DEI Document
DEI Document - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
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 | 109,567,410 | |
Entity Central Index Key | 0001110805 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common units | |
Trading Symbol | NS | |
Security Exchange Name | NYSE | |
Series A Preferred Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | NSprA | |
Security Exchange Name | NYSE | |
Series B Preferred Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | NSprB | |
Security Exchange Name | NYSE | |
Series C Preferred Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | NSprC | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 7,948 | $ 153,625 |
Accounts receivable, net | 138,389 | 133,473 |
Inventories | 11,793 | 11,059 |
Prepaid and other current assets | 25,174 | 25,400 |
Assets held for sale | 249,756 | 0 |
Total current assets | 433,060 | 323,557 |
Property, plant and equipment, at cost | 5,678,855 | 6,164,742 |
Accumulated depreciation and amortization | (2,134,759) | (2,207,230) |
Property, plant and equipment, net | 3,544,096 | 3,957,512 |
Intangible assets, net | 568,891 | 630,209 |
Goodwill | 732,356 | 766,416 |
Other long-term assets, net | 127,334 | 139,324 |
Total assets | 5,405,737 | 5,817,018 |
Current liabilities: | ||
Accounts payable | 76,262 | 71,731 |
Current portion of finance lease obligations | 3,568 | 3,839 |
Accrued interest payable | 74,388 | 50,847 |
Accrued liabilities | 68,157 | 77,770 |
Taxes other than income tax | 18,778 | 16,998 |
Liabilities held for sale | 3,786 | 0 |
Total current liabilities | 244,939 | 221,185 |
Long-term debt, less current portion | 3,400,794 | 3,593,496 |
Deferred income tax liability | 11,750 | 13,011 |
Other long-term liabilities | 151,256 | 157,825 |
Total liabilities | 3,808,739 | 3,985,517 |
Commitments and contingencies (Note 6) | ||
Series D preferred limited partners (23,246,650 preferred units outstanding as of September 30, 2021 and December 31, 2020) (Note 8) | 612,010 | 599,542 |
Partners’ equity (Note 9): | ||
Common limited partners (109,532,756 and 109,468,127 common units outstanding as of September 30, 2021 and December 31, 2020, respectively) | 321,505 | 572,314 |
Accumulated other comprehensive loss | (92,818) | (96,656) |
Total partners’ equity | 984,988 | 1,231,959 |
Total liabilities, mezzanine equity and partners’ equity | 5,405,737 | 5,817,018 |
Series A Preferred Limited Partner [Member] | ||
Partners’ equity (Note 9): | ||
Preferred limited partners | 218,307 | 218,307 |
Series B Preferred Limited Partner [Member] | ||
Partners’ equity (Note 9): | ||
Preferred limited partners | 371,476 | 371,476 |
Series C Preferred Limited Partner [Member] | ||
Partners’ equity (Note 9): | ||
Preferred limited partners | $ 166,518 | $ 166,518 |
CONSOLIDATED BALANCE SHEETS (pa
CONSOLIDATED BALANCE SHEETS (parenthetical) - shares | Sep. 30, 2021 | Dec. 31, 2020 |
Series D preferred units outstanding | 23,246,650 | 23,246,650 |
Limited partners common units outstanding | 109,532,756 | 109,468,127 |
Series A Preferred Limited Partner [Member] | ||
Preferred units outstanding | 9,060,000 | 9,060,000 |
Series B Preferred Limited Partner [Member] | ||
Preferred units outstanding | 15,400,000 | 15,400,000 |
Series C Preferred Limited Partner [Member] | ||
Preferred units outstanding | 6,900,000 | 6,900,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Total revenues | $ 412,345 | $ 362,591 | $ 1,201,084 | $ 1,094,922 |
Costs and expenses: | ||||
Operating expenses (excluding depreciation and amortization expense) | 100,143 | 95,528 | 287,923 | 296,788 |
Depreciation and amortization expense | 66,126 | 70,480 | 203,508 | 207,755 |
Asset impairment losses | 154,908 | 0 | 154,908 | 0 |
Goodwill impairment losses | 34,060 | 0 | 34,060 | 225,000 |
General and administrative expenses (excluding depreciation and amortization expense) | 27,365 | 25,457 | 79,334 | 72,128 |
Other depreciation and amortization expense | 1,881 | 2,105 | 5,841 | 6,462 |
Total costs and expenses | 491,530 | 257,547 | 1,066,375 | 990,236 |
Operating (loss) income | (79,185) | 105,044 | 134,709 | 104,686 |
Interest expense, net | (53,513) | (64,165) | (162,211) | (171,158) |
Loss on extinguishment of debt | 0 | (137,904) | 0 | (141,746) |
Other income (expense), net | 8,450 | (1,398) | 11,744 | (5,671) |
Loss before income tax expense (benefit) | (124,248) | (98,423) | (15,758) | (213,889) |
Income tax expense (benefit) | 685 | (1,783) | 3,535 | 626 |
Net loss | $ (124,933) | $ (96,640) | $ (19,293) | $ (214,515) |
Basic net income (loss) per common unit (Note 10) | $ (1.48) | $ (1.22) | $ (1.18) | $ (2.96) |
Diluted net income (loss) per common unit (Note 10) | $ (1.48) | $ (1.22) | $ (1.18) | $ (2.96) |
Basic weighted-average common units outstanding | 109,532,381 | 109,195,358 | 109,522,849 | 109,096,190 |
Diluted weighted-average common units outstanding | 109,532,381 | 109,195,358 | 109,522,849 | 109,096,190 |
Comprehensive loss | $ (125,459) | $ (93,976) | $ (15,455) | $ (245,410) |
Service [Member] | ||||
Revenues: | ||||
Total revenues | 296,473 | 295,621 | 869,144 | 896,518 |
Costs and expenses: | ||||
Total costs associated with service revenues/Cost associated with product sales | 166,269 | 166,008 | 491,431 | 504,543 |
Product [Member] | ||||
Revenues: | ||||
Total revenues | 115,872 | 66,970 | 331,940 | 198,404 |
Costs and expenses: | ||||
Total costs associated with service revenues/Cost associated with product sales | $ 107,047 | $ 63,977 | $ 300,801 | $ 182,103 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ (19,293) | $ (214,515) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization expense | 209,349 | 214,217 |
Amortization of unit-based compensation | 10,463 | 8,098 |
Amortization of debt related items | 9,021 | 8,286 |
Gain from insurance recoveries | (9,372) | 0 |
Asset impairment losses | 154,908 | 0 |
Goodwill impairment losses | 34,060 | 225,000 |
Loss on extinguishment of debt | 0 | 141,746 |
Changes in current assets and current liabilities (Note 11) | 15,678 | 4,554 |
Decrease (increase) in other long-term assets | 8,183 | (10,317) |
(Decrease) increase in other long-term liabilities | (5,574) | 7,509 |
Other, net | (324) | 8,281 |
Net cash provided by operating activities | 407,099 | 392,859 |
Cash flows from investing activities: | ||
Capital expenditures | (130,966) | (140,342) |
Change in accounts payable related to capital expenditures | (5,464) | (15,862) |
Proceeds from insurance recoveries | 9,372 | 0 |
Proceeds from sale or disposition of assets | 339 | 5,904 |
Net cash used in investing activities | (126,719) | (150,300) |
Cash flows from financing activities: | ||
Proceeds from Term Loan, net of discount and issuance costs | 0 | 463,045 |
Proceeds from note offerings, net of issuance costs | 0 | 1,183,942 |
Proceeds from long-term debt borrowings | 649,000 | 880,048 |
Proceeds from short-term debt borrowings | 0 | 52,000 |
Term Loan repayment, including debt extinguishment costs | 0 | (598,122) |
Long-term debt repayments | (843,400) | (1,806,763) |
Short-term debt repayments | 0 | (57,500) |
Distributions to preferred unitholders | (95,663) | (92,734) |
Distributions to common unitholders | (131,436) | (152,525) |
Payments for termination of interest rate swaps | 0 | (49,225) |
Payment of tax withholding for unit-based compensation | (640) | (8,821) |
Other, net | (4,100) | (16,210) |
Net cash used in financing activities | (426,239) | (202,865) |
Effect of foreign exchange rate changes on cash | 183 | (380) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (145,676) | 39,314 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 162,426 | 24,980 |
Cash, cash equivalents and restricted cash as of the end of the period | $ 16,750 | $ 64,294 |
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, 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) | (214,515) | 0 | 48,100 | (307,510) | |
Net income (loss) excluding portion attributable to temporary equity | (259,410) | ||||
Net income, temporary equity | $ 44,895 | ||||
Other comprehensive income (loss) | (30,895) | (30,895) | 0 | 0 | |
Cash distributions to partners | (48,100) | (152,525) | |||
Cash distributions to partners, temporary equity | (44,895) | ||||
Unit-based compensation | 20,522 | 0 | 0 | 20,522 | |
Series D Preferred Unit accretion, common | (13,733) | (13,733) | |||
Series D Preferred Unit accretion, preferred | 13,733 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Other | (8) | 0 | 0 | (8) | |
Other, temporary equity | (19) | ||||
Other, including temporary equity | (27) | ||||
Partners' capital - ending balance at Sep. 30, 2020 | 1,292,061 | (98,791) | 756,301 | 634,551 | |
Temporary equity - ending balance at Sep. 30, 2020 | 595,649 | ||||
Partners' capital and temporary equity - ending balance at Sep. 30, 2020 | 1,887,710 | ||||
Partners' capital - beginning balance at Jun. 30, 2020 | 1,462,964 | (101,455) | 756,301 | 808,118 | |
