, plant and equipment, net — 2,058,530 612,128 1,448,321 — 4,118,979 Intangible assets, net — 39,683 — 641,949 — 681,632 Goodwill — 149,453 170,652 685,748 — 1,005,853 Investment in wholly owned subsidiaries 2,871,540 1,743,066 1,155,855 490,826 (6,261,287) — Other long-term assets, net 98 111,362 32,121 32,899 — 176,480 Total assets $ 2,871,875 $ 5,397,552 $ 1,976,181 $ 4,088,808 $ (8,148,424) $ 6,185,992 Liabilities, Mezzanine Equity and Partners’ Equity Accounts payable $ 5,427 $ 42,064 $ 8,379 $ 53,964 $ — $ 109,834 Short-term debt and current portion of finance leases — 9,722 299 25 — 10,046 Current portion of long-term debt — 452,367 — — — 452,367 Accrued interest payable — 37,888 4 33 — 37,925 Accrued liabilities 1,425 40,514 8,461 53,885 — 104,285 Taxes other than income tax 125 7,311 5,160 185 — 12,781 Income tax payable — 492 2 3,831 — 4,325 Intercompany payable 438,857 — 1,448,280 — (1,887,137) — Total current liabilities 445,834 590,358 1,470,585 111,923 (1,887,137) 731,563 Long-term debt, less current portion — 2,871,786 1,127 62,005 — 2,934,918 Deferred income tax liability — 1,499 10 10,918 — 12,427 Other long-term liabilities — 65,577 13,774 69,588 — 148,939 Series D preferred units 581,935 — — — — 581,935 Total partners’ equity 1,844,106 1,868,332 490,685 3,834,374 (6,261,287) 1,776,210 Total liabilities, mezzanine equity and partners’ equity $ 2,871,875 $ 5,397,552 $ 1,976,181 $ 4,088,808 $ (8,148,424) $ 6,185,992 |
Condensed Income Statement | Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2020 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Revenues $ — $ 129,893 $ 61,563 $ 148,194 $ (110) $ 339,540 Costs and expenses 599 79,536 40,392 126,422 (110) 246,839 Operating (loss) income (599) 50,357 21,171 21,772 — 92,701 Equity in earnings of subsidiaries 30,353 11,512 10,290 32,099 (84,254) — Interest income (expense), net 12 (60,239) 445 283 — (59,499) Other (expense) income, net — (3,015) 193 1,196 — (1,626) Income (loss) before income tax expense 29,766 (1,385) 32,099 55,350 (84,254) 31,576 Income tax expense — 232 1 1,577 — 1,810 Net income (loss) $ 29,766 $ (1,617) $ 32,098 $ 53,773 $ (84,254) $ 29,766 Comprehensive income (loss) $ 29,766 $ (1,200) $ 32,098 $ 56,110 $ (84,254) $ 32,520 Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended June 30, 2019 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Revenues $ — $ 130,136 $ 64,452 $ 178,042 $ (185) $ 372,445 Costs and expenses 699 83,029 41,235 154,384 (185) 279,162 Operating (loss) income (699) 47,107 23,217 23,658 — 93,283 Equity in earnings of subsidiaries 47,499 10,990 13,785 35,339 (107,613) — Interest income (expense), net 117 (47,016) (1,840) 3,046 — (45,693) Other income (expense), net — 743 178 (300) — 621 Income from continuing operations before income tax expense (benefit) 46,917 11,824 35,340 61,743 (107,613) 48,211 Income tax expense (benefit) 2 (469) 1 1,762 — 1,296 Income from continuing operations 46,915 12,293 35,339 59,981 (107,613) 46,915 (Loss) income from discontinued operations, net of tax (a) (964) 7,912 (8,877) (17,752) 18,717 (964) Net income $ 45,951 $ 20,205 $ 26,462 $ 42,229 $ (88,896) $ 45,951 Comprehensive income $ 45,951 $ 11,426 $ 26,462 $ 43,049 $ (88,896) $ 37,992 (a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive (Loss) Income For the Six Months Ended June 30, 2020 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Revenues $ — $ 291,195 $ 124,227 $ 317,155 $ (246) $ 732,331 Costs and expenses 1,327 263,707 78,171 389,730 (246) 732,689 Operating (loss) income (1,327) 27,488 46,056 (72,575) — (358) Equity in (loss) earnings of subsidiaries (116,635) (106,703) 27,077 73,678 122,583 — Interest income (expense), net 87 (108,309) 126 1,103 — (106,993) Other (expense) income, net — (2,156) 440 (6,399) — (8,115) (Loss) income before income tax expense (117,875) (189,680) 73,699 (4,193) 122,583 (115,466) Income tax expense — 361 1 2,047 — 2,409 Net (loss) income (117,875) (190,041) 73,698 (6,240) 122,583 (117,875) Comprehensive (loss) income $ (117,875) $ (218,807) $ 73,698 $ (11,033) $ 122,583 $ (151,434) Condensed Consolidating Statements of Comprehensive (Loss) Income For the Six Months Ended June 30, 2019 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Revenues $ — $ 247,691 $ 122,805 $ 350,147 $ (372) $ 720,271 Costs and expenses 1,375 160,440 77,285 314,655 (372) 553,383 Operating (loss) income (1,375) 87,251 45,520 35,492 — 166,888 Equity in earnings of subsidiaries 76,990 12,329 26,523 68,624 (184,466) — Interest income (expense), net 225 (92,472) (3,773) 6,036 — (89,984) Other income (expense), net — 1,497 355 (440) — 1,412 Income from continuing operations before income tax expense (benefit) 75,840 8,605 68,625 109,712 (184,466) 78,316 Income tax expense (benefit) 2 (352) 1 2,827 — 2,478 Income from continuing operations 75,838 8,957 68,624 106,885 (184,466) 75,838 (Loss) income from discontinued operations, net of tax (a) (307,750) 7,912 (315,663) (631,324) 939,075 (307,750) Net (loss) income $ (231,912) $ 16,869 $ (247,039) $ (524,439) $ 754,609 $ (231,912) Comprehensive (loss) income $ (231,912) $ 2,360 $ (247,039) $ (522,715) $ 754,609 $ (244,697) (a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. |
Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2020 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 167,758 $ 73,526 $ 297,417 $ 216,375 $ (484,635) $ 270,441 Cash flows from investing activities: Capital expenditures — (25,787) (5,596) (64,975) — (96,358) Change in accounts payable related to capital expenditures — (12,492) (1,325) (1,692) — (15,509) Proceeds from sale or disposition of assets — 335 117 5,335 — 5,787 Net cash used in investing activities — (37,944) (6,804) (61,332) — (106,080) Cash flows from financing activities: Debt borrowings — 827,435 — 14,600 — 842,035 Debt repayments — (734,015) — (28,200) — (762,215) Distributions to preferred unitholders (60,846) (30,424) (30,424) (30,424) 91,272 (60,846) Distributions to common unitholders (108,846) (54,423) (54,423) (54,431) 163,277 (108,846) Payments for termination of interest rate swaps — (49,225) — — — (49,225) Distributions to affiliates — — — (230,086) 230,086 — Net intercompany activity 12,059 18,680 (205,545) 174,806 — — Payment of tax withholding for unit-based compensation (8,820) — — — — (8,820) Other, net (1,217) (12,918) (221) (46) — (14,402) Net cash used in financing activities (167,670) (34,890) (290,613) (153,781) 484,635 (162,319) Effect of foreign exchange rate changes on cash — — — (945) — (945) Net increase in cash, cash equivalents and restricted cash 88 692 — 317 — 1,097 Cash, cash equivalents, and restricted cash as of the beginning of the period 176 8,812 — 15,992 — 24,980 Cash, cash equivalents and restricted cash as of the end of the period $ 264 $ 9,504 $ — $ 16,309 $ — $ 26,077 Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2019 (Thousands of Dollars) NuStar NuStar NuPOP Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 187,265 $ 77,144 $ 60,539 $ 200,762 $ (284,816) $ 240,894 Cash flows from investing activities: Capital expenditures — (167,647) (9,131) (143,183) — (319,961) Change in accounts payable related to capital expenditures — 11,708 522 3,914 — 16,144 Proceeds from sale or disposition of assets — 71 26 46 — 143 Investment in subsidiaries — (11,999) — — 11,999 — Net cash used in investing activities — (167,867) (8,583) (139,223) 11,999 (303,674) Cash flows from financing activities: Debt borrowings — 570,500 — 23,800 — 594,300 Note offering, net of issuance costs — 491,665 — — — 491,665 Debt repayments — (785,000) — (22,800) — (807,800) Distributions to preferred unitholders (60,846) (30,424) (30,423) (30,425) 91,272 (60,846) Distributions to common unitholders (129,025) (64,512) (64,512) (64,520) 193,544 (129,025) Contributions from affiliates — — — 11,999 (11,999) — Net intercompany activity 9,641 (75,900) 43,009 23,250 — — Payment of tax withholding for unit-based compensation (6,368) — — — — (6,368) Other, net (1,436) (6,581) (30) (122) — (8,169) Net cash (used in) provided by financing activities (188,034) 99,748 (51,956) (58,818) 272,817 73,757 Effect of foreign exchange rate changes on cash — — — 261 — 261 Net (decrease) increase in cash, cash equivalents and restricted cash (769) 9,025 — 2,982 — 11,238 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 $ 486 $ 9,076 $ — $ 15,320 $ — $ 24,882 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION Narrative 1 (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 3 |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION Narrative 2 (Details) - Unsecured Term Loan Credit Agreement [Member] $ in Millions | Apr. 21, 2020USD ($) |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 750 |
The Term Loan, Initial Loan | 500 |
Debt instrument, unused borrowing capacity, amount | $ 250 |
Long-term debt, additional aggregate principal amount available, terms | NuStar Logistics may elect to draw, on or prior to April 19, 2021, in one or more draws, subject to certain conditions. |
Long-term debt, term | 3 years |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION Narrative 3 (Details) - USD ($) $ in Thousands | Oct. 15, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Goodwill impairment loss | $ 0 | $ 0 | $ 225,000 | $ 0 | |||
Impact of fire at Selby, CA terminal | our terminal facility in Selby, California experienced a fire that destroyed two storage tanks and temporarily shut down the terminal | ||||||
Selby, California Fire [Member] | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Loss, property damage | $ 5,400 | ||||||
Insurance proceeds received | 25,000 | ||||||
Selby, California Fire [Member] | Business Interruption Loss from Selby, California Fire [Member] | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Insurance proceeds received | $ 3,100 | ||||||
Crude Oil Pipelines [Member] | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Goodwill impairment loss | $ 225,000 |
IMPAIRMENTS AND DISCONTINUED _3
IMPAIRMENTS AND DISCONTINUED OPERATIONS Narrative (Details) - USD ($) $ in Thousands | Jul. 29, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Goodwill impairment loss | $ 0 | $ 0 | $ 225,000 | $ 0 | ||||
Asset impairment losses | $ 8,400 | $ 297,300 | ||||||
Goodwill | $ 780,853 | $ 780,853 | $ 1,005,853 | |||||
The St. Eustatius Disposition [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from sale | $ 230,000 | |||||||
Crude Oil Pipelines [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Goodwill impairment loss | $ 225,000 | |||||||
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 |
IMPAIRMENTS AND DISCONTINUED _4
IMPAIRMENTS AND DISCONTINUED OPERATIONS Table 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Revenues | $ 92,837 | $ 231,480 | ||
Cost of revenues | 86,278 | 202,880 | ||
Impairment losses | 8,398 | 336,838 | ||
General and administrative expenses (excluding depreciation and amortization expense) | 305 | 610 | ||
Total costs and expenses | 94,981 | 540,328 | ||
Operating income (loss) | (2,144) | (308,848) | ||
Interest income, net | 9 | 32 | ||
Other income, net | 1,171 | 1,167 | ||
(Loss) income from discontinued operations before income tax expense | (964) | (307,649) | ||
Income tax expense | 0 | 101 | ||
(Loss) income from discontinued operations, net of tax | $ 0 | $ (964) | $ 0 | $ (307,750) |
IMPAIRMENTS AND DISCONTINUED _5
IMPAIRMENTS AND DISCONTINUED OPERATIONS Table 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Asset impairment loss | $ 8,400 | $ 297,300 | |||
Goodwill impairment loss | $ 0 | $ 0 | $ 225,000 | $ 0 | |
Discontinued operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Capital expenditures | (23,635) | ||||
Depreciation and amortization expense | 8,536 | ||||
Asset impairment loss | 305,715 | ||||
Goodwill impairment loss | $ 31,123 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 1 - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contract assets | ||||
Noncurrent portion | $ 1,212 | $ 1,158 | $ 1,003 | $ 539 |
Total | 3,430 | 2,641 | 3,143 | 2,605 |
Additions | 2,670 | 2,674 | ||
Transfer to accounts receivable | (2,258) | (2,638) | ||
Transfer to revenues, including amounts reported in discontinued operations, contract assets | (125) | 0 | ||
Total activity | 287 | 36 | ||
Contract liabilities | ||||
Noncurrent portion | (45,445) | (39,973) | (40,289) | (38,945) |
Total | (65,680) | (63,661) | (61,372) | (85,881) |
Additions | (34,156) | (24,537) | ||
Transfer to revenues, including amounts reported in discontinued operations, contract liabilities | 29,848 | 46,757 | ||
Total activity | (4,308) | 22,220 | ||
Other current assets | ||||
Contract assets | ||||
Current portion/Held for sale | 2,218 | 1,483 | 2,140 | 2,066 |
Accrued liabilities | ||||
Contract liabilities | ||||
Current portion/Held for sale | $ (20,235) | $ (23,688) | (21,083) | (21,579) |
Assets held for sale | ||||
Contract assets | ||||
Current portion/Held for sale | 0 | 0 | ||
Liabilities held for sale | ||||
Contract liabilities | ||||
Current portion/Held for sale | $ 0 | $ (25,357) |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue recognized | $ 29,848 | $ 46,757 | |
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 | Jun. 30, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 1,829,988 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 303,381 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 6 months |
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 | $ 447,265 |
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 | $ 350,120 |
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 | $ 259,775 |
