Magellan Midstream Partners (MMP) 10-Q 2 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 01, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		228,024,556

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Transportation and terminals revenue		$ 433,239	$ 392,240	$ 825,910	$ 762,315
Product sales revenue		182,004	123,689	427,624	270,251
Affiliate management fee revenue		4,197	2,968	7,980	6,147
Total revenue		619,440	518,897	1,261,514	1,038,713
Costs and expenses:
Operating		145,294	134,183	276,886	257,096
Cost of product sales		145,975	95,703	318,851	209,288
Depreciation and amortization		48,896	43,302	96,194	87,056
General and administrative		43,393	34,554	83,674	75,230
Total costs and expenses		383,558	307,742	775,605	628,670
Earnings of non-controlled entities		25,576	15,339	47,022	32,967
Operating profit		261,458	226,494	532,931	443,010
Interest expense		51,546	48,686	102,758	92,410
Interest income		(256)	(404)	(548)	(765)
Interest capitalized		(3,183)	(7,130)	(7,380)	(13,266)
Gain on exchange of interest in non-controlled entity		0	(1,244)	0	(28,144)
Other expense (income)		2,043	(1,958)	3,213	(3,710)
Income before provision for income taxes		211,308	188,544	434,888	396,485
Provision for income taxes		908	685	1,752	1,556
Net income		$ 210,400	$ 187,859	$ 433,136	$ 394,929
Basic net income per limited partner unit		$ 0.92	$ 0.82	$ 1.90	$ 1.73
Diluted net income per limited partner unit		$ 0.92	$ 0.82	$ 1.90	$ 1.73
Weighted average number of limited partner units outstanding used for basic net income per unit calculation(1)	[1]	228,192	227,952	228,151	227,889
Weighted average number of limited partner units outstanding used for diluted net income per unit calculation(1)	[1]	228,245	227,983	228,202	227,921
[1]	See Note 10–Long-Term Incentive Plan for additional information regarding our weighted average unit calculations.

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income		$ 210,400	$ 187,859	$ 433,136	$ 394,929
Other comprehensive income:
Net gain (loss) on cash flow hedges(1)	[1]	(2,802)	(8,631)	(1,507)	(21,109)
Reclassification of net (gain) loss on cash flow hedges to income(1)	[1]	739	388	1,479	776
Amortization of prior service credit(2)	[2]	(46)	(974)	(91)	(1,947)
Amortization of actuarial loss(2)	[2]	1,983	1,292	3,211	2,693
Settlement cost(2)	[2]	361	0	1,726	0
Total other comprehensive income (loss)		235	(7,925)	4,818	(19,587)
Comprehensive income		$ 210,635	$ 179,934	$ 437,954	$ 375,342
[1]	See Note 8–Derivative Financial Instruments for details of the amount of gain/loss recognized in accumulated other comprehensive loss (“AOCL”) for derivative financial instruments and the amount of gain/loss reclassified from AOCL into income.
[2]	See Note 6–Employee Benefit Plans for details of the changes in employee benefit plan assets and benefit obligations recognized in AOCL.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 5,471	$ 14,701
Trade accounts receivable	113,233	105,689
Other accounts receivable	12,636	25,761
Inventory	119,451	134,378
Energy commodity derivatives contracts, net	4,250	0
Energy commodity derivatives deposits	4,492	49,899
Other current assets	66,123	39,966
Total current assets	325,656	370,394
Property, plant and equipment	7,048,502	6,783,737
Less: Accumulated depreciation	1,592,035	1,507,996
Net property, plant and equipment	5,456,467	5,275,741
Investments in non-controlled entities	976,456	931,255
Long-term receivables	22,532	23,870
Goodwill	53,260	53,260
Other intangibles (less accumulated amortization of $2,136 and $1,228 at December 31, 2016 and June 30, 2017, respectively)	52,925	51,976
Other noncurrent assets	43,426	65,577
Total assets	6,930,722	6,772,073
LIABILITIES AND PARTNERS’ CAPITAL
Accounts payable	103,100	77,248
Accrued payroll and benefits	40,181	45,690
Accrued interest payable	65,459	65,643
Accrued taxes other than income	43,409	50,166
Environmental liabilities	6,466	10,249
Deferred revenue	115,023	101,891
Accrued product purchases	46,803	51,600
Energy commodity derivatives contracts, net	0	30,738
Energy commodity derivatives deposits	119	0
Other current liabilities	36,015	48,431
Total current liabilities	456,575	481,656
Long-term debt, net	4,231,912	4,087,192
Long-term pension and benefits	68,444	71,461
Other noncurrent liabilities	27,137	25,868
Environmental liabilities	12,385	13,791
Commitments and contingencies
Partners’ capital:
Limited partner unitholders (227,784 units and 228,025 units outstanding at December 31, 2016 and June 30, 2017, respectively)	2,230,692	2,193,346
Accumulated other comprehensive loss	(96,423)	(101,241)
Total partners’ capital	2,134,269	2,092,105
Total liabilities and partners’ capital	$ 6,930,722	$ 6,772,073

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Other intangibles, accumulated amortization	$ 1,228	$ 2,136
Limited partner unitholders, units outstanding	228,024,556	227,783,916

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating Activities:
Net income	$ 433,136	$ 394,929
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	96,194	87,056
Loss on sale and retirement of assets	5,331	3,263
Earnings of non-controlled entities	(47,022)	(32,967)
Distributions of earnings from investments in non-controlled entities	46,754	31,080
Equity-based incentive compensation expense	10,717	10,059
Settlement cost, amortization of prior service credit and actuarial loss	4,846	746
Gain on exchange of interest in non-controlled entity	0	(28,144)
Changes in operating assets and liabilities:
Trade accounts receivable and other accounts receivable	2,681	(10,703)
Inventory	14,927	(25,562)
Energy commodity derivatives contracts, net of derivatives deposits	10,538	(17,121)
Accounts payable	13,132	9,125
Accrued payroll and benefits	(5,509)	(14,937)
Accrued interest payable	(184)	10,998
Accrued taxes other than income	(6,757)	(6,463)
Accrued product purchases	(4,797)	(8,858)
Deferred revenue	13,132	16,935
Current and noncurrent environmental liabilities	(5,189)	(2,695)
Other current and noncurrent assets and liabilities	(9,519)	(9,673)
Net cash provided by operating activities	572,411	407,068
Investing Activities:
Additions to property, plant and equipment, net(1)	(281,504)	(310,133)
Proceeds from sale and disposition of assets	4,886	4,756
Investments in non-controlled entities	(55,273)	(109,933)
Distributions in excess of earnings of non-controlled entities	11,152	1,942
Net cash used by investing activities	(320,739)	(413,368)
Financing Activities:
Distributions paid	(393,912)	(361,605)
Net commercial paper borrowings (repayments)	146,885	(255,966)
Borrowings under long-term notes	0	649,187
Debt placement costs	0	(5,408)
Payments associated with settlement of equity-based incentive compensation	(13,875)	(14,376)
Net cash provided (used) by financing activities	(260,902)	11,832
Change in cash and cash equivalents	(9,230)	5,532
Cash and cash equivalents at beginning of period	14,701	28,731
Cash and cash equivalents at end of period	5,471	34,263
Supplemental non-cash investing and financing activities:
Issuance of limited partner units in settlement of equity-based incentive plan awards	1,669	7,092
Additions to property, plant and equipment	(289,570)	(321,085)
Changes in accounts payable and other current liabilities related to capital expenditures	8,066	10,952
Additions to property, plant and equipment, net	$ (281,504)	$ (310,133)

Organization, Description of Bu

Organization, Description of Business And Basis Of Presentation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Description of Business and Basis of Presentation	Organization, Description of Business and Basis of Presentation Organization Unless indicated otherwise, the terms “our,” “we,” “us” and similar language refer to Magellan Midstream Partners, L.P. together with its subsidiaries. Magellan Midstream Partners, L.P. is a Delaware limited partnership and its limited partner units are traded on the New York Stock Exchange under the ticker symbol “MMP.” Magellan GP, LLC, a wholly-owned Delaware limited liability company, serves as its general partner. Description of Business We are principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. As of June 30, 2017 , our asset portfolio, including the assets of our joint ventures, consisted of: • our refined products segment, comprised of our 9,700 -mile refined products pipeline system with 53 terminals as well as 26 independent terminals not connected to our pipeline system and our 1,100 -mile ammonia pipeline system; • our crude oil segment, comprised of approximately 2,200 miles of crude oil pipelines, our condensate splitter and storage facilities with an aggregate storage capacity of approximately 27 million barrels, of which approximately 17 million barrels are used for contract 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. 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. Basis of Presentation In the opinion of management, our accompanying consolidated financial statements which are unaudited, except for the consolidated balance sheet as of December 31, 2016 , which is derived from our audited financial statements, include all normal and recurring adjustments necessary to present fairly our financial position as of June 30, 2017 , the results of operations for the three and six months ended June 30, 2016 and 2017 and cash flows for the six months ended June 30, 2016 and 2017 . The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year ending December 31, 2017 for several reasons. Profits from our butane blending activities are realized largely during the first and fourth quarters of each year. Additionally, gasoline demand, which drives transportation volumes and revenues on our pipeline systems, generally trends higher during the summer driving months. Further, the volatility of commodity prices impacts the profits from our commodity activities and, to a lesser extent, the volume of petroleum products we transport on our pipelines. Pursuant to the rules and regulations of the Securities and Exchange Commission, the financial statements in this report do not include all of the information and notes normally included with financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016 . Use of Estimates The preparation of our consolidated financial statements in conformity with 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. New Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (“ FASB”) issued Accounting Standards Update (“ASU”) 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU requires companies that offer postretirement benefits to present the service cost, which is the amount an employer has to set aside each period to cover the benefits, in the same line item with other employee compensation costs. Other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. Additionally, only the service cost component will be eligible for capitalization when applicable. Public companies must comply with the new requirements under ASU 2017-07 for fiscal years that start after December 15, 2017, and the amendments must be applied retrospectively except for the capitalization change, which should be applied prospectively. Early adoption is allowed, and we elected to adopt ASU 2017-07 as of January 1, 2017. Prior to adoption, we expensed all components of pension expense through salaries and wages, which impacted operating income. We are now recording only the service component of pension expense to salaries and wages, with the remainder of the expense being recorded to other income and expense below operating profit. Comparative prior periods have been restated for this change. The changes were not material to our financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to recognize a right of use asset and lease liability on the balance sheet for all leases, with the exception of short-term leases. The new accounting model for lessors remains largely the same, although some changes have been made to align it with the new lessee model and the new revenue recognition guidance. This update also requires companies to include additional disclosures regarding their lessee and lessor agreements. Public companies are required to adopt the standard for financial reporting periods that start after December 15, 2018, although early adoption is permitted. We are currently in the process of evaluating the impact this new standard will have on our financial statements. 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 became effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. We adopted this standard on January 1, 2017, and it did not have a material impact on our results of operations, financial position or cash flows as we have historically measured our inventory at the lower of cost or net realizable value, as described above. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU amends the existing accounting standards for revenue recognition and is based on the principle that revenue should be recognized to depict the transfer of goods or services to a customer at an amount that reflects the consideration a company expects to receive in exchange for those goods or services. We will adopt this ASU as required on January 1, 2018, using the full retrospective method of adoption. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements.

