Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | MAGELLAN MIDSTREAM PARTNERS LP | |
Entity Central Index Key | 1126975 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 227,426,329 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Transportation and terminals revenue | $345,600 | $317,637 |
Product sales revenue | 173,127 | 296,063 |
Affiliate management fee revenue | 3,363 | 4,906 |
Total revenue | 522,090 | 618,606 |
Costs and expenses: | ||
Operating | 98,495 | 73,497 |
Cost of product sales | 136,179 | 198,040 |
Depreciation and amortization | 41,697 | 37,511 |
General and administrative | 35,498 | 34,935 |
Total costs and expenses | 311,869 | 343,983 |
Earnings of non-controlled entities | 9,590 | 466 |
Operating profit | 219,811 | 275,089 |
Interest expense | 36,607 | 36,416 |
Interest income | -349 | -391 |
Interest capitalized | -2,107 | -5,310 |
Debt placement fee amortization expense | 587 | 599 |
Other expense | 279 | 0 |
Income before provision for income taxes | 184,794 | 243,775 |
Provision for income taxes | 1,158 | 1,221 |
Net income | $183,636 | $242,554 |
Basic and diluted net income per limited partner unit | $0.81 | $1.07 |
Weighted average number of limited partner units outstanding used for basic and diluted net income per unit calculation | 227,525 | 227,141 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Net income | $183,636 | $242,554 | ||
Other comprehensive income: | ||||
Net loss on cash flow hedges(1) | -15,465 | [1] | -3,613 | [1] |
Reclassification of net loss (gain) on cash flow hedges to income(1) | 200 | [1] | -26 | [1] |
Amortization of prior service credit(2) | -928 | [2] | -895 | [2] |
Amortization of actuarial loss(2) | 1,572 | [2] | 824 | [2] |
Total other comprehensive loss | -14,621 | -3,710 | ||
Comprehensive income | $169,015 | $238,844 | ||
[1] | See Note 8–Derivative Financial Instruments for details of the amount of gain/loss recognized in accumulated other comprehensive loss ("AOCL") on derivatives and the amount of gain/loss reclassified from AOCL into income. | |||
[2] | See Note 6–Employee Benefit Plans for details of the changes in employee benefit plan assets and benefit obligations recognized in AOCL. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $52,813 | $17,063 |
Trade accounts receivable (less allowance for doubtful accounts of $0 and $20 at December 31, 2014 and March 31, 2015, respectively) | 96,700 | 84,465 |
Other accounts receivable | 15,744 | 15,711 |
Inventory | 160,949 | 157,762 |
Energy commodity derivatives contracts, net | 36,725 | 87,151 |
Energy commodity derivatives deposits | 1,100 | 6,184 |
Other current assets | 31,619 | 34,331 |
Total current assets | 395,650 | 402,667 |
Property, plant and equipment | 5,642,904 | 5,533,935 |
Less: Accumulated depreciation | 1,243,310 | 1,204,601 |
Net property, plant and equipment | 4,399,594 | 4,329,334 |
Investments in non-controlled entities | 636,618 | 613,867 |
Long-term receivables | 27,116 | 28,611 |
Goodwill | 53,260 | 53,260 |
Other intangibles (less accumulated amortization of $11,526 and $12,206 at December 31, 2014 and March 31, 2015, respectively) | 3,893 | 4,573 |
Debt placement costs (less accumulated amortization of $8,952 and $9,539 at December 31, 2014 and March 31, 2015, respectively) | 22,158 | 18,084 |
Tank bottoms and linefill | 38,361 | 42,585 |
Other noncurrent assets | 28,467 | 24,304 |
Total assets | 5,605,117 | 5,517,285 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Accounts payable | 91,022 | 97,131 |
Accrued payroll and benefits | 31,719 | 48,298 |
Accrued interest payable | 45,800 | 45,973 |
Accrued taxes other than income | 42,087 | 47,888 |
Environmental liabilities | 11,926 | 10,564 |
Deferred revenue | 75,920 | 71,142 |
Accrued product purchases | 37,953 | 44,355 |
Energy commodity derivatives contracts, net | 814 | 5,413 |
Energy commodity derivatives deposits | 31,512 | 84,463 |
Other current liabilities | 50,134 | 80,928 |
Total current liabilities | 418,887 | 536,155 |
Long-term debt | 3,183,750 | 2,982,895 |
Long-term pension and benefits | 80,741 | 75,155 |
Other noncurrent liabilities | 23,427 | 29,069 |
Environmental liabilities | 24,431 | 25,778 |
Commitments and contingencies | ||
Partners’ capital: | ||
Limited partner unitholders (227,068 units and 227,426 units outstanding at December 31, 2014 and March 31, 2015, respectively) | 1,970,042 | 1,949,773 |
Accumulated other comprehensive loss | -96,161 | -81,540 |
Total partners’ capital | 1,873,881 | 1,868,233 |
Total liabilities and partners' capital | $5,605,117 | $5,517,285 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $20 | $0 |
Other intangibles, accumulated amortization | 12,206 | 11,526 |
Debt placement costs, accumulated amortization | $9,539 | $8,952 |
Limited partner unitholders, units outstanding | 227,426,329 | 227,068,257 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities: | ||
Net income | $183,636 | $242,554 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 41,697 | 37,511 |
Debt placement fee amortization expense | 587 | 599 |
Loss on sale and retirement of assets | -3 | 1,205 |
Earnings of non-controlled entities | -9,590 | -466 |
Distributions from investments in non-controlled entities | 9,229 | 384 |
Equity-based incentive compensation expense | 4,751 | 5,088 |
Amortization of prior service credit and actuarial loss | 644 | -71 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable and other accounts receivable | -12,194 | 15,022 |
Inventory | -3,187 | -23,011 |
Energy commodity derivatives contracts, net of derivatives deposits | -5,804 | -529 |
Accounts payable | -4,351 | 2,960 |
Accrued payroll and benefits | -16,579 | -14,552 |
Accrued interest payable | -173 | 5,194 |
Accrued taxes other than income | -5,801 | -7,479 |
Accrued product purchases | -6,402 | -19,978 |
Deferred revenue | 4,778 | 1,448 |
Current and noncurrent environmental liabilities | 15 | -1,393 |
Other current and noncurrent assets and liabilities | 9,830 | 25,588 |
Net cash provided by operating activities | 191,083 | 270,074 |
Investing Activities: | ||
Additions to property, plant and equipment | -128,517 | -75,514 |
Proceeds from sale and disposition of assets | 3,089 | 42 |
Investments in non-controlled entities | -13,751 | -127,698 |
Distributions in excess of earnings of non-controlled entities | 4,613 | 687 |
Net cash used by investing activities | -134,566 | -202,483 |
Financing Activities: | ||
Distributions paid | -158,061 | -132,835 |
Net commercial paper repayments | -296,942 | 0 |
Borrowings under long-term notes | 499,589 | 257,713 |
Debt placement costs | -4,661 | -2,648 |
Net payment on financial derivatives | -42,908 | -3,613 |
Settlement of tax withholdings on long-term incentive compensation | -17,784 | -14,813 |
Net cash provided (used) by financing activities | -20,767 | 103,804 |
Change in cash and cash equivalents | 35,750 | 171,395 |
Cash and cash equivalents at beginning of period | 17,063 | 25,235 |
Cash and cash equivalents at end of period | 52,813 | 196,630 |
Supplemental non-cash financing activities: | ||
Contribution of Property | 13,252 | 0 |
Issuance of limited partner units in settlement of equity-based incentive plan awards | 8,045 | 7,315 |
Additions to property, plant and equipment | -127,709 | -70,295 |
Increase (Decrease) in Other Accounts Payable | -808 | -5,219 |
Additions to property, plant and equipment | ($128,517) | ($75,514) |
Organization_Description_of_Bu
Organization, Description of Business And Basis Of Presentation | 3 Months Ended | |
Mar. 31, 2015 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization, Description of Business and Basis of Presentation | Organization, Description of Business and Basis of Presentation | |
Organization | ||
Unless indicated otherwise, the terms “our,” “we,” “us” and similar language refer to Magellan Midstream Partners, L.P. together with its subsidiaries. We are a Delaware limited partnership and our limited partner units are traded on the New York Stock Exchange under the ticker symbol “MMP.” Magellan GP, LLC, a wholly-owned Delaware limited liability company, serves as our general partner. | ||
Description of Business | ||
We are principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. As of March 31, 2015, our asset portfolio, including the assets of our joint ventures, consisted of: | ||
• | our refined products segment, comprised of our 9,500-mile refined products pipeline system with 52 terminals as well as 27 independent terminals not connected to our pipeline system and our 1,100-mile ammonia pipeline system; | |
• | our crude oil segment, comprised of approximately 1,600 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 21 million barrels, of which 12 million barrels are used for leased storage; and | |
• | our marine storage segment, consisting of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels. | |
Products transported, stored and distributed through our pipelines and terminals include: | ||
• | refined products are the output from refineries and are primarily used as fuels by consumers. Refined products include gasoline, diesel fuel, aviation fuel, kerosene and heating oil. Collectively, diesel fuel and heating oil are referred to as distillates; | |
• | liquefied petroleum gases, or LPGs are produced as by-products of the crude oil refining process and in connection with natural gas production. LPGs include butane and propane; | |
• | blendstocks are blended with refined products to change or enhance their characteristics such as increasing a gasoline's octane or oxygen content. Blendstocks include alkylates, oxygenates and natural gasoline; | |
• | heavy oils and feedstocks are used as burner fuels or feedstocks for further processing by refineries and petrochemical facilities. Heavy oils and feedstocks include No. 6 fuel oil and vacuum gas oil; | |
• | crude oil and condensate are used as feedstocks by refineries and petrochemical facilities; | |
• | biofuels, such as ethanol and biodiesel, are increasingly required by government mandates; and | |
• | ammonia is primarily used as a nitrogen fertilizer. | |
Except for ammonia, we use the term petroleum products to describe any, or a combination, of the above-noted products. | ||
Basis of Presentation | ||
In the opinion of management, our accompanying consolidated financial statements which are unaudited, except for the consolidated balance sheet as of December 31, 2014 which is derived from our audited financial statements, include all normal and recurring adjustments necessary to present fairly our financial position as of March 31, 2015, the results of operations for the three months ended March 31, 2014 and 2015 and cash flows for the three months ended March 31, 2014 and 2015. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the full year ending December 31, 2015 as profits from our blending activities are realized largely during the first and fourth quarters of each year. Additionally, gasoline demand, which drives transportation volumes and revenues on our pipeline systems, generally trends higher during the summer driving months. Further, the volatility of commodity prices impact the profits from our commodity activities and, to a lesser extent, the volume of petroleum products we ship on our pipelines. | ||
Pursuant to the rules and regulations of the Securities and Exchange Commission, the financial statements in this report do not include all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States. These 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, 2014. |
Product_Sales_Revenues
Product Sales Revenues | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Product Sales Revenue [Abstract] | ||||||||
Product Sales Revenues | Product Sales Revenue | |||||||
The amounts reported as product sales revenue on our consolidated statements of income include revenue from the physical sale of petroleum products and from mark-to-market adjustments from New York Mercantile Exchange ("NYMEX") contracts. See Note 8 – Derivative Financial Instruments for a discussion of our commodity hedging strategies and how our NYMEX contracts impact product sales revenues. | ||||||||
For the three months ended March 31, 2014 and 2015, product sales revenue included the following (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2015 | |||||||
Physical sale of petroleum products | $ | 293,240 | $ | 169,247 | ||||
NYMEX contract adjustments: | ||||||||
Change in value of NYMEX contracts that were not designated as hedging instruments associated with our butane blending and fractionation activities(1) | 2,823 | 3,880 | ||||||
Total product sales revenue | $ | 296,063 | $ | 173,127 | ||||
(1) The associated petroleum products for these activities are, to the extent still owned as of the statement date, or were, to the extent no longer owned as of the statement date, classified as inventory in current assets on our consolidated balance sheets. |
Segment_Disclosures
Segment Disclosures | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment Disclosures | Segment Disclosures | |||||||||||||||||||
Our reportable segments are strategic business units that offer different products and services. Our segments are managed separately because each segment requires different marketing strategies and business knowledge. Management evaluates performance based on segment operating margin, which includes revenue from affiliates and external customers, operating expenses, cost of product sales and earnings of non-controlled entities. | ||||||||||||||||||||
We believe that investors benefit from having access to the same financial measures used by management. Operating margin, which is presented in the following tables, is an important measure used by management to evaluate the economic performance of our core operations. Operating margin is not a generally accepted accounting principles ("GAAP") measure, but the components of operating margin are computed using amounts that are determined in accordance with GAAP. A reconciliation of operating margin to operating profit, which is its nearest comparable GAAP financial measure, is included in the tables below. Operating profit includes depreciation and amortization expense and general and administrative ("G&A") expenses that management does not consider when evaluating the core profitability of our separate operating segments. | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Refined Products | Crude Oil | Marine Storage | Intersegment | Total | ||||||||||||||||