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 | $ 189,709 |
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]: 2025-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 279,738 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 339,540 | $ 372,445 | $ 732,331 | $ 720,271 |
Intersegment Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | (9) | (4) |
Pipeline Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 165,283 | 169,827 | 360,139 | 323,411 |
Lessor revenues | 825 | 2,666 | 1,650 | 5,333 |
Total revenues | 166,108 | 172,493 | 361,789 | 328,744 |
Pipeline Segment | Crude Oil Pipelines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 79,110 | 77,293 | 170,832 | 145,771 |
Pipeline Segment | Refined Products and Ammonia Pipelines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 86,173 | 92,534 | 189,307 | 177,640 |
Storage Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 109,079 | 100,209 | 221,968 | 193,516 |
Lessor revenues | 10,328 | 10,194 | 20,656 | 20,387 |
Total revenues | 119,407 | 110,403 | 242,624 | 213,903 |
Storage Segment | Throughput Terminal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 32,199 | 23,170 | 70,922 | 44,856 |
Storage Segment | Storage Terminal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 76,880 | 77,039 | 151,046 | 148,660 |
Fuels Marketing Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 54,025 | 89,549 | 127,927 | 177,628 |
Total revenues | $ 54,025 | $ 89,549 | $ 127,927 | $ 177,628 |
DEBT Narrative 1 (Details)
DEBT Narrative 1 (Details) - USD ($) $ in Thousands | Apr. 21, 2020 | Mar. 04, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||
Amount repaid | $ 704,715 | $ 616,800 | |||
Unsecured Term Loan Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 750,000 | ||||
Long-term debt, term | 3 years | ||||
The Term Loan, Initial Loan | $ 500,000 | ||||
Debt instrument, unused borrowing capacity, amount | $ 250,000 | ||||
Long-term debt, additional aggregate principal amount available, terms | NuStar Logistics may elect to draw, on or prior to April 19, 2021, in one or more draws, subject to certain conditions. | ||||
Long-term debt, original issue discount | $ 22,500 | ||||
Long-term debt, original issue discount, rate | 3.00% | ||||
Long-term debt, issuance costs | $ 14,400 | ||||
Long-term debt, rate | 12.00% | ||||
Long-term debt, commitment fee, percent | 5.00% | ||||
Debt instrument, payment terms | NuStar Logistics is required to make mandatory prepayment in an amount equal to 100.0% of the proceeds received as a result of certain events, subject to certain exclusions and adjustments, such as the incurrence of additional indebtedness (excluding additional borrowings under the Revolving Credit Agreement) and the issuance of equity securities, and is required to offer to make such a prepayment with respect to the sale of property or assets. Depending on the amount of time that has passed since the Initial Loan Funding Date, if there is a payment or prepayment (subject to certain exceptions), NuStar Logistics is required to pay, as liquidated damages and compensation for the costs of making funds available, a make-whole premium or similar amount. From the Initial Loan Funding Date through the 18-month anniversary of the Initial Loan Funding Date, such premium will be the sum of (i) the make-whole amount and (ii) 6.25% of the aggregate principal amount of borrowings then paid, prepaid or accelerated. After the 18-month anniversary of the Initial Loan Funding Date through the 30-month anniversary of the Initial Loan Funding Date, such premium will be 6.25% of the aggregate principal amount of borrowings then paid, prepaid or accelerated. Prepayments accepted in connection with one or more asset sales of up to an aggregate amount of $250.0 million will be subject to a lower prepayment premium. For such asset sale prepayments from the Initial Loan Funding Date through the 18-month anniversary of the Initial Loan Funding Date, such premium will be 5.0% of the aggregate principal amount of borrowings then paid, prepaid or accelerated. After the 18-month anniversary of the Initial Loan Funding Date through the 30-month anniversary of the Initial Loan Funding Date, such premium will be 3.0% of the aggregate principal amount of borrowings then paid, prepaid or accelerated. There will be no premium for any prepayments of borrowings after the 30-month anniversary of the Initial Loan Funding Date. | ||||
GoZone Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 322,140 | $ 365,400 | |||
Amount repaid | $ 43,300 | ||||
Proceeds from reoffering | $ 0 |
DEBT GoZone Bonds Table (Detail
DEBT GoZone Bonds Table (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
GoZone Bonds Due June 2038 | ||
Debt Instrument [Line Items] | ||
Debt instrument, issuance date | Jun. 26, 2008 | |
Long-term debt | $ 55,440 | |
Long-term debt, rate | 6.10% | |
Debt instrument, maturity date | Jun. 1, 2038 | |
GoZone Bonds Due July 2040 | ||
Debt Instrument [Line Items] | ||
Debt instrument, issuance date | Jul. 15, 2010 | |
Long-term debt | $ 100,000 | |
Long-term debt, rate | 6.35% | |
Debt instrument, maturity date | Jul. 1, 2040 | |
GoZone Bonds Due October 2040 | ||
Debt Instrument [Line Items] | ||
Debt instrument, issuance date | Oct. 7, 2010 | |
Long-term debt | $ 43,300 | |
Long-term debt, rate | 6.35% | |
Debt instrument, maturity date | Oct. 1, 2040 | |
GoZone Bonds Due December 2040 | ||
Debt Instrument [Line Items] | ||
Debt instrument, issuance date | Dec. 29, 2010 | |
Long-term debt | $ 48,400 | |
Long-term debt, rate | 6.10% | |
Debt instrument, maturity date | Dec. 1, 2040 | |
GoZone Bonds Due August 2041 | ||
Debt Instrument [Line Items] | ||
Debt instrument, issuance date | Aug. 9, 2011 | |
Long-term debt | $ 75,000 | |
Long-term debt, rate | 5.85% | |
Debt instrument, maturity date | Aug. 1, 2041 | |
GoZone Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 322,140 | $ 365,400 |
DEBT Narrative 2 (Details)
DEBT Narrative 2 (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
GoZone Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, description | Interest on the GoZone Bonds accrues from June 3, 2020 and is payable semi-annually on June 1 and December 1 of each year, beginning December 1, 2020. The holders of the Series 2008, Series 2010B and Series 2011 GoZone Bonds are required to tender their bonds at the applicable mandatory purchase date in exchange for 100% of the principal plus accrued and unpaid interest, after which these bonds will potentially be remarketed with a new interest rate established. Each of the Series 2010 and Series 2010A GoZone Bonds is subject to redemption on or after June 1, 2030 by the Parish of St. James, at our option, in whole or in part, at a redemption price of 100% of the principal amount to be redeemed plus accrued interest. The Series 2008, Series 2010B and Series 2011 GoZone Bonds are not subject to optional redemption. NuStar Logistics’ agreements with the Parish of St. James related to the GoZone Bonds contain (i) customary restrictive covenants that limit the ability of NuStar Logistics and its subsidiaries, to, among other things, create liens or enter into sale-leaseback transactions, consolidations, mergers or asset sales and (ii) a change of control provision that provides each holder the right to require the trustee, with funds provided by NuStar Logistics, to repurchase all or a portion of that holder’s GoZone Bonds upon a change of control at a price equal to 101% of the aggregate principal amount repurchased, plus any accrued and unpaid interest. | |