Temporary equity - beginning balance at Jun. 30, 2020 | 591,895 | ||||
Partners' capital and temporary equity - beginning balance at Jun. 30, 2020 | 2,054,859 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | (96,640) | 0 | 16,034 | (128,528) | |
Net income (loss) excluding portion attributable to temporary equity | (112,494) | ||||
Net income, temporary equity | 15,854 | ||||
Other comprehensive income (loss) | 2,664 | 2,664 | 0 | 0 | |
Cash distributions to partners | (16,034) | (43,679) | |||
Cash distributions to partners, temporary equity | (15,854) | ||||
Unit-based compensation | 2,415 | 0 | 0 | 2,415 | |
Series D Preferred Unit accretion, common | (3,767) | (3,767) | |||
Series D Preferred Unit accretion, preferred | 3,767 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Other | (8) | 0 | 0 | (8) | |
Other, temporary equity | (13) | ||||
Other, including temporary equity | (21) | ||||
Partners' capital - ending balance at Sep. 30, 2020 | 1,292,061 | (98,791) | 756,301 | 634,551 | |
Temporary equity - ending balance at Sep. 30, 2020 | 595,649 | ||||
Partners' capital and temporary equity - ending balance at Sep. 30, 2020 | 1,887,710 | ||||
Partners' capital - beginning balance at Dec. 31, 2020 | 1,231,959 | (96,656) | 756,301 | 572,314 | |
Temporary equity - beginning balance at Dec. 31, 2020 | 599,542 | ||||
Partners' capital and temporary equity - beginning balance at Dec. 31, 2020 | 1,831,501 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | (19,293) | 0 | 48,100 | (114,956) | |
Net income (loss) excluding portion attributable to temporary equity | (66,856) | ||||
Net income, temporary equity | 47,563 | ||||
Other comprehensive income (loss) | 3,838 | 3,838 | 0 | 0 | |
Cash distributions to partners | (48,100) | (131,436) | |||
Cash distributions to partners, temporary equity | (47,563) | ||||
Unit-based compensation | 8,051 | 0 | 0 | 8,051 | |
Series D Preferred Unit accretion, common | (12,468) | (12,468) | |||
Series D Preferred Unit accretion, preferred | 12,468 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Partners' capital - ending balance at Sep. 30, 2021 | 984,988 | (92,818) | 756,301 | 321,505 | |
Temporary equity - ending balance at Sep. 30, 2021 | 612,010 | ||||
Partners' capital and temporary equity - ending balance at Sep. 30, 2021 | 1,596,998 | ||||
Partners' capital - beginning balance at Jun. 30, 2021 | 1,187,720 | (92,292) | 756,301 | 523,711 | |
Temporary equity - beginning balance at Jun. 30, 2021 | 607,718 | ||||
Partners' capital and temporary equity - beginning balance at Jun. 30, 2021 | 1,795,438 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | (124,933) | 0 | 16,034 | (156,822) | |
Net income (loss) excluding portion attributable to temporary equity | (140,788) | ||||
Net income, temporary equity | 15,855 | ||||
Other comprehensive income (loss) | (526) | (526) | 0 | 0 | |
Cash distributions to partners | (16,034) | (43,813) | |||
Cash distributions to partners, temporary equity | (15,855) | ||||
Unit-based compensation | 2,721 | 0 | 0 | 2,721 | |
Series D Preferred Unit accretion, common | (4,292) | (4,292) | |||
Series D Preferred Unit accretion, preferred | $ 4,292 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Partners' capital - ending balance at Sep. 30, 2021 | 984,988 | $ (92,818) | $ 756,301 | $ 321,505 | |
Temporary equity - ending balance at Sep. 30, 2021 | 612,010 | ||||
Partners' capital and temporary equity - ending balance at Sep. 30, 2021 | $ 1,596,998 |
CONSOLIDATED STATEMENTS OF PA_2
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY AND MEZZANINE EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Common Limited Partner [Member] | ||||
Cash distributions paid, per unit | $ 0.40 | $ 0.40 | $ 1.20 | $ 1.40 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
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 Delaware limited partnership primarily engaged in the transportation, terminalling and storage of petroleum products and renewable fuels and the transportation of anhydrous ammonia. 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 Eastern U.S. Terminals Disposition. On October 8, 2021, we completed the sale of nine U.S. terminal and storage facilities, including all our North East Terminals and one terminal in Florida (the Eastern U.S. Terminal Operations) to Sunoco LP for $250.0 million in cash (the Eastern U.S. Terminals Disposition). During the third quarter of 2021, we determined the Eastern U.S. Terminal Operations met the criteria to be classified as held for sale. Accordingly, the consolidated balance sheet reflects the assets and liabilities associated with the Eastern U.S. Terminal Operations as held for sale as of September 30, 2021. We recorded asset and goodwill impairment losses of $95.7 million and $34.1 million, respectively, in the third quarter of 2021. Please see Note 3 for further discussion. Houston Pipeline Impairment . In the third quarter of 2021, we recorded a long-lived asset impairment charge of $59.2 million related to the southern section of our Houston refined product pipeline. Please see Note 3 for further discussion. 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. We received insurance proceeds of $28.5 million and $35.0 million for the nine months ended September 30, 2021 and 2020, respectively. Gains from business interruption insurance of $4.0 million and $6.7 million for the nine months ended September 30, 2021 and 2020, respectively, are included in “Operating expenses” in the condensed consolidated statements of comprehensive loss. For the third quarter of 2021, we recorded a gain of $9.4 million for the amount by which the insurance proceeds exceeded our expenses incurred to date, which is included in “Other income (expense), net” in the condensed consolidated statements of comprehensive loss. Insurance proceeds related to cleanup costs and business interruption are included in “Cash flows from operating activities” in the consolidated statements of cash flows. We believe we have adequate insurance to offset additional costs. Basis of Presentation These unaudited condensed consolidated financial statements include the accounts of the Partnership and subsidiaries in which the Partnership has a controlling interest. Inter-partnership balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included, and all disclosures are adequate. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. We have reclassified certain previously reported amounts in the consolidated financial statements and notes to conform to current-period presentation. |
NEW ACCOUNTING PRONOUNCEMENT
NEW ACCOUNTING PRONOUNCEMENT | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENT | NEW ACCOUNTING PRONOUNCEMENT Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the Financial Accounting Standards Board issued guidance intended to simplify the accounting for convertible instruments by eliminating certain accounting models for convertible debt instruments and convertible preferred stock, |
DISPOSITION AND IMPAIRMENTS
DISPOSITION AND IMPAIRMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITION AND IMPAIRMENT | DISPOSITION AND IMPAIRMENTS Eastern U.S. Terminals Disposition On August 1, 2021, we entered into an agreement (the Purchase Agreement) to sell the Eastern U.S. Terminal Operations to Sunoco LP for $250.0 million in cash. The Eastern U.S. Terminal Operations include terminals in the following locations; Jacksonville, Florida; Andrews Air Force Base, Maryland; Baltimore, Maryland; Piney Point, Maryland; Virginia Beach, Virginia; Paulsboro, New Jersey; and Blue Island, Illinois, as well as both Linden, New Jersey terminals. The Eastern U.S. Terminal Operations have an aggregate storage capacity of 14.8 million barrels and are included in the storage segment. We determined these assets were no longer synergistic with our core assets. During the third quarter of 2021, we also determined the Eastern U.S. Terminal Operations met the criteria to be classified as held for sale. Accordingly, the consolidated balance sheet reflects the assets and liabilities associated with the Eastern U.S. Terminal Operations as held for sale as of September 30, 2021. The Eastern U.S. Terminal Operations did not qualify for reporting as discontinued operations, as the sale did not represent a strategic shift that would have a major effect on our operations or financial results. We closed the sale on October 8, 2021 and used the proceeds from the sale to reduce debt. Asset and Goodwill Impairments. The pending sale of the Eastern U.S. Terminal Operations was a triggering event that required us to evaluate the goodwill and long-lived assets associated with these terminals. Prior to entering the Purchase Agreement, the Eastern U.S. Terminal Operations were included in, and fully integrated with, the terminals reporting unit. We allocated goodwill of $34.1 million