Product Sales Revenues

Product Sales Revenues	6 Months Ended
	Jun. 30, 2017
Product Sales Revenue [Abstract]
Product Sales Revenues	Product Sales Revenue The amounts reported as product sales revenue on our consolidated statements of income include revenue from the physical sale of petroleum products and mark-to-market adjustments from exchange-based futures contracts. See Note 8 – Derivative Financial Instruments for a discussion of our commodity hedging strategies and how our futures 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 operations, including tender deductions, are reported as product sales revenue on our consolidated statements of income. For the three and six months ended June 30, 2016 and 2017 , product sales revenue included the following (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2017 2016 2017 Physical sale of petroleum products $ 135,459 $ 167,790 $ 266,039 $ 384,730 Change in value of futures contracts (11,770 ) 14,214 4,212 42,894 Total product sales revenue $ 123,689 $ 182,004 $ 270,251 $ 427,624

Segment Disclosures

Segment Disclosures	6 Months Ended
	Jun. 30, 2017
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 as 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 general and administrative (“G&A”) expense that management does not consider when evaluating the core profitability of our separate operating segments. Three Months Ended June 30, 2016 (in thousands) Refined Products Crude Oil Marine Storage Intersegment Eliminations Total Transportation and terminals revenue $ 247,842 $ 101,340 $ 43,058 $ — $ 392,240 Product sales revenue 122,311 (28 ) 1,406 — 123,689 Affiliate management fee revenue 124 2,486 358 — 2,968 Total revenue 370,277 103,798 44,822 — 518,897 Operating expenses 98,513 20,555 16,278 (1,163 ) 134,183 Cost of product sales 94,392 1,016 295 — 95,703 (Earnings) losses of non-controlled entities 38 (14,711 ) (666 ) — (15,339 ) Operating margin 177,334 96,938 28,915 1,163 304,350 Depreciation and amortization expense 24,971 9,062 8,106 1,163 43,302 G&A expense 20,506 9,149 4,899 — 34,554 Operating profit $ 131,857 $ 78,727 $ 15,910 $ — $ 226,494 Three Months Ended June 30, 2017 (in thousands) Refined Products Crude Oil Marine Storage Intersegment Eliminations Total Transportation and terminals revenue $ 277,883 $ 108,455 $ 47,794 $ (893 ) $ 433,239 Product sales revenue 161,723 19,403 878 — 182,004 Affiliate management fee revenue 353 3,474 370 — 4,197 Total revenue 439,959 131,332 49,042 (893 ) 619,440 Operating expenses 100,713 31,410 15,375 (2,204 ) 145,294 Cost of product sales 125,220 18,607 2,148 — 145,975 (Earnings) losses of non-controlled entities (422 ) (24,494 ) (660 ) — (25,576 ) Operating margin 214,448 105,809 32,179 1,311 353,747 Depreciation and amortization expense 27,005 12,507 8,073 1,311 48,896 G&A expense 26,720 11,071 5,602 — 43,393 Operating profit $ 160,723 $ 82,231 $ 18,504 $ — $ 261,458 Six Months Ended June 30, 2016 (in thousands) Refined Products Crude Oil Marine Storage Intersegment Eliminations Total Transportation and terminals revenue $ 472,592 $ 203,068 $ 86,655 $ — $ 762,315 Product sales revenue 266,227 1,715 2,309 — 270,251 Affiliate management fee revenue 204 5,270 673 — 6,147 Total revenue 739,023 210,053 89,637 — 1,038,713 Operating expenses 184,287 41,681 33,483 (2,355 ) 257,096 Cost of product sales 206,248 2,361 679 — 209,288 (Earnings) losses of non-controlled entities 80 (31,690 ) (1,357 ) — (32,967 ) Operating margin 348,408 197,701 56,832 2,355 605,296 Depreciation and amortization expense 50,091 18,931 15,679 2,355 87,056 G&A expense 45,736 18,888 10,606 — 75,230 Operating profit $ 252,581 $ 159,882 $ 30,547 $ — $ 443,010 Six Months Ended June 30, 2017 (in thousands) Refined Products Crude Oil Marine Storage Intersegment Eliminations Total Transportation and terminals revenue $ 519,788 $ 213,508 $ 94,201 $ (1,587 ) $ 825,910 Product sales revenue 401,893 22,506 3,225 — 427,624 Affiliate management fee revenue 682 6,608 690 — 7,980 Total revenue 922,363 242,622 98,116 (1,587 ) 1,261,514 Operating expenses 194,246 58,828 28,030 (4,218 ) 276,886 Cost of product sales 292,901 21,184 4,766 — 318,851 (Earnings) losses of non-controlled entities (533 ) (45,144 ) (1,345 ) — (47,022 ) Operating margin 435,749 207,754 66,665 2,631 712,799 Depreciation and amortization expense 53,971 23,363 16,229 2,631 96,194 G&A expense 51,621 21,110 10,943 — 83,674 Operating profit $ 330,157 $ 163,281 $ 39,493 $ — $ 532,931

Investments in Non-Controlled E

Investments in Non-Controlled Entities	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Non-Controlled Entities	Investments in Non-Controlled Entities Our investments in non-controlled entities at June 30, 2017 were comprised of: Entity Ownership Interest BridgeTex Pipeline Company, LLC (“BridgeTex”) 50% Double Eagle Pipeline LLC (“Double Eagle”) 50% HoustonLink Pipeline Company, LLC (“HoustonLink”) 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% We serve as operator of BridgeTex, HoustonLink, Powder Springs, Saddlehorn, Texas Frontera and the pipeline activities of Seabrook. We receive fees for management services as well as reimbursement or payment to us for certain direct operational payroll and other overhead costs. The management fees we have received are reported as affiliate management fee revenue on our consolidated statements of income. Cost reimbursements we receive from these entities in connection with our operating services are included as reductions to costs and expenses on our consolidated statements of income and totaled $1.0 million and $1.4 million during the three months ended June 30, 2016 and 2017 , respectively, and $1.5 million and $2.4 million during the six months ended June 30, 2016 and 2017 , respectively. We recorded the following revenue from certain of these non-controlled entities in our consolidated statements of income (in millions): Three Months Ended June 30, Six Months Ended June 30, 2016 2017 2016 2017 Transportation and terminals revenue: BridgeTex, capacity lease $ 8.8 $ 9.0 $ 17.7 $ 17.9 Double Eagle, throughput revenue $ 0.9 $ 1.0 $ 1.6 $ 1.8 Saddlehorn, storage revenue $ — $ 0.6 $ — $ 1.1 Our consolidated balance sheets reflected the following balances related to our investments in non-controlled entities (in millions): December 31, 2016 June 30, 2017 Trade Accounts Receivable Other Accounts Receivable Trade Accounts Receivable Other Accounts Receivable Double Eagle $ 0.3 $ — $ 0.4 $ — Powder Springs $ — $ — $ — $ 1.0 Saddlehorn $ — $ 0.1 $ — $ 0.1 BridgeTex $ — $ — $ — $ 0.1 In addition to the transactions noted above, we incurred charges of $3.9 million for transportation of crude oil at published spot tariff rates on the BridgeTex pipeline during the three months ended June 30, 2017. We recorded these charges as cost of product sales in our consolidated statements of income. We recognized an affiliate payable to BridgeTex on our consolidated balance sheets as of June 30, 2017 in the amount of $1.9 million in connection with this activity. In January 2017, we entered into an agreement to guarantee our 50% pro rata share, up to $50.0 million , of obligations under Powder Springs’ credit facility. At June 30, 2017 , we recognized a $0.8 million other current liability and a corresponding increase in our investment in non-controlled entities on our consolidated balance sheet to reflect the fair value of this guarantee. In February 2016, we transferred a 50% membership interest in Osage Pipe Line Company, LLC (“Osage”) to an affiliate of HollyFrontier Corporation. In conjunction with this transaction, we entered into several commercial agreements with affiliates of HollyFrontier Corporation, which we recorded at that time as a $43.7 million intangible asset and an $8.3 million other receivable on our consolidated balance sheets. The intangible asset will be amortized over the 20 -year life of the contracts received. We recognized a $28.1 million non-cash gain in 2016 in relation to this transaction. The financial results from Texas Frontera are included in our marine storage segment, the financial results from BridgeTex, Double Eagle, HoustonLink, 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, each as earnings of non-controlled entities. A summary of our investments in non-controlled entities follows (in thousands): Investments at December 31, 2016 $ 931,255 Additional investment 56,085 Earnings of non-controlled entities: Proportionate share of earnings 48,196 Amortization of excess investment and capitalized interest (1,174 ) Earnings of non-controlled entities 47,022 Less: Distributions of earnings from investments in non-controlled entities 46,754 Distributions in excess of earnings of non-controlled entities 11,152 Investments at June 30, 2017 $ 976,456

Inventory

Inventory	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory at December 31, 2016 and June 30, 2017 was as follows (in thousands): December 31, 2016 June 30, Refined products $ 54,285 $ 20,449 Transmix 28,319 35,415 Liquefied petroleum gases 24,868 43,442 Crude oil 20,839 13,566 Additives 6,067 6,579 Total inventory $ 134,378 $ 119,451

