Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 18, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MAGELLAN MIDSTREAM PARTNERS LP | ||
Entity Central Index Key | 1,126,975 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 227,781,033 | ||
Entity Public Float | $ 16,650,375,615 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Transportation and terminals revenue | $ 1,544,746 | $ 1,459,267 | $ 1,188,452 |
Product sales revenue | 629,836 | 878,974 | 744,669 |
Affiliate management fee revenue | 13,871 | 22,111 | 14,609 |
Total revenue | 2,188,453 | 2,360,352 | 1,947,730 |
Costs and expenses: | |||
Operating | 525,902 | 500,901 | 396,194 |
Cost of product sales | 447,273 | 594,585 | 578,029 |
Depreciation and amortization | 166,812 | 161,741 | 142,230 |
General and administrative | 151,329 | 148,288 | 132,496 |
Total costs and expenses | 1,291,316 | 1,405,515 | 1,248,949 |
Earnings of non-controlled entities | 66,483 | 19,394 | 6,275 |
Operating profit | 963,620 | 974,231 | 705,056 |
Interest expense | 158,895 | 145,862 | 132,887 |
Interest income | (1,276) | (1,540) | (342) |
Interest capitalized | (14,442) | (22,803) | (14,339) |
Other expense (income) | (1,015) | 8,573 | 0 |
Income before provision for income taxes | 821,458 | 844,139 | 586,850 |
Provision for income taxes | 2,336 | 4,620 | 4,613 |
Net income | $ 819,122 | $ 839,519 | $ 582,237 |
Basic net income per limited partner unit (in dollars per unit) | $ 3.60 | $ 3.69 | $ 2.57 |
Diluted net income per limited partner unit (in dollars per unit) | $ 3.59 | $ 3.69 | $ 2.56 |
Weighted average number of limited partner units outstanding used for basic net income per unit calculation (in units) | 227,550 | 227,260 | 226,829 |
Weighted average number of limited partner units outstanding used for diluted net income per unit calculation (in units) | 227,888 | 227,626 | 227,094 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||||||||||
Net income | $ 207,123 | $ 250,972 | $ 177,391 | $ 183,636 | $ 252,085 | $ 198,620 | $ 146,260 | $ 242,554 | $ 819,122 | $ 839,519 | $ 582,237 | |
Other comprehensive income: | ||||||||||||
Net loss on cash flow hedges(1) | [1] | (14,904) | (30,090) | (4,744) | ||||||||
Reclassification of net loss (gain) on cash flow hedges to income(1) | [1] | 1,365 | (124) | 4,245 | ||||||||
Net actuarial (loss) gain(2) | [2] | (8,359) | (33,937) | 14,089 | ||||||||
Plan amendment(2) | [2] | 3,610 | 0 | 0 | ||||||||
Amortization of prior service credit(2) | [2] | (3,713) | (3,680) | (3,405) | ||||||||
Amortization of actuarial loss(2) | [2] | 7,191 | 3,986 | 5,369 | ||||||||
Settlement cost(2) | [2] | 0 | 1,809 | 0 | ||||||||
Total other comprehensive income (loss) | (14,810) | (62,036) | 15,554 | |||||||||
Comprehensive income | $ 804,312 | $ 777,483 | $ 597,791 | |||||||||
[1] | See Note 13–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 10–Employee Benefit Plans for additional detail of the changes in employee benefit plan assets and benefit obligations that are recognized in other comprehensive income (loss). |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 28,731 | $ 17,063 |
Trade accounts receivable | 83,893 | 84,465 |
Other accounts receivable | 12,701 | 15,711 |
Inventory | 130,868 | 157,762 |
Energy commodity derivatives contracts, net | 39,243 | 87,151 |
Energy commodity derivatives deposits | 0 | 6,184 |
Other current assets | 43,418 | 34,331 |
Total current assets | 338,854 | 402,667 |
Property, plant and equipment | 6,166,766 | 5,533,935 |
Less: accumulated depreciation | 1,347,537 | 1,204,601 |
Net property, plant and equipment | 4,819,229 | 4,329,334 |
Investments in non-controlled entities | 765,628 | 613,867 |
Long-term receivables | 20,374 | 28,611 |
Goodwill | 53,260 | 53,260 |
Other intangibles (less accumulated amortization of $11,526 and $13,709 at December 31, 2014 and 2015, respectively) | 1,856 | 4,573 |
Tank bottoms | 27,533 | 42,585 |
Other noncurrent assets | 14,833 | 26,512 |
Total assets | 6,041,567 | 5,501,409 |
Current liabilities: | ||
Accounts payable | 104,094 | 97,131 |
Accrued payroll and benefits | 51,764 | 48,298 |
Accrued interest payable | 51,296 | 45,973 |
Accrued taxes other than income | 51,587 | 47,888 |
Environmental liabilities | 15,679 | 10,564 |
Deferred revenue | 81,627 | 71,142 |
Accrued product purchases | 31,339 | 44,355 |
Energy commodity derivatives contracts, net | 0 | 5,413 |
Energy commodity derivatives deposits | 24,252 | 84,463 |
Current portion of long-term debt | 250,335 | 0 |
Other current liabilities | 51,099 | 80,928 |
Total current liabilities | 713,072 | 536,155 |
Long-term debt | 3,189,287 | 2,967,019 |
Long-term pension and benefits | 77,551 | 75,155 |
Other noncurrent liabilities | 24,162 | 29,069 |
Environmental liabilities | $ 15,759 | $ 25,778 |
Commitments and contingencies | ||
Partners' capital: | ||
Limited partner unitholders (227,068 units and 227,427 units outstanding at December 31, 2014 and 2015, respectively) | $ 2,118,086 | $ 1,949,773 |
Accumulated other comprehensive loss | (96,350) | (81,540) |
Total partners’ capital | 2,021,736 | 1,868,233 |
Total liabilities and partners' capital | $ 6,041,567 | $ 5,501,409 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Other intangibles, accumulated amortization | $ 13,709 | $ 11,526 |
Limited partner unitholders, units outstanding | 227,427,247 | 227,068,257 |
Consolidated Statments of Cash
Consolidated Statments of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities: | |||
Net income | $ 819,122 | $ 839,519 | $ 582,237 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 166,812 | 161,741 | 142,230 |
Loss on sale and retirement of assets | 7,871 | 7,223 | 7,835 |
Earnings of non-controlled entities | (66,483) | (19,394) | (6,275) |
Distributions from investments in non-controlled entities | 66,285 | 3,086 | 2,494 |
Equity-based incentive compensation expense | 24,245 | 27,284 | 24,083 |
Settlement cost, amortization of prior service credit and actuarial loss | 3,478 | 2,115 | 1,964 |
Changes in components of operating assets and liabilities (Note 3) | 48,362 | 85,727 | 18,508 |
Net cash provided by operating activities | 1,069,692 | 1,107,301 | 773,076 |
Investing Activities: | |||
Additions to property, plant and equipment | (621,151) | (363,250) | (421,435) |
Proceeds from sale and disposition of assets | 3,371 | 10,780 | 3,610 |
Acquisition of assets | 0 | (75,000) | (22,506) |
Acquisition of business | (54,678) | 0 | (192,000) |
Investments in non-controlled entities | (152,466) | (408,001) | (250,495) |
Distributions in excess of earnings of non-controlled entities | 14,155 | 5,487 | 780 |
Net cash used by investing activities | (810,769) | (829,984) | (882,046) |
Financing Activities: | |||
Distributions paid | (662,948) | (568,806) | (475,461) |
Net commercial paper borrowings (repayments) | (16,981) | 296,942 | 0 |
Borrowings under long-term notes | 499,589 | 257,713 | 298,680 |
Payments on notes | 0 | (250,000) | 0 |
Debt placement costs | (6,223) | (2,912) | (4,849) |
Net payment on financial derivatives | (42,908) | (3,613) | (184) |
Settlement of tax withholdings on equity-based incentive compensation | (17,784) | (14,813) | (12,259) |
Net cash used by financing activities | (247,255) | (285,489) | (194,073) |
Change in cash and cash equivalents | 11,668 | (8,172) | (303,043) |
Cash and cash equivalents at beginning of period | 17,063 | 25,235 | 328,278 |
Cash and cash equivalents at end of period | 28,731 | 17,063 | 25,235 |
Noncash Investing and Financing Items [Abstract] | |||
Contribution of property, plant and equipment to a non-controlled entity | 13,252 | 0 | 0 |
Issuance of limited partner units in settlement of equity-based incentive plan awards | 8,045 | 7,315 | 6,404 |
(1) Additions to property, plant and equipment | (623,289) | (366,445) | (383,757) |
Increase (decrease) in accounts payable related to capital expenditures | 2,138 | 3,195 | (37,678) |
Additions to property, plant and equipment | $ (621,151) | $ (363,250) | $ (421,435) |
Consolidated Statement Of Partn
Consolidated Statement Of Partners' Capital - USD ($) $ in Thousands | Total | Limited Partner [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at Dec. 31, 2012 | $ 1,515,702 | $ 1,550,760 | $ (35,058) |
Comprehensive income: | |||
Net income | 582,237 | 582,237 | |
Total other comprehensive income | 15,554 | 15,554 | |
Total comprehensive income (loss) | 597,791 | 582,237 | 15,554 |
Distributions | (475,461) | (475,461) | |
Equity-based incentive compensation expense | 15,532 | 15,532 | |
Issuance of limited partner units in settlement of equity-based incentive plan awards | 6,404 | 6,404 | |
Settlement of tax withholdings on equity-based incentive compensation | (12,259) | (12,259) | |
Other | (267) | (267) | |
Balance at Dec. 31, 2013 | 1,647,442 | 1,666,946 | (19,504) |
Comprehensive income: | |||
Net income | 839,519 | 839,519 | |
Total other comprehensive income | (62,036) | (62,036) | |
Total comprehensive income (loss) | 777,483 | 839,519 | (62,036) |
Distributions | (568,806) | (568,806) | |
Equity-based incentive compensation expense | 19,963 | 19,963 | |
Issuance of limited partner units in settlement of equity-based incentive plan awards | 7,315 | 7,315 | |
Settlement of tax withholdings on equity-based incentive compensation | (14,813) | (14,813) | |
Other | (351) | (351) | |
Balance at Dec. 31, 2014 | 1,868,233 | 1,949,773 | (81,540) |
Comprehensive income: | |||
Net income | 819,122 | 819,122 | |
Total other comprehensive income | (14,810) | (14,810) | |
Total comprehensive income (loss) | 804,312 | 819,122 | (14,810) |
Distributions | (662,948) | (662,948) | |
Equity-based incentive compensation expense | 22,248 | 22,248 | |
Issuance of limited partner units in settlement of equity-based incentive plan awards | 8,045 | 8,045 | |
Settlement of tax withholdings on equity-based incentive compensation | (17,784) | (17,784) | |
Other | (370) | (370) | |
Balance at Dec. 31, 2015 | $ 2,021,736 | $ 2,118,086 | $ (96,350) |
Organization And Description Of
Organization And Description Of Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization And Description Of Business | Organization and Description of Business 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 trade 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 December 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 28 independent terminals not connected to our pipeline system and our 1,100 -mile ammonia pipeline system; • our crude oil segment, comprised of approximately 1,700 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 22 million barrels, of which 14 million 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. Description of Products Terminology common in our industry includes the following terms, which describe products that we transport, store and distribute through our pipelines and terminals: • 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. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation. Our consolidated financial statements include our refined products, crude oil and marine storage segments. We consolidated all entities in which we have a controlling ownership interest. We apply the equity method of accounting to investments in entities over which we exercise significant influence but do not have control. We have eliminated all intercompany transactions. Revision of Previously Reported Revenue and Operating Expenses. Historically, we have recorded tender deductions received from customers as an offset to operating expenses. We have concluded that these amounts should have been recorded as revenue. As a result, such amounts have been retrospectively adjusted to reflect tender deductions as transportation and terminals revenue for all periods presented herein. The adjustment impacts revenue and operating expenses as noted in the table below, but has no impact on net income, net income per unit, cash flows or distributable cash flow. We concluded that these errors were not material to any of the periods affected. Year ended December 31, 2013 2014 As reported: Transportation and terminals revenue $ 1,138,328 $ 1,402,638 Costs and expenses: Operating $ 346,070 $ 444,272 Effect of adjustments: Transportation and terminals revenue $ 50,124 $ 56,629 Costs and expenses: Operating $ 50,124 $ 56,629 As revised: Transportation and terminals revenue $ 1,188,452 $ 1,459,267 Costs and expenses: Operating $ 396,194 $ 500,901 Use of Estimates. The preparation of our consolidated financial statements in conformity with generally accepted accounting principles in the U.S. ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities that exist at the date of our consolidated financial statements, as well as their impact on the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. Cash Equivalents. Cash and cash equivalents include demand and time deposits and funds that own highly marketable securities with original maturities of three months or less when acquired. We periodically assess the financial condition of the institutions where we hold these funds, and, at December 31, 2014 and 2015 , we believed our credit risk relative to these funds was minimal. Accounts Receivable and Allowance for Doubtful Accounts. Accounts receivable represent valid claims against customers. We recognize accounts receivable when we sell products or render services and collection of the receivable is probable. We extend credit terms to certain customers based on historical dealings and to other customers after a review of various credit indicators. We establish an allowance for doubtful accounts for all or any portion of an account where we consider collections to be at risk and evaluate reserves no less than quarterly to determine their adequacy. Judgments relative to at-risk accounts include the customers' current financial condition, the customers' historical relationship with us and current and projected economic conditions. We write off accounts receivable when we deem an account uncollectible. Inventory. Inventory is comprised primarily of refined products, liquefied petroleum gases, transmix, crude oil and additives, which are stated and relieved at the lower of average cost or market. Property, Plant and Equipment. Property, plant and equipment consist primarily of pipeline, pipeline-related equipment, storage tanks and processing equipment. We state property, plant and equipment at cost except for certain acquired assets recorded at fair value on their respective acquisition dates and impaired assets. We record impaired assets at fair value on the last impairment evaluation date for which an adjustment was required. We assign asset lives based on reasonable estimates when we place an asset into service. Subsequent events could cause us to change our estimates, which would affect the future calculation of depreciation expense. The range of depreciable lives by asset category is detailed in Note 8— Property, Plant and Equipment . When we sell or retire property, plant and equipment, we remove its carrying value and the related accumulated depreciation from our accounts and record any associated gains or losses on our consolidated statements of income in the period of sale or disposition. We capitalize expenditures to replace existing assets and retire the replaced assets. We capitalize expenditures when they extend the useful life, increase the productivity or capacity or improve the safety or efficiency of the asset. We capitalize direct project costs such as labor and materials as incurred. Indirect project costs, such as overhead, are capitalized based on a percentage of direct labor charged to the respective capital project. We charge expenditures for maintenance, repairs and minor replacements to operating expense in the period incurred. Investments in Non-Controlled Entities. We account for investments greater than 20% in affiliates that we do not control using the equity method of accounting. Under this method, an investment is recorded at our acquisition cost or capital contributions, as adjusted by contractual terms, plus equity in earnings or losses since acquisition or formation, plus interest capitalized, less distributions received and amortization of interest capitalized and excess net investment. Excess net investment is the amount by which our investment in a non-controlled entity exceeded our proportionate share of the book value of the net assets of that investment. We amortize excess net investment over the weighted-average depreciable asset lives of the equity investee. Our unamortized excess net investment was $79.0 million and $76.7 million at December 31, 2014 and 2015 , respectively. The amount of unamortized excess investment is primarily related to our investment in BridgeTex. We evaluate equity method investments for impairment whenever events or circumstances indicate that there is an other-than-temporary loss in value of the investment. In the event that we determine that the loss in value of an investment is other-than-temporary, we would record a charge to earnings to adjust the carrying value to fair value. We recognized no equity investment impairments during 2013 , 2014 and 2015 . Goodwill and Other Intangible Assets. Goodwill resulting from a business combination is not subject to amortization. We test goodwill at the reporting unit level for impairment on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. We amortize other intangible assets over their estimated useful lives of 5 years up to 25 years. The weighted-average asset life of our other intangible assets at December 31, 2015 was approximately 6 years. We adjust the useful lives of our other intangible assets if events or circumstances indicate there has been a change in the remaining useful lives. We eliminate from our balance sheets the gross carrying amount and the related accumulated amortization for any fully amortized intangibles in the year they are fully amortized. We review our other intangible assets for impairment whenever events or changes in circumstances indicate we should assess the recoverability of the carrying amount of the intangible asset. We recognized no impairments for other intangible assets in 2013 , 2014 and 2015 . Tank Bottoms. A contract we have with a customer at our crude oil terminal in Cushing, Oklahoma requires us to maintain a minimum volume of crude oil in the tanks they utilize at that facility. Because of this contractual requirement, the crude oil we own at that facility is not sold in the normal course of our business; therefore, we classify these crude oil barrels as a long-term asset carried at cost adjusted for gains or losses on certain derivative contracts classified as fair value hedges. Impairment of Long-Lived Assets. We evaluate our long-lived assets of identifiable business activities, other than those held for sale, for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. We base the determination of whether impairment has occurred on management's estimate of undiscounted future cash flows attributable to the assets as compared to the carrying value of the assets. We calculate the amount of the impairment recognized as the excess of the carrying amount of the asset over the fair value of the assets, as determined either through reference to similar asset sales or by estimating the fair value using a discounted cash flow approach. Judgments and assumptions are inherent in management's estimate of undiscounted future cash flows used to determine recoverability of an asset and the estimate of an asset's fair value used to calculate the amount of impairment to recognize. The use of alternate judgments and assumptions could result in the recognition of different levels of impairment charges in the financial statements. Interest Capitalized. During construction, we capitalize interest on all construction projects requiring a completion period of three months or longer and total project costs exceeding $0.5 million . The interest we capitalize is based on the weighted-average interest rate of our debt. The weighted average rates used to capitalize interest on borrowed funds was 5.2% , 4.9% and 4.7% for the years ended December 31, 2013 , 2014 and 2015 , respectively. Pension and Postretirement Medical and Life Benefit Obligations. We sponsor three pension plans that cover substantially all of our employees, a postretirement medical and life benefit plan for certain employees and a defined contribution plan. Our pension and postretirement benefit liabilities represent the funded status of the present value of benefit obligations of these plans. We develop pension, postretirement medical and life benefits costs from actuarial valuations. We establish actuarial assumptions to anticipate future events and use those assumptions when calculating the expense and liabilities related to these plans. These factors include assumptions management makes concerning interest rates, expected investment return on plan assets, health care costs trend rates, turnover rates and rates of future compensation increases, among others. In addition, we use subjective factors such as withdrawal and mortality rates to develop actuarial valuations. Management reviews and updates these assumptions on an annual basis. The actuarial assumptions that we use may differ from actual results due to changing market rates or other factors. These differences could affect the amount of pension and postretirement medical and life benefit expense we will recognize in future periods. Derivative Financial Instruments. We use derivative instruments to manage market price risks associated with inventories, interest rates, our tank bottom and linefill assets and certain forecasted transactions. Our policies prohibit us from engaging in speculative trading activities. For certain physical forward commodity derivative contracts, accounting guidance provides for and we apply the normal purchase / normal sale exception, whereby changes in the mark-to-market values of such contracts are not recognized in income, rather the revenues and expenses associated with such transactions are recognized during the period when commodities are physically delivered or received. Physical forward commodity contracts subject to this exception are evaluated for the probability of future delivery and are periodically back-tested once the forecasted period has passed to determine whether similar forward contracts are probable of physical delivery in the future. For all other derivative contracts, we record the agreements on our balance sheets at fair value. For those instruments that qualify for hedge accounting, the accounting treatment depends on their intended use and their designation. We divide derivative financial instruments qualifying for hedge accounting treatment into two categories: (1) cash flow hedges and (2) fair value hedges. We execute cash flow hedges to hedge against the variability in cash flows related to a forecasted transaction and execute fair value hedges to hedge against the changes in the value of a recognized asset or liability. At the inception of a hedged transaction, we document the relationship between the hedging instrument and the hedged item, the risk management objectives and the methods used for assessing and testing correlation and hedge effectiveness. We also assess, both at the inception of the hedge and on an on-going basis, whether the derivatives that are used in our hedging transactions are highly effective in offsetting changes in cash flows or fair value of the hedged item. If we determine that a derivative originally designated as a cash flow or fair value hedge is no longer highly effective, we discontinue hedge accounting prospectively and record the change in the fair value of the derivative in current earnings. The change in fair value of derivative financial instruments that are not designated as a hedging instrument or that do not qualify for the normal purchase / normal sales exception is included in current earnings. As part of our risk management process, we assess the creditworthiness of the financial and other institutions with which we execute financial derivatives. Such financial instruments involve the risk of non-performance by the counterparty, which could result in material losses to us. We have entered into NYMEX commodity based futures contracts to hedge against price changes on a portion of the petroleum products we expect to sell in the future and changes in the fair value of our tank bottoms and linefill. Some of these contracts have qualified as cash flow or fair value hedges, while others have not. We record the effective portion of the gains or losses for those contracts that qualify for and are designated as cash flow hedges in other comprehensive income and the ineffective portion in product sales revenue. We reclassify gains and losses from contracts that qualify as cash flow hedges from other comprehensive income to product sales revenue when the hedged transaction occurs and we terminate the derivative agreement. 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. We recognize the change in fair value of those agreements that are not designated as hedges in product sales revenue, except for those undesignated agreements that economically hedge the inventories associated with our pipeline system overages. We record the change in fair value of those agreements in operating expenses. In addition, we have entered into NYMEX commodity based futures contracts to hedge against changes in the price of butane we expect to purchase in the future. We account for all of these agreements as economic hedges, with period changes in the fair value of these agreements recorded as adjustments to cost of product sales. We use interest rate derivatives to help manage interest rate risk. We record any ineffectiveness on derivatives designated as hedging instruments to interest expense and the change in fair value of interest rate derivatives that we do not designate as hedging instruments to other income or expense in our results of operations. For the effective portion of interest rate cash flow hedges, we record the noncurrent portion of unrealized gains or losses as an adjustment to other comprehensive income with the current portion recorded as an adjustment to interest expense. For the effective portion of fair value hedges on long-term debt, we record the noncurrent portion of gains or losses as an adjustment to long-term debt with the current portion recorded as an adjustment to interest expense. Revenue Recognition. Sales revenue is recognized based on contracts or other persuasive evidence of an arrangement with the customer that includes fixed or determinable prices in which collectability is reasonably assured. Product sales revenue is recognized for products upon delivery and when the customer assumes the risks and rewards of ownership. We recognize pipeline transportation revenue for crude oil shipments when our customers take possession of their product from our system. For ammonia shipments and shipments of refined products under published tariffs that combine transportation and terminalling services, we recognize revenue when our customers take possession of their product from our system. For all other shipments, where terminalling services are not included in the tariff, we recognize revenue when our customers' product arrives at the customer-designated destination. We have certain agreements that require counterparties to ship a minimum volume over an agreed-upon period. Revenue pursuant to such agreements is recognized at the earlier of when the volume is shipped or when the counterparty’s ability to meet the minimum volume commitment has expired. The tariffs we charge for our pipeline transportation systems are primarily regulated by the Federal Energy Regulatory Commission (“FERC”); however, certain tariffs are regulated by the Surface Transportation Board or state regulatory authorities. Our tariffs include provisions which allow us to deduct from our customer's inventory a small percentage of the products our customers transport on our pipeline systems. We refer to these product quantities as tender deductions. We receive tender deductions from our customers as consideration for product losses during the transportation of their refined products or crude oil within our pipeline systems. Our customers are guaranteed delivery of the amount of their injected volumes, net of tender deductions, irrespective of what our actual product losses may be during the delivery process. Tender deduction revenue is recognized when the transportation service is complete and is recorded at the fair value of the product received. We recognize injection service fees associated with additives upon injection to the customer's product, which occurs at the time we deliver the product to our customers. We recognize leased tank storage, pipeline capacity leases, terminalling, throughput, ethanol loading and unloading services, laboratory testing, data services, pipeline operation fees and other miscellaneous service-related revenue upon completion of contract services. We recognize product sales upon delivery of the product to the customer. We record back-to-back purchases and sales of refined products where we are acting as an agent to facilitate refined product sales between a supplier and a customer on a net basis. Deferred Transportation Revenue and Costs. Generally, we invoice customers on our refined products pipeline for transportation services when their product enters our system. At each period end, we record all invoiced amounts associated with products that have not yet been delivered (in-transit products) as a deferred liability. The value of this liability is calculated as the total of the volume of each product type, for each pipeline region, multiplied by the average tariff rate for that product type for the most recent month invoiced to our customers. We use the most recent month's average tariff rate because the product in our pipeline system generally turns over every month. Additionally, at each period end, we defer the direct costs we have incurred associated with these in-transit products, until delivery occurs, as a deferred asset. These direct costs are estimated based on our average per-barrel direct delivery cost for the current year multiplied by the total in-transit barrels in our system at the end of the period multiplied by 50% to reflect the average transportation costs incurred for all products across all our pipeline systems. We use 50% of the in-transit barrels because that best represents the average delivery point of all barrels in our pipeline system. These deferred revenues and costs are determined using judgments and assumptions that management considers reasonable. Pipeline Over/Short Product. Each period end we measure the volume of each type of product in our pipeline system, which is compare d to the volumes of our customers' inventories (as adjusted for tender deductions). To the extent that the product volumes in our pipeline system exceeds the volumes of our customers' book inventories, we increase our product inventories and recognize a gain; however, to the extent the product in our pipeline system is less than our customers' book inventories, we record a liability (for product owed to our customers) and recognize a loss. The product gains and losses we recognize are recorded based on period-end product market prices, and we include those gains or losses in operating expenses on our consolidated statements of income. Excise Taxes Charged to Customers . Revenues are recorded net of all amounts charged to our customers for excise taxes. Equity-Based Incentive Compensation. The compensation committee of our general partner’s board of directors (the “compensation committee") has approved incentive awards of phantom units representing limited partner interests in us to certain employees and to independent members of our general partner’s board of directors. The phantom unit awards granted include: (i) performance-based awards which are issued to officers, managers and other key employees (“performance-based awards”), (ii) time-based awards which are issued to certain officers, managers and key employees (“time-based awards”), and (iii) performance awards which are issued to independent members of our general partner’s board of directors (“director awards”). All of the performance-based, time-based and director awards include tandem distribution equivalent rights. We classify our performance-based and time-based unit awards as equity and we classify the director awards as liability awards. Fair value for award grants classified as equity is determined on the grant date of