to the Eastern U.S. Terminal Operations based on its relative fair value to the terminals reporting unit. We compared the carrying value of the Eastern U.S. Terminal Operations, which includes the allocated goodwill, to its fair value. We concluded the expected sales price of $250.0 million provided reasonable indication of fair value since the pending sale was deemed to be an orderly transaction between market participants and thus falls within Level 2 of the fair value hierarchy. We measured the goodwill impairment as the excess of the disposal group’s carrying value over its fair value and recognized a goodwill impairment charge of $34.1 million in the third quarter of 2021 to reduce the goodwill to $0. With respect to the long-lived assets of the Eastern U.S. Terminal Operations, we compared its carrying value as of September 30, 2021, after the goodwill impairment, to its fair value less costs to sell, and we recognized an asset impairment loss of $95.7 million in the third quarter of 2021, including $23.9 million related to intangible assets. The asset and goodwill impairment losses are reported in “Asset impairment losses” and “Goodwill impairment losses,” respectively, on the condensed consolidated statements of comprehensive loss for the three and nine months ended September 30, 2021. Assets and Liabilities Held for Sale. The following table provides the carrying amounts of the major classes of the Eastern U.S. Terminal Operations assets and liabilities included in “Assets held for sale” and “Liabilities held for sale” on the consolidated balance sheet: September 30, 2021 (Thousands of Dollars) Property, plant and equipment, net of accumulated depreciation and impairment loss $ 247,881 Other long-term assets, net 1,875 Assets held for sale $ 249,756 Current portion of finance lease obligation $ 78 Accrued liabilities 2,456 Long-term debt, less current portion (finance lease obligation) 150 Other long-term liabilities 1,102 Liabilities held for sale $ 3,786 Houston Pipeline Impairment In the third quarter of 2021, we recorded a long-lived asset impairment charge of $59.2 million within our pipeline segment related to our refined product pipeline extending from Mt. Belvieu, Texas to Corpus Christi, Texas (the Houston Pipeline). During the third quarter of 2021, we identified an indication of impairment related to the southern section of the Houston Pipeline, specifically that its physical condition would now require significant repairs in order to pursue commercial opportunities. Consequently, we separated the pipeline into two distinct assets: the northern and southern sections. Our estimate of the undiscounted cash flows associated with the southern section indicated it was not recoverable. Due to the factors described above, we determined the carrying value of the southern section exceeded its fair value, and reduced its carrying value to $0. We recorded the asset impairment charge in “Asset impairment losses” on the condensed consolidated statement of comprehensive loss for the three and nine months ended September 30, 2021. We determined that the northern portion of the pipeline was not impaired. 2020 Goodwill Impairment In March 2020, the COVID-19 pandemic and actions taken by the Organization of Petroleum Exporting Countries and other oil-producing nations (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 2020 that required us to perform a goodwill impairment test as of March 31, 2020. 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 assess goodwill for impairment annually on October 1, or more frequently if events or changes in circumstances indicate it might be impaired, and completed our most recent quantitative assessment on October 1, 2020. Although we determined that no impairment charges resulted from our October 1, 2020 impairment assessment, the fair value of the crude oil pipelines reporting unit, which is included in the pipeline reporting segment, exceeded its carrying value by approximately 4.0%. The goodwill associated with the crude oil pipelines reporting unit totaled $308.6 million as of September 30, 2021 and October 1, 2020. Considering that the carrying value of the reporting unit was written down to its fair value with the first quarter of 2020 impairment charge discussed above, changes to certain assumptions used in our estimate could cause the fair value to be less than the carrying value of the crude oil pipelines reporting unit, resulting in an impairment. Other than the sale of the Eastern U.S. Terminal Operations, we did not identify any factors that warranted an interim goodwill impairment test as of September 30, 2021. 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, including uncertainty surrounding the COVID-19 pandemic, could differ significantly from actual results and lead to a different determination of the fair value of our assets. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | 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: 2021 2020 Contract Assets Contract Liabilities Contract Assets Contract Liabilities (Thousands of Dollars) Balances as of January 1: Current portion $ 2,694 $ (22,019) $ 2,140 $ (21,083) Noncurrent portion 932 (47,537) 1,003 (40,289) Total 3,626 (69,556) 3,143 (61,372) Activity: Additions 1,924 (29,874) 4,020 (54,120) Transfer to accounts receivable (3,907) — (3,708) — Transfer to revenues (375) 37,159 (250) 48,188 Total (2,358) 7,285 62 (5,932) Balances as of September 30: Current portion 486 (15,194) 2,170 (21,115) Noncurrent portion 585 (46,056) 1,035 (46,189) Held for sale 197 (1,021) — — Total $ 1,268 $ (62,271) $ 3,205 $ (67,304) Remaining Performance Obligations The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenue as of September 30, 2021 (in thousands of dollars): 2021 (remaining) $ 123,829 2022 423,907 2023 282,510 2024 191,229 2025 132,809 Thereafter 182,257 Total $ 1,336,541 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. The revenue shown above includes an aggregate $52.8 million relating to our Eastern U.S. Terminal Operations that were sold on October 8, 2021. Disaggregation of Revenues The following table disaggregates our revenues: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Thousands of Dollars) Pipeline segment: Crude oil pipelines $ 86,140 $ 80,195 $ 242,762 $ 251,027 Refined products and ammonia pipelines (excluding lessor revenues) 110,067 95,740 315,579 285,047 Total pipeline segment revenues from contracts with customers 196,207 175,935 558,341 536,074 Lessor revenues — 275 — 1,925 Total pipeline segment revenues 196,207 176,210 558,341 537,999 Storage segment: Throughput terminals 30,771 29,260 90,708 100,182 Storage terminals (excluding lessor revenues) 67,008 82,846 214,166 233,892 Total storage segment revenues from contracts with customers 97,779 112,106 304,874 334,074 Lessor revenues 10,363 10,329 31,090 30,985 Total storage segment revenues 108,142 122,435 335,964 365,059 Fuels marketing segment: Revenues from contracts with customers 107,996 63,946 306,790 191,873 Consolidation and intersegment eliminations — — (11) (9) Total revenues $ 412,345 $ 362,591 $ 1,201,084 $ 1,094,922 |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Revolving Credit Agreement On February 16, 2021, NuStar Logistics amended its $1.0 billion revolving credit agreement with a maturity date of October 27, 2023 (the Revolving Credit Agreement) to, among other things, expand certain adjustments related to our maximum consolidated debt coverage ratio and minimum consolidated interest coverage ratio. As of September 30, 2021, we had $87.5 million of borrowings outstanding and $907.3 million available for borrowing under the Revolving Credit Agreement. Letters of credit issued under the Revolving Credit Agreement totaled $5.2 million as of September 30, 2021 and limit the amount we can borrow 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. As of September 30, 2021, our weighted-average interest rate related to borrowings under the Revolving Credit Agreement was 3.1%. The Revolving Credit Agreement is subject to maximum consolidated debt coverage ratio and minimum consolidated interest coverage ratio requirements, which may limit the amount we can borrow under the Revolving Credit Agreement to an amount less than the total amount available for borrowing. For the rolling period of four quarters ended September 30, 2021, 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. As of September 30, 2021, we believe that we are in compliance with the covenants in the Revolving Credit Agreement. NuStar Logistics Senior Notes We repaid our $300.0 million of 6.75% senior notes due February 1, 2021 with borrowings under our Revolving Credit Agreement. As of September 30, 2021, we had adequate amounts available under our Revolving Credit Agreement to repay our $250.0 million of 4.75% senior notes due February 1, 2022. Therefore, these senior note maturities are classified as long-term debt as of September 30, 2021. On November 1, 2021, we repaid these notes with the proceeds from the Eastern U.S. Terminals Disposition. Term Loan Credit Agreement On February 16, 2021, we terminated a three-year unsecured term loan credit agreement with certain lenders and Oaktree Fund Administration, LLC, as administrative agent for the lenders (the Term Loan). On April 19, 2020, we entered into the Term Loan, which provided for an aggregate commitment of up to $750.0 million. We drew $500.0 million on April 21, 2020, which we repaid on September 16, 2020. We recognized a loss from extinguishment of debt of $137.9 million in the third quarter of 2020, which included early repayment premiums totaling $97.6 million and costs of $40.3 million related to unamortized debt issuance costs, unamortized discount and a commitment fee. 