Long-term debt | $ 322,140 | $ 365,400 |
Revolving Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 1,000,000 | $ 1,200,000 |
Long-term debt | $ 110,900 | |
Line of credit facility, weighted-average interest rate | 2.50% | |
Line of credit facility, covenant terms | For the rolling period of four quarters ending June 30, 2020, 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 | $ 885,000 | |
Receivables Financing Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 125,000 | |
Long-term debt | $ 48,600 | |
Weighted average interest rate | 1.10% | |
Debt instrument, collateral amount | $ 94,700 |
COMMITMENTS AND CONTINGENCIES N
COMMITMENTS AND CONTINGENCIES Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss contingency accrual, at carrying value | $ 3.6 | $ 3.7 |
DERIVATIVES AND FAIR VALUE ME_3
DERIVATIVES AND FAIR VALUE MEASUREMENTS Narrative 1 (Details) - USD ($) $ in Millions | 1 Months Ended | 5 Months Ended |
Jun. 30, 2020 | May 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash paid from termination of interest rate swaps | $ 49.2 | |
Interest rate swaps | Cash Flow Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate swaps, interest rate paid | 2.80% | |
Interest rate swaps, interest rate received | received a rate based on the three-month USD LIBOR. | |
Notional amount of forward-starting interest rate swaps terminated | $ 250 |
DERIVATIVES AND FAIR VALUE ME_4
DERIVATIVES AND FAIR VALUE MEASUREMENTS Table 1 - Impact of Derivatives on Earnings (Details) - Interest rate swaps - Designated as Hedging Instruments - Cash Flow Hedges - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other comprehensive income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in other comprehensive income (loss) on derivative | $ (461) | $ (9,784) | $ (30,291) | $ (16,592) |
Interest expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) reclassified from AOCI into interest expense, net | $ (878) | $ (1,005) | $ (1,525) | $ (2,083) |
DERIVATIVES AND FAIR VALUE ME_5
DERIVATIVES AND FAIR VALUE MEASUREMENTS Narrative 2 (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss to be reclassified during next 12 months | $ (5,400) | |
Interest rate swaps | Cash Flow Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of forward-starting interest rate swaps | $ 250,000 | |
Other Current Liabilities [Member] | Interest rate swaps | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability derivatives | $ (19,200) |
DERIVATIVES AND FAIR VALUE ME_6
DERIVATIVES AND FAIR VALUE MEASUREMENTS Table 2 - Estimated Fair Values and Carrying Amounts of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair value, long-term debt | $ 3,372,527 | $ 3,442,001 |
Long-term debt, including current portion and excluding finance leases | $ 3,374,056 | $ 3,331,839 |
SERIES D CUMULATIVE CONVERTIB_2
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Narrative (Details) - Series D Preferred Limited Partner [Member] - $ / shares | 3 Months Ended | 6 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
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 29, 2023 and thereafter [Member] | Minimum [Member] | ||
Class of Stock [Line Items] | ||
Preferred units distribution percentage | 13.75% | |
Preferred stock, dividend amount, per unit | $ 0.872 | |
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 | $ 0.682 |
PARTNERS' EQUITY Table 1 - Cash
PARTNERS' EQUITY Table 1 - Cash Distributions - Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
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 | $ 16,033 | $ 16,033 | $ 32,066 | $ 32,066 |
PARTNERS' EQUITY Narrative (Det
PARTNERS' EQUITY Narrative (Details) | 6 Months Ended |
Jun. 30, 2020 | |
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 | ||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Distribution Made to Common Limited Partners [Line Items] | |||
Cash distributions per unit | $ 0.40 | $ 0.40 | $ 0.60 |
Cash distributions applicable to common unitholders (distribution earned) | $ 43,678 | $ 43,730 | $ 65,128 |
Distribution date of record (distribution earned) | Aug. 7, 2020 | May 11, 2020 | Feb. 10, 2020 |
Distribution payment date (distribution earned) | Aug. 13, 2020 | May 15, 2020 | Feb. 14, 2020 |
PARTNERS' EQUITY Table 3 - Bala
PARTNERS' EQUITY Table 3 - Balance of and Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (67,896) | |||
Ending balance | $ (101,455) | (101,455) | ||
Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (50,600) | $ (45,823) | (43,772) | $ (47,299) |
Other comprehensive income (loss) before reclassification adjustments | 2,638 | 1,392 | (4,190) | 2,868 |
Other | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 2,638 | 1,392 | (4,190) | 2,868 |
Ending balance | (47,962) | (44,431) | (47,962) | (44,431) |
Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (45,307) | (6,623) | (16,124) | (893) |
Other comprehensive income (loss) before reclassification adjustments | (461) | (9,784) | (30,291) | (16,592) |
Other | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 417 | (8,779) | (28,766) | (14,509) |
Ending balance | (44,890) | (15,402) | (44,890) | (15,402) |
Pension and Other Postretirement Benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (8,302) | (7,258) | (8,000) | (6,686) |
Other comprehensive income (loss) before reclassification adjustments | 0 | 0 | 0 | 0 |
Other | 4 | 6 | 7 | 13 |
Other comprehensive income (loss) | (301) | (572) | (603) | (1,144) |
Ending balance | (8,603) | (7,830) | (8,603) | (7,830) |
Total | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (104,209) | (59,704) | (67,896) | (54,878) |
Other comprehensive income (loss) before reclassification adjustments | 2,177 | (8,392) | (34,481) | (13,724) |
Other | 4 | 6 | 7 | 13 |
Other comprehensive income (loss) | 2,754 | (7,959) | (33,559) | (12,785) |
Ending balance | (101,455) | (67,663) | (101,455) | (67,663) |
Other income, net | Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | 0 | 0 | 0 | 0 |
Other income, net | Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | 0 | 0 | 0 | 0 |
