Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-16335 | |
Entity Registrant Name | Magellan Midstream Partners, L.P. | |
Entity Central Index Key | 0001126975 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 73-1599053 | |
Entity Address, Address Line One | One Williams Center | |
Entity Address, Address Line Two | P.O. Box 22186 | |
Entity Address, City or Town | Tulsa | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 74121-2186 | |
City Area Code | 918 | |
Local Phone Number | 574-7000 | |
Entity Filer Category | Large Accelerated Filer | |
Title of 12(b) Security | Common Units | |
Trading Symbol | MMP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 223,700,943 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | $ 598,264 | $ 656,596 | $ 1,841,478 | $ 1,987,230 |
Costs and expenses: | ||||
Operating | 161,982 | 169,387 | 457,597 | 484,341 |
Cost of product sales | 96,119 | 108,757 | 395,864 | 430,727 |
Depreciation, amortization and impairment | 71,822 | 56,627 | 193,896 | 181,028 |
General and administrative | 38,016 | 51,156 | 117,092 | 149,534 |
Total costs and expenses | 367,939 | 385,927 | 1,164,449 | 1,245,630 |
Other operating income (expense) | (2,863) | (379) | 539 | 1,538 |
Earnings of non-controlled entities | 39,135 | 50,189 | 116,484 | 122,229 |
Operating profit | 266,597 | 320,479 | 794,052 | 865,367 |
Interest expense | 54,212 | 53,750 | 179,371 | 165,322 |
Interest capitalized | (1,272) | (5,831) | (10,451) | (14,419) |
Interest income | (260) | (648) | (903) | (2,646) |
Gain on disposition of assets | 0 | (2,532) | (12,887) | (28,966) |
Other (income) expense | 1,455 | 2,602 | 3,708 | 9,222 |
Income before provision for income taxes | 212,462 | 273,138 | 635,214 | 736,854 |
Provision for income taxes | 824 | 100 | 2,169 | 2,450 |
Net income | $ 211,638 | $ 273,038 | $ 633,045 | $ 734,404 |
Basic net income per common unit (in dollars per share) | $ 0.94 | $ 1.19 | $ 2.80 | $ 3.21 |
Diluted net income per common unit (in dollars per share) | $ 0.94 | $ 1.19 | $ 2.80 | $ 3.21 |
Weighted average number of common units outstanding used for basic net income per unit calculation (in shares) | 225,222 | 228,720 | 226,045 | 228,642 |
Weighted average number of common units outstanding used for diluted net income per unit calculation (in shares) | 225,222 | 228,754 | 226,045 | 228,667 |
Service [Member] | ||||
Revenues | $ 473,531 | $ 506,432 | $ 1,343,741 | $ 1,473,629 |
Product [Member] | ||||
Revenues | 119,445 | 144,807 | 481,842 | 497,791 |
Product and Service, Other [Member] | ||||
Revenues | $ 5,288 | $ 5,357 | $ 15,895 | $ 15,810 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 211,638 | $ 273,038 | $ 633,045 | $ 734,404 |
Other comprehensive income (loss): | ||||
Net loss on cash flow hedges | 0 | (14,181) | (10,444) | (25,216) |
Reclassification of net loss on cash flow hedges to income | 896 | 699 | 2,552 | 1,927 |
Net actuarial loss | 0 | 0 | (333) | (10,913) |
Curtailment gain | 0 | 0 | 1,703 | 0 |
Recognition of prior service credit amortization in income | (46) | (46) | (136) | (136) |
Recognition of actuarial loss amortization in income | 1,473 | 1,412 | 4,462 | 4,385 |
Recognition of settlement cost in income | 0 | 439 | 969 | 2,499 |
Total other comprehensive income (loss) | 2,323 | (11,677) | (1,227) | (27,454) |
Comprehensive income | $ 213,961 | $ 261,361 | $ 631,818 | $ 706,950 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 8,541 | $ 58,030 |
Trade accounts receivable | 109,051 | 125,440 |
Other accounts receivable | 27,735 | 23,887 |
Inventory | 129,033 | 184,399 |
Commodity derivatives deposits | 14,031 | 27,415 |
Reimbursable costs | 17,065 | 7,878 |
Other current assets | 35,787 | 32,359 |
Total current assets | 341,243 | 459,408 |
Property, plant and equipment | 8,319,400 | 8,431,227 |
Less: accumulated depreciation | 2,036,351 | 2,027,193 |
Net property, plant and equipment | 6,283,049 | 6,404,034 |
Investments in non-controlled entities | 1,211,079 | 1,240,551 |
Right-of-use asset, operating leases | 152,082 | 171,868 |
Long-term receivables | 21,850 | 20,782 |
Goodwill | 52,830 | 53,260 |
Other intangibles (less accumulated amortization of $6,255 and $8,575 at December 31, 2019 and September 30, 2020, respectively) | 45,578 | 47,898 |
Restricted cash | 11,792 | 26,569 |
Other noncurrent assets | 20,693 | 13,359 |
Total assets | 8,140,196 | 8,437,729 |
Current liabilities: | ||
Accounts payable | 124,612 | 150,992 |
Accrued payroll and benefits | 40,285 | 75,511 |
Accrued interest payable | 49,501 | 64,276 |
Accrued taxes other than income | 65,283 | 66,007 |
Deferred revenue | 92,227 | 109,654 |
Accrued product liabilities | 79,388 | 90,788 |
Commodity derivatives contracts, net | 2,888 | 10,222 |
Current portion of operating lease liability | 27,177 | 26,221 |
Other current liabilities | 50,258 | 73,205 |
Total current liabilities | 531,619 | 666,876 |
Long-term operating lease liability | 121,764 | 144,023 |
Long-term debt, net | 4,900,311 | 4,706,075 |
Long-term pension and benefits | 142,154 | 145,992 |
Other noncurrent liabilities | 55,904 | 59,735 |
Commitments and contingencies | ||
Partners’ capital: | ||
Common unitholders (228,403 units and 223,701 units outstanding at December 31, 2019 and September 30, 2020, respectively) | 2,551,748 | 2,877,105 |
Accumulated other comprehensive loss | (163,304) | (162,077) |
Total partners’ capital | 2,388,444 | 2,715,028 |
Total liabilities and partners’ capital | 8,140,196 | 8,437,729 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 8,575 | $ 6,255 |
Limited partner unitholders, units outstanding (in shares) | 223,700,943 | 228,403,428 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Activities: | ||
Net income | $ 633,045 | $ 734,404 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and impairment expense | 193,896 | 181,028 |
Gain on sale and retirement of assets | (13,330) | (29,227) |
Earnings of non-controlled entities | (116,484) | (122,229) |
Distributions from operations of non-controlled entities | 152,645 | 138,140 |
Equity-based incentive compensation expense | 5,580 | 22,577 |
Settlement gain, amortization of prior service credit and actuarial loss | 3,953 | 6,748 |
Debt prepayment costs | 12,893 | 8,270 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable and other accounts receivable | 8,253 | (24,954) |
Inventory | 54,127 | (20,217) |
Accounts payable | 9,040 | 29,014 |
Accrued payroll and benefits | (35,226) | (13,599) |
Accrued interest payable | (14,775) | (15,060) |
Accrued taxes other than income | 1,101 | 10,282 |
Accrued product liabilities | (11,400) | 33,402 |
Deferred revenue | (17,427) | (13,233) |
Other current and noncurrent assets and liabilities | (25,786) | (2,749) |
Net cash provided by operating activities | 840,105 | 922,597 |
Investing Activities: | ||
Additions to property, plant and equipment, net | (371,170) | (718,605) |
Proceeds from sale and disposition of assets | 334,583 | 65,574 |
Investments in non-controlled entities | (73,678) | (158,145) |
Distributions from returns of investments in non-controlled entities | 0 | 7,500 |
Deposits received from undivided joint interest third party | 0 | 68,928 |
Net cash used by investing activities | (110,265) | (734,748) |
Financing Activities: | ||
Distributions paid | (697,264) | (688,635) |
Net commercial paper borrowings | 248,000 | 0 |
Borrowings under long-term notes | 499,400 | 996,405 |
Payments on long-term notes | (550,000) | (550,000) |
Debt placement costs | (4,255) | (12,012) |
Net payment on financial derivatives | (10,444) | (33,342) |
Payments associated with settlement of equity-based incentive compensation | (14,700) | (9,764) |
Debt prepayment costs | (12,893) | (8,270) |
Repurchases of common units | 251,950 | 0 |
Net cash used by financing activities | (794,106) | (305,618) |
Change in cash, cash equivalents and restricted cash | (64,266) | (117,769) |
Cash, cash equivalents and restricted cash at beginning of period | 84,599 | 309,261 |
Cash, cash equivalents and restricted cash at end of period | 20,333 | 191,492 |
Supplemental non-cash investing activities: | ||
Additions to property, plant and equipment | (317,680) | (775,109) |
Changes in accounts payable and other current liabilities related to capital expenditures | (53,490) | 56,504 |
Additions to property, plant and equipment, net | $ (371,170) | $ (718,605) |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital Statement - USD ($) $ in Thousands | Total | Common Unitholders | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 31, 2018 | $ 2,643,434 | $ 2,763,925 | $ (120,491) |
Comprehensive income: | |||
Net income | 734,404 | 734,404 | |
Total other comprehensive income (loss) | (27,454) | (27,454) | |
Comprehensive income | 706,950 | 734,404 | (27,454) |
Distributions | (688,635) | (688,635) | |
Equity-based incentive compensation expense | 22,577 | 22,577 | |
Issuance of limited partner units in settlement of equity-based incentive plan awards | 480 | 480 | |
Payments associated with settlement of equity-based incentive compensation | (9,764) | (9,764) | |
Other | (586) | (586) | |
Ending balance at Sep. 30, 2019 | 2,674,456 | 2,822,401 | (147,945) |
Beginning balance at Jun. 30, 2019 | 2,637,779 | 2,774,047 | (136,268) |
Comprehensive income: | |||
Net income | 273,038 | 273,038 | |
Total other comprehensive income (loss) | (11,677) | (11,677) | |
Comprehensive income | 261,361 | 273,038 | (11,677) |
Distributions | (231,258) | (231,258) | |
Equity-based incentive compensation expense | 6,773 | 6,773 | |
Other | (199) | (199) | |
Ending balance at Sep. 30, 2019 | 2,674,456 | 2,822,401 | (147,945) |
Beginning balance at Dec. 31, 2019 | 2,715,028 | 2,877,105 | (162,077) |
Comprehensive income: | |||
Net income | 633,045 | 633,045 | |
Total other comprehensive income (loss) | (1,227) | (1,227) | |
Comprehensive income | 631,818 | 633,045 | (1,227) |
Distributions | (697,264) | (697,264) | |
Equity-based incentive compensation expense | 5,580 | 5,580 | |
Repurchases of common units | (251,950) | (251,950) | |
Issuance of limited partner units in settlement of equity-based incentive plan awards | 600 | 600 | |
Payments associated with settlement of equity-based incentive compensation | (14,700) | (14,700) | |
Other | (668) | (668) | |
Ending balance at Sep. 30, 2020 | 2,388,444 | 2,551,748 | (163,304) |
Beginning balance at Jun. 30, 2020 | 2,454,738 | 2,620,365 | (165,627) |
Comprehensive income: | |||
Net income | 211,638 | 211,638 | |
Total other comprehensive income (loss) | 2,323 | 2,323 | |
Comprehensive income | 213,961 | 211,638 | 2,323 |
Distributions | (231,245) | (231,245) | |
Equity-based incentive compensation expense | 1,169 | 1,169 | |
Repurchases of common units | (49,968) | (49,968) | |
Other | (211) | (211) | |
Ending balance at Sep. 30, 2020 | $ 2,388,444 | $ 2,551,748 | $ (163,304) |
Organization, Description of Bu
Organization, Description of Business And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
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 common 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. During first quarter 2020, we completed a reorganization of our reportable segments. This reorganization was effected to reflect changes in the management of our business in conjunction with the sale of three of our marine terminals. Following this sale, two of our remaining marine terminals were combined with our refined products segment and one terminal was combined with our crude oil segment based on the predominant types of product stored at the facilities. Accordingly, we have restated our segment disclosures for all previous periods included in this report. Description of Business On March 20, 2020, we sold three marine terminals to a subsidiary of Buckeye Partners, L.P. (“Buckeye”) for $251.8 million, net of working capital adjustments. These terminals are located in New Haven, Connecticut, Wilmington, Delaware and Marrero, Louisiana. We recognized a $6.2 million impairment loss related to the sale on our consolidated statements of income. We are principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. As of September 30, 2020, our asset portfolio consisted of: • our refined products segment, comprised of our approximately 9,800-mile refined products pipeline system with 54 connected terminals, as well as 25 independent terminals not connected to our pipeline system and two marine storage terminals (one of which is owned through a joint venture); and • our crude oil segment, comprised of approximately 2,200 miles of crude oil pipelines, a condensate splitter and 37 million barrels of aggregate storage capacity, of which approximately 25 million barrels are used for contract storage. Approximately 1,000 miles of these pipelines, the condensate splitter and 30 million barrels of this storage capacity (including 22 million barrels used for contract storage) are wholly-owned, with the remainder owned through joint ventures. 