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 $100.0 million receivables financing agreement with a third-party lender, with a maturity date of September 20, 2023, (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 Energy provides a performance guarantee in connection with the Securitization Program. NuStar Finance’s sole activity consists of purchasing receivables from NuStar Energy’s subsidiaries that participate in the Securitization Program and providing these receivables as collateral for NuStar Finance’s revolving borrowings under the Securitization Program. NuStar Finance is a separate legal entity and the assets of NuStar Finance, including these accounts receivable, are not available to satisfy the claims of creditors of NuStar Energy, its subsidiaries selling receivables under the Securitization Program or their affiliates. The amount available for borrowing is based on the availability of eligible receivables and other customary factors and conditions. Borrowings by NuStar Finance under the Receivables Financing Agreement bear interest at the applicable bank rate, as defined under the Receivables Financing Agreement. The weighted average interest rate related to outstanding borrowings under the Securitization Program as of September 30, 2021 was 2.3%. As of September 30, 2021, $123.8 million of our accounts receivable was included in the Securitization Program. The amount of borrowings outstanding under the Receivables Financing Agreement totaled $75.1 million as of September 30, 2021. Fair Value of Long-Term Debt The estimated fair values and carrying amounts of long-term debt, excluding finance leases, were as follows: September 30, 2021 December 31, 2020 (Thousands of Dollars) Fair value $ 3,668,320 $ 3,799,378 Carrying amount $ 3,347,960 $ 3,539,258 We have estimated the fair value of our publicly traded notes based upon quoted prices in active markets; therefore, we determined that the fair value of our publicly traded notes falls in Level 1 of the fair value hierarchy. With regard to our other debt, for which a quoted market price is not available, we have estimated the fair value using a discounted cash flow analysis using current incremental borrowing rates for similar types of borrowing arrangements and determined that the fair value falls in Level 2 of the fair value hierarchy. The carrying amount includes net fair value adjustments, unamortized discounts and unamortized debt issuance costs. |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES We have contingent liabilities resulting from various litigation, claims and commitments. We record accruals for loss contingencies when losses are considered probable and can be reasonably estimated. Legal fees associated with defending the Partnership in legal matters are expensed as incurred. We accrued $0.1 million and $2.6 million for contingent losses as of September 30, 2021 and December 31, 2020, 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. COVID-19. The coronavirus, or COVID-19, had a severe negative impact on global economic activity during 2020, significantly reducing demand for petroleum products and increasing the volatility of crude oil prices, beginning in March 2020. While the U.S. economy has demonstrated signs of stabilization and improvement in 2021, ongoing uncertainty surrounding the COVID-19 pandemic has caused and may continue to cause volatility and could have a significant impact on management’s estimates and assumptions this year and beyond. |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES 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. 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 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, we terminated forward-starting interest rate swaps with an aggregate notional amount of $250.0 million and paid $49.2 million, which is amortized into “Interest expense, net” as the related forecasted interest payments occur. Our forward-starting interest rate swaps had the following impact on earnings: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Thousands of Dollars) Loss recognized in other comprehensive loss on derivative $ — $ — $ — $ (30,291) Loss reclassified from AOCI into interest expense, net $ (1,343) $ (1,372) $ (4,026) $ (2,897) As of September 30, 2021, we expect to reclassify a loss of $3.2 million to “Interest expense, net” within the next twelve months associated with unwound forward-starting interest rate swaps. |
SERIES D CUMULATIVE CONVERTIBLE
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS | 9 Months Ended |
Sep. 30, 2021 | |
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%, or $57.6 million, per annum ($0.619 per unit per distribution period) for the first two years (beginning with the September 17, 2018 distribution); (ii) 10.75%, or $63.4 million, per annum ($0.682 per unit per distribution period) for years three through five; and (iii) the greater of 13.75%, or $81.1 million, per annum ($0.872 per unit per distribution period) or the distribution per common unit thereafter. While the Series D Preferred Units are outstanding, the Partnership will be prohibited from paying distributions on any junior securities, including the common units, unless full cumulative distributions on the Series D Preferred Units (and any parity securities) have been, or contemporaneously are being, paid or set aside for payment through the most recent Series D Preferred Unit distribution payment date. Any Series D Preferred Unit distributions in excess of $0.635 per unit may be paid, in the Partnership’s sole discretion, in additional Series D Preferred Units, with the remainder paid in cash. In October 2021, our board of directors declared distributions of $0.682 per Series D Preferred Unit to be paid on December 15, 2021. |
PARTNERS' EQUITY
PARTNERS' EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
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 October 2021, our board of directors declared distributions with respect to the Series A, B and C Preferred Units to be paid on December 15, 2021. Common Limited Partners We make quarterly distributions to common unitholders of 100% of our “Available Cash,” generally defined as cash receipts less cash disbursements, including distributions to our preferred units , and cash reserves established by the general partner, in its sole discretion. These quarterly distributions are declared and paid within 45 days subsequent to each quarter-end. The common unitholders receive a distribution each quarter as determined by the board of directors, subject to limitation by the distributions in arrears, if any, on our preferred units. The following table summarizes information about quarterly cash distributions declared for our common limited partners: Quarter Ended Cash Distributions Total Cash Record Date Payment Date (Thousands of Dollars) September 30, 2021 $ 0.40 $ 43,814 November 8, 2021 November 12, 2021 June 30, 2021 $ 0.40 $ 43,814 August 6, 2021 August 12, 2021 March 31, 2021 $ 0.40 $ 43,834 May 10, 2021 May 14, 2021 December 31, 2020 $ 0.40 $ 43,787 February 8, 2021 February 12, 2021 Accumulated Other Comprehensive Income (Loss) The balance of and changes in the components included in AOCI were as follows: Three Months Ended September 30, 2021 2020 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 July 1 $ (40,311) $ (39,467) $ (12,514) $ (92,292) $ (47,962) $ (44,890) $ (8,603) $ (101,455) Other comprehensive (loss) income before reclassification adjustments (1,684) — — (1,684) 1,594 — — 1,594 Net gain on pension costs reclassified into other income, net — — (187) (187) — — (305) (305) Net loss on cash flow hedges reclassified into interest expense, net — 1,343 — 1,343 — 1,372 — 1,372 Other — — 2 2 — — 3 3 Other comprehensive (loss) income (1,684) 1,343 (185) (526) 1,594 1,372 (302) 2,664 Balance as of September 30 $ (41,995) $ (38,124) $ (12,699) $ (92,818) $ (46,368) $ (43,518) $ (8,905) $ (98,791) Nine Months Ended September 30, 2021 2020 Foreign Cash Flow Pension and Total Foreign Cash Flow Pension and Total (Thousands of Dollars) Balance as of January 1 $ (42,362) $ (42,150) $ (12,144) $ (96,656) $ (43,772) $ (16,124) $ (8,000) $ (67,896) Other comprehensive income (loss) before reclassification adjustments 367 — — 367 (2,596) (30,291) — (32,887) Net gain on pension costs reclassified into other income, net — — (560) (560) — — (915) (915) Net loss on cash flow hedges reclassified into interest expense, net — 4,026 — 4,026 — 2,897 — 2,897 Other — — 5 5 — — 10 10 Other comprehensive income (loss) 367 4,026 (555) 3,838 (2,596) (27,394) (905) (30,895) Balance as of September 30 $ (41,995) $ (38,124) $ (12,699) $ (92,818) $ (46,368) $ (43,518) $ (8,905) $ (98,791) |