Other income, net | Pension and Other Postretirement Benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | (305) | (578) | (610) | (1,157) |
Other income, net | Total | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | (305) | (578) | (610) | (1,157) |
Interest expense, net | Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | 0 | 0 | 0 | 0 |
Interest expense, net | Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | 878 | 1,005 | 1,525 | 2,083 |
Interest expense, net | Pension and Other Postretirement Benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | 0 | 0 | 0 | 0 |
Interest expense, net | Total | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | $ 878 | $ 1,005 | $ 1,525 | $ 2,083 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 29,766 | $ 45,951 | $ (117,875) | $ (231,912) |
Distributions to preferred limited partners | (30,684) | (30,423) | (61,107) | (60,846) |
Distributions to common limited partners | (43,678) | (64,658) | (87,408) | (129,348) |
Distribution equivalent rights to restricted units | (502) | (642) | (1,008) | (1,285) |
Distributions in excess of income (loss) | (45,098) | (49,772) | (267,398) | (423,391) |
Distributions to common limited partners | 43,678 | 64,658 | 87,408 | 129,348 |
Allocation of distributions in excess of income (loss) | (45,098) | (49,772) | (267,398) | (423,391) |
Series D Preferred Unit accretion | (5,064) | (4,446) | (9,966) | (8,748) |
Net (loss) income attributable to common units | $ (6,484) | $ 10,440 | $ (189,956) | $ (302,791) |
Basic weighted-average common units outstanding | 109,194,722 | 107,763,016 | 109,046,061 | 107,647,957 |
Basic net income (loss) per common unit | $ (0.06) | $ 0.10 | $ (1.74) | $ (2.81) |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Table 1 - Changes in Current Assets and Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | ||
Decrease (increase) in accounts receivable | $ 25,386 | $ (3,146) |
Decrease (increase) in inventories | 4,176 | 1,551 |
Decrease (increase) in other currrent assets | (8,781) | (4,075) |
Increase (decrease) in accounts payable | (15,197) | 7,704 |
Increase (decrease) in accrued interest payable | (177) | 2,636 |
Increase (decrease) in accrued liabilities | (9,375) | (34,814) |
Increase (decrease) in taxes other than income tax | 44 | (3,556) |
Increase (decrease) in income tax payable | (2,250) | (2,529) |
Changes in current assets and current liabilities | $ (6,174) | $ (36,229) |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Table 2 - Cash Flows Related to Interest and Income Taxes (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid for interest, net of amount capitalized | $ 103,034 | $ 84,677 |
Cash paid for income taxes, net of tax refunds received | $ 4,661 | $ 6,557 |
SUPPLEMENTAL CASH FLOW INFORM_5
SUPPLEMENTAL CASH FLOW INFORMATION - Table 3 - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 17,278 | $ 16,192 | ||
Cash, cash equivalents and restricted cash | 26,077 | 24,980 | $ 24,882 | $ 13,644 |
Cash and cash equivalents [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 17,278 | 16,192 | ||
Other long-term assets, net [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash, cash equivalents and restricted cash | $ 8,799 | $ 8,788 |
SEGMENT INFORMATION Table 1 - R
SEGMENT INFORMATION Table 1 - Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues: | ||||
Total revenues | $ 339,540 | $ 372,445 | $ 732,331 | $ 720,271 |
Operating income: | ||||
General and administrative expenses | 23,700 | 24,868 | 46,671 | 50,559 |
Other depreciation and amortization expense | 2,171 | 1,819 | 4,357 | 3,938 |
Operating income (loss) | 92,701 | 93,283 | (358) | 166,888 |
Pipeline Segment | ||||
Revenues: | ||||
Total revenues | 166,108 | 172,493 | 361,789 | 328,744 |
Storage Segment | ||||
Revenues: | ||||
Total revenues | 119,407 | 110,403 | 242,624 | 213,903 |
Fuels Marketing Segment | ||||
Revenues: | ||||
Total revenues | 54,025 | 89,549 | 127,927 | 177,628 |
Total segment | ||||
Operating income: | ||||
Operating income (loss) | 118,572 | 119,970 | 50,670 | 221,385 |
Total segment | Pipeline Segment | ||||
Operating income: | ||||
Operating income (loss) | 71,981 | 78,712 | (50,943) | 146,016 |
Total segment | Storage Segment | ||||
Operating income: | ||||
Operating income (loss) | 43,242 | 38,098 | 91,821 | 70,316 |
Total segment | Fuels Marketing Segment | ||||
Operating income: | ||||
Operating income (loss) | 3,349 | 3,160 | 9,792 | 5,085 |
Intersegment Eliminations [Member] | ||||
Revenues: | ||||
Total revenues | 0 | 0 | (9) | (4) |
Operating income: | ||||
Operating income (loss) | 0 | 0 | 0 | (32) |
Consolidation and intersegment eliminations | ||||
Operating income: | ||||
General and administrative expenses | 23,700 | 24,868 | 46,671 | 50,559 |
Other depreciation and amortization expense | $ 2,171 | $ 1,819 | $ 4,357 | $ 3,938 |
SEGMENT INFORMATION Table 2 - A
SEGMENT INFORMATION Table 2 - Assets by Reportable Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Segment Information | ||
Total assets | $ 5,836,198 | $ 6,185,992 |
Total segment assets | ||
Segment Information | ||
Total assets | 5,691,151 | 5,998,715 |
Total segment assets | Pipeline Segment | ||
Segment Information | ||
Total assets | 3,635,467 | 3,884,819 |
Total segment assets | Storage Segment | ||
Segment Information | ||
Total assets | 2,032,327 | 2,082,832 |
Total segment assets | Fuels Marketing Segment | ||
Segment Information | ||
Total assets | 23,357 | 31,064 |
Other partnership assets | ||
Segment Information | ||
Total assets | $ 145,047 | $ 187,277 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Narrative (Details) - NuStar Energy | 6 Months Ended |
Jun. 30, 2020 | |
NuStar Logistics | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% |
NuPOP | |
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 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||||||
Cash and cash equivalents | $ 17,278 | $ 16,192 | ||||
Receivables, net | 122,623 | 152,530 | ||||
Inventories | 8,202 | 12,393 | ||||
Prepaid and other current assets | 30,606 | 21,933 | ||||
Intercompany receivable | 0 | 0 | ||||
Total current assets | 178,709 | 203,048 | ||||
Property, plant and equipment, net | 4,090,652 | 4,118,979 | ||||
Intangible assets, net | 655,920 | 681,632 | ||||
Goodwill | 780,853 | 1,005,853 | ||||
Investment in wholly owned subsidiaries | 0 | 0 | ||||
Other long-term assets, net | 130,064 | 176,480 | ||||
Total assets | 5,836,198 | 6,185,992 | ||||
Liabilities, Mezzanine Equity and Partners’ Equity | ||||||
Accounts payable | 77,457 | 109,834 | ||||
Short-term debt and current portion of finance leases | 4,613 | 10,046 | ||||
Current portion of long-term debt | 0 | 452,367 | ||||
Accrued interest payable | 37,748 | 37,925 | ||||
Accrued liabilities | 52,647 | 104,285 | ||||
Taxes other than income tax | 13,830 | 12,781 | ||||