the award, and we recognize this value as compensation expense ratably over the requisite service period, which is the vesting period of each unit award. Because all of our outstanding unit awards contain tandem distribution equivalent rights, the per-unit fair value of our equity awards is the closing price of our limited partner units on the grant date. However, the per-unit fair value of our performance-based unit awards also includes the fair value of the market-based component of those awards. Compensation expense for our equity unit awards is calculated as the number of unit awards less estimated forfeitures, multiplied by the per unit grant date fair value of those awards, multiplied by the percentage of the requisite service period completed at each period end, multiplied by the expected payout percentage, less previously-recognized compensation expense. Compensation expense for our liability awards is calculated as the number of phantom units awarded, multiplied by the per unit fair value of those awards on the last day of the reporting period, less previously-recognized compensation expense. Performance-based awards issued in 2014 and 2015 include provisions that can result in payouts to the recipients of these awards of 0% to 200% of the targeted amount of the award. Additionally, these performance-based awards are subject to a total unitholder return market performance adjustment, which could increase or decrease the payout of these awards by as much as 50% . The market performance adjustment component is based on our total unitholder return compared to the total unitholder returns of specified peer companies. Judgments and assumptions of the final award payouts are inherent in the accruals recorded for equity-based incentive compensation costs. The use of alternate judgments and assumptions could result in the recognition of different levels of equity-based incentive compensation costs. Payouts related to time-based awards are based solely on the completion of the requisite service period by the employee. Time-based awards contain no provisions which would provide for a payout to the employee of anything other than the original number of units awarded and the associated tandem distribution equivalents. The vesting period for both the performance-based and time-based awards is generally three years; however, certain awards have been issued with shorter vesting periods while others have vesting periods of up to four years. We settle performance-based and time-based awards that have vested by issuing new limited partner units, except for the associated statutory minimum tax withholding, which we settle by paying in cash. Director awards may be deferred and may be settled in cash or by issuing limited partner units. Director awards deferred prior to 2015 are paid in January of the year following the director’s death or resignation from the board of directors of our general partner. Director awards deferred after January 1, 2015 are paid 60 days following the director’s death or resignation from the board of directors of our general partner. Contingencies and Environmental. Certain conditions may exist as of the date our consolidated financial statements are issued that could result in a loss to us, but which will only be resolved when one or more future events occur or fail to occur. Our management assesses such contingent liabilities, which inherently involves significant judgment. In assessing loss contingencies related to legal proceedings that are pending against us or for unasserted claims that may result in proceedings, our management, with input from legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. Environmental expenditures are charged to operating expense or capitalized based on the nature of the expenditures. Environmental expenditures that meet the capitalization criteria for property, plant and equipment, as well as costs that mitigate or prevent environmental contamination that has yet to occur, are capitalized. We expense expenditures that relate to an existing condition caused by past operations. We initially record environmental liabilities assumed in a business combination at fair value; otherwise, we record environmental liabilities on an undiscounted basis. We recognize liabilities for other commitments and contingencies when, after analyzing the available information, we determine it is probable that an asset has been impaired, or that a liability has been incurred and the amount of impairment or loss can be reasonably estimated. When we can estimate a range of probable loss, we accrue the most likely amount within that range, or if no amount is more likely than another, we accrue the minimum of the range of probable loss. We expense legal costs associated with loss contingencies as incurred. We record environmental liabilities independently of any potential claim for recovery. Accruals related to environmental matters are generally determined based on site-specific plans for remediation, taking into account currently available facts, existing technologies and presently enacted laws and regulations. Accruals for environmental matters reflect our prior remediation experience and include an estimate for costs such as fees paid to contractors, outside engineering and consulting firms. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remediation feasibility study. Such accruals are adjusted as further information develops or circumstances change. We maintain selective insurance coverage, which may cover all or portions of certain environmental expenditures less a deductible. We recognize receivables in cases where we consider the realization of reimbursements of remediation costs as probable. We would sustain losses to the extent of amounts we have recognized as environmental receivables if the counterparties to those transactions were unable to perform their obligations to us. The determination of the accrual amounts recorded for environmental liabilities includes significant judgments and assumptions made by management. The use of alternate judgments and assumptions could result in the recognition of different levels of environmental remediation costs. Income Taxes. We are a partnership for income tax purposes and, therefore, have not been subject to federal or state income taxes for most of the states in which we operate. The tax on our net income is borne by the individual partners through the allocation of taxable income. Net income for financial statement purposes may differ significantly from taxable income of unitholders because of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under our partnership agreement. The aggregate difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined because information regarding each partner's tax attributes is not available to us. As a publicly traded limited partnership, we are subject to a statutory requirement that our "qualifying income" (as defined by the Internal Revenue Code, related Treasury Regulations, and Internal Revenue Service pronouncements) exceed 90% of our total gross income, determined on a calendar year basis. If our qualifying income does not meet this statutory requirement, we could be taxed as a corporation for federal and state income tax purposes. For the years ended December 31, 2013 , 2014 and 2015 , our qualifying income met the statutory requirement. The amounts recognized as provision for income taxes in our consolidated statements of income are primarily comprised of partnership-level taxes levied by the state of Texas. This tax is based on revenues less direct costs of sale for our assets apportioned to the state of Texas. Net Income Per Unit. We calculate basic net income per limited partner unit for each period by dividing net income by the weighted-average number of limited partner units outstanding. The difference between our actual limited partner units outstanding and our weighted-average number of limited partner units outstanding used to calculate net income per limited partner unit, is due to the impact of: (i) the phantom units issued to non-employee directors which is included in the calculation of basic and diluted weighted average units outstanding, and (ii) the weighted average effect of units actually issued during a period. The difference between the weighted-average number of limited partner units outstanding used for basic and diluted net income per unit calculations on our consolidated statements of income is primarily the dilutive effect of phantom unit grants associated with our long-term incentive plan which have not yet vested in periods where contingent performance metrics have been met. New Accounting Pronouncements In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , to amend the guidance for amounts that are adjusted in a merger or acquisition. This ASU eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. This ASU is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Our adoption of this standard is not expected to have a material impact on our results of operations, financial position or cash flows. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . Prior to this update, reporting entities were required to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approx |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - Supplemental Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Consolidated Statements of Cash Flows | Consolidated Statements of Cash Flows Changes in the components of operating assets and liabilities are as follows (in thousands): Year Ended December 31, 2013 2014 2015 Trade accounts receivable and other accounts receivable $ (19,314 ) $ 49,215 $ 3,664 Inventory 34,664 29,462 26,894 Energy commodity derivatives contracts, net of derivatives deposits 534 (7,583 ) (606 ) Accounts payable 2,002 (10,918 ) 4,107 Accrued payroll and benefits 9,809 6,055 3,466 Accrued interest payable 2,876 1,038 5,323 Accrued taxes other than income 5,485 9,094 3,699 Deferred revenue 16,793 7,978 10,485 Accrued product purchases (9,016 ) (18,678 ) (13,016 ) Current and noncurrent environmental liabilities (12,247 ) (2,144 ) (4,904 ) Other current and noncurrent assets and liabilities (13,078 ) 22,208 9,250 Total $ 18,508 $ 85,727 $ 48,362 Other current and noncurrent assets and liabilities above exclude certain non-cash items that were reflected in the consolidated balance sheets but were not reflected in the statement of cash flows. At December 31, 2013 , 2014 and 2015 , the long-term pension and benefits liability was increased (decreased) by $(14.1) million , $33.9 million and $4.7 million , respectively, resulting in a corresponding increase (decrease) in AOCL. Additionally, at December 31, 2014, associated with our interest rate hedges, other current liabilities were increased by $26.5 million resulting in a corresponding increase in accumulated other comprehensive loss. The impact of our interest rate hedges at December 31, 2015 was an increase to other current assets and other current liabilities of $2.2 million and $0.7 million , respectively. |
Investments in Non-Controlled E
Investments in Non-Controlled Entities Investments in Non-Controlled Entities (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Non-Controlled Entities [Text Block] | Investments in Non-Controlled Entities Our investments in non-controlled entities at December 31, 2015 were 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 ("Powder Springs") 50% Saddlehorn Pipeline Company, LLC ("Saddlehorn") 40% Seabrook Logistics, LLC ("Seabrook") 50% Texas Frontera, LLC ("Texas Frontera") 50% The fixed management fees we have recognized from BridgeTex, Osage, Powder Springs, Saddlehorn, Seabrook and Texas Frontera are reported as affiliate management fee revenue on our consolidated statements of income. In addition, we receive reimbursement from certain of our joint ventures for costs incurred during construction. During 2015, we received construction cost reimbursements of $1.2 million and $0.1 million from Saddlehorn and Powder Springs, respectively, which were recorded as reductions to costs and expenses on our consolidated statements of income. At December 31, 2014 , we recognized a liability of $2.2 million to BridgeTex primarily for pre-paid construction management fees ( no liability was recognized at December 31, 2015 ). For the year ended December 31, 2014 and 2015 , respectively, we recognized pipeline capacity lease revenue from BridgeTex of $2.6 million and $34.6 million , 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 , and no receivable was outstanding at December 31, 2015 . In third quarter 2015, we purchased surplus pipe from BridgeTex for the amount of $0.6 million . We sold a portion of the pipe purchased from BridgeTex to Saddlehorn for $0.2 million . We recognized throughput revenue from Double Eagle for the year ended December 31, 2014 and 2015 , respectively, of $2.7 million and $3.4 million , which we included in transportation and terminals revenue on our consolidated statements of income. At December 31, 2014 and 2015 , respectively, we recognized a $0.3 million and $0.2 million trade accounts receivable from Double Eagle. The financial results from Texas Frontera are included in our marine storage segment, the financial results from BridgeTex, Double Eagle, Osage, Saddlehorn and Seabrook 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 16,605 149,113 165,718 Earnings of non-controlled entities: Proportionate share of earnings 60,446 8,826 69,272 Amortization of excess investment and capitalized interest (2,039 ) (750 ) (2,789 ) Earnings of non-controlled entities 58,407 8,076 66,483 Less: Distributions of earnings from investments in non-controlled entities 58,407 7,878 66,285 Distributions in excess of earnings of non-controlled entities 10,686 3,469 14,155 Investments at December 31, 2015 $ 495,267 $ 270,361 $ 765,628 Summarized financial information of our non-controlled entities follows (in thousands): December 31, 2014 December 31, 2015 BridgeTex All Others Consolidated BridgeTex All Others Consolidated Current assets $ 66,409 $ 11,032 $ 77,441 $ 46,856 $ 111,272 $ 158,128 Noncurrent assets 821,323 210,587 1,031,910 809,676 573,718 1,383,394 Total assets $ 887,732 $ 221,619 $ 1,109,351 $ 856,532 $ 684,990 $ 1,541,522 Current liabilities $ 71,066 $ 4,724 $ 75,790 $ 23,570 $ 125,661 $ 149,231 Noncurrent liabilities 94 1,783 1,877 462 7,257 7,719 Total liabilities $ 71,160 $ 6,507 $ 77,667 $ 24,032 $ 132,918 $ 156,950 Equity $ 816,572 $ 215,112 $ 1,031,684 $ 832,500 $ 552,072 $ 1,384,572 Year Ended December 31, 2013 BridgeTex All Others Consolidated Revenue $ — $ 29,333 $ 29,333 Net income (loss) $ (40 ) $ 13,571 $ 13,531 Year Ended December 31, 2014 BridgeTex All Others Consolidated Revenue $ 49,200 $ 34,856 $ 84,056 Net income $ 30,696 $ 10,583 $ 41,279 Year Ended December 31, 2015 BridgeTex All Others Consolidated Revenue $ 200,214 $ 46,627 $ 246,841 Net income $ 120,890 $ 17,567 $ 138,457 |
Business Combinations and Asset
Business Combinations and Asset Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | Business Combinations and Asset Acquisition Business Combinations. 2015 Business Combination. On May 1, 2015, we acquired a refined products terminal in Atlanta, Georgia for net cash consideration of $54.7 million . As this acquired business is not significant to our consolidated operating results and financial position, pro forma financial information and the purchase price allocation of acquired assets and liabilities have not been presented. The results of the acquired operations subsequent to the acquisition date have been included in the accompanying consolidated financial statements and in the tables below in our refined products operating segment. 2013 Business Combination. During 2013, we acquired certain refined petroleum products pipelines and terminals from Plains All American Pipeline, L.P. We have accounted for this acquisition as a business combination under the acquisition method of accounting in accordance with ASC 805, Business Combinations . The acquisition was completed in two parts, as follows: • New Mexico/Texas System. In July 2013, we acquired approximately 250 -miles of common carrier pipeline that transports refined petroleum products from El Paso, Texas north to Albuquerque, New Mexico and transports products south to the United States–Mexico border for delivery within Mexico via a third-party pipeline for $57.0 million . We funded this acquisition with cash on hand. • Rocky Mountain System. In November 2013, we acquired approximately 550 miles of common carrier pipeline that distributes refined petroleum products in Colorado, South Dakota and Wyoming for $135.0 million . The system includes four terminals with nearly 1.7 million barrels of storage. We funded this acquisition primarily with proceeds from our $300.0 million debt offering we completed in October 2013. The final purchase price and assessment of the fair value of the assets acquired and liabilities assumed in the business combination we completed during 2013 were as follows (in thousands): Purchase price allocation: $ 192,000 Fair value of assets acquired (liabilities assumed): Property, plant and equipment $ 192,422 Other current assets 2,048 Current environmental liabilities (2,470 ) Total $ 192,000 The following amounts from this business combination were included in our operating results for the year ending December 31, 2013 (in thousands): Revenue $ 12,661 Operating profit $ 6,400 These pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on January 1, 2013 or the results that will be attained in the future (in thousands). Year Ended December 31, 2013 As Reported Pro Forma Revenue $ 1,947,730 $ 1,974,440 Net income $ 582,237 $ 588,583 Significant pro forma adjustments include historical results of the acquired assets and our calculation of G&A expense, depreciation expense and interest expense on borrowings necessary to finance this acquisition. Acquisition and start-up costs related to the assets acquired totaling $2.8 million were recorded to operating expenses during 2013. Goodwill resulting from a business combination is not subject to amortization. During the years ended December 31, 2013, 2014 and 2015, we tested goodwill for impairment and concluded no change to the carrying amount of goodwill was required. 2014 Asset Acquisition . In November 2014, in connection with Oxy's sale of its ownership interest in BridgeTex to a third party, we acquired from a subsidiary of Oxy its ownership interest in a 40 -mile crude oil pipeline that extends from our East Houston, Texas terminal to Texas City, Texas, and 1.4 million barrels of crude oil tankage and related infrastructure at the East Houston, Texas terminal for $75.0 million . At the time of this acquisition, construction of the crude oil storage tankage was complete; however, only a portion of the pipeline construction from East Houston to Texas City, Texas had been completed. Following this transaction, our ownership in these assets was 100% . Concurrent with this transaction, BridgeTex entered into a long-term lease agreement for capacity on our Houston-area crude oil distribution system. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory at December 31, 2014 and 2015 was as follows (in thousands): December 31, 2014 2015 Refined products $ 67,055 $ 57,455 Liquefied petroleum gases 37,642 17,954 Transmix 36,867 21,297 Crude oil 10,015 28,385 Additives 6,183 5,777 Total inventory $ 157,762 $ 130,868 During 2014, we recorded a lower-of-average-cost-or-market adjustment of $39.3 million combined related to our fractionation and butane blending inventories. During 2015, we recorded a lower-of-average-cost-or-market adjustment of $5.0 million combined related to our fractionation and crude oil inventories. |
Product Sales Revenue
Product Sales Revenue | 12 Months Ended |
Dec. 31, 2015 | |
Product Sales Revenue [Abstract] | |
Product Sales Revenue | 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 NYMEX contracts. See Note 13 – Derivative Financial Instruments for a discussion of our commodity hedging strategies and how our NYMEX contracts impact product sales revenue. All of the petroleum products inventory we physically sell associated with our butane blending and fractionation activities, as well as the barrels from product gains we obtain from our independent and marine terminals, are reported as product sales revenue on our consolidated statements of income. The physical sale of the petroleum products inventory from product gains obtained from our pipeline operations and related activities from terminals physically connected to our pipeline system are reported as adjustments to operating expense. For the years ended December 31, 2013 , 2014 and 2015 , product sales revenue included the following (in thousands): Year Ended December 31, 2013 2014 2015 Physical sale of refined products $ 755,266 $ 733,654 $ 561,410 Change in value of NYMEX contracts (10,597 ) 145,320 68,426 Total product sales revenue $ 744,669 $ 878,974 $ 629,836 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | Property, Plant and Equipment and Other Intangibles Property, plant and equipment consisted of the following (in thousands): Estimated Depreciable Lives December 31, 2014 2015 Construction work-in-progress $ 314,349 $ 476,662 Land and rights-of-way 243,576 275,277 Buildings 81,657 88,641 10 to 56 years Storage tanks 1,538,891 1,684,430 10 to 40 years Pipeline and station equipment 2,083,204 2,249,067 10 to 69 years Processing equipment 1,103,454 1,217,492 3 to 56 years Other 168,804 175,197 3 to 48 years Property, Plant and Equipment, Gross $ 5,533,935 $ 6,166,766 Other includes total interest capitalized on construction in progress as of December 31, 2014 and 2015 of $35.8 million and $31.4 million , respectively. Depreciation expense for the years ended December 31, 2013 , 2014 and 2015 was $136.4 million , $159.0 million and $164.1 million , respectively. We amortize other intangible assets over their estimated useful lives of 5 years up to 25 years. The weighted average asset life of our other intangible assets at December 31, 2015 was approximately 6 years. We adjust the useful lives of our other intangible assets if events or circumstances indicate there has been a change in the remaining useful lives. We eliminate from our balance sheets the gross carrying amount and the related accumulated amortization for any fully amortized intangibles in the year they are fully amortized. During the years ended December 31, 2013, 2014 and 2015 amortization of other intangible assets was $6.0 million , $2.7 million and $2.7 million , respectively. No material impairments of intangible assets were recorded during these same annual periods. |
Major Customers and Concentrati
Major Customers and Concentration Of Risks | 12 Months Ended |
Dec. 31, 2015 | |
Major Customers and Concentration Of Risks [Abstract] | |
Major Customers and Concentration Of Risks | Major Customers and Concentration of Risks Major Customers. One customer accounted for 8% , 12% and 6% of our consolidated total revenue in 2013, 2014 and 2015, respectively. No other customer accounted for more than 10% of our consolidated revenues during these years. The majority of revenue from this customer resulted from sale of refined products that were generated in connection with our butane blending and fractionation activities, which are activities conducted by our refined products segment. We believe that other companies would purchase the petroleum products from us if this customer were unable or unwilling to do so. Concentration of Risks. We transport, store and distribute refined products for refiners, marketers, traders and end users of those products. We derive the major concentration of our revenue and trade receivables from activities conducted in the central U.S. Concentrations of customers may affect our overall credit risk as our customers may be similarly affected by changes in economic, regulatory or other factors. We generally secure transportation and storage revenue with warehouseman's liens. We periodically evaluate the financial condition and creditworthiness of our customers and require additional security as we deem necessary. As of December 31, 2015 , we had 1,640 employees, 903 of which were assigned to our refined products segment and concentrated in the central U.S. Approximately 25% of the 903 employees are represented by the United Steel Workers (“USW”) and are covered by a collective bargaining agreement that expires January 31, 2019. At December 31, 2015 , 98 of our employees were assigned to our crude oil segment and were concentrated in the central U.S., and none of these employees were covered by a collective bargaining agreement. The labor force of 170 employees assigned to our marine storage segment at December 31, 2015 was primarily located in the Gulf and East Coast regions of the U.S. Approximately 16% of these employees were represented by the International Union of Operating Engineers (“IUOE”) and covered by a collective bargaining agreement that expires October 31, 2016. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans We sponsor two union pension plans that cover certain union employees (“USW plan” and “IUOE plan,” collectively, the "Union plans") and a pension plan for all non-union employees (“Salaried plan”), a postretirement benefit plan for certain employees and a defined contribution plan. The annual measurement date of these plans is December 31. The following table presents the changes in benefit obligations and plan assets for pension benefits and other postretirement benefits for the years ended December 31, 2014 and 2015 (in thousands): Pension Benefits Other Postretirement Benefits 2014 2015 2014 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 142,310 $ 190,663 $ 10,418 $ 12,446 Service cost 13,400 18,890 227 243 Interest cost 6,675 7,754 506 438 Plan participants’ contributions — — 210 199 Plan amendment — (3,610 ) — — Actuarial loss (gain) 37,934 574 1,951 (579 ) Benefits paid (4,196 ) (4,680 ) (866 ) (1,433 ) Settlement payments (5,460 ) — — — Benefit obligation at end of year 190,663 209,591 12,446 11,314 Change in plan assets: Fair value of plan assets at beginning of year 100,556 127,267 — — Employer contributions 24,056 20,482 656 1,234 Plan participants’ contributions — — 210 199 Actual return on plan assets 12,311 (327 ) — — Benefits paid (4,196 ) (4,680 ) (866 ) (1,433 ) Settlement payments (5,460 ) — — — Fair value of plan assets at end of year 127,267 142,742 — — Funded status at end of year $ (63,396 ) $ (66,849 ) $ (12,446 ) $ (11,314 ) Accumulated benefit obligation $ 137,851 $ 148,906 The amounts included in pension benefits in the previous table combine the Union plans with the Salaried plan. At December 31, 2014, the fair value of each of the pension plans' assets was less than the fair values of the respective accumulated benefit obligations. At December 31, 2015, the USW and Salaried plans had a combined accumulated benefit obligation of $146.8 million , which exceeded the combined fair value of the plans' assets of $140.6 million . The 2014 actuarial loss of $37.9 million was due primarily to the impact of decreases in the discount rate used to calculate the benefit obligation, combined with a change to the mortality rates using RP-2014 mortality tables. The salaried and USW plans were amended effective January 1, 2016 to adjust the benefit calculation from a traditional final average pay formula to a cash balance formula for certain participants. We accounted for this change as a negative plan amendment which resulted in a reduction of our pension liability of $3.6 million . Amounts recognized in the consolidated balance sheets included in these financial statements were as follows (in thousands): Pension Benefits Other Postretirement Benefits 2014 2015 2014 2015 Amounts recognized in consolidated balance sheets: Current accrued benefit cost $ — $ — $ 687 $ 612 Long-term pension and benefits 63,396 66,849 11,759 10,702 63,396 66,849 12,446 11,314 Accumulated other comprehensive loss: Net actuarial loss (63,257 ) (65,889 ) (8,744 ) (7,280 ) Prior service credit — 3,610 7,048 3,335 (63,257 ) (62,279 ) (1,696 ) (3,945 ) Net amount of liabilities and accumulated other comprehensive loss recognized in consolidated balance sheets $ 139 $ 4,570 $ 10,750 $ 7,369 Net periodic benefit expense for the years ended December 31, 2013 , 2014 and 2015 were as follows (in thousands): Pension Benefits Other Postretirement Benefits 2013 2014 2015 2013 2014 2015 Components of net periodic pension and postretirement benefit expense: Service cost $ 13,901 $ 13,400 $ 18,890 $ 288 $ 227 $ 243 Interest cost 5,368 6,675 7,754 412 506 438 Expected return on plan assets (6,228 ) (6,363 ) (8,037 ) — — — Amortization of prior service cost (credit) 307 33 — (3,712 ) (3,713 ) (3,713 ) Amortization of actuarial loss 4,334 3,071 6,306 1,035 915 885 Settlement cost (1) — 1,809 — — — — Net periodic expense (credit) $ 17,682 $ 18,625 $ 24,913 $ (1,977 ) $ (2,065 ) $ (2,147 ) (1) Eleven participants took a lump sum distribution from the USW plan in 2014, resulting in a pension settlement cost of $1.8 million . Other changes in plan assets and benefit obligations recognized in other comprehensive loss during 2014 and 2015 were as follows (in thousands): Pension Benefits Other Postretirement Benefits 2013 2014 2015 2013 2014 2015 Beginning balance $ (52,239 ) $ (36,184 ) $ (63,257 ) $ 3,055 $ 3,053 $ (1,696 ) Net actuarial gain (loss) 11,414 (31,986 ) (8,938 ) 2,675 (1,951 ) 579 Plan amendment — — 3,610 — — — Amortization of prior service cost (credit) 307 33 — (3,712 ) (3,713 ) (3,713 ) Amortization of actuarial loss 4,334 3,071 6,306 1,035 915 885 Settlement cost — 1,809 — — — — Amount recognized in other comprehensive loss 16,055 (27,073 ) 978 (2 ) (4,749 ) (2,249 ) Ending balance $ (36,184 ) $ (63,257 ) $ (62,279 ) $ 3,053 $ (1,696 ) $ (3,945 ) We match our employees' qualifying contributions to our defined contribution plan, resulting in expense to us. Expenses related to the defined contribution plan were $7.1 million , $8.3 million and $8.9 million in 2013 , 2014 and 2015 , respectively. Actuarial gains and losses are amortized over the average future service period of current active plan participants expected to receive benefits. The corridor approach is used to determine when actuarial gains and losses are to be amortized and is equal to 10 percent of the greater of the projected benefit obligation or the market related value of plan assets. The amount of gain or loss in excess of the calculated corridor is subject to amortization. The estimated net actuarial loss and prior service credit for the defined benefit pension plans that will be amortized from AOCL into net periodic benefit cost in 2016 are $4.9 million and $(0.2) million , respectively. The estimated net actuarial loss and prior service credit for the other defined benefit postretirement plan that will be amortized from AOCL into net periodic benefit cost in 2016 are $0.7 million and $(3.3) million , respectively. The weighted-average rate assumptions used to determine benefit obligations as of December 31, 2014 and 2015 were as follows: Pension Benefits Other Postretirement Benefits 2014 2015 2014 2015 Discount rate—Salaried plan 3.91% 3.95% n/a n/a Discount rate—USW plan 3.56% 3.82% n/a n/a Discount rate—IUOE plan 3.93% 4.03% n/a n/a Discount rate—Other Postretirement Benefits n/a n/a 3.66% 4.00% Rate of compensation increase—Salaried plan 5.00% * n/a n/a Rate of compensation increase—USW plan 3.50% 3.50% n/a n/a Rate of compensation increase—IUOE plan 5.00% 5.00% n/a n/a *The 2015 rate of compensation increase assumption is calculated by 10-year age groupings beginning with ages 20-29 at 11% dropping to 4% by ages 70 and above. The weighted-average rate assumptions used to determine net pension and other postretirement benefit expense for the years ended December 31, 2013 , 2014 and 2015 were as follows: Pension Benefits Other Postretirement Benefits 2013 2014 2015 2013 2014 2015 Discount rate—Salaried plan 4.00% 4.89% 3.91% n/a n/a n/a Discount rate—USW plan 3.39% 4.07% 3.56% n/a n/a n/a Discount rate—IUOE plan 3.99% 4.89% 3.93% n/a n/a n/a Discount rate—Other Postretirement Benefits n/a n/a n/a 3.58% 4.52 % 3.66 % Rate of compensation increase—Salaried plan 5.00% 5.00% 5.50% n/a n/a n/a Rate of compensation increase—USW plan 3.50% 3.50% 3.50% n/a n/a n/a Rate of compensation increase—IUOE plan 5.00% 5.00% 5.00% n/a n/a n/a Expected rate of return on plan assets—Salaried plan 6.80% 6.00% 6.00% n/a n/a n/a Expected rate of return on plan assets—USW plan 6.80% 6.00% 6.00% n/a