NET (LOSS) INCOME PER COMMON UN
NET (LOSS) INCOME PER COMMON UNIT | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
NET (LOSS) INCOME PER COMMON UNIT | NET (LOSS) INCOME PER COMMON UNIT Basic net (loss) income 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 (loss) income per common unit by dividing net (loss) income attributable to common units by the weighted-average number of common units outstanding during the period. We compute diluted net (loss) income per common unit by dividing net (loss) income 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 the Series D Preferred Units and contingently issuable performance unit awards. 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 (loss) income per common unit. Contingently issuable performance units are included as dilutive potential common units if it is probable that that performance measures will be achieved, unless to do so would be antidilutive. There were no dilutive potential common units outstanding related to the performance units for all periods presented. The following table details the calculation of net loss per common unit: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Thousands of Dollars, Except Unit and Per Unit Data) Net loss $ (124,933) $ (96,640) $ (19,293) $ (214,515) Distributions to preferred limited partners (31,889) (31,888) (95,663) (92,995) Distributions to common limited partners (43,814) (43,678) (131,462) (131,086) Distribution equivalent rights to restricted units (592) (502) (1,776) (1,510) Distributions in excess of loss $ (201,228) $ (172,708) $ (248,194) $ (440,106) Distributions to common limited partners $ 43,814 $ 43,678 $ 131,462 $ 131,086 Allocation of distributions in excess of loss (201,228) (172,708) (248,194) (440,106) Series D Preferred Unit accretion (4,292) (3,767) (12,468) (13,733) Net loss attributable to common units $ (161,706) $ (132,797) $ (129,200) $ (322,753) Basic and diluted weighted-average common units outstanding 109,532,381 109,195,358 109,522,849 109,096,190 Basic and diluted net loss per common unit $ (1.48) $ (1.22) $ (1.18) $ (2.96) |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Changes in current assets and current liabilities were as follows: Nine Months Ended September 30, 2021 2020 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ (10,856) $ 31,287 Inventories (733) 2,366 Other current assets 206 (11,468) Increase (decrease) in current liabilities: Accounts payable 9,135 (24,252) Accrued interest payable 23,541 6,828 Accrued liabilities (7,200) (4,753) Taxes other than income tax 1,585 4,546 Changes in current assets and current liabilities $ 15,678 $ 4,554 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; • payments for the termination of interest rate swaps included in cash flows from financing activities; • the reclassification of certain assets and liabilities to “Assets held for sale” and “Liabilities held for sale” on the consolidated balance sheet (please refer to Note 3 for additional discussion); and • the effect of accrued compensation expense paid with fully vested common unit awards. Cash flows related to interest and income taxes were as follows: Nine Months Ended September 30, 2021 2020 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 129,629 $ 155,900 Cash paid for income taxes, net of tax refunds received $ 5,217 $ 4,417 As of September 30, 2021 and December 31, 2020, 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 is included in the consolidated balance sheets as follows: September 30, 2021 December 31, 2020 (Thousands of Dollars) Cash and cash equivalents $ 7,948 $ 153,625 Other long-term assets, net 8,802 8,801 Cash, cash equivalents and restricted cash $ 16,750 $ 162,426 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
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. Results of operations for the reportable segments were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Thousands of Dollars) Revenues: Pipeline $ 196,207 $ 176,210 $ 558,341 $ 537,999 Storage 108,142 122,435 335,964 365,059 Fuels marketing 107,996 63,946 306,790 191,873 Consolidation and intersegment eliminations — — (11) (9) Total revenues $ 412,345 $ 362,591 $ 1,201,084 $ 1,094,922 Operating income (loss): Pipeline $ 40,201 $ 83,821 $ 216,092 $ 32,878 Storage (91,089) 48,816 (2,186) 140,637 Fuels marketing 949 (31) 5,978 9,761 Total segment operating (loss) income (49,939) 132,606 219,884 183,276 General and administrative expenses 27,365 25,457 79,334 72,128 Other depreciation and amortization expense 1,881 2,105 5,841 6,462 Total operating (loss) income $ (79,185) $ 105,044 $ 134,709 $ 104,686 Total assets by reportable segment were as follows: September 30, 2021 December 31, 2020 (Thousands of Dollars) Pipeline $ 3,460,180 $ 3,609,508 Storage 1,779,029 1,897,167 Fuels marketing 42,261 31,967 Total segment assets 5,281,470 5,538,642 Other partnership assets 124,267 278,376 Total consolidated assets $ 5,405,737 $ 5,817,018 |
DISPOSITION AND IMPAIRMENTS (Ta
DISPOSITION AND IMPAIRMENTS (Tables) | Sep. 30, 2021 |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held for Sale | The following table provides the carrying amounts of the major classes of the Eastern U.S. Terminal Operations assets and liabilities included in “Assets held for sale” and “Liabilities held for sale” on the consolidated balance sheet: September 30, 2021 (Thousands of Dollars) Property, plant and equipment, net of accumulated depreciation and impairment loss $ 247,881 Other long-term assets, net 1,875 Assets held for sale $ 249,756 Current portion of finance lease obligation $ 78 Accrued liabilities 2,456 Long-term debt, less current portion (finance lease obligation) 150 Other long-term liabilities 1,102 Liabilities held for sale $ 3,786 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: 2021 2020 Contract Assets Contract Liabilities Contract Assets Contract Liabilities (Thousands of Dollars) Balances as of January 1: Current portion $ 2,694 $ (22,019) $ 2,140 $ (21,083) Noncurrent portion 932 (47,537) 1,003 (40,289) Total 3,626 (69,556) 3,143 (61,372) Activity: Additions 1,924 (29,874) 4,020 (54,120) Transfer to accounts receivable (3,907) — (3,708) — Transfer to revenues (375) 37,159 (250) 48,188 Total (2,358) 7,285 62 (5,932) Balances as of September 30: Current portion 486 (15,194) 2,170 (21,115) Noncurrent portion 585 (46,056) 1,035 (46,189) Held for sale 197 (1,021) — — Total $ 1,268 $ (62,271) $ 3,205 $ (67,304) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenue as of September 30, 2021 (in thousands of dollars): 2021 (remaining) $ 123,829 2022 423,907 2023 282,510 2024 191,229 2025 132,809 Thereafter 182,257 Total $ 1,336,541 |
Disaggregation of Revenue [Table Text Block] | The following table disaggregates our revenues: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Thousands of Dollars) Pipeline segment: Crude oil pipelines $ 86,140 $ 80,195 $ 242,762 $ 251,027 Refined products and ammonia pipelines (excluding lessor revenues) 110,067 95,740 315,579 285,047 Total pipeline segment revenues from contracts with customers 196,207 175,935 558,341 536,074 Lessor revenues — 275 — 1,925 Total pipeline segment revenues 196,207 176,210 558,341 537,999 Storage segment: Throughput terminals 30,771 29,260 90,708 100,182 Storage terminals (excluding lessor revenues) 67,008 82,846 214,166 233,892 Total storage segment revenues from contracts with customers 97,779 112,106 304,874 334,074 Lessor revenues 10,363 10,329 31,090 30,985 Total storage segment revenues 108,142 122,435 335,964 365,059 Fuels marketing segment: Revenues from contracts with customers 107,996 63,946 306,790 191,873 Consolidation and intersegment eliminations — — (11) (9) Total revenues $ 412,345 $ 362,591 $ 1,201,084 $ 1,094,922 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Fair Value and Carrying Value of Debt [Table Text Block] | The estimated fair values and carrying amounts of long-term debt, excluding finance leases, were as follows: September 30, 2021 December 31, 2020 (Thousands of Dollars) Fair value $ 3,668,320 $ 3,799,378 Carrying amount $ 3,347,960 $ 3,539,258 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Thousands of Dollars) Loss recognized in other comprehensive loss on derivative $ — $ — $ — $ (30,291) Loss reclassified from AOCI into interest expense, net $ (1,343) $ (1,372) $ (4,026) $ (2,897) |