Eliminations | ||||||||||||||||||||
Transportation and terminals revenue | $ | 210,236 | $ | 67,903 | $ | 39,498 | $ | — | $ | 317,637 | ||||||||||
Product sales revenue | 293,710 | — | 2,353 | — | 296,063 | |||||||||||||||
Affiliate management fee revenue | — | 4,595 | 311 | — | 4,906 | |||||||||||||||
Total revenue | 503,946 | 72,498 | 42,162 | — | 618,606 | |||||||||||||||
Operating expenses | 51,157 | 9,058 | 14,086 | (804 | ) | 73,497 | ||||||||||||||
Cost of product sales | 197,756 | — | 284 | — | 198,040 | |||||||||||||||
Losses (earnings) of non-controlled entities | — | 180 | (646 | ) | — | (466 | ) | |||||||||||||
Operating margin | 255,033 | 63,260 | 28,438 | 804 | 347,535 | |||||||||||||||
Depreciation and amortization expense | 23,172 | 6,463 | 7,072 | 804 | 37,511 | |||||||||||||||
G&A expenses | 23,019 | 5,994 | 5,922 | — | 34,935 | |||||||||||||||
Operating profit | $ | 208,842 | $ | 50,803 | $ | 15,444 | $ | — | $ | 275,089 | ||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Refined Products | Crude Oil | Marine Storage | Intersegment | Total | ||||||||||||||||
Eliminations | ||||||||||||||||||||
Transportation and terminals revenue | $ | 216,777 | $ | 86,560 | $ | 42,263 | $ | — | $ | 345,600 | ||||||||||
Product sales revenue | 172,639 | — | 488 | — | 173,127 | |||||||||||||||
Affiliate management fee revenue | — | 3,027 | 336 | — | 3,363 | |||||||||||||||
Total revenue | 389,416 | 89,587 | 43,087 | — | 522,090 | |||||||||||||||
Operating expenses | 70,306 | 13,861 | 15,335 | (1,007 | ) | 98,495 | ||||||||||||||
Cost of product sales | 135,634 | — | 545 | — | 136,179 | |||||||||||||||
Losses (earnings) of non-controlled entities | 55 | (8,924 | ) | (721 | ) | — | (9,590 | ) | ||||||||||||
Operating margin | 183,421 | 84,650 | 27,928 | 1,007 | 297,006 | |||||||||||||||
Depreciation and amortization expense | 23,447 | 8,229 | 9,014 | 1,007 | 41,697 | |||||||||||||||
G&A expenses | 22,599 | 8,086 | 4,813 | — | 35,498 | |||||||||||||||
Operating profit | $ | 137,375 | $ | 68,335 | $ | 14,101 | $ | — | $ | 219,811 | ||||||||||
Investments_in_NonControlled_E
Investments in Non-Controlled Entities (Notes) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Investments in Non-Controlled Entities | Investments in Non-Controlled Entities | ||||||||||||
Recently-Formed Companies | |||||||||||||
Saddlehorn Pipeline Company, LLC ("Saddlehorn"), which was formed during first quarter 2015, will own an approximate 550-mile pipeline to deliver various grades of crude oil from the DJ Basin, and potentially the broader Rocky Mountain production area, to Cushing, Oklahoma. We have a 40% equity ownership interest in Saddlehorn, with Plains All American Pipeline, L.P. and Anadarko Petroleum Corporation having 40% and 20% equity ownership interests, respectively. We will serve as construction manager and operator of the Saddlehorn system. Subject to receipt of necessary permits and regulatory approvals, the Saddlehorn pipeline is expected to be operational during mid-2016. | |||||||||||||
Powder Springs Logistics, LLC ("Powder Springs") was recently formed to construct and develop a butane blending system, including 120,000 barrels of butane storage, near Atlanta, Georgia. We have a 50% equity ownership interest in Powder Springs, with an affiliate of Colonial Pipeline Company having the other 50% equity ownership interest. We will serve as construction manager and operator of the Powder Springs facility. This facility is expected to be operational in early 2017. | |||||||||||||
Our investments in non-controlled entities at March 31, 2015 are comprised of: | |||||||||||||
Entity | Ownership Interest | ||||||||||||
BridgeTex Pipeline Company, LLC ("BridgeTex") | 50% | ||||||||||||
Double Eagle Pipeline LLC ("Double Eagle") | 50% | ||||||||||||
Osage Pipe Line Company, LLC ("Osage") | 50% | ||||||||||||
Powder Springs Logistics, LLC | 50% | ||||||||||||
Saddlehorn Pipeline Company, LLC | 40% | ||||||||||||
Texas Frontera, LLC ("Texas Frontera") | 50% | ||||||||||||
The management fees we receive from Texas Frontera, Powder Springs, Saddlehorn and BridgeTex are reported as affiliate management fee revenue on our consolidated statements of income. For the three months ended March 31, 2014 and 2015, we received throughput revenue from Double Eagle of $0.5 million and $0.9 million, respectively, which we recognized as transportation and terminals revenue. At December 31, 2014, we recognized a $0.3 million trade accounts receivable from Double Eagle and at December 31, 2014 and March 31, 2015, we had recognized liabilities of $2.2 million and $1.5 million, respectively, to BridgeTex for pre-paid construction management fees. | |||||||||||||
In November 2014, we entered into a long-term agreement with BridgeTex for capacity on our Houston area crude oil distribution system. We recognized $8.4 million of revenue from this agreement in first quarter 2015, which we included in transportation and terminals revenue on our consolidated statements of income. We recognized a $2.6 million receivable from BridgeTex at December 31, 2014 associated with this agreement. | |||||||||||||
The financial results from Texas Frontera are included in our marine storage segment, the financial results from Osage, Double Eagle, BridgeTex and Saddlehorn are included in our crude oil segment and the financial results from Powder Springs are included in our refined products segment as earnings/losses of non-controlled entities. | |||||||||||||
A summary of our investments in non-controlled entities follows (in thousands): | |||||||||||||
BridgeTex | All Others | Consolidated | |||||||||||
Investments at December 31, 2014 | $ | 489,348 | $ | 124,519 | $ | 613,867 | |||||||
Additional investment | 7,358 | 19,645 | 27,003 | ||||||||||
Earnings of non-controlled entities: | |||||||||||||
Proportionate share of earnings | 9,019 | 1,269 | 10,288 | ||||||||||
Amortization of excess investment and capitalized interest | (510 | ) | (188 | ) | (698 | ) | |||||||
Earnings of non-controlled entities | 8,509 | 1,081 | 9,590 | ||||||||||
Less: | |||||||||||||
Distributions of earnings from investments in non-controlled entities | 8,509 | 720 | 9,229 | ||||||||||
Distributions in excess of earnings of non-controlled entities | 4,565 | 48 | 4,613 | ||||||||||
Investments at March 31, 2015 | $ | 492,141 | $ | 144,477 | $ | 636,618 | |||||||
Summarized financial information of our non-controlled entities as of and for the three months ended March 31, 2015 follows (in thousands): | |||||||||||||
BridgeTex | All Others | Consolidated | |||||||||||
Current assets | $ | 50,901 | $ | 21,535 | $ | 72,436 | |||||||
Noncurrent assets | 822,132 | 252,542 | 1,074,674 | ||||||||||
Total assets | $ | 873,033 | $ | 274,077 | $ | 1,147,110 | |||||||
Current liabilities | $ | 49,618 | $ | 11,019 | $ | 60,637 | |||||||
Noncurrent liabilities | 236 | 1,785 | 2,021 | ||||||||||
Total liabilities | $ | 49,854 | $ | 12,804 | $ | 62,658 | |||||||
Equity | $ | 823,179 | $ | 261,273 | $ | 1,084,452 | |||||||
Revenue | $ | 37,136 | $ | 9,520 | $ | 46,656 | |||||||
Net income | $ | 18,037 | $ | 2,581 | $ | 20,618 | |||||||
Inventory
Inventory | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory | Inventory | |||||||
Inventory at December 31, 2014 and March 31, 2015 was as follows (in thousands): | ||||||||
December 31, 2014 | March 31, | |||||||
2015 | ||||||||
Refined products | $ | 67,055 | $ | 68,279 | ||||
Liquefied petroleum gases | 37,642 | 38,772 | ||||||
Transmix | 36,867 | 33,721 | ||||||
Crude oil | 10,015 | 14,068 | ||||||
Additives | 6,183 | 6,109 | ||||||
Total inventory | $ | 157,762 | $ | 160,949 | ||||
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | ||||||||||||||||
We sponsor two pension plans for certain union employees and a pension plan primarily for non-union employees, a postretirement benefit plan for selected employees and a defined contribution plan. The following tables present our consolidated net periodic benefit costs related to the pension and postretirement benefit plans for the three months ended March 31, 2014 and 2015 (in thousands): | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
31-Mar-14 | March 31, 2015 | ||||||||||||||||
Pension | Other Post- | Pension | Other Post- | ||||||||||||||
Benefits | Retirement | Benefits | Retirement | ||||||||||||||
Benefits | Benefits | ||||||||||||||||
Components of net periodic benefit costs: | |||||||||||||||||
Service cost | $ | 3,352 | $ | 67 | $ | 4,470 | $ | 66 | |||||||||
Interest cost | 1,659 | 114 | 1,869 | 110 | |||||||||||||
Expected return on plan assets | (1,697 | ) | — | (1,896 | ) | — | |||||||||||
Amortization of prior service cost (credit) | 33 | (928 | ) | — | (928 | ) | |||||||||||
Amortization of actuarial loss | 629 | 195 | 1,347 | 225 | |||||||||||||
Net periodic benefit cost (credit) | $ | 3,976 | $ | (552 | ) | $ | 5,790 | $ | (527 | ) | |||||||
Contributions estimated to be paid into the plans in 2015 are $21.1 million and $1.1 million for the pension and postretirement benefit plans, respectively. | |||||||||||||||||
We match our employee's qualifying contributions to our defined contribution plan, resulting in expense to us. Expenses related to the defined contribution plan were $2.6 million and $2.8 million for the three months ended March 31, 2014 and 2015, respectively. | |||||||||||||||||
Amounts Included in AOCL | |||||||||||||||||
The changes in AOCL related to employee benefit plan assets and benefit obligations for the three months ended March 31, 2014 and 2015 were as follows: | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
31-Mar-14 | 31-Mar-15 | ||||||||||||||||
Gains (Losses) Included in AOCL | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||
Beginning balance | $ | (36,184 | ) | $ | 3,053 | $ | (63,257 | ) | $ | (1,696 | ) | ||||||
Amortization of prior service credit | 33 | (928 | ) | — | (928 | ) | |||||||||||
Amortization of actuarial loss | 629 | 195 | 1,347 | 225 | |||||||||||||
Ending balance | $ | (35,522 | ) | $ | 2,320 | $ | (61,910 | ) | $ | (2,399 | ) | ||||||
Debt
Debt | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Debt | Debt | ||||||||||
Consolidated debt at December 31, 2014 and March 31, 2015 was as follows (in thousands, except as otherwise noted): | |||||||||||
December 31, 2014 | March 31, | Weighted-Average | |||||||||
2015 | Interest Rate for the Three Months Ended March 31, 2015 (1) | ||||||||||
Commercial paper(2) | $ | 296,942 | $ | — | 0.50% | ||||||
$250.0 million of 5.65% Notes due 2016 | 250,758 | 250,652 | 5.70% | ||||||||
$250.0 million of 6.40% Notes due 2018 | 257,280 | 256,764 | 5.40% | ||||||||
$550.0 million of 6.55% Notes due 2019 | 567,868 | 566,939 | 5.70% | ||||||||
$550.0 million of 4.25% Notes due 2021 | 556,304 | 556,071 | 4.00% | ||||||||
$250.0 million of 3.20% Notes due 2025(2) | — | 249,680 | 3.20% | ||||||||
$250.0 million of 6.40% Notes due 2037 | 249,017 | 249,021 | 6.40% | ||||||||
$250.0 million of 4.20% Notes due 2042 | 248,406 | 248,414 | 4.20% | ||||||||
$550.0 million of 5.15% Notes due 2043 | 556,320 | 556,296 | 5.10% | ||||||||
$250.0 million of 4.20% Notes due 2045(2) | — | 249,913 | 4.60% | ||||||||
Total debt | $ | 2,982,895 | $ | 3,183,750 | 4.70% | ||||||
-1 | Weighted-average interest rate includes the amortization/accretion of discounts, premiums and gains/losses realized on historical cash flow and fair value hedges recognized as interest expense. | ||||||||||
-2 | These borrowings were outstanding for only a portion of the three month period ending March 31, 2015. The weighted-average interest rate for these borrowings was calculated based on the number of days the borrowings were outstanding during the noted period. | ||||||||||
All of the instruments detailed in the table above are senior indebtedness. | |||||||||||
The face value of our debt at December 31, 2014 and March 31, 2015 was $2.9 billion and $3.2 billion, respectively. The difference between the face value and carrying value of the debt outstanding is the unamortized portion of terminated fair value hedges and the unamortized discounts and premiums on debt issuances. Realized gains and losses on fair value hedges and note discounts and premiums are being amortized or accreted to the applicable notes over the respective lives of those notes. | |||||||||||
2015 Debt Offerings | |||||||||||
In March 2015, we issued $250.0 million of our 3.20% notes due 2025 in an underwritten public offering. The notes were issued at 99.871% of par. Net proceeds from this offering were approximately $247.6 million, after underwriting discounts and offering expenses of $2.1 million. | |||||||||||
Also in March 2015, we issued $250.0 million of our 4.20% notes due 2045 in an underwritten public offering. The notes were issued at 99.965% of par. Net proceeds from this offering were approximately $247.3 million, after underwriting discounts and offering expenses of $2.6 million. | |||||||||||
The net proceeds from these offerings were used to repay borrowings outstanding under our commercial paper program and for general partnership purposes, including expansion capital. | |||||||||||
Other Debt | |||||||||||
Revolving Credit Facility. The total borrowing capacity under our revolving credit facility, which matures in November 2018, is $1.0 billion. Borrowings outstanding under the facility are classified as long-term debt on our consolidated balance sheets. Borrowings under the facility are unsecured and bear interest at LIBOR plus a spread ranging from 1.0% to 1.75% based on our credit ratings. Additionally, an unused commitment fee is assessed at a rate from 0.10% to 0.28%, depending on our credit ratings. The unused commitment fee was 0.125% at March 31, 2015. Borrowings under this facility may be used for general partnership purposes, including capital expenditures. As of March 31, 2015, there were no borrowings outstanding under this facility and $5.6 million was obligated for letters of credit. Amounts obligated for letters of credit are not reflected as debt on our consolidated balance sheets, but decrease our borrowing capacity under the facility. | |||||||||||