n/a n/a Expected rate of return on plan assets—IUOE plan 6.80% 6.00% 6.00% n/a n/a n/a The 2014 discount rate for the USW plan reflects a combination of the rates prior to and after the lump sum settlement payments made during 2014. The non-pension postretirement benefit plans provide for retiree contributions and contain other cost-sharing features such as deductibles and coinsurance. The accounting for these plans anticipates future cost sharing that is consistent with management's expressed intent to increase the retiree contribution rate generally in line with health care cost increases. The annual assumed rate of increase in the health care cost trend rate for 2016 is 5.1% decreasing systematically to 4.3% by 2092 for pre-65 year-old participants. The health care cost trend rate assumption has an effect on the amounts reported. As of December 31, 2015 , a 1.0% change in assumed health care cost trend rates would have the following effect (in thousands): 1% Increase 1% Decrease Change in total of service and interest cost components $ 29 $ 27 Change in postretirement benefit obligation $ 473 $ 435 The fair value of the pension plan assets at December 31, 2014 were as follows (in thousands): Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Domestic Equity Securities (a) : Small-cap fund $ 3,050 $ 3,050 $ — $ — Mid-cap fund 3,025 3,025 — — Large-cap fund 22,760 22,760 — — International equity fund 13,990 13,990 — — Fixed Income Securities (a) : Short-term bond funds 3,485 3,485 — — Intermediate-term bond funds 19,713 19,713 — — Long-term investment grade bond funds 56,361 56,361 — — Other: Short-term investment funds 4,603 4,603 — — Group annuity contract 280 — — 280 Fair value of plan assets $ 127,267 $ 126,987 $ — $ 280 (a) We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated. The fair value of the pension plan assets at December 31, 2015 were as follows (in thousands): Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Domestic Equity Securities (a) : Small-cap fund $ 3,492 $ 3,492 $ — $ — Mid-cap fund 3,495 3,495 — — Large-cap funds 26,304 26,304 — — International equity fund 16,530 16,530 — — Fixed Income Securities (a) : Short-term bond funds 3,834 3,834 — — Intermediate-term bond funds 18,141 18,141 — — Long-term investment grade bond funds 66,758 66,758 — — Other: Short-term investment funds 3,944 3,944 — — Group annuity contract 244 — — 244 Fair value of plan assets $ 142,742 $ 142,498 $ — $ 244 (a) We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated. The group annuity contract is valued at contract value, which approximates fair value as determined by the contract provider. The balance at the end of the year represents total contributions plus interest earned less benefit payments and expenses paid. The group annuity contract is guaranteed a specified return, by the Metropolitan Life Insurance Company, based on the Barclay's Capital Aggregate Bond Fund return. The fair value measurements for the group annuity contract which used significant unobservable inputs (Level 3) for the years ended December 31, 2014 and 2015 were as follows (in thousands): 2014 2015 Beginning balance $ 297 $ 280 Actual return on plan assets: Relating to assets still held at the reporting date 17 1 Purchases, issuances, sales and settlements: Settlements (34 ) (37 ) Ending balance $ 280 $ 244 The investment strategies for the various funds held as pension plan assets by asset category are as follows: Asset Category Fund’s Investment Strategy Domestic Equity Securities: Small-cap fund Seeks to track performance of the Center for Research in Security Prices ("CRSP") US Small Cap Index Mid-cap fund Seeks to track performance of the CRSP US Mid Cap Index Large-cap funds Seeks to track performance of the Standard & Poor’s 500 Index International equity fund Seeks long-term growth of capital by investing 65% or more of assets in international equities Fixed Income Securities: Short-term bond funds Seeks current income with limited price volatility through investment in primarily high quality bonds Intermediate-term bond funds Seeks moderate and sustainable level of current income by investing primarily in high quality fixed income securities with maturities from five to ten years Long-term investment grade bond funds Seeks high and sustainable current income through investment primarily in long-term high grade bonds Other: Short-term investment funds Invests primarily in high quality commercial paper and government securities Group annuity contract Guarantees a specified return based on a specified index The expected long-term rate of return on plan assets was determined by combining a review of projected returns, historical returns of portfolios with assets similar to the current portfolios of the union and non-union pension plans and target weightings of each asset classification. Our investment objective for the assets within the pension plans is to earn a return that meets or exceeds the growth of obligations that result from interest and changes in the discount rate, while avoiding excessive risk. Defined diversification goals are set in order to reduce the risk of wide swings in the market value from year to year, or of incurring large losses that may result from concentrated positions. As a result, our plan assets have no significant concentrations of credit risk. Additionally, liquidity risks are minimized because all of the funds that the plans have invested in are publicly traded. We evaluate risks based on the potential impact of the predictability of contribution requirements, probability of under-funding, expected risk-adjusted returns and investment return volatility. Funds are invested with multiple investment managers. Our segment liabilities are calculated using rates defined by the Pension Protection Act of 2006. Investments are made so as to match the durations of the short and intermediate term liabilities. Additional investments are made to bring the overall investment allocation to 70% debt securities and 30% equity securities. The target allocation and actual weighted-average asset allocation percentages at December 31, 2014 and 2015 were as follows: 2014 2015 Actual (a) Target Actual (a) Target Equity securities 34% 30% 35% 30% Debt securities 62% 67% 62% 67% Other 4% 3% 3% 3% (a) Cash contributions of $24.1 million and $20.5 million were made to the pension plans during 2014 and 2015, respectively. Amounts contributed in 2014 and 2015 in excess of benefit payments made were to be invested in debt and equity securities over a twelve-month period, with the amounts that remained uninvested as of December 31, 2014 and 2015 scheduled for investment in accordance with the target. Excluding these uninvested cash amounts, the actual allocation percentages at December 31, 2014 would have been 35% equity securities and 65% debt securities and at December 31, 2015, would have been 36% equity securities and 64% debt securities. In 2016, we will invest these uninvested cash amounts to bring the total asset allocation in line with the target allocation . As of December 31, 2015 , the benefit amounts we expect to pay through December 31, 2025 were as follows (in thousands): Pension Benefits Other Postretirement Benefits 2016 $ 8,300 $ 612 2017 $ 13,351 $ 629 2018 $ 14,343 $ 668 2019 $ 15,440 $ 722 2020 $ 19,944 $ 790 2021 through 2025 $ 100,735 $ 4,422 Contributions estimated to be paid into the plans in 2016 are $22.9 million and $0.6 million for the pension and other postretirement benefit plans, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 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 Targa Resources Partners, L.P. ("Targa"). In the normal course of business, we purchase butane from subsidiaries of Targa. For the years ended December 31, 2013 , 2014 and 2015 , we made purchases of butane from subsidiaries of Targa of $30.4 million , $28.2 million and $25.5 million , respectively. These purchases were based on the then-current index prices. We had recognized payables to Targa of $0.9 million and $2.0 million at December 31, 2014 and 2015 , respectively. Stacy P. Methvin was elected as an independent member of our general partner's board of directors on April 23, 2015 and is also a director of one of our customers. We received tariff revenue of $9.3 million for the period of April 23, 2015 through December 31, 2015, and have recorded a $1.3 million receivable from this customer at December 31, 2015 . The tariff revenue we recognized from this customer was in the normal course of business, with rates determined in accordance with published tariffs. See Note 4 – Investments in Non-Controlled Entities for a discussion of transactions with our joint venture affiliates. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt at December 31, 2014 and 2015 was as follows (in thousands): Weighted-Average Interest Rate for the Year Ended December 31, 2015 (1) December 31, 2014 2015 Commercial paper (2) $ 296,942 $ 279,961 0.5% $250.0 million of 5.65% Notes due 2016 (3) 250,758 250,335 5.7% $250.0 million of 6.40% Notes due 2018 257,280 255,215 5.5% $550.0 million of 6.55% Notes due 2019 567,868 564,116 5.7% $550.0 million of 4.25% Notes due 2021 556,304 555,362 4.0% $250.0 million of 3.20% Notes due 2025 (2) — 249,700 3.2% $250.0 million of 6.40% Notes due 2037 249,017 249,036 6.4% $250.0 million of 4.20% Notes due 2042 248,406 248,437 4.2% $550.0 million of 5.15% Notes due 2043 556,320 556,218 5.1% $250.0 million of 4.20% Notes due 2045 (2) — 249,914 4.6% Total debt, excluding unamortized debt issuance costs 2,982,895 3,458,294 4.7% Unamortized debt issuance costs (15,876 ) (18,672 ) Less: current portion of long-term debt — 250,335 Total long-term debt $ 2,967,019 $ 3,189,287 (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 year ending December 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. (3) These borrowings will mature in October 2016 and are included with current debt on our consolidated balance sheets at December 31, 2015. All of the instruments detailed in the table above are senior indebtedness. In accordance with ASU No. 2015-03, Interest: Simplifying the Presentation of Debt Issuance Costs , which we adopted effective December 31, 2015, we have retrospectively presented our unamortized debt issuance costs as a direct deduction from the current value of our debt. For the year ended December 31, 2014, unamortized debt issuance costs of $15.9 million that were previously presented as an asset on our balance sheets were reclassified to long-term debt. Additionally, debt issuance costs amortization expenses of $2.4 million and $2.3 million were reclassified to interest expense for the years 2013 and 2014, respectively, as required by the new accounting standard. The face value of our outstanding debt at December 31, 2014 and 2015 was $2.9 billion and $3.4 billion , respectively. The difference between the face value and carrying value of the debt outstanding was 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. At December 31, 2015 , maturities of our debt were as follows: $250.0 million in 2016; $0 in 2017; $250.0 million in 2018; $550.0 million in 2019; $280.0 million in 2020 (which represents the amount outstanding under our commercial paper program consistent with the maturity date of our revolving credit facility); and $2.1 billion thereafter. 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 $247.6 million , after underwriting discounts and offering expenses of $2.1 million . Additionally, 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 $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 Facilities. In October 2015, we entered into a $1.0 billion amended and restated revolving credit facility, which matures on October 27, 2020. 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 1.000% to 1.625% based on our credit ratings. Additionally, an unused commitment fee is assessed at a rate from 0.100% to 0.275% depending on our credit ratings, which was 0.125% at December 31, 2015. Borrowings under this facility may be used for general purposes, including capital expenditures. As of December 31, 2015, there were no borrowings outstanding under this facility with $6.3 million 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. Also in October 2015, we entered into a new $250.0 million 364 -day revolving credit facility, which matures on October 25, 2016, subject to a term-out option. We may exercise the term-out option no later than 30 days prior to October 25, 2016 and elect to have all outstanding borrowings converted into a term loan due and payable on October 25, 2018, subject to the payment of a term-out fee. Borrowings under this facility are classified as current debt on our consolidated balance sheets. Borrowings under this facility are unsecured and bear interest at LIBOR, plus a spread ranging from 1.000% to 1.625% based on our credit ratings. Additionally, an unused commitment fee is assessed at a rate between 0.080% and 0.225% depending on our credit ratings, which was 0.100% at December 31, 2015. Borrowings from the credit facilities may be used for general purposes, including capital expenditures. As of December 31, 2015, there were no borrowings outstanding under this facility. Our revolving credit facilities require us to maintain a specified ratio of consolidated debt to EBITDA (as defined in the credit agreement) of no greater than 5.0 to 1.0. In addition, the revolving credit facilities and the indentures under which our senior notes were issued contain covenants that limit our ability to, among other things, incur indebtedness secured by certain liens or encumber our assets, engage in certain sale-leaseback transactions and consolidate, merge or dispose of all or substantially all of our assets. We were in compliance with these covenants as of and during the year ended December 31, 2015 . Commercial Paper Program. The maturities of the 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, therefore, is classified as long-term debt. During the years ending December 31, 2013 , 2014 and 2015 , total cash payments for interest on all indebtedness, excluding the impact of related interest rate swap agreements, were $134.6 million , $149.5 million and $156.6 million , respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 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. During 2015, we entered into $200.0 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 anticipate issuing in 2016. The fair values of these contracts at December 31, 2015 were recorded on our balance sheets as an other current asset of $2.2 million and an other current liability of $0.7 million with an offset to other comprehensive income. We account for these agreements as cash flow hedges. During 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 a net payment on financial derivatives in the financing activities of our consolidated statements of cash flows in 2015. Also during 2014, we entered into $200.0 million of interest rate swap agreements to hedge against the variability of future interest payments on an anticipated debt issuance. We accounted for these agreements as cash flow hedges. When we issued $250.0 million of 5.15% notes due 2043 later in the first quarter of 2014, we settled the associated interest rate swap agreements for a loss of $3.6 million . The loss was recorded to other comprehensive income and is being 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 in 2014. During 2013, we entered into $150.0 million of Treasury lock contracts to hedge against the risk of variability of future interest payments on an anticipated debt issuance. We accounted for these contracts as cash flow hedges. These contracts were settled in fourth quarter 2013 for a loss of $0.2 million upon issuance of the associated debt. The loss was recorded to other comprehensive income and is being 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 in 2013. 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 NYMEX and forward purchase and sale contracts 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. The NYMEX contracts that we enter into fall into one of three hedge categories: Hedge Type 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 and amounts excluded from the assessment of hedge effectiveness 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 ASC 815, Derivatives and Hedging . Changes in the value of these agreements are recognized currently in earnings. During the years ended December 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 butane purchases and 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 NYMEX contracts, 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 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 a long-term asset on our balance sheets and which is reported as tank bottoms. 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 asset 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 at December 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 January 2016 and November 2017 NYMEX - Economic Hedges 4.5 million barrels of refined products and crude oil Between January and December 2016 NYMEX - Economic Hedges 0.9 million barrels of butane Between January and December 2016 Energy Commodity Derivatives Contracts and Deposits Offsets At December 31, 2015 , we had received margin deposits of $24.3 million for our NYMEX contracts with our counterparties, which were recorded as a current liability under energy commodity derivatives deposits on our consolidated balance sheets. We have the right to offset the combined fair values of our open NYMEX contracts 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 contracts 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 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 2015 (in thousands): December 31, 2014 Description Gross Amounts of Recognized Assets Gross Amounts of Liabilities Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets (1) Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets Net Asset Amount (3) Energy commodity derivatives $ 106,764 $ (10,622 ) $ 96,142 $ (78,279 ) $ 17,863 December 31, 2015 Description Gross Amounts of Recognized Assets Gross Amounts of Liabilities Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets (2) Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets Net Asset Amount (3) Energy commodity derivatives $ 48,367 $ (5,646 ) $ 42,721 $ (24,252 ) $ 18,469 (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 $39,243 and noncurrent assets of $3,478 . (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 years ended December 31, 2013 , 2014 and 2015 were as follows (in thousands): Year Ended December 31, Derivative Gains (Losses) Included in AOCL 2013 2014 2015 Beginning balance $ 14,126 $ 13,627 $ (16,587 ) Net loss on interest rate contract cash flow hedges (4,744 ) (30,090 ) (14,904 ) Reclassification of net loss (gain) on cash flow hedges to income 4,245 (124 ) 1,365 Ending balance $ 13,627 $ (16,587 ) $ (30,126 ) The following is a summary of the effect on our consolidated statements of income for the years ended December 31, 2013 , 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). Year Ended December 31, 2013 Derivative Instrument Amount of Loss Recognized in AOCL on Derivative Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective Portion Ineffective Portion Interest rate contracts $ (184 ) Interest expense $ 163 $ — NYMEX commodity contracts (4,560 ) Product sales revenue (4,408 ) — Total cash flow hedges $ (4,744 ) Total $ (4,245 ) $ — Year Ended December 31, 2014 Derivative Instrument Amount of Loss Recognized in AOCL on Derivative Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective Portion Ineffective Portion Interest rate contracts $ (30,090 ) Interest expense $ (242 ) $ 366 Year Ended December 31, 2015 Derivative Instrument Amount of Loss Recognized in AOCL on Derivative Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Effective Portion Ineffective Portion Interest rate contracts $ (14,904 ) Interest expense $ (1,365 ) $ — As of December 31, 2015 , the net loss estimated to be classified to interest expense over the next twelve months from AOCL is approximately $1.4 million . This amount relates to the amortization of the hedged losses on the interest rate swap contracts over the life of the related debt instruments. 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 2015 of $13.3 million and $27.9 million , respectively, from the agreements were offset by a cumulative decrease to tank bottoms and linefill. The differential between the current spot price and forward price is excluded from the assessment of hedge effectiveness for these fair value hedges. During 2014 and 2015 , we recognized a gain (loss) of $(8.6) million and $1.0 million , respectively, for the amounts we excluded from the assessment of effectiveness of these fair value hedges, which we reported as other income/expense on our consolidated statements of income. The following table provides a summary of the effect on our consolidated statements of income for the years ended December 31, 2013 , 2014 and 2015 that were not designated as hedging instruments (in thousands): Amount of Gain (Loss) Year Ended December 31, Derivative Instrument Location of Gain (Loss) Recognized on Derivative 2013 2014 2015 NYMEX commodity contracts Product sales revenue $ (6,189 ) $ 145,320 $ 68,426 NYMEX commodity contracts Operating expenses (3,770 ) 17,818 11,819 NYMEX commodity contracts Cost of product sales 2,682 (17,141 ) (8,997 ) Total $ (7,277 ) $ 145,997 $ 71,248 The impact of the derivatives in the above table was reflected as cash from operations on our consolidated statements of cash flows. Balance Sheets The following tables provide a summary of the amounts included on our consolidated balance sheets that were designated as hedging instruments as of December 31, 2014 and 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 December 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 $ 60 Energy commodity derivatives contracts, net $ — NYMEX commodity contracts Other noncurrent assets 3,478 Other noncurrent liabilities — Interest rate contracts Other current assets 2,179 Other current liabilities 653 Total $ 5,717 Total $ 653 The following tables provide a summary of the amounts included on our consolidated balance sheets that were not designated as hedging instruments as of December 31, 2014 and 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 $ 10,622 December 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 $ 44,829 Energy commodity derivatives contracts, net $ 5,646 See Note 19 – Fair Value Disclosure s for additional details regarding our derivative contracts. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Leases Leases—Lessee. We lease land, office buildings and terminal equipment at various locations to conduct our business operations. We have also entered into contracts to lease pipeline capacity, primarily to accommodate the additional barrels from our Longhorn crude oil pipeline. Several of the agreements provide for negotiated renewal options and cancellation penalties, some of which include the requirement to remove our pipeline from the property for non-performance. Management expects that we will generally renew our expiring leases. Leases are evaluated at inception or at any subsequent material modification and, depending on the lease terms, are classified as either capital or operating leases, as appropriate under ASC 840, Leases . We recognize rent expense on a straight-line basis over the life of the lease. Total rent expense was $12.0 million , $21.0 million and $25.7 million for the years ended December 31, 2013 , 2014 and 2015 , respectively. Future minimum annual rentals under non-cancellable operating leases with initial or remaining terms greater than one year as of December 31, 2015 , were as follows (in millions): 2016 $ 26.5 2017 27.5 2018 21.7 2019 11.7 2020 9.4 Thereafter 81.1 Total $ 177.9 Leases—Lessor. We have entered into capacity and storage leases with our customers with remaining terms from one to approximately 20 years that are accounted for as operating-type leases. All of the agreements provide for negotiated extensions. Future minimum payments receivable under these arrangements as of December 31, 2015 , were as follows (in millions): 2016 $ 233.1 2017 202.0 2018 153.7 2019 118.2 2020 94.8 Thereafter 232.0 Total $ 1,033.8 Direct Financing Lease. We entered into a long-term throughput and deficiency agreement with a customer on a 40 -mile pipeline we constructed in Texas and New Mexico, which contains minimum volume/payment commitments. This agreement is being accounted for as a direct financing lease. The net investment under direct financing leasing arrangements as of December 31, 2014 and 2015 was as follows (in millions): December 31, 2014 December 31, 2015 Total minimum lease payments receivable $ 37.9 $ 30.7 Less: Unearned income 7.0 5.8 Recorded net investment in direct financing lease $ 30.9 $ 24.9 The net investment in direct financing leases was classified in the consolidated balance sheets as follows (in millions): December 31, 2014 December 31, 2015 Current accounts receivable $ 6.1 $ 6.4 Non-current accounts receivable 24.8 18.5 Total $ 30.9 $ 24.9 Future minimum payments receivable under this direct financing lease for the next five years are: 2016 – $7.4 million ; 2017 – $4.1 million ; 2018 – $1.7 million ; 2019 – $1.7 million ; and 2020 – $1.7 million . |
Long-Term Incentive Plan
Long-Term Incentive Plan | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Long-Term Incentive Plan | Long-Term Incentive Plan Plan Description We have a long-term incentive plan (“LTIP”) covering certain of our employees and independent directors of our general partner. The LTIP primarily consists of phantom units and permits the grant of awards covering an aggregate of 9.4 million of our limited partner units. The estimated units available under the LTIP at December 31, 2015 total 1.0 million . The compensation committee of our general partner's board of directors administers our LTIP. Under our LTIP, the compensation committee has granted performance-based and time-based phantom unit awards. Time-based awards are subject to forfeiture by a participant if their employment is terminated for any reason other than retirement, death or disability prior to the vesting date. In addition, there are certain other employment restrictions that can result in the forfeiture of these awards. Performance-based awards are subject to forfeiture by a participant if their employment is terminated for any reason other than retirement, death or disability prior to the vesting date or for a termination within two years of a change-in-control that occurs on an involuntary basis without cause or on a voluntary basis for good cause. If a performance-based or time-based award recipient retires, dies or becomes disabled prior to the end of the vesting period, the recipient's award will be prorated based upon the completed months of employment during the vesting period, and the award will be settled shortly after the end of the vesting period. Our agreement with the award participants requires these awards to be paid in our limited partner units. Award grants under our LTIP do not have an early vesting feature except for the performance-based and time-based awards issued to our executive officers, which can vest early under certain circumstances following a change in control of our general partner. For performance-based phantom unit awards issued prior to 2014, we based the payout calculation for 80% of the award solely on the attainment of a financial metric established by the compensation committee. We accounted for this portion of these award grants as equity. The payout calculation for the remaining 20% of the unit awards was based on both the attainment of a financial metric and the individual employee's personal performance as determined by the compensation committee. We accounted for this portion of these award grants as a liability. The payout for the performance-based phantom unit awards issued in 2014 and 2015 is subject to the attainment of a financial metric and a market performance adjustment, with no individual employee personal performance component. The payout of the performance-based awards is based on our actual distributable cash flow excluding commodity-related activities for the last year of the 3 -year vesting period as compared against established threshold, target and stretch goals. The payouts for the performance-related component of the award can range from 0% for below threshold results, up to 200% for actual results at stretch or above. The market performance adjustment component of the awards is based on our total unitholder return over the 3 -year vesting period of the award in relation to the total unitholder returns of certain peer entities and can increase or decrease the calculated performance-based payout of the award by as much as 50% . We account for these awards as equity. The payout for the time-based phantom unit awards that have been granted by the compensation committee is subject only to the participant's continued employment with us. We account for these award grants as equity. Non-Vested Unit Awards The following table includes the changes during the current fiscal year in the number of non-vested units that have been granted by the compensation committee. The amounts below include no adjustments for above-target or below-target performance and forfeitures are actual amounts through December 31, 2015 . Equity Method Liability Method Performance-Based Awards Performance-Based Awards Time-Based Awards Total Awards Number of Unit Awards Weighted-Average Grant Date Fair Value Number of Unit Awards Weighted-Average Grant Date Fair Value Number of Unit Awards Weighted-Average Fair Value Number of Unit Awards Weighted-Average Fair Value Non-vested units - 1/1/2015 350,317 $ 62.85 46,668 $ 76.99 40,878 $ 82.66 437,863 $ 66.21 Units granted during 2015 148,028 $ 88.78 26,421 $ 81.51 — $ — 174,449 $ 87.68 Units vested during 2015 (161,898 ) $ 51.42 (444 ) $ 56.42 (40,470 ) $ 67.92 (202,812 ) $ 54.73 Units forfeited during 2015 (23,207 ) $ 81.28 (14,963 ) $ 67.41 (408 ) $ 67.92 (38,578 ) $ 75.76 Non-vested units - 12/31/15 313,240 $ 79.64 57,682 $ 81.74 — $ — 370,922 $ 79.97 The table below summarizes the total non-vested unit awards granted by the compensation committee adjusted for units we estimate will be forfeited by the end of the vesting period and for estimated amounts of above-target financial performance to determine the total number of unit awards included in our total equity-based liability accrual. Grant Date Unit Awards Granted Estimated Forfeitures Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results Total Unit Award Accrual Vesting Date Unrecognized Compensation Expense (a) (in millions) Performance-Based Awards: 2014 Awards 187,371 21,662 124,283 289,992 12/31/2016 $ 7.0 2015 Awards 148,028 15,105 33,232 166,155 12/31/2017 9.8 Time-Based Awards: 2016 Vesting Date 20,757 12,121 — 8,636 12/31/2016 0.2 2017 Vesting Date 51,859 4,612 — 47,247 12/31/2017 2.6 Total 408,015 53,500 157,515 512,030 $ 19.6 (a) Unrecognized compensation expense will be recognized over the remaining vesting period of the awards. Weighted-Average Grant Date Fair Values The weighted-average grant-date fair value of award grants issued during 2013 , 2014 and 2015 were as follows: Equity Method Performance-Based Awards Time-Based Awards Liability Method Performance-Based Awards Number of Unit Awards Weighted-Average Grant Date Fair Value Number of Unit Awards Weighted-Average Grant Date Fair Value Number of Unit Awards Weighted-Average Fair Value Units granted during 2013 182,798 $ 51.49 22,668 $ 53.02 45,700 $ 51.49 Units granted during 2014 187,371 $ 72.77 33,903 $ 82.86 — $ — Units granted during 2015 148,028 $ 88.78 26,421 $ 81.51 — $ — Vested Unit Awards The table below sets forth the numbers and values of units that vested in each of the three years ended December 31, 2015 . The vested limited partner units include adjustments for above-target performance. Vesting Date Vested Limited Partner Units Fair Value of Unit Awards on Vesting Date (in millions) Intrinsic Value of Unit Awards on Vesting Date (in millions) 12/31/2013 572,353 $20.5 $36.2 12/31/2014 528,984 $22.4 $43.7 12/31/2015 506,393 $27.7 $34.4 Cash Flow Effects of LTIP Settlements We settle awards that vest by issuing limited partner units. The difference between the limited partner units issued to the participants and the total units accrued represents the minimum tax withholdings associated with the award settlement, which we pay in cash. Settlement Date Number of Limited Partner Units Issued, Net of Tax Withholdings Minimum Tax Withholdings (in millions) Employer Taxes (in millions) Total Cash Taxes Paid (in millions) January 2013 476,682 $12.3 $1.1 $13.4 January 2014 387,216 $14.8 $1.2 $16.0 January 2015 354,529 $17.8 $1.7 $19.5 Compensation Expense Summary Equity-based incentive compensation expense for 2013 , 2014 and 2015 was as follows (in thousands): Year Ended December 31, 2013 Year Ended December 31, 2014 Year Ended December 31, 2015 Equity Method Liability Method Total Equity Method Liability Method Total Equity Method Liability Method Total 2010 awards $ 121 $ 73 $ 194 $ — $ — $ — $ — $ — $ — 2011 awards 5,359 4,280 9,639 — — — — — — 2012 awards 4,751 2,747 7,498 4,418 3,896 8,314 — — — 2013 awards 4,726 1,451 6,177 7,427 3,425 10,852 8,661 1,997 10,658 2014 awards — — — 6,494 — 6,494 7,471 — 7,471 2015 awards — — — — — — 4,917 — 4,917 Time-based awards 575 — 575 1,624 — 1,624 1,199 — 1,199 Total $ 15,532 $ 8,551 $ 24,083 $ 19,963 $ 7,321 $ 27,284 $ 22,248 $ 1,997 $ 24,245 Allocation of LTIP expense on our consolidated statements of income: G&A expense $ 23,264 $ 26,700 $ 23,937 Operating expense 819 584 308 Total $ 24,083 $ 27,284 $ 24,245 |