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 crude oil refineries that are primarily used as fuels by consumers. Refined products include gasoline, diesel fuel, aviation fuel, kerosene and heating oil. Diesel fuel, kerosene and heating oil are referred to as distillates; • transmix is a mixture of refined products that forms when transported in pipelines. Transmix is fractionated and blended into usable refined products; • liquefied petroleum gases, or LPGs, are liquids produced as by-products of the crude oil refining process and in connection with natural gas production. LPGs include butane and propane; • blendstocks are products 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 products 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 , which includes condensate, is a naturally occurring unrefined petroleum product recovered from underground that is used as feedstock by refineries, splitters and petrochemical facilities; and • biofuels , such as ethanol and biodiesel, are fuels derived from living materials and typically blended with other refined products as required by government mandates. 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, 2019, which is derived from our audited financial statements, include all normal and recurring adjustments necessary to present fairly our financial position as of September 30, 2020, the results of operations for the three and nine months ended September 30, 2019 and 2020 and cash flows for the nine months ended September 30, 2019 and 2020. The results of operations for the nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 for several reasons. Profits from our gas liquids 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 refined products pipeline system, generally trends higher during the summer driving months. Further, the volatility of commodity prices impacts the profits from our commodity activities and the volume of petroleum products we transport on our pipelines. Finally, we expect the impact of COVID-19 on demand for petroleum products and the decline in commodity prices to continue to affect our results of operations in the remaining quarter of 2020, resulting in decreased transportation and terminalling revenues and reduced profits from our gas liquids blending activities. 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 Form 8-K filed with the Securities and Exchange Commission on May 4, 2020, which reflects changes in our reporting segments since the filing of our Annual Report on Form 10-K for the year ended December 31, 2019. Reclassifications Prior period amounts related to intrastate crude oil volumes shipped by our marketing affiliate have been reclassified from product sales revenue to transportation revenue to conform with the current period’s presentation. 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 June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326) |
Segment Disclosures
Segment Disclosures | 9 Months Ended |
Sep. 30, 2020 | |
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 third-party customers, operating expenses, cost of product sales, other operating (income) expense 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 (presented in thousands). Operating profit includes depreciation, amortization and impairment 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 September 30, 2019 Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 352,611 $ 155,377 $ (1,556) $ 506,432 Product sales revenue 136,464 8,343 — 144,807 Affiliate management fee revenue 1,764 3,593 — 5,357 Total revenue 490,839 167,313 (1,556) 656,596 Operating expenses 127,328 44,961 (2,902) 169,387 Cost of product sales 100,416 8,341 — 108,757 Other operating (income) expense (3,249) 3,628 — 379 Earnings of non-controlled entities (4,142) (46,047) — (50,189) Operating margin 270,486 156,430 1,346 428,262 Depreciation, amortization and impairment expense 39,660 15,621 1,346 56,627 G&A expense 36,806 14,350 — 51,156 Operating profit $ 194,020 $ 126,459 $ — $ 320,479 Three Months Ended September 30, 2020 Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 320,809 $ 154,652 $ (1,930) $ 473,531 Product sales revenue 114,252 5,193 — 119,445 Affiliate management fee revenue 1,579 3,709 — 5,288 Total revenue 436,640 163,554 (1,930) 598,264 Operating expenses 118,579 46,956 (3,553) 161,982 Cost of product sales 86,356 9,763 — 96,119 Other operating (income) expense (193) 3,056 — 2,863 Earnings of non-controlled entities (7,134) (32,001) — (39,135) Operating margin 239,032 135,780 1,623 376,435 Depreciation, amortization and impairment expense 41,620 28,579 1,623 71,822 G&A expense 27,487 10,529 — 38,016 Operating profit $ 169,925 $ 96,672 $ — $ 266,597 Nine Months Ended September 30, 2019 Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 1,009,812 $ 467,652 $ (3,835) $ 1,473,629 Product sales revenue 478,441 19,350 — 497,791 Affiliate management fee revenue 5,085 10,725 — 15,810 Total revenue 1,493,338 497,727 (3,835) 1,987,230 Operating expenses 362,870 129,431 (7,960) 484,341 Cost of product sales 411,012 19,715 — 430,727 Other operating (income) expense (9,648) 8,110 — (1,538) Earnings of non-controlled entities (145) (122,084) — (122,229) Operating margin 729,249 462,555 4,125 1,195,929 Depreciation, amortization and impairment expense 128,724 48,179 4,125 181,028 G&A expense 107,179 42,355 — 149,534 Operating profit $ 493,346 $ 372,021 $ — $ 865,367 Nine Months Ended September 30, 2020 Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 914,887 $ 433,947 $ (5,093) $ 1,343,741 Product sales revenue 461,701 20,141 — 481,842 Affiliate management fee revenue 4,676 11,219 — 15,895 Total revenue 1,381,264 465,307 (5,093) 1,841,478 Operating expenses 327,866 139,645 (9,914) 457,597 Cost of product sales 365,314 30,550 — 395,864 Other operating (income) expense (2,223) 1,684 — (539) Earnings of non-controlled entities (25,946) (90,538) — (116,484) Operating margin 716,253 383,966 4,821 1,105,040 Depreciation, amortization and impairment expense 128,708 60,367 4,821 193,896 G&A expense 84,802 32,290 — 117,092 Operating profit $ 502,743 $ 291,309 $ — $ 794,052 |
Revenue from Contract with Cust
Revenue from Contract with Customers | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue from Contracts with Customers Statement of Income Disclosures The following tables provide details of our revenues disaggregated by key activities that comprise our performance obligations by operating segment (in thousands): Three Months Ended September 30, 2019 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 208,073 $ 95,530 $ — $ 303,603 Terminalling 48,428 3,176 — 51,604 Storage 53,433 30,037 (1,556) 81,914 Ancillary services 36,375 7,278 — 43,653 Lease revenue 6,302 19,356 — 25,658 Transportation and terminals revenue 352,611 155,377 (1,556) 506,432 Product sales revenue 136,464 8,343 — 144,807 Affiliate management fee revenue 1,764 3,593 — 5,357 Total revenue 490,839 167,313 (1,556) 656,596 Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers : Lease revenue (1) (6,302) (19,356) — (25,658) (Gains) losses from futures contracts included in product sales revenue (2) (17,061) (564) — (17,625) Affiliate management fee revenue (1,764) (3,593) — (5,357) Total revenue from contracts with customers under ASC 606 $ 465,712 $ 143,800 $ (1,556) $ 607,956 (1) Lease revenue is accounted for under Accounting Standards Codification (“ASC”) 842, Leases . (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging . Three Months Ended September 30, 2020 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 192,194 $ 90,156 $ — $ 282,350 Terminalling 41,227 5,651 — 46,878 Storage 49,366 32,876 (1,930) 80,312 Ancillary services 32,707 6,828 — 39,535 Lease revenue 5,315 19,141 — 24,456 Transportation and terminals revenue 320,809 154,652 (1,930) 473,531 Product sales revenue 114,252 5,193 — 119,445 Affiliate management fee revenue 1,579 3,709 — 5,288 Total revenue 436,640 163,554 (1,930) 598,264 Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers : Lease revenue (1) (5,315) (19,141) — (24,456) (Gains) losses from futures contracts included in product sales revenue (2) 6,850 884 — 7,734 Affiliate management fee revenue (1,579) (3,709) — (5,288) Total revenue from contracts with customers under ASC 606 $ 436,596 $ 141,588 $ (1,930) $ 576,254 (1) Lease revenue is accounted for under ASC 842, Leases . (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging . Nine Months Ended September 30, 2019 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 584,662 $ 290,754 $ — $ 875,416 Terminalling 138,968 13,146 — 152,114 Storage 162,139 89,313 (3,835) 247,617 Ancillary services 103,287 20,488 — 123,775 Lease revenue 20,756 53,951 — 74,707 Transportation and terminals revenue 1,009,812 467,652 (3,835) 1,473,629 Product sales revenue 478,441 19,350 — 497,791 Affiliate management fee revenue 5,085 10,725 — 15,810 Total revenue 1,493,338 497,727 (3,835) 1,987,230 Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers : Lease revenue (1) (20,756) (53,951) — (74,707) (Gains) losses from futures contracts included in product sales revenue (2) 39,761 1,743 — 41,504 Affiliate management fee revenue (5,085) (10,725) — (15,810) Total revenue from contracts with customers under ASC 606 $ 1,507,258 $ 434,794 $ (3,835) $ 1,938,217 (1) Lease revenue is accounted for under ASC 842, Leases . (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging . Nine Months Ended September 30, 2020 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 533,451 $ 244,154 $ — $ 777,605 Terminalling 117,916 14,702 — 132,618 Storage 152,933 97,103 (5,093) 244,943 Ancillary services 93,340 20,746 — 114,086 Lease revenue 17,247 57,242 — 74,489 Transportation and terminals revenue 914,887 433,947 (5,093) 1,343,741 Product sales revenue 461,701 20,141 — 481,842 Affiliate management fee revenue 4,676 11,219 — 15,895 Total revenue 1,381,264 465,307 (5,093) 1,841,478 Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers : Lease revenue (1) (17,247) (57,242) — (74,489) (Gains) losses from futures contracts included in product sales revenue (2) (89,763) 483 — (89,280) Affiliate management fee revenue (4,676) (11,219) — (15,895) Total revenue from contracts with customers under ASC 606 $ 1,269,578 $ 397,329 $ (5,093) $ 1,661,814 (1) Lease revenue is accounted for under ASC 842, Leases . (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging . Balance Sheet Disclosures The following table summarizes our accounts receivable, contract assets and contract liabilities resulting from contracts with customers (in thousands): December 31, 2019 September 30, 2020 Accounts receivable from contracts with customers $ 124,701 $ 107,317 Contract assets $ 8,071 $ 13,834 Contract liabilities $ 111,670 $ 94,865 For the three and nine months ended September 30, 2020, respectively, we recognized $9.3 million and $89.3 million of transportation and terminals revenue that was recorded in deferred revenue as of December 31, 2019. Unfulfilled Performance Obligations The following table provides the aggregate amount of the transaction price allocated to our unfulfilled performance obligations (“UPOs”) as of September 30, 2020 by operating segment, including the range of years remaining on our contracts with customers and an estimate of revenues expected to be recognized over the next 12 months (dollars in thousands): Refined Products Crude Oil Total Balances at September 30, 2020 $ 2,137,259 $ 1,276,836 $ 3,414,095 Remaining terms 1 - 18 years 1 - 11 years Estimated revenues from UPOs to be recognized in the next 12 months $ 407,914 $ 269,156 $ 677,070 |
Investments in Non-Controlled E