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans We sponsor a defined contribution plan in which we match our employees' qualifying contributions, resulting in additional expense to us. Expenses related to the defined contribution plan were $2.4 million and $2.1 million for the three months ended June 30, 2016 and 2017 , respectively, and $5.4 million and $5.4 million for the six months ended June 30, 2016 and 2017 , respectively. Additionally, we sponsor two union pension plans that cover certain union employees and a pension plan for all non-union employees, and a postretirement benefit plan for selected employees. Net periodic benefit expense for the three and six months ended June 30, 2016 and 2017 was as follows (in thousands): Three Months Ended Three Months Ended June 30, 2016 June 30, 2017 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Components of net periodic benefit costs: Service cost $ 4,405 $ 62 $ 5,230 $ 66 Interest cost (1) 1,933 110 2,582 123 Expected return on plan assets (1) (2,331 ) — (2,646 ) — Amortization of prior service credit (1) (45 ) (929 ) (46 ) — Amortization of actuarial loss (1) 1,107 185 1,783 200 Settlement cost (1) — — 361 — Net periodic benefit cost (credit) $ 5,069 $ (572 ) $ 7,264 $ 389 Six Months Ended Six Months Ended June 30, 2016 June 30, 2017 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Components of net periodic benefit costs: Service cost $ 9,093 $ 123 $ 10,248 $ 131 Interest cost (1) 3,978 220 4,932 245 Expected return on plan assets (1) (4,459 ) — (5,133 ) — Amortization of prior service credit (1) (90 ) (1,857 ) (91 ) — Amortization of actuarial loss (1) 2,324 369 2,811 400 Settlement cost (1) — — 1,726 — Net periodic benefit cost (credit) $ 10,846 $ (1,145 ) $ 14,493 $ 776 (1) Upon adoption of ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , these components of net periodic benefit cost (credit) are reported on the consolidated statements of income as other expense (income). See Note 1 – Organization, Description of Business and Basis of Presentation - New Accounting Pronouncements for further details about this accounting change. The changes in AOCL related to employee benefit plan assets and benefit obligations for the three and six months ended June 30, 2016 and 2017 were as follows (in thousands): Three Months Ended Three Months Ended June 30, 2016 June 30, 2017 Gains (Losses) Included in AOCL Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Beginning balance $ (61,107 ) $ (4,689 ) $ (56,236 ) $ (7,681 ) Amortization of prior service credit (45 ) (929 ) (46 ) — Amortization of actuarial loss 1,107 185 1,783 200 Settlement cost — — 361 — Ending balance $ (60,045 ) $ (5,433 ) $ (54,138 ) $ (7,481 ) Six Months Ended Six Months Ended June 30, 2016 June 30, 2017 Gains (Losses) Included in AOCL Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Beginning balance $ (62,279 ) $ (3,945 ) $ (58,584 ) $ (7,881 ) Amortization of prior service credit (90 ) (1,857 ) (91 ) — Amortization of actuarial loss 2,324 369 2,811 400 Settlement cost — — 1,726 — Ending balance $ (60,045 ) $ (5,433 ) $ (54,138 ) $ (7,481 ) Contributions estimated to be paid into the plans in 2017 are $26.5 million and $0.3 million for the pension and other postretirement benefit plans, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt Long-term debt at December 31, 2016 and June 30, 2017 was as follows (in thousands): December 31, June 30, Commercial paper $ 50,000 $ 197,000 6.40% Notes due 2018 250,000 250,000 6.55% Notes due 2019 550,000 550,000 4.25% Notes due 2021 550,000 550,000 3.20% Notes due 2025 250,000 250,000 5.00% Notes due 2026 650,000 650,000 6.40% Notes due 2037 250,000 250,000 4.20% Notes due 2042 250,000 250,000 5.15% Notes due 2043 550,000 550,000 4.20% Notes due 2045 250,000 250,000 4.25% Notes due 2046 500,000 500,000 Face value of long-term debt 4,100,000 4,247,000 Unamortized debt issuance costs (1) (26,948 ) (25,677 ) Net unamortized debt premium (1) 6,530 4,910 Net unamortized amount of gains from historical fair value hedges (1) 7,610 5,679 Long-term debt, net $ 4,087,192 $ 4,231,912 (1) Debt issuance costs, note discounts and premiums and realized gains and losses of historical fair value hedges are being amortized or accreted to the applicable notes over the respective lives of those notes. All of the instruments detailed in the table above are senior indebtedness. Revolving Credit Facilities. At June 30, 2017 , the total borrowing capacity under our revolving credit facility with a maturity date of October 27, 2020 was $1.0 billion . Any borrowings outstanding under this facility are classified as long-term 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 0.100% and 0.275% depending on our credit ratings. The unused commitment fee was 0.125% at June 30, 2017 . Borrowings under this facility may be used for general partnership purposes, including capital expenditures. As of both December 31, 2016 and June 30, 2017 , 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 this facility. At June 30, 2017 , the total borrowing capacity under our 364 -day credit facility was $250.0 million . The maturity date of this credit facility is October 19, 2017. Any 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. The unused commitment fee was 0.100% at June 30, 2017 . Borrowings under this facility may be used for general partnership purposes, including capital expenditures. As of both December 31, 2016 and June 30, 2017 , there were no borrowings outstanding under this facility. Commercial Paper Program. We have a commercial paper program under which we may issue commercial paper notes in an amount up to the available capacity under our $1.0 billion revolving credit facility. The maturities of the commercial paper notes vary, but may not exceed 397 days from the date of issuance. Because the commercial paper we can issue is limited to amounts available under our revolving credit facility, amounts outstanding under the program are classified as long-term debt. 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 weighted-average interest rate for commercial paper borrowings based on the number of days outstanding was 0.8% for the year ended December 31, 2016 and 1.2% for the six months ended June 30, 2017 .

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Interest Rate Derivatives We periodically enter into interest rate derivatives to hedge the fair value of debt or hedge against variability in interest rates, and we have historically designated these derivatives as fair value or cash flow hedges for accounting purposes. Adjustments resulting from discontinued hedges continue to be recognized in accordance with their historic hedging relationships. We have entered into $100.0 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 2018. The fair values of these contracts at June 30, 2017 were recorded on our balance sheets as other current assets of $12.6 million , with the offset recorded to other comprehensive income. We account for these agreements as cash flow hedges. Commodity Derivatives Hedging Strategies Our butane blending activities produce gasoline, and we can reasonably estimate the timing and quantities of sales of these products. We use a combination of exchange-based commodities futures contracts and forward purchase and sale contracts to help manage commodity price changes and mitigate the risk of decline in the product margin realized from our butane blending activities. Further, certain of our other commercial operations generate petroleum products, and we also use futures contracts to hedge against price changes for some of these commodities. Forward physical purchase and sale contracts that qualify for and are elected as normal purchases and sales are accounted for using traditional accrual accounting. The futures contracts that we enter into fall into one of three hedge categories: Hedge Category Hedge Purpose Accounting Treatment Qualifies For Hedge Accounting Treatment Cash Flow Hedge To hedge the variability in cash flows related to a forecasted transaction. The effective portion of changes in the fair 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 fair 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 are recognized currently in earnings. Does Not Qualify For Hedge Accounting Treatment Economic Hedge To effectively serve as either a fair value or a cash flow hedge; however, the derivative agreement does not qualify for hedge accounting treatment under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging . Changes in the fair value of these agreements are recognized currently in earnings. During the six months ended June 30, 2016 and 2017 , none of the commodity hedging contracts we entered into qualified for or were designated as cash flow hedges. We use futures contracts designated as economic hedges for accounting purposes to hedge against changes in the price of refined products and crude oil that we expect to sell in the future. Period changes in the fair value of these agreements are recognized currently in earnings as adjustments to product sales revenue. We also use futures contracts designated as economic 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. Additionally, we hold certain crude oil tank bottoms which we classify as long-term assets and include with other noncurrent assets on our consolidated balance sheets. We use futures contracts to hedge against changes in the fair value of these assets. 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 futures contracts at June 30, 2017 were as follows: Type of Contract/Accounting Methodology Product Represented by the Contract and Associated Barrels Maturity Dates Futures - Fair Value Hedges 0.7 million barrels of crude oil November 2017 Futures - Economic Hedges 4.6 million barrels of refined products and crude oil Between July 2017 and April 2018 Futures - Economic Hedges 1.4 million barrels of butane Between September 2017 and April 2018 Energy Commodity Derivatives Contracts and Deposits Offsets At December 31, 2016 , we had made margin deposits of $49.9 million for our future contracts with our counterparties, which were recorded as current assets under energy commodity derivatives deposits on our consolidated balance sheets. At June 30, 2017 , we had made margin deposits of $4.5 million for our future contracts with one of our counterparties, which were recorded as current assets under energy commodity derivatives deposits on our consolidated balance sheets. Additionally at June 30, 2017 , we had received margin deposits of $0.1 million for our future contracts with a second counterparty, which were recorded as current liabilities under energy commodity derivatives deposits on our consolidated balance sheets.We have the right to offset the combined fair values of our open futures 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 futures contracts separately from the related margin deposits on our consolidated balance sheets. Additionally, we have the right to offset the fair values of our futures contracts 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, 2016 and June 30, 2017 (in thousands): December 31, 2016 Description Gross Amounts of Recognized Liabilities Gross Amounts of Assets Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets Net Asset Amount (1) Energy commodity derivatives $ (36,798 ) $ 6,060 $ (30,738 ) $ 49,899 $ 19,161 June 30, 2017 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 Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets Net Asset Amount (1) Energy commodity derivatives $ 8,058 $ (3,808 ) $ 4,250 $ 4,373 $ 8,623 (1) Amount represents the maximum loss we would incur if all of our counterparties failed to perform on their derivative contracts. Impact of Derivatives on Our Financial Statements Comprehensive Income The changes in derivative activity included in AOCL for the three and six months ended June 30, 2016 and 2017 were as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, Derivative Losses Included in AOCL 2016 2017 2016 2017 Beginning balance $ (42,216 ) $ (32,741 ) $ (30,126 ) $ (34,776 ) Net gain (loss) on cash flow hedges (8,631 ) (2,802 ) (21,109 ) (1,507 ) Reclassification of net loss on cash flow hedges to income 388 739 776 1,479 Ending balance $ (50,459 ) $ (34,804 ) $ (50,459 ) $ (34,804 ) Income Statements The following tables provide a summary of the effect on our consolidated statements of income for the three and six months ended June 30, 2016 and 2017 of derivatives accounted for under ASC 815-30, Derivatives and Hedging—Cash Flow Hedges , that were designated as hedging instruments (in thousands): Three Months Ended June 30, 2016 Amount of Loss Recognized in AOCL on Derivative Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Derivative Instrument Effective Portion Ineffective Portion Interest rate contracts $ (8,631 ) Interest expense $ (388 ) $ — Three Months Ended June 30, 2017 Amount of Loss Recognized in AOCL on Derivative Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Derivative Instrument Effective Portion Ineffective Portion Interest rate contracts $ (2,802 ) Interest expense $ (739 ) $ — Six Months Ended June 30, 2016 Amount of Loss Recognized in AOCL on Derivative Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Derivative Instrument Effective Portion Ineffective Portion Interest rate contracts $ (21,109 ) Interest expense $ (776 ) $ — Six Months Ended June 30, 2017 Amount of Loss Recognized in AOCL on Derivative Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Derivative Instrument Effective Portion Ineffective Portion Interest rate contracts $ (1,507 ) Interest expense $ (1,479 ) $ — As of June 30, 2017 , the net loss estimated to be classified to interest expense over the next twelve months from AOCL is approximately $3.0 million . We use futures contracts designated as fair value hedges under ASC 815-25, Derivatives and Hedging–Fair Value Hedges , to hedge against changes in the fair value of 0.7 million barrels of crude oil that are contractually reserved as tank bottoms and included with other noncurrent assets on our consolidated balance sheets. The effective portions of the fair value gains or losses on these futures contracts were offset by fair value gains or losses on the tank bottoms. There was no ineffectiveness recognized on these hedges. The cash flows from settled contracts were recorded in operating activities in our consolidated statements of cash flows. The gains (losses) on these futures contracts and the underlying tank bottoms were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2016 2017 2016 2017 Gain (loss) recognized in other income/expense on derivatives (futures contracts) (7.7 ) 3.4 (6.2 ) 6.8 Loss (gain) recognized in other income/expense on hedged item (tank bottoms) 7.7 (3.4 ) 6.2 (6.8 ) The differential between the current spot price and forward price is excluded from the assessment of hedge effectiveness for these fair value hedges. For the three months ended June 30, 2016 and 2017 , we recognized a gain of $1.9 million and $0.3 million , respectively, and for the six months ended June 30, 2016 and 2017 , we recognized a gain of $4.2 million and $1.7 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 three and six months ended June 30, 2016 and 2017 of derivatives accounted for under ASC 815, Derivatives and Hedging , that were not designated as hedging instruments (in thousands): Amount of Gain (Loss) Recognized on Derivatives Three Months Ended Six Months Ended Location of Gain (Loss) Recognized on Derivatives June 30, June 30, Derivative Instrument 2016 2017 2016 2017 Futures contracts Product sales revenue $ (11,770 ) $ 14,214 $ 4,212 $ 42,894 Futures contracts Operating expenses (8,003 ) — (5,404 ) — Futures contracts Cost of product sales 3,240 (1,184 ) 2,812 53 Total $ (16,533 ) $ 13,030 $ 1,620 $ 42,947 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 fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were designated as hedging instruments as of December 31, 2016 and June 30, 2017 (in thousands): December 31, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Energy commodity derivatives contracts, net $ — Energy commodity derivatives contracts, net $ 3,079 Interest rate contracts Other noncurrent assets 14,114 Other noncurrent liabilities — Total $ 14,114 Total $ 3,079 June 30, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Energy commodity derivatives contracts, net $ 3,738 Energy commodity derivatives contracts, net $ — Interest rate contracts Other current assets 12,607 Other current liabilities — Total $ 16,345 Total $ — The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were not designated as hedging instruments as of December 31, 2016 and June 30, 2017 (in thousands): December 31, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Energy commodity derivatives contracts, net $ 6,060 Energy commodity derivatives contracts, net $ 33,719 June 30, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Energy commodity derivatives contracts, net $ 4,320 Energy commodity derivatives contracts, net $ 3,808