Commercial Paper Program. The maturities of our commercial paper notes vary, but may not exceed 397 days from the date of issuance. The commercial paper notes are sold under customary terms in the commercial paper market and are issued at a discount from par, or alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. The commercial paper we can issue is limited by the amounts available under our revolving credit facility up to an aggregate principal amount of $1.0 billion and is, therefore, classified as long-term debt. As of March 31, 2015, there were no commercial paper borrowings outstanding. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | ||||||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||||||
We periodically enter into interest rate derivatives to economically hedge debt, interest or expected debt issuances, and we have historically designated these derivatives as cash flow or fair value hedges for accounting purposes. Adjustments resulting from discontinued hedges continue to be recognized in accordance with their historic hedging relationships. | |||||||||||||||||||||
In first quarter 2015, we entered into a $50.0 million forward-starting interest rate swap agreement to hedge against the risk of variability of future interest payments on a portion of debt we anticipate issuing in 2016. The fair value of this contract at March 31, 2015 was recorded on our balance sheet as an other noncurrent asset of $1.0 million. We account for this agreement as a cash flow hedge. | |||||||||||||||||||||
In third and fourth quarter of 2014, we entered into $250.0 million of forward-starting interest rate swap agreements to hedge against the risk of variability of future interest payments on a portion of debt we anticipated issuing in 2015. We accounted for these agreements as cash flow hedges. When we issued the $250.0 million of 4.20% notes due 2045 in first quarter 2015, we settled the associated interest rate swap agreements for a loss of $42.9 million. The loss was recorded to other comprehensive income ($26.5 million and $16.4 million recorded in 2014 and 2015, respectively) and will be recognized into earnings as an adjustment to our periodic interest expense accruals over the life of the associated notes. This loss was also reported as net payment on financial derivatives in the financing activities of our consolidated statements of cash flows. | |||||||||||||||||||||
During 2012, we terminated and settled certain interest rate swap agreements and realized a gain of $11.0 million, which was recorded to other comprehensive income as a deferred cash flow hedging gain. The purpose of these swaps was to hedge against the variability of interest payments on an anticipated debt issuance, which was completed during first quarter 2015. The effective portion of this gain in the amount of $10.6 million at March 31, 2015 will be recognized into earnings as an adjustment to our periodic interest expense over the life of the $250.0 million of 4.20% notes due 2045 that were issued in first quarter 2015. | |||||||||||||||||||||
Commodity Derivatives | |||||||||||||||||||||
Hedging Strategies | |||||||||||||||||||||
Our butane blending activities produce gasoline products, and we can reasonably estimate the timing and quantities of sales of these products. We use a combination of forward purchase and sale contracts, NYMEX contracts and Chicago Mercantile Exchange ("CME") butane futures agreements to help manage commodity price changes, which is intended to mitigate the risk of decline in the product margin realized from our butane blending activities that we choose to hedge. Further, certain of our other commercial operations generate petroleum products. We use NYMEX contracts to hedge against future price changes for some of these commodities. | |||||||||||||||||||||
We account for the forward physical purchase and sale contracts we use in our butane blending and fractionation activities as normal purchases and sales. Forward contracts that qualify for and are elected as normal purchases and sales are accounted for using traditional accrual accounting. As of March 31, 2015, we had commitments under these forward purchase and sale contracts as follows (in millions): | |||||||||||||||||||||
Notional Value | Barrels | ||||||||||||||||||||
Forward purchase contracts | $ | 72.8 | 1.8 | ||||||||||||||||||
Forward sale contracts | $ | 4.5 | 0.1 | ||||||||||||||||||
We use NYMEX contracts to hedge against changes in the price of petroleum products we expect to sell in future periods. Our NYMEX contracts fall into one of three hedge categories: | |||||||||||||||||||||
Hedge Category | Hedge Purpose | Accounting Treatment | |||||||||||||||||||
Qualifies For Hedge Accounting Treatment | |||||||||||||||||||||
Cash Flow Hedge | To hedge the variability in cash flows related to a forecasted transaction. | The effective portion of changes in the value of the hedge is recorded to accumulated other comprehensive income/loss and reclassified to earnings when the forecasted transaction occurs. Any ineffectiveness is recognized currently in earnings. | |||||||||||||||||||
Fair Value Hedge | To hedge against changes in the fair value of a recognized asset or liability. | The effective portion of changes in the value of the hedge is recorded as adjustments to the asset or liability being hedged. Any ineffectiveness is recognized currently in earnings. | |||||||||||||||||||
Does Not Qualify For Hedge Accounting Treatment | |||||||||||||||||||||
Economic Hedge | To effectively serve as either a fair value or a cash flow hedge; however, the derivative agreement does not qualify for hedge accounting treatment under Accounting Standards Codification ("ASC") 815, Derivatives and Hedging. | Changes in the fair value of these agreements are recognized currently in earnings. | |||||||||||||||||||
During the three months ended March 31, 2014 and 2015, none of the commodity hedging contracts we entered into qualified for or were designated as cash flow hedges. | |||||||||||||||||||||
Period changes in the fair value of NYMEX agreements that are accounted for as economic hedges (other than those economic hedges of our pipeline product overages as discussed below), the effective portion of changes in the fair value of cash flow hedges that are reclassified from accumulated other comprehensive income/loss and any ineffectiveness associated with hedges related to our commodity activities are recognized currently in earnings as adjustments to product sales. | |||||||||||||||||||||
We also use CME-traded butane futures agreements, which are not designated as hedges for accounting purposes, to hedge against changes in the price of butane we expect to purchase in the future. Period changes in the fair value of these agreements are recognized currently in earnings as adjustments to cost of product sales. | |||||||||||||||||||||
We currently hold petroleum product inventories that we obtained from overages on our pipeline systems. We use NYMEX contracts that are not designated as hedges for accounting purposes to help manage price changes related to these overage inventory barrels. Period changes in the fair value of these agreements are recognized currently in earnings as adjustments to operating expense. | |||||||||||||||||||||
Additionally, we hold crude oil barrels that we use for operational purposes which we classify as long-term assets on our balance sheet and which are reported as tank bottom and linefill assets. We use NYMEX contracts to hedge against changes in the price of these crude oil barrels. We record the effective portion of the gains or losses for those contracts that qualify as fair value hedges as adjustments to the assets being hedged and the ineffective portions as well as amounts excluded from the assessment of hedge effectiveness as adjustments to other income or expense. | |||||||||||||||||||||
As outlined in the table below, our open NYMEX contracts and CME butane futures agreements at March 31, 2015 were as follows: | |||||||||||||||||||||
Type of Contract/Accounting Methodology | Product Represented by the Contract and Associated Barrels | Maturity Dates | |||||||||||||||||||
NYMEX - Fair Value Hedges | 0.7 million barrels of crude oil | Between December 2015 and November 2016 | |||||||||||||||||||
NYMEX - Economic Hedges(1) | 3.2 million barrels of refined products and crude oil | Between April 2015 and January 2016 | |||||||||||||||||||
CME Butane Futures Agreements - Economic Hedges | 0.3 million barrels of butane | Between April and December 2015 | |||||||||||||||||||
(1) Of the 3.2 million barrels of products we have economically hedged at March 31, 2015, we had open agreements which swap the pricing on 0.1 million of those barrels from New York harbor to Platts Group 3 or Platts Gulf Coast, which are the geographic locations where these barrels will be sold. | |||||||||||||||||||||
Energy Commodity Derivatives Contracts and Deposits Offsets | |||||||||||||||||||||
At March 31, 2015, we had received margin deposits of $31.5 million for our NYMEX and CME contracts with one of our counterparties, which were recorded as a current liability under energy commodity derivatives deposits on our consolidated balance sheet. Additionally, we made margin deposits of $1.1 million for our CME contracts with a second counterparty, which were recorded as a current asset under energy commodity derivatives deposits on our consolidated balance sheet. We have the right to offset the combined fair values of our open NYMEX contracts and our open CME butane futures agreements against our margin deposits under a master netting arrangement for each counterparty; however, we have elected to present the combined fair values of our open NYMEX and CME butane futures agreements separately from the related margin deposits on our consolidated balance sheets. Additionally, we have the right to offset the fair values of our NYMEX agreements and CME butane futures agreements together for each counterparty, which we have elected to do, and we report the combined net balances on our consolidated balance sheets. A schedule of the derivative amounts we have offset and the deposit amounts we could offset under a master netting arrangement are provided below as of December 31, 2014 and March 31, 2015 (in thousands): | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts of Liabilities Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet(1) | Margin Deposit Amounts Not Offset in the Consolidated Balance Sheet | Net Asset Amount(3) | ||||||||||||||||
Energy commodity derivatives | $ | 106,764 | $ | (10,622 | ) | $ | 96,142 | $ | (78,279 | ) | $ | 17,863 | |||||||||
31-Mar-15 | |||||||||||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts of Liabilities Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet(2) | Margin Deposit Amounts Not Offset in the Consolidated Balance Sheet | Net Asset Amount(3) | ||||||||||||||||
Energy commodity derivatives | $ | 55,770 | $ | (1,691 | ) | $ | 54,079 | $ | (30,412 | ) | $ | 23,667 | |||||||||
-1 | Net amount includes energy commodity derivative contracts classified as current assets, net, of $87,151, current liabilities of $5,413 and noncurrent assets of $14,404. | ||||||||||||||||||||
-2 | Net amount includes energy commodity derivative contracts classified as current assets, net, of $36,725, current liabilities of $814 and noncurrent assets of $18,168. | ||||||||||||||||||||
-3 | This represents the maximum amount of loss we would incur if our counterparties failed to perform on their derivative contracts. | ||||||||||||||||||||
Impact of Derivatives on Our Financial Statements | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
The changes in derivative activity included in AOCL for the three months ended March 31, 2014 and 2015 were as follows (in thousands): | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
Derivative Gains (Losses) Included in AOCL | 2014 | 2015 | |||||||||||||||||||
Beginning balance | $ | 13,627 | $ | (16,587 | ) | ||||||||||||||||
Net loss on interest rate contract cash flow hedges | (3,613 | ) | (15,465 | ) | |||||||||||||||||
Reclassification of net loss (gain) on cash flow hedges to income | (26 | ) | 200 | ||||||||||||||||||
Ending balance | $ | 9,988 | $ | (31,852 | ) | ||||||||||||||||
The following tables provide a summary of the effect on our consolidated statements of income for the three months ended March 31, 2014 and 2015 of derivatives accounted for under ASC 815-30, Derivatives and Hedging—Cash Flow Hedges, that were designated as hedging instruments (in thousands): | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Amount of Loss Recognized in AOCL on Derivative | Location of Gain Reclassified from AOCL into Income | Amount of Gain Reclassified from AOCL into Income | |||||||||||||||||||
Derivative Instrument | Effective Portion | Ineffective Portion | |||||||||||||||||||
Interest rate contracts | $ | (3,613 | ) | Interest expense | $ | 26 | $ | — | |||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Amount of Loss Recognized in AOCL on Derivative | Location of Loss Reclassified from AOCL into Income | Amount of Loss Reclassified from AOCL into Income | |||||||||||||||||||
Derivative Instrument | Effective Portion | Ineffective Portion | |||||||||||||||||||
Interest rate contracts | $ | (15,465 | ) | Interest expense | $ | (200 | ) | $ | — | ||||||||||||
As of March 31, 2015, the net loss estimated to be classified to interest expense over the next twelve months from AOCL is approximately $1.5 million. | |||||||||||||||||||||
Income Statement | |||||||||||||||||||||