Investments in Non-Controlled Entities | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Non-Controlled Entities | Investments in Non-Controlled Entities Our investments in non-controlled entities at September 30, 2020 were comprised of: Entity Ownership Interest BridgeTex Pipeline Company, LLC (“BridgeTex”) 30% Double Eagle Pipeline LLC (“Double Eagle”) 50% HoustonLink Pipeline Company, LLC (“HoustonLink”) 50% MVP Terminalling, LLC (“MVP”) 50% Powder Springs Logistics, LLC (“Powder Springs”) 50% Saddlehorn Pipeline Company, LLC (“Saddlehorn”) 30% Seabrook Logistics, LLC (“Seabrook”) 50% Texas Frontera, LLC (“Texas Frontera”) 50% In the first quarter of 2020, we sold a 10% interest in Saddlehorn to an affiliate of Black Diamond Gathering LLC, which is majority-owned by Noble Midstream Partners LP, reducing our ongoing investment in Saddlehorn to a 30% interest. We received $79.9 million in cash from the sale, and we recorded a gain of $12.9 million on our consolidated statements of income for the nine month period ended September 30, 2020. We serve as operator of BridgeTex, HoustonLink, MVP, 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 receive 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 $1.2 million and $0.7 million during the three months ended September 30, 2019 and 2020, respectively, and $3.8 million and $2.9 million during the nine months ended September 30, 2019 and 2020, respectively. We recorded the following revenue and expense transactions with certain of these non-controlled entities in our consolidated statements of income (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2020 2019 2020 Transportation and terminals revenue: BridgeTex, pipeline capacity and storage $ 10,737 $ 9,323 $ 31,063 $ 32,748 Double Eagle, throughput revenue $ 1,582 $ 995 $ 4,813 $ 4,016 Saddlehorn, storage revenue $ 566 $ 580 $ 1,669 $ 1,711 Operating expenses: Seabrook, storage lease and ancillary services $ 6,267 $ 7,175 $ 19,417 $ 21,553 Other operating income: Seabrook, gain on sale of air emission credits $ — $ — $ — $ 1,410 MVP, easement sale $ 289 $ — $ 289 $ — Our consolidated balance sheets reflected the following balances related to our investments in non-controlled entities (in thousands): December 31, 2019 Trade Accounts Receivable Other Accounts Receivable Other Accounts Payable Long-Term Receivables BridgeTex $ 392 $ 26 $ — $ — Double Eagle $ 445 $ — $ — $ — HoustonLink $ 60 $ — $ — $ — MVP $ — $ 418 $ — $ — Powder Springs $ 161 $ — $ — $ 6,006 Saddlehorn $ — $ 126 $ — $ — Seabrook $ 941 $ — $ 1,349 $ — September 30, 2020 Trade Accounts Receivable Other Accounts Receivable Other Accounts Payable Long-Term Receivables BridgeTex $ 382 $ 441 $ 225 $ — Double Eagle $ 286 $ — $ — $ — MVP $ — $ 460 $ — $ — Powder Springs $ — $ — $ — $ 8,970 Saddlehorn $ — $ 142 $ — $ — Seabrook $ 497 $ — $ 4,267 $ — We are a party to a long-term terminalling and storage contract with Seabrook for exclusive use of dedicated tankage that provides our customers with crude oil storage capacity and dock access for crude oil imports and exports on the Texas Gulf Coast (see Note 7 – Leases for more details regarding this lease). The financial results from MVP, Powder Springs and Texas Frontera are included in our refined products segment and the financial results from BridgeTex, Double Eagle, HoustonLink, Saddlehorn and Seabrook are included in our crude oil segment, each as earnings of non-controlled entities. A summary of our investments in non-controlled entities follows (in thousands): Investments at 12/31/2019 $ 1,240,551 Additional investment 73,678 Sale of ownership interest in Saddlehorn (66,989) Earnings of non-controlled entities: Proportionate share of earnings 117,848 Amortization of excess investment and capitalized interest (1,364) Earnings of non-controlled entities 116,484 Less: Distributions from operations of non-controlled entities 152,645 Investments at 9/30/2020 $ 1,211,079 |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory at December 31, 2019 and September 30, 2020 was as follows (in thousands): December 31, 2019 September 30, Refined products $ 96,128 $ 60,515 Liquefied petroleum gases 29,982 30,155 Transmix 39,546 20,821 Crude oil 12,714 12,872 Additives 6,029 4,670 Total inventory $ 184,399 $ 129,033 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt at December 31, 2019 and September 30, 2020 was as follows (in thousands): December 31, September 30, Commercial paper $ — $ 248,000 4.25% Notes due 2021 550,000 — 3.20% Notes due 2025 250,000 250,000 5.00% Notes due 2026 650,000 650,000 3.25% Notes due 2030 — 500,000 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 4.20% Notes due 2047 500,000 500,000 4.85% Notes due 2049 500,000 500,000 3.95% Notes due 2050 500,000 500,000 Face value of long-term debt 4,750,000 4,948,000 Unamortized debt issuance costs (1) (35,263) (37,407) Net unamortized debt discount (1) (8,662) (10,282) Long-term debt, net $ 4,706,075 $ 4,900,311 (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. 2020 Debt Issuance In May 2020, we issued $500.0 million of 3.25% senior notes due 2030 in an underwritten public offering. The notes were issued at 99.88% of par. Net proceeds from this offering were approximately $495.2 million after underwriting discounts and offering expenses. The net proceeds from this offering, along with commercial paper borrowings and cash on hand, were used to redeem our $550 million senior notes due in 2021. We recognized $12.9 million of debt prepayment costs as interest expense in our consolidated statements of income related to this early redemption, partially offset by the recognition of a $0.7 million unamortized debt premium, for the nine months ended September 30, 2020. Other Debt Revolving Credit Facility. At September 30, 2020, the total borrowing capacity under our revolving credit facility maturing in May 2024 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 0.875% to 1.500% based on our credit ratings. Additionally, an unused commitment fee is assessed at a rate between 0.075% and 0.200% depending on our credit ratings. The unused commitment fee was 0.125% at September 30, 2020. Borrowings under this facility may be used for general partnership purposes, including capital expenditures. As of December 31, 2019 and September 30, 2020, there were no borrowings outstanding under this facility and $3.5 million was obligated for letters of credit. Amounts obligated for letters of credit are not reflected as debt on our consolidated balance sheets, but decrease our borrowing capacity under 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. Commercial paper borrowings outstanding at September 30, 2020 were $248.0 million. The weighted-average interest rate for commercial paper borrowings based on the number of days outstanding was 0.6% for the nine months ended September 30, 2020. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | Leases Operating Leases – Lessee Related-Party Operating Lease . We have a long-term terminalling and storage contract with Seabrook for exclusive use of dedicated tankage that provides our customers with crude oil storage capacity and dock access for crude oil imports and exports on the Texas Gulf Coast. The following tables provide information about our third-party and Seabrook operating leases (dollars in thousands): Three Months Ended September 30, 2019 Three Months Ended September 30, 2020 Third-Party Leases Seabrook Lease All Leases Third-Party Leases Seabrook Lease All Leases Total lease expense $ 6,206 $ 6,267 $ 12,473 $ 6,474 $ 7,175 $ 13,649 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Third-Party Leases Seabrook Lease All Leases Third-Party Leases Seabrook Lease All Leases Total lease expense $ 17,631 $ 19,417 $ 37,048 $ 18,173 $ 21,553 $ 39,726 December 31, 2019 September 30, 2020 Third-Party Leases Seabrook Lease All Leases Third-Party Leases Seabrook Lease All Leases Current lease liability $ 15,136 $ 11,085 $ 26,221 $ 15,721 $ 11,456 $ 27,177 Long-term lease liability $ 81,508 $ 62,515 $ 144,023 $ 67,323 $ 54,441 $ 121,764 Right-of-use asset $ 98,268 $ 73,600 $ 171,868 $ 86,185 $ 65,897 $ 152,082 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit PlansWe 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 $2.8 million for each of the three months ended September 30, 2019 and 2020, and $9.3 million and $9.7 million for the nine months ended September 30, 2019 and 2020, respectively. In addition, we sponsor two pension plans, including one for all non-union employees and one that covers union employees, and a postretirement benefit plan for certain employees. Prior to the March 2020 sale of our New Haven terminal (See Note 1 – Organization, Description of Business and Basis of Presentation) , we sponsored an additional union pension plan that covered union employees at that terminal. Net periodic benefit expense for the three and nine months ended September 30, 2019 and 2020 was as follows (in thousands): Three Months Ended Three Months Ended September 30, 2019 September 30, 2020 Pension Other Postretirement Pension Other Postretirement Components of net periodic benefit costs: Service cost $ 6,260 $ 48 $ 6,898 $ 64 Interest cost 3,026 126 2,738 121 Expected return on plan assets (2,354) — (2,829) — Amortization of prior service credit (46) — (46) — Amortization of actuarial loss 1,352 60 1,346 127 Settlement cost 439 — — — Net periodic benefit cost $ 8,677 $ 234 $ 8,107 $ 312 Nine Months Ended Nine Months Ended September 30, 2019 September 30, 2020 Pension Other Postretirement Pension Other Postretirement Components of net periodic benefit costs: Service cost $ 19,145 $ 145 $ 20,836 $ 193 Interest cost 9,136 380 8,251 360 Expected return on plan assets (7,045) — (8,524) — Amortization of prior service credit (136) — (136) — Amortization of actuarial loss 4,137 248 4,080 382 Settlement cost 2,499 — 969 — Settlement gain on disposition of assets — — (1,342) — Net periodic benefit cost $ 27,736 $ 773 $ 24,134 $ 935 The service component of our net periodic benefit costs is presented in operating expense and G&A expense, and the non-service components are presented in other (income) expense in our consolidated statements of income. The changes in accumulated other comprehensive loss (“AOCL”) related to employee benefit plan assets and benefit obligations for the three and nine months ended September 30, 2019 and 2020 were as follows (in thousands): Three Months Ended Three Months Ended September 30, 2019 September 30, 2020 Gains (Losses) Included in AOCL Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Beginning balance $ (93,876) $ (6,105) $ (98,610) $ (9,269) Recognition of prior service credit amortization in income (46) — (46) — Recognition of actuarial loss amortization in income 1,352 60 1,346 127 Recognition of settlement cost in income 439 — — — Ending balance $ (92,131) $ (6,045) $ (97,310) $ (9,142) Nine Months Ended Nine Months Ended September 30, 2019 September 30, 2020 Gains (Losses) Included in AOCL Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Beginning balance $ (88,602) $ (5,409) $ (104,739) $ (8,378) Net actuarial gain (loss) (10,029) (884) 813 (1,146) Curtailment gain — — 1,703 — Recognition of prior service credit amortization in income (136) — (136) — Recognition of actuarial loss amortization in income 4,137 248 4,080 382 Recognition of settlement cost in income 2,499 — 969 — Ending balance $ (92,131) $ (6,045) $ (97,310) $ (9,142) Contributions estimated to be paid into the plans in 2020 are $29.3 million and $0.9 million for the pension plans and other postretirement benefit plan, respectively. |
Long-Term Incentive Plan
Long-Term Incentive Plan | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Long-Term Incentive Plan | Long-Term Incentive Plan The compensation committee of our general partner’s board of directors administers our long-term incentive plan (“LTIP”) covering certain of our employees and the independent 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 common units. The estimated units remaining available under the LTIP at September 30, 2020 total 1.0 million. Equity-based incentive compensation expense for the three and nine months ended September 30, 2019 and 2020, primarily recorded as G&A expense on our consolidated statements of income, was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2020 2019 2020 Performance-based awards $ 5,162 $ (1,121) $ 18,123 $ (1,247) Time-based awards 1,611 2,290 4,454 6,827 Total $ 6,773 $ 1,169 $ 22,577 $ 5,580 During 2020, we reduced our LTIP accruals related to performance awards vesting in 2020 and 2021 to reflect the estimated impacts of COVID-19 related reductions in economic activity and the significant decline in commodity prices. On January 31, 2020, 378,144 unit awards were granted pursuant to our LTIP. These awards included both performance-based and time-based awards and have a three-year vesting period that will end on December 31, 2022. Basic and Diluted Net Income Per Common Unit The difference between our actual common units outstanding and our weighted-average number of common units outstanding used to calculate basic net income per unit is due to the impact of: (i) the unit awards issued to non-employee directors and (ii) the weighted average effect of units actually issued or repurchased during a period. The difference between the weighted-average number of common units outstanding used for basic and diluted net income per unit calculations on our consolidated statements of income is primarily due to the dilutive effect of unit awards associated with our LTIP that have not yet vested. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Interest Rate Derivatives In second quarter 2020, upon issuance of $500.0 million of 3.25% notes due 2030, we terminated and settled $100.0 million of treasury lock agreements that we had previously entered into to protect against the variability of future interest payments for a loss of $10.4 million, which was included in our statements of cash flows as a net payment on financial derivatives. These agreements were accounted for as cash flow hedges. The loss was recorded to other comprehensive income and will be recognized into earnings as an adjustment to our periodic interest expense over the term of the hedged transaction in accordance with our hedging strategy. Commodity Derivatives Our open futures contracts at September 30, 2020 were as follows: Type of Contract/Accounting Methodology Product Represented by the Contract and Associated Barrels Maturity Dates Futures - Economic Hedges 3.1 million barrels of refined products and crude oil Between October 2020 and November 2022 Futures - Economic Hedges 0.6 million barrels of gas liquids Between October and December 2020 Commodity Derivatives Contracts and Deposits Offsets At December 31, 2019 and September 30, 2020, we had made margin deposits of $27.4 million and $14.0 million, respectively, for our futures contracts with our counterparties, which were recorded as current assets under 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, 2019 and September 30, 2020 (in thousands): 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) As of 12/31/2019 $ (11,033) $ 811 $ (10,222) $ 27,415 $ 17,193 As of 9/30/2020 $ (4,386) $ 2,740 $ (1,646) $ 14,031 $ 12,385 (1) Amount represents the maximum loss we would incur if all of our counterparties failed to perform on their derivative contracts. Basis Derivative Agreement During 2019, we entered into a basis derivative agreement with a joint venture co-owner’s affiliate, and, contemporaneously, that affiliate entered into an intrastate transportation services agreement with the joint venture. Settlements under the basis derivative agreement are determined based on the basis differential of crude oil prices at different market locations and a notional volume of 30,000 barrels per day. As a result, we account for this agreement as a derivative. The agreement will expire in early 2022. We recognize the changes in fair value of this agreement based on forward price curves for crude oil in West Texas and the Houston Gulf Coast in other operating income (expense) in our consolidated statements of income. The liability for this agreement at December 31, 2019 and September 30, 2020 was $17.3 million and $12.3 million, respectively. Impact of Derivatives on Our Financial Statements Comprehensive Income The changes in derivative activity included in AOCL for the three and nine months ended September 30, 2019 and 2020 were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Derivative Losses Included in AOCL 2019 2020 2019 2020 Beginning balance $ (36,287) $ (57,748) $ (26,480) $ (48,960) Net loss on cash flow hedges (14,181) — (25,216) (10,444) Reclassification of net loss on cash flow hedges to income 699 896 1,927 2,552 Ending balance $ (49,769) $ (56,852) $ (49,769) $ (56,852) The following is a summary of the effect on our consolidated statements of income for the three and nine months ended September 30, 2019 and 2020 of derivatives that were designated as cash flow hedges (in thousands): Interest Rate Contracts Amount of Loss Recognized in AOCL on Derivatives Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Three Months Ended September 30, 2019 $ (14,181) Interest expense $ (699) Three Months Ended September 30, 2020 $ — Interest expense $ (896) Nine Months Ended September 30, 2019 $ (25,216) Interest expense $ (1,927) Nine Months Ended September 30, 2020 $ (10,444) Interest expense $ (2,552) As of September 30, 2020, the net loss estimated to be classified to interest expense over the next twelve months from AOCL is approximately $3.3 million. This amount relates to the amortization of losses on interest rate contracts over the life of the related debt instruments. The following table provides a summary of the effect on our consolidated statements of income for the three and nine months ended September 30, 2019 and 2020 of derivatives that were not designated as hedging instruments (in thousands): Amount of Gain (Loss) Recognized on Derivatives Three Months Ended Nine Months Ended Location of Gain (Loss) September 30, September 30, Derivative Instrument 2019 2020 2019 2020 Futures contracts Product sales revenue $ 17,626 $ (7,734) $ (41,504) $ 89,280 Futures contracts Cost of product sales (5,581) 1,815 (9,456) (2,529) Basis derivative agreement Other operating income (expense) (3,910) (3,155) (8,869) (2,654) Total $ 8,135 $ (9,074) $ (59,829) $ 84,097 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 , which are presented on a net basis in our consolidated balance sheets, that were not designated as hedging instruments as of December 31, 2019 and September 30, 2020 (in thousands): December 31, 2019 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Commodity derivatives contracts, net $ 811 Commodity derivatives contracts, net $ 11,033 Basis derivative agreement Other current assets — Other current liabilities 8,457 Basis derivative agreement Other noncurrent assets — Other noncurrent liabilities 8,847 Total $ 811 Total $ 28,337 September 30, 2020 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Commodity derivatives contracts, net $ 1,095 Commodity derivatives contracts, net $ 3,983 Futures contracts Other noncurrent assets 1,645 Other noncurrent assets 403 Basis derivative agreement Other current assets — Other current liabilities 9,280 Basis derivative agreement Other noncurrent assets — Other noncurrent liabilities 2,994 Total $ 2,740 Total $ 16,660 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2020 | |
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: • 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 10 – Derivative Financial Instruments for further disclosures regarding these contracts. • Basis derivative agreement. During 2019, we entered into a basis derivative agreement with a joint venture co-owner’s affiliate, and, contemporaneously, that affiliate entered into an intrastate transportation services agreement with the joint venture. Settlements under the basis derivative agreement are determined based on the basis differential of crude oil prices at different market locations and a notional volume of 30,000 barrels per day (see Note 10 - Derivative Financial Instruments for further disclosures regarding this agreement). The fair value of this derivative was calculated based on observable market data inputs, including published commodity pricing data and market interest rates. The key inputs in the fair value calculation include the forward price curves for crude oil, the implied forward correlation in crude oil prices between West Texas and the Houston Gulf Coast, and the implied forward volatility for crude oil futures contracts. • Long-term receivables. These primarily include payments receivable under a sales-type 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. • Guarantees and contractual obligations. At September 30, 2020, these primarily include a long-term contractual obligation we entered into in connection with the sale of our three marine terminals to a subsidiary of Buckeye. This obligation requires us to perform certain environmental remediation work on Buckeye’s behalf at the New Haven terminal. The contractual obligation was recorded at fair value on our consolidated balance sheets upon initial recognition and was calculated using our best estimate of potential outcome scenarios to determine our liability for the remediation costs required in this agreement. • Debt. The fair value of our publicly traded notes was based on the prices of those notes at December 31, 2019 and September 30, 2020; 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, 2019 and September 30, 2020 based on the three levels established by ASC 820, Fair Value Measurements and Disclosures (in thousands): December 31, 2019 Assets (Liabilities) Fair Value Measurements using: Carrying Amount Fair Value Quoted Prices in Active Markets Significant Significant Commodity derivatives contracts $ (10,222) $ (10,222) $ (10,222) $ — $ — Basis derivative agreement $ (17,304) $ (17,304) $ — $ (17,304) Long-term receivables $ 20,782 $ 20,782 $ — $ — $ 20,782 Guarantees and contractual obligations $ (408) $ (408) $ — $ — $ (408) Debt $ (4,706,075) $ (5,192,685) $ — $ (5,192,685) $ — September 30, 2020 Assets (Liabilities) Fair Value Measurements using: Carrying Amount Fair Value Quoted Prices in Active Markets Significant Significant Commodity derivatives contracts $ (1,646) $ (1,646) $ (1,646) $ — $ — Basis derivative agreement $ (12,274) $ (12,274) $ — $ (12,274) $ — Long-term receivables $ 21,850 $ 21,850 $ — $ — $ 21,850 Guarantees and contractual obligations $ (11,239) $ (11,239) $ — $ — $ (11,239) Debt $ (4,900,311) $ (4,872,340) $ — $ (4,872,340) $ — |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Butane Blending Patent Infringement Proceeding On October 4, 2017, Sunoco Partners Marketing & Terminals L.P. (“Sunoco”) brought an action for patent infringement in the U.S. District Court for the District of Delaware alleging Magellan Midstream Partners, L.P. (“Magellan”) and Powder Springs Logistics, LLC (“Powder Springs”) are infringing patents related to butane blending at the Powder Springs facility located in Powder Springs, Georgia. Sunoco subsequently submitted pleadings alleging that Magellan is also infringing various patents related to butane blending at nine Magellan facilities, in addition to Powder Springs. Sunoco is seeking monetary damages, attorneys’ fees and a permanent injunction enjoining Magellan and Powder Springs from infringing the subject patents. We deny and are vigorously defending against all claims asserted by Sunoco. Although it is not possible to predict the ultimate outcome, we believe the ultimate resolution of this matter will not have a material adverse impact on our results of operations, financial position or cash flows. Environmental Liabilities Liabilities recognized for estimated environmental costs were $14.9 million and $11.9 million at December 31, 2019 and September 30, 2020, 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 $0.1 million for the three months ended September 30, 2019 and 2020, respectively, and $4.2 million and $1.3 million for the nine months ended September 30, 2019 and 2020, respectively. Environmental Receivables Receivables from insurance carriers and other third parties related to environmental matters were $2.9 million at December 31, 2019, of which $1.8 million and $1.1 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 $1.8 million at September 30, 2020, of which $1.0 million and $0.8 million were recorded to other accounts receivable and long-term receivables, respectively, on our consolidated balance sheets. Other In first quarter 2020, we entered into a long-term contractual obligation in connection with the sale of three marine terminals to Buckeye. This obligation requires us to perform certain environmental remediation work on Buckeye’s behalf at the New Haven terminal. As of September 30, 2020, our consolidated balance sheets reflected a current liability of $0.6 million and a noncurrent liability of $10.2 million to reflect the fair value of this obligation. We have entered into an agreement to guarantee our 50% pro rata share, up to $25.0 million, of obligations under Powder Springs’ credit facility. As of September 30, 2020, our consolidated balance sheets reflected a $0.4 million other current liability and a corresponding increase in our investment in non-controlled entities on our consolidated balance sheets to reflect the fair value of this guarantee. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsStacy 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, terminalling and other ancillary revenue from this customer of $7.1 million and $8.6 million for the three months ended September 30, 2019 and 2020, respectively, and $21.4 million and $24.3 million for the nine months ended September 30, 2019 and 2020, respectively. We recorded receivables of $3.8 million and $3.7 million from this customer at December 31, 2019 and September 30, 2020, respectively. We also received storage and other miscellaneous revenue of $0.1 million and $0.3 million for the three and nine months ended September 30, 2020, respectively, from a subsidiary of a separate company for which Stacy Methvin serves as a director. See Note 4 – Investments in Non-Controlled Entities and Note 7 – Leases |
Partners' Capital and Distribut
Partners' Capital and Distributions | 9 Months Ended |
Sep. 30, 2020 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital and Distributions | Partners’ Capital and Distributions Partners’ Capital Our general partner’s board of directors authorized the repurchase of up to $750 million of our common units through 2022. The timing, price and actual number of common units repurchased will depend on a number of factors including our expected expansion capital spending needs, excess cash available, balance sheet metrics, legal and regulatory requirements, market conditions and the trading price of our common units. The repurchase program does not obligate us to acquire any particular amount of common units, and the repurchase program may be suspended or discontinued at any time. The following table details the changes in the number of our common units outstanding from December 31, 2019 through September 30, 2020: Common units outstanding on December 31, 2019 228,403,428 Units repurchased during 2020 (4,987,128) January 2020–Settlement of employee LTIP awards 275,093 During 2020–Other (a) 9,550 Common units outstanding on September 30, 2020 223,700,943 (a) Common units issued to settle the equity-based retainers paid to independent directors of our general partner. Distributions Distributions we paid during 2019 and 2020 were as follows (in thousands, except per unit amounts): Payment Date Per Unit Cash Total Cash Distribution 02/14/2019 $ 0.9975 $ 227,832 05/15/2019 1.0050 229,545 08/14/2019 1.0125 231,258 Through 09/30/2019 3.0150 688,635 11/14/2019 1.0200 232,971 Total $ 4.0350 $ 921,606 02/14/2020 $ 1.0275 $ 234,774 05/15/2020 1.0275 231,245 08/14/2020 1.0275 231,245 Through 09/30/2020 3.0825 697,264 11/13/2020 (a) 1.0275 229,853 Total $ 4.1100 $ 927,117 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Recognizable events No recognizable events occurred subsequent to September 30, 2020. Non-recognizable events |