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Environmental Liabilities Liabilities recognized for estimated environmental costs were $24.0 million and $18.9 million at December 31, 2016 and June 30, 2017 , respectively. We have classified environmental liabilities as current or noncurrent based on management’s estimates regarding the timing of actual payments. Environmental expenses recognized as a result of changes in our environmental liabilities are generally included in operating expenses on our consolidated statements of income. Environmental expenses were $0.8 million and $0.2 million for the three months ended June 30, 2016 and 2017 , respectively, and $4.3 million and $4.5 million for the six months ended June 30, 2016 and 2017 , respectively. Environmental Receivables Receivables from insurance carriers and other third parties related to environmental matters were $4.1 million at December 31, 2016 , of which $0.6 million and $3.5 million were recorded to other accounts receivable and long-term receivables, respectively, on our consolidated balance sheets. Receivables from insurance carriers and other third parties related to environmental matters were $3.9 million at June 30, 2017 , of which $0.5 million and $3.4 million were recorded to other accounts receivable and long-term receivables, respectively, on our consolidated balance sheets. Other See Note 4 – Investments in Non-Controlled Entities for detail of our guarantee on behalf of Powder Springs. We are a party to various other claims, legal actions and complaints arising in the ordinary course of business. 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.

Long-Term Incentive Plan

Long-Term Incentive Plan	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Long-Term Incentive Plan	Long-Term Incentive Plan We have a long-term incentive plan (“LTIP”) for certain of our employees and directors of our general partner. The LTIP primarily consists of phantom units and permits the grant of awards covering an aggregate payout of 11.9 million of our limited partner units. The compensation committee of our general partner’s board of directors administers our LTIP. The estimated units remaining available under the LTIP at June 30, 2017 total 2.6 million . Our equity-based incentive compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2017 2016 2017 Performance-based awards: 2014 awards $ 979 $ — $ 4,388 $ 28 2015 awards 926 2,066 2,471 3,224 2016 awards 1,023 2,592 2,143 3,641 2017 awards — 1,252 — 2,498 Time-based awards 481 660 1,057 1,326 Total $ 3,409 $ 6,570 $ 10,059 $ 10,717 Allocation of LTIP expense on our consolidated statements of income: G&A expense $ 3,378 $ 6,514 $ 9,986 $ 10,632 Operating expense 31 56 73 85 Total $ 3,409 $ 6,570 $ 10,059 $ 10,717 On February 2, 2017, 207,445 phantom unit awards were issued pursuant to our LTIP. 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, 2019. Basic and Diluted Net Income Per Limited Partner Unit The difference between our actual limited partner units outstanding and our weighted-average number of limited partner units outstanding used to calculate basic net income per unit is due to the impact of: (i) the phantom units issued to non-employee directors 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 LTIP that have not yet vested.

Partners' Capital and Distribut

Partners' Capital and Distributions	6 Months Ended
	Jun. 30, 2017
Partners' Capital Notes [Abstract]
Partners' Capital and Distributions	Partners’ Capital and Distributions Partners’ Capital In May 2017, we filed a prospectus supplement to the shelf registration statement for our continuous equity offering program (which we refer to as an at-the-market program, or “ATM”) pursuant to which we may issue up to $750.0 million of common units in amounts, at prices and on terms to be determined by market conditions at the time. The net proceeds from any sales under the ATM, after deducting the sales agents’ commissions and our offering expenses, will be used for general partnership purposes, including repayment of indebtedness or capital expenditures. No units were issued pursuant to this program during the current period. The following table details the changes in the number of our limited partner units outstanding from January 1, 2017 through June 30, 2017 : Limited partner units outstanding on January 1, 2017 227,783,916 January 2017–Settlement of 2014 awards (a) 216,679 During 2017–Other (b) 23,961 Limited partner units outstanding on June 30, 2017 228,024,556 (a) Limited partner units issued to settle long-term incentive plan awards to certain employees that vested on December 31, 2016. (b) Limited partner units issued to settle the equity-based retainers paid to certain independent directors of our general partner and the final payment of deferred director compensation to a former director. Distributions Distributions we paid during 2016 and 2017 were as follows (in thousands, except per unit amounts): Payment Date Per Unit Cash Distribution Amount Total Cash Distribution to Limited Partners 02/12/2016 $ 0.7850 $ 178,808 05/13/2016 0.8025 182,797 Through 06/30/2016 1.5875 361,605 08/12/2016 0.8200 186,783 11/14/2016 0.8375 190,769 Total $ 3.2450 $ 739,157 02/14/2017 $ 0.8550 $ 194,961 05/15/2017 0.8725 198,951 Through 06/30/2017 1.7275 393,912 08/14/2017 (a) 0.8900 202,942 Total $ 2.6175 $ 596,854 (a) Our general partner’s board of directors declared this cash distribution in July 2017 to be paid on August 14, 2017 to unitholders of record at the close of business on July 31, 2017 .

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Methods and Assumptions - Financial Assets and Liabilities. We used the following methods and assumptions in estimating fair value of our financial assets and liabilities: • Energy commodity derivatives contracts . These include exchange-traded futures contracts related to petroleum products. These contracts are carried at fair value on our consolidated balance sheets and are valued based on quoted prices in active markets. See Note 8 – Derivative Financial Instruments for further disclosures regarding these contracts. • Interest rate contracts. These include forward-starting interest rate swap agreements to hedge against the risk of variability of interest payments on future debt. These contracts are carried at fair value on our consolidated balance sheets and are valued based on an assumed exchange, at the end of each period, in an orderly transaction with a market participant in the market in which the financial instrument is traded. The exchange value was calculated using present value techniques on estimated future cash flows based on forward interest rate curves. See Note 8 – Derivative Financial Instruments for further disclosures regarding these contracts. • Long-term receivables. These primarily include payments receivable under a direct-financing leasing arrangement and cost reimbursement payments receivable. These receivables were recorded at fair value on our consolidated balance sheets, using then-current market rates to estimate the present value of future cash flows. • Debt. The fair value of our publicly traded notes was based on the prices of those notes at December 31, 2016 and June 30, 2017 ; 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 fair value measurements recorded or disclosed as of December 31, 2016 and June 30, 2017 based on the three levels established by ASC 820, Fair Value Measurements and Disclosures (in thousands): December 31, 2016 Assets (Liabilities) Fair Value Measurements using: 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 $ (30,738 ) $ (30,738 ) $ (30,738 ) $ — $ — Interest rate contracts $ 14,114 $ 14,114 $ — $ 14,114 $ — Long-term receivables $ 23,870 $ 23,870 $ — $ — $ 23,870 Debt $ (4,087,192 ) $ (4,262,321 ) $ — $ (4,262,321 ) $ — June 30, 2017 Assets (Liabilities) Fair Value Measurements using: 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 $ 4,250 $ 4,250 $ 4,250 $ — $ — Interest rate contracts $ 12,607 $ 12,607 $ — $ 12,607 $ — Long-term receivables $ 22,532 $ 22,532 $ — $ — $ 22,532 Debt $ (4,231,912 ) $ (4,483,046 ) $ — $ (4,483,046 ) $ —

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Stacy P. Methvin is an independent member of our general partner’s board of directors and is also a director of one of our customers. We received tariff revenue from this customer of $4.7 million and $4.3 million for the three months ended June 30, 2016 and 2017 , respectively, and $7.7 million and $8.4 million for the six months ended June 30, 2016 and 2017 , respectively. We recorded receivables of $1.4 million from this customer at both December 31, 2016 and June 30, 2017 . 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 ventures.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Recognizable events No recognizable events occurred subsequent to June 30, 2017 . Non-recognizable events Cash Distribution. In July 2017, our general partner’s board of directors declared a quarterly distribution of $0.89 per unit to be paid on August 14, 2017 to unitholders of record at the close of business on July 31, 2017 . The total cash distributions expected to be paid under this declaration are approximately $202.9 million .

Organization, Description of 21

Organization, Description of Business And Basis Of Presentation (Accounting Policies) (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, our accompanying consolidated financial statements which are unaudited, except for the consolidated balance sheet as of December 31, 2016 , which is derived from our audited financial statements, include all normal and recurring adjustments necessary to present fairly our financial position as of June 30, 2017 , the results of operations for the three and six months ended June 30, 2016 and 2017 and cash flows for the six months ended June 30, 2016 and 2017 . The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year ending December 31, 2017 for several reasons. Profits from our butane blending activities are realized largely during the first and fourth quarters of each year. Additionally, gasoline demand, which drives transportation volumes and revenues on our pipeline systems, generally trends higher during the summer driving months. Further, the volatility of commodity prices impacts the profits from our commodity activities and, to a lesser extent, the volume of petroleum products we transport on our pipelines. Pursuant to the rules and regulations of the Securities and Exchange Commission, the financial statements in this report do not include all of the information and notes normally included with financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016 .
Use of Estimates	Use of Estimates The preparation of our consolidated financial statements in conformity with 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.
New Accounting Pronouncements	New Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (“ FASB”) issued Accounting Standards Update (“ASU”) 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU requires companies that offer postretirement benefits to present the service cost, which is the amount an employer has to set aside each period to cover the benefits, in the same line item with other employee compensation costs. Other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. Additionally, only the service cost component will be eligible for capitalization when applicable. Public companies must comply with the new requirements under ASU 2017-07 for fiscal years that start after December 15, 2017, and the amendments must be applied retrospectively except for the capitalization change, which should be applied prospectively. Early adoption is allowed, and we elected to adopt ASU 2017-07 as of January 1, 2017. Prior to adoption, we expensed all components of pension expense through salaries and wages, which impacted operating income. We are now recording only the service component of pension expense to salaries and wages, with the remainder of the expense being recorded to other income and expense below operating profit. Comparative prior periods have been restated for this change. The changes were not material to our financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to recognize a right of use asset and lease liability on the balance sheet for all leases, with the exception of short-term leases. The new accounting model for lessors remains largely the same, although some changes have been made to align it with the new lessee model and the new revenue recognition guidance. This update also requires companies to include additional disclosures regarding their lessee and lessor agreements. Public companies are required to adopt the standard for financial reporting periods that start after December 15, 2018, although early adoption is permitted. We are currently in the process of evaluating the impact this new standard will have on our financial statements. 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 became effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. We adopted this standard on January 1, 2017, and it did not have a material impact on our results of operations, financial position or cash flows as we have historically measured our inventory at the lower of cost or net realizable value, as described above. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU amends the existing accounting standards for revenue recognition and is based on the principle that revenue should be recognized to depict the transfer of goods or services to a customer at an amount that reflects the consideration a company expects to receive in exchange for those goods or services. We will adopt this ASU as required on January 1, 2018, using the full retrospective method of adoption. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements.