Segment Disclosures
Segment Disclosures | 12 Months Ended |
Dec. 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 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 G&A expenses that management does not consider when evaluating the core profitability of our separate operating segments. Year Ended December 31, 2013 Refined Products Crude Oil Marine Storage Intersegment Eliminations Total (in thousands) Transportation and terminals revenue (1) $ 826,202 $ 203,459 $ 158,791 $ — $ 1,188,452 Product sales revenue 738,271 — 6,398 — 744,669 Affiliate management fee revenue — 13,361 1,248 — 14,609 Total revenue 1,564,473 216,820 166,437 — 1,947,730 Operating expenses (1) 295,785 44,181 59,407 (3,179 ) 396,194 Cost of product sales 574,703 — 3,326 — 578,029 Earnings of non-controlled entities — (3,781 ) (2,494 ) — (6,275 ) Operating margin 693,985 176,420 106,198 3,179 979,782 Depreciation and amortization expense 86,926 24,119 28,006 3,179 142,230 G&A expenses 91,658 19,896 20,942 — 132,496 Operating profit $ 515,401 $ 132,405 $ 57,250 $ — $ 705,056 Additions to long-lived assets $ 361,134 $ 199,362 $ 32,563 $ 593,059 As of December 31, 2013 Segment assets $ 2,811,398 $ 1,252,036 $ 648,061 $ 4,711,495 Corporate assets 91,812 Total assets $ 4,803,307 Goodwill $ 38,369 $ 12,082 $ 2,809 $ 53,260 Investments in non-controlled entities $ — $ 345,904 $ 14,948 $ 360,852 Year Ended December 31, 2014 Refined Products Crude Oil Marine Storage Intersegment Eliminations Total (in thousands) Transportation and terminals revenue (1) $ 946,612 $ 341,915 $ 170,740 $ — $ 1,459,267 Product sales revenue 872,537 — 6,437 — 878,974 Affiliate management fee revenue — 20,790 1,321 — 22,111 Total revenue 1,819,149 362,705 178,498 — 2,360,352 Operating expenses (1) 356,057 83,184 65,173 (3,513 ) 500,901 Cost of product sales 592,887 — 1,698 — 594,585 Earnings of non-controlled entities — (16,309 ) (3,085 ) — (19,394 ) Operating margin 870,205 295,830 114,712 3,513 1,284,260 Depreciation and amortization expense 101,642 27,800 28,786 3,513 161,741 G&A expenses 96,411 29,557 22,320 — 148,288 Operating profit $ 672,152 $ 238,473 $ 63,606 $ — $ 974,231 Additions to long-lived assets $ 163,753 $ 439,846 $ 18,413 $ 622,012 As of December 31, 2014 Segment assets $ 2,875,412 $ 1,937,242 $ 647,900 $ 5,460,554 Corporate assets 40,855 Total assets $ 5,501,409 Goodwill $ 38,369 $ 12,082 $ 2,809 $ 53,260 Investments in non-controlled entities $ — $ 599,757 $ 14,110 $ 613,867 Year Ended December 31, 2015 Refined Products Crude Oil Marine Storage Intersegment Eliminations Total (in thousands) Transportation and terminals revenue $ 974,505 $ 394,098 $ 176,143 $ — $ 1,544,746 Product sales revenue 623,102 3,587 3,147 — 629,836 Affiliate management fee revenue — 12,495 1,376 — 13,871 Total revenue 1,597,607 410,180 180,666 — 2,188,453 Operating expenses 377,772 89,455 62,526 (3,851 ) 525,902 Cost of product sales 442,621 3,278 1,374 — 447,273 (Earnings) loss of non-controlled entities 193 (63,918 ) (2,758 ) — (66,483 ) Operating margin 777,021 381,365 119,524 3,851 1,281,761 Depreciation and amortization expense 96,244 35,681 31,036 3,851 166,812 G&A expenses 94,482 36,000 20,847 — 151,329 Operating profit $ 586,295 $ 309,684 $ 67,641 $ — $ 963,620 Additions to long-lived assets $ 310,907 $ 289,851 $ 70,290 $ 671,048 As of December 31, 2015 Segment assets $ 2,991,322 $ 2,313,110 $ 677,914 $ 5,982,346 Corporate assets 59,221 Total assets $ 6,041,567 Goodwill $ 38,369 $ 12,082 $ 2,809 $ 53,260 Investments in non-controlled entities $ 12,381 $ 739,470 $ 13,777 $ 765,628 (1) Includes adjustment of tender deductions as discussed in Note 2 – Summary of Significant Accounting Policies. The amounts adjusted for our refined products segment are $25.1 million and $24.8 million for 2013 and 2014, respectively. The amounts adjusted for our crude oil segment are $25.0 million and $31.8 million for 2013 and 2014, respectively. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Environmental Liabilities Liabilities recognized for estimated environmental costs were $36.3 million and $31.4 million at December 31, 2014 and December 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 substantially paid over the next 9 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 were $(5.2) million , $5.0 million and $8.4 million for the years ended December 31, 2013 , 2014 and 2015 , respectively. The lower environmental expense for 2013 was primarily due to the $10.6 million favorable adjustment of an accrual for potential air emission fees. 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 sheets. Receivables from insurance carriers related to environmental matters at December 31, 2015 were $2.6 million , of which $0.7 million and $1.9 million were recorded to other accounts receivable and long-term receivables, respectively, on our consolidated balance sheets. Amounts received from insurance carriers and other third parties related to environmental matters during 2013 , 2014 and 2015 were $4.2 million , $0.5 million and $0.5 million , respectively. 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 3. Legal Proceedings of Part I of this report on Form 10-K. 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. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly Financial Data (unaudited) Summarized quarterly financial data is as follows (in thousands, except per unit amounts): 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue (1) $ 633,892 $ 512,435 $ 535,832 $ 678,193 Total costs and expenses (1) $ 359,269 $ 336,172 $ 311,640 $ 398,434 Operating margin $ 347,535 $ 264,424 $ 299,268 $ 373,033 Net income $ 242,554 $ 146,260 $ 198,620 $ 252,085 Basic net income per limited partner unit $ 1.07 $ 0.64 $ 0.87 $ 1.11 Diluted net income per limited partner unit $ 1.07 $ 0.64 $ 0.87 $ 1.10 2015 Revenue (1) $ 530,302 $ 498,427 $ 586,676 $ 573,048 Total costs and expenses (1) $ 320,081 $ 315,206 $ 312,527 $ 343,502 Operating margin $ 297,006 $ 286,145 $ 369,325 $ 329,285 Net income $ 183,636 $ 177,391 $ 250,972 $ 207,123 Basic net income per limited partner unit $ 0.81 $ 0.78 $ 1.10 $ 0.91 Diluted net income per limited partner unit $ 0.81 $ 0.78 $ 1.10 $ 0.91 (1) Includes adjustment of tender deductions as discussed in Note 2 – Summary of Significant Accounting Policies. The amounts adjusted for 2014 are as follows: first quarter $15.3 million ; second quarter $16.0 million ; third quarter $14.2 million ; and fourth quarter $11.1 million . The amounts adjusted for 2015 are as follows: first quarter $8.2 million ; second quarter $10.9 million ; and third quarter $9.4 million . In the fourth quarter of 2014, total costs and expenses were increased $39.3 million by a lower-of-average-cost-or-market inventory adjustment, which resulted from a sharp decline in commodity prices during the quarter. Additionally, during the fourth quarter of 2014, the gains and losses we recognized from our NYMEX contracts, as a result of the lower commodity prices, had the impact of increasing product sales revenue by $111.6 million , increasing cost of product sales by $14.0 million and decreasing operating expense by $17.4 million , for a total increase to operating margin and net income of $115.0 million . During 2015, we recorded a lower-of-average-cost-or-market adjustment of $5.0 million combined related to our fractionation and crude oil inventories. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Fair Value Methods and Assumptions - Financial Assets and Liabilities The following methods and assumptions were used in estimating fair value for our financial assets and liabilities: • Energy commodity derivatives contracts . These include NYMEX 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 13 – 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 13 – 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 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 2015 , based on the three levels established by ASC 820; Fair Value Measurements and Disclosures (in thousands): Fair Value Measurements as of December 31, 2014 using: Assets (Liabilities) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Energy commodity derivatives contracts $ 96,142 $ 96,142 $ 96,142 $ — $ — Interest rate contracts $ (26,478 ) $ (26,478 ) $ — $ (26,478 ) $ — Long-term receivables $ 28,611 $ 30,200 $ — $ — $ 30,200 Debt $ (2,967,019 ) $ (3,212,462 ) $ — $ (3,212,462 ) $ — Fair Value Measurements as of December 31, 2015 using: Assets (Liabilities) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Energy commodity derivatives contracts $ 42,721 $ 42,721 $ 42,721 $ — $ — Interest rate contracts $ 1,526 $ 1,526 $ — $ 1,526 $ — Long-term receivables $ 20,374 $ 20,021 $ — $ — $ 20,021 Debt $ (3,439,622 ) $ (3,284,791 ) $ — $ (3,284,791 ) $ — |
Distributions
Distributions | 12 Months Ended |
Dec. 31, 2015 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Distributions | Distributions Distributions we paid during 2013 , 2014 and 2015 were as follows (in thousands, except per unit amount): Payment Date Per Unit Cash Distribution Amount Total Cash Distribution 2/14/2013 $ 0.5000 $ 113,340 5/15/2013 0.5075 115,040 8/14/2013 0.5325 120,707 11/14/2013 0.5575 126,374 Total $ 2.0975 $ 475,461 2/14/2014 $ 0.5850 $ 132,835 5/15/2014 0.6125 139,079 8/14/2014 0.6400 145,324 11/14/2014 0.6675 151,568 Total $ 2.5050 $ 568,806 2/13/2015 $ 0.6950 $ 158,061 5/15/2015 0.7175 163,178 8/14/2015 0.7400 168,296 11/13/2015 0.7625 173,413 Total $ 2.9150 $ 662,948 |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Owners' Equity | Partners' Capital The following table details the changes in the number of our limited partner units outstanding from January 1, 2013 through December 31, 2015 : Limited partner units outstanding on January 1, 2013 226,200,872 01/13—Settlement of 2010 award grants 476,682 During 2013—Other (a) 1,884 Limited partner units outstanding on December 31, 2013 226,679,438 02/14—Settlement of 2011 award grants 387,216 During 2014—Other (a) 1,603 Limited partner units outstanding on December 31, 2014 227,068,257 02/15—Settlement of 2012 award grants 354,529 During 2015—Other (a) 4,461 Limited partner units outstanding on December 31, 2015 227,427,247 (a) Limited partner units issued to settle the equity-based retainer paid to independent directors of our general partner. Our partnership agreement allows us to issue additional partnership securities for any partnership purpose at any time and from time to time for consideration and on terms and conditions as our general partner determines, all without approval by the limited partners. Limited partners holding our limited partner units have the following rights, among others: • right to receive distributions of our available cash within 45 days after the end of each quarter; • right to elect the board members of our general partner; • right to remove Magellan GP, LLC as our general partner upon a 100% vote of outstanding unitholders; • right to transfer limited partner unit ownership to substitute limited partners; • right to receive an annual report, containing audited financial statements and a report on those financial statements by our independent public accountants, within 120 days after the close of the fiscal year end; • right to receive information reasonably required for tax reporting purposes within 90 days after the close of the calendar year; • right to vote according to the limited partners’ percentage interest in us at any meeting that may be called by our general partner; and • right to inspect our books and records at the unitholders’ own expense. In the event of liquidation, we would distribute all property and cash in excess of that required to discharge all liabilities to the partners in proportion to the positive balances in their respective capital accounts. The limited partners' liability is generally limited to their investment. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Recognizable events No recognizable events have occurred subsequent to December 31, 2015 . Non-recognizable events On February 1, 2016, 218,046 phantom unit awards were issued pursuant to our long-term incentive plan. These grants included both performance-based and time-based phantom unit awards and have a three -year vesting period that will end on December 31, 2018. On February 1, 2016, we issued 353,786 limited partner units, of which 350,552 were issued to settle unit award grants to certain employees that vested on December 31, 2015 and 3,234 were issued to settle the equity-based retainers paid to the directors of our general partner. On February 12, 2016, we paid cash distributions of $0.785 per unit on our outstanding limited partner units to unitholders of record at the close of business on February 5, 2016. The total distributions paid were $178.8 million . |
Summary Of Significant Accoun30
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation Policy | . Our consolidated financial statements include our refined products, crude oil and marine storage segments. We consolidated all entities in which we have a controlling ownership interest. We apply the equity method of accounting to investments in entities over which we exercise significant influence but do not have control. We have eliminated all intercompany transactions. |
Reclassification, Policy | Revision of Previously Reported Revenue and Operating Expenses. Historically, we have recorded tender deductions received from customers as an offset to operating expenses. We have concluded that these amounts should have been recorded as revenue. As a result, such amounts have been retrospectively adjusted to reflect tender deductions as transportation and terminals revenue for all periods presented herein. The adjustment impacts revenue and operating expenses as noted in the table below, but has no impact on net income, net income per unit, cash flows or distributable cash flow. We concluded that these errors were not material to any of the periods affected. |
Use Of Estimates | Use of Estimates. The preparation of our consolidated financial statements in conformity with generally accepted accounting principles in the U.S. ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities that exist at the date of our consolidated financial statements, as well as their impact on the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents. Cash and cash equivalents include demand and time deposits and funds that own highly marketable securities with original maturities of three months or less when acquired. We periodically assess the financial condition of the institutions where we hold these funds, and, at December 31, 2014 and 2015 , we believed our credit risk relative to these funds was minimal. |
Accounts Receivable And Allowance For Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts. Accounts receivable represent valid claims against customers. We recognize accounts receivable when we sell products or render services and collection of the receivable is probable. We extend credit terms to certain customers based on historical dealings and to other customers after a review of various credit indicators. We establish an allowance for doubtful accounts for all or any portion of an account where we consider collections to be at risk and evaluate reserves no less than quarterly to determine their adequacy. Judgments relative to at-risk accounts include the customers' current financial condition, the customers' historical relationship with us and current and projected economic conditions. We write off accounts receivable when we deem an account uncollectible. |
Inventory Valuation | Inventory. Inventory is comprised primarily of refined products, liquefied petroleum gases, transmix, crude oil and additives, which are stated and relieved at the lower of average cost or market. |
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment consist primarily of pipeline, pipeline-related equipment, storage tanks and processing equipment. We state property, plant and equipment at cost except for certain acquired assets recorded at fair value on their respective acquisition dates and impaired assets. We record impaired assets at fair value on the last impairment evaluation date for which an adjustment was required. We assign asset lives based on reasonable estimates when we place an asset into service. Subsequent events could cause us to change our estimates, which would affect the future calculation of depreciation expense. The range of depreciable lives by asset category is detailed in Note 8— Property, Plant and Equipment . When we sell or retire property, plant and equipment, we remove its carrying value and the related accumulated depreciation from our accounts and record any associated gains or losses on our consolidated statements of income in the period of sale or disposition. We capitalize expenditures to replace existing assets and retire the replaced assets. We capitalize expenditures when they extend the useful life, increase the productivity or capacity or improve the safety or efficiency of the asset. We capitalize direct project costs such as labor and materials as incurred. Indirect project costs, such as overhead, are capitalized based on a percentage of direct labor charged to the respective capital project. We charge expenditures for maintenance, repairs and minor replacements to operating expense in the period incurred. |
Investments in Non-Controlled Entities | Investments in Non-Controlled Entities. We account for investments greater than 20% in affiliates that we do not control using the equity method of accounting. Under this method, an investment is recorded at our acquisition cost or capital contributions, as adjusted by contractual terms, plus equity in earnings or losses since acquisition or formation, plus interest capitalized, less distributions received and amortization of interest capitalized and excess net investment. Excess net investment is the amount by which our investment in a non-controlled entity exceeded our proportionate share of the book value of the net assets of that investment. We amortize excess net investment over the weighted-average depreciable asset lives of the equity investee. Our unamortized excess net investment was $79.0 million and $76.7 million at December 31, 2014 and 2015 , respectively. The amount of unamortized excess investment is primarily related to our investment in BridgeTex. We evaluate equity method investments for impairment whenever events or circumstances indicate that there is an other-than-temporary loss in value of the investment. In the event that we determine that the loss in value of an investment is other-than-temporary, we would record a charge to earnings to adjust the carrying value to fair value. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets. Goodwill resulting from a business combination is not subject to amortization. We test goodwill at the reporting unit level for impairment on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. We amortize other intangible assets over their estimated useful lives of 5 years up to 25 years. The weighted-average asset life of our other intangible assets at December 31, 2015 was approximately 6 years. We adjust the useful lives of our other intangible assets if events or circumstances indicate there has been a change in the remaining useful lives. We eliminate from our balance sheets the gross carrying amount and the related accumulated amortization for any fully amortized intangibles in the year they are fully amortized. We review our other intangible assets for impairment whenever events or changes in circumstances indicate we should assess the recoverability of the carrying amount of the intangible asset. |
Tank Bottoms and Linefill | Tank Bottoms. A contract we have with a customer at our crude oil terminal in Cushing, Oklahoma requires us to maintain a minimum volume of crude oil in the tanks they utilize at that facility. Because of this contractual requirement, the crude oil we own at that facility is not sold in the normal course of our business; therefore, we classify these crude oil barrels as a long-term asset carried at cost adjusted for gains or losses on certain derivative contracts classified as fair value hedges. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets. We evaluate our long-lived assets of identifiable business activities, other than those held for sale, for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. We base the determination of whether impairment has occurred on management's estimate of undiscounted future cash flows attributable to the assets as compared to the carrying value of the assets. We calculate the amount of the impairment recognized as the excess of the carrying amount of the asset over the fair value of the assets, as determined either through reference to similar asset sales or by estimating the fair value using a discounted cash flow approach. Judgments and assumptions are inherent in management's estimate of undiscounted future cash flows used to determine recoverability of an asset and the estimate of an asset's fair value used to calculate the amount of impairment to recognize. The use of alternate judgments and assumptions could result in the recognition of different levels of impairment charges in the financial statements. |
Interest Capitalized | Interest Capitalized. During construction, we capitalize interest on all construction projects requiring a completion period of three months or longer and total project costs exceeding $0.5 million . The interest we capitalize is based on the weighted-average interest rate of our debt. |
Pension And Postretirement Medical And Life Benefit Obligations | Pension and Postretirement Medical and Life Benefit Obligations. We sponsor three pension plans that cover substantially all of our employees, a postretirement medical and life benefit plan for certain employees and a defined contribution plan. Our pension and postretirement benefit liabilities represent the funded status of the present value of benefit obligations of these plans. We develop pension, postretirement medical and life benefits costs from actuarial valuations. We establish actuarial assumptions to anticipate future events and use those assumptions when calculating the expense and liabilities related to these plans. These factors include assumptions management makes concerning interest rates, expected investment return on plan assets, health care costs trend rates, turnover rates and rates of future compensation increases, among others. In addition, we use subjective factors such as withdrawal and mortality rates to develop actuarial valuations. Management reviews and updates these assumptions on an annual basis. The actuarial assumptions that we use may differ from actual results due to changing market rates or other factors. These differences could affect the amount of pension and postretirement medical and life benefit expense we will recognize in future periods. |
Derivative Financial Instruments | Derivative Financial Instruments. We use derivative instruments to manage market price risks associated with inventories, interest rates, our tank bottom and linefill assets and certain forecasted transactions. Our policies prohibit us from engaging in speculative trading activities. For certain physical forward commodity derivative contracts, accounting guidance provides for and we apply the normal purchase / normal sale exception, whereby changes in the mark-to-market values of such contracts are not recognized in income, rather the revenues and expenses associated with such transactions are recognized during the period when commodities are physically delivered or received. Physical forward commodity contracts subject to this exception are evaluated for the probability of future delivery and are periodically back-tested once the forecasted period has passed to determine whether similar forward contracts are probable of physical delivery in the future. For all other derivative contracts, we record the agreements on our balance sheets at fair value. For those instruments that qualify for hedge accounting, the accounting treatment depends on their intended use and their designation. We divide derivative financial instruments qualifying for hedge accounting treatment into two categories: (1) cash flow hedges and (2) fair value hedges. We execute cash flow hedges to hedge against the variability in cash flows related to a forecasted transaction and execute fair value hedges to hedge against the changes in the value of a recognized asset or liability. At the inception of a hedged transaction, we document the relationship between the hedging instrument and the hedged item, the risk management objectives and the methods used for assessing and testing correlation and hedge effectiveness. We also assess, both at the inception of the hedge and on an on-going basis, whether the derivatives that are used in our hedging transactions are highly effective in offsetting changes in cash flows or fair value of the hedged item. If we determine that a derivative originally designated as a cash flow or fair value hedge is no longer highly effective, we discontinue hedge accounting prospectively and record the change in the fair value of the derivative in current earnings. The change in fair value of derivative financial instruments that are not designated as a hedging instrument or that do not qualify for the normal purchase / normal sales exception is included in current earnings. As part of our risk management process, we assess the creditworthiness of the financial and other institutions with which we execute financial derivatives. Such financial instruments involve the risk of non-performance by the counterparty, which could result in material losses to us. We have entered into NYMEX commodity based futures contracts to hedge against price changes on a portion of the petroleum products we expect to sell in the future and changes in the fair value of our tank bottoms and linefill. Some of these contracts have qualified as cash flow or fair value hedges, while others have not. We record the effective portion of the gains or losses for those contracts that qualify for and are designated as cash flow hedges in other comprehensive income and the ineffective portion in product sales revenue. We reclassify gains and losses from contracts that qualify as cash flow hedges from other comprehensive income to product sales revenue when the hedged transaction occurs and we terminate the derivative agreement. 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. We recognize the change in fair value of those agreements that are not designated as hedges in product sales revenue, except for those undesignated agreements that economically hedge the inventories associated with our pipeline system overages. We record the change in fair value of those agreements in operating expenses. In addition, we have entered into NYMEX commodity based futures contracts to hedge against changes in the price of butane we expect to purchase in the future. We account for all of these agreements as economic hedges, with period changes in the fair value of these agreements recorded as adjustments to cost of product sales. We use interest rate derivatives to help manage interest rate risk. We record any ineffectiveness on derivatives designated as hedging instruments to interest expense and the change in fair value of interest rate derivatives that we do not designate as hedging instruments to other income or expense in our results of operations. For the effective portion of interest rate cash flow hedges, we record the noncurrent portion of unrealized gains or losses as an adjustment to other comprehensive income with the current portion recorded as an adjustment to interest expense. For the effective portion of fair value hedges on long-term debt, we record the noncurrent portion of gains or losses as an adjustment to long-term debt with the current portion recorded as an adjustment to interest expense. |
Revenue Recognition | Revenue Recognition. Sales revenue is recognized based on contracts or other persuasive evidence of an arrangement with the customer that includes fixed or determinable prices in which collectability is reasonably assured. Product sales revenue is recognized for products upon delivery and when the customer assumes the risks and rewards of ownership. We recognize pipeline transportation revenue for crude oil shipments when our customers take possession of their product from our system. For ammonia shipments and shipments of refined products under published tariffs that combine transportation and terminalling services, we recognize revenue when our customers take possession of their product from our system. For all other shipments, where terminalling services are not included in the tariff, we recognize revenue when our customers' product arrives at the customer-designated destination. We have certain agreements that require counterparties to ship a minimum volume over an agreed-upon period. Revenue pursuant to such agreements is recognized at the earlier of when the volume is shipped or when the counterparty’s ability to meet the minimum volume commitment has expired. The tariffs we charge for our pipeline transportation systems are primarily regulated by the Federal Energy Regulatory Commission (“FERC”); however, certain tariffs are regulated by the Surface Transportation Board or state regulatory authorities. Our tariffs include provisions which allow us to deduct from our customer's inventory a small percentage of the products our customers transport on our pipeline systems. We refer to these product quantities as tender deductions. We receive tender deductions from our customers as consideration for product losses during the transportation of their refined products or crude oil within our pipeline systems. Our customers are guaranteed delivery of the amount of their injected volumes, net of tender deductions, irrespective of what our actual product losses may be during the delivery process. Tender deduction revenue is recognized when the transportation service is complete and is recorded at the fair value of the product received. We recognize injection service fees associated with additives upon injection to the customer's product, which occurs at the time we deliver the product to our customers. We recognize leased tank storage, pipeline capacity leases, terminalling, throughput, ethanol loading and unloading services, laboratory testing, data services, pipeline operation fees and other miscellaneous service-related revenue upon completion of contract services. We recognize product sales upon delivery of the product to the customer. We record back-to-back purchases and sales of refined products where we are acting as an agent to facilitate refined product sales between a supplier and a customer on a net basis. |
Deferred Transportation Revenues And Costs | Deferred Transportation Revenue and Costs. Generally, we invoice customers on our refined products pipeline for transportation services when their product enters our system. At each period end, we record all invoiced amounts associated with products that have not yet been delivered (in-transit products) as a deferred liability. |