Organization, Description of _2
Organization, Description of Business And Basis Of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [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, 2019, which is derived from our audited financial statements, include all normal and recurring adjustments necessary to present fairly our financial position as of September 30, 2020, the results of operations for the three and nine months ended September 30, 2019 and 2020 and cash flows for the nine months ended September 30, 2019 and 2020. The results of operations for the nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 for several reasons. Profits from our gas liquids 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 refined products pipeline system, generally trends higher during the summer driving months. Further, the volatility of commodity prices impacts the profits from our commodity activities and the volume of petroleum products we transport on our pipelines. Finally, we expect the impact of COVID-19 on demand for petroleum products and the decline in commodity prices to continue to affect our results of operations in the remaining quarter of 2020, resulting in decreased transportation and terminalling revenues and reduced profits from our gas liquids blending activities. 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 Form 8-K filed with the Securities and Exchange Commission on May 4, 2020, which reflects changes in our reporting segments since the filing of our Annual Report on Form 10-K for the year ended December 31, 2019. |
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 |
New Accounting Pronouncements | New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326) |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Reporting Information | Three Months Ended September 30, 2019 Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 352,611 $ 155,377 $ (1,556) $ 506,432 Product sales revenue 136,464 8,343 — 144,807 Affiliate management fee revenue 1,764 3,593 — 5,357 Total revenue 490,839 167,313 (1,556) 656,596 Operating expenses 127,328 44,961 (2,902) 169,387 Cost of product sales 100,416 8,341 — 108,757 Other operating (income) expense (3,249) 3,628 — 379 Earnings of non-controlled entities (4,142) (46,047) — (50,189) Operating margin 270,486 156,430 1,346 428,262 Depreciation, amortization and impairment expense 39,660 15,621 1,346 56,627 G&A expense 36,806 14,350 — 51,156 Operating profit $ 194,020 $ 126,459 $ — $ 320,479 Three Months Ended September 30, 2020 Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 320,809 $ 154,652 $ (1,930) $ 473,531 Product sales revenue 114,252 5,193 — 119,445 Affiliate management fee revenue 1,579 3,709 — 5,288 Total revenue 436,640 163,554 (1,930) 598,264 Operating expenses 118,579 46,956 (3,553) 161,982 Cost of product sales 86,356 9,763 — 96,119 Other operating (income) expense (193) 3,056 — 2,863 Earnings of non-controlled entities (7,134) (32,001) — (39,135) Operating margin 239,032 135,780 1,623 376,435 Depreciation, amortization and impairment expense 41,620 28,579 1,623 71,822 G&A expense 27,487 10,529 — 38,016 Operating profit $ 169,925 $ 96,672 $ — $ 266,597 Nine Months Ended September 30, 2019 Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 1,009,812 $ 467,652 $ (3,835) $ 1,473,629 Product sales revenue 478,441 19,350 — 497,791 Affiliate management fee revenue 5,085 10,725 — 15,810 Total revenue 1,493,338 497,727 (3,835) 1,987,230 Operating expenses 362,870 129,431 (7,960) 484,341 Cost of product sales 411,012 19,715 — 430,727 Other operating (income) expense (9,648) 8,110 — (1,538) Earnings of non-controlled entities (145) (122,084) — (122,229) Operating margin 729,249 462,555 4,125 1,195,929 Depreciation, amortization and impairment expense 128,724 48,179 4,125 181,028 G&A expense 107,179 42,355 — 149,534 Operating profit $ 493,346 $ 372,021 $ — $ 865,367 Nine Months Ended September 30, 2020 Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 914,887 $ 433,947 $ (5,093) $ 1,343,741 Product sales revenue 461,701 20,141 — 481,842 Affiliate management fee revenue 4,676 11,219 — 15,895 Total revenue 1,381,264 465,307 (5,093) 1,841,478 Operating expenses 327,866 139,645 (9,914) 457,597 Cost of product sales 365,314 30,550 — 395,864 Other operating (income) expense (2,223) 1,684 — (539) Earnings of non-controlled entities (25,946) (90,538) — (116,484) Operating margin 716,253 383,966 4,821 1,105,040 Depreciation, amortization and impairment expense 128,708 60,367 4,821 193,896 G&A expense 84,802 32,290 — 117,092 Operating profit $ 502,743 $ 291,309 $ — $ 794,052 |
Revenue from Contract with Cu_2
Revenue from Contract with Customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Products and Services | The following tables provide details of our revenues disaggregated by key activities that comprise our performance obligations by operating segment (in thousands): Three Months Ended September 30, 2019 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 208,073 $ 95,530 $ — $ 303,603 Terminalling 48,428 3,176 — 51,604 Storage 53,433 30,037 (1,556) 81,914 Ancillary services 36,375 7,278 — 43,653 Lease revenue 6,302 19,356 — 25,658 Transportation and terminals revenue 352,611 155,377 (1,556) 506,432 Product sales revenue 136,464 8,343 — 144,807 Affiliate management fee revenue 1,764 3,593 — 5,357 Total revenue 490,839 167,313 (1,556) 656,596 Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers : Lease revenue (1) (6,302) (19,356) — (25,658) (Gains) losses from futures contracts included in product sales revenue (2) (17,061) (564) — (17,625) Affiliate management fee revenue (1,764) (3,593) — (5,357) Total revenue from contracts with customers under ASC 606 $ 465,712 $ 143,800 $ (1,556) $ 607,956 (1) Lease revenue is accounted for under Accounting Standards Codification (“ASC”) 842, Leases . (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging . Three Months Ended September 30, 2020 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 192,194 $ 90,156 $ — $ 282,350 Terminalling 41,227 5,651 — 46,878 Storage 49,366 32,876 (1,930) 80,312 Ancillary services 32,707 6,828 — 39,535 Lease revenue 5,315 19,141 — 24,456 Transportation and terminals revenue 320,809 154,652 (1,930) 473,531 Product sales revenue 114,252 5,193 — 119,445 Affiliate management fee revenue 1,579 3,709 — 5,288 Total revenue 436,640 163,554 (1,930) 598,264 Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers : Lease revenue (1) (5,315) (19,141) — (24,456) (Gains) losses from futures contracts included in product sales revenue (2) 6,850 884 — 7,734 Affiliate management fee revenue (1,579) (3,709) — (5,288) Total revenue from contracts with customers under ASC 606 $ 436,596 $ 141,588 $ (1,930) $ 576,254 (1) Lease revenue is accounted for under ASC 842, Leases . (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging . Nine Months Ended September 30, 2019 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 584,662 $ 290,754 $ — $ 875,416 Terminalling 138,968 13,146 — 152,114 Storage 162,139 89,313 (3,835) 247,617 Ancillary services 103,287 20,488 — 123,775 Lease revenue 20,756 53,951 — 74,707 Transportation and terminals revenue 1,009,812 467,652 (3,835) 1,473,629 Product sales revenue 478,441 19,350 — 497,791 Affiliate management fee revenue 5,085 10,725 — 15,810 Total revenue 1,493,338 497,727 (3,835) 1,987,230 Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers : Lease revenue (1) (20,756) (53,951) — (74,707) (Gains) losses from futures contracts included in product sales revenue (2) 39,761 1,743 — 41,504 Affiliate management fee revenue (5,085) (10,725) — (15,810) Total revenue from contracts with customers under ASC 606 $ 1,507,258 $ 434,794 $ (3,835) $ 1,938,217 (1) Lease revenue is accounted for under ASC 842, Leases . (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging . Nine Months Ended September 30, 2020 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 533,451 $ 244,154 $ — $ 777,605 Terminalling 117,916 14,702 — 132,618 Storage 152,933 97,103 (5,093) 244,943 Ancillary services 93,340 20,746 — 114,086 Lease revenue 17,247 57,242 — 74,489 Transportation and terminals revenue 914,887 433,947 (5,093) 1,343,741 Product sales revenue 461,701 20,141 — 481,842 Affiliate management fee revenue 4,676 11,219 — 15,895 Total revenue 1,381,264 465,307 (5,093) 1,841,478 Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers : Lease revenue (1) (17,247) (57,242) — (74,489) (Gains) losses from futures contracts included in product sales revenue (2) (89,763) 483 — (89,280) Affiliate management fee revenue (4,676) (11,219) — (15,895) Total revenue from contracts with customers under ASC 606 $ 1,269,578 $ 397,329 $ (5,093) $ 1,661,814 |
Contract with Customer, Asset and Liability | The following table summarizes our accounts receivable, contract assets and contract liabilities resulting from contracts with customers (in thousands): December 31, 2019 September 30, 2020 Accounts receivable from contracts with customers $ 124,701 $ 107,317 Contract assets $ 8,071 $ 13,834 Contract liabilities $ 111,670 $ 94,865 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table provides the aggregate amount of the transaction price allocated to our unfulfilled performance obligations (“UPOs”) as of September 30, 2020 by operating segment, including the range of years remaining on our contracts with customers and an estimate of revenues expected to be recognized over the next 12 months (dollars in thousands): Refined Products Crude Oil Total Balances at September 30, 2020 $ 2,137,259 $ 1,276,836 $ 3,414,095 Remaining terms 1 - 18 years 1 - 11 years Estimated revenues from UPOs to be recognized in the next 12 months $ 407,914 $ 269,156 $ 677,070 |
Investments in Non-Controlled_2
Investments in Non-Controlled Entities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Our investments in non-controlled entities at September 30, 2020 were comprised of: Entity Ownership Interest BridgeTex Pipeline Company, LLC (“BridgeTex”) 30% Double Eagle Pipeline LLC (“Double Eagle”) 50% HoustonLink Pipeline Company, LLC (“HoustonLink”) 50% MVP Terminalling, LLC (“MVP”) 50% Powder Springs Logistics, LLC (“Powder Springs”) 50% Saddlehorn Pipeline Company, LLC (“Saddlehorn”) 30% Seabrook Logistics, LLC (“Seabrook”) 50% Texas Frontera, LLC (“Texas Frontera”) 50% In the first quarter of 2020, we sold a 10% interest in Saddlehorn to an affiliate of Black Diamond Gathering LLC, which is majority-owned by Noble Midstream Partners LP, reducing our ongoing investment in Saddlehorn to a 30% interest. We received $79.9 million in cash from the sale, and we recorded a gain of $12.9 million on our consolidated statements of income for the nine month period ended September 30, 2020. We serve as operator of BridgeTex, HoustonLink, MVP, 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 receive 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 $1.2 million and $0.7 million during the three months ended September 30, 2019 and 2020, respectively, and $3.8 million and $2.9 million during the nine months ended September 30, 2019 and 2020, respectively. We recorded the following revenue and expense transactions with certain of these non-controlled entities in our consolidated statements of income (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2020 2019 2020 Transportation and terminals revenue: BridgeTex, pipeline capacity and storage $ 10,737 $ 9,323 $ 31,063 $ 32,748 Double Eagle, throughput revenue $ 1,582 $ 995 $ 4,813 $ 4,016 Saddlehorn, storage revenue $ 566 $ 580 $ 1,669 $ 1,711 Operating expenses: Seabrook, storage lease and ancillary services $ 6,267 $ 7,175 $ 19,417 $ 21,553 Other operating income: Seabrook, gain on sale of air emission credits $ — $ — $ — $ 1,410 MVP, easement sale $ 289 $ — $ 289 $ — Our consolidated balance sheets reflected the following balances related to our investments in non-controlled entities (in thousands): December 31, 2019 Trade Accounts Receivable Other Accounts Receivable Other Accounts Payable Long-Term Receivables BridgeTex $ 392 $ 26 $ — $ — Double Eagle $ 445 $ — $ — $ — HoustonLink $ 60 $ — $ — $ — MVP $ — $ 418 $ — $ — Powder Springs $ 161 $ — $ — $ 6,006 Saddlehorn $ — $ 126 $ — $ — Seabrook $ 941 $ — $ 1,349 $ — September 30, 2020 Trade Accounts Receivable Other Accounts Receivable Other Accounts Payable Long-Term Receivables BridgeTex $ 382 $ 441 $ 225 $ — Double Eagle $ 286 $ — $ — $ — MVP $ — $ 460 $ — $ — Powder Springs $ — $ — $ — $ 8,970 Saddlehorn $ — $ 142 $ — $ — Seabrook $ 497 $ — $ 4,267 $ — We are a party to a long-term terminalling and storage contract with Seabrook for exclusive use of dedicated tankage that provides our customers with crude oil storage capacity and dock access for crude oil imports and exports on the Texas Gulf Coast (see Note 7 – Leases for more details regarding this lease). The financial results from MVP, Powder Springs and Texas Frontera are included in our refined products segment and the financial results from BridgeTex, Double Eagle, HoustonLink, Saddlehorn and Seabrook are included in our crude oil segment, each as earnings of non-controlled entities. A summary of our investments in non-controlled entities follows (in thousands): Investments at 12/31/2019 $ 1,240,551 Additional investment 73,678 Sale of ownership interest in Saddlehorn (66,989) Earnings of non-controlled entities: Proportionate share of earnings 117,848 Amortization of excess investment and capitalized interest (1,364) Earnings of non-controlled entities 116,484 Less: Distributions from operations of non-controlled entities 152,645 Investments at 9/30/2020 $ 1,211,079 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory at December 31, 2019 and September 30, 2020 was as follows (in thousands): December 31, 2019 September 30, Refined products $ 96,128 $ 60,515 Liquefied petroleum gases 29,982 30,155 Transmix 39,546 20,821 Crude oil 12,714 12,872 Additives 6,029 4,670 Total inventory $ 184,399 $ 129,033 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Consolidated Debt | Long-term debt at December 31, 2019 and September 30, 2020 was as follows (in thousands): December 31, September 30, Commercial paper $ — $ 248,000 4.25% Notes due 2021 550,000 — 3.20% Notes due 2025 250,000 250,000 5.00% Notes due 2026 650,000 650,000 3.25% Notes due 2030 — 500,000 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 4.20% Notes due 2047 500,000 500,000 4.85% Notes due 2049 500,000 500,000 3.95% Notes due 2050 500,000 500,000 Face value of long-term debt 4,750,000 4,948,000 Unamortized debt issuance costs (1) (35,263) (37,407) Net unamortized debt discount (1) (8,662) (10,282) Long-term debt, net $ 4,706,075 $ 4,900,311 (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. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Operating Leases | The following tables provide information about our third-party and Seabrook operating leases (dollars in thousands): Three Months Ended September 30, 2019 Three Months Ended September 30, 2020 Third-Party Leases Seabrook Lease All Leases Third-Party Leases Seabrook Lease All Leases Total lease expense $ 6,206 $ 6,267 $ 12,473 $ 6,474 $ 7,175 $ 13,649 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Third-Party Leases Seabrook Lease All Leases Third-Party Leases Seabrook Lease All Leases Total lease expense $ 17,631 $ 19,417 $ 37,048 $ 18,173 $ 21,553 $ 39,726 December 31, 2019 September 30, 2020 Third-Party Leases Seabrook Lease All Leases Third-Party Leases Seabrook Lease All Leases Current lease liability $ 15,136 $ 11,085 $ 26,221 $ 15,721 $ 11,456 $ 27,177 Long-term lease liability $ 81,508 $ 62,515 $ 144,023 $ 67,323 $ 54,441 $ 121,764 Right-of-use asset $ 98,268 $ 73,600 $ 171,868 $ 86,185 $ 65,897 $ 152,082 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Consolidated Net Periodic Benefit Costs | Net periodic benefit expense for the three and nine months ended September 30, 2019 and 2020 was as follows (in thousands): Three Months Ended Three Months Ended September 30, 2019 September 30, 2020 Pension Other Postretirement Pension Other Postretirement Components of net periodic benefit costs: Service cost $ 6,260 $ 48 $ 6,898 $ 64 Interest cost 3,026 126 2,738 121 Expected return on plan assets (2,354) — (2,829) — Amortization of prior service credit (46) — (46) — Amortization of actuarial loss 1,352 60 1,346 127 Settlement cost 439 — — — Net periodic benefit cost $ 8,677 $ 234 $ 8,107 $ 312 Nine Months Ended Nine Months Ended September 30, 2019 September 30, 2020 Pension Other Postretirement Pension Other Postretirement Components of net periodic benefit costs: Service cost $ 19,145 $ 145 $ 20,836 $ 193 Interest cost 9,136 380 8,251 360 Expected return on plan assets (7,045) — (8,524) — Amortization of prior service credit (136) — (136) — Amortization of actuarial loss 4,137 248 4,080 382 Settlement cost 2,499 — 969 — Settlement gain on disposition of assets — — (1,342) — Net periodic benefit cost $ 27,736 $ 773 $ 24,134 $ 935 |
Schedule of Amounts Recognized in Other Comprehensive Loss | The changes in accumulated other comprehensive loss (“AOCL”) related to employee benefit plan assets and benefit obligations for the three and nine months ended September 30, 2019 and 2020 were as follows (in thousands): Three Months Ended Three Months Ended September 30, 2019 September 30, 2020 Gains (Losses) Included in AOCL Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Beginning balance $ (93,876) $ (6,105) $ (98,610) $ (9,269) Recognition of prior service credit amortization in income (46) — (46) — Recognition of actuarial loss amortization in income 1,352 60 1,346 127 Recognition of settlement cost in income 439 — — — Ending balance $ (92,131) $ (6,045) $ (97,310) $ (9,142) Nine Months Ended Nine Months Ended September 30, 2019 September 30, 2020 Gains (Losses) Included in AOCL Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Beginning balance $ (88,602) $ (5,409) $ (104,739) $ (8,378) Net actuarial gain (loss) (10,029) (884) 813 (1,146) Curtailment gain — — 1,703 — Recognition of prior service credit amortization in income (136) — (136) — Recognition of actuarial loss amortization in income 4,137 248 4,080 382 Recognition of settlement cost in income 2,499 — 969 — Ending balance $ (92,131) $ (6,045) $ (97,310) $ (9,142) |
Long-Term Incentive Plan (Table
Long-Term Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Incentive Compensation Expense | Equity-based incentive compensation expense for the three and nine months ended September 30, 2019 and 2020, primarily recorded as G&A expense on our consolidated statements of income, was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2020 2019 2020 Performance-based awards $ 5,162 $ (1,121) $ 18,123 $ (1,247) Time-based awards 1,611 2,290 4,454 6,827 Total $ 6,773 $ 1,169 $ 22,577 $ 5,580 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements | Our open futures contracts at September 30, 2020 were as follows: Type of Contract/Accounting Methodology Product Represented by the Contract and Associated Barrels Maturity Dates Futures - Economic Hedges 3.1 million barrels of refined products and crude oil Between October 2020 and November 2022 Futures - Economic Hedges 0.6 million barrels of gas liquids Between October and December 2020 |
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, 2019 and September 30, 2020 (in thousands): 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) As of 12/31/2019 $ (11,033) $ 811 $ (10,222) $ 27,415 $ 17,193 As of 9/30/2020 $ (4,386) $ 2,740 $ (1,646) $ 14,031 $ 12,385 (1) Amount represents the maximum loss we would incur if all of our counterparties failed to perform on their derivative contracts. |
Derivatives and Hedging-Cash Flow Hedges | The changes in derivative activity included in AOCL for the three and nine months ended September 30, 2019 and 2020 were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Derivative Losses Included in AOCL 2019 2020 2019 2020 Beginning balance $ (36,287) $ (57,748) $ (26,480) $ (48,960) Net loss on cash flow hedges (14,181) — (25,216) (10,444) Reclassification of net loss on cash flow hedges to income 699 896 1,927 2,552 Ending balance $ (49,769) $ (56,852) $ (49,769) $ (56,852) The following is a summary of the effect on our consolidated statements of income for the three and nine months ended September 30, 2019 and 2020 of derivatives that were designated as cash flow hedges (in thousands): Interest Rate Contracts Amount of Loss Recognized in AOCL on Derivatives Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Three Months Ended September 30, 2019 $ (14,181) Interest expense $ (699) Three Months Ended September 30, 2020 $ — Interest expense $ (896) Nine Months Ended September 30, 2019 $ (25,216) Interest expense $ (1,927) Nine Months Ended September 30, 2020 $ (10,444) Interest expense $ (2,552) |
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 nine months ended September 30, 2019 and 2020 of derivatives that were not designated as hedging instruments (in thousands): Amount of Gain (Loss) Recognized on Derivatives Three Months Ended Nine Months Ended Location of Gain (Loss) September 30, September 30, Derivative Instrument 2019 2020 2019 2020 Futures contracts Product sales revenue $ 17,626 $ (7,734) $ (41,504) $ 89,280 Futures contracts Cost of product sales (5,581) 1,815 (9,456) (2,529) Basis derivative agreement Other operating income (expense) (3,910) (3,155) (8,869) (2,654) Total $ 8,135 $ (9,074) $ (59,829) $ 84,097 |
Derivatives and Hedging-Designated | The following tables provide a summary of the fair value of derivatives , which are presented on a net basis in our consolidated balance sheets, that were not designated as hedging instruments as of December 31, 2019 and September 30, 2020 (in thousands): December 31, 2019 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Commodity derivatives contracts, net $ 811 Commodity derivatives contracts, net $ 11,033 Basis derivative agreement Other current assets — Other current liabilities 8,457 Basis derivative agreement Other noncurrent assets — Other noncurrent liabilities 8,847 Total $ 811 Total $ 28,337 September 30, 2020 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Commodity derivatives contracts, net $ 1,095 Commodity derivatives contracts, net $ 3,983 Futures contracts Other noncurrent assets 1,645 Other noncurrent assets 403 Basis derivative agreement Other current assets — Other current liabilities 9,280 Basis derivative agreement Other noncurrent assets — Other noncurrent liabilities 2,994 Total $ 2,740 Total $ 16,660 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2019 and September 30, 2020 based on the three levels established by ASC 820, Fair Value Measurements and Disclosures (in thousands): December 31, 2019 Assets (Liabilities) Fair Value Measurements using: Carrying Amount Fair Value Quoted Prices in Active Markets Significant Significant Commodity derivatives contracts $ (10,222) $ (10,222) $ (10,222) $ — $ — Basis derivative agreement $ (17,304) $ (17,304) $ — $ (17,304) Long-term receivables $ 20,782 $ 20,782 $ — $ — $ 20,782 Guarantees and contractual obligations $ (408) $ (408) $ — $ — $ (408) Debt $ (4,706,075) $ (5,192,685) $ — $ (5,192,685) $ — September 30, 2020 Assets (Liabilities) Fair Value Measurements using: Carrying Amount Fair Value Quoted Prices in Active Markets Significant Significant Commodity derivatives contracts $ (1,646) $ (1,646) $ (1,646) $ — $ — Basis derivative agreement $ (12,274) $ (12,274) $ — $ (12,274) $ — Long-term receivables $ 21,850 $ 21,850 $ — $ — $ 21,850 Guarantees and contractual obligations $ (11,239) $ (11,239) $ — $ — $ (11,239) Debt $ (4,900,311) $ (4,872,340) $ — $ (4,872,340) $ — |
Partners' Capital and Distrib_2
Partners' Capital and Distributions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Partners' Capital Notes [Abstract] | |
Schedule of Capital Units | The following table details the changes in the number of our common units outstanding from December 31, 2019 through September 30, 2020: Common units outstanding on December 31, 2019 228,403,428 Units repurchased during 2020 (4,987,128) January 2020–Settlement of employee LTIP awards 275,093 During 2020–Other (a) 9,550 Common units outstanding on September 30, 2020 223,700,943 (a) Common units issued to settle the equity-based retainers paid to independent directors of our general partner. |
Schedule of Distributions | Distributions we paid during 2019 and 2020 were as follows (in thousands, except per unit amounts): Payment Date Per Unit Cash Total Cash Distribution 02/14/2019 $ 0.9975 $ 227,832 05/15/2019 1.0050 229,545 08/14/2019 1.0125 231,258 Through 09/30/2019 3.0150 688,635 11/14/2019 1.0200 232,971 Total $ 4.0350 $ 921,606 02/14/2020 $ 1.0275 $ 234,774 05/15/2020 1.0275 231,245 08/14/2020 1.0275 231,245 Through 09/30/2020 3.0825 697,264 11/13/2020 (a) 1.0275 229,853 Total $ 4.1100 $ 927,117 |
Organization, Description of _3
Organization, Description of Business and Basis of Presentation (Narrative) (Details) $ in Thousands, bbl in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020Terminal | Sep. 30, 2020USD ($)bblTerminalmi | Sep. 30, 2019USD ($) | |
Organization and Description of Business [Line Items] | |||
Number Of Marine Terminals Sold | 3 | 3 | |
Number Of Marine Terminals Combined With Refined Product Segment | 2 | ||
Number Of Marine Terminals Combined With Crude Oil Segment | 1 | ||
Proceeds from sale and disposition of assets | $ | $ 334,583 | $ 65,574 | |
Refined Products Segment [Member] | |||
Organization and Description of Business [Line Items] | |||
Pipeline Length | mi | 9,800 | ||
Number of Pipeline Terminals | 54 | ||
Number of Independent Terminals | 25 | ||
Number of Marine Terminals | 2 | ||
Number Of Marine Terminals, Owned Through Joint Venture | 1 | ||
Crude Oil Pipeline and Terminals Segment [Member] | |||
Organization and Description of Business [Line Items] | |||
Pipeline Length | mi | 2,200 | ||
Storage Capacity | bbl | 37 | ||
Contracted Storage | bbl | 25 | ||
Pipeline, Length - Wholly Owned | mi | 1,000 | ||
Storage Capacity - Wholly Owned | bbl | 30 | ||
Contracted Storage - Wholly Owned | bbl | 22 | ||