Product Sales Revenues (Tables)

Product Sales Revenues (Tables)	6 Months Ended
	Jun. 30, 2017
Product Sales Revenue [Abstract]
Components of Product Sales Revenues	For the three and six months ended June 30, 2016 and 2017 , product sales revenue included the following (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2017 2016 2017 Physical sale of petroleum products $ 135,459 $ 167,790 $ 266,039 $ 384,730 Change in value of futures contracts (11,770 ) 14,214 4,212 42,894 Total product sales revenue $ 123,689 $ 182,004 $ 270,251 $ 427,624

Segment Disclosures (Tables)

Segment Disclosures (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of Business Segment Reporting Information	Three Months Ended June 30, 2016 (in thousands) Refined Products Crude Oil Marine Storage Intersegment Eliminations Total Transportation and terminals revenue $ 247,842 $ 101,340 $ 43,058 $ — $ 392,240 Product sales revenue 122,311 (28 ) 1,406 — 123,689 Affiliate management fee revenue 124 2,486 358 — 2,968 Total revenue 370,277 103,798 44,822 — 518,897 Operating expenses 98,513 20,555 16,278 (1,163 ) 134,183 Cost of product sales 94,392 1,016 295 — 95,703 (Earnings) losses of non-controlled entities 38 (14,711 ) (666 ) — (15,339 ) Operating margin 177,334 96,938 28,915 1,163 304,350 Depreciation and amortization expense 24,971 9,062 8,106 1,163 43,302 G&A expense 20,506 9,149 4,899 — 34,554 Operating profit $ 131,857 $ 78,727 $ 15,910 $ — $ 226,494 Three Months Ended June 30, 2017 (in thousands) Refined Products Crude Oil Marine Storage Intersegment Eliminations Total Transportation and terminals revenue $ 277,883 $ 108,455 $ 47,794 $ (893 ) $ 433,239 Product sales revenue 161,723 19,403 878 — 182,004 Affiliate management fee revenue 353 3,474 370 — 4,197 Total revenue 439,959 131,332 49,042 (893 ) 619,440 Operating expenses 100,713 31,410 15,375 (2,204 ) 145,294 Cost of product sales 125,220 18,607 2,148 — 145,975 (Earnings) losses of non-controlled entities (422 ) (24,494 ) (660 ) — (25,576 ) Operating margin 214,448 105,809 32,179 1,311 353,747 Depreciation and amortization expense 27,005 12,507 8,073 1,311 48,896 G&A expense 26,720 11,071 5,602 — 43,393 Operating profit $ 160,723 $ 82,231 $ 18,504 $ — $ 261,458 Six Months Ended June 30, 2016 (in thousands) Refined Products Crude Oil Marine Storage Intersegment Eliminations Total Transportation and terminals revenue $ 472,592 $ 203,068 $ 86,655 $ — $ 762,315 Product sales revenue 266,227 1,715 2,309 — 270,251 Affiliate management fee revenue 204 5,270 673 — 6,147 Total revenue 739,023 210,053 89,637 — 1,038,713 Operating expenses 184,287 41,681 33,483 (2,355 ) 257,096 Cost of product sales 206,248 2,361 679 — 209,288 (Earnings) losses of non-controlled entities 80 (31,690 ) (1,357 ) — (32,967 ) Operating margin 348,408 197,701 56,832 2,355 605,296 Depreciation and amortization expense 50,091 18,931 15,679 2,355 87,056 G&A expense 45,736 18,888 10,606 — 75,230 Operating profit $ 252,581 $ 159,882 $ 30,547 $ — $ 443,010 Six Months Ended June 30, 2017 (in thousands) Refined Products Crude Oil Marine Storage Intersegment Eliminations Total Transportation and terminals revenue $ 519,788 $ 213,508 $ 94,201 $ (1,587 ) $ 825,910 Product sales revenue 401,893 22,506 3,225 — 427,624 Affiliate management fee revenue 682 6,608 690 — 7,980 Total revenue 922,363 242,622 98,116 (1,587 ) 1,261,514 Operating expenses 194,246 58,828 28,030 (4,218 ) 276,886 Cost of product sales 292,901 21,184 4,766 — 318,851 (Earnings) losses of non-controlled entities (533 ) (45,144 ) (1,345 ) — (47,022 ) Operating margin 435,749 207,754 66,665 2,631 712,799 Depreciation and amortization expense 53,971 23,363 16,229 2,631 96,194 G&A expense 51,621 21,110 10,943 — 83,674 Operating profit $ 330,157 $ 163,281 $ 39,493 $ — $ 532,931

Investments in Non-Controlled24

Investments in Non-Controlled Entities (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Our investments in non-controlled entities at June 30, 2017 were comprised of: Entity Ownership Interest BridgeTex Pipeline Company, LLC (“BridgeTex”) 50% Double Eagle Pipeline LLC (“Double Eagle”) 50% HoustonLink Pipeline Company, LLC (“HoustonLink”) 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% We serve as operator of BridgeTex, HoustonLink, Powder Springs, Saddlehorn, Texas Frontera and the pipeline activities of Seabrook. We receive fees for management services as well as reimbursement or payment to us for certain direct operational payroll and other overhead costs. The management fees we have received are reported as affiliate management fee revenue on our consolidated statements of income. Cost reimbursements we receive from these entities in connection with our operating services are included as reductions to costs and expenses on our consolidated statements of income and totaled $1.0 million and $1.4 million during the three months ended June 30, 2016 and 2017 , respectively, and $1.5 million and $2.4 million during the six months ended June 30, 2016 and 2017 , respectively. We recorded the following revenue from certain of these non-controlled entities in our consolidated statements of income (in millions): Three Months Ended June 30, Six Months Ended June 30, 2016 2017 2016 2017 Transportation and terminals revenue: BridgeTex, capacity lease $ 8.8 $ 9.0 $ 17.7 $ 17.9 Double Eagle, throughput revenue $ 0.9 $ 1.0 $ 1.6 $ 1.8 Saddlehorn, storage revenue $ — $ 0.6 $ — $ 1.1 Our consolidated balance sheets reflected the following balances related to our investments in non-controlled entities (in millions): December 31, 2016 June 30, 2017 Trade Accounts Receivable Other Accounts Receivable Trade Accounts Receivable Other Accounts Receivable Double Eagle $ 0.3 $ — $ 0.4 $ — Powder Springs $ — $ — $ — $ 1.0 Saddlehorn $ — $ 0.1 $ — $ 0.1 BridgeTex $ — $ — $ — $ 0.1 In addition to the transactions noted above, we incurred charges of $3.9 million for transportation of crude oil at published spot tariff rates on the BridgeTex pipeline during the three months ended June 30, 2017. We recorded these charges as cost of product sales in our consolidated statements of income. We recognized an affiliate payable to BridgeTex on our consolidated balance sheets as of June 30, 2017 in the amount of $1.9 million in connection with this activity. In January 2017, we entered into an agreement to guarantee our 50% pro rata share, up to $50.0 million , of obligations under Powder Springs’ credit facility. At June 30, 2017 , we recognized a $0.8 million other current liability and a corresponding increase in our investment in non-controlled entities on our consolidated balance sheet to reflect the fair value of this guarantee. In February 2016, we transferred a 50% membership interest in Osage Pipe Line Company, LLC (“Osage”) to an affiliate of HollyFrontier Corporation. In conjunction with this transaction, we entered into several commercial agreements with affiliates of HollyFrontier Corporation, which we recorded at that time as a $43.7 million intangible asset and an $8.3 million other receivable on our consolidated balance sheets. The intangible asset will be amortized over the 20 -year life of the contracts received. We recognized a $28.1 million non-cash gain in 2016 in relation to this transaction. The financial results from Texas Frontera are included in our marine storage segment, the financial results from BridgeTex, Double Eagle, HoustonLink, 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, each as earnings of non-controlled entities. A summary of our investments in non-controlled entities follows (in thousands): Investments at December 31, 2016 $ 931,255 Additional investment 56,085 Earnings of non-controlled entities: Proportionate share of earnings 48,196 Amortization of excess investment and capitalized interest (1,174 ) Earnings of non-controlled entities 47,022 Less: Distributions of earnings from investments in non-controlled entities 46,754 Distributions in excess of earnings of non-controlled entities 11,152 Investments at June 30, 2017 $ 976,456

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory at December 31, 2016 and June 30, 2017 was as follows (in thousands): December 31, 2016 June 30, Refined products $ 54,285 $ 20,449 Transmix 28,319 35,415 Liquefied petroleum gases 24,868 43,442 Crude oil 20,839 13,566 Additives 6,067 6,579 Total inventory $ 134,378 $ 119,451

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract]
Schedule of Consolidated Net Periodic Benefit Costs	Net periodic benefit expense for the three and six months ended June 30, 2016 and 2017 was as follows (in thousands): Three Months Ended Three Months Ended June 30, 2016 June 30, 2017 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Components of net periodic benefit costs: Service cost $ 4,405 $ 62 $ 5,230 $ 66 Interest cost (1) 1,933 110 2,582 123 Expected return on plan assets (1) (2,331 ) — (2,646 ) — Amortization of prior service credit (1) (45 ) (929 ) (46 ) — Amortization of actuarial loss (1) 1,107 185 1,783 200 Settlement cost (1) — — 361 — Net periodic benefit cost (credit) $ 5,069 $ (572 ) $ 7,264 $ 389 Six Months Ended Six Months Ended June 30, 2016 June 30, 2017 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Components of net periodic benefit costs: Service cost $ 9,093 $ 123 $ 10,248 $ 131 Interest cost (1) 3,978 220 4,932 245 Expected return on plan assets (1) (4,459 ) — (5,133 ) — Amortization of prior service credit (1) (90 ) (1,857 ) (91 ) — Amortization of actuarial loss (1) 2,324 369 2,811 400 Settlement cost (1) — — 1,726 — Net periodic benefit cost (credit) $ 10,846 $ (1,145 ) $ 14,493 $ 776 (1) Upon adoption of ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , these components of net periodic benefit cost (credit) are reported on the consolidated statements of income as other expense (income). See Note 1 – Organization, Description of Business and Basis of Presentation - New Accounting Pronouncements for further details about this accounting change.
Schedule of Amounts Recognized in Other Comprehensive Loss	The changes in AOCL related to employee benefit plan assets and benefit obligations for the three and six months ended June 30, 2016 and 2017 were as follows (in thousands): Three Months Ended Three Months Ended June 30, 2016 June 30, 2017 Gains (Losses) Included in AOCL Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Beginning balance $ (61,107 ) $ (4,689 ) $ (56,236 ) $ (7,681 ) Amortization of prior service credit (45 ) (929 ) (46 ) — Amortization of actuarial loss 1,107 185 1,783 200 Settlement cost — — 361 — Ending balance $ (60,045 ) $ (5,433 ) $ (54,138 ) $ (7,481 ) Six Months Ended Six Months Ended June 30, 2016 June 30, 2017 Gains (Losses) Included in AOCL Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Beginning balance $ (62,279 ) $ (3,945 ) $ (58,584 ) $ (7,881 ) Amortization of prior service credit (90 ) (1,857 ) (91 ) — Amortization of actuarial loss 2,324 369 2,811 400 Settlement cost — — 1,726 — Ending balance $ (60,045 ) $ (5,433 ) $ (54,138 ) $ (7,481 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Consolidated Debt	Long-term debt at December 31, 2016 and June 30, 2017 was as follows (in thousands): December 31, June 30, Commercial paper $ 50,000 $ 197,000 6.40% Notes due 2018 250,000 250,000 6.55% Notes due 2019 550,000 550,000 4.25% Notes due 2021 550,000 550,000 3.20% Notes due 2025 250,000 250,000 5.00% Notes due 2026 650,000 650,000 6.40% Notes due 2037 250,000 250,000 4.20% Notes due 2042 250,000 250,000 5.15% Notes due 2043 550,000 550,000 4.20% Notes due 2045 250,000 250,000 4.25% Notes due 2046 500,000 500,000 Face value of long-term debt 4,100,000 4,247,000 Unamortized debt issuance costs (1) (26,948 ) (25,677 ) Net unamortized debt premium (1) 6,530 4,910 Net unamortized amount of gains from historical fair value hedges (1) 7,610 5,679 Long-term debt, net $ 4,087,192 $ 4,231,912 (1) Debt issuance costs, note discounts and premiums and realized gains and losses of historical fair value hedges are being amortized or accreted to the applicable notes over the respective lives of those notes.