Pipeline Over/Short Product | Pipeline Over/Short Product. Each period end we measure the volume of each type of product in our pipeline system, which is compare d to the volumes of our customers' inventories (as adjusted for tender deductions). To the extent that the product volumes in our pipeline system exceeds the volumes of our customers' book inventories, we increase our product inventories and recognize a gain; however, to the extent the product in our pipeline system is less than our customers' book inventories, we record a liability (for product owed to our customers) and recognize a loss. The product gains and losses we recognize are recorded based on period-end product market prices, and we include those gains or losses in operating expenses on our consolidated statements of income. |
Excise Taxes Charged To Customers | Excise Taxes Charged to Customers . Revenues are recorded net of all amounts charged to our customers for excise taxes. |
Equity-Based Incentive Compensation Awards | Equity-Based Incentive Compensation. The compensation committee of our general partner’s board of directors (the “compensation committee") has approved incentive awards of phantom units representing limited partner interests in us to certain employees and to independent members of our general partner’s board of directors. The phantom unit awards granted include: (i) performance-based awards which are issued to officers, managers and other key employees (“performance-based awards”), (ii) time-based awards which are issued to certain officers, managers and key employees (“time-based awards”), and (iii) performance awards which are issued to independent members of our general partner’s board of directors (“director awards”). All of the performance-based, time-based and director awards include tandem distribution equivalent rights. We classify our performance-based and time-based unit awards as equity and we classify the director awards as liability awards. Fair value for award grants classified as equity is determined on the grant date of the award, and we recognize this value as compensation expense ratably over the requisite service period, which is the vesting period of each unit award. Because all of our outstanding unit awards contain tandem distribution equivalent rights, the per-unit fair value of our equity awards is the closing price of our limited partner units on the grant date. However, the per-unit fair value of our performance-based unit awards also includes the fair value of the market-based component of those awards. Compensation expense for our equity unit awards is calculated as the number of unit awards less estimated forfeitures, multiplied by the per unit grant date fair value of those awards, multiplied by the percentage of the requisite service period completed at each period end, multiplied by the expected payout percentage, less previously-recognized compensation expense. Compensation expense for our liability awards is calculated as the number of phantom units awarded, multiplied by the per unit fair value of those awards on the last day of the reporting period, less previously-recognized compensation expense. Performance-based awards issued in 2014 and 2015 include provisions that can result in payouts to the recipients of these awards of 0% to 200% of the targeted amount of the award. Additionally, these performance-based awards are subject to a total unitholder return market performance adjustment, which could increase or decrease the payout of these awards by as much as 50% . The market performance adjustment component is based on our total unitholder return compared to the total unitholder returns of specified peer companies. Judgments and assumptions of the final award payouts are inherent in the accruals recorded for equity-based incentive compensation costs. The use of alternate judgments and assumptions could result in the recognition of different levels of equity-based incentive compensation costs. Payouts related to time-based awards are based solely on the completion of the requisite service period by the employee. Time-based awards contain no provisions which would provide for a payout to the employee of anything other than the original number of units awarded and the associated tandem distribution equivalents. The vesting period for both the performance-based and time-based awards is generally three years; however, certain awards have been issued with shorter vesting periods while others have vesting periods of up to four years. We settle performance-based and time-based awards that have vested by issuing new limited partner units, except for the associated statutory minimum tax withholding, which we settle by paying in cash. |
Contingencies And Environmental | Contingencies and Environmental. Certain conditions may exist as of the date our consolidated financial statements are issued that could result in a loss to us, but which will only be resolved when one or more future events occur or fail to occur. Our management assesses such contingent liabilities, which inherently involves significant judgment. In assessing loss contingencies related to legal proceedings that are pending against us or for unasserted claims that may result in proceedings, our management, with input from legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. Environmental expenditures are charged to operating expense or capitalized based on the nature of the expenditures. Environmental expenditures that meet the capitalization criteria for property, plant and equipment, as well as costs that mitigate or prevent environmental contamination that has yet to occur, are capitalized. We expense expenditures that relate to an existing condition caused by past operations. We initially record environmental liabilities assumed in a business combination at fair value; otherwise, we record environmental liabilities on an undiscounted basis. We recognize liabilities for other commitments and contingencies when, after analyzing the available information, we determine it is probable that an asset has been impaired, or that a liability has been incurred and the amount of impairment or loss can be reasonably estimated. When we can estimate a range of probable loss, we accrue the most likely amount within that range, or if no amount is more likely than another, we accrue the minimum of the range of probable loss. We expense legal costs associated with loss contingencies as incurred. We record environmental liabilities independently of any potential claim for recovery. Accruals related to environmental matters are generally determined based on site-specific plans for remediation, taking into account currently available facts, existing technologies and presently enacted laws and regulations. Accruals for environmental matters reflect our prior remediation experience and include an estimate for costs such as fees paid to contractors, outside engineering and consulting firms. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remediation feasibility study. Such accruals are adjusted as further information develops or circumstances change. We maintain selective insurance coverage, which may cover all or portions of certain environmental expenditures less a deductible. We recognize receivables in cases where we consider the realization of reimbursements of remediation costs as probable. We would sustain losses to the extent of amounts we have recognized as environmental receivables if the counterparties to those transactions were unable to perform their obligations to us. The determination of the accrual amounts recorded for environmental liabilities includes significant judgments and assumptions made by management. The use of alternate judgments and assumptions could result in the recognition of different levels of environmental remediation costs. |
Income Taxes | Income Taxes. We are a partnership for income tax purposes and, therefore, have not been subject to federal or state income taxes for most of the states in which we operate. The tax on our net income is borne by the individual partners through the allocation of taxable income. Net income for financial statement purposes may differ significantly from taxable income of unitholders because of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under our partnership agreement. The aggregate difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined because information regarding each partner's tax attributes is not available to us. As a publicly traded limited partnership, we are subject to a statutory requirement that our "qualifying income" (as defined by the Internal Revenue Code, related Treasury Regulations, and Internal Revenue Service pronouncements) exceed 90% of our total gross income, determined on a calendar year basis. If our qualifying income does not meet this statutory requirement, we could be taxed as a corporation for federal and state income tax purposes. For the years ended December 31, 2013 , 2014 and 2015 , our qualifying income met the statutory requirement. The amounts recognized as provision for income taxes in our consolidated statements of income are primarily comprised of partnership-level taxes levied by the state of Texas. This tax is based on revenues less direct costs of sale for our assets apportioned to the state of Texas. |
Net Income Per Unit | Net Income Per Unit. We calculate basic net income per limited partner unit for each period by dividing net income by the weighted-average number of limited partner units outstanding. The difference between our actual limited partner units outstanding and our weighted-average number of limited partner units outstanding used to calculate net income per limited partner unit, is due to the impact of: (i) the phantom units issued to non-employee directors which is included in the calculation of basic and diluted weighted average units outstanding, and (ii) the weighted average effect of units actually issued during a period. The difference between the weighted-average number of limited partner units outstanding used for basic and diluted net income per unit calculations on our consolidated statements of income is primarily the dilutive effect of phantom unit grants associated with our long-term incentive plan which have not yet vested in periods where contingent performance metrics have been met. |
New Accounting Pronouncements | New Accounting Pronouncements In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , to amend the guidance for amounts that are adjusted in a merger or acquisition. This ASU eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. This ASU is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Our adoption of this standard is not expected to have a material impact on our results of operations, financial position or cash flows. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . Prior to this update, reporting entities were required to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. Under this update, inventory is to be measured at the lower of cost or net realizable value, which is defined as the estimated selling price in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. This ASU is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Our adoption of this standard will not have a material impact on our results of operations, financial position or cash flows. In April 2015, the FASB issued ASU 2015-03, Interest: Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . Under this update, the costs for issuing debt will be included on the balance sheets as a direct deduction from the debt's value. The amendments will not affect the recognition and measurement of the costs for issuing debt. In August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements–Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015, EITF Meeting , which provides entities with the option of presenting deferred debt issuance costs related to line-of-credit arrangements as an asset, and subsequently amortizing the deferred costs over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings. These amendments are required for reporting periods that begin after December 15, 2015, with early adoption permitted. We elected to adopt these amendments in the fourth quarter of 2015. Our adoption did not have a material impact on our results of operations, financial position or cash flows. See Note 12 Debt of the consolidated financial statements for additional details. In April 2015, the FASB issued ASU 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets. For an entity that has a significant event in an interim period that calls for a re-measurement of defined benefit plan assets and obligations (i.e., a partial settlement), the amendments in this ASU provide a practical expedient that permits the entity to re-measure defined benefit plan assets and obligations using the month-end that is closest to the date of the significant event. This ASU is effective for reporting periods beginning after December 15, 2015. Our adoption of this standard is not expected to have a material impact on our results of operations, financial position or cash flows. In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other-Internal-Use Software : Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. Where an entity has entered into a cloud computing arrangement, this update requires the entity to capitalize the software license element of arrangements that include a software license. Where the cloud computing arrangement does not include a software license, the arrangement is to be accounted for as a service contract. This ASU is effective for reporting periods beginning after December 15, 2015. Our adoption of this standard will not have a material impact on our results of operations, financial position or cash flows. In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items . This ASU eliminates all references to and guidance concerning the classification and presentation of extraordinary items and emphasizes that the nature and effects of an event or transaction deemed unusual in nature or that is expected to occur infrequently should be disclosed on the face of the income statement as a separate component of income from continuing operations, or, alternatively, in notes to the financial statements. The new standard is effective for annual and interim periods after December 15, 2015. Early adoption is permitted. We adopted this standard on January 1, 2015. Our adoption of this ASU did not have a material impact on our results of operations, financial position or cash flows. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements–Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern . This standard requires management to assess an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Before this standard, no accounting guidance existed for management on when and how to assess or disclose going concern uncertainties. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. We adopted this standard on January 1, 2015. Our adoption of this ASU did not have a material impact on our results of operations, financial position or cash flows. In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . This ASU finalizes the Emerging Issues Task Force’s Proposed ASU No. EITF-13D of the same name and seeks to resolve the diversity in practice that exists when accounting for share-based payments. This ASU requires that a performance target that affects vesting and can be achieved after the requisite service period to be accounted for as a performance condition. The new standard is effective for annual and interim periods after December 15, 2015, with early adoption permitted. We adopted this standard on January 1, 2015. Our adoption of this ASU did not have a material impact on our results of operations, financial position or cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which eliminates the industry-specific guidance in U.S. GAAP and produces a single, principles-based method for companies to report revenue in their financial statements. This standard requires companies to make more estimates and use more judgment than under current guidance. In addition, all companies must compile more extensive footnote disclosures about how the revenue numbers were derived. This ASU requires full retrospective, modified retrospective, or use of the cumulative effect method during the period of adoption. We have not yet determined which adoption method we will employ. In July 2015, the FASB extended the effective date of this standard from January 1, 2017 to January 1, 2018. Early adoption of this standard is not allowed. We are currently in the process of evaluating the impact this new standard will have on our financial statements. In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . This standard will limit the number of disposals of assets that should be presented as discontinued operations to those disposals that represent a strategic shift in operations and have a major effect on the organization's operations and financial results. Expanded disclosures will be required to provide more information about the assets, liabilities, income and expenses of discontinued operations as well as significant asset disposals that do not meet the criterion for discontinued operations treatment. This ASU took effect for annual financial statements with fiscal years beginning on or after December 15, 2014. Our adoption of this ASU did not have a material impact on our results of operations, financial position or cash flows. |
Summary Of Significant Accoun31
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Year ended December 31, 2013 2014 As reported: Transportation and terminals revenue $ 1,138,328 $ 1,402,638 Costs and expenses: Operating $ 346,070 $ 444,272 Effect of adjustments: Transportation and terminals revenue $ 50,124 $ 56,629 Costs and expenses: Operating $ 50,124 $ 56,629 As revised: Transportation and terminals revenue $ 1,188,452 $ 1,459,267 Costs and expenses: Operating $ 396,194 $ 500,901 |
Consolidated Statements Of Ca32
Consolidated Statements Of Cash Flows - Supplemental Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Consolidated Statement Of Cash Flows | Changes in the components of operating assets and liabilities are as follows (in thousands): Year Ended December 31, 2013 2014 2015 Trade accounts receivable and other accounts receivable $ (19,314 ) $ 49,215 $ 3,664 Inventory 34,664 29,462 26,894 Energy commodity derivatives contracts, net of derivatives deposits 534 (7,583 ) (606 ) Accounts payable 2,002 (10,918 ) 4,107 Accrued payroll and benefits 9,809 6,055 3,466 Accrued interest payable 2,876 1,038 5,323 Accrued taxes other than income 5,485 9,094 3,699 Deferred revenue 16,793 7,978 10,485 Accrued product purchases (9,016 ) (18,678 ) (13,016 ) Current and noncurrent environmental liabilities (12,247 ) (2,144 ) (4,904 ) Other current and noncurrent assets and liabilities (13,078 ) 22,208 9,250 Total $ 18,508 $ 85,727 $ 48,362 |
Investments in Non-Controlled33
Investments in Non-Controlled Entities Investments in Non-Controlled Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Our investments in non-controlled entities at December 31, 2015 were 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 ("Powder Springs") 50% Saddlehorn Pipeline Company, LLC ("Saddlehorn") 40% Seabrook Logistics, LLC ("Seabrook") 50% Texas Frontera, LLC ("Texas Frontera") 50% The fixed management fees we have recognized from BridgeTex, Osage, Powder Springs, Saddlehorn, Seabrook and Texas Frontera are reported as affiliate management fee revenue on our consolidated statements of income. In addition, we receive reimbursement from certain of our joint ventures for costs incurred during construction. During 2015, we received construction cost reimbursements of $1.2 million and $0.1 million from Saddlehorn and Powder Springs, respectively, which were recorded as reductions to costs and expenses on our consolidated statements of income. At December 31, 2014 , we recognized a liability of $2.2 million to BridgeTex primarily for pre-paid construction management fees ( no liability was recognized at December 31, 2015 ). For the year ended December 31, 2014 and 2015 , respectively, we recognized pipeline capacity lease revenue from BridgeTex of $2.6 million and $34.6 million , 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 , and no receivable was outstanding at December 31, 2015 . In third quarter 2015, we purchased surplus pipe from BridgeTex for the amount of $0.6 million . We sold a portion of the pipe purchased from BridgeTex to Saddlehorn for $0.2 million . We recognized throughput revenue from Double Eagle for the year ended December 31, 2014 and 2015 , respectively, of $2.7 million and $3.4 million , which we included in transportation and terminals revenue on our consolidated statements of income. At December 31, 2014 and 2015 , respectively, we recognized a $0.3 million and $0.2 million trade accounts receivable from Double Eagle. The financial results from Texas Frontera are included in our marine storage segment, the financial results from BridgeTex, Double Eagle, Osage, Saddlehorn and Seabrook 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 16,605 149,113 165,718 Earnings of non-controlled entities: Proportionate share of earnings 60,446 8,826 69,272 Amortization of excess investment and capitalized interest (2,039 ) (750 ) (2,789 ) Earnings of non-controlled entities 58,407 8,076 66,483 Less: Distributions of earnings from investments in non-controlled entities 58,407 7,878 66,285 Distributions in excess of earnings of non-controlled entities 10,686 3,469 14,155 Investments at December 31, 2015 $ 495,267 $ 270,361 $ 765,628 Summarized financial information of our non-controlled entities follows (in thousands): December 31, 2014 December 31, 2015 BridgeTex All Others Consolidated BridgeTex All Others Consolidated Current assets $ 66,409 $ 11,032 $ 77,441 $ 46,856 $ 111,272 $ 158,128 Noncurrent assets 821,323 210,587 1,031,910 809,676 573,718 1,383,394 Total assets $ 887,732 $ 221,619 $ 1,109,351 $ 856,532 $ 684,990 $ 1,541,522 Current liabilities $ 71,066 $ 4,724 $ 75,790 $ 23,570 $ 125,661 $ 149,231 Noncurrent liabilities 94 1,783 1,877 462 7,257 7,719 Total liabilities $ 71,160 $ 6,507 $ 77,667 $ 24,032 $ 132,918 $ 156,950 Equity $ 816,572 $ 215,112 $ 1,031,684 $ 832,500 $ 552,072 $ 1,384,572 Year Ended December 31, 2013 BridgeTex All Others Consolidated Revenue $ — $ 29,333 $ 29,333 Net income (loss) $ (40 ) $ 13,571 $ 13,531 Year Ended December 31, 2014 BridgeTex All Others Consolidated Revenue $ 49,200 $ 34,856 $ 84,056 Net income $ 30,696 $ 10,583 $ 41,279 Year Ended December 31, 2015 BridgeTex All Others Consolidated Revenue $ 200,214 $ 46,627 $ 246,841 Net income $ 120,890 $ 17,567 $ 138,457 |
Business Combinations and Ass34
Business Combinations and Asset Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final purchase price and assessment of the fair value of the assets acquired and liabilities assumed in the business combination we completed during 2013 were as follows (in thousands): Purchase price allocation: $ 192,000 Fair value of assets acquired (liabilities assumed): Property, plant and equipment $ 192,422 Other current assets 2,048 Current environmental liabilities (2,470 ) Total $ 192,000 The following amounts from this business combination were included in our operating results for the year ending December 31, 2013 (in thousands): Revenue $ 12,661 Operating profit $ 6,400 These pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on January 1, 2013 or the results that will be attained in the future (in thousands). Year Ended December 31, 2013 As Reported Pro Forma Revenue $ 1,947,730 $ 1,974,440 Net income $ 582,237 $ 588,583 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory at December 31, 2014 and 2015 was as follows (in thousands): December 31, 2014 2015 Refined products $ 67,055 $ 57,455 Liquefied petroleum gases 37,642 17,954 Transmix 36,867 21,297 Crude oil 10,015 28,385 Additives 6,183 5,777 Total inventory $ 157,762 $ 130,868 |
Product Sales Revenue (Tables)
Product Sales Revenue (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Product Sales Revenue [Abstract] | |
Disclosure Of Product Sales Revenue | For the years ended December 31, 2013 , 2014 and 2015 , product sales revenue included the following (in thousands): Year Ended December 31, 2013 2014 2015 Physical sale of refined products $ 755,266 $ 733,654 $ 561,410 Change in value of NYMEX contracts (10,597 ) 145,320 68,426 Total product sales revenue $ 744,669 $ 878,974 $ 629,836 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): Estimated Depreciable Lives December 31, 2014 2015 Construction work-in-progress $ 314,349 $ 476,662 Land and rights-of-way 243,576 275,277 Buildings 81,657 88,641 10 to 56 years Storage tanks 1,538,891 1,684,430 10 to 40 years Pipeline and station equipment 2,083,204 2,249,067 10 to 69 years Processing equipment 1,103,454 1,217,492 3 to 56 years Other 168,804 175,197 3 to 48 years Property, Plant and Equipment, Gross $ 5,533,935 $ 6,166,766 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Changes In Benefit Obligations And Plan Assets | The following table presents the changes in benefit obligations and plan assets for pension benefits and other postretirement benefits for the years ended December 31, 2014 and 2015 (in thousands): Pension Benefits Other Postretirement Benefits 2014 2015 2014 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 142,310 $ 190,663 $ 10,418 $ 12,446 Service cost 13,400 18,890 227 243 Interest cost 6,675 7,754 506 438 Plan participants’ contributions — — 210 199 Plan amendment — (3,610 ) — — Actuarial loss (gain) 37,934 574 1,951 (579 ) Benefits paid (4,196 ) (4,680 ) (866 ) (1,433 ) Settlement payments (5,460 ) — — — Benefit obligation at end of year 190,663 209,591 12,446 11,314 Change in plan assets: Fair value of plan assets at beginning of year 100,556 127,267 — — Employer contributions 24,056 20,482 656 1,234 Plan participants’ contributions — — 210 199 Actual return on plan assets 12,311 (327 ) — — Benefits paid (4,196 ) (4,680 ) (866 ) (1,433 ) Settlement payments (5,460 ) — — — Fair value of plan assets at end of year 127,267 142,742 — — Funded status at end of year $ (63,396 ) $ (66,849 ) $ (12,446 ) $ (11,314 ) Accumulated benefit obligation $ 137,851 $ 148,906 |
Amounts Recognized In Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets included in these financial statements were as follows (in thousands): Pension Benefits Other Postretirement Benefits 2014 2015 2014 2015 Amounts recognized in consolidated balance sheets: Current accrued benefit cost $ — $ — $ 687 $ 612 Long-term pension and benefits 63,396 66,849 11,759 10,702 63,396 66,849 12,446 11,314 Accumulated other comprehensive loss: Net actuarial loss (63,257 ) (65,889 ) (8,744 ) (7,280 ) Prior service credit — 3,610 7,048 3,335 (63,257 ) (62,279 ) (1,696 ) (3,945 ) Net amount of liabilities and accumulated other comprehensive loss recognized in consolidated balance sheets $ 139 $ 4,570 $ 10,750 $ 7,369 |
Consolidated Net Periodic Benefit Costs | Net periodic benefit expense for the years ended December 31, 2013 , 2014 and 2015 were as follows (in thousands): Pension Benefits Other Postretirement Benefits 2013 2014 2015 2013 2014 2015 Components of net periodic pension and postretirement benefit expense: Service cost $ 13,901 $ 13,400 $ 18,890 $ 288 $ 227 $ 243 Interest cost 5,368 6,675 7,754 412 506 438 Expected return on plan assets (6,228 ) (6,363 ) (8,037 ) — — — Amortization of prior service cost (credit) 307 33 — (3,712 ) (3,713 ) (3,713 ) Amortization of actuarial loss 4,334 3,071 6,306 1,035 915 885 Settlement cost (1) — 1,809 — — — — Net periodic expense (credit) $ 17,682 $ 18,625 $ 24,913 $ (1,977 ) $ (2,065 ) $ (2,147 ) |
Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Loss | Other changes in plan assets and benefit obligations recognized in other comprehensive loss during 2014 and 2015 were as follows (in thousands): Pension Benefits Other Postretirement Benefits 2013 2014 2015 2013 2014 2015 Beginning balance $ (52,239 ) $ (36,184 ) $ (63,257 ) $ 3,055 $ 3,053 $ (1,696 ) Net actuarial gain (loss) 11,414 (31,986 ) (8,938 ) 2,675 (1,951 ) 579 Plan amendment — — 3,610 — — — Amortization of prior service cost (credit) 307 33 — (3,712 ) (3,713 ) (3,713 ) Amortization of actuarial loss 4,334 3,071 6,306 1,035 915 885 Settlement cost — 1,809 — — — — Amount recognized in other comprehensive loss 16,055 (27,073 ) 978 (2 ) (4,749 ) (2,249 ) Ending balance $ (36,184 ) $ (63,257 ) $ (62,279 ) $ 3,053 $ (1,696 ) $ (3,945 ) |
Weighted-Average Rate Assumptions Used For Benefit Obligations | The weighted-average rate assumptions used to determine benefit obligations as of December 31, 2014 and 2015 were as follows: Pension Benefits Other Postretirement Benefits 2014 2015 2014 2015 Discount rate—Salaried plan 3.91% 3.95% n/a n/a Discount rate—USW plan 3.56% 3.82% n/a n/a Discount rate—IUOE plan 3.93% 4.03% n/a n/a Discount rate—Other Postretirement Benefits n/a n/a 3.66% 4.00% Rate of compensation increase—Salaried plan 5.00% * n/a n/a Rate of compensation increase—USW plan 3.50% 3.50% n/a n/a Rate of compensation increase—IUOE plan 5.00% 5.00% n/a n/a *The 2015 rate of compensation increase assumption is calculated by 10-year age groupings beginning with ages 20-29 at 11% dropping to 4% by ages 70 and above. The weighted-average rate assumptions used to determine net pension and other postretirement benefit expense for the years ended December 31, 2013 , 2014 and 2015 were as follows: Pension Benefits Other Postretirement Benefits 2013 2014 2015 2013 2014 2015 Discount rate—Salaried plan 4.00% 4.89% 3.91% n/a n/a n/a Discount rate—USW plan 3.39% 4.07% 3.56% n/a n/a n/a Discount rate—IUOE plan 3.99% 4.89% 3.93% n/a n/a n/a Discount rate—Other Postretirement Benefits n/a n/a n/a 3.58% 4.52 % 3.66 % Rate of compensation increase—Salaried plan 5.00% 5.00% 5.50% n/a n/a n/a Rate of compensation increase—USW plan 3.50% 3.50% 3.50% n/a n/a n/a Rate of compensation increase—IUOE plan 5.00% 5.00% 5.00% n/a n/a n/a Expected rate of return on plan assets—Salaried plan 6.80% 6.00% 6.00% n/a n/a n/a Expected rate of return on plan assets—USW plan 6.80% 6.00% 6.00% n/a n/a n/a Expected rate of return on plan assets—IUOE plan 6.80% 6.00% 6.00% n/a n/a n/a |
Changes In Assumed Health Care Cost Trend Rates | As of December 31, 2015 , a 1.0% change in assumed health care cost trend rates would have the following effect (in thousands): 1% Increase 1% Decrease Change in total of service and interest cost components $ 29 $ 27 Change in postretirement benefit obligation $ 473 $ 435 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The fair value of the pension plan assets at December 31, 2014 were as follows (in thousands): Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Domestic Equity Securities (a) : Small-cap fund $ 3,050 $ 3,050 $ — $ — Mid-cap fund 3,025 3,025 — — Large-cap fund 22,760 22,760 — — International equity fund 13,990 13,990 — — Fixed Income Securities (a) : Short-term bond funds 3,485 3,485 — — Intermediate-term bond funds 19,713 19,713 — — Long-term investment grade bond funds 56,361 56,361 — — Other: Short-term investment funds 4,603 4,603 — — Group annuity contract 280 — — 280 Fair value of plan assets $ 127,267 $ 126,987 $ — $ 280 (a) We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated. The fair value of the pension plan assets at December 31, 2015 were as follows (in thousands): Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Domestic Equity Securities (a) : Small-cap fund $ 3,492 $ 3,492 $ — $ — Mid-cap fund 3,495 3,495 — — Large-cap funds 26,304 26,304 — — International equity fund 16,530 16,530 — — Fixed Income Securities (a) : Short-term bond funds 3,834 3,834 — — Intermediate-term bond funds 18,141 18,141 — — Long-term investment grade bond funds 66,758 66,758 — — Other: Short-term investment funds 3,944 3,944 — — Group annuity contract 244 — — 244 Fair value of plan assets $ 142,742 $ 142,498 $ — $ 244 (a) We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated. |
Fair Value Of Annuity Contract With Unobservable Inputs | The fair value measurements for the group annuity contract which used significant unobservable inputs (Level 3) for the years ended December 31, 2014 and 2015 were as follows (in thousands): 2014 2015 Beginning balance $ 297 $ 280 Actual return on plan assets: Relating to assets still held at the reporting date 17 1 Purchases, issuances, sales and settlements: Settlements (34 ) (37 ) Ending balance $ 280 $ 244 |