The following table provides a summary of the effect on our consolidated statements of income for the three months ended March 31, 2014 and 2015 of derivatives accounted for under ASC 815; Derivatives and Hedging—Overall, that were not designated as hedging instruments (in thousands): | |||||||||||||||||||||
Amount of Gain (Loss) Recognized on Derivative | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Location of Gain (Loss) | March 31, | ||||||||||||||||||||
Derivative Instrument | Recognized on Derivative | 2014 | 2015 | ||||||||||||||||||
NYMEX commodity contracts | Product sales revenue | $ | 2,823 | $ | 3,880 | ||||||||||||||||
NYMEX commodity contracts | Operating expenses | 365 | 1,303 | ||||||||||||||||||
CME butane futures agreements | Cost of product sales | 144 | (1,224 | ) | |||||||||||||||||
Total | $ | 3,332 | $ | 3,959 | |||||||||||||||||
The impact of the derivatives in the above table was reflected as cash from operations on our consolidated statements of cash flows. | |||||||||||||||||||||
During 2014 and 2015, we had open NYMEX contracts on 0.7 million barrels of crude oil that were designated as fair value hedges. Because there was no ineffectiveness recognized on these hedges, the cumulative gains at December 31, 2014 and March 31, 2015 of $13.3 million and $17.5 million, respectively, from the agreements were offset by a cumulative decrease to tank bottoms and linefill. We exclude the differential between the current spot price and forward price from our assessment of hedge effectiveness for these fair value hedges. For the three months ended March 31, 2015, we recognized a loss of $0.3 million for the amounts we excluded from the assessment of effectiveness of these fair value hedges, which we reported as other expense on our consolidated statements of income. | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||
The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were designated as hedging instruments as of December 31, 2014 and March 31, 2015 (in thousands): | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
NYMEX commodity contracts | Energy commodity derivatives contracts, net | $ | 360 | Energy commodity derivatives contracts, net | $ | — | |||||||||||||||
NYMEX commodity contracts | Other noncurrent assets | 14,404 | Other noncurrent liabilities | — | |||||||||||||||||
Interest rate contracts | Other current assets | — | Other current liabilities | 26,478 | |||||||||||||||||
Total | $ | 14,764 | Total | $ | 26,478 | ||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
NYMEX commodity contracts | Energy commodity derivatives contracts, net | $ | 541 | Energy commodity derivatives contracts, net | $ | — | |||||||||||||||
NYMEX commodity contracts | Other noncurrent assets | 18,168 | Other noncurrent liabilities | — | |||||||||||||||||
Interest rate contracts | Other noncurrent assets | 965 | Other noncurrent liabilities | — | |||||||||||||||||
Total | $ | 19,674 | Total | $ | — | ||||||||||||||||
The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were not designated as hedging instruments as of December 31, 2014 and March 31, 2015 (in thousands): | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
NYMEX commodity contracts | Energy commodity derivatives contracts, net | $ | 92,000 | Energy commodity derivatives contracts, net | $ | — | |||||||||||||||
CME butane futures agreements | Energy commodity derivatives contracts, net | — | Energy commodity derivatives contracts, net | 10,622 | |||||||||||||||||
Total | $ | 92,000 | Total | $ | 10,622 | ||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
NYMEX commodity contracts | Energy commodity derivatives contracts, net | $ | 37,061 | Energy commodity derivatives contracts, net | $ | 13 | |||||||||||||||
CME butane futures agreements | Energy commodity derivatives contracts, net | — | Energy commodity derivatives contracts, net | 1,678 | |||||||||||||||||
Total | $ | 37,061 | Total | $ | 1,691 | ||||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Environmental Liabilities | |
Liabilities recognized for estimated environmental costs were $36.3 million and $36.4 million at December 31, 2014 and March 31, 2015, respectively. We have classified environmental liabilities as current or noncurrent based on management’s estimates regarding the timing of actual payments. Management estimates that expenditures associated with these environmental liabilities will be paid over the next 10 years. Environmental expenses recognized as a result of changes in our environmental liabilities are included in operating expenses on our consolidated statements of income. Environmental expenses for the three months ended March 31, 2014 and 2015 were $0.3 million and $1.4 million, respectively. | |
Environmental Receivables | |
Receivables from insurance carriers and other third parties related to environmental matters at December 31, 2014 were $5.1 million, of which $1.3 million and $3.8 million were recorded to other accounts receivable and long-term receivables, respectively, on our consolidated balance sheet. Receivables from insurance carriers and other third parties related to environmental matters at March 31, 2015 were $5.0 million, of which $1.2 million and $3.8 million were recorded to other accounts receivable and long-term receivables, respectively, on our consolidated balance sheet. | |
Other | |
We are a party to various other claims, legal actions and complaints arising in the ordinary course of business, including without limitation those disclosed in Item 1, Legal Proceedings of Part II of this report on Form 10-Q. While the results cannot be predicted with certainty, management believes the ultimate resolution of these claims, legal actions and complaints after consideration of amounts accrued, insurance coverage or other indemnification arrangements will not have a material adverse effect on our results of operations, financial position or cash flows. |
LongTerm_Incentive_Plan
Long-Term Incentive Plan | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Long-Term Incentive Plan | Long-Term Incentive Plan | |||||||||||
We have a long-term incentive plan (“LTIP”) for certain of our employees and for directors of our general partner. The LTIP primarily consists of phantom units and permits the grant of awards covering an aggregate payout of 9.4 million of our limited partner units. The estimated units available under the LTIP at March 31, 2015 total 1.0 million. The compensation committee of our general partner’s board of directors administers our LTIP. | ||||||||||||
Our equity-based incentive compensation expense was as follows (in thousands): | ||||||||||||
Three Months Ended | ||||||||||||
March 31, 2014 | ||||||||||||
Equity | Liability | Total | ||||||||||
Method | Method | |||||||||||
Performance-based awards: | ||||||||||||
2012 awards | $ | 1,022 | $ | 924 | $ | 1,946 | ||||||
2013 awards | 1,181 | 548 | 1,729 | |||||||||
2014 awards | 904 | — | 904 | |||||||||
Retention awards | 509 | — | 509 | |||||||||
Total | $ | 3,616 | $ | 1,472 | $ | 5,088 | ||||||
Allocation of LTIP expense on our consolidated statements of income: | ||||||||||||
G&A expense | $ | 4,974 | ||||||||||
Operating expense | 114 | |||||||||||
Total | $ | 5,088 | ||||||||||
Three Months Ended | ||||||||||||
31-Mar-15 | ||||||||||||
Equity | Liability | Total | ||||||||||
Method | Method | |||||||||||
Performance/market-based awards: | ||||||||||||
2013 awards | $ | 1,519 | $ | 215 | $ | 1,734 | ||||||
2014 awards | 1,623 | — | 1,623 | |||||||||
2015 awards | 1,019 | — | 1,019 | |||||||||
Retention awards | 375 | — | 375 | |||||||||
Total | $ | 4,536 | $ | 215 | $ | 4,751 | ||||||
Allocation of LTIP expense on our consolidated statements of income: | ||||||||||||
G&A expense | $ | 4,689 | ||||||||||
Operating expense | 62 | |||||||||||
Total | $ | 4,751 | ||||||||||
In February 2015, 166,189 phantom unit awards were issued pursuant to our LTIP. These grants included both performance-based and retention awards and have a three-year vesting period. | ||||||||||||
In January 2015, we issued 358,072 limited partner units, of which 354,529 were issued to settle unit award grants to certain employees that vested on December 31, 2014 and 3,543 were issued to settle the equity-based retainer paid to certain members of our general partner's board of directors. |
Distributions
Distributions | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Distributions Made to Members or Limited Partners [Abstract] | |||||||||||||
Distributions | Distributions | ||||||||||||
Distributions we paid during 2014 and 2015 were as follows (in thousands, except per unit amounts): | |||||||||||||
Payment Date | Per Unit Cash | Total Cash Distribution to Limited Partners | |||||||||||
Distribution | |||||||||||||
Amount | |||||||||||||
2/14/14 | $ | 0.585 | $ | 132,835 | |||||||||
5/15/14 | 0.6125 | 139,079 | |||||||||||
8/14/14 | 0.64 | 145,324 | |||||||||||
11/14/14 | 0.6675 | 151,568 | |||||||||||
Total | $ | 2.505 | $ | 568,806 | |||||||||
2/13/15 | $ | 0.695 | $ | 158,061 | |||||||||
5/15/2015(1) | 0.7175 | 163,178 | |||||||||||
Total | $ | 1.4125 | $ | 321,239 | |||||||||
(1) Our general partner's board of directors declared this cash distribution on April 23, 2015 to be paid on May 15, 2015 to unitholders of record at the close of business on May 4, 2015. |
Fair_Value
Fair Value | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
Recurring | |||||||||||||||||||||
Fair Value Methods and Assumptions - Financial Assets and Liabilities. | |||||||||||||||||||||
We used the following methods and assumptions in estimating fair value for our financial assets and liabilities: | |||||||||||||||||||||
• | Energy commodity derivatives contracts. These include NYMEX futures and CME exchange-traded butane futures agreements related to petroleum products. These contracts are carried at fair value on our consolidated balance sheets and are valued based on quoted prices in active markets. See Note 8 – Derivative Financial Instruments for further disclosures regarding these contracts. | ||||||||||||||||||||
• | Interest rate contracts. These include forward-starting interest rate swap agreements to hedge against the risk of variability of interest payments on future debt. These contracts are carried at fair value on our consolidated balance sheets and are valued based on an assumed exchange, at the end of each period, in an orderly transaction with a market participant in the market in which the financial instrument is traded. The exchange value was calculated using present value techniques on estimated future cash flows based on forward interest rate curves. See Note 8 – Derivative Financial Instruments for further disclosures regarding these contracts. | ||||||||||||||||||||
• | Long-term receivables. These include lease payments receivable under a direct-financing leasing arrangement and insurance receivables. Fair value was determined by estimating the present value of future cash flows using current market rates. | ||||||||||||||||||||
• | Debt. The fair value of our publicly traded notes was based on the prices of those notes at December 31, 2014 and March 31, 2015; however, where recent observable market trades were not available, prices were determined using adjustments to the last traded value for that debt issuance or by adjustments to the prices of similar debt instruments of peer entities that are actively traded. The carrying amount of borrowings, if any, under our revolving credit facility and our commercial paper program approximates fair value due to the frequent repricing of these obligations. | ||||||||||||||||||||
Fair Value Measurements - Financial Assets and Liabilities | |||||||||||||||||||||
The following tables summarize the carrying amounts, fair values and recurring fair value measurements recorded or disclosed as of December 31, 2014 and March 31, 2015, based on the three levels established by ASC 820; Fair Value Measurements and Disclosures (in thousands): | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Assets (Liabilities) | Fair Value Measurements using: | ||||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets | Significant | Significant | |||||||||||||||||
for Identical | Other | Unobservable | |||||||||||||||||||
Assets | Observable | Inputs | |||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||
(Level 2) | |||||||||||||||||||||
Energy commodity derivatives contracts – assets | $ | 96,142 | $ | 96,142 | $ | 96,142 | $ | — | $ | — | |||||||||||
Interest rate contracts – liabilities | $ | (26,478 | ) | $ | (26,478 | ) | $ | — | $ | (26,478 | ) | $ | — | ||||||||
Long-term receivables | $ | 28,611 | $ | 30,200 | $ | — | $ | — | $ | 30,200 | |||||||||||
Debt | $ | (2,982,895 | ) | $ | (3,212,462 | ) | $ | — | $ | (3,212,462 | ) | $ | — | ||||||||
As of March 31, 2015 | |||||||||||||||||||||
Assets (Liabilities) | Fair Value Measurements using: | ||||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in | Significant | Significant | |||||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Energy commodity derivatives contracts – assets | $ | 54,079 | $ | 54,079 | $ | 54,079 | $ | — | $ | — | |||||||||||
Interest rate contracts – assets | $ | 965 | $ | 965 | $ | — | $ | 965 | $ | — | |||||||||||
Long-term receivables | $ | 27,116 | $ | 28,820 | $ | — | $ | — | $ | 28,820 | |||||||||||
Debt | $ | (3,183,750 | ) | $ | (3,481,995 | ) | $ | — | $ | (3,481,995 | ) | $ | — | ||||||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
Barry R. Pearl is an independent member of our general partner's board of directors and is also a director of the general partner of Targa Resources Partners, L.P. ("Targa"). In the normal course of business, we purchase butane from subsidiaries of Targa. For the three months ended March 31, 2014 and 2015, we made purchases of butane from subsidiaries of Targa of $12.2 million and $8.8 million, respectively. These purchases were based on the then-current index prices. We had recognized payables to Targa of $0.9 million and $1.5 million at December 31, 2014 and March 31, 2015, respectively. | |