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
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 futures contracts at June 30, 2017 were as follows: Type of Contract/Accounting Methodology Product Represented by the Contract and Associated Barrels Maturity Dates Futures - Fair Value Hedges 0.7 million barrels of crude oil November 2017 Futures - Economic Hedges 4.6 million barrels of refined products and crude oil Between July 2017 and April 2018 Futures - Economic Hedges 1.4 million barrels of butane Between September 2017 and April 2018
Derivatives and Offset Amounts	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, 2016 and June 30, 2017 (in thousands): December 31, 2016 Description Gross Amounts of Recognized Liabilities Gross Amounts of Assets Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets Net Asset Amount (1) Energy commodity derivatives $ (36,798 ) $ 6,060 $ (30,738 ) $ 49,899 $ 19,161 June 30, 2017 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 Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets Net Asset Amount (1) Energy commodity derivatives $ 8,058 $ (3,808 ) $ 4,250 $ 4,373 $ 8,623 (1) Amount represents the maximum loss we would incur if all of our counterparties failed to perform on their derivative contracts.
Derivative Gains Included in Accumulated Other Comprehensive Loss (AOCL)	The changes in derivative activity included in AOCL for the three and six months ended June 30, 2016 and 2017 were as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, Derivative Losses Included in AOCL 2016 2017 2016 2017 Beginning balance $ (42,216 ) $ (32,741 ) $ (30,126 ) $ (34,776 ) Net gain (loss) on cash flow hedges (8,631 ) (2,802 ) (21,109 ) (1,507 ) Reclassification of net loss on cash flow hedges to income 388 739 776 1,479 Ending balance $ (50,459 ) $ (34,804 ) $ (50,459 ) $ (34,804 )
Derivatives and Hedging-Cash Flow Hedges	The following tables provide a summary of the effect on our consolidated statements of income for the three and six months ended June 30, 2016 and 2017 of derivatives accounted for under ASC 815-30, Derivatives and Hedging—Cash Flow Hedges , that were designated as hedging instruments (in thousands): Three Months Ended June 30, 2016 Amount of Loss Recognized in AOCL on Derivative Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Derivative Instrument Effective Portion Ineffective Portion Interest rate contracts $ (8,631 ) Interest expense $ (388 ) $ — Three Months Ended June 30, 2017 Amount of Loss Recognized in AOCL on Derivative Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Derivative Instrument Effective Portion Ineffective Portion Interest rate contracts $ (2,802 ) Interest expense $ (739 ) $ — Six Months Ended June 30, 2016 Amount of Loss Recognized in AOCL on Derivative Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Derivative Instrument Effective Portion Ineffective Portion Interest rate contracts $ (21,109 ) Interest expense $ (776 ) $ — Six Months Ended June 30, 2017 Amount of Loss Recognized in AOCL on Derivative Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Derivative Instrument Effective Portion Ineffective Portion Interest rate contracts $ (1,507 ) Interest expense $ (1,479 ) $ —
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	The gains (losses) on these futures contracts and the underlying tank bottoms were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2016 2017 2016 2017 Gain (loss) recognized in other income/expense on derivatives (futures contracts) (7.7 ) 3.4 (6.2 ) 6.8 Loss (gain) recognized in other income/expense on hedged item (tank bottoms) 7.7 (3.4 ) 6.2 (6.8 )
Derivatives and Hedging-Overall-Subsequent Measurement	The following table provides a summary of the effect on our consolidated statements of income for the three and six months ended June 30, 2016 and 2017 of derivatives accounted for under ASC 815, Derivatives and Hedging , that were not designated as hedging instruments (in thousands): Amount of Gain (Loss) Recognized on Derivatives Three Months Ended Six Months Ended Location of Gain (Loss) Recognized on Derivatives June 30, June 30, Derivative Instrument 2016 2017 2016 2017 Futures contracts Product sales revenue $ (11,770 ) $ 14,214 $ 4,212 $ 42,894 Futures contracts Operating expenses (8,003 ) — (5,404 ) — Futures contracts Cost of product sales 3,240 (1,184 ) 2,812 53 Total $ (16,533 ) $ 13,030 $ 1,620 $ 42,947
Derivatives and Hedging-Designated	The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were designated as hedging instruments as of December 31, 2016 and June 30, 2017 (in thousands): December 31, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Energy commodity derivatives contracts, net $ — Energy commodity derivatives contracts, net $ 3,079 Interest rate contracts Other noncurrent assets 14,114 Other noncurrent liabilities — Total $ 14,114 Total $ 3,079 June 30, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Energy commodity derivatives contracts, net $ 3,738 Energy commodity derivatives contracts, net $ — Interest rate contracts Other current assets 12,607 Other current liabilities — Total $ 16,345 Total $ — The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were not designated as hedging instruments as of December 31, 2016 and June 30, 2017 (in thousands): December 31, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Energy commodity derivatives contracts, net $ 6,060 Energy commodity derivatives contracts, net $ 33,719 June 30, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Energy commodity derivatives contracts, net $ 4,320 Energy commodity derivatives contracts, net $ 3,808

Long-Term Incentive Plan (Table

Long-Term Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Incentive Compensation Expense	Our equity-based incentive compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2017 2016 2017 Performance-based awards: 2014 awards $ 979 $ — $ 4,388 $ 28 2015 awards 926 2,066 2,471 3,224 2016 awards 1,023 2,592 2,143 3,641 2017 awards — 1,252 — 2,498 Time-based awards 481 660 1,057 1,326 Total $ 3,409 $ 6,570 $ 10,059 $ 10,717 Allocation of LTIP expense on our consolidated statements of income: G&A expense $ 3,378 $ 6,514 $ 9,986 $ 10,632 Operating expense 31 56 73 85 Total $ 3,409 $ 6,570 $ 10,059 $ 10,717

Partners' Capital and Distrib30

Partners' Capital and Distributions (Tables)	6 Months Ended
	Jun. 30, 2017
Partners' Capital Notes [Abstract]
Schedule of Capital Units	The following table details the changes in the number of our limited partner units outstanding from January 1, 2017 through June 30, 2017 : Limited partner units outstanding on January 1, 2017 227,783,916 January 2017–Settlement of 2014 awards (a) 216,679 During 2017–Other (b) 23,961 Limited partner units outstanding on June 30, 2017 228,024,556 (a) Limited partner units issued to settle long-term incentive plan awards to certain employees that vested on December 31, 2016. (b) Limited partner units issued to settle the equity-based retainers paid to certain independent directors of our general partner and the final payment of deferred director compensation to a former director.
Schedule of Distributions	Distributions we paid during 2016 and 2017 were as follows (in thousands, except per unit amounts): Payment Date Per Unit Cash Distribution Amount Total Cash Distribution to Limited Partners 02/12/2016 $ 0.7850 $ 178,808 05/13/2016 0.8025 182,797 Through 06/30/2016 1.5875 361,605 08/12/2016 0.8200 186,783 11/14/2016 0.8375 190,769 Total $ 3.2450 $ 739,157 02/14/2017 $ 0.8550 $ 194,961 05/15/2017 0.8725 198,951 Through 06/30/2017 1.7275 393,912 08/14/2017 (a) 0.8900 202,942 Total $ 2.6175 $ 596,854 (a) Our general partner’s board of directors declared this cash distribution in July 2017 to be paid on August 14, 2017 to unitholders of record at the close of business on July 31, 2017 .

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables summarize the carrying amounts, fair values and fair value measurements recorded or disclosed as of December 31, 2016 and June 30, 2017 based on the three levels established by ASC 820, Fair Value Measurements and Disclosures (in thousands): December 31, 2016 Assets (Liabilities) Fair Value Measurements using: 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 $ (30,738 ) $ (30,738 ) $ (30,738 ) $ — $ — Interest rate contracts $ 14,114 $ 14,114 $ — $ 14,114 $ — Long-term receivables $ 23,870 $ 23,870 $ — $ — $ 23,870 Debt $ (4,087,192 ) $ (4,262,321 ) $ — $ (4,262,321 ) $ — June 30, 2017 Assets (Liabilities) Fair Value Measurements using: 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 $ 4,250 $ 4,250 $ 4,250 $ — $ — Interest rate contracts $ 12,607 $ 12,607 $ — $ 12,607 $ — Long-term receivables $ 22,532 $ 22,532 $ — $ — $ 22,532 Debt $ (4,231,912 ) $ (4,483,046 ) $ — $ (4,483,046 ) $ —

Organization, Description of 32

Organization, Description of Business and Basis of Presentation (Narrative) (Details) bbl in Millions	Jun. 30, 2017Terminalbblmi
Refined Products [Member]
Organization and Description of Business [Line Items]
Number of Pipeline Terminals | Terminal	53
Number of Independent Terminals | Terminal	26
Refined Products [Member] | Refined Products Transportation Services [Member]
Organization and Description of Business [Line Items]
Pipeline Length | mi	9,700
Refined Products [Member] | Ammonia Transportation Services [Member]
Organization and Description of Business [Line Items]
Pipeline Length | mi	1,100
Crude Oil Pipeline and Terminals [Member]
Organization and Description of Business [Line Items]
Pipeline Length | mi	2,200
Storage Capacity | bbl	27
Contracted Storage | bbl	17
Marine Storage [Member]
Organization and Description of Business [Line Items]
Number of Independent Terminals | Terminal	5
Storage Capacity | bbl	26

Product Sales Revenues (Compone

Product Sales Revenues (Components Of Product Sales Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Product Sales Revenue [Abstract]
Physical sale of petroleum products	$ 167,790	$ 135,459	$ 384,730	$ 266,039
Change in value of futures contracts	14,214	(11,770)	42,894	4,212
Total product sales revenue	$ 182,004	$ 123,689	$ 427,624	$ 270,251