PARTNERS' EQUITY (Tables)
PARTNERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: Three Months Ended September 30, 2021 2020 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 July 1 $ (40,311) $ (39,467) $ (12,514) $ (92,292) $ (47,962) $ (44,890) $ (8,603) $ (101,455) Other comprehensive (loss) income before reclassification adjustments (1,684) — — (1,684) 1,594 — — 1,594 Net gain on pension costs reclassified into other income, net — — (187) (187) — — (305) (305) Net loss on cash flow hedges reclassified into interest expense, net — 1,343 — 1,343 — 1,372 — 1,372 Other — — 2 2 — — 3 3 Other comprehensive (loss) income (1,684) 1,343 (185) (526) 1,594 1,372 (302) 2,664 Balance as of September 30 $ (41,995) $ (38,124) $ (12,699) $ (92,818) $ (46,368) $ (43,518) $ (8,905) $ (98,791) Nine Months Ended September 30, 2021 2020 Foreign Cash Flow Pension and Total Foreign Cash Flow Pension and Total (Thousands of Dollars) Balance as of January 1 $ (42,362) $ (42,150) $ (12,144) $ (96,656) $ (43,772) $ (16,124) $ (8,000) $ (67,896) Other comprehensive income (loss) before reclassification adjustments 367 — — 367 (2,596) (30,291) — (32,887) Net gain on pension costs reclassified into other income, net — — (560) (560) — — (915) (915) Net loss on cash flow hedges reclassified into interest expense, net — 4,026 — 4,026 — 2,897 — 2,897 Other — — 5 5 — — 10 10 Other comprehensive income (loss) 367 4,026 (555) 3,838 (2,596) (27,394) (905) (30,895) Balance as of September 30 $ (41,995) $ (38,124) $ (12,699) $ (92,818) $ (46,368) $ (43,518) $ (8,905) $ (98,791) |
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 Distributions Total Cash Record Date Payment Date (Thousands of Dollars) September 30, 2021 $ 0.40 $ 43,814 November 8, 2021 November 12, 2021 June 30, 2021 $ 0.40 $ 43,814 August 6, 2021 August 12, 2021 March 31, 2021 $ 0.40 $ 43,834 May 10, 2021 May 14, 2021 December 31, 2020 $ 0.40 $ 43,787 February 8, 2021 February 12, 2021 |
NET (LOSS) INCOME PER COMMON _2
NET (LOSS) INCOME PER COMMON UNIT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Net (Loss) Income Per Common Unit | The following table details the calculation of net loss per common unit: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Thousands of Dollars, Except Unit and Per Unit Data) Net loss $ (124,933) $ (96,640) $ (19,293) $ (214,515) Distributions to preferred limited partners (31,889) (31,888) (95,663) (92,995) Distributions to common limited partners (43,814) (43,678) (131,462) (131,086) Distribution equivalent rights to restricted units (592) (502) (1,776) (1,510) Distributions in excess of loss $ (201,228) $ (172,708) $ (248,194) $ (440,106) Distributions to common limited partners $ 43,814 $ 43,678 $ 131,462 $ 131,086 Allocation of distributions in excess of loss (201,228) (172,708) (248,194) (440,106) Series D Preferred Unit accretion (4,292) (3,767) (12,468) (13,733) Net loss attributable to common units $ (161,706) $ (132,797) $ (129,200) $ (322,753) Basic and diluted weighted-average common units outstanding 109,532,381 109,195,358 109,522,849 109,096,190 Basic and diluted net loss per common unit $ (1.48) $ (1.22) $ (1.18) $ (2.96) |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: Nine Months Ended September 30, 2021 2020 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ (10,856) $ 31,287 Inventories (733) 2,366 Other current assets 206 (11,468) Increase (decrease) in current liabilities: Accounts payable 9,135 (24,252) Accrued interest payable 23,541 6,828 Accrued liabilities (7,200) (4,753) Taxes other than income tax 1,585 4,546 Changes in current assets and current liabilities $ 15,678 $ 4,554 |
Schedule of Supplemental Cash Flow Information [Table Text Block] | Cash flows related to interest and income taxes were as follows: Nine Months Ended September 30, 2021 2020 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 129,629 $ 155,900 Cash paid for income taxes, net of tax refunds received $ 5,217 $ 4,417 |
Schedule of Cash and Cash Equivalents [Table Text Block] | “Cash, cash equivalents and restricted cash” on the consolidated statements of cash flows is included in the consolidated balance sheets as follows: September 30, 2021 December 31, 2020 (Thousands of Dollars) Cash and cash equivalents $ 7,948 $ 153,625 Other long-term assets, net 8,802 8,801 Cash, cash equivalents and restricted cash $ 16,750 $ 162,426 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Results of operations for the reportable segments were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Thousands of Dollars) Revenues: Pipeline $ 196,207 $ 176,210 $ 558,341 $ 537,999 Storage 108,142 122,435 335,964 365,059 Fuels marketing 107,996 63,946 306,790 191,873 Consolidation and intersegment eliminations — — (11) (9) Total revenues $ 412,345 $ 362,591 $ 1,201,084 $ 1,094,922 Operating income (loss): Pipeline $ 40,201 $ 83,821 $ 216,092 $ 32,878 Storage (91,089) 48,816 (2,186) 140,637 Fuels marketing 949 (31) 5,978 9,761 Total segment operating (loss) income (49,939) 132,606 219,884 183,276 General and administrative expenses 27,365 25,457 79,334 72,128 Other depreciation and amortization expense 1,881 2,105 5,841 6,462 Total operating (loss) income $ (79,185) $ 105,044 $ 134,709 $ 104,686 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total assets by reportable segment were as follows: September 30, 2021 December 31, 2020 (Thousands of Dollars) Pipeline $ 3,460,180 $ 3,609,508 Storage 1,779,029 1,897,167 Fuels marketing 42,261 31,967 Total segment assets 5,281,470 5,538,642 Other partnership assets 124,267 278,376 Total consolidated assets $ 5,405,737 $ 5,817,018 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION Narrative 1 (Details) | 9 Months Ended |
Sep. 30, 2021 | |
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 - Agreement to Sell Terminals (Details) - USD ($) $ in Thousands | Oct. 08, 2021 | Oct. 01, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||
Goodwill impairment losses | $ 0 | $ 34,060 | $ 0 | $ 34,060 | $ 225,000 | |
Subsequent Event [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||
Description of assets to be sold | nine U.S. terminal and storage facilities, including all our North East Terminals and one terminal in Florida | |||||
Goodwill impairment losses | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||
Goodwill impairment losses | 34,100 | |||||
Asset impairment losses | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||
Asset losses | $ 95,700 |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION Narrative 4 - Selby Fire (Details) - USD ($) $ in Thousands | Oct. 15, 2019 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Unusual or Infrequent Item, or Both [Line Items] | ||||
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 | |||
Insurance proceeds received | $ 28,500 | $ 35,000 | ||
Gain from insurance recoveries | 9,372 | 0 | ||
Other Income (Expense), Net | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Gain from insurance recoveries | $ 9,400 | |||
Business Interruption Insurance from Selby, California Fire [Member] | Operating Expense [Member] | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Insurance proceeds received | $ 4,000 | $ 6,700 |
DISPOSITION AND IMPAIRMENTS Nar
DISPOSITION AND IMPAIRMENTS Narrative 1 (Details) $ in Thousands, bbl in Millions | Oct. 08, 2021USD ($)bbl | Oct. 01, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Aug. 01, 2021USD ($) | Dec. 31, 2020USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||
Goodwill | $ 732,356 | $ 732,356 | $ 766,416 | |||||
Goodwill impairment losses | $ 0 | 34,060 | $ 0 | 34,060 | $ 225,000 | |||
Goodwill impairment losses | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||
Goodwill impairment losses | 34,100 | |||||||
Asset impairment losses | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||
Asset losses | 95,700 | |||||||
Asset impairment losses | Intangible Assets | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||
Asset losses | 23,900 | |||||||
Eastern Terminal Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||
Goodwill | $ 0 | $ 0 | $ 34,100 | |||||
Subsequent Event [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||
Storage capacity of terminals sold | bbl | 14.8 | |||||||
Subsequent Event [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||||
Proceeds from sale of business | $ 250,000 |
DISPOSITION AND IMPAIRMENTS Tab
DISPOSITION AND IMPAIRMENTS Table (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||
Property, plant and equipment, net of accumulated depreciation and impairment loss | $ 247,881 | |
Other long-term assets, net | 1,875 | |
Assets held for sale | 249,756 | $ 0 |
Current portion of finance lease obligation | 78 | |
Accrued liabilities | 2,456 | |
Long-term debt, less current portion (finance lease obligation) | 150 | |