Income tax payable | 2,075 | 4,325 | ||||
Intercompany payable | 0 | 0 | ||||
Total current liabilities | 188,370 | 731,563 | ||||
Long-term debt, less current portion | 3,429,160 | 2,934,918 | ||||
Deferred income tax liability | 11,268 | 12,427 | ||||
Other long-term liabilities | 152,541 | 148,939 | ||||
Series D preferred units | 591,895 | $ 586,837 | 581,935 | $ 572,597 | $ 568,293 | $ 563,992 |
Total partners' equity | 1,462,964 | $ 1,507,814 | 1,776,210 | $ 1,829,303 | $ 1,888,677 | $ 2,257,731 |
Total liabilities, mezzanine equity and partners’ equity | 5,836,198 | 6,185,992 | ||||
Eliminations [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Receivables, net | (4,652) | 0 | ||||
Inventories | 0 | 0 | ||||
Prepaid and other current assets | 0 | 0 | ||||
Intercompany receivable | (1,665,424) | (1,887,137) | ||||
Total current assets | (1,670,076) | (1,887,137) | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Investment in wholly owned subsidiaries | (5,654,070) | (6,261,287) | ||||
Other long-term assets, net | 0 | 0 | ||||
Total assets | (7,324,146) | (8,148,424) | ||||
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 | (4,652) | 0 | ||||
Income tax payable | 0 | 0 | ||||
Intercompany payable | (1,665,424) | (1,887,137) | ||||
Total current liabilities | (1,670,076) | (1,887,137) | ||||
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 | (5,654,070) | (6,261,287) | ||||
Total liabilities, mezzanine equity and partners’ equity | (7,324,146) | (8,148,424) | ||||
Parent Company Guarantor [Member] | NuStar Energy | Reportable Legal Entities [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 264 | 176 | ||||
Receivables, net | 0 | 0 | ||||
Inventories | 0 | 0 | ||||
Prepaid and other current assets | 105 | 61 | ||||
Intercompany receivable | 0 | 0 | ||||
Total current assets | 369 | 237 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Investment in wholly owned subsidiaries | 2,585,212 | 2,871,540 | ||||
Other long-term assets, net | 101 | 98 | ||||
Total assets | 2,585,682 | 2,871,875 | ||||
Liabilities, Mezzanine Equity and Partners’ Equity | ||||||
Accounts payable | 5,717 | 5,427 | ||||
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 | 868 | 1,425 | ||||
Taxes other than income tax | 2 | 125 | ||||
Income tax payable | 0 | 0 | ||||
Intercompany payable | 422,781 | 438,857 | ||||
Total current liabilities | 429,368 | 445,834 | ||||
Long-term debt, less current portion | 0 | 0 | ||||
Deferred income tax liability | 0 | 0 | ||||
Other long-term liabilities | 0 | 0 | ||||
Series D preferred units | 591,895 | 581,935 | ||||
Total partners' equity | 1,564,419 | 1,844,106 | ||||
Total liabilities, mezzanine equity and partners’ equity | 2,585,682 | 2,871,875 | ||||
Subsidiary Issuer [Member] | NuStar Logistics | Reportable Legal Entities [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 705 | 24 | ||||
Receivables, net | 80 | 317 | ||||
Inventories | 1,906 | 1,953 | ||||
Prepaid and other current assets | 25,864 | 16,325 | ||||
Intercompany receivable | 1,253,361 | 1,276,839 | ||||
Total current assets | 1,281,916 | 1,295,458 | ||||
Property, plant and equipment, net | 2,027,712 | 2,058,530 | ||||
Intangible assets, net | 34,971 | 39,683 | ||||
Goodwill | 50,453 | 149,453 | ||||
Investment in wholly owned subsidiaries | 1,636,363 | 1,743,066 | ||||
Other long-term assets, net | 68,365 | 111,362 | ||||
Total assets | 5,099,780 | 5,397,552 | ||||
Liabilities, Mezzanine Equity and Partners’ Equity | ||||||
Accounts payable | 20,220 | 42,064 | ||||
Short-term debt and current portion of finance leases | 4,049 | 9,722 | ||||
Current portion of long-term debt | 452,367 | |||||
Accrued interest payable | 37,728 | 37,888 | ||||
Accrued liabilities | 20,668 | 40,514 | ||||
Taxes other than income tax | 6,419 | 7,311 | ||||
Income tax payable | 361 | 492 | ||||
Intercompany payable | 0 | 0 | ||||
Total current liabilities | 89,445 | 590,358 | ||||
Long-term debt, less current portion | 3,378,740 | 2,871,786 | ||||
Deferred income tax liability | 1,499 | 1,499 | ||||
Other long-term liabilities | 65,417 | 65,577 | ||||
Series D preferred units | 0 | 0 | ||||
Total partners' equity | 1,564,679 | 1,868,332 | ||||
Total liabilities, mezzanine equity and partners’ equity | 5,099,780 | 5,397,552 | ||||
Guarantor Subsidiaries [Member] | NuPOP | Reportable Legal Entities [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Receivables, net | 0 | 4 | ||||
Inventories | 2,357 | 4,821 | ||||
Prepaid and other current assets | 1,411 | 600 | ||||
Intercompany receivable | 0 | 0 | ||||
Total current assets | 3,768 | 5,425 | ||||
Property, plant and equipment, net | 600,471 | 612,128 | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 170,652 | 170,652 | ||||
Investment in wholly owned subsidiaries | 952,846 | 1,155,855 | ||||
Other long-term assets, net | 31,960 | 32,121 | ||||
Total assets | 1,759,697 | 1,976,181 | ||||
Liabilities, Mezzanine Equity and Partners’ Equity | ||||||
Accounts payable | 8,638 | 8,379 | ||||
Short-term debt and current portion of finance leases | 473 | 299 | ||||
Current portion of long-term debt | 0 | |||||
Accrued interest payable | 6 | 4 | ||||
Accrued liabilities | 8,223 | 8,461 | ||||
Taxes other than income tax | 5,715 | 5,160 | ||||
Income tax payable | 1 | 2 | ||||
Intercompany payable | 1,242,643 | 1,448,280 | ||||
Total current liabilities | 1,265,699 | 1,470,585 | ||||
Long-term debt, less current portion | 1,773 | 1,127 | ||||
Deferred income tax liability | 10 | 10 | ||||
Other long-term liabilities | 12,680 | 13,774 | ||||
Series D preferred units | 0 | 0 | ||||
Total partners' equity | 479,535 | 490,685 | ||||
Total liabilities, mezzanine equity and partners’ equity | 1,759,697 | 1,976,181 | ||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 16,309 | 15,992 | ||||
Receivables, net | 127,195 | 152,209 | ||||
Inventories | 3,939 | 5,619 | ||||
Prepaid and other current assets | 3,226 | 4,947 | ||||
Intercompany receivable | 412,063 | 610,298 | ||||
Total current assets | 562,732 | 789,065 | ||||
Property, plant and equipment, net | 1,462,469 | 1,448,321 | ||||
Intangible assets, net | 620,949 | 641,949 | ||||
Goodwill | 559,748 | 685,748 | ||||
Investment in wholly owned subsidiaries | 479,649 | 490,826 | ||||
Other long-term assets, net | 29,638 | 32,899 | ||||
Total assets | 3,715,185 | 4,088,808 | ||||
Liabilities, Mezzanine Equity and Partners’ Equity | ||||||
Accounts payable | 42,882 | 53,964 | ||||
Short-term debt and current portion of finance leases | 91 | 25 | ||||
Current portion of long-term debt | 0 | |||||
Accrued interest payable | 14 | 33 | ||||
Accrued liabilities | 22,888 | 53,885 | ||||
Taxes other than income tax | 6,346 | 185 | ||||
Income tax payable | 1,713 | 3,831 | ||||
Intercompany payable | 0 | 0 | ||||
Total current liabilities | 73,934 | 111,923 | ||||