Segment Disclosures (Schedule O

Segment Disclosures (Schedule Of Business Segment Reporting Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Transportation and terminals revenue	$ 433,239	$ 392,240	$ 825,910	$ 762,315
Product sales revenue	182,004	123,689	427,624	270,251
Affiliate management fee revenue	4,197	2,968	7,980	6,147
Total revenue	619,440	518,897	1,261,514	1,038,713
Operating expenses	145,294	134,183	276,886	257,096
Cost of product sales	145,975	95,703	318,851	209,288
(Earnings) losses of non-controlled entities	(25,576)	(15,339)	(47,022)	(32,967)
Operating margin	353,747	304,350	712,799	605,296
Depreciation and amortization expense	48,896	43,302	96,194	87,056
G&A expense	43,393	34,554	83,674	75,230
Operating profit	261,458	226,494	532,931	443,010
Operating Segments [Member] | Refined Products [Member]
Segment Reporting Information [Line Items]
Transportation and terminals revenue	277,883	247,842	519,788	472,592
Product sales revenue	161,723	122,311	401,893	266,227
Affiliate management fee revenue	353	124	682	204
Total revenue	439,959	370,277	922,363	739,023
Operating expenses	100,713	98,513	194,246	184,287
Cost of product sales	125,220	94,392	292,901	206,248
(Earnings) losses of non-controlled entities	(422)	38	(533)	80
Operating margin	214,448	177,334	435,749	348,408
Depreciation and amortization expense	27,005	24,971	53,971	50,091
G&A expense	26,720	20,506	51,621	45,736
Operating profit	160,723	131,857	330,157	252,581
Operating Segments [Member] | Crude Oil Pipeline and Terminals [Member]
Segment Reporting Information [Line Items]
Transportation and terminals revenue	108,455	101,340	213,508	203,068
Product sales revenue	19,403	(28)	22,506	1,715
Affiliate management fee revenue	3,474	2,486	6,608	5,270
Total revenue	131,332	103,798	242,622	210,053
Operating expenses	31,410	20,555	58,828	41,681
Cost of product sales	18,607	1,016	21,184	2,361
(Earnings) losses of non-controlled entities	(24,494)	(14,711)	(45,144)	(31,690)
Operating margin	105,809	96,938	207,754	197,701
Depreciation and amortization expense	12,507	9,062	23,363	18,931
G&A expense	11,071	9,149	21,110	18,888
Operating profit	82,231	78,727	163,281	159,882
Operating Segments [Member] | Marine Storage [Member]
Segment Reporting Information [Line Items]
Transportation and terminals revenue	47,794	43,058	94,201	86,655
Product sales revenue	878	1,406	3,225	2,309
Affiliate management fee revenue	370	358	690	673
Total revenue	49,042	44,822	98,116	89,637
Operating expenses	15,375	16,278	28,030	33,483
Cost of product sales	2,148	295	4,766	679
(Earnings) losses of non-controlled entities	(660)	(666)	(1,345)	(1,357)
Operating margin	32,179	28,915	66,665	56,832
Depreciation and amortization expense	8,073	8,106	16,229	15,679
G&A expense	5,602	4,899	10,943	10,606
Operating profit	18,504	15,910	39,493	30,547
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Transportation and terminals revenue	(893)	0	(1,587)	0
Product sales revenue	0	0	0	0
Affiliate management fee revenue	0	0	0	0
Total revenue	(893)	0	(1,587)	0
Operating expenses	(2,204)	(1,163)	(4,218)	(2,355)
Cost of product sales	0	0	0	0
(Earnings) losses of non-controlled entities	0	0	0	0
Operating margin	1,311	1,163	2,631	2,355
Depreciation and amortization expense	1,311	1,163	2,631	2,355
G&A expense	0	0	0	0
Operating profit	$ 0	$ 0	$ 0	$ 0

Investments in Non-Controlled35

Investments in Non-Controlled Entities (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Transportation and terminals revenue		$ 433,239	$ 392,240	$ 825,910	$ 762,315
Trade accounts receivable		113,233		113,233		$ 105,689
Other accounts receivable		12,636		12,636		25,761
Cost of product sales		145,975	95,703	318,851	209,288
Accounts payable		103,100		103,100		77,248
Intangible Assets, Net (Excluding Goodwill)		52,925		52,925		51,976
Equity Method Investment, Realized Gain (Loss) on Disposal		0	1,244	0	28,144
Change in Equity Method Investments [Roll Forward]
Investments at December 31, 2016				931,255
Additional investment				56,085
Proportionate share of earnings				48,196
Amortization of excess investment and capitalized interest				(1,174)
Earnings of non-controlled entities		25,576	15,339	47,022	32,967
Distributions of earnings from investments in non-controlled entities				46,754	31,080
Distributions in excess of earnings of non-controlled entities				11,152	1,942
Investments at June 30, 2017		976,456		976,456
Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Related Party Transaction, Other Revenues from Transactions with Related Party		$ 1,400	1,000	$ 2,400	1,500
BridgeTex [Member]
Schedule of Equity Method Investments [Line Items]
Interest in equity method investment		50.00%		50.00%
BridgeTex [Member] | Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Transportation and terminals revenue		$ 9,000	8,800	$ 17,900	17,700
Other accounts receivable		100		100		0
Cost of product sales		3,900
Accounts payable		$ 1,900		$ 1,900
Double Eagle Pipeline Llc [Member]
Schedule of Equity Method Investments [Line Items]
Interest in equity method investment		50.00%		50.00%
Double Eagle Pipeline Llc [Member] | Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Transportation and terminals revenue		$ 1,000	900	$ 1,800	1,600
Trade accounts receivable		$ 400		$ 400		300
HoustonLink Pipeline Company LLC [Member]
Schedule of Equity Method Investments [Line Items]
Interest in equity method investment		50.00%		50.00%
Powder Springs Logistics, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Interest in equity method investment		50.00%		50.00%
Powder Springs Logistics, LLC [Member] | Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Other accounts receivable		$ 1,000		$ 1,000		0
Powder Springs Logistics, LLC [Member] | Equity Method Investee [Member] | Guarantee of Indebtedness of Others [Member]
Schedule of Equity Method Investments [Line Items]
Interest in equity method investment		50.00%		50.00%
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 50,000		$ 50,000
Guarantees, Fair Value Disclosure		$ 800		$ 800
Saddlehorn Pipeline Company [Member]
Schedule of Equity Method Investments [Line Items]
Interest in equity method investment		40.00%		40.00%
Saddlehorn Pipeline Company [Member] | Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Transportation and terminals revenue		$ 600	$ 0	$ 1,100	0
Other accounts receivable		$ 100		$ 100		$ 100
Seabrook Logistics, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Interest in equity method investment		50.00%		50.00%
Texas Frontera Llc [Member]
Schedule of Equity Method Investments [Line Items]
Interest in equity method investment		50.00%		50.00%
Osage Pipeline Co [Member]
Schedule of Equity Method Investments [Line Items]
Interest in equity method investment	50.00%
Intangible Assets, Net (Excluding Goodwill)	$ 43,700
Nontrade Receivables	$ 8,300
Finite-Lived Intangible Asset, Useful Life	20 years
Equity Method Investment, Realized Gain (Loss) on Disposal					$ 28,100

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Refined products	$ 20,449	$ 54,285
Transmix	35,415	28,319
Liquefied petroleum gases	43,442	24,868
Crude oil	13,566	20,839
Additives	6,579	6,067
Total inventory	$ 119,451	$ 134,378

Employee Benefit Plans (Narrati

Employee Benefit Plans (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)pension_plan	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)pension_plan	Jun. 30, 2016USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Cost Recognized	$ 2.1	$ 2.4	$ 5.4	$ 5.4
Number Of Company Sponsored Union Pension Plans | pension_plan	2		2
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year			$ 26.5
Other Postretirement Benefit Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year			$ 0.3

Schedule Of Consolidated Net Pe

Schedule Of Consolidated Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Pension Plan [Member]
Components of net periodic benefit costs:
Service cost	$ 5,230	$ 4,405	$ 10,248	$ 9,093
Interest cost	2,582	1,933	4,932	3,978
Expected return on plan assets	(2,646)	(2,331)	(5,133)	(4,459)
Amortization of prior service credit	(46)	(45)	(91)	(90)
Amortization of actuarial loss	1,783	1,107	2,811	2,324
Settlement cost	361	0	1,726	0
Net periodic benefit cost (credit)	7,264	5,069	14,493	10,846
Other Postretirement Benefit Plan [Member]
Components of net periodic benefit costs:
Service cost	66	62	131	123
Interest cost	123	110	245	220
Expected return on plan assets	0	0	0	0
Amortization of prior service credit	0	(929)	0	(1,857)
Amortization of actuarial loss	200	185	400	369
Settlement cost	0	0	0	0
Net periodic benefit cost (credit)	$ 389	$ (572)	$ 776	$ (1,145)

Employee Benefit Plans Schedule

Employee Benefit Plans Schedule of Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Changes in AOCL [Roll Forward]
Accumulated other comprehensive loss (Beginning Bal)				$ (101,241)
Amortization of prior service credit	[1]	$ (46)	$ (974)	(91)	$ (1,947)
Amortization of actuarial loss	[1]	1,983	1,292	3,211	2,693
Settlement cost	[1]	361	0	1,726	0
Accumulated other comprehensive loss (Ending Bal)		(96,423)		(96,423)
Pension Plan [Member]
Changes in AOCL [Roll Forward]
Accumulated other comprehensive loss (Beginning Bal)		(56,236)	(61,107)	(58,584)	(62,279)
Amortization of prior service credit		(46)	(45)	(91)	(90)
Amortization of actuarial loss		1,783	1,107	2,811	2,324
Settlement cost		361	0	1,726	0
Accumulated other comprehensive loss (Ending Bal)		(54,138)	(60,045)	(54,138)	(60,045)
Other Postretirement Benefit Plan [Member]
Changes in AOCL [Roll Forward]
Accumulated other comprehensive loss (Beginning Bal)		(7,681)	(4,689)	(7,881)	(3,945)
Amortization of prior service credit		0	(929)	0	(1,857)
Amortization of actuarial loss		200	185	400	369
Settlement cost		0	0	0	0
Accumulated other comprehensive loss (Ending Bal)		$ (7,481)	$ (5,433)	$ (7,481)	$ (5,433)
[1]	See Note 6–Employee Benefit Plans for details of the changes in employee benefit plan assets and benefit obligations recognized in AOCL.