Other long-term liabilities | 1,102 | |
Liabilities held for sale | $ 3,786 | $ 0 |
DISPOSITION AND IMPAIRMENTS N_2
DISPOSITION AND IMPAIRMENTS Narrative 2 (Details) $ in Thousands | Oct. 01, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Goodwill [Line Items] | |||||||
Goodwill impairment losses | $ 0 | $ 34,060 | $ 0 | $ 34,060 | $ 225,000 | ||
Goodwill | $ 732,356 | 732,356 | $ 766,416 | ||||
Houston Pipeline | |||||||
Goodwill [Line Items] | |||||||
Number of assets | 2 | ||||||
Pipeline Segment | Southern section of Houston Pipeline | |||||||
Goodwill [Line Items] | |||||||
Property, plant and equipment, net | $ 0 | 0 | |||||
Pipeline Segment | Southern section of Houston Pipeline | Asset impairment losses | |||||||
Goodwill [Line Items] | |||||||
Long-lived asset impairment charge | 59,200 | ||||||
Crude Oil Pipelines [Member] | Pipeline Segment | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment losses | $ 225,000 | ||||||
Reporting unit, percentage of fair value in excess of carrying amount | 4.00% | ||||||
Goodwill | $ 308,600 | $ 308,600 | $ 308,600 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 1 - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Contract assets | ||||
Noncurrent portion | $ 585 | $ 1,035 | $ 932 | $ 1,003 |
Total | 1,268 | 3,205 | 3,626 | 3,143 |
Additions | 1,924 | 4,020 | ||
Transfer to accounts receivable | (3,907) | (3,708) | ||
Transfer to revenues, contract assets | (375) | (250) | ||
Total activity | (2,358) | 62 | ||
Contract liabilities | ||||
Noncurrent portion | (46,056) | (46,189) | (47,537) | (40,289) |
Total | (62,271) | (67,304) | (69,556) | (61,372) |
Additions | (29,874) | (54,120) | ||
Transfer to revenues, contract liabilities | 37,159 | 48,188 | ||
Total activity | 7,285 | (5,932) | ||
Assets Held for Sale | ||||
Contract assets | ||||
Current portion | 197 | 0 | ||
Liabilities Held for Sale | ||||
Contract liabilities | ||||
Current portion | (1,021) | 0 | ||
Other current assets | ||||
Contract assets | ||||
Current portion | 486 | 2,170 | 2,694 | 2,140 |
Accrued liabilities | ||||
Contract liabilities | ||||
Current portion | $ (15,194) | $ (21,115) | $ (22,019) | $ (21,083) |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 2 - Expected Timing of Satisfaction of Performance Obligations (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 1,336,541 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 months |
Revenue, remaining performance obligation, amount | $ 123,829 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
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, amount | $ 423,907 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
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, amount | $ 282,510 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
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, amount | $ 191,229 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
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, amount | $ 132,809 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, remaining performance obligation, amount | $ 182,257 |
REVENUE FROM CONTRACTS WITH C_5
REVENUE FROM CONTRACTS WITH CUSTOMERS Narrative (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 1,336,541 |
Eastern U.S. Terminal Operations | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 52,800 |
REVENUE FROM CONTRACTS WITH C_6
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 3 - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 412,345 | $ 362,591 | $ 1,201,084 | $ 1,094,922 |
Intersegment Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | (11) | (9) |
Pipeline Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 196,207 | 175,935 | 558,341 | 536,074 |
Lessor revenues | 0 | 275 | 0 | 1,925 |
Total revenues | 196,207 | 176,210 | 558,341 | 537,999 |
Pipeline Segment | Crude Oil Pipelines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 86,140 | 80,195 | 242,762 | 251,027 |
Pipeline Segment | Refined Products and Ammonia Pipelines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 110,067 | 95,740 | 315,579 | 285,047 |
Storage Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 97,779 | 112,106 | 304,874 | 334,074 |
Lessor revenues | 10,363 | 10,329 | 31,090 | 30,985 |
Total revenues | 108,142 | 122,435 | 335,964 | 365,059 |
Storage Segment | Throughput Terminal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 30,771 | 29,260 | 90,708 | 100,182 |
Storage Segment | Storage Terminal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 67,008 | 82,846 | 214,166 | 233,892 |
Fuels Marketing Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 107,996 | 63,946 | 306,790 | 191,873 |
Total revenues | $ 107,996 | $ 63,946 | $ 306,790 | $ 191,873 |
DEBT Narrative 1 - Revolving Cr
DEBT Narrative 1 - Revolving Credit Agreement (Details) - Revolving Credit Agreement [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 1,000,000 |
Long-term debt | 87,500 |
Current remaining borrowing capacity | 907,300 |
Letters of credit outstanding, amount | $ 5,200 |
Line of credit facility, interest rate description | 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. |
Line of credit facility, weighted-average interest rate | 3.10% |
Line of credit facility, covenant terms | For the rolling period of four quarters ended September 30, 2021, 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. |
DEBT Narrative 2 - Senior Notes
DEBT Narrative 2 - Senior Notes (Details) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Logistics Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 300,000 | |
Long-term debt, rate | 6.75% | |
Logistics Notes Due 2022 | Subsequent Event [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 250,000 | |
Long-term debt, rate | 4.75% |
DEBT - Narrative 3 - Term Loan
DEBT - Narrative 3 - Term Loan (Details) - USD ($) $ in Thousands | Sep. 16, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 15, 2020 | Apr. 21, 2020 |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 0 | $ 137,904 | $ 0 | $ 141,746 | |||
Early Repayment Premiums | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 97,600 | ||||||
Unamortized Debt Issuance Costs, Unamortized Discount, and Commitment Fee | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 40,300 | ||||||
Unsecured Term Loan Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 750,000 | ||||||
The Term Loan, Initial Loan | $ 500,000 | $ 500,000 | |||||
Long-term debt, term | 3 years |
DEBT - Narrative 4 - Receivable
DEBT - Narrative 4 - Receivables Financing Agreement (Details) - Receivables Financing Agreement [Member] $ in Millions | Sep. 30, 2021USD ($) |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 100 |
Weighted average interest rate | 2.30% |
Debt instrument, collateral amount | $ 123.8 |
Long-term debt | $ 75.1 |
DEBT Table 1 - Fair Value of Lo
DEBT Table 1 - Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Fair value, long-term debt | $ 3,668,320 | $ 3,799,378 |
Long-term debt, excluding finance leases | $ 3,347,960 | $ 3,539,258 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss contingency accrual, at carrying value | $ 0.1 | $ 2.6 |
DERIVATIVES Narrative 1 (Detail
DERIVATIVES Narrative 1 (Details) - USD ($) $ in Thousands | 1 Months Ended | 5 Months Ended | 9 Months Ended | |
Jun. 30, 2020 | May 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Payments for termination of interest rate swaps | $ (49,200) | $ 0 | $ 49,225 | |
Interest rate swaps | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
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 | $ 250,000 |
DERIVATIVES Table - Impact of D
DERIVATIVES Table - Impact of Derivatives on Earnings (Details) - Interest rate swaps - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other comprehensive income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in other comprehensive income (loss) on derivative | $ 0 | $ 0 | $ 0 | $ (30,291) |
Interest expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) reclassified from AOCI into interest expense, net | $ (1,343) | $ (1,372) | $ (4,026) | $ (2,897) |
DERIVATIVES Narrative 2 (Detail
DERIVATIVES Narrative 2 (Details) $ in Millions | Sep. 30, 2021USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Loss to be reclassified during next 12 months | $ (3.2) |
SERIES D CUMULATIVE CONVERTIB_2
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Narrative (Details) - Series D Preferred Limited Partner [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended |
Dec. 31, 2021 | Sep. 30, 2021 | |
Class of Stock [Line Items] | ||
Required amount of per unit cash dividends to permit dividend paid in kind | $ 0.635 | |
Preferred Stock, Distributions, Period - June 29, 2018 to June 28, 2020 [Member] | ||
Class of Stock [Line Items] | ||
Preferred units distribution percentage, per annum | 9.75% | |
Preferred units, distribution rate, per annum | $ 57.6 | |
Preferred stock, dividend amount, per unit, per distribution period | $ 0.619 | |