See Note 4 – Investments in Non-Controlled Entities for a discussion of affiliate joint venture transactions we account for under the equity method. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Recognizable events | |
No recognizable events occurred subsequent to March 31, 2015. | |
Non-recognizable events | |
In April 2015, our general partner's board of directors declared a quarterly distribution of $0.7175 per unit to be paid on May 15, 2015 to unitholders of record at the close of business on May 4, 2015. The total cash distributions expected to be paid under this declaration are approximately $163.2 million. |
Product_Sales_Revenues_Tables
Product Sales Revenues (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Product Sales Revenue [Abstract] | ||||||||
Components of Product Sales Revenues | For the three months ended March 31, 2014 and 2015, product sales revenue included the following (in thousands): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2015 | |||||||
Physical sale of petroleum products | $ | 293,240 | $ | 169,247 | ||||
NYMEX contract adjustments: | ||||||||
Change in value of NYMEX contracts that were not designated as hedging instruments associated with our butane blending and fractionation activities(1) | 2,823 | 3,880 | ||||||
Total product sales revenue | $ | 296,063 | $ | 173,127 | ||||
(1) The associated petroleum products for these activities are, to the extent still owned as of the statement date, or were, to the extent no longer owned as of the statement date, classified as inventory in current assets on our consolidated balance sheets. |
Segment_Disclosures_Tables
Segment Disclosures (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Schedule of Business Segment Reporting Information | A reconciliation of operating margin to operating profit, which is its nearest comparable GAAP financial measure, is included in the tables below. Operating profit includes depreciation and amortization expense and general and administrative ("G&A") expenses that management does not consider when evaluating the core profitability of our separate operating segments. | |||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Refined Products | Crude Oil | Marine Storage | Intersegment | Total | ||||||||||||||||
Eliminations | ||||||||||||||||||||
Transportation and terminals revenue | $ | 210,236 | $ | 67,903 | $ | 39,498 | $ | — | $ | 317,637 | ||||||||||
Product sales revenue | 293,710 | — | 2,353 | — | 296,063 | |||||||||||||||
Affiliate management fee revenue | — | 4,595 | 311 | — | 4,906 | |||||||||||||||
Total revenue | 503,946 | 72,498 | 42,162 | — | 618,606 | |||||||||||||||
Operating expenses | 51,157 | 9,058 | 14,086 | (804 | ) | 73,497 | ||||||||||||||
Cost of product sales | 197,756 | — | 284 | — | 198,040 | |||||||||||||||
Losses (earnings) of non-controlled entities | — | 180 | (646 | ) | — | (466 | ) | |||||||||||||
Operating margin | 255,033 | 63,260 | 28,438 | 804 | 347,535 | |||||||||||||||
Depreciation and amortization expense | 23,172 | 6,463 | 7,072 | 804 | 37,511 | |||||||||||||||
G&A expenses | 23,019 | 5,994 | 5,922 | — | 34,935 | |||||||||||||||
Operating profit | $ | 208,842 | $ | 50,803 | $ | 15,444 | $ | — | $ | 275,089 | ||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Refined Products | Crude Oil | Marine Storage | Intersegment | Total | ||||||||||||||||
Eliminations | ||||||||||||||||||||
Transportation and terminals revenue | $ | 216,777 | $ | 86,560 | $ | 42,263 | $ | — | $ | 345,600 | ||||||||||
Product sales revenue | 172,639 | — | 488 | — | 173,127 | |||||||||||||||
Affiliate management fee revenue | — | 3,027 | 336 | — | 3,363 | |||||||||||||||
Total revenue | 389,416 | 89,587 | 43,087 | — | 522,090 | |||||||||||||||
Operating expenses | 70,306 | 13,861 | 15,335 | (1,007 | ) | 98,495 | ||||||||||||||
Cost of product sales | 135,634 | — | 545 | — | 136,179 | |||||||||||||||
Losses (earnings) of non-controlled entities | 55 | (8,924 | ) | (721 | ) | — | (9,590 | ) | ||||||||||||
Operating margin | 183,421 | 84,650 | 27,928 | 1,007 | 297,006 | |||||||||||||||
Depreciation and amortization expense | 23,447 | 8,229 | 9,014 | 1,007 | 41,697 | |||||||||||||||
G&A expenses | 22,599 | 8,086 | 4,813 | — | 35,498 | |||||||||||||||
Operating profit | $ | 137,375 | $ | 68,335 | $ | 14,101 | $ | — | $ | 219,811 | ||||||||||
Investments_in_NonControlled_E1
Investments in Non-Controlled Entities (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Equity Method Investments | Our investments in non-controlled entities at March 31, 2015 are comprised of: | ||||||||||||
Entity | Ownership Interest | ||||||||||||
BridgeTex Pipeline Company, LLC ("BridgeTex") | 50% | ||||||||||||
Double Eagle Pipeline LLC ("Double Eagle") | 50% | ||||||||||||
Osage Pipe Line Company, LLC ("Osage") | 50% | ||||||||||||
Powder Springs Logistics, LLC | 50% | ||||||||||||
Saddlehorn Pipeline Company, LLC | 40% | ||||||||||||
Texas Frontera, LLC ("Texas Frontera") | 50% | ||||||||||||
The management fees we receive from Texas Frontera, Powder Springs, Saddlehorn and BridgeTex are reported as affiliate management fee revenue on our consolidated statements of income. For the three months ended March 31, 2014 and 2015, we received throughput revenue from Double Eagle of $0.5 million and $0.9 million, respectively, which we recognized as transportation and terminals revenue. At December 31, 2014, we recognized a $0.3 million trade accounts receivable from Double Eagle and at December 31, 2014 and March 31, 2015, we had recognized liabilities of $2.2 million and $1.5 million, respectively, to BridgeTex for pre-paid construction management fees. | |||||||||||||
In November 2014, we entered into a long-term agreement with BridgeTex for capacity on our Houston area crude oil distribution system. We recognized $8.4 million of revenue from this agreement in first quarter 2015, which we included in transportation and terminals revenue on our consolidated statements of income. We recognized a $2.6 million receivable from BridgeTex at December 31, 2014 associated with this agreement. | |||||||||||||
The financial results from Texas Frontera are included in our marine storage segment, the financial results from Osage, Double Eagle, BridgeTex and Saddlehorn are included in our crude oil segment and the financial results from Powder Springs are included in our refined products segment as earnings/losses of non-controlled entities. | |||||||||||||
A summary of our investments in non-controlled entities follows (in thousands): | |||||||||||||
BridgeTex | All Others | Consolidated | |||||||||||
Investments at December 31, 2014 | $ | 489,348 | $ | 124,519 | $ | 613,867 | |||||||
Additional investment | 7,358 | 19,645 | 27,003 | ||||||||||
Earnings of non-controlled entities: | |||||||||||||
Proportionate share of earnings | 9,019 | 1,269 | 10,288 | ||||||||||
Amortization of excess investment and capitalized interest | (510 | ) | (188 | ) | (698 | ) | |||||||
Earnings of non-controlled entities | 8,509 | 1,081 | 9,590 | ||||||||||
Less: | |||||||||||||
Distributions of earnings from investments in non-controlled entities | 8,509 | 720 | 9,229 | ||||||||||
Distributions in excess of earnings of non-controlled entities | 4,565 | 48 | 4,613 | ||||||||||
Investments at March 31, 2015 | $ | 492,141 | $ | 144,477 | $ | 636,618 | |||||||
Summarized financial information of our non-controlled entities as of and for the three months ended March 31, 2015 follows (in thousands): | |||||||||||||
BridgeTex | All Others | Consolidated | |||||||||||
Current assets | $ | 50,901 | $ | 21,535 | $ | 72,436 | |||||||
Noncurrent assets | 822,132 | 252,542 | 1,074,674 | ||||||||||
Total assets | $ | 873,033 | $ | 274,077 | $ | 1,147,110 | |||||||
Current liabilities | $ | 49,618 | $ | 11,019 | $ | 60,637 | |||||||
Noncurrent liabilities | 236 | 1,785 | 2,021 | ||||||||||
Total liabilities | $ | 49,854 | $ | 12,804 | $ | 62,658 | |||||||
Equity | $ | 823,179 | $ | 261,273 | $ | 1,084,452 | |||||||
Revenue | $ | 37,136 | $ | 9,520 | $ | 46,656 | |||||||
Net income | $ | 18,037 | $ | 2,581 | $ | 20,618 | |||||||
Inventory_Tables
Inventory (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory | Inventory at December 31, 2014 and March 31, 2015 was as follows (in thousands): | |||||||
December 31, 2014 | March 31, | |||||||
2015 | ||||||||
Refined products | $ | 67,055 | $ | 68,279 | ||||
Liquefied petroleum gases | 37,642 | 38,772 | ||||||
Transmix | 36,867 | 33,721 | ||||||
Crude oil | 10,015 | 14,068 | ||||||
Additives | 6,183 | 6,109 | ||||||
Total inventory | $ | 157,762 | $ | 160,949 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule Of Consolidated Net Periodic Benefit Costs | The following tables present our consolidated net periodic benefit costs related to the pension and postretirement benefit plans for the three months ended March 31, 2014 and 2015 (in thousands): | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
31-Mar-14 | March 31, 2015 | ||||||||||||||||
Pension | Other Post- | Pension | Other Post- | ||||||||||||||
Benefits | Retirement | Benefits | Retirement | ||||||||||||||
Benefits | Benefits | ||||||||||||||||
Components of net periodic benefit costs: | |||||||||||||||||
Service cost | $ | 3,352 | $ | 67 | $ | 4,470 | $ | 66 | |||||||||
Interest cost | 1,659 | 114 | 1,869 | 110 | |||||||||||||
Expected return on plan assets | (1,697 | ) | — | (1,896 | ) | — | |||||||||||
Amortization of prior service cost (credit) | 33 | (928 | ) | — | (928 | ) | |||||||||||
Amortization of actuarial loss | 629 | 195 | 1,347 | 225 | |||||||||||||
Net periodic benefit cost (credit) | $ | 3,976 | $ | (552 | ) | $ | 5,790 | $ | (527 | ) | |||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The changes in AOCL related to employee benefit plan assets and benefit obligations for the three months ended March 31, 2014 and 2015 were as follows: | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
31-Mar-14 | 31-Mar-15 | ||||||||||||||||
Gains (Losses) Included in AOCL | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||
Beginning balance | $ | (36,184 | ) | $ | 3,053 | $ | (63,257 | ) | $ | (1,696 | ) | ||||||
Amortization of prior service credit | 33 | (928 | ) | — | (928 | ) | |||||||||||
Amortization of actuarial loss | 629 | 195 | 1,347 | 225 | |||||||||||||
Ending balance | $ | (35,522 | ) | $ | 2,320 | $ | (61,910 | ) | $ | (2,399 | ) | ||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Consolidated Debt | Consolidated debt at December 31, 2014 and March 31, 2015 was as follows (in thousands, except as otherwise noted): | ||||||||||
December 31, 2014 | March 31, | Weighted-Average | |||||||||
2015 | Interest Rate for the Three Months Ended March 31, 2015 (1) | ||||||||||
Commercial paper(2) | $ | 296,942 | $ | — | 0.50% | ||||||
$250.0 million of 5.65% Notes due 2016 | 250,758 | 250,652 | 5.70% | ||||||||
$250.0 million of 6.40% Notes due 2018 | 257,280 | 256,764 | 5.40% | ||||||||
$550.0 million of 6.55% Notes due 2019 | 567,868 | 566,939 | 5.70% | ||||||||
$550.0 million of 4.25% Notes due 2021 | 556,304 | 556,071 | 4.00% | ||||||||
$250.0 million of 3.20% Notes due 2025(2) | — | 249,680 | 3.20% | ||||||||
$250.0 million of 6.40% Notes due 2037 | 249,017 | 249,021 | 6.40% | ||||||||
$250.0 million of 4.20% Notes due 2042 | 248,406 | 248,414 | 4.20% | ||||||||
$550.0 million of 5.15% Notes due 2043 | 556,320 | 556,296 | 5.10% | ||||||||
$250.0 million of 4.20% Notes due 2045(2) | — | 249,913 | 4.60% | ||||||||
Total debt | $ | 2,982,895 | $ | 3,183,750 | 4.70% | ||||||
-1 | Weighted-average interest rate includes the amortization/accretion of discounts, premiums and gains/losses realized on historical cash flow and fair value hedges recognized as interest expense. | ||||||||||
-2 | These borrowings were outstanding for only a portion of the three month period ending March 31, 2015. The weighted-average interest rate for these borrowings was calculated based on the number of days the borrowings were outstanding during the noted period. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Schedule Of Forward Purchase And Sales Contracts | As of March 31, 2015, we had commitments under these forward purchase and sale contracts as follows (in millions): | ||||||||||||||||||||
Notional Value | Barrels | ||||||||||||||||||||
Forward purchase contracts | $ | 72.8 | 1.8 | ||||||||||||||||||
Forward sale contracts | $ | 4.5 | 0.1 | ||||||||||||||||||
Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements | As outlined in the table below, our open NYMEX contracts and CME butane futures agreements at March 31, 2015 were as follows: | ||||||||||||||||||||
Type of Contract/Accounting Methodology | Product Represented by the Contract and Associated Barrels | Maturity Dates | |||||||||||||||||||
NYMEX - Fair Value Hedges | 0.7 million barrels of crude oil | Between December 2015 and November 2016 | |||||||||||||||||||
NYMEX - Economic Hedges(1) | 3.2 million barrels of refined products and crude oil | Between April 2015 and January 2016 | |||||||||||||||||||
CME Butane Futures Agreements - Economic Hedges | 0.3 million barrels of butane | Between April and December 2015 | |||||||||||||||||||
(1) Of the 3.2 million barrels of products we have economically hedged at March 31, 2015, we had open agreements which swap the pricing on 0.1 million of those barrels from New York harbor to Platts Group 3 or Platts Gulf Coast, which are the geographic locations where these barrels will be sold. | |||||||||||||||||||||
Derivatives and Offset Amounts [Table Text Block] | A schedule of the derivative amounts we have offset and the deposit amounts we could offset under a master netting arrangement are provided below as of December 31, 2014 and March 31, 2015 (in thousands): | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts of Liabilities Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet(1) | Margin Deposit Amounts Not Offset in the Consolidated Balance Sheet | Net Asset Amount(3) | ||||||||||||||||
Energy commodity derivatives | $ | 106,764 | $ | (10,622 | ) | $ | 96,142 | $ | (78,279 | ) | $ | 17,863 | |||||||||