Long-term debt, less current portion | 48,647 | 62,005 | ||||
Deferred income tax liability | 9,759 | 10,918 | ||||
Other long-term liabilities | 74,444 | 69,588 | ||||
Series D preferred units | 0 | 0 | ||||
Total partners' equity | 3,508,401 | 3,834,374 | ||||
Total liabilities, mezzanine equity and partners’ equity | $ 3,715,185 | $ 4,088,808 |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 2 - Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | $ 339,540 | $ 372,445 | $ 732,331 | $ 720,271 |
Costs and expenses | 246,839 | 279,162 | 732,689 | 553,383 |
Operating income (loss) | 92,701 | 93,283 | (358) | 166,888 |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Interest income (expense), net | (59,499) | (45,693) | (106,993) | (89,984) |
Other income (expense), net | (1,626) | 621 | (8,115) | 1,412 |
Income (loss) before income tax expense | 31,576 | (115,466) | ||
Income (loss) from continuing operations before income tax expense (benefit) | 31,576 | 48,211 | (115,466) | 78,316 |
Income tax expense (benefit) | 1,810 | 1,296 | 2,409 | 2,478 |
Income (loss) from continuing operations | 29,766 | 46,915 | (117,875) | 75,838 |
(Loss) income from discontinued operations, net of tax | 0 | (964) | 0 | (307,750) |
Net income (loss) | 29,766 | 45,951 | (117,875) | (231,912) |
Comprehensive income (loss) | 32,520 | 37,992 | (151,434) | (244,697) |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | (110) | (185) | (246) | (372) |
Costs and expenses | (110) | (185) | (246) | (372) |
Operating income (loss) | 0 | 0 | 0 | 0 |
Equity in earnings (loss) of subsidiaries | (84,254) | (107,613) | 122,583 | (184,466) |
Interest income (expense), net | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) before income tax expense | (84,254) | 122,583 | ||
Income (loss) from continuing operations before income tax expense (benefit) | (107,613) | (184,466) | ||
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | (107,613) | (184,466) | ||
(Loss) income from discontinued operations, net of tax | 18,717 | 939,075 | ||
Net income (loss) | (84,254) | (88,896) | 122,583 | 754,609 |
Comprehensive income (loss) | (84,254) | (88,896) | 122,583 | 754,609 |
Parent Company Guarantor [Member] | NuStar Energy | Reportable Legal Entities [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and expenses | 599 | 699 | 1,327 | 1,375 |
Operating income (loss) | (599) | (699) | (1,327) | (1,375) |
Equity in earnings (loss) of subsidiaries | 30,353 | 47,499 | (116,635) | 76,990 |
Interest income (expense), net | 12 | 117 | 87 | 225 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) before income tax expense | 29,766 | (117,875) | ||
Income (loss) from continuing operations before income tax expense (benefit) | 46,917 | 75,840 | ||
Income tax expense (benefit) | 0 | 2 | 0 | 2 |
Income (loss) from continuing operations | 46,915 | 75,838 | ||
(Loss) income from discontinued operations, net of tax | (964) | (307,750) | ||
Net income (loss) | 29,766 | 45,951 | (117,875) | (231,912) |
Comprehensive income (loss) | 29,766 | 45,951 | (117,875) | (231,912) |
Subsidiary Issuer [Member] | NuStar Logistics | Reportable Legal Entities [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 129,893 | 130,136 | 291,195 | 247,691 |
Costs and expenses | 79,536 | 83,029 | 263,707 | 160,440 |
Operating income (loss) | 50,357 | 47,107 | 27,488 | 87,251 |
Equity in earnings (loss) of subsidiaries | 11,512 | 10,990 | (106,703) | 12,329 |
Interest income (expense), net | (60,239) | (47,016) | (108,309) | (92,472) |
Other income (expense), net | (3,015) | 743 | (2,156) | 1,497 |
Income (loss) before income tax expense | (1,385) | (189,680) | ||
Income (loss) from continuing operations before income tax expense (benefit) | 11,824 | 8,605 | ||
Income tax expense (benefit) | 232 | (469) | 361 | (352) |
Income (loss) from continuing operations | 12,293 | 8,957 | ||
(Loss) income from discontinued operations, net of tax | 7,912 | 7,912 | ||
Net income (loss) | (1,617) | 20,205 | (190,041) | 16,869 |
Comprehensive income (loss) | (1,200) | 11,426 | (218,807) | 2,360 |
Guarantor Subsidiaries [Member] | NuPOP | Reportable Legal Entities [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 61,563 | 64,452 | 124,227 | 122,805 |
Costs and expenses | 40,392 | 41,235 | 78,171 | 77,285 |
Operating income (loss) | 21,171 | 23,217 | 46,056 | 45,520 |
Equity in earnings (loss) of subsidiaries | 10,290 | 13,785 | 27,077 | 26,523 |
Interest income (expense), net | 445 | (1,840) | 126 | (3,773) |
Other income (expense), net | 193 | 178 | 440 | 355 |
Income (loss) before income tax expense | 32,099 | 73,699 | ||
Income (loss) from continuing operations before income tax expense (benefit) | 35,340 | 68,625 | ||
Income tax expense (benefit) | 1 | 1 | 1 | 1 |
Income (loss) from continuing operations | 35,339 | 68,624 | ||
(Loss) income from discontinued operations, net of tax | (8,877) | (315,663) | ||
Net income (loss) | 32,098 | 26,462 | 73,698 | (247,039) |
Comprehensive income (loss) | 32,098 | 26,462 | 73,698 | (247,039) |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 148,194 | 178,042 | 317,155 | 350,147 |
Costs and expenses | 126,422 | 154,384 | 389,730 | 314,655 |
Operating income (loss) | 21,772 | 23,658 | (72,575) | 35,492 |
Equity in earnings (loss) of subsidiaries | 32,099 | 35,339 | 73,678 | 68,624 |
Interest income (expense), net | 283 | 3,046 | 1,103 | 6,036 |
Other income (expense), net | 1,196 | (300) | (6,399) | (440) |
Income (loss) before income tax expense | 55,350 | (4,193) | ||
Income (loss) from continuing operations before income tax expense (benefit) | 61,743 | 109,712 | ||
Income tax expense (benefit) | 1,577 | 1,762 | 2,047 | 2,827 |
Income (loss) from continuing operations | 59,981 | 106,885 | ||
(Loss) income from discontinued operations, net of tax | (17,752) | (631,324) | ||
Net income (loss) | 53,773 | 42,229 | (6,240) | (524,439) |
Comprehensive income (loss) | $ 56,110 | $ 43,049 | $ (11,033) | $ (522,715) |
CONDENSED CONSOLIDATING FINAN_6
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 3 - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net cash provided by operating activities | $ 270,441 | $ 240,894 |
Cash flows from investing activities: | ||
Capital expenditures | (96,358) | (319,961) |
Change in accounts payable related to capital expenditures | (15,509) | 16,144 |
Proceeds from sale or disposition of assets | 5,787 | 143 |
Investment in subsidiaries | 0 | |
Net cash (used in) provided by investing activities | (106,080) | (303,674) |
Cash flows from financing activities: | ||
Debt borrowings | 842,035 | 594,300 |
Proceeds from note offering, net of issuance costs | 0 | 491,665 |
Debt repayments | (762,215) | (807,800) |
Distributions to preferred unitholders | (60,846) | (60,846) |
Distributions to common unitholders | (108,846) | (129,025) |