Schedule of Allocation of Plan Assets | The target allocation and actual weighted-average asset allocation percentages at December 31, 2014 and 2015 were as follows: 2014 2015 Actual (a) Target Actual (a) Target Equity securities 34% 30% 35% 30% Debt securities 62% 67% 62% 67% Other 4% 3% 3% 3% (a) Cash contributions of $24.1 million and $20.5 million were made to the pension plans during 2014 and 2015, respectively. Amounts contributed in 2014 and 2015 in excess of benefit payments made were to be invested in debt and equity securities over a twelve-month period, with the amounts that remained uninvested as of December 31, 2014 and 2015 scheduled for investment in accordance with the target. Excluding these uninvested cash amounts, the actual allocation percentages at December 31, 2014 would have been 35% equity securities and 65% debt securities and at December 31, 2015, would have been 36% equity securities and 64% debt securities. In 2016, we will invest these uninvested cash amounts to bring the total asset allocation in line with the target allocation . |
Expected Benefit Payments | As of December 31, 2015 , the benefit amounts we expect to pay through December 31, 2025 were as follows (in thousands): Pension Benefits Other Postretirement Benefits 2016 $ 8,300 $ 612 2017 $ 13,351 $ 629 2018 $ 14,343 $ 668 2019 $ 15,440 $ 722 2020 $ 19,944 $ 790 2021 through 2025 $ 100,735 $ 4,422 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Consolidated Debt | Debt at December 31, 2014 and 2015 was as follows (in thousands): Weighted-Average Interest Rate for the Year Ended December 31, 2015 (1) December 31, 2014 2015 Commercial paper (2) $ 296,942 $ 279,961 0.5% $250.0 million of 5.65% Notes due 2016 (3) 250,758 250,335 5.7% $250.0 million of 6.40% Notes due 2018 257,280 255,215 5.5% $550.0 million of 6.55% Notes due 2019 567,868 564,116 5.7% $550.0 million of 4.25% Notes due 2021 556,304 555,362 4.0% $250.0 million of 3.20% Notes due 2025 (2) — 249,700 3.2% $250.0 million of 6.40% Notes due 2037 249,017 249,036 6.4% $250.0 million of 4.20% Notes due 2042 248,406 248,437 4.2% $550.0 million of 5.15% Notes due 2043 556,320 556,218 5.1% $250.0 million of 4.20% Notes due 2045 (2) — 249,914 4.6% Total debt, excluding unamortized debt issuance costs 2,982,895 3,458,294 4.7% Unamortized debt issuance costs (15,876 ) (18,672 ) Less: current portion of long-term debt — 250,335 Total long-term debt $ 2,967,019 $ 3,189,287 (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 year ending December 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. (3) These borrowings will mature in October 2016 and are included with current debt on our consolidated balance sheets at December 31, 2015. |
Derivative Financial Instrume40
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements | As outlined in the table below, our open NYMEX contracts at December 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 January 2016 and November 2017 NYMEX - Economic Hedges 4.5 million barrels of refined products and crude oil Between January and December 2016 NYMEX - Economic Hedges 0.9 million barrels of butane Between January and December 2016 |
Derivatives and Offset Amounts [Table Text Block] | December 31, 2014 and 2015 (in thousands): December 31, 2014 Description Gross Amounts of Recognized Assets Gross Amounts of Liabilities Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets (1) Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets Net Asset Amount (3) Energy commodity derivatives $ 106,764 $ (10,622 ) $ 96,142 $ (78,279 ) $ 17,863 December 31, 2015 Description Gross Amounts of Recognized Assets Gross Amounts of Liabilities Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets (2) Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets Net Asset Amount (3) Energy commodity derivatives $ 48,367 $ (5,646 ) $ 42,721 $ (24,252 ) $ 18,469 (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 $39,243 and noncurrent assets of $3,478 . (3) This represents the maximum amount of loss we would incur if our counterparties failed to perform on their derivative contracts. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The changes in derivative activity included in AOCL for the years ended December 31, 2013 , 2014 and 2015 were as follows (in thousands): Year Ended December 31, Derivative Gains (Losses) Included in AOCL 2013 2014 2015 Beginning balance $ 14,126 $ 13,627 $ (16,587 ) Net loss on interest rate contract cash flow hedges (4,744 ) (30,090 ) (14,904 ) Reclassification of net loss (gain) on cash flow hedges to income 4,245 (124 ) 1,365 Ending balance $ 13,627 $ (16,587 ) $ (30,126 ) |
Derivatives And Hedging-Cash Flow Hedges | The following is a summary of the effect on our consolidated statements of income for the years ended December 31, 2013 , 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). Year Ended December 31, 2013 Derivative Instrument Amount of Loss Recognized in AOCL on Derivative Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective Portion Ineffective Portion Interest rate contracts $ (184 ) Interest expense $ 163 $ — NYMEX commodity contracts (4,560 ) Product sales revenue (4,408 ) — Total cash flow hedges $ (4,744 ) Total $ (4,245 ) $ — Year Ended December 31, 2014 Derivative Instrument Amount of Loss Recognized in AOCL on Derivative Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective Portion Ineffective Portion Interest rate contracts $ (30,090 ) Interest expense $ (242 ) $ 366 Year Ended December 31, 2015 Derivative Instrument Amount of Loss Recognized in AOCL on Derivative Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Effective Portion Ineffective Portion Interest rate contracts $ (14,904 ) Interest expense $ (1,365 ) $ — |
Derivatives And Hedging-Overall-Subsequent Measurement | The following table provides a summary of the effect on our consolidated statements of income for the years ended December 31, 2013 , 2014 and 2015 that were not designated as hedging instruments (in thousands): Amount of Gain (Loss) Year Ended December 31, Derivative Instrument Location of Gain (Loss) Recognized on Derivative 2013 2014 2015 NYMEX commodity contracts Product sales revenue $ (6,189 ) $ 145,320 $ 68,426 NYMEX commodity contracts Operating expenses (3,770 ) 17,818 11,819 NYMEX commodity contracts Cost of product sales 2,682 (17,141 ) (8,997 ) Total $ (7,277 ) $ 145,997 $ 71,248 |
Derivatives And Hedging-Designated | The following tables provide a summary of the amounts included on our consolidated balance sheets that were designated as hedging instruments as of December 31, 2014 and 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 December 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 $ 60 Energy commodity derivatives contracts, net $ — NYMEX commodity contracts Other noncurrent assets 3,478 Other noncurrent liabilities — Interest rate contracts Other current assets 2,179 Other current liabilities 653 Total $ 5,717 Total $ 653 The following tables provide a summary of the amounts included on our consolidated balance sheets that were not designated as hedging instruments as of December 31, 2014 and 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 $ 10,622 December 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 $ 44,829 Energy commodity derivatives contracts, net $ 5,646 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Lessee, Future Minimum Rental Payments | Future minimum annual rentals under non-cancellable operating leases with initial or remaining terms greater than one year as of December 31, 2015 , were as follows (in millions): 2016 $ 26.5 2017 27.5 2018 21.7 2019 11.7 2020 9.4 Thereafter 81.1 Total $ 177.9 |
Lessor, Future Minimum Payments Receivable | Future minimum payments receivable under these arrangements as of December 31, 2015 , were as follows (in millions): 2016 $ 233.1 2017 202.0 2018 153.7 2019 118.2 2020 94.8 Thereafter 232.0 Total $ 1,033.8 |
Leases, Investment in Direct Financing Lease | The net investment under direct financing leasing arrangements as of December 31, 2014 and 2015 was as follows (in millions): December 31, 2014 December 31, 2015 Total minimum lease payments receivable $ 37.9 $ 30.7 Less: Unearned income 7.0 5.8 Recorded net investment in direct financing lease $ 30.9 $ 24.9 The net investment in direct financing leases was classified in the consolidated balance sheets as follows (in millions): December 31, 2014 December 31, 2015 Current accounts receivable $ 6.1 $ 6.4 Non-current accounts receivable 24.8 18.5 Total $ 30.9 $ 24.9 Future minimum payments receivable under this direct financing lease for the next five years are: 2016 – $7.4 million ; 2017 – $4.1 million ; 2018 – $1.7 million ; 2019 – $1.7 million ; and 2020 – $1.7 million . |
Long-Term Incentive Plan (Table
Long-Term Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Changes In Non-Vested Unit Awards | The amounts below include no adjustments for above-target or below-target performance and forfeitures are actual amounts through December 31, 2015 . Equity Method Liability Method Performance-Based Awards Performance-Based Awards Time-Based Awards Total Awards Number of Unit Awards Weighted-Average Grant Date Fair Value Number of Unit Awards Weighted-Average Grant Date Fair Value Number of Unit Awards Weighted-Average Fair Value Number of Unit Awards Weighted-Average Fair Value Non-vested units - 1/1/2015 350,317 $ 62.85 46,668 $ 76.99 40,878 $ 82.66 437,863 $ 66.21 Units granted during 2015 148,028 $ 88.78 26,421 $ 81.51 — $ — 174,449 $ 87.68 Units vested during 2015 (161,898 ) $ 51.42 (444 ) $ 56.42 (40,470 ) $ 67.92 (202,812 ) $ 54.73 Units forfeited during 2015 (23,207 ) $ 81.28 (14,963 ) $ 67.41 (408 ) $ 67.92 (38,578 ) $ 75.76 Non-vested units - 12/31/15 313,240 $ 79.64 57,682 $ 81.74 — $ — 370,922 $ 79.97 |
Total Non-Vested Unit Awards | The table below summarizes the total non-vested unit awards granted by the compensation committee adjusted for units we estimate will be forfeited by the end of the vesting period and for estimated amounts of above-target financial performance to determine the total number of unit awards included in our total equity-based liability accrual. Grant Date Unit Awards Granted Estimated Forfeitures Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results Total Unit Award Accrual Vesting Date Unrecognized Compensation Expense (a) (in millions) Performance-Based Awards: 2014 Awards 187,371 21,662 124,283 289,992 12/31/2016 $ 7.0 2015 Awards 148,028 15,105 33,232 166,155 12/31/2017 9.8 Time-Based Awards: 2016 Vesting Date 20,757 12,121 — 8,636 12/31/2016 0.2 2017 Vesting Date 51,859 4,612 — 47,247 12/31/2017 2.6 Total 408,015 53,500 157,515 512,030 $ 19.6 (a) Unrecognized compensation expense will be recognized over the remaining vesting period of the awards. |
Weighted-Average Grant Date Fair Values | The weighted-average grant-date fair value of award grants issued during 2013 , 2014 and 2015 were as follows: Equity Method Performance-Based Awards Time-Based Awards Liability Method Performance-Based Awards Number of Unit Awards Weighted-Average Grant Date Fair Value Number of Unit Awards Weighted-Average Grant Date Fair Value Number of Unit Awards Weighted-Average Fair Value Units granted during 2013 182,798 $ 51.49 22,668 $ 53.02 45,700 $ 51.49 Units granted during 2014 187,371 $ 72.77 33,903 $ 82.86 — $ — Units granted during 2015 148,028 $ 88.78 26,421 $ 81.51 — $ — |
Vested Unit Awards | The table below sets forth the numbers and values of units that vested in each of the three years ended December 31, 2015 . The vested limited partner units include adjustments for above-target performance. Vesting Date Vested Limited Partner Units Fair Value of Unit Awards on Vesting Date (in millions) Intrinsic Value of Unit Awards on Vesting Date (in millions) 12/31/2013 572,353 $20.5 $36.2 12/31/2014 528,984 $22.4 $43.7 12/31/2015 506,393 $27.7 $34.4 |
Cash Flow Effects Of LTIP Settlements | We settle awards that vest by issuing limited partner units. The difference between the limited partner units issued to the participants and the total units accrued represents the minimum tax withholdings associated with the award settlement, which we pay in cash. Settlement Date Number of Limited Partner Units Issued, Net of Tax Withholdings Minimum Tax Withholdings (in millions) Employer Taxes (in millions) Total Cash Taxes Paid (in millions) January 2013 476,682 $12.3 $1.1 $13.4 January 2014 387,216 $14.8 $1.2 $16.0 January 2015 354,529 $17.8 $1.7 $19.5 |
Equity-Based Incentive Compensation Expense | Equity-based incentive compensation expense for 2013 , 2014 and 2015 was as follows (in thousands): Year Ended December 31, 2013 Year Ended December 31, 2014 Year Ended December 31, 2015 Equity Method Liability Method Total Equity Method Liability Method Total Equity Method Liability Method Total 2010 awards $ 121 $ 73 $ 194 $ — $ — $ — $ — $ — $ — 2011 awards 5,359 4,280 9,639 — — — — — — 2012 awards 4,751 2,747 7,498 4,418 3,896 8,314 — — — 2013 awards 4,726 1,451 6,177 7,427 3,425 10,852 8,661 1,997 10,658 2014 awards — — — 6,494 — 6,494 7,471 — 7,471 2015 awards — — — — — — 4,917 — 4,917 Time-based awards 575 — 575 1,624 — 1,624 1,199 — 1,199 Total $ 15,532 $ 8,551 $ 24,083 $ 19,963 $ 7,321 $ 27,284 $ 22,248 $ 1,997 $ 24,245 Allocation of LTIP expense on our consolidated statements of income: G&A expense $ 23,264 $ 26,700 $ 23,937 Operating expense 819 584 308 Total $ 24,083 $ 27,284 $ 24,245 |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Information By Segment | Year Ended December 31, 2013 Refined Products Crude Oil Marine Storage Intersegment Eliminations Total (in thousands) Transportation and terminals revenue (1) $ 826,202 $ 203,459 $ 158,791 $ — $ 1,188,452 Product sales revenue 738,271 — 6,398 — 744,669 Affiliate management fee revenue — 13,361 1,248 — 14,609 Total revenue 1,564,473 216,820 166,437 — 1,947,730 Operating expenses (1) 295,785 44,181 59,407 (3,179 ) 396,194 Cost of product sales 574,703 — 3,326 — 578,029 Earnings of non-controlled entities — (3,781 ) (2,494 ) — (6,275 ) Operating margin 693,985 176,420 106,198 3,179 979,782 Depreciation and amortization expense 86,926 24,119 28,006 3,179 142,230 G&A expenses 91,658 19,896 20,942 — 132,496 Operating profit $ 515,401 $ 132,405 $ 57,250 $ — $ 705,056 Additions to long-lived assets $ 361,134 $ 199,362 $ 32,563 $ 593,059 As of December 31, 2013 Segment assets $ 2,811,398 $ 1,252,036 $ 648,061 $ 4,711,495 Corporate assets 91,812 Total assets $ 4,803,307 Goodwill $ 38,369 $ 12,082 $ 2,809 $ 53,260 Investments in non-controlled entities $ — $ 345,904 $ 14,948 $ 360,852 Year Ended December 31, 2014 Refined Products Crude Oil Marine Storage Intersegment Eliminations Total (in thousands) Transportation and terminals revenue (1) $ 946,612 $ 341,915 $ 170,740 $ — $ 1,459,267 Product sales revenue 872,537 — 6,437 — 878,974 Affiliate management fee revenue — 20,790 1,321 — 22,111 Total revenue 1,819,149 362,705 178,498 — 2,360,352 Operating expenses (1) 356,057 83,184 65,173 (3,513 ) 500,901 Cost of product sales 592,887 — 1,698 — 594,585 Earnings of non-controlled entities — (16,309 ) (3,085 ) — (19,394 ) Operating margin 870,205 295,830 114,712 3,513 1,284,260 Depreciation and amortization expense 101,642 27,800 28,786 3,513 161,741 G&A expenses 96,411 29,557 22,320 — 148,288 Operating profit $ 672,152 $ 238,473 $ 63,606 $ — $ 974,231 Additions to long-lived assets $ 163,753 $ 439,846 $ 18,413 $ 622,012 As of December 31, 2014 Segment assets $ 2,875,412 $ 1,937,242 $ 647,900 $ 5,460,554 Corporate assets 40,855 Total assets $ 5,501,409 Goodwill $ 38,369 $ 12,082 $ 2,809 $ 53,260 Investments in non-controlled entities $ — $ 599,757 $ 14,110 $ 613,867 Year Ended December 31, 2015 Refined Products Crude Oil Marine Storage Intersegment Eliminations Total (in thousands) Transportation and terminals revenue $ 974,505 $ 394,098 $ 176,143 $ — $ 1,544,746 Product sales revenue 623,102 3,587 3,147 — 629,836 Affiliate management fee revenue — 12,495 1,376 — 13,871 Total revenue 1,597,607 410,180 180,666 — 2,188,453 Operating expenses 377,772 89,455 62,526 (3,851 ) 525,902 Cost of product sales 442,621 3,278 1,374 — 447,273 (Earnings) loss of non-controlled entities 193 (63,918 ) (2,758 ) — (66,483 ) Operating margin 777,021 381,365 119,524 3,851 1,281,761 Depreciation and amortization expense 96,244 35,681 31,036 3,851 166,812 G&A expenses 94,482 36,000 20,847 — 151,329 Operating profit $ 586,295 $ 309,684 $ 67,641 $ — $ 963,620 Additions to long-lived assets $ 310,907 $ 289,851 $ 70,290 $ 671,048 As of December 31, 2015 Segment assets $ 2,991,322 $ 2,313,110 $ 677,914 $ 5,982,346 Corporate assets 59,221 Total assets $ 6,041,567 Goodwill $ 38,369 $ 12,082 $ 2,809 $ 53,260 Investments in non-controlled entities $ 12,381 $ 739,470 $ 13,777 $ 765,628 (1) Includes adjustment of tender deductions as discussed in Note 2 – Summary of Significant Accounting Policies. The amounts adjusted for our refined products segment are $25.1 million and $24.8 million for 2013 and 2014, respectively. The amounts adjusted for our crude oil segment are $25.0 million and $31.8 million for 2013 and 2014, respectively. |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Summarized quarterly financial data is as follows (in thousands, except per unit amounts): 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue (1) $ 633,892 $ 512,435 $ 535,832 $ 678,193 Total costs and expenses (1) $ 359,269 $ 336,172 $ 311,640 $ 398,434 Operating margin $ 347,535 $ 264,424 $ 299,268 $ 373,033 Net income $ 242,554 $ 146,260 $ 198,620 $ 252,085 Basic net income per limited partner unit $ 1.07 $ 0.64 $ 0.87 $ 1.11 Diluted net income per limited partner unit $ 1.07 $ 0.64 $ 0.87 $ 1.10 2015 Revenue (1) $ 530,302 $ 498,427 $ 586,676 $ 573,048 Total costs and expenses (1) $ 320,081 $ 315,206 $ 312,527 $ 343,502 Operating margin $ 297,006 $ 286,145 $ 369,325 $ 329,285 Net income $ 183,636 $ 177,391 $ 250,972 $ 207,123 Basic net income per limited partner unit $ 0.81 $ 0.78 $ 1.10 $ 0.91 Diluted net income per limited partner unit $ 0.81 $ 0.78 $ 1.10 $ 0.91 (1) Includes adjustment of tender deductions as discussed in Note 2 – Summary of Significant Accounting Policies. The amounts adjusted for 2014 are as follows: first quarter $15.3 million ; second quarter $16.0 million ; third quarter $14.2 million ; and fourth quarter $11.1 million . The amounts adjusted for 2015 are as follows: first quarter $8.2 million ; second quarter $10.9 million ; and third quarter $9.4 million . |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measurements Of Our Commodity Contracts And Interest Rate Swaps | The following tables summarize the carrying amounts, fair values and recurring fair value measurements recorded or disclosed as of December 31, 2014 and 2015 , based on the three levels established by ASC 820; Fair Value Measurements and Disclosures (in thousands): Fair Value Measurements as of December 31, 2014 using: Assets (Liabilities) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Energy commodity derivatives contracts $ 96,142 $ 96,142 $ 96,142 $ — $ — Interest rate contracts $ (26,478 ) $ (26,478 ) $ — $ (26,478 ) $ — Long-term receivables $ 28,611 $ 30,200 $ — $ — $ 30,200 Debt $ (2,967,019 ) $ (3,212,462 ) $ — $ (3,212,462 ) $ — Fair Value Measurements as of December 31, 2015 using: Assets (Liabilities) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Energy commodity derivatives contracts $ 42,721 $ 42,721 $ 42,721 $ — $ — Interest rate contracts $ 1,526 $ 1,526 $ — $ 1,526 $ — Long-term receivables $ 20,374 $ 20,021 $ — $ — $ 20,021 Debt $ (3,439,622 ) $ (3,284,791 ) $ — $ (3,284,791 ) $ — |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block] | Distributions we paid during 2013 , 2014 and 2015 were as follows (in thousands, except per unit amount): Payment Date Per Unit Cash Distribution Amount Total Cash Distribution 2/14/2013 $ 0.5000 $ 113,340 5/15/2013 0.5075 115,040 8/14/2013 0.5325 120,707 11/14/2013 0.5575 126,374 Total $ 2.0975 $ 475,461 2/14/2014 $ 0.5850 $ 132,835 5/15/2014 0.6125 139,079 8/14/2014 0.6400 145,324 11/14/2014 0.6675 151,568 Total $ 2.5050 $ 568,806 2/13/2015 $ 0.6950 $ 158,061 5/15/2015 0.7175 163,178 8/14/2015 0.7400 168,296 11/13/2015 0.7625 173,413 Total $ 2.9150 $ 662,948 |
Partners' Capital(Tables)
Partners' Capital(Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Changes In Outstanding Limited Partner Units | The following table details the changes in the number of our limited partner units outstanding from January 1, 2013 through December 31, 2015 : Limited partner units outstanding on January 1, 2013 226,200,872 01/13—Settlement of 2010 award grants 476,682 During 2013—Other (a) 1,884 Limited partner units outstanding on December 31, 2013 226,679,438 02/14—Settlement of 2011 award grants 387,216 During 2014—Other (a) 1,603 Limited partner units outstanding on December 31, 2014 227,068,257 02/15—Settlement of 2012 award grants 354,529 During 2015—Other (a) 4,461 Limited partner units outstanding on December 31, 2015 227,427,247 (a) Limited partner units issued to settle the equity-based retainer paid to independent directors of our general partner. |
Organization And Description 48
Organization And Description Of Business (Narrative) (Details) bbl in Millions | Dec. 31, 2015Terminalbblstorage_facilitymi |
Refined Products Segment [Member] | |
Organization and Description of Business [Line Items] | |
Number of Pipeline Terminals | Terminal | 52 |
Number of Independent Terminals | Terminal | 28 |
Refined Products Segment [Member] | Refined Products Transportation Services [Member] | |
Organization and Description of Business [Line Items] | |
Pipeline, Length | mi | 9,500 |
Refined Products Segment [Member] | Ammonia Transportation Services [Member] | |
Organization and Description of Business [Line Items] | |
Pipeline, Length | mi | 1,100 |
Crude Oil Pipeline and Terminals Segment [Member] | |
Organization and Description of Business [Line Items] | |
Pipeline, Length | mi | 1,700 |
Storage Capacity | bbl | 0 |
Leaseable Storage Capacity | bbl | 14 |
Marine Storage Segment [Member] | |
Organization and Description of Business [Line Items] | |
Number of Independent Terminals | storage_facility | 5 |
Storage Capacity | bbl | 26 |
Summary Of Significant Accoun49
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)pension_plan | Dec. 31, 2014USD ($) | Dec. 31, 2013 | ||
Summary of Significant Accounting Policies [Line Items] | ||||
Equity investments, unamortized excess net investment | $ 76.7 | $ 79 | ||
Intangible asset estimated useful life | 6 years | |||
Interest capitalization threshold for construction in process | $ 0.5 | |||
Long-term Debt, Weighted Average Interest Rate | [1] | 4.70% | 4.90% | 5.20% |
Number of Pension Plans | pension_plan | 3 | |||
Deferred Cost Multiplier | 0.5 | |||
Board of Director Deferred Award Days to Payment | 60 days | |||
Minimum [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Intangible asset estimated useful life | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Maximum [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Intangible asset estimated useful life | 25 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Performance Shares [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Equity-based compensation, award payout percentage, minimum | 0.00% | |||
Equity-based compensation, award payout percentage, maximum | 200.00% | |||
Equity Based Compensation Award Payout Fluctuation Of Award Market | 50.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
[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. |
Summary Of Significant Accoun50
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Reclassification Adjustment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Transportation and terminals revenue | $ 1,544,746 | $ 1,459,267 | $ 1,188,452 |
Operating | $ 525,902 | 500,901 | 396,194 |
Scenario, Previously Reported [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Transportation and terminals revenue | 1,402,638 | 1,138,328 | |
Operating | 444,272 | 346,070 | |
Restatement Adjustment [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Transportation and terminals revenue | 56,629 | 50,124 | |
Operating | $ 56,629 | $ 50,124 |
Consolidated Statements Of Ca51
Consolidated Statements Of Cash Flows - Supplemental Disclosures (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Increase (decrease) in long-term pension and benefits liability | $ 4.7 | $ 33.9 | $ (14.1) |
Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Increase (Decrease) in Derivative Assets | 2.2 | ||
Increase (Decrease) in Derivative Liabilities | $ 0.7 | $ 26.5 |
Consolidated Statements Of Ca52
Consolidated Statements Of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Trade accounts receivable and other accounts receivable | $ 3,664 | $ 49,215 | $ (19,314) |
Inventory | 26,894 | 29,462 | 34,664 |
Energy commodity derivatives contracts, net of derivatives deposits | (606) | (7,583) | 534 |
Accounts payable | 4,107 | (10,918) | 2,002 |
Accrued payroll and benefits | 3,466 | 6,055 | 9,809 |
Accrued interest payable | 5,323 | 1,038 | 2,876 |
Accrued taxes other than income | 3,699 | 9,094 | 5,485 |
Deferred revenue | 10,485 | 7,978 | 16,793 |
Accrued product purchases | (13,016) | (18,678) | (9,016) |
Current and noncurrent environmental liabilities | (4,904) | (2,144) | (12,247) |
Other current and noncurrent assets and liabilities | 9,250 | 22,208 | (13,078) |
Changes in components of operating assets and liabilities | $ 48,362 | $ 85,727 | $ 18,508 |
Investments in Non-Controlled53
Investments in Non-Controlled Entities Investments in Non-Controlled Entities (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Equity Method Investments [Roll Forward] | ||||
Investments at December 31, 2014 | $ 613,867,000 | $ 360,852,000 | ||
Additional Investments | 165,718,000 | |||
Proportionate Share of Equity Earnings | 69,272,000 | |||
Amortization of Excess Investment and Capitalized Interest | (2,789,000) | |||
Income (Loss) from Equity Method Investments | 66,483,000 | 19,394,000 | $ 6,275,000 | |
Distributions from investments in non-controlled entities | 66,285,000 | 3,086,000 | 2,494,000 | |
Distributions in excess of earnings of non-controlled entities | 14,155,000 | 5,487,000 | 780,000 | |
Investments at December 31, 2015 | 765,628,000 | 613,867,000 | 360,852,000 | |
Equity Method Investment, Summarized Financial Information, Current Assets | 158,128,000 | 77,441,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 1,383,394,000 | 1,031,910,000 | ||
Equity Method Investment, Summarized Financial Information, Assets | 1,541,522,000 | 1,109,351,000 | ||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 149,231,000 | 75,790,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 7,719,000 | 1,877,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 156,950,000 | 77,667,000 | ||
Equity Method Investment Summarized Financial Information, Equity | 1,384,572,000 | 1,031,684,000 | ||
Equity Method Investment, Summarized Financial Information, Revenue | 246,841,000 | 84,056,000 | 29,333,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 138,457,000 | 41,279,000 | 13,531,000 | |
BridgeTex [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Change in Equity Method Investments [Roll Forward] | ||||
Investments at December 31, 2014 | $ 489,348,000 | |||
Additional Investments | 16,605,000 | |||
Proportionate Share of Equity Earnings | 60,446,000 | |||
Amortization of Excess Investment and Capitalized Interest | (2,039,000) | |||
Income (Loss) from Equity Method Investments | 58,407,000 | |||
Distributions from investments in non-controlled entities | 58,407,000 | |||
Distributions in excess of earnings of non-controlled entities | 10,686,000 | |||
Investments at December 31, 2015 | 495,267,000 | 489,348,000 | ||
Equity Method Investment, Summarized Financial Information, Current Assets | 46,856,000 | 66,409,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 809,676,000 | 821,323,000 | ||
Equity Method Investment, Summarized Financial Information, Assets | 856,532,000 | 887,732,000 | ||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 23,570,000 | 71,066,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 462,000 | 94,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 24,032,000 | 71,160,000 | ||
Equity Method Investment Summarized Financial Information, Equity | 832,500,000 | 816,572,000 | ||
Equity Method Investment, Summarized Financial Information, Revenue | 200,214,000 | 49,200,000 | 0 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 120,890,000 | 30,696,000 | (40,000) | |
BridgeTex [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Related Party Transaction, Other Revenues from Transactions with Related Party | 34,600,000 | 2,600,000 | ||
Due to Related Parties, Current | 0 | 2,200,000 | ||
Accounts Receivable, Related Parties, Current | $ 0 | 2,600,000 | ||
Related Party Transaction, Amounts of Transaction | $ 600,000 | |||
Double Eagle Pipeline Llc [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Double Eagle Pipeline Llc [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 3,400,000 | 2,700,000 | ||
Accounts Receivable, Related Parties, Current | $ 200,000 | 300,000 | ||
Osage Pipeline Co [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Powder Springs Logistics, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Powder Springs Logistics, LLC [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 100,000 | |||
Saddlehorn Pipeline Company [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 40.00% | |||
Saddlehorn Pipeline Company [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 1,200,000 | |||
Related Party Transaction, Amounts of Transaction | $ (200,000) | |||
Seabrook Logistics, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Texas Frontera Llc [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
All Other Equity Investments [Member] | ||||
Change in Equity Method Investments [Roll Forward] | ||||
Investments at December 31, 2014 | $ 124,519,000 | |||
Additional Investments | 149,113,000 | |||
Proportionate Share of Equity Earnings | 8,826,000 | |||
Amortization of Excess Investment and Capitalized Interest | (750,000) | |||
Income (Loss) from Equity Method Investments | 8,076,000 | |||
Distributions from investments in non-controlled entities | 7,878,000 | |||
Distributions in excess of earnings of non-controlled entities | 3,469,000 | |||
Investments at December 31, 2015 | 270,361,000 | 124,519,000 | ||
Equity Method Investment, Summarized Financial Information, Current Assets | 111,272,000 | 11,032,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 573,718,000 | 210,587,000 | ||
Equity Method Investment, Summarized Financial Information, Assets | 684,990,000 | 221,619,000 | ||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 125,661,000 | 4,724,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 7,257,000 | 1,783,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 132,918,000 | 6,507,000 | ||
Equity Method Investment Summarized Financial Information, Equity | 552,072,000 | 215,112,000 | ||
Equity Method Investment, Summarized Financial Information, Revenue | 46,627,000 | 34,856,000 | 29,333,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 17,567,000 | $ 10,583,000 | $ 13,571,000 |
Business Combinations and Ass54
Business Combinations and Asset Acquisitions (Narrative) (Details) bbl in Millions | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2014USD ($)bblmi | Nov. 30, 2013USD ($)Terminalbblmi | Jul. 31, 2013USD ($)mi | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Business Combination and Asset Acquisition [Line Items] | ||||||
Acquisition of business | $ 54,678,000 | $ 0 | $ 192,000,000 | |||
Debt Instrument, Face Amount | 3,400,000,000 | 2,900,000,000 | ||||
Payments to Acquire Other Productive Assets | 0 | $ 75,000,000 | 22,506,000 | |||
Atlanta, Georgia Terminal [Member] | ||||||
Business Combination and Asset Acquisition [Line Items] | ||||||
Acquisition of business | $ 54,700,000 | |||||
Plains Pipeline Acquisition [Member] | ||||||
Business Combination and Asset Acquisition [Line Items] | ||||||
Business Acquisition, Transaction Costs | $ 2,800,000 | |||||
BridgeTex 40-Mile Pipeline [Member] | ||||||
Business Combination and Asset Acquisition [Line Items] | ||||||
Pipeline, Length | mi | 40 | |||||
Storage Capacity | bbl | 1.4 | |||||
Payments to Acquire Other Productive Assets | $ 75,000,000 | |||||
Acquisition of Assets Ownership Percentage | 100.00% | |||||
New Mexico/Texas [Member] | Plains Pipeline Acquisition [Member] | ||||||
Business Combination and Asset Acquisition [Line Items] | ||||||
Acquisition of business | $ 57,000,000 | |||||
Pipeline, Length | mi | 250 | |||||
Rocky Mountains [Member] | Plains Pipeline Acquisition [Member] | ||||||
Business Combination and Asset Acquisition [Line Items] | ||||||