31-Mar-15 | |||||||||||||||||||||
Description | Gross Amounts of Recognized Assets | Gross Amounts of Liabilities Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet(2) | Margin Deposit Amounts Not Offset in the Consolidated Balance Sheet | Net Asset Amount(3) | ||||||||||||||||
Energy commodity derivatives | $ | 55,770 | $ | (1,691 | ) | $ | 54,079 | $ | (30,412 | ) | $ | 23,667 | |||||||||
-1 | Net amount includes energy commodity derivative contracts classified as current assets, net, of $87,151, current liabilities of $5,413 and noncurrent assets of $14,404. | ||||||||||||||||||||
-2 | Net amount includes energy commodity derivative contracts classified as current assets, net, of $36,725, current liabilities of $814 and noncurrent assets of $18,168. | ||||||||||||||||||||
-3 | This represents the maximum amount of loss we would incur if our counterparties failed to perform on their derivative contracts. | ||||||||||||||||||||
Derivative Gains Included In Accumulated Other Comprehensive Loss (AOCL) | The changes in derivative activity included in AOCL for the three months ended March 31, 2014 and 2015 were as follows (in thousands): | ||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
Derivative Gains (Losses) Included in AOCL | 2014 | 2015 | |||||||||||||||||||
Beginning balance | $ | 13,627 | $ | (16,587 | ) | ||||||||||||||||
Net loss on interest rate contract cash flow hedges | (3,613 | ) | (15,465 | ) | |||||||||||||||||
Reclassification of net loss (gain) on cash flow hedges to income | (26 | ) | 200 | ||||||||||||||||||
Ending balance | $ | 9,988 | $ | (31,852 | ) | ||||||||||||||||
Derivatives And Hedging-Cash Flow Hedges | The following tables provide a summary of the effect on our consolidated statements of income for the three months ended March 31, 2014 and 2015 of derivatives accounted for under ASC 815-30, Derivatives and Hedging—Cash Flow Hedges, that were designated as hedging instruments (in thousands): | ||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Amount of Loss Recognized in AOCL on Derivative | Location of Gain Reclassified from AOCL into Income | Amount of Gain Reclassified from AOCL into Income | |||||||||||||||||||
Derivative Instrument | Effective Portion | Ineffective Portion | |||||||||||||||||||
Interest rate contracts | $ | (3,613 | ) | Interest expense | $ | 26 | $ | — | |||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Amount of Loss Recognized in AOCL on Derivative | Location of Loss Reclassified from AOCL into Income | Amount of Loss Reclassified from AOCL into Income | |||||||||||||||||||
Derivative Instrument | Effective Portion | Ineffective Portion | |||||||||||||||||||
Interest rate contracts | $ | (15,465 | ) | Interest expense | $ | (200 | ) | $ | — | ||||||||||||
Derivatives And Hedging-Overall-Subsequent Measurement | The following table provides a summary of the effect on our consolidated statements of income for the three months ended March 31, 2014 and 2015 of derivatives accounted for under ASC 815; Derivatives and Hedging—Overall, that were not designated as hedging instruments (in thousands): | ||||||||||||||||||||
Amount of Gain (Loss) Recognized on Derivative | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Location of Gain (Loss) | March 31, | ||||||||||||||||||||
Derivative Instrument | Recognized on Derivative | 2014 | 2015 | ||||||||||||||||||
NYMEX commodity contracts | Product sales revenue | $ | 2,823 | $ | 3,880 | ||||||||||||||||
NYMEX commodity contracts | Operating expenses | 365 | 1,303 | ||||||||||||||||||
CME butane futures agreements | Cost of product sales | 144 | (1,224 | ) | |||||||||||||||||
Total | $ | 3,332 | $ | 3,959 | |||||||||||||||||
Derivatives And Hedging-Designated | The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were designated as hedging instruments as of December 31, 2014 and March 31, 2015 (in thousands): | ||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
NYMEX commodity contracts | Energy commodity derivatives contracts, net | $ | 360 | Energy commodity derivatives contracts, net | $ | — | |||||||||||||||
NYMEX commodity contracts | Other noncurrent assets | 14,404 | Other noncurrent liabilities | — | |||||||||||||||||
Interest rate contracts | Other current assets | — | Other current liabilities | 26,478 | |||||||||||||||||
Total | $ | 14,764 | Total | $ | 26,478 | ||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
NYMEX commodity contracts | Energy commodity derivatives contracts, net | $ | 541 | Energy commodity derivatives contracts, net | $ | — | |||||||||||||||
NYMEX commodity contracts | Other noncurrent assets | 18,168 | Other noncurrent liabilities | — | |||||||||||||||||
Interest rate contracts | Other noncurrent assets | 965 | Other noncurrent liabilities | — | |||||||||||||||||
Total | $ | 19,674 | Total | $ | — | ||||||||||||||||
The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were not designated as hedging instruments as of December 31, 2014 and March 31, 2015 (in thousands): | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
NYMEX commodity contracts | Energy commodity derivatives contracts, net | $ | 92,000 | Energy commodity derivatives contracts, net | $ | — | |||||||||||||||
CME butane futures agreements | Energy commodity derivatives contracts, net | — | Energy commodity derivatives contracts, net | 10,622 | |||||||||||||||||
Total | $ | 92,000 | Total | $ | 10,622 | ||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
NYMEX commodity contracts | Energy commodity derivatives contracts, net | $ | 37,061 | Energy commodity derivatives contracts, net | $ | 13 | |||||||||||||||
CME butane futures agreements | Energy commodity derivatives contracts, net | — | Energy commodity derivatives contracts, net | 1,678 | |||||||||||||||||
Total | $ | 37,061 | Total | $ | 1,691 | ||||||||||||||||
LongTerm_Incentive_Plan_Tables
Long-Term Incentive Plan (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Equity-Based Incentive Compensation Expense | Our equity-based incentive compensation expense was as follows (in thousands): | |||||||||||
Three Months Ended | ||||||||||||
March 31, 2014 | ||||||||||||
Equity | Liability | Total | ||||||||||
Method | Method | |||||||||||
Performance-based awards: | ||||||||||||
2012 awards | $ | 1,022 | $ | 924 | $ | 1,946 | ||||||
2013 awards | 1,181 | 548 | 1,729 | |||||||||
2014 awards | 904 | — | 904 | |||||||||
Retention awards | 509 | — | 509 | |||||||||
Total | $ | 3,616 | $ | 1,472 | $ | 5,088 | ||||||
Allocation of LTIP expense on our consolidated statements of income: | ||||||||||||
G&A expense | $ | 4,974 | ||||||||||
Operating expense | 114 | |||||||||||
Total | $ | 5,088 | ||||||||||
Three Months Ended | ||||||||||||
31-Mar-15 | ||||||||||||
Equity | Liability | Total | ||||||||||
Method | Method | |||||||||||
Performance/market-based awards: | ||||||||||||
2013 awards | $ | 1,519 | $ | 215 | $ | 1,734 | ||||||
2014 awards | 1,623 | — | 1,623 | |||||||||
2015 awards | 1,019 | — | 1,019 | |||||||||
Retention awards | 375 | — | 375 | |||||||||
Total | $ | 4,536 | $ | 215 | $ | 4,751 | ||||||
Allocation of LTIP expense on our consolidated statements of income: | ||||||||||||
G&A expense | $ | 4,689 | ||||||||||
Operating expense | 62 | |||||||||||
Total | $ | 4,751 | ||||||||||
Distributions_Tables
Distributions (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Distributions Made to Members or Limited Partners [Abstract] | |||||||||||||
Schedule Of Distributions | Distributions we paid during 2014 and 2015 were as follows (in thousands, except per unit amounts): | ||||||||||||
Payment Date | Per Unit Cash | Total Cash Distribution to Limited Partners | |||||||||||
Distribution | |||||||||||||
Amount | |||||||||||||
2/14/14 | $ | 0.585 | $ | 132,835 | |||||||||
5/15/14 | 0.6125 | 139,079 | |||||||||||
8/14/14 | 0.64 | 145,324 | |||||||||||
11/14/14 | 0.6675 | 151,568 | |||||||||||
Total | $ | 2.505 | $ | 568,806 | |||||||||
2/13/15 | $ | 0.695 | $ | 158,061 | |||||||||
5/15/2015(1) | 0.7175 | 163,178 | |||||||||||
Total | $ | 1.4125 | $ | 321,239 | |||||||||
(1) Our general partner's board of directors declared this cash distribution on April 23, 2015 to be paid on May 15, 2015 to unitholders of record at the close of business on May 4, 2015. |
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule Of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize the carrying amounts, fair values and recurring fair value measurements recorded or disclosed as of December 31, 2014 and March 31, 2015, based on the three levels established by ASC 820; Fair Value Measurements and Disclosures (in thousands): | ||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Assets (Liabilities) | Fair Value Measurements using: | ||||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets | Significant | Significant | |||||||||||||||||
for Identical | Other | Unobservable | |||||||||||||||||||
Assets | Observable | Inputs | |||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||
(Level 2) | |||||||||||||||||||||
Energy commodity derivatives contracts – assets | $ | 96,142 | $ | 96,142 | $ | 96,142 | $ | — | $ | — | |||||||||||
Interest rate contracts – liabilities | $ | (26,478 | ) | $ | (26,478 | ) | $ | — | $ | (26,478 | ) | $ | — | ||||||||
Long-term receivables | $ | 28,611 | $ | 30,200 | $ | — | $ | — | $ | 30,200 | |||||||||||
Debt | $ | (2,982,895 | ) | $ | (3,212,462 | ) | $ | — | $ | (3,212,462 | ) | $ | — | ||||||||
As of March 31, 2015 | |||||||||||||||||||||
Assets (Liabilities) | Fair Value Measurements using: | ||||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in | Significant | Significant | |||||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Energy commodity derivatives contracts – assets | $ | 54,079 | $ | 54,079 | $ | 54,079 | $ | — | $ | — | |||||||||||
Interest rate contracts – assets | $ | 965 | $ | 965 | $ | — | $ | 965 | $ | — | |||||||||||
Long-term receivables | $ | 27,116 | $ | 28,820 | $ | — | $ | — | $ | 28,820 | |||||||||||
Debt | $ | (3,183,750 | ) | $ | (3,481,995 | ) | $ | — | $ | (3,481,995 | ) | $ | — | ||||||||
Organization_Description_of_Bu1
Organization, Description of Business and Basis of Presentation (Narrative) (Details) | Mar. 31, 2015 |
Terminal | |
Refined Products [Member] | |
Organization and Description of Business [Line Items] | |
Number of Pipeline Terminals | 52 |
Number of Independent Terminals | 27 |
Refined Products [Member] | Refined Products Transportation Services [Member] | |
Organization and Description of Business [Line Items] | |
Pipeline Length | 9,500 |
Refined Products [Member] | Ammonia Transportation Services [Member] | |
Organization and Description of Business [Line Items] | |
Pipeline Length | 1,100 |
Crude Oil Pipeline and Terminals [Member] | |
Organization and Description of Business [Line Items] | |
Pipeline Length | 1,600 |
Storage Capacity | 21,000,000 |
Leaseable Storage Capacity | 12,000,000 |
Marine Storage [Member] | |
Organization and Description of Business [Line Items] | |
Number of Independent Terminals | 5 |
Storage Capacity | 26,000,000 |
Product_Sales_Revenues_Compone
Product Sales Revenues (Components Of Product Sales Revenues) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Product Sales Revenue [Abstract] | ||||
Physical sale of petroleum products | $169,247 | $293,240 | ||
NYMEX Adjustments Included in Product Sales | 3,880 | [1] | 2,823 | [1] |
Total product sales revenue | $173,127 | $296,063 | ||
[1] | The associated petroleum products for these activities are, to the extent still owned as of the statement date, or were, to the extent no longer owned as of the statement date, classified as inventory in current assets on our consolidated balance sheets. |
Segment_Disclosures_Schedule_O
Segment Disclosures (Schedule Of Business Segment Reporting Information) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Transportation and terminals revenue | $345,600 | $317,637 |
Product sales revenue | 173,127 | 296,063 |
Affiliate management fee revenue | 3,363 | 4,906 |
Total revenue | 522,090 | 618,606 |
Operating expenses | 98,495 | 73,497 |
Cost of product sales | 136,179 | 198,040 |
Earnings of non-controlled entities | -9,590 | -466 |
Operating margin | 297,006 | 347,535 |
Depreciation and amortization expense | 41,697 | 37,511 |
G&A expenses | 35,498 | 34,935 |
Operating profit | 219,811 | 275,089 |
Operating Segments [Member] | Refined Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Transportation and terminals revenue | 216,777 | 210,236 |
Product sales revenue | 172,639 | 293,710 |
Affiliate management fee revenue | 0 | 0 |
Total revenue | 389,416 | 503,946 |
Operating expenses | 70,306 | 51,157 |
Cost of product sales | 135,634 | 197,756 |
Earnings of non-controlled entities | 55 | 0 |
Operating margin | 183,421 | 255,033 |
Depreciation and amortization expense | 23,447 | 23,172 |
G&A expenses | 22,599 | 23,019 |
Operating profit | 137,375 | 208,842 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals [Member] | ||
Segment Reporting Information [Line Items] | ||
Transportation and terminals revenue | 86,560 | 67,903 |
Product sales revenue | 0 | 0 |
Affiliate management fee revenue | 3,027 | 4,595 |
Total revenue | 89,587 | 72,498 |
Operating expenses | 13,861 | 9,058 |
Cost of product sales | 0 | 0 |
Earnings of non-controlled entities | -8,924 | 180 |
Operating margin | 84,650 | 63,260 |
Depreciation and amortization expense | 8,229 | 6,463 |
G&A expenses | 8,086 | 5,994 |
Operating profit | 68,335 | 50,803 |
Operating Segments [Member] | Marine Storage [Member] | ||
Segment Reporting Information [Line Items] | ||
Transportation and terminals revenue | 42,263 | 39,498 |
Product sales revenue | 488 | 2,353 |
Affiliate management fee revenue | 336 | 311 |
Total revenue | 43,087 | 42,162 |
Operating expenses | 15,335 | 14,086 |
Cost of product sales | 545 | 284 |
Earnings of non-controlled entities | -721 | -646 |
Operating margin | 27,928 | 28,438 |
Depreciation and amortization expense | 9,014 | 7,072 |
G&A expenses | 4,813 | 5,922 |