Debt (Consolidated Debt) (Detai

Debt (Consolidated Debt) (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 4,247,000,000	$ 4,100,000,000
Debt Issuance Costs, Net	(25,677,000)	(26,948,000)
Debt Instrument, Unamortized Discount (Premium), Net	4,910,000	6,530,000
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	5,679,000	7,610,000
Long-term debt, net	4,231,912,000	4,087,192,000
6.40% Notes Due 2018 [Member]
Debt Instrument [Line Items]
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]
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]
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]
Debt Instrument, Face Amount	$ 250,000,000	250,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.20%
5.00% Notes Due 2026 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 650,000,000	650,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%
6.40% Notes Due 2037 [Member]
Debt Instrument [Line Items]
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]
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]
Debt Instrument, Face Amount	$ 550,000,000	550,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.15%
4.20% Notes Due 2045 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 250,000,000	250,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.20%
4.25% Notes Due 2046 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500,000,000	500,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.25%
Commercial Paper [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 197,000,000	$ 50,000,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Borrowing capacity	$ 250,000,000
Unused commitment fee	0.10%
Debt Instrument, Term	364 days
Short-term Debt	$ 0	$ 0
Revolving Credit Facility [Member] | Minimum [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Unused commitment fee	0.08%
Revolving Credit Facility [Member] | Maximum [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.625%
Unused commitment fee	0.225%
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Borrowing capacity	$ 1,000,000,000
Unused commitment fee	0.125%
Long term debt	$ 0	0
Obligation for letters of credit	$ 6,300,000	$ 6,300,000
Revolving Credit Facility [Member] | Line of Credit [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Unused commitment fee	0.10%
Revolving Credit Facility [Member] | Line of Credit [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.625%
Unused commitment fee	0.275%
Commercial Paper [Member]
Debt Instrument [Line Items]
Borrowing capacity	$ 1,000,000,000
Long-term Debt, Weighted Average Interest Rate	1.20%	0.80%
Commercial Paper [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	397 days

Derivative Financial Instrume42

Derivative Financial Instruments (Narrative) (Details) $ in Thousands, bbl in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)bbl	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)bbl	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Derivative [Line Items]
Energy commodity derivatives deposits, current asset	$ 4,492		$ 4,492		$ 49,899
Energy commodity derivatives deposits	119		119		$ 0
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			(3,000)
Commodity Contract [Member]
Derivative [Line Items]
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	$ 300	$ 1,900	$ 1,700	$ 4,200
Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	0.7		0.7
Fair Value Hedging [Member] | Commodity Contract [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	0.7		0.7
Future Debt Issuance 2018 [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 100,000		$ 100,000
Derivative Asset, Fair Value, Gross Asset	$ 12,600		$ 12,600

Derivative Financial Instrume43

Derivative Financial Instruments (Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements) (Details) bbl in Millions	Jun. 30, 2017bbl
Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	0.7
Economic Hedges [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	4.6
Economic Hedges Futures [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	1.4

Derivative Financial Instrume44

Derivative Financial Instruments (Schedule of Derivative Offset Amounts) (Details) - Exchange Traded [Member] - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 8,058	$ 6,060
Derivative Liability, Fair Value, Gross Liability		(3,808)	(36,798)
Derivative Liability, Fair Value, Amount Not Offset Against Collateral			(30,738)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral		4,250
Derivative, Collateral, Right to Reclaim Cash		4,373	49,899
Amount After Offset	[1]	$ 8,623	$ 19,161
[1]	Amount represents the maximum loss we would incur if all of our counterparties failed to perform on their derivative contracts.

Derivative Financial Instrume45

Derivative Financial Instruments (Derivative Gains Included In Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Gains Included in AOCI [Roll Forward]
Beginning balance		$ (32,741)	$ (42,216)	$ (34,776)	$ (30,126)
Net gain (loss) on cash flow hedges	[1]	(2,802)	(8,631)	(1,507)	(21,109)
Reclassification of net loss (gain) on cash flow hedges to income	[1]	739	388	1,479	776
Ending balance		$ (34,804)	$ (50,459)	$ (34,804)	$ (50,459)
[1]	See Note 8–Derivative Financial Instruments for details of the amount of gain/loss recognized in accumulated other comprehensive loss (“AOCL”) for derivative financial instruments and the amount of gain/loss reclassified from AOCL into income.

Derivative Financial Instrume46

Derivative Financial Instruments (Derivatives And Hedging-Cash Flow Hedges) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) on cash flow hedges	[1]	$ (2,802)	$ (8,631)	$ (1,507)	$ (21,109)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) on cash flow hedges		(2,802)	(8,631)	(1,507)	(21,109)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		(739)	(388)	(1,479)	(776)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		$ 0	$ 0	$ 0	$ 0
[1]	See Note 8–Derivative Financial Instruments for details of the amount of gain/loss recognized in accumulated other comprehensive loss (“AOCL”) for derivative financial instruments and the amount of gain/loss reclassified from AOCL into income.

Derivative Financial Instrume47

Derivative Financial Instruments (Derivatives and Hedging-Fair Value Hedges) (Details) - Commodity Contract [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) in Fair Value of Price Risk Fair Value Hedging Instruments	$ 3.4	$ (7.7)	$ 6.8	$ (6.2)
Increase (Decrease) in Fair Value of Hedged Item in Price Risk Fair Value Hedge	$ (3.4)	$ 7.7	$ (6.8)	$ 6.2

Derivative Financial Instrume48

Derivative Financial Instruments (Derivatives And Hedging-Overall-Subsequent Measurement) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 13,030	$ (16,533)	$ 42,947	$ 1,620
Commodity Contract [Member] | Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	14,214	(11,770)	42,894	4,212
Commodity Contract [Member] | Operating Expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	(8,003)	0	(5,404)
Commodity Contract [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (1,184)	$ 3,240	$ 53	$ 2,812

Derivative Financial Instrume49

Derivative Financial Instruments (Derivatives and Hedging - Designated) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 16,345	$ 14,114
Derivative Liability, Fair Value, Gross Liability	0	3,079
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	3,738	0
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	3,079
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	12,607
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	0
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		14,114
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability		0
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	4,320	6,060
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 3,808	$ 33,719

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Loss Contingencies [Line Items]
Liabilities recognized for estimated environmental costs	$ 18.9		$ 18.9		$ 24
Environmental expenses	0.2	$ 0.8	4.5	$ 4.3
Receivables from insurance carriers related to environmental matters	3.9		3.9		4.1
Accounts Receivable [Member]
Loss Contingencies [Line Items]
Receivables from insurance carriers related to environmental matters	0.5		0.5		0.6
Other Noncurrent Assets [Member]
Loss Contingencies [Line Items]
Receivables from insurance carriers related to environmental matters	$ 3.4		$ 3.4		$ 3.5

Long-Term Incentive Plan (Narra

Long-Term Incentive Plan (Narrative) (Details) - shares	Feb. 02, 2017	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Limited partners' capital account, units authorized for issuance		11,900,000
Limited partner unitholders, units remaining available		2,600,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	207,445
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

Long-Term Incentive Plan (Equit

Long-Term Incentive Plan (Equity-Based Incentive Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangements by Share-based Payment Award [Line Items]
Allocation of LTIP expense on consolidated statements of income	$ 6,570	$ 3,409	$ 10,717	$ 10,059
G&A Expense [Member]
Share-based Compensation Arrangements by Share-based Payment Award [Line Items]
Allocation of LTIP expense on consolidated statements of income	6,514	3,378	10,632	9,986
Operating Expenses [Member]
Share-based Compensation Arrangements by Share-based Payment Award [Line Items]
Allocation of LTIP expense on consolidated statements of income	56	31	85	73
Performance Based Awards [Member] | Two Thousand Fourteen Awards [Member]
Share-based Compensation Arrangements by Share-based Payment Award [Line Items]
Allocation of LTIP expense on consolidated statements of income	0	979	28	4,388
Performance Based Awards [Member] | Two Thousand Fifteen Awards [Member]
Share-based Compensation Arrangements by Share-based Payment Award [Line Items]
Allocation of LTIP expense on consolidated statements of income	2,066	926	3,224	2,471
Performance Based Awards [Member] | Two Thousand Sixteen Awards [Member]
Share-based Compensation Arrangements by Share-based Payment Award [Line Items]
Allocation of LTIP expense on consolidated statements of income	2,592	1,023	3,641	2,143
Performance Based Awards [Member] | Two Thousand Seventeen Awards [Member]
Share-based Compensation Arrangements by Share-based Payment Award [Line Items]
Allocation of LTIP expense on consolidated statements of income	1,252	0	2,498	0
Time-Based Awards [Member]
Share-based Compensation Arrangements by Share-based Payment Award [Line Items]
Allocation of LTIP expense on consolidated statements of income	$ 660	$ 481	$ 1,326	$ 1,057

Partners' Capital and Distrib53

Partners' Capital and Distributions (Narrative) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2017USD ($)
Partners' Capital [Abstract]
Amount Authorized Under Equity Distribution Agreement	$ 750

Partners' Capital and Distrib54

Partners' Capital and Distributions Partners' Capital and Distributions (Schedule of Capital Units) (Details)	6 Months Ended
	Jun. 30, 2017shares
Increase (Decrease) in Partners' Capital [Roll Forward]
Limited partner units outstanding on January 1, 2017	227,783,916
Limited partner units outstanding on June 30, 2017	228,024,556
Management [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' Capital Account, Units, Unit-based Compensation	216,679
Director [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' Capital Account, Units, Unit-based Compensation	23,961

Partners' Capital and Distrib55

Partners' Capital and Distributions (Schedule Of Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 14, 2017	May 15, 2017	Feb. 14, 2017	Nov. 14, 2016	Aug. 12, 2016	May 13, 2016	Feb. 12, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2017	Dec. 31, 2016
Per Unit Cash Distribution Amount		$ 0.8725	$ 0.8550	$ 0.8375	$ 0.8200	$ 0.8025	$ 0.785	$ 1.7275	$ 1.5875		$ 3.245
Total Cash Distribution to Limited Partners		$ 198,951	$ 194,961	$ 190,769	$ 186,783	$ 182,797	$ 178,808	$ 393,912	$ 361,605		$ 739,157
Scenario, Forecast
Per Unit Cash Distribution Amount	$ 0.89									$ 2.6175
Total Cash Distribution to Limited Partners	$ 202,942									$ 596,854

Fair Value (Schedule Of Carryin

Fair Value (Schedule Of Carrying Amounts And Fair Values Of Financial Assets/Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability		$ (30,738)
Derivative Asset	$ 4,250
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	(4,483,046)	(4,262,321)
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	12,607	14,114
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term receivables	22,532	23,870
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term receivables	22,532	23,870
Debt	(4,231,912)	(4,087,192)
Reported Value Measurement [Member] | Commodity Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability		(30,738)
Derivative Asset	4,250
Reported Value Measurement [Member] | Interest Rate Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	12,607	14,114
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term receivables	22,532	23,870
Debt	(4,483,046)	(4,262,321)
Estimate of Fair Value Measurement [Member] | Commodity Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability		(30,738)
Derivative Asset	4,250
Estimate of Fair Value Measurement [Member] | Interest Rate Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	$ 12,607	$ 14,114

Related Party Transactions (Det

Related Party Transactions (Details) - Director [Member] - Methvin Company [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Related Party Transaction, Other Revenues from Transactions with Related Party	$ 4.3	$ 4.7	$ 8.4	$ 7.7
Accounts Receivable, Related Parties, Current	$ 1.4		$ 1.4		$ 1.4

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 14, 2017	May 15, 2017	Feb. 14, 2017	Nov. 14, 2016	Aug. 12, 2016	May 13, 2016	Feb. 12, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Cash distribution per unit		$ 0.8725	$ 0.8550	$ 0.8375	$ 0.8200	$ 0.8025	$ 0.785	$ 1.7275	$ 1.5875		$ 3.245
Total cash distributions		$ 198,951	$ 194,961	$ 190,769	$ 186,783	$ 182,797	$ 178,808	$ 393,912	$ 361,605		$ 739,157
Scenario, Forecast
Subsequent Event [Line Items]
Cash distribution per unit	$ 0.89									$ 2.6175
Total cash distributions	$ 202,942									$ 596,854