Preferred Stock, Distributions, Period - June 29, 2020 to June 28, 2023 [Member] | ||
Class of Stock [Line Items] | ||
Preferred units distribution percentage, per annum | 10.75% | |
Preferred units, distribution rate, per annum | $ 63.4 | |
Preferred stock, dividend amount, per unit, per distribution period | $ 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%, or $81.1 million, per annum ($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, per annum | 13.75% | |
Preferred units, distribution rate, per annum | $ 81.1 | |
Preferred stock, dividend amount, per unit, per distribution period | $ 0.872 | |
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 | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Series A Preferred Limited Partner [Member] | ||
Distribution Made to Preferred Limited Partner [Line Items] | ||
Preferred units distribution percentage, per annum | 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, per annum | 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, per annum | 9.00% | |
Preferred unit distribution | $ 0.56250 | |
Fixed distribution per quarter | $ 3,881 |
PARTNERS' EQUITY Narrative (Det
PARTNERS' EQUITY Narrative (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Partners' Capital Notes [Abstract] | |
Percent of available cash distributed | 100.00% |
Number of days within which distribution is paid to common unitholders | 45 |
PARTNERS' EQUITY Table 2 - Cash
PARTNERS' EQUITY Table 2 - Cash Distributions Declared - Common Limited Partners (Details) - Common Limited Partner [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Distribution Made to Common Limited Partners [Line Items] | ||||
Cash distributions per unit | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 |
Cash distributions applicable to common unitholders | $ 43,814 | $ 43,814 | $ 43,834 | $ 43,787 |
Distribution date of record | Nov. 8, 2021 | Aug. 6, 2021 | May 10, 2021 | Feb. 8, 2021 |
Distribution payment date | Nov. 12, 2021 | Aug. 12, 2021 | May 14, 2021 | Feb. 12, 2021 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (96,656) | |||
Ending balance | $ (92,818) | (92,818) | ||
Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (40,311) | $ (47,962) | (42,362) | $ (43,772) |
Other comprehensive (loss) income before reclassification adjustments | (1,684) | 1,594 | 367 | (2,596) |
Other | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income | (1,684) | 1,594 | 367 | (2,596) |
Ending balance | (41,995) | (46,368) | (41,995) | (46,368) |
Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (39,467) | (44,890) | (42,150) | (16,124) |
Other comprehensive (loss) income before reclassification adjustments | 0 | 0 | 0 | (30,291) |
Other | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income | 1,343 | 1,372 | 4,026 | (27,394) |
Ending balance | (38,124) | (43,518) | (38,124) | (43,518) |
Pension and Other Postretirement Benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (12,514) | (8,603) | (12,144) | (8,000) |
Other comprehensive (loss) income before reclassification adjustments | 0 | 0 | 0 | 0 |
Other | 2 | 3 | 5 | 10 |
Other comprehensive (loss) income | (185) | (302) | (555) | (905) |
Ending balance | (12,699) | (8,905) | (12,699) | (8,905) |
Total | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (92,292) | (101,455) | (96,656) | (67,896) |
Other comprehensive (loss) income before reclassification adjustments | (1,684) | 1,594 | 367 | (32,887) |
Other | 2 | 3 | 5 | 10 |
Other comprehensive (loss) income | (526) | 2,664 | 3,838 | (30,895) |
Ending balance | (92,818) | (98,791) | (92,818) | (98,791) |
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 | (187) | (305) | (560) | (915) |
Other income, net | Total | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (gain) loss reclassified from AOCI | (187) | (305) | (560) | (915) |
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 | 1,343 | 1,372 | 4,026 | 2,897 |
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 | $ 1,343 | $ 1,372 | $ 4,026 | $ 2,897 |
NET (LOSS) INCOME PER COMMON _3
NET (LOSS) INCOME PER COMMON UNIT Table - Net (Loss) Income per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ (124,933) | $ (96,640) | $ (19,293) | $ (214,515) |
Distributions to preferred limited partners | (31,889) | (31,888) | (95,663) | (92,995) |
Distributions to common limited partners | (43,814) | (43,678) | (131,462) | (131,086) |
Distribution equivalent rights to restricted units | (592) | (502) | (1,776) | (1,510) |
Distributions in excess of loss | (201,228) | (172,708) | (248,194) | (440,106) |
Distributions to common limited partners | 43,814 | 43,678 | 131,462 | 131,086 |
Allocation of distributions in excess of loss | (201,228) | (172,708) | (248,194) | (440,106) |
Series D Preferred Unit accretion | (4,292) | (3,767) | (12,468) | (13,733) |
Net loss attributable to common units | $ (161,706) | $ (132,797) | $ (129,200) | $ (322,753) |
Basic weighted-average common units outstanding | 109,532,381 | 109,195,358 | 109,522,849 | 109,096,190 |
Diluted weighted-average common units outstanding | 109,532,381 | 109,195,358 | 109,522,849 | 109,096,190 |
Basic net income (loss) per common unit | $ (1.48) | $ (1.22) | $ (1.18) | $ (2.96) |
Diluted net income (loss) per common unit | $ (1.48) | $ (1.22) | $ (1.18) | $ (2.96) |
Effect of dilutive potential common units | 0 | 0 | 0 | 0 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Table 1 - Changes in Current Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | ||
Decrease (increase) in accounts receivable | $ (10,856) | $ 31,287 |
Decrease (increase) in inventories | (733) | 2,366 |
Decrease (increase) in other currrent assets | 206 | (11,468) |
Increase (decrease) in accounts payable | 9,135 | (24,252) |
Increase (decrease) in accrued interest payable | 23,541 | 6,828 |
Increase (decrease) in accrued liabilities | (7,200) | (4,753) |
Increase (decrease) in taxes other than income tax | 1,585 | 4,546 |
Changes in current assets and current liabilities | $ 15,678 | $ 4,554 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Table 2 - Cash Flows Related to Interest and Income Taxes (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid for interest, net of amount capitalized | $ 129,629 | $ 155,900 |
Cash paid for income taxes, net of tax refunds received | $ 5,217 | $ 4,417 |
SUPPLEMENTAL CASH FLOW INFORM_5
SUPPLEMENTAL CASH FLOW INFORMATION - Table 3 - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 7,948 | $ 153,625 | ||
Cash, cash equivalents and restricted cash | 16,750 | 162,426 | $ 64,294 | $ 24,980 |
Cash and cash equivalents [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 7,948 | 153,625 | ||
Other long-term assets, net [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash and Cash Equivalents | $ 8,802 | $ 8,801 |
SEGMENT INFORMATION Table 1 - R
SEGMENT INFORMATION Table 1 - Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Total revenues | $ 412,345 | $ 362,591 | $ 1,201,084 | $ 1,094,922 |
Operating income (loss): | ||||
General and administrative expenses | 27,365 | 25,457 | 79,334 | 72,128 |
Other depreciation and amortization expense | 1,881 | 2,105 | 5,841 | 6,462 |
Operating income (loss) | (79,185) | 105,044 | 134,709 | 104,686 |
Pipeline Segment | ||||
Revenues: | ||||
Total revenues | 196,207 | 176,210 | 558,341 | 537,999 |
Storage Segment | ||||
Revenues: | ||||
Total revenues | 108,142 | 122,435 | 335,964 | 365,059 |
Fuels Marketing Segment | ||||
Revenues: | ||||
Total revenues | 107,996 | 63,946 | 306,790 | 191,873 |
Total segment | ||||
Operating income (loss): | ||||
Operating income (loss) | (49,939) | 132,606 | 219,884 | 183,276 |
Total segment | Pipeline Segment | ||||
Operating income (loss): | ||||
Operating income (loss) | 40,201 | 83,821 | 216,092 | 32,878 |
Total segment | Storage Segment | ||||
Operating income (loss): | ||||
Operating income (loss) | (91,089) | 48,816 | (2,186) | 140,637 |
Total segment | Fuels Marketing Segment | ||||
Operating income (loss): | ||||
Operating income (loss) | 949 | (31) | 5,978 | 9,761 |
Intersegment Eliminations [Member] | ||||
Revenues: | ||||
Total revenues | $ 0 | $ 0 | $ (11) | $ (9) |
SEGMENT INFORMATION Table 2 - A
SEGMENT INFORMATION Table 2 - Assets by Reportable Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Segment Information | ||
Total assets | $ 5,405,737 | $ 5,817,018 |
Assets held for sale | 249,756 | 0 |
Total segment assets | ||
Segment Information | ||
Total assets | 5,281,470 | 5,538,642 |
Total segment assets | Pipeline Segment | ||
Segment Information | ||
Total assets | 3,460,180 | 3,609,508 |
Total segment assets | Storage Segment | ||
Segment Information | ||
Total assets | 1,779,029 | 1,897,167 |
Total segment assets | Fuels Marketing Segment | ||
Segment Information | ||
Total assets | 42,261 | 31,967 |
Other partnership assets | ||
Segment Information | ||
Total assets | $ 124,267 | $ 278,376 |