Operating profit | 14,101 | 15,444 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Transportation and terminals revenue | 0 | 0 |
Product sales revenue | 0 | 0 |
Affiliate management fee revenue | 0 | 0 |
Total revenue | 0 | 0 |
Operating expenses | -1,007 | -804 |
Cost of product sales | 0 | 0 |
Earnings of non-controlled entities | 0 | 0 |
Operating margin | 1,007 | 804 |
Depreciation and amortization expense | 1,007 | 804 |
G&A expenses | 0 | 0 |
Operating profit | $0 | $0 |
Investments_in_NonControlled_E2
Investments in Non-Controlled Entities (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Change in Equity Method Investments [Roll Forward] | |||
Investments at December 31, 2014 | $613,867,000 | ||
Additional Investment in NonControlled Entities | 27,003,000 | ||
Proportionate share of earnings | 10,288,000 | ||
Amortization of excess investment and capitalized interest | -698,000 | ||
Earnings of non-controlled entities | 9,590,000 | 466,000 | |
Distributions of earnings from investments in non-controlled entities | 9,229,000 | 384,000 | |
Distributions in excess of earnings of non-controlled entities | 4,613,000 | 687,000 | |
Investments at March 31, 2015 | 636,618,000 | ||
Equity Method Investment, Summarized Financial Information, Current Assets | 72,436,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 1,074,674,000 | ||
Equity Method Investment, Summarized Financial Information, Assets | 1,147,110,000 | ||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 60,637,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 2,021,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 62,658,000 | ||
Equity Method Investment Summarized Financial Information, Equity | 1,084,452,000 | ||
Equity Method Investment, Summarized Financial Information, Revenue | 46,656,000 | ||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 20,618,000 | ||
Texas Frontera Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 50.00% | ||
Powder Springs Logistics, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 50.00% | ||
Joint Venture Partner One, Ownership Interest | 50.00% | ||
Storage Capacity in Construction | 120,000 | ||
Saddlehorn Pipeline Company [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Pipeline, Length | 550 | ||
Interest in equity method investment | 40.00% | ||
Joint Venture Partner One, Ownership Interest | 40.00% | ||
Joint Venture Partner Two, Ownership Interest | 20.00% | ||
Osage Pipeline Co [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 50.00% | ||
Double Eagle Pipeline Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 50.00% | ||
BridgeTex [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 50.00% | ||
Change in Equity Method Investments [Roll Forward] | |||
Investments at December 31, 2014 | 489,348,000 | ||
Additional Investment in NonControlled Entities | 7,358,000 | ||
Proportionate share of earnings | 9,019,000 | ||
Amortization of excess investment and capitalized interest | -510,000 | ||
Earnings of non-controlled entities | 8,509,000 | ||
Distributions of earnings from investments in non-controlled entities | 8,509,000 | ||
Distributions in excess of earnings of non-controlled entities | 4,565,000 | ||
Investments at March 31, 2015 | 492,141,000 | ||
Equity Method Investment, Summarized Financial Information, Current Assets | 50,901,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 822,132,000 | ||
Equity Method Investment, Summarized Financial Information, Assets | 873,033,000 | ||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 49,618,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 236,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 49,854,000 | ||
Equity Method Investment Summarized Financial Information, Equity | 823,179,000 | ||
Equity Method Investment, Summarized Financial Information, Revenue | 37,136,000 | ||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 18,037,000 | ||
All Other Equity Investments [Member] | |||
Change in Equity Method Investments [Roll Forward] | |||
Investments at December 31, 2014 | 124,519,000 | ||
Additional Investment in NonControlled Entities | 19,645,000 | ||
Proportionate share of earnings | 1,269,000 | ||
Amortization of excess investment and capitalized interest | -188,000 | ||
Earnings of non-controlled entities | 1,081,000 | ||
Distributions of earnings from investments in non-controlled entities | 720,000 | ||
Distributions in excess of earnings of non-controlled entities | 48,000 | ||
Investments at March 31, 2015 | 144,477,000 | ||
Equity Method Investment, Summarized Financial Information, Current Assets | 21,535,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 252,542,000 | ||
Equity Method Investment, Summarized Financial Information, Assets | 274,077,000 | ||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 11,019,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 1,785,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 12,804,000 | ||
Equity Method Investment Summarized Financial Information, Equity | 261,273,000 | ||
Equity Method Investment, Summarized Financial Information, Revenue | 9,520,000 | ||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 2,581,000 | ||
Equity Method Investee [Member] | Double Eagle Pipeline Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | 900,000 | 500,000 | |
Accounts Receivable, Related Parties, Current | 300,000 | ||
Equity Method Investee [Member] | BridgeTex [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | 8,400,000 | ||
Accounts Receivable, Related Parties, Current | 2,600,000 | ||
Accounts Payable, Related Parties, Current | $1,500,000 | $2,200,000 |
Inventory_Details
Inventory (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Refined products | $68,279 | $67,055 |
Liquefied petroleum gases | 38,772 | 37,642 |
Transmix | 33,721 | 36,867 |
Crude oil | 14,068 | 10,015 |
Additives | 6,109 | 6,183 |
Total inventory | $160,949 | $157,762 |
Schedule_Of_Consolidated_Net_P
Schedule Of Consolidated Net Periodic Benefit Costs (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
pension_plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of Union Pension Plans | 2 | |
Defined Contribution Plan, Cost Recognized | $2,800,000 | $2,600,000 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 21,100,000 | |
Components of net periodic benefit costs: | ||
Service cost | 4,470,000 | 3,352,000 |
Interest cost | 1,869,000 | 1,659,000 |
Expected return on plan assets | -1,896,000 | -1,697,000 |
Amortization of prior service cost (credit) | 0 | 33,000 |
Amortization of actuarial loss | 1,347,000 | 629,000 |
Net periodic benefit cost (credit) | 5,790,000 | 3,976,000 |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 1,100,000 | |
Components of net periodic benefit costs: | ||
Service cost | 66,000 | 67,000 |
Interest cost | 110,000 | 114,000 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | -928,000 | -928,000 |
Amortization of actuarial loss | 225,000 | 195,000 |
Net periodic benefit cost (credit) | ($527,000) | ($552,000) |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans Schedule of Amounts Recognized in Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Changes in AOCL [Roll Forward] | ||||
Accumulated other comprehensive loss (Beginning Bal) | ($81,540) | |||
Amortization of prior service credit | -928 | [1] | -895 | [1] |
Amortization of actuarial loss | -1,572 | [1] | -824 | [1] |
Accumulated other comprehensive loss (Ending Bal) | -96,161 | |||
Pension Plan [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Accumulated other comprehensive loss (Beginning Bal) | -63,257 | -36,184 | ||
Amortization of prior service credit | 0 | 33 | ||
Amortization of actuarial loss | 1,347 | 629 | ||
Accumulated other comprehensive loss (Ending Bal) | -61,910 | -35,522 | ||
Other Postretirement Benefit Plan [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Accumulated other comprehensive loss (Beginning Bal) | -1,696 | 3,053 | ||
Amortization of prior service credit | -928 | -928 | ||
Amortization of actuarial loss | 225 | 195 | ||
Accumulated other comprehensive loss (Ending Bal) | ($2,399) | $2,320 | ||
[1] | See Note 6–Employee Benefit Plans for details of the changes in employee benefit plan assets and benefit obligations recognized in AOCL. |
Debt_Consolidated_Debt_Details
Debt (Consolidated Debt) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Total debt | $3,183,750,000 | $2,982,895,000 | |
Weighted-Average Interest Rate | 4.70% | [1] | |
Debt Instrument, Face Amount | 3,200,000,000 | 2,900,000,000 | |
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 296,942,000 | |
Weighted-Average Interest Rate | 0.50% | [1],[2] | |
Senior Notes [Member] | 5.65% Notes Due 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 250,652,000 | 250,758,000 | |
Weighted-Average Interest Rate | 5.70% | [1] | |
Debt Instrument, Face Amount | 250,000,000 | 250,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.65% | 5.65% | |
Senior Notes [Member] | 6.40% Notes Due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 256,764,000 | 257,280,000 | |
Weighted-Average Interest Rate | 5.40% | [1] | |
Debt Instrument, Face Amount | 250,000,000 | 250,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | 6.40% | |
Senior Notes [Member] | 6.55% Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 566,939,000 | 567,868,000 | |
Weighted-Average Interest Rate | 5.70% | [1] | |
Debt Instrument, Face Amount | 550,000,000 | 550,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.55% | 6.55% | |
Senior Notes [Member] | 4.25% Notes Due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 556,071,000 | 556,304,000 | |
Weighted-Average Interest Rate | 4.00% | [1] | |
Debt Instrument, Face Amount | 550,000,000 | 550,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | |
Senior Notes [Member] | 3.20% Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 249,680,000 | 0 | |
Weighted-Average Interest Rate | 3.20% | [1],[2] | |
Debt Instrument, Face Amount | 250,000,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | 0.00% | |
Senior Notes [Member] | 6.40% Notes Due 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 249,021,000 | 249,017,000 | |
Weighted-Average Interest Rate | 6.40% | [1] | |
Debt Instrument, Face Amount | 250,000,000 | 250,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | 6.40% | |
Senior Notes [Member] | 4.20% Notes Due 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 248,414,000 | 248,406,000 | |
Weighted-Average Interest Rate | 4.20% | [1] | |
Debt Instrument, Face Amount | 250,000,000 | 250,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | 4.20% | |
Senior Notes [Member] | 5.15% Notes Due 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 556,296,000 | 556,320,000 | |
Weighted-Average Interest Rate | 5.10% | [1] | |
Debt Instrument, Face Amount | 550,000,000 | 550,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | 5.15% | |
Senior Notes [Member] | 4.20% Notes Due 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 249,913,000 | 0 | |
Weighted-Average Interest Rate | 4.60% | [1],[2] | |
Debt Instrument, Face Amount | $250,000,000 | $0 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | 0.00% | |
[1] | Weighted-average interest rate includes the amortization/accretion of discounts, premiums and gains/losses realized on historical cash flow and fair value hedges recognized as interest expense. | ||
[2] | These borrowings were outstanding for only a portion of the three month period ending March 31, 2015. The weighted-average interest rate for these borrowings was calculated based on the number of days the borrowings were outstanding during the noted period. |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $3,200,000,000 | $2,900,000,000 | |
Debt placement costs | 4,661,000 | 2,648,000 | |
Long-term Debt | 3,183,750,000 | 2,982,895,000 | |
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Borrowing capacity | 1,000,000,000 | ||
Long-term Debt | 0 | 296,942,000 | |
Commercial Paper [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 397 days | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Borrowing capacity | 1,000,000,000 | ||
Unused commitment fee | 0.13% | ||
Long-term Debt | 0 | ||
Obligation for letters of credit | 5,600,000 | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Unused commitment fee | 0.10% | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Unused commitment fee | 0.28% | ||
Senior Notes [Member] | 3.20% Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 250,000,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | 0.00% | |
Notes At Price | 99.87% | ||
After Underwriting Discounts | 247,600,000 | ||
Debt placement costs | 2,100,000 | ||
Long-term Debt | 249,680,000 | 0 | |
Senior Notes [Member] | 4.20% Notes Due 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 250,000,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | 0.00% | |
Notes At Price | 99.97% | ||
After Underwriting Discounts | 247,300,000 | ||
Debt placement costs | 2,600,000 | ||
Long-term Debt | $249,913,000 | $0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | ||||
Derivative [Line Items] | ||||||||
Debt Instrument, Face Amount | $3,200,000,000 | $2,900,000,000 | ||||||
Net payment on financial derivatives | 42,908,000 | 3,613,000 | ||||||
Net loss on cash flow hedges(1) | -15,465,000 | [1] | -3,613,000 | [1] | ||||
Accumulated Other Comprehensive Income (Loss) Cash Flow Hedge Gain (Loss) Effective Portion | -31,852,000 | 9,988,000 | -16,587,000 | 13,627,000 | ||||
Energy commodity derivatives deposits (liability) | 31,512,000 | 84,463,000 | ||||||
Energy commodity derivatives deposits (asset) | 1,100,000 | 6,184,000 | ||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -1,500,000 | |||||||
Tank bottoms and linefill | 38,361,000 | 42,585,000 | ||||||
Fair Value Hedging [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Nonmonetary Notional Amount | 700,000 | |||||||
Fair Value Hedging [Member] | NYMEX Commodity Contracts [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Nonmonetary Notional Amount | 700,000 | 700,000 | ||||||
Tank bottoms and linefill | -17,500,000 | -13,300,000 | ||||||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | -300,000 | |||||||