Marine Terminals [Member] | |||
Organization and Description of Business [Line Items] | |||
Proceeds from sale and disposition of assets | $ | $ 251,800 | ||
Asset Impairment Charges | $ | $ 6,200 |
Segment Disclosures (Schedule O
Segment Disclosures (Schedule Of Business Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 598,264 | $ 656,596 | $ 1,841,478 | $ 1,987,230 |
Operating expenses | 161,982 | 169,387 | 457,597 | 484,341 |
Cost of product sales | 96,119 | 108,757 | 395,864 | 430,727 |
Other operating (income) expense | 2,863 | 379 | (539) | (1,538) |
Earnings of non-controlled entities | (39,135) | (50,189) | (116,484) | (122,229) |
Operating margin | 376,435 | 428,262 | 1,105,040 | 1,195,929 |
Depreciation, amortization and impairment | 71,822 | 56,627 | 193,896 | 181,028 |
G&A expense | 38,016 | 51,156 | 117,092 | 149,534 |
Operating profit | 266,597 | 320,479 | 794,052 | 865,367 |
Operating Segments [Member] | Refined Products Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 436,640 | 490,839 | 1,381,264 | 1,493,338 |
Operating expenses | 118,579 | 127,328 | 327,866 | 362,870 |
Cost of product sales | 86,356 | 100,416 | 365,314 | 411,012 |
Other operating (income) expense | (193) | (3,249) | (2,223) | (9,648) |
Earnings of non-controlled entities | (7,134) | (4,142) | (25,946) | (145) |
Operating margin | 239,032 | 270,486 | 716,253 | 729,249 |
Depreciation, amortization and impairment | 41,620 | 39,660 | 128,708 | 128,724 |
G&A expense | 27,487 | 36,806 | 84,802 | 107,179 |
Operating profit | 169,925 | 194,020 | 502,743 | 493,346 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 163,554 | 167,313 | 465,307 | 497,727 |
Operating expenses | 46,956 | 44,961 | 139,645 | 129,431 |
Cost of product sales | 9,763 | 8,341 | 30,550 | 19,715 |
Other operating (income) expense | 3,056 | 3,628 | 1,684 | 8,110 |
Earnings of non-controlled entities | (32,001) | (46,047) | (90,538) | (122,084) |
Operating margin | 135,780 | 156,430 | 383,966 | 462,555 |
Depreciation, amortization and impairment | 28,579 | 15,621 | 60,367 | 48,179 |
G&A expense | 10,529 | 14,350 | 32,290 | 42,355 |
Operating profit | 96,672 | 126,459 | 291,309 | 372,021 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (1,930) | (1,556) | (5,093) | (3,835) |
Operating expenses | (3,553) | (2,902) | (9,914) | (7,960) |
Cost of product sales | 0 | 0 | 0 | 0 |
Other operating (income) expense | 0 | 0 | 0 | 0 |
Earnings of non-controlled entities | 0 | 0 | 0 | 0 |
Operating margin | 1,623 | 1,346 | 4,821 | 4,125 |
Depreciation, amortization and impairment | 1,623 | 1,346 | 4,821 | 4,125 |
G&A expense | 0 | 0 | 0 | 0 |
Operating profit | 0 | 0 | 0 | 0 |
Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 473,531 | 506,432 | 1,343,741 | 1,473,629 |
Service [Member] | Operating Segments [Member] | Refined Products Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 320,809 | 352,611 | 914,887 | 1,009,812 |
Service [Member] | Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 154,652 | 155,377 | 433,947 | 467,652 |
Service [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (1,930) | (1,556) | (5,093) | (3,835) |
Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 119,445 | 144,807 | 481,842 | 497,791 |
Product [Member] | Operating Segments [Member] | Refined Products Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 114,252 | 136,464 | 461,701 | 478,441 |
Product [Member] | Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,193 | 8,343 | 20,141 | 19,350 |
Product [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Product and Service, Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,288 | 5,357 | 15,895 | 15,810 |
Product and Service, Other [Member] | Operating Segments [Member] | Refined Products Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,579 | 1,764 | 4,676 | 5,085 |
Product and Service, Other [Member] | Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,709 | 3,593 | 11,219 | 10,725 |
Product and Service, Other [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue from Contract with Cu_3
Revenue from Contract with Customers (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred Revenue, Revenue Recognized | $ 9.3 | $ 89.3 |
Revenue from Contract with Cu_4
Revenue from Contract with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 598,264 | $ 656,596 | $ 1,841,478 | $ 1,987,230 |
Lease revenue | (24,456) | (25,658) | (74,489) | (74,707) |
(Gains) losses from futures contracts included in product sales revenue | 7,734 | (17,625) | (89,280) | 41,504 |
Affiliate management fee revenue | (5,288) | (5,357) | (15,895) | (15,810) |
Total revenue from contracts with customers under ASC 606 | 576,254 | 607,956 | 1,661,814 | 1,938,217 |
Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 473,531 | 506,432 | 1,343,741 | 1,473,629 |
Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 119,445 | 144,807 | 481,842 | 497,791 |
Product and Service, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,288 | 5,357 | 15,895 | 15,810 |
Operating Segments [Member] | Refined Products Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 436,640 | 490,839 | 1,381,264 | 1,493,338 |
Lease revenue | (5,315) | (6,302) | (17,247) | (20,756) |
(Gains) losses from futures contracts included in product sales revenue | 6,850 | (17,061) | (89,763) | 39,761 |
Affiliate management fee revenue | (1,579) | (1,764) | (4,676) | (5,085) |
Total revenue from contracts with customers under ASC 606 | 436,596 | 465,712 | 1,269,578 | 1,507,258 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 163,554 | 167,313 | 465,307 | 497,727 |
Lease revenue | (19,141) | (19,356) | (57,242) | (53,951) |
(Gains) losses from futures contracts included in product sales revenue | 884 | (564) | 483 | 1,743 |
Affiliate management fee revenue | (3,709) | (3,593) | (11,219) | (10,725) |
Total revenue from contracts with customers under ASC 606 | 141,588 | 143,800 | 397,329 | 434,794 |
Operating Segments [Member] | Service [Member] | Refined Products Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 320,809 | 352,611 | 914,887 | 1,009,812 |
Operating Segments [Member] | Service [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 154,652 | 155,377 | 433,947 | 467,652 |
Operating Segments [Member] | Product [Member] | Refined Products Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 114,252 | 136,464 | 461,701 | 478,441 |
Operating Segments [Member] | Product [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,193 | 8,343 | 20,141 | 19,350 |
Operating Segments [Member] | Product and Service, Other [Member] | Refined Products Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,579 | 1,764 | 4,676 | 5,085 |
Operating Segments [Member] | Product and Service, Other [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,709 | 3,593 | 11,219 | 10,725 |
Intersegment Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (1,930) | (1,556) | (5,093) | (3,835) |
Lease revenue | 0 | 0 | 0 | 0 |
(Gains) losses from futures contracts included in product sales revenue | 0 | 0 | 0 | 0 |
Affiliate management fee revenue | 0 | 0 | 0 | 0 |
Total revenue from contracts with customers under ASC 606 | (1,930) | (1,556) | (5,093) | (3,835) |
Intersegment Eliminations [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (1,930) | (1,556) | (5,093) | (3,835) |
Intersegment Eliminations [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Product and Service, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Transferred over Time [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 473,531 | 506,432 | 1,343,741 | 1,473,629 |
Transferred over Time [Member] | Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 282,350 | 303,603 | 777,605 | 875,416 |
Transferred over Time [Member] | Terminalling [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 46,878 | 51,604 | 132,618 | 152,114 |
Transferred over Time [Member] | Storage [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 80,312 | 81,914 | 244,943 | 247,617 |
Transferred over Time [Member] | Ancillary Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 39,535 | 43,653 | 114,086 | 123,775 |
Transferred over Time [Member] | Lease Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 24,456 | 25,658 | 74,489 | 74,707 |
Transferred over Time [Member] | Operating Segments [Member] | Service [Member] | Refined Products Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 320,809 | 352,611 | 914,887 | 1,009,812 |
Transferred over Time [Member] | Operating Segments [Member] | Service [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 154,652 | 155,377 | 433,947 | 467,652 |
Transferred over Time [Member] | Operating Segments [Member] | Transportation [Member] | Refined Products Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 192,194 | 208,073 | 533,451 | 584,662 |
Transferred over Time [Member] | Operating Segments [Member] | Transportation [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 90,156 | 95,530 | 244,154 | 290,754 |
Transferred over Time [Member] | Operating Segments [Member] | Terminalling [Member] | Refined Products Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 41,227 | 48,428 | 117,916 | 138,968 |
Transferred over Time [Member] | Operating Segments [Member] | Terminalling [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,651 | 3,176 | 14,702 | 13,146 |
Transferred over Time [Member] | Operating Segments [Member] | Storage [Member] | Refined Products Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 49,366 | 53,433 | 152,933 | 162,139 |
Transferred over Time [Member] | Operating Segments [Member] | Storage [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 32,876 | 30,037 | 97,103 | 89,313 |
Transferred over Time [Member] | Operating Segments [Member] | Ancillary Services [Member] | Refined Products Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 32,707 | 36,375 | 93,340 | 103,287 |
Transferred over Time [Member] | Operating Segments [Member] | Ancillary Services [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,828 | 7,278 | 20,746 | 20,488 |
Transferred over Time [Member] | Operating Segments [Member] | Lease Revenue [Member] | Refined Products Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,315 | 6,302 | 17,247 | 20,756 |
Transferred over Time [Member] | Operating Segments [Member] | Lease Revenue [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 19,141 | 19,356 | 57,242 | 53,951 |
Transferred over Time [Member] | Intersegment Eliminations [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (1,930) | (1,556) | (5,093) | (3,835) |
Transferred over Time [Member] | Intersegment Eliminations [Member] | Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Transferred over Time [Member] | Intersegment Eliminations [Member] | Terminalling [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Transferred over Time [Member] | Intersegment Eliminations [Member] | Storage [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (1,930) | (1,556) | (5,093) | (3,835) |
Transferred over Time [Member] | Intersegment Eliminations [Member] | Ancillary Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Transferred over Time [Member] | Intersegment Eliminations [Member] | Lease Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Transferred at Point in Time [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 119,445 | 144,807 | 481,842 | 497,791 |
Transferred at Point in Time [Member] | Operating Segments [Member] | Product [Member] | Refined Products Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 114,252 | 136,464 | 461,701 | 478,441 |
Transferred at Point in Time [Member] | Operating Segments [Member] | Product [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,193 | 8,343 | 20,141 | 19,350 |
Transferred at Point in Time [Member] | Intersegment Eliminations [Member] | Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue from Contract with Cu_5
Revenue from Contract with Customers (Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Billed Contracts Receivable | $ 107,317 | $ 124,701 |
Contract with Customer, Asset, after Allowance for Credit Loss | 13,834 | 8,071 |
Contract with Customer, Liability | $ 94,865 | $ 111,670 |
Revenue from Contract with Cu_6
Revenue from Contract with Customers (Performance Obligations) (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 3,414,095 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Amount | $ 677,070 |
Refined Products Segment [Member] | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 2,137,259 |
Refined Products Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 407,914 |
Crude Oil Pipeline and Terminals Segment [Member] | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 1,276,836 |
Crude Oil Pipeline and Terminals Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 269,156 |
Minimum [Member] | Refined Products Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Minimum [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Maximum [Member] | Refined Products Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 18 years |
Maximum [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 11 years |
Revenue from Contract with Cu_7