Acquisition of business | $ 135,000,000 | |||||
Pipeline, Length | mi | 550 | |||||
Number of Pipeline Terminals | Terminal | 4 | |||||
Storage Capacity | bbl | 1.7 | |||||
Debt Offering Part One [Member] | Five Point One Five Percentage Notes Due Two Thousand Forty Three [Member] | ||||||
Business Combination and Asset Acquisition [Line Items] | ||||||
Debt Instrument, Face Amount | $ 300,000,000 |
Schedule of Business Acquisitio
Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||
Business Combination and Asset Acquisition [Line Items] | ||||||||||||||||||
Revenues | $ 573,048 | $ 586,676 | [1] | $ 498,427 | [1] | $ 530,302 | [1] | $ 678,193 | [1] | $ 535,832 | [1] | $ 512,435 | [1] | $ 633,892 | [1] | $ 2,188,453 | $ 2,360,352 | $ 1,947,730 |
Operating Income (Loss) | 963,620 | 974,231 | 705,056 | |||||||||||||||
Net income | $ 207,123 | $ 250,972 | $ 177,391 | $ 183,636 | $ 252,085 | $ 198,620 | $ 146,260 | $ 242,554 | $ 819,122 | $ 839,519 | 582,237 | |||||||
Business Acquisition, Pro Forma Revenue | 1,974,440 | |||||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 588,583 | |||||||||||||||||
Plains Pipeline Acquisition [Member] | ||||||||||||||||||
Business Combination and Asset Acquisition [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 192,422 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 2,048 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (2,470) | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 192,000 | |||||||||||||||||
Revenues | 12,661 | |||||||||||||||||
Operating Income (Loss) | $ 6,400 | |||||||||||||||||
[1] | Includes adjustment of tender deductions as discussed in Note 2 – Summary of Significant Accounting Policies. The amounts adjusted for 2014 are as follows: first quarter $15.3 million; second quarter $16.0 million; third quarter $14.2 million; and fourth quarter $11.1 million. The amounts adjusted for 2015 are as follows: first quarter $8.2 million; second quarter $10.9 million; and third quarter $9.4 million. |
Inventory (Inventory) (Details)
Inventory (Inventory) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | |||
Refined petroleum products | $ 67,055 | $ 57,455 | $ 67,055 |
Liquefied petroleum gases | 37,642 | 17,954 | 37,642 |
Transmix | 36,867 | 21,297 | 36,867 |
Crude oil | 10,015 | 28,385 | 10,015 |
Additives | 6,183 | 5,777 | 6,183 |
Total inventory | 157,762 | 130,868 | 157,762 |
Lower-of-cost-or-market inventory adjustment | $ 39,300 | $ 5,000 | $ 39,300 |
Product Sales Revenue (Disclosu
Product Sales Revenue (Disclosure Of Product Sales Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Product Sales Revenue [Abstract] | |||
Physical sale of petroleum products | $ 561,410 | $ 733,654 | $ 755,266 |
NYMEX Adjustments Included in Product Sales | 68,426 | 145,320 | (10,597) |
Total product sales revenues | $ 629,836 | $ 878,974 | $ 744,669 |
Property, Plant And Equipment58
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Document Fiscal Year Focus | 2,015 | ||
Property, Plant and Equipment, Gross | $ 6,166,766 | $ 5,533,935 | |
Depreciation expense | $ 164,100 | 159,000 | $ 136,400 |
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Amortization of Intangible Assets | $ 2,700 | 2,700 | $ 6,000 |
Property, Plant and Equipment, Other Types [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 175,197 | 168,804 | |
Capitalized Interest [Member] | Property, Plant and Equipment, Other Types [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 31,400 | $ 35,800 | |
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 25 years | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Property, Plant And Equipment59
Property, Plant And Equipment (Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 6,166,766 | $ 5,533,935 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 476,662 | 314,349 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 275,277 | 243,576 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 88,641 | 81,657 |
Storage Tanks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,684,430 | 1,538,891 |
Pipelines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,249,067 | 2,083,204 |
Processing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,217,492 | 1,103,454 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 175,197 | $ 168,804 |
Minimum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated depreciable life, years | 10 years | |
Minimum [Member] | Storage Tanks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated depreciable life, years | 10 years | |
Minimum [Member] | Pipelines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated depreciable life, years | 10 years | |
Minimum [Member] | Processing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated depreciable life, years | 3 years | |
Minimum [Member] | Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated depreciable life, years | 3 years | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated depreciable life, years | 56 years | |
Maximum [Member] | Storage Tanks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated depreciable life, years | 40 years | |
Maximum [Member] | Pipelines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated depreciable life, years | 69 years | |
Maximum [Member] | Processing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated depreciable life, years | 56 years | |
Maximum [Member] | Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated depreciable life, years | 48 years |
Major Customers and Concentra60
Major Customers and Concentration Of Risks (Details) - Employee | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | |||
Number of employees | 1,640 | ||
Refined Products Segment [Member] | |||
Concentration Risk [Line Items] | |||
Number of employees | 903 | ||
Crude Oil Pipeline and Terminals Segment [Member] | |||
Concentration Risk [Line Items] | |||
Number of employees | 98 | ||
Marine Storage Segment [Member] | |||
Concentration Risk [Line Items] | |||
Number of employees | 170 | ||
Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 6.00% | 12.00% | 8.00% |
Concentration Risk, Benchmark Percentage | 10.00% | ||
Unionized Employees Concentration Risk [Member] | Refined Products Segment [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 25.00% | ||
Unionized Employees Concentration Risk [Member] | Crude Oil Pipeline and Terminals Segment [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 0.00% | ||
Unionized Employees Concentration Risk [Member] | Marine Storage Segment [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 16.00% |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)pension_plan | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Union Pension Plans | pension_plan | 2 | ||
Defined contribution plan, expenses | $ 8,900 | $ 8,300 | $ 7,100 |
Defined benefit plan, assumed rate of increase in health care cost trend rate for 2013 | 5.10% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.30% | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 148,906 | 137,851 | |
Defined Benefit Plan, Fair Value of Plan Assets | 142,742 | 127,267 | 100,556 |
Actuarial loss | 574 | 37,934 | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | (4,900) | ||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | (200) | ||
Contributions estimated to be paid | 22,900 | ||
Plan amendment | (3,610) | 0 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | $ 0 |
Actuarial loss | (579) | 1,951 | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | (700) | ||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | (3,300) | ||
Contributions estimated to be paid | 600 | ||
Plan amendment | $ 0 | $ 0 | |
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 67.00% | 67.00% | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% | 30.00% | |
Scenario, Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 70.00% | ||
Scenario, Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% | ||
Salaried and USW [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 146,800 | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 140,600 |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes In Benefit Obligations And Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 190,663 | $ 142,310 | |
Service cost | 18,890 | 13,400 | $ 13,901 |
Interest cost | 7,754 | 6,675 | 5,368 |
Plan participants’ contributions | 0 | 0 | |
Plan amendment | (3,610) | 0 | |
Actuarial loss | 574 | 37,934 | |
Benefits paid | (4,680) | (4,196) | |
Settlements | 0 | (5,460) | |
Benefit obligation at end of year | 209,591 | 190,663 | 142,310 |
Change in plan assets: | |||
Beginning balance | 127,267 | 100,556 | |
Employer contributions | 20,482 | 24,056 | |
Plan participants’ contributions | 0 | 0 | |
Actual return on plan assets | (327) | 12,311 | |
Benefits paid | (4,680) | (4,196) | |
Settlements | 0 | (5,460) | |
Fair value of plan assets at end of year | 142,742 | 127,267 | 100,556 |
Funded status at end of year | (66,849) | (63,396) | |
Accumulated benefit obligation | 148,906 | 137,851 | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 12,446 | 10,418 | |
Service cost | 243 | 227 | 288 |
Interest cost | 438 | 506 | 412 |
Plan participants’ contributions | 199 | 210 | |
Plan amendment | 0 | 0 | |
Actuarial loss | (579) | 1,951 | |
Benefits paid | (1,433) | (866) | |
Settlements | 0 | 0 | |
Benefit obligation at end of year | 11,314 | 12,446 | 10,418 |
Change in plan assets: | |||
Beginning balance | 0 | 0 | |
Employer contributions | 1,234 | 656 | |
Plan participants’ contributions | 199 | 210 | |
Actual return on plan assets | 0 | 0 | |
Benefits paid | (1,433) | (866) | |
Settlements | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status at end of year | $ (11,314) | $ (12,446) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amounts recognized in consolidated balance sheet: | ||||
Long-term pension and benefit cost | $ 77,551 | $ 75,155 | ||
Accumulated other comprehensive loss: | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (96,350) | (81,540) | ||
Pension Plan [Member] | ||||
Amounts recognized in consolidated balance sheet: | ||||
Current accrued benefit cost | 0 | 0 | ||
Long-term pension and benefit cost | 66,849 | 63,396 | ||
Net amount recognized in consolidated balance sheet | 66,849 | 63,396 | ||
Accumulated other comprehensive loss: | ||||
Net actuarial loss | (65,889) | (63,257) | ||
Prior service credit | 3,610 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (62,279) | (63,257) | $ (36,184) | $ (52,239) |
Amount of Liabilities and Accumulated Other Comprehensive Loss Recognized in Consolidated Balance Sheet | 4,570 | 139 | ||
Other Postretirement Benefits [Member] | ||||
Amounts recognized in consolidated balance sheet: | ||||
Current accrued benefit cost | 612 | 687 | ||
Long-term pension and benefit cost | 10,702 | 11,759 | ||
Net amount recognized in consolidated balance sheet | 11,314 | 12,446 | ||
Accumulated other comprehensive loss: | ||||
Net actuarial loss | (7,280) | (8,744) | ||
Prior service credit | 3,335 | 7,048 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,945) | (1,696) | $ 3,053 | $ 3,055 |
Amount of Liabilities and Accumulated Other Comprehensive Loss Recognized in Consolidated Balance Sheet | $ 7,369 | $ 10,750 |
Employee Benefit Plans (Consoli
Employee Benefit Plans (Consolidated Net Periodic Benefit Costs) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Employee | Dec. 31, 2013USD ($) | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of Employees Receiving USW Settlement | Employee | 11 | |||
Pension Plan [Member] | ||||
Components of net periodic pension and postretirement benefit expense: | ||||
Service cost | $ 18,890 | $ 13,400 | $ 13,901 | |
Interest cost | 7,754 | 6,675 | 5,368 | |
Expected return on plan assets | (8,037) | (6,363) | (6,228) | |
Amortization of prior service cost (credit) | 0 | 33 | 307 | |
Amortization of net actuarial loss | 6,306 | 3,071 | 4,334 | |
Settlement | 0 | [1] | 1,809 | 0 |
Net periodic expense (credit) | 24,913 | 18,625 | 17,682 | |
Other Postretirement Benefits [Member] | ||||
Components of net periodic pension and postretirement benefit expense: | ||||
Service cost | 243 | 227 | 288 | |
Interest cost | 438 | 506 | 412 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of prior service cost (credit) | (3,713) | (3,713) | (3,712) | |
Amortization of net actuarial loss | 885 | 915 | 1,035 | |
Settlement | 0 | 0 | 0 | |
Net periodic expense (credit) | $ (2,147) | $ (2,065) | $ (1,977) | |
[1] | Eleven participants took a lump sum distribution from the USW plan in 2014, resulting in a pension settlement cost of $1.8 million. |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Document Fiscal Year Focus | 2,015 | |||
Changes in AOCL [Roll Forward] | ||||
Accumulated Other Comprehensive Income, Beginning Balance | $ (81,540) | |||
Net actuarial (loss) gain(2) | [1] | (8,359) | $ (33,937) | $ 14,089 |
Plan amendment | [1] | 3,610 | 0 | 0 |
Amortization of prior service credit(2) | [1] | (3,713) | (3,680) | (3,405) |
Amortization of actuarial loss(2) | [1] | 7,191 | 3,986 | 5,369 |
Settlement cost | [1] | 0 | 1,809 | 0 |
Total other comprehensive income (loss) | (14,810) | (62,036) | 15,554 | |
Accumulated Other Comprehensive Income, Ending Balance | (96,350) | (81,540) | ||
Pension Plan [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Accumulated Other Comprehensive Income, Beginning Balance | (63,257) | (36,184) | (52,239) | |
Net actuarial (loss) gain(2) | (8,938) | (31,986) | 11,414 | |
Plan amendment | 3,610 | 0 | 0 | |
Amortization of prior service credit(2) | 0 | 33 | 307 | |
Amortization of actuarial loss(2) | 6,306 | 3,071 | 4,334 | |
Settlement cost | 0 | 1,809 | 0 | |
Total other comprehensive income (loss) | 978 | (27,073) | 16,055 | |
Accumulated Other Comprehensive Income, Ending Balance | (62,279) | (63,257) | (36,184) | |
Other Postretirement Benefits [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Accumulated Other Comprehensive Income, Beginning Balance | (1,696) | 3,053 | 3,055 | |
Net actuarial (loss) gain(2) | 579 | (1,951) | 2,675 | |
Plan amendment | 0 | 0 | 0 | |
Amortization of prior service credit(2) | (3,713) | (3,713) | (3,712) | |
Amortization of actuarial loss(2) | 885 | 915 | 1,035 | |
Settlement cost | 0 | 0 | 0 | |
Total other comprehensive income (loss) | (2,249) | (4,749) | (2) | |
Accumulated Other Comprehensive Income, Ending Balance | $ (3,945) | $ (1,696) | $ 3,053 | |
[1] | See Note 10–Employee Benefit Plans for additional detail of the changes in employee benefit plan assets and benefit obligations that are recognized in other comprehensive income (loss). |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted-Average Rate Assumptions Used For Benefit Obligations) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plan [Member] | Salaried Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.95% | 3.91% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.91% | 4.89% | 4.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 5.50% | 5.00% | 5.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.00% | 6.00% | 6.80% |
Pension Plan [Member] | USW Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.82% | 3.56% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.50% | 3.50% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.56% | 4.07% | 3.39% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.50% | 3.50% | 3.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.00% | 6.00% | 6.80% |
Pension Plan [Member] | I U O E Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.03% | 3.93% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.00% | 5.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.93% | 4.89% | 3.99% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 5.00% | 5.00% | 5.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.00% | 6.00% | 6.80% |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 3.66% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.66% | 4.52% | 3.58% |
Age Twenty to Twenty-Nine [Member] | Pension Plan [Member] | Salaried Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 11.00% | ||
Age Seventy and Over [Member] | Pension Plan [Member] | Salaried Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% |
Employee Benefit Plans (Chang67
Employee Benefit Plans (Changes In Assumed Health Care Cost Trend Rates) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Change in total service and interest cost components, 1% increase | $ 29 |
Change in total service and interest cost components, 1% decrease | 27 |
Change in postretirement benefit obligation, 1% increase | 473 |
Change in postretirement benefit obligation, 1% decrease | $ 435 |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Of Pension Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Group Annuity Contract [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 244 | $ 280 | $ 297 | ||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 142,742 | 127,267 | $ 100,556 | ||
Pension Plan [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 142,498 | 126,987 | |||
Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 244 | 280 | |||
Pension Plan [Member] | Small-Cap Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 3,492 | 3,050 | ||
Pension Plan [Member] | Small-Cap Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 3,492 | 3,050 | ||
Pension Plan [Member] | Mid-Cap Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 3,495 | 3,025 | ||
Pension Plan [Member] | Mid-Cap Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 3,495 | 3,025 | ||
Pension Plan [Member] | Large-Cap Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 26,304 | 22,760 | ||
Pension Plan [Member] | Large-Cap Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 26,304 | 22,760 | ||
Pension Plan [Member] | International Equity Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 16,530 | [1] | 13,990 | ||
Pension Plan [Member] | International Equity Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 16,530 | [1] | 13,990 | ||
Pension Plan [Member] | Short-Term Bond Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 3,834 | 3,485 | ||
Pension Plan [Member] | Short-Term Bond Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 3,834 | 3,485 | ||
Pension Plan [Member] | Intermediate-Term Bond Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 18,141 | 19,713 | ||
Pension Plan [Member] | Intermediate-Term Bond Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 18,141 | 19,713 | ||
Pension Plan [Member] | Long-Term Investment Grade Bond Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 66,758 | 56,361 | ||
Pension Plan [Member] | Long-Term Investment Grade Bond Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 66,758 | 56,361 | ||
Pension Plan [Member] | Short-Term Investment Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,944 | 4,603 | |||
Pension Plan [Member] | Short-Term Investment Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,944 | 4,603 | |||
Pension Plan [Member] | Group Annuity Contract [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 244 | 280 | |||
Pension Plan [Member] | Group Annuity Contract [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 244 | $ 280 | |||
[1] | We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated. |
Employee Benefit Plans (Fair 69
Employee Benefit Plans (Fair Value Of Annuity Contract With Unobservable Inputs) (Details) - Group Annuity Contract [Member] - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 280 | $ 297 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (1) | (17) |
Purchases, issuances, sales and settlements: | ||
Settlements | (37) | (34) |
Fair value of plan assets at end of year | $ 244 | $ 280 |
Employee Benefit Plans (Investm
Employee Benefit Plans (Investment Strategies) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Small-Cap Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset Category | Small-cap fund |
Fund's Investment Strategy | Seeks to track performance of the Center for Research in Security Prices ("CRSP") US Small Cap Index |
Mid-Cap Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset Category | Mid-cap fund |
Fund's Investment Strategy | Seeks to track performance of the CRSP US Mid Cap Index |
Large-Cap Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset Category | Large-cap funds |
Fund's Investment Strategy | Seeks to track performance of the Standard & Poor’s 500 Index |
International Equity Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset Category | International equity fund |
Fund's Investment Strategy | Seeks long-term growth of capital by investing 65% or more of assets in international equities |
Short-Term Bond Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset Category | Short-term bond funds |
Fund's Investment Strategy | Seeks current income with limited price volatility through investment in primarily high quality bonds |
Intermediate-Term Bond Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset Category | Intermediate-term bond funds |
Fund's Investment Strategy | Seeks moderate and sustainable level of current income by investing primarily in high quality fixed income securities with maturities from five to ten years |
Long-Term Investment Grade Bond Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset Category | Long-term investment grade bond funds |
Fund's Investment Strategy | Seeks high and sustainable current income through investment primarily in long-term high grade bonds |
Short-Term Investment Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset Category | Short-term investment funds |
Fund's Investment Strategy | Invests primarily in high quality commercial paper and government securities |
Group Annuity Contract [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset Category | Group annuity contract |
Fund's Investment Strategy | Guarantees a specified return based on a specified index |
Employee Benefit Plans (Target
Employee Benefit Plans (Target Allocation And Actual Weighted-Average Asset Allocation Of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual plan asset allocation | [1] | 35.00% | 34.00% |
Target plan asset allocation | 30.00% | 30.00% | |
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual plan asset allocation | [1] | 62.00% | 62.00% |
Target plan asset allocation | 67.00% | 67.00% | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual plan asset allocation | [1] | 3.00% | 4.00% |
Target plan asset allocation | 3.00% | 3.00% | |
Pro Forma [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual plan asset allocation | 36.00% | 35.00% | |
Pro Forma [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual plan asset allocation | 64.00% | 65.00% | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $ 20,482 | $ 24,056 | |
[1] | Cash contributions of $24.1 million and $20.5 million were made to the pension plans during 2014 and 2015, respectively. Amounts contributed in 2014 and 2015 in excess of benefit payments made were to be invested in debt and equity securities over a twelve-month period, with the amounts that remained uninvested as of December 31, 2014 and 2015 scheduled for investment in accordance with the target. Excluding these uninvested cash amounts, the actual allocation percentages at December 31, 2014 would have been 35% equity securities and 65% debt securities and at December 31, 2015, would have been 36% equity securities and 64% debt securities. In 2016, we will invest these uninvested cash amounts to bring the total asset allocation in line with the target allocation. |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 8,300 |
2,017 | 13,351 |
2,018 | 14,343 |
2,019 | 15,440 |
2,020 | 19,944 |
2021 through 2025 | 100,735 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 612 |
2,017 | 629 |
2,018 | 668 |
2,019 | 722 |
2,020 | 790 |
2021 through 2025 | $ 4,422 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - Director [Member] - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Targa Resource Partners L P [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 25.5 | $ 28.2 | $ 30.4 | |
Accounts Payable, Related Parties | $ 2 | 2 | $ 0.9 | |
Methvin Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Other Revenues from Transactions with Related Party | 9.3 | |||
Accounts Receivable, Related Parties, Current | $ 1.3 | $ 1.3 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | ||||
Unamortized Debt Acquisition Costs - Contra Liability | $ 18,672,000 | $ 15,876,000 | ||
Debt Related Commitment Fees and Debt Issuance Costs | 2,300,000 | $ 2,400,000 | ||
Debt Instrument, Face Amount | 3,400,000,000 | 2,900,000,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 250,000,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 250,000,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 550,000,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 280,000,000 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,100,000,000 | |||
Payments of Debt Issuance Costs | 6,223,000 | 2,912,000 | 4,849,000 | |
Long-term Debt | 3,458,294,000 | 2,982,895,000 | ||
Cash Payments for Interest | 156,600,000 | 149,500,000 | $ 134,600,000 | |
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% | |||
Long-term Debt | $ 249,700,000 | 0 | ||
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% | |||
Long-term Debt | $ 249,914,000 | 0 | ||
Debt Offering Part Two [Member] | 3.20% Notes Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 250,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |||
Notes At Price | 99.871% | |||
After Underwriting Discounts | $ 247,600,000 | |||
Payments of Debt Issuance Costs | 2,100,000 | |||
Debt Offering Part Two [Member] | 4.20% Notes Due 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 250,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||
Notes At Price | 99.965% | |||
After Underwriting Discounts | $ 247,300,000 | |||
Payments of Debt Issuance Costs | $ 2,600,000 | |||
Commercial Paper [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000,000 | |||
Long-term Debt | $ 279,961,000 | $ 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] | ||||
Short-term Debt | $ 0 | |||
Debt Instrument, Covenant Description | The revolving credit facility described above requires us to maintain a specified ratio of consolidated debt to EBITDA (as defined in the agreement) of no greater than 5.0 to 1.0 | |||
Debt Instrument, Consolidated Debt to EBITDA Ratio | 5 | |||
Revolving Credit Facility [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000,000 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | |||
Long-term Debt | $ 0 | |||
Letters of Credit Outstanding, Amount | $ 6,300,000 | |||
Revolving Credit Facility [Member] | Line of Credit [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.275% | |||
Revolving Credit Facility [Member] | Line of Credit [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | |||
Line of Credit [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000,000 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | |||
Debt Instrument, Term | 364 days | |||
Line of Credit [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.225% | |||
Line of Credit [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.08% |
Debt (Consolidated Debt) (Detai
Debt (Consolidated Debt) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 3,458,294,000 | $ 2,982,895,000 | |||
Long-term Debt, Weighted Average Interest Rate | [1] | 4.70% | 4.90% | 5.20% | |
Unamortized Debt Acquisition Costs - Contra Liability | $ (18,672,000) | $ (15,876,000) | |||
Debt Instrument, Face Amount | 3,400,000,000 | 2,900,000,000 | |||
Current portion of long-term debt | 250,335,000 | 0 | |||
Long-term Debt, Excluding Current Maturities | 3,189,287,000 | 2,967,019,000 | |||
5.65% Notes Due 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 250,335,000 | [2] | 250,758,000 | ||
Long-term Debt, Weighted Average Interest Rate | [1] | 5.70% | |||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.65% | ||||
6.40% Notes Due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 255,215,000 | 257,280,000 | |||
Long-term Debt, Weighted Average Interest Rate | [1] | 5.50% | |||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | ||||
6.55% Notes Due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 564,116,000 | 567,868,000 | |||
Long-term Debt, Weighted Average Interest Rate | [1] | 5.70% | |||
Debt Instrument, Face Amount | $ 550,000,000 | 550,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.55% | ||||
4.25% Notes Due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 555,362,000 | 556,304,000 | |||
Long-term Debt, Weighted Average Interest Rate | [1] | 4.00% | |||
Debt Instrument, Face Amount | $ 550,000,000 | 550,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||
3.20% Notes Due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 249,700,000 | 0 | |||
Long-term Debt, Weighted Average Interest Rate | [1],[3] | 3.20% | |||
Debt Instrument, Face Amount | $ 250,000,000 | 0 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | ||||
6.40% Notes Due 2037 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 249,036,000 | 249,017,000 | |||
Long-term Debt, Weighted Average Interest Rate | [1] | 6.40% | |||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | ||||
4.20% Notes Due 2042 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 248,437,000 | 248,406,000 | |||
Long-term Debt, Weighted Average Interest Rate | [1] | 4.20% | |||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||||
5.15% Notes Due 2043 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 556,218,000 | 556,320,000 | |||
Long-term Debt, Weighted Average Interest Rate | [1] | 5.10% | |||
Debt Instrument, Face Amount | $ 550,000,000 | 300,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | ||||
4.20% Notes Due 2045 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 249,914,000 | 0 | |||
Long-term Debt, Weighted Average Interest Rate | [1],[3] | 4.60% | |||
Debt Instrument, Face Amount | $ 250,000,000 | 0 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||||
Commercial Paper [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 279,961,000 | $ 296,942,000 | |||
Long-term Debt, Weighted Average Interest Rate | [1],[3] | 0.50% | |||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 0 | ||||
[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 will mature in October 2016 and are included with current debt on our consolidated balance sheets at December 31, 2015. | ||||
[3] | These borrowings were outstanding for only a portion of the year ending December 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 Instrume76
Derivative Financial Instruments Derivative Financial Instruments (Narrative) (Details) bbl in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)bbl | Dec. 31, 2014USD ($)bbl | Dec. 31, 2013USD ($) | ||
Derivative [Line Items] | |||||||
Energy commodity derivatives deposits | $ 24,252,000 | $ 84,463,000 | |||||
Debt Instrument, Face Amount | 3,400,000,000 | 2,900,000,000 | |||||
Net payment on financial derivatives | 42,908,000 | 3,613,000 | $ 184,000 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | [1] | (14,904,000) | (30,090,000) | (4,744,000) | |||
Energy commodity derivatives deposits | 0 | 6,184,000 | |||||
Tank bottoms | $ 27,533,000 | $ 42,585,000 | |||||
Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Nonmonetary Notional Amount | bbl | 0 | ||||||
Fair Value Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Nonmonetary Notional Amount | bbl | 0.7 | ||||||
Fair Value Hedging [Member] | Commodity Contract [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Nonmonetary Notional Amount | bbl | 0.7 | 0.7 | |||||
Tank bottoms | $ (27,900,000) | $ (13,300,000) | |||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 1,000,000 | (8,600,000) | |||||
Interest Expense [Member] | |||||||
Derivative [Line Items] | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (1,400,000) | ||||||
Two Thousand Fifteen Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | 200,000,000 | ||||||
Derivative Asset, Fair Value, Gross Asset | 2,200,000 | ||||||
Derivative Liability, Fair Value, Gross Liability | 700,000 | ||||||
Two Thousand Fourteen Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 250,000,000 | ||||||
Debt Instrument, Face Amount | $ 250,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||||||
Net payment on financial derivatives | $ 42,900,000 | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | [1] | $ (16,400,000) | $ (26,500,000) | ||||
First Quarter 2014 Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 200,000,000 | ||||||
Debt Instrument, Face Amount | $ 250,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | ||||||