Two Thousand Fifteen Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | 50,000,000 | |||||||
Derivative Asset, Fair Value, Gross Asset | 1,000,000 | |||||||
Two Thousand Fourteen Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | 250,000,000 | |||||||
Net payment on financial derivatives | -42,908,000 | |||||||
Net loss on cash flow hedges(1) | -16,400,000 | [1] | -26,500,000 | [1] | ||||
Two Thousand Twelve Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Net payment on financial derivatives | 11,000,000 | |||||||
Accumulated Other Comprehensive Income (Loss) Cash Flow Hedge Gain (Loss) Effective Portion | 10,600,000 | |||||||
Senior Notes [Member] | 4.20% Notes Due 2045 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Debt Instrument, Face Amount | $250,000,000 | $0 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | 0.00% | ||||||
[1] | See Note 8–Derivative Financial Instruments for details of the amount of gain/loss recognized in accumulated other comprehensive loss ("AOCL") on derivatives and the amount of gain/loss reclassified from AOCL into income. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Forward Purchase And Sales Contracts) (Details) (Forward Contracts [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | bbl |
Forward Contracts [Member] | |
Derivative [Line Items] | |
Forward purchase contracts, Amount | $72.80 |
Forward purchase contracts, Barrels | 1,800,000 |
Forward sale contracts, Amount | $4.50 |
Forward sale contracts, Barrels | 100,000 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements) (Details) | Mar. 31, 2015 | |
bbl | ||
Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 700,000 | |
Economic Hedges [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 3,200,000 | [1] |
Economic Hedges Futures [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 300,000 | |
Basis Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 100,000 | |
[1] | Of the 3.2 million barrels of products we have economically hedged at March 31, 2015, we had open agreements which swap the pricing on 0.1 million of those barrels from New York harbor to Platts Group 3 or Platts Gulf Coast, which are the geographic locations where these barrels will be sold. |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Schedule of Derivative Offset Amounts (Details) (Exchange Traded [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $55,770,000 | $106,764,000 | ||
Derivative Liability, Fair Value, Gross Liability | -1,691,000 | -10,622,000 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 54,079,000 | [1] | 96,142,000 | [2] |
Derivative Liability, Fair Value of Collateral | -30,412,000 | -78,279,000 | ||
Amount After Offset | 23,667,000 | [3] | 17,863,000 | [3] |
Other Current Liabilities [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | -814,000 | -5,413,000 | ||
Other Noncurrent Assets [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 18,168,000 | 14,404,000 | ||
Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $36,725,000 | $87,151,000 | ||
[1] | Net amount includes energy commodity derivative contracts classified as current assets, net, of $36,725, current liabilities of $814 and noncurrent assets of $18,168. | |||
[2] | Net amount includes energy commodity derivative contracts classified as current assets, net, of $87,151, current liabilities of $5,413 and noncurrent assets of $14,404. | |||
[3] | This represents the maximum amount of loss we would incur if our counterparties failed to perform on their derivative contracts. |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Derivative Gains Included In Accumulated Other Comprehensive Loss (AOCL) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Derivative Gains Included in AOCI [Roll Forward] | ||||
Beginning balance | ($16,587) | $13,627 | ||
Net gain (loss) on cash flow hedges | -15,465 | [1] | -3,613 | [1] |
Reclassification of net loss (gain) on cash flow hedges to income | 200 | [1] | -26 | [1] |
Ending balance | ($31,852) | $9,988 | ||
[1] | See Note 8–Derivative Financial Instruments for details of the amount of gain/loss recognized in accumulated other comprehensive loss ("AOCL") on derivatives and the amount of gain/loss reclassified from AOCL into income. |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Derivatives And Hedging-Cash Flow Hedges) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) on cash flow hedges | ($15,465) | [1] | ($3,613) | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) on cash flow hedges | -15,465 | -3,613 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -200 | 26 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $0 | $0 | ||
[1] | See Note 8–Derivative Financial Instruments for details of the amount of gain/loss recognized in accumulated other comprehensive loss ("AOCL") on derivatives and the amount of gain/loss reclassified from AOCL into income. |
Derivative_Financial_Instrumen8
Derivative Financial Instruments (Derivatives And Hedging-Overall-Subsequent Measurement) (Details) (Not Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $3,959 | $3,332 |
NYMEX Commodity Contracts [Member] | Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 3,880 | 2,823 |
NYMEX Commodity Contracts [Member] | Operating Expenses [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 1,303 | 365 |
Butane Futures Agreements [Member] | Cost of Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | ($1,224) | $144 |
Derivative_Financial_Instrumen9
Derivative Financial Instruments (Derivatives and Hedging - Designated) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $19,674 | $14,764 |
Derivative Liability, Fair Value, Gross Liability | 0 | 26,478 |
Designated as Hedging Instrument [Member] | NYMEX Commodity Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 541 | 360 |
Designated as Hedging Instrument [Member] | NYMEX Commodity Contracts [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated as Hedging Instrument [Member] | NYMEX Commodity Contracts [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 18,168 | 14,404 |
Designated as Hedging Instrument [Member] | NYMEX Commodity Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 26,478 | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 965 | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 37,061 | 92,000 |
Derivative Liability, Fair Value, Gross Liability | 1,691 | 10,622 |
Not Designated as Hedging Instrument [Member] | NYMEX Commodity Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 37,061 | 92,000 |
Not Designated as Hedging Instrument [Member] | NYMEX Commodity Contracts [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 13 | 0 |
Not Designated as Hedging Instrument [Member] | Butane Futures Agreements [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Butane Futures Agreements [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $1,678 | $10,622 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | |||
Liabilities recognized for estimated environmental costs | $36.40 | $36.30 | |
Estimated environmental liabilities, years | 10 years | ||
Environmental expenses | 1.4 | 0.3 | |
Receivables from insurance carriers related to environmental matters | 5 | 5.1 | |
Accounts Receivable [Member] | |||
Loss Contingencies [Line Items] | |||
Receivables from insurance carriers related to environmental matters | 1.2 | 1.3 | |
Other Noncurrent Assets [Member] | |||
Loss Contingencies [Line Items] | |||
Receivables from insurance carriers related to environmental matters | $3.80 | $3.80 |
LongTerm_Incentive_Plan_Narrat
Long-Term Incentive Plan (Narrative) (Details) | 1 Months Ended | ||
Feb. 28, 2015 | Jan. 31, 2015 | Mar. 31, 2015 | |
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | |||
Limited partners' capital account, units authorized for issuance | 9,400,000 | ||
Limited partner unitholders, units remaining available | 1,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 166,189 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Partners' Capital Account, Units, Unit-based Compensation | 358,072 | ||
Management [Member] | |||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | |||
Partners' Capital Account, Units, Unit-based Compensation | 354,529 | ||
Director [Member] | |||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | |||
Partners' Capital Account, Units, Unit-based Compensation | 3,543 |
LongTerm_Incentive_Plan_Equity
Long-Term Incentive Plan (Equity-Based Incentive Compensation Expense) (Details) (Management [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | $4,751 | $5,088 |
G&A Expense [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 4,689 | 4,974 |
Operating Expenses [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 62 | 114 |
Equity Method [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 4,536 | 3,616 |
Liability Method [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 215 | 1,472 |
Performance Based Awards [Member] | Two Thousand Twelve Awards [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 1,946 | |
Performance Based Awards [Member] | Two Thousand Twelve Awards [Member] | Equity Method [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 1,022 | |
Performance Based Awards [Member] | Two Thousand Twelve Awards [Member] | Liability Method [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 924 | |
Performance Based Awards [Member] | Two Thousand Thirteen Awards [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 1,734 | 1,729 |
Performance Based Awards [Member] | Two Thousand Thirteen Awards [Member] | Equity Method [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 1,519 | 1,181 |
Performance Based Awards [Member] | Two Thousand Thirteen Awards [Member] | Liability Method [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 215 | 548 |
Performance Based Awards [Member] | Two Thousand Fourteen Awards [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 1,623 | 904 |
Performance Based Awards [Member] | Two Thousand Fourteen Awards [Member] | Equity Method [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 1,623 | 904 |
Performance Based Awards [Member] | Two Thousand Fourteen Awards [Member] | Liability Method [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 0 | 0 |
Performance Based Awards [Member] | Two Thousand Fifteen Awards [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 1,019 | |
Performance Based Awards [Member] | Two Thousand Fifteen Awards [Member] | Equity Method [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 1,019 | |
Performance Based Awards [Member] | Two Thousand Fifteen Awards [Member] | Liability Method [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 0 | |
Retention Awards [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 375 | 509 |
Retention Awards [Member] | Equity Method [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 375 | 509 |
Retention Awards [Member] | Liability Method [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | $0 | $0 |
Distributions_Schedule_Of_Dist
Distributions (Schedule Of Distributions) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | 15-May-14 | Feb. 14, 2014 | Dec. 31, 2014 | 15-May-15 | Jun. 30, 2015 | |
Per Unit Cash Distribution Amount | $0.70 | $0.67 | $0.64 | $0.61 | $0.59 | $2.50 | |||
Total Cash Distribution to Limited Partners | $158,061 | $151,568 | $145,324 | $139,079 | $132,835 | $568,806 | |||
Scenario, Forecast | |||||||||
Per Unit Cash Distribution Amount | $0.72 | [1] | $1.41 | ||||||
Total Cash Distribution to Limited Partners | $163,178 | [1] | $321,239 | ||||||
[1] | Our general partner's board of directors declared this cash distribution on April 23, 2015 to be paid on May 15, 2015 to unitholders of record at the close of business on May 4, 2015. |
Fair_Value_Schedule_Of_Carryin
Fair Value (Schedule Of Carrying Amounts And Fair Values Of Financial Assets/Liabilities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | NYMEX Commodity Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | $54,079 | $96,142 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | -3,481,995 | -3,212,462 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 965 | |
Derivative liability | -26,478 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | 28,820 | 30,200 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | 28,820 | 30,200 |
Debt | -3,481,995 | -3,212,462 |
Estimate of Fair Value Measurement [Member] | NYMEX Commodity Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 54,079 | 96,142 |
Estimate of Fair Value Measurement [Member] | Interest Rate Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 965 | |
Derivative liability | -26,478 | |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | 27,116 | 28,611 |
Debt | -3,183,750 | -2,982,895 |
Reported Value Measurement [Member] | NYMEX Commodity Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 54,079 | 96,142 |
Reported Value Measurement [Member] | Interest Rate Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 965 | |
Derivative liability | ($26,478) |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Director [Member], Targa Resource Partners L P [Member], USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Director [Member] | Targa Resource Partners L P [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $8.80 | $12.20 | |
Accounts Payable, Related Parties | $1.50 | $0.90 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | 15-May-14 | Feb. 14, 2014 | Dec. 31, 2014 | 15-May-15 | Jun. 30, 2015 | |
Subsequent Event [Line Items] | |||||||||
Cash distribution per unit | $0.70 | $0.67 | $0.64 | $0.61 | $0.59 | $2.50 | |||
Total cash distributions | $158,061 | $151,568 | $145,324 | $139,079 | $132,835 | $568,806 | |||
Scenario, Forecast | |||||||||
Subsequent Event [Line Items] | |||||||||
Cash distribution per unit | $0.72 | [1] | $1.41 | ||||||
Total cash distributions | $163,178 | [1] | $321,239 | ||||||
[1] | Our general partner's board of directors declared this cash distribution on April 23, 2015 to be paid on May 15, 2015 to unitholders of record at the close of business on May 4, 2015. |