Payments for termination of interest rate swaps | (49,225) | 0 |
Contributions from (distributions to) affiliates | 0 | 0 |
Net intercompany activity | 0 | 0 |
Payment of tax withholding for unit-based compensation | (8,820) | (6,368) |
Other, net | (14,402) | (8,169) |
Net cash (used in) provided by financing activities | (162,319) | 73,757 |
Effect of foreign exchange rate changes on cash | (945) | 261 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,097 | 11,238 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 24,980 | 13,644 |
Cash, cash equivalents and restricted cash as of the end of the period | 26,077 | 24,882 |
Eliminations [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities | (484,635) | (284,816) |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Change in accounts payable related to capital expenditures | 0 | 0 |
Proceeds from sale or disposition of assets | 0 | 0 |
Investment in subsidiaries | 11,999 | |
Net cash (used in) provided by investing activities | 0 | 11,999 |
Cash flows from financing activities: | ||
Debt borrowings | 0 | 0 |
Proceeds from note offering, net of issuance costs | 0 | |
Debt repayments | 0 | 0 |
Distributions to preferred unitholders | 91,272 | 91,272 |
Distributions to common unitholders | 163,277 | 193,544 |
Payments for termination of interest rate swaps | 0 | |
Contributions from (distributions to) affiliates | 230,086 | (11,999) |
Net intercompany activity | 0 | 0 |
Payment of tax withholding for unit-based compensation | 0 | 0 |
Other, net | 0 | 0 |
Net cash (used in) provided by financing activities | 484,635 | 272,817 |
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 | 0 |
Cash, cash equivalents and restricted cash 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 | 167,758 | 187,265 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Change in accounts payable related to capital expenditures | 0 | 0 |
Proceeds from sale or disposition of assets | 0 | 0 |
Investment in subsidiaries | 0 | |
Net cash (used in) provided by investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Debt borrowings | 0 | 0 |
Proceeds from note offering, net of issuance costs | 0 | |
Debt repayments | 0 | 0 |
Distributions to preferred unitholders | (60,846) | (60,846) |
Distributions to common unitholders | (108,846) | (129,025) |
Payments for termination of interest rate swaps | 0 | |
Contributions from (distributions to) affiliates | 0 | 0 |
Net intercompany activity | 12,059 | 9,641 |
Payment of tax withholding for unit-based compensation | (8,820) | (6,368) |
Other, net | (1,217) | (1,436) |
Net cash (used in) provided by financing activities | (167,670) | (188,034) |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 88 | (769) |
Cash, cash equivalents and restricted cash as of the beginning of the period | 176 | 1,255 |
Cash, cash equivalents and restricted cash as of the end of the period | 264 | 486 |
Subsidiary Issuer [Member] | NuStar Logistics | Reportable Legal Entities [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities | 73,526 | 77,144 |
Cash flows from investing activities: | ||
Capital expenditures | (25,787) | (167,647) |
Change in accounts payable related to capital expenditures | (12,492) | 11,708 |
Proceeds from sale or disposition of assets | 335 | 71 |
Investment in subsidiaries | (11,999) | |
Net cash (used in) provided by investing activities | (37,944) | (167,867) |
Cash flows from financing activities: | ||
Debt borrowings | 827,435 | 570,500 |
Proceeds from note offering, net of issuance costs | 491,665 | |
Debt repayments | (734,015) | (785,000) |
Distributions to preferred unitholders | (30,424) | (30,424) |
Distributions to common unitholders | (54,423) | (64,512) |
Payments for termination of interest rate swaps | (49,225) | |
Contributions from (distributions to) affiliates | 0 | 0 |
Net intercompany activity | 18,680 | (75,900) |
Payment of tax withholding for unit-based compensation | 0 | 0 |
Other, net | (12,918) | (6,581) |
Net cash (used in) provided by financing activities | (34,890) | 99,748 |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 692 | 9,025 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 8,812 | 51 |
Cash, cash equivalents and restricted cash as of the end of the period | 9,504 | 9,076 |
Guarantor Subsidiaries [Member] | NuPOP | Reportable Legal Entities [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities | 297,417 | 60,539 |
Cash flows from investing activities: | ||
Capital expenditures | (5,596) | (9,131) |
Change in accounts payable related to capital expenditures | (1,325) | 522 |
Proceeds from sale or disposition of assets | 117 | 26 |
Investment in subsidiaries | 0 | |
Net cash (used in) provided by investing activities | (6,804) | (8,583) |
Cash flows from financing activities: | ||
Debt borrowings | 0 | 0 |
Proceeds from note offering, net of issuance costs | 0 | |
Debt repayments | 0 | 0 |
Distributions to preferred unitholders | (30,424) | (30,423) |
Distributions to common unitholders | (54,423) | (64,512) |
Payments for termination of interest rate swaps | 0 | |
Contributions from (distributions to) affiliates | 0 | 0 |
Net intercompany activity | (205,545) | 43,009 |
Payment of tax withholding for unit-based compensation | 0 | 0 |
Other, net | (221) | (30) |
Net cash (used in) provided by financing activities | (290,613) | (51,956) |
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 | 0 |
Cash, cash equivalents and restricted cash 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 | 216,375 | 200,762 |
Cash flows from investing activities: | ||
Capital expenditures | (64,975) | (143,183) |
Change in accounts payable related to capital expenditures | (1,692) | 3,914 |
Proceeds from sale or disposition of assets | 5,335 | 46 |
Investment in subsidiaries | 0 | |
Net cash (used in) provided by investing activities | (61,332) | (139,223) |
Cash flows from financing activities: | ||
Debt borrowings | 14,600 | 23,800 |
Proceeds from note offering, net of issuance costs | 0 | |
Debt repayments | (28,200) | (22,800) |
Distributions to preferred unitholders | (30,424) | (30,425) |
Distributions to common unitholders | (54,431) | (64,520) |
Payments for termination of interest rate swaps | 0 | |
Contributions from (distributions to) affiliates | (230,086) | 11,999 |
Net intercompany activity | 174,806 | 23,250 |
Payment of tax withholding for unit-based compensation | 0 | 0 |
Other, net | (46) | (122) |
Net cash (used in) provided by financing activities | (153,781) | (58,818) |
Effect of foreign exchange rate changes on cash | (945) | 261 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 317 | 2,982 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 15,992 | 12,338 |
Cash, cash equivalents and restricted cash as of the end of the period | $ 16,309 | $ 15,320 |