Net payment on financial derivatives | $ 3,600,000 | ||||||
Two Thousand Thirteen Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 150,000,000 | $ 150,000,000 | |||||
Net payment on financial derivatives | $ 200,000 | ||||||
[1] | See Note 13–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 Instrume77
Derivative Financial Instruments (Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements) (Details) - bbl bbl in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 0 | |
Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 0.7 | |
Fair Value Hedging [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 0.7 | 0.7 |
Economic Hedges [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 4.5 | |
Economic Hedges Futures [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 0.9 |
Derivative Financial Instrume78
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Derivative Offset Amounts) (Details) - Exchange Traded [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | $ 48,367 | $ 106,764 | |||
Derivative Liability, Fair Value, Gross Liability | (5,646) | (10,622) | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 42,721 | [1] | 96,142 | [2] | |
Derivative, Collateral, Obligation to Return Cash | (24,252) | (78,279) | |||
Amount After Offset | [3] | 18,469 | 17,863 | ||
Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 39,243 | 87,151 | |||
Other Current Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (5,413) | ||||
Other Noncurrent Assets [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 3,478 | $ 14,404 | |||
[1] | Net amount includes energy commodity derivative contracts classified as current assets, net, of $39,243 and noncurrent assets of $3,478. | ||||
[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 $14,404. | ||||
[3] | This represents the maximum amount of loss we would incur if our counterparties failed to perform on their derivative contracts. |
Derivative Financial Instrume79
Derivative Financial Instruments Derivative Financial Instruments (Amounts Included in AOCL) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments and Hedging Activities Disclosure (Amounts in AOCL) (Details) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ (16,587) | $ 13,627 | $ 14,126 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | [1] | (14,904) | (30,090) | (4,744) |
Reclassification of net loss (gain) on cash flow hedges to income(1) | [1] | 1,365 | (124) | 4,245 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ (30,126) | $ (16,587) | $ 13,627 | |
[1] | See Note 13–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 Instrume80
Derivative Financial Instruments (Derivatives And Hedging-Cash Flow Hedges) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | [1] | $ (14,904) | $ (30,090) | $ (4,744) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (4,744) | |||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | (4,245) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | |||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (14,904) | (30,090) | (184) | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | (1,365) | (242) | 163 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | $ 0 | $ 366 | 0 | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (4,560) | |||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | (4,408) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | $ 0 | |||
[1] | See Note 13–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 Instrume81
Derivative Financial Instruments (Derivatives And Hedging-Overall-Subsequent Measurement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 115,000 | |||
Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 111,600 | |||
Operating Expenses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 17,400 | |||
Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (14,000) | |||
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 71,248 | $ 145,997 | $ (7,277) | |
Not Designated as Hedging Instrument [Member] | Sales [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 68,426 | 145,320 | (6,189) | |
Not Designated as Hedging Instrument [Member] | Operating Expenses [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 11,819 | 17,818 | (3,770) | |
Not Designated as Hedging Instrument [Member] | Cost of Sales [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (8,997) | $ (17,141) | $ 2,682 |
Derivative Financial Instrume82
Derivative Financial Instruments (Derivatives And Hedging-Designated) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 5,717 | $ 14,764 |
Derivative Liability, Fair Value, Gross Liability | 653 | 26,478 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 60 | 360 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 3,478 | 14,404 |
Designated as Hedging Instrument [Member] | Commodity Contract [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 | 2,179 | 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 | 653 | 26,478 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 44,829 | 92,000 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 5,646 | $ 10,622 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)mi | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating Leases [Line Items] | |||
Total rent expense | $ | $ 25.7 | $ 21 | $ 12 |
Minimum [Member] | |||
Operating Leases [Line Items] | |||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 1 year | ||
Maximum [Member] | |||
Operating Leases [Line Items] | |||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 20 years | ||
Texas and New Mexico Pipeline (Leased) [Member] | |||
Operating Leases [Line Items] | |||
Pipeline, Length | mi | 40 |
Leases (Lessee, future minimum
Leases (Lessee, future minimum rental payments) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 26.5 |
2,017 | 27.5 |
2,018 | 21.7 |
2,019 | 11.7 |
2,020 | 9.4 |
Thereafter | 81.1 |
Total | $ 177.9 |
Leases (Lessor, future minimum
Leases (Lessor, future minimum payments receivable) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 233.1 |
2,017 | 202 |
2,018 | 153.7 |
2,019 | 118.2 |
2,020 | 94.8 |
Thereafter | 232 |
Total | $ 1,033.8 |
Leases Leases (Investment in Di
Leases Leases (Investment in Direct Financing Lease) (Details) $ in Millions | Dec. 31, 2015USD ($)mi | Dec. 31, 2014USD ($) |
Direct Financing Lease [Line Items] | ||
Direct Financing Lease, Minimum Pmts to be Received | $ 30.7 | $ 37.9 |
Direct Financing Lease, Unearned Income | 5.8 | 7 |
Direct Financing Lease, Net Investment | 24.9 | 30.9 |
Direct Financing Leases, Future Minimum Payments Receivable, Next Twelve Months | 7.4 | |
Direct Financing Leases, Future Minimum Payments, Receivable in Two Years | 4.1 | |
Direct Financing Leases, Future Minimum Payments Due in Three Years | 1.7 | |
Direct Financing Leases, Future Minimum Payments, Receivable in Four Years | 1.7 | |
Direct Financing Leases, Future Minimum Payments Due in Five Years | 1.7 | |
Other Current Assets [Member] | ||
Direct Financing Lease [Line Items] | ||
Direct Financing Lease, Net Investment | 6.4 | 6.1 |
Other Noncurrent Assets [Member] | ||
Direct Financing Lease [Line Items] | ||
Direct Financing Lease, Net Investment | $ 18.5 | $ 24.8 |
Texas and New Mexico Pipeline (Leased) [Member] | ||
Direct Financing Lease [Line Items] | ||
Pipeline, Length | mi | 40 |
Long-Term Incentive Plan (Narra
Long-Term Incentive Plan (Narrative) (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2015shares | |
Long Term Incentive Plan [Line Items] | |
Limited partners' capital account, units issued | 9.4 |
Limited partner unitholders, units remaining available | 1 |
Performance Shares [Member] | |
Long Term Incentive Plan [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Equity Based Compensation, Award Payout Percentage, Minimum | 0.00% |
Equity Based Compensation, Award Payout Percentage, Maximum | 200.00% |
Equity Based Compensation Award Payout Fluctuation Of Award Market | 50.00% |
2013 and Prior Awards [Member] | |
Long Term Incentive Plan [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Payout Calculation Established Financial Metric | 80.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Payout Calculation Established Financial Metric and Personal Performance | 20.00% |
Long-Term Incentive Plan (Chang
Long-Term Incentive Plan (Changes In Non-Vested Unit Awards) (Details) - Management [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested units - 1/1/2015 | 437,863 | ||
Units granted | 174,449 | ||
Units vested during 2015 | (202,812) | ||
Units forfeited during 2015 | (38,578) | ||
Non-vested units - 12/31/15 | 370,922 | 437,863 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested units - 1/1/2015 | $ 66.21 | ||
Units granted during 2015 | 87.68 | ||
Units vested during 2015 | 54.73 | ||
Units forfeited during 2015 | 75.76 | ||
Non-vested units - 12/31/15 | $ 79.97 | $ 66.21 | |
Liability Method [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested units - 1/1/2015 | 40,878 | ||
Units granted | 0 | 0 | 45,700 |
Units vested during 2015 | (40,470) | ||
Units forfeited during 2015 | (408) | ||
Non-vested units - 12/31/15 | 0 | 40,878 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested units - 1/1/2015 | $ 82.66 | ||
Units granted during 2015 | 0 | $ 0 | $ 51.49 |
Units vested during 2015 | 67.92 | ||
Units forfeited during 2015 | 67.92 | ||
Non-vested units - 12/31/15 | $ 0 | $ 82.66 | |
Equity Method [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested units - 1/1/2015 | 350,317 | ||
Units granted | 148,028 | 187,371 | 182,798 |
Units vested during 2015 | (161,898) | ||
Units forfeited during 2015 | (23,207) | ||
Non-vested units - 12/31/15 | 313,240 | 350,317 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested units - 1/1/2015 | $ 62.85 | ||
Units granted during 2015 | 88.78 | $ 72.77 | $ 51.49 |
Units vested during 2015 | 51.42 | ||
Units forfeited during 2015 | 81.28 | ||
Non-vested units - 12/31/15 | $ 79.64 | $ 62.85 | |
Equity Method [Member] | Time-Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested units - 1/1/2015 | 46,668 | ||
Units granted | 26,421 | 33,903 | 22,668 |
Units vested during 2015 | (444) | ||
Units forfeited during 2015 | (14,963) | ||
Non-vested units - 12/31/15 | 57,682 | 46,668 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested units - 1/1/2015 | $ 76.99 | ||
Units granted during 2015 | 81.51 | $ 82.86 | $ 53.02 |
Units vested during 2015 | 56.42 | ||
Units forfeited during 2015 | 67.41 | ||
Non-vested units - 12/31/15 | $ 81.74 | $ 76.99 |
Long-Term Incentive Plan (Total
Long-Term Incentive Plan (Total Non-Vested Unit Awards) (Details) - Management [Member] $ in Millions | Dec. 31, 2015USD ($)shares | |
Long Term Incentive Plan [Line Items] | ||
Unit Awards Granted | 408,015 | |
Estimated Forfeitures | 53,500 | |
Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results | 157,515 | |
Total Unit Award Accrual | 512,030 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 19.6 | [1] |
2014 Awards [Member] | Performance Shares [Member] | ||
Long Term Incentive Plan [Line Items] | ||
Unit Awards Granted | 187,371 | |
Estimated Forfeitures | 21,662 | |
Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results | 124,283 | |
Total Unit Award Accrual | 289,992 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 7 | [1] |
2015 Awards [Member] | Performance Shares [Member] | ||
Long Term Incentive Plan [Line Items] | ||
Unit Awards Granted | 148,028 | |
Estimated Forfeitures | 15,105 | |
Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results | 33,232 | |
Total Unit Award Accrual | 166,155 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 9.8 | [1] |
Retention Awards Vesting 2016 [Member] | Time-Based Awards [Member] | ||
Long Term Incentive Plan [Line Items] | ||
Unit Awards Granted | 20,757 | |
Estimated Forfeitures | 12,121 | |
Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results | 0 | |
Total Unit Award Accrual | 8,636 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 0.2 | [1] |
Retention Awards Vesting 2017 [Member] | Time-Based Awards [Member] | ||
Long Term Incentive Plan [Line Items] | ||
Unit Awards Granted | 51,859 | |
Estimated Forfeitures | 4,612 | |
Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results | 0 | |
Total Unit Award Accrual | 47,247 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 2.6 | [1] |
[1] | Unrecognized compensation expense will be recognized over the remaining vesting period of the awards. |
Long-Term Incentive Plan (Weigh
Long-Term Incentive Plan (Weighted-Average Grant Date Fair Values) (Details) - Management [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long Term Incentive Plan [Line Items] | |||
Units granted | 174,449 | ||
Weighted-Average Grant Date Fair Value | $ 87.68 | ||
Equity Method [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Units granted | 148,028 | 187,371 | 182,798 |
Weighted-Average Grant Date Fair Value | $ 88.78 | $ 72.77 | $ 51.49 |
Equity Method [Member] | Time-Based Awards [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Units granted | 26,421 | 33,903 | 22,668 |
Weighted-Average Grant Date Fair Value | $ 81.51 | $ 82.86 | $ 53.02 |
Liability Method [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Units granted | 0 | 0 | 45,700 |
Weighted-Average Grant Date Fair Value | $ 0 | $ 0 | $ 51.49 |
Long-Term Incentive Plan (Veste
Long-Term Incentive Plan (Vested Unit Awards) (Details) - Management [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long Term Incentive Plan [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Total Unit Award Accrual Number | 506,393 | 528,984 | 572,353 |
Fair Value of Unit Awards on Vesting Date (in millions) | $ 27.7 | $ 22.4 | $ 20.5 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 34.4 | $ 43.7 | $ 36.2 |
Long-Term Incentive Plan (Cash
Long-Term Incentive Plan (Cash Flow Effects Of LTIP Settlements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long Term Incentive Plan [Line Items] | |||
Settlement of tax withholdings on long-term incentive compensation | $ 17,784 | $ 14,813 | $ 12,259 |
Management [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Partners' Capital Account, Units, Unit-based Compensation | 354,529 | 387,216 | 476,682 |
Settlement of tax withholdings on long-term incentive compensation | $ 17,800 | $ 14,800 | $ 12,300 |
Payments for Other Taxes | 1,700 | 1,200 | 1,100 |
Total Cash Taxes Paid (in millions) | $ 19,500 | $ 16,000 | $ 13,400 |
Long-Term Incentive Plan (Equit
Long-Term Incentive Plan (Equity-Based Incentive Compensation Expense) (Details) - Management [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | $ 24,245 | $ 27,284 | $ 24,083 |
G&A Expense [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 23,937 | 26,700 | 23,264 |
Operating Expenses [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 308 | 584 | 819 |
Time-Based Awards [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 1,199 | 1,624 | 575 |
2010 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 0 | 0 | 194 |
2011 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 0 | 0 | 9,639 |
2012 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 0 | 8,314 | 7,498 |
2013 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 10,658 | 10,852 | 6,177 |
2014 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 7,471 | 6,494 | 0 |
2015 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 4,917 | 0 | 0 |
Liability Method [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 1,997 | 7,321 | 8,551 |
Liability Method [Member] | 2010 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 0 | 0 | 73 |
Liability Method [Member] | 2011 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 0 | 0 | 4,280 |
Liability Method [Member] | 2012 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 0 | 3,896 | 2,747 |
Liability Method [Member] | 2013 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 1,997 | 3,425 | 1,451 |
Liability Method [Member] | 2014 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 0 | 0 | 0 |
Liability Method [Member] | 2015 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 0 | 0 | 0 |
Equity Method [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 22,248 | 19,963 | 15,532 |
Equity Method [Member] | Time-Based Awards [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 1,199 | 1,624 | 575 |
Equity Method [Member] | 2010 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 0 | 0 | 121 |
Equity Method [Member] | 2011 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 0 | 0 | 5,359 |
Equity Method [Member] | 2012 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 0 | 4,418 | 4,751 |
Equity Method [Member] | 2013 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 8,661 | 7,427 | 4,726 |
Equity Method [Member] | 2014 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 7,471 | 6,494 | 0 |
Equity Method [Member] | 2015 Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | $ 4,917 | $ 0 | $ 0 |
Segment Disclosures (Segment Re
Segment Disclosures (Segment Reporting Information By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Transportation and terminals revenue | $ 1,544,746 | $ 1,459,267 | $ 1,188,452 | |||||||||||||||||
Product sales revenue | 629,836 | 878,974 | 744,669 | |||||||||||||||||
Affiliate management fee revenue | 13,871 | 22,111 | 14,609 | |||||||||||||||||
Total revenue | $ 573,048 | $ 586,676 | [1] | $ 498,427 | [1] | $ 530,302 | [1] | $ 678,193 | [1] | $ 535,832 | [1] | $ 512,435 | [1] | $ 633,892 | [1] | 2,188,453 | 2,360,352 | 1,947,730 | ||
Operating expenses | 525,902 | 500,901 | 396,194 | |||||||||||||||||
Cost of product sales | 447,273 | 594,585 | 578,029 | |||||||||||||||||
Earnings of non-controlled entities | (66,483) | (19,394) | (6,275) | |||||||||||||||||
Operating margin | 329,285 | 369,325 | 286,145 | 297,006 | 373,033 | 299,268 | 264,424 | 347,535 | 1,281,761 | 1,284,260 | 979,782 | |||||||||
Depreciation and amortization expense | 166,812 | 161,741 | 142,230 | |||||||||||||||||
G&A expenses | 151,329 | 148,288 | 132,496 | |||||||||||||||||
Operating profit | 963,620 | 974,231 | 705,056 | |||||||||||||||||
Total assets | 6,041,567 | 5,501,409 | 6,041,567 | 5,501,409 | 4,803,307 | |||||||||||||||
Goodwill | 53,260 | 53,260 | 53,260 | 53,260 | 53,260 | |||||||||||||||
Investments in non-controlled entities | 765,628 | 613,867 | 765,628 | 613,867 | 360,852 | |||||||||||||||
Revenue from Tender Deductions | $ 9,400 | $ 10,900 | $ 8,200 | 11,100 | $ 14,200 | $ 16,000 | $ 15,300 | |||||||||||||
Operating Segments [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Additions to long-lived assets | 671,048 | 622,012 | 593,059 | |||||||||||||||||
Total assets | 5,982,346 | 5,460,554 | 5,982,346 | 5,460,554 | 4,711,495 | |||||||||||||||
Operating Segments [Member] | Refined Products Segment [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Transportation and terminals revenue | 974,505 | 946,612 | [2] | 826,202 | [2] | |||||||||||||||
Product sales revenue | 623,102 | 872,537 | 738,271 | |||||||||||||||||
Affiliate management fee revenue | 0 | 0 | 0 | |||||||||||||||||
Total revenue | 1,597,607 | 1,819,149 | 1,564,473 | |||||||||||||||||
Operating expenses | 377,772 | 356,057 | [2] | 295,785 | [2] | |||||||||||||||
Cost of product sales | 442,621 | 592,887 | 574,703 | |||||||||||||||||
Earnings of non-controlled entities | 193 | 0 | 0 | |||||||||||||||||
Operating margin | 777,021 | 870,205 | 693,985 | |||||||||||||||||
Depreciation and amortization expense | 96,244 | 101,642 | 86,926 | |||||||||||||||||
G&A expenses | 94,482 | 96,411 | 91,658 | |||||||||||||||||
Operating profit | 586,295 | 672,152 | 515,401 | |||||||||||||||||
Additions to long-lived assets | 310,907 | 163,753 | 361,134 | |||||||||||||||||
Total assets | 2,991,322 | 2,875,412 | 2,991,322 | 2,875,412 | 2,811,398 | |||||||||||||||
Goodwill | 38,369 | 38,369 | 38,369 | 38,369 | 38,369 | |||||||||||||||
Investments in non-controlled entities | 12,381 | 0 | 12,381 | 0 | 0 | |||||||||||||||
Revenue from Tender Deductions | 24,800 | 25,100 | ||||||||||||||||||
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Transportation and terminals revenue | 394,098 | 341,915 | [2] | 203,459 | [2] | |||||||||||||||
Product sales revenue | 3,587 | 0 | 0 | |||||||||||||||||
Affiliate management fee revenue | 12,495 | 20,790 | 13,361 | |||||||||||||||||
Total revenue | 410,180 | 362,705 | 216,820 | |||||||||||||||||
Operating expenses | 89,455 | 83,184 | [2] | 44,181 | [2] | |||||||||||||||
Cost of product sales | 3,278 | 0 | 0 | |||||||||||||||||
Earnings of non-controlled entities | (63,918) | (16,309) | (3,781) | |||||||||||||||||
Operating margin | 381,365 | 295,830 | 176,420 | |||||||||||||||||
Depreciation and amortization expense | 35,681 | 27,800 | 24,119 | |||||||||||||||||
G&A expenses | 36,000 | 29,557 | 19,896 | |||||||||||||||||
Operating profit | 309,684 | 238,473 | 132,405 | |||||||||||||||||
Additions to long-lived assets | 289,851 | 439,846 | 199,362 | |||||||||||||||||
Total assets | 2,313,110 | 1,937,242 | 2,313,110 | 1,937,242 | 1,252,036 | |||||||||||||||
Goodwill | 12,082 | 12,082 | 12,082 | 12,082 | 12,082 | |||||||||||||||
Investments in non-controlled entities | 739,470 | 599,757 | 739,470 | 599,757 | 345,904 | |||||||||||||||
Revenue from Tender Deductions | 31,800 | 25,000 | ||||||||||||||||||
Operating Segments [Member] | Marine Storage Segment [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Transportation and terminals revenue | 176,143 | 170,740 | 158,791 | |||||||||||||||||
Product sales revenue | 3,147 | 6,437 | 6,398 | |||||||||||||||||
Affiliate management fee revenue | 1,376 | 1,321 | 1,248 | |||||||||||||||||
Total revenue | 180,666 | 178,498 | 166,437 | |||||||||||||||||
Operating expenses | 62,526 | 65,173 | 59,407 | |||||||||||||||||
Cost of product sales | 1,374 | 1,698 | 3,326 | |||||||||||||||||
Earnings of non-controlled entities | (2,758) | (3,085) | (2,494) | |||||||||||||||||
Operating margin | 119,524 | 114,712 | 106,198 | |||||||||||||||||
Depreciation and amortization expense | 31,036 | 28,786 | 28,006 | |||||||||||||||||
G&A expenses | 20,847 | 22,320 | 20,942 | |||||||||||||||||
Operating profit | 67,641 | 63,606 | 57,250 | |||||||||||||||||
Additions to long-lived assets | 70,290 | 18,413 | 32,563 | |||||||||||||||||
Total assets | 677,914 | 647,900 | 677,914 | 647,900 | 648,061 | |||||||||||||||
Goodwill | 2,809 | 2,809 | 2,809 | 2,809 | 2,809 | |||||||||||||||
Investments in non-controlled entities | 13,777 | 14,110 | 13,777 | 14,110 | 14,948 | |||||||||||||||
Corporate, Non-Segment [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total assets | $ 59,221 | $ 40,855 | 59,221 | 40,855 | 91,812 | |||||||||||||||
Intersegment Eliminations [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Transportation and terminals revenue | 0 | 0 | 0 | |||||||||||||||||
Product sales revenue | 0 | 0 | 0 | |||||||||||||||||
Affiliate management fee revenue | 0 | 0 | 0 | |||||||||||||||||
Total revenue | 0 | 0 | 0 | |||||||||||||||||
Operating expenses | (3,851) | (3,513) | (3,179) | |||||||||||||||||
Cost of product sales | 0 | 0 | 0 | |||||||||||||||||
Earnings of non-controlled entities | 0 | 0 | 0 | |||||||||||||||||
Operating margin | 3,851 | 3,513 | 3,179 | |||||||||||||||||
Depreciation and amortization expense | 3,851 | 3,513 | 3,179 | |||||||||||||||||
G&A expenses | 0 | 0 | 0 | |||||||||||||||||
Operating profit | $ 0 | $ 0 | $ 0 | |||||||||||||||||
[1] | Includes adjustment of tender deductions as discussed in Note 2 – Summary of Significant Accounting Policies. The amounts adjusted for 2014 are as follows: first quarter $15.3 million; second quarter $16.0 million; third quarter $14.2 million; and fourth quarter $11.1 million. The amounts adjusted for 2015 are as follows: first quarter $8.2 million; second quarter $10.9 million; and third quarter $9.4 million. | |||||||||||||||||||
[2] | Includes adjustment of tender deductions as discussed in Note 2 – Summary of Significant Accounting Policies. The amounts adjusted for our refined products segment are $25.1 million and $24.8 million for 2013 and 2014, respectively. The amounts adjusted for our crude oil segment are $25.0 million and $31.8 million for 2013 and 2014, respectively. |
Commitments and Contingencies95
Commitments and Contingencies Commitments and Contingencies (Details) (Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies | $ 31.4 | $ 36.3 | |
Estimated Environmental Liabilities Over A Period | 9 years | ||
Environmental Remediation Expense | $ 8.4 | 5 | $ (5.2) |
Recorded Third-Party Environmental Recoveries Receivable | 2.6 | 5.1 | |
Recorded Third-Party Environmental Recoveries, Amount | 0.5 | 0.5 | 4.2 |
Accrual for Potential Air Emission Fees [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Loss in Period | $ (10.6) | ||
Accounts Receivable [Member] | |||
Loss Contingencies [Line Items] | |||
Recorded Third-Party Environmental Recoveries Receivable | 0.7 | 1.3 | |
Other Noncurrent Assets [Member] | |||
Loss Contingencies [Line Items] | |||
Recorded Third-Party Environmental Recoveries Receivable | $ 1.9 | $ 3.8 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||
Quarterly Financial Data [Line Items] | ||||||||||||||||||
Total revenue | $ 573,048 | $ 586,676 | [1] | $ 498,427 | [1] | $ 530,302 | [1] | $ 678,193 | [1] | $ 535,832 | [1] | $ 512,435 | [1] | $ 633,892 | [1] | $ 2,188,453 | $ 2,360,352 | $ 1,947,730 |
Total costs and expenses | 343,502 | 312,527 | [1] | 315,206 | [1] | 320,081 | [1] | 398,434 | [1] | 311,640 | [1] | 336,172 | [1] | 359,269 | [1] | 1,291,316 | 1,405,515 | 1,248,949 |
Operating margin (loss) | 329,285 | 369,325 | 286,145 | 297,006 | 373,033 | 299,268 | 264,424 | 347,535 | 1,281,761 | 1,284,260 | 979,782 | |||||||
Net income | $ 207,123 | $ 250,972 | $ 177,391 | $ 183,636 | $ 252,085 | $ 198,620 | $ 146,260 | $ 242,554 | $ 819,122 | $ 839,519 | $ 582,237 | |||||||
Basic net income per limited partner unit (in dollars per unit) | $ 0.91 | $ 1.10 | $ 0.78 | $ 0.81 | $ 1.11 | $ 0.87 | $ 0.64 | $ 1.07 | $ 3.60 | $ 3.69 | $ 2.57 | |||||||
Diluted net income per limited partner unit (in dollars per unit) | $ 0.91 | $ 1.10 | $ 0.78 | $ 0.81 | $ 1.10 | $ 0.87 | $ 0.64 | $ 1.07 | $ 3.59 | $ 3.69 | $ 2.56 | |||||||
Revenue from Tender Deductions | $ 9,400 | $ 10,900 | $ 8,200 | $ 11,100 | $ 14,200 | $ 16,000 | $ 15,300 | |||||||||||
Lower-of-cost-or-market inventory adjustment | 39,300 | $ 5,000 | $ 39,300 | |||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 115,000 | |||||||||||||||||
Sales [Member] | ||||||||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 111,600 | |||||||||||||||||
Cost of Sales [Member] | ||||||||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | (14,000) | |||||||||||||||||
Operating Expense [Member] | ||||||||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | $ 17,400 | |||||||||||||||||
[1] | Includes adjustment of tender deductions as discussed in Note 2 – Summary of Significant Accounting Policies. The amounts adjusted for 2014 are as follows: first quarter $15.3 million; second quarter $16.0 million; third quarter $14.2 million; and fourth quarter $11.1 million. The amounts adjusted for 2015 are as follows: first quarter $8.2 million; second quarter $10.9 million; and third quarter $9.4 million. |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term receivables | $ 20,374 | $ 28,611 |
Debt | (3,439,622) | (2,967,019) |
Reported Value Measurement [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 42,721 | 96,142 |
Reported Value Measurement [Member] | Interest Rate Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1,526 | |
Derivative Liability | (26,478) | |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term receivables | 20,021 | 30,200 |
Debt | (3,284,791) | (3,212,462) |
Estimate of Fair Value Measurement [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 42,721 | 96,142 |
Estimate of Fair Value Measurement [Member] | Interest Rate Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1,526 | |
Derivative Liability | (26,478) | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term receivables | 0 | 0 |
Debt | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term receivables | 0 | 0 |
Debt | (3,284,791) | (3,212,462) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term receivables | 20,021 | 30,200 |
Debt | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 42,721 | 96,142 |
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | 0 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1,526 | |
Derivative Liability | (26,478) | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 0 | |
Derivative Liability | $ 0 |
Distributions (Distributions) (
Distributions (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 13, 2015 | Aug. 14, 2015 | May. 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May. 15, 2014 | Feb. 14, 2014 | Nov. 14, 2013 | Aug. 14, 2013 | May. 15, 2013 | Feb. 14, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Distributions Made to Limited Liability Company (LLC) Member [Line Items] | |||||||||||||||
Per unit cash distribution amount (in dollars per unit) | $ 0.76250 | $ 0.74000 | $ 0.71750 | $ 0.69500 | $ 0.66750 | $ 0.64000 | $ 0.61250 | $ 0.58500 | $ 0.55750 | $ 0.53250 | $ 0.50750 | $ 0.50 | $ 2.915 | $ 2.505 | $ 2.0975 |
Limited partner units | $ 173,413 | $ 168,296 | $ 163,178 | $ 158,061 | $ 151,568 | $ 145,324 | $ 139,079 | $ 132,835 | $ 126,374 | $ 120,707 | $ 115,040 | $ 113,340 | $ 662,948 | $ 568,806 | $ 475,461 |
Partners' Capital (Changes In L
Partners' Capital (Changes In Limited Partner Units Outstanding) (Details) - shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Limited Partners' Capital Account [Roll Forward] | ||||
Limited partner unitholders, units outstanding | 227,068,257 | 226,679,438 | 226,200,872 | |
Limited partner unitholders, units outstanding | 227,427,247 | 227,068,257 | 226,679,438 | |
Limited Partners' Capital Account, Right to Receive Distribution in Cash, Period | 45 days | |||
Limited Partners' Capital Account, Removal of Magellan GP, LLC, Percentage Vote | 100.00% | |||
Limited Partners' Capital Account, Annual Report Available, Period | 120 days | |||
Limited Partners' Capital Account, Tax Reporting Information, Period | 90 days | |||
Management [Member] | ||||
Limited Partners' Capital Account [Roll Forward] | ||||
Partners' Capital Account, Units, Unit-based Compensation | 354,529 | 387,216 | 476,682 | |
Director [Member] | ||||
Limited Partners' Capital Account [Roll Forward] | ||||
Partners' Capital Account, Units, Unit-based Compensation | [1] | 4,461 | 1,603 | 1,884 |
[1] | Limited partner units issued to settle the equity-based retainer paid to independent directors of our general partner. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 12, 2016 | Feb. 01, 2016 | Nov. 13, 2015 | Aug. 14, 2015 | May. 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May. 15, 2014 | Feb. 14, 2014 | Nov. 14, 2013 | Aug. 14, 2013 | May. 15, 2013 | Feb. 14, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Subsequent Event [Line Items] | ||||||||||||||||||
Cash distribution per limited partner unit | $ 0.76250 | $ 0.74000 | $ 0.71750 | $ 0.69500 | $ 0.66750 | $ 0.64000 | $ 0.61250 | $ 0.58500 | $ 0.55750 | $ 0.53250 | $ 0.50750 | $ 0.50 | $ 2.915 | $ 2.505 | $ 2.0975 | |||
Total cash distributions | $ 173,413 | $ 168,296 | $ 163,178 | $ 158,061 | $ 151,568 | $ 145,324 | $ 139,079 | $ 132,835 | $ 126,374 | $ 120,707 | $ 115,040 | $ 113,340 | $ 662,948 | $ 568,806 | $ 475,461 | |||
Subsequent Event [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Units granted | 218,046 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||
Partners' Capital Account, Units, Unit-based Compensation | 353,786 | |||||||||||||||||
Cash distribution per limited partner unit | $ 0.785 | |||||||||||||||||
Total cash distributions | $ 178,800 | |||||||||||||||||
Management [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Units granted | 174,449 | |||||||||||||||||
Partners' Capital Account, Units, Unit-based Compensation | 354,529 | 387,216 | 476,682 | |||||||||||||||
Management [Member] | Subsequent Event [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Partners' Capital Account, Units, Unit-based Compensation | 350,552 | |||||||||||||||||
Director [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Partners' Capital Account, Units, Unit-based Compensation | [1] | 4,461 | 1,603 | 1,884 | ||||||||||||||
Director [Member] | Subsequent Event [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Partners' Capital Account, Units, Unit-based Compensation | 3,234 | |||||||||||||||||
[1] | Limited partner units issued to settle the equity-based retainer paid to independent directors of our general partner. |