Revenue from Contract with Customers (Performance Obligations in Next 12 Months) (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 3,414,095 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 677,070 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Refined Products Segment [Member] | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 2,137,259 |
Refined Products Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 407,914 |
Crude Oil Pipeline and Terminals Segment [Member] | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 1,276,836 |
Crude Oil Pipeline and Terminals Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 269,156 |
Minimum [Member] | Refined Products Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Minimum [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Maximum [Member] | Refined Products Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 18 years |
Maximum [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 11 years |
Investments in Non-Controlled_3
Investments in Non-Controlled Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from Sale of Productive Assets | $ 334,583 | $ 65,574 | ||||
Gain (Loss) on Disposition of Other Assets | $ 0 | $ 2,532 | 12,887 | 28,966 | ||
Revenues | 598,264 | 656,596 | 1,841,478 | 1,987,230 | ||
Operating | 161,982 | 169,387 | 457,597 | 484,341 | ||
Other operating income (expense) | (2,863) | (379) | 539 | 1,538 | ||
Trade accounts receivable | 109,051 | 109,051 | $ 125,440 | |||
Other accounts receivable | 27,735 | 27,735 | 23,887 | |||
Change in Equity Method Investments [Roll Forward] | ||||||
Investments, Beginning Balance | 1,240,551 | |||||
Additional investment | 73,678 | |||||
Sale of ownership interest in Saddlehorn | (66,989) | |||||
Proportionate share of earnings | 117,848 | |||||
Amortization of excess investment and capitalized interest | (1,364) | |||||
Earnings of non-controlled entities | 39,135 | 50,189 | 116,484 | 122,229 | ||
Distributions from operations of non-controlled entities | 152,645 | 138,140 | ||||
Investments, Ending Balance | 1,211,079 | 1,211,079 | ||||
Service [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenues | 473,531 | 506,432 | 1,343,741 | 1,473,629 | ||
Equity Method Investee [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 700 | 1,200 | $ 2,900 | 3,800 | ||
BridgeTex [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Interest in equity method investment | 30.00% | 30.00% | ||||
BridgeTex [Member] | Equity Method Investee [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Trade accounts receivable | $ 382 | $ 382 | 392 | |||
Other accounts receivable | 441 | 441 | 26 | |||
Other Accounts Payable | 225 | 225 | ||||
BridgeTex [Member] | Equity Method Investee [Member] | Service [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenues | $ 9,323 | 10,737 | $ 32,748 | 31,063 | ||
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] | ||||||
Trade accounts receivable | $ 286 | $ 286 | 445 | |||
Double Eagle Pipeline Llc [Member] | Equity Method Investee [Member] | Service [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenues | $ 995 | 1,582 | $ 4,016 | 4,813 | ||
HoustonLink Pipeline Company LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Interest in equity method investment | 50.00% | 50.00% | ||||
HoustonLink Pipeline Company LLC [Member] | Equity Method Investee [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Trade accounts receivable | 60 | |||||
MVP Terminalling, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Interest in equity method investment | 50.00% | 50.00% | ||||
MVP Terminalling, LLC [Member] | Equity Method Investee [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Other operating income (expense) | $ 0 | 289 | $ 0 | 289 | ||
Other accounts receivable | $ 460 | $ 460 | 418 | |||
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] | ||||||
Trade accounts receivable | 161 | |||||
Long-term receivables | $ 8,970 | $ 8,970 | 6,006 | |||
Saddlehorn Pipeline Company [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Interest in equity method investment | 30.00% | 30.00% | 30.00% | |||
Equity Method Investment Sold Percentage | 10.00% | |||||
Saddlehorn Pipeline Company [Member] | Equity Method Investee [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Other accounts receivable | $ 142 | $ 142 | 126 | |||
Saddlehorn Pipeline Company [Member] | Equity Method Investee [Member] | Service [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenues | $ 580 | 566 | $ 1,711 | 1,669 | ||
Seabrook Logistics, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Interest in equity method investment | 50.00% | 50.00% | ||||
Seabrook Logistics, LLC [Member] | Equity Method Investee [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Operating | $ 7,175 | 6,267 | $ 21,553 | 19,417 | ||
Other operating income (expense) | 0 | $ 0 | 1,410 | $ 0 | ||
Trade accounts receivable | 497 | 497 | 941 | |||
Other Accounts Payable | $ 4,267 | $ 4,267 | $ 1,349 | |||
Texas Frontera Llc [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Interest in equity method investment | 50.00% | 50.00% | ||||
Investment in Saddlehorn JV [Member] | Saddlehorn Pipeline Company [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from Sale of Productive Assets | $ 79,900 | |||||
Gain (Loss) on Disposition of Other Assets | $ (12,900) |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Refined products | $ 60,515 | $ 96,128 |
Liquefied petroleum gases | 30,155 | 29,982 |
Transmix | 20,821 | 39,546 |
Crude oil | 12,872 | 12,714 |
Additives | 4,670 | 6,029 |
Total inventory | $ 129,033 | $ 184,399 |
Debt (Consolidated Debt) (Detai
Debt (Consolidated Debt) (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 4,948,000,000 | $ 4,750,000,000 | |
Unamortized debt issuance costs | (37,407,000) | (35,263,000) | |
Net unamortized premium (discount) | (10,282,000) | (8,662,000) | |
Long-term debt, net | $ 4,900,311,000 | 4,706,075,000 | |
4.25% Notes Due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||
Debt Instrument, Face Amount | $ 0 | 550,000,000 | |
3.20% Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | ||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | |
5.00% Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||
Debt Instrument, Face Amount | $ 650,000,000 | 650,000,000 | |
3.25% Notes Due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | |
Debt Instrument, Face Amount | $ 500,000,000 | $ 500,000,000 | 0 |
6.40% Notes Due 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | ||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | |
4.20% Notes Due 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | |
5.15% Notes Due 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | ||
Debt Instrument, Face Amount | $ 550,000,000 | 550,000,000 | |
4.20% Notes Due 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | |
4.25% Notes Due 2046 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 | |
4.20% Notes Due 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 | |
4.85% Notes Due 2049 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | ||
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 | |
3.95% Notes Due 2050 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 | |
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 248,000,000 | $ 0 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 4,948,000,000 | $ 4,750,000,000 | ||
Borrowings under long-term notes | 499,400,000 | $ 996,405,000 | ||
Gain (Loss) on Extinguishment of Debt | (12,893,000) | $ (8,270,000) | ||
Commercial Paper [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 248,000,000 | 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000,000 | |||
Debt, Weighted Average Interest Rate | 0.60% | |||
Commercial Paper [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 397 days | |||
3.25% Notes Due 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 500,000,000 | $ 500,000,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | ||
Debt Instrument, Notes At Price, Percentage Of Par | 99.88% | |||
Borrowings under long-term notes | $ 495,200,000 | |||
4.25% Notes Due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 0 | 550,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||
Extinguishment of Debt, Amount | $ 550,000,000 | |||
Gain (Loss) on Extinguishment of Debt | (12,900,000) | |||
Amortization of Debt Discount (Premium) | (700,000) | |||
Senior Notes [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000,000 | |||
Unused commitment fee | 0.125% | |||
Long term debt | $ 0 | 0 | ||
Obligation for letters of credit | $ 3,500,000 | $ 3,500,000 | ||
Senior Notes [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused commitment fee | 0.075% | |||
Senior Notes [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused commitment fee | 0.20% | |||
London Interbank Offered Rate (LIBOR) [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | |||
London Interbank Offered Rate (LIBOR) [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Leases Operating Lease, Other D
Leases Operating Lease, Other Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||||
Total lease expense | $ 13,649 | $ 12,473 | $ 39,726 | $ 37,048 | |
Current lease liability | 27,177 | 27,177 | $ 26,221 | ||
Long-term lease liability | 121,764 | 121,764 | 144,023 | ||
Right-of-use asset | 152,082 | 152,082 | 171,868 | ||
N/A [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total lease expense | 6,474 | 6,206 | 18,173 | 17,631 | |
Current lease liability | 15,721 | 15,721 | 15,136 | ||
Long-term lease liability | 67,323 | 67,323 | 81,508 | ||
Right-of-use asset | 86,185 | 86,185 | 98,268 | ||
Seabrook Logistics, LLC [Member] | Equity Method Investee [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total lease expense | 7,175 | $ 6,267 | 21,553 | $ 19,417 | |
Current lease liability | 11,456 | 11,456 | 11,085 | ||
Long-term lease liability | 54,441 | 54,441 | 62,515 | ||
Right-of-use asset | $ 65,897 | $ 65,897 | $ 73,600 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)pension_plan | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)pension_plan | Sep. 30, 2019USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Cost | $ | $ 2.8 | $ 2.8 | $ 9.7 | $ 9.3 |
Number Of Sponsored Pension Plans | pension_plan | 2 | 2 | ||
Number Of Sponsored Pension Plans, Non-Union Employees | pension_plan | 1 | 1 | ||
Number Of Sponsored Pension Plans, Union Employees | pension_plan | 1 | 1 | ||
Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ | $ 29.3 | $ 29.3 | ||
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ | $ 0.9 | $ 0.9 |
Schedule Of Consolidated Net Pe
Schedule Of Consolidated Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Pension Plan [Member] | ||||
Components of net periodic benefit costs: | ||||
Service cost | $ 6,898 | $ 6,260 | $ 20,836 | $ 19,145 |
Interest cost | 2,738 | 3,026 | 8,251 | 9,136 |
Expected return on plan assets | (2,829) | (2,354) | (8,524) | (7,045) |
Amortization of prior service credit | (46) | (46) | (136) | (136) |
Amortization of actuarial loss | 1,346 | 1,352 | 4,080 | 4,137 |
Settlement cost | 0 | 439 | 969 | 2,499 |
Settlement gain on disposition of assets | (1,342) | 0 | ||
Net periodic benefit cost | 8,107 | 8,677 | 24,134 | 27,736 |
Other Postretirement Benefits Plan [Member] | ||||
Components of net periodic benefit costs: | ||||
Service cost | 64 | 48 | 193 | 145 |
Interest cost | 121 | 126 | 360 | 380 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Amortization of actuarial loss | 127 | 60 | 382 | 248 |
Settlement cost | 0 | 0 | 0 | 0 |
Settlement gain on disposition of assets | 0 | 0 | ||
Net periodic benefit cost | $ 312 | $ 234 | $ 935 | $ 773 |
Employee Benefit Plans Schedule
Employee Benefit Plans Schedule of Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Changes in AOCL [Roll Forward] | ||||
Beginning balance | $ 2,454,738 | $ 2,637,779 | $ 2,715,028 | $ 2,643,434 |
Net actuarial loss | 0 | 0 | (333) | (10,913) |
Curtailment gain | 0 | 0 | 1,703 | 0 |
Recognition of prior service credit amortization in income | (46) | (46) | (136) | (136) |
Recognition of actuarial loss amortization in income | 1,473 | 1,412 | 4,462 | 4,385 |
Recognition of settlement cost in income | 0 | 439 | 969 | 2,499 |
Ending balance | 2,388,444 | 2,674,456 | 2,388,444 | 2,674,456 |
Pension Plan [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Net actuarial loss | 813 | (10,029) | ||
Curtailment gain | 1,703 | 0 | ||
Recognition of prior service credit amortization in income | (46) | (46) | (136) | (136) |
Recognition of actuarial loss amortization in income | 1,346 | 1,352 | 4,080 | 4,137 |
Recognition of settlement cost in income | 0 | 439 | 969 | 2,499 |
Other Postretirement Benefits Plan [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Net actuarial loss | (1,146) | (884) | ||
Curtailment gain | 0 | 0 | ||
Recognition of prior service credit amortization in income | 0 | 0 | 0 | 0 |
Recognition of actuarial loss amortization in income | 127 | 60 | 382 | 248 |
Recognition of settlement cost in income | 0 | 0 | 0 | 0 |
Accumulated Other Comprehensive Loss | Pension Plan [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Beginning balance | (98,610) | (93,876) | (104,739) | (88,602) |
Ending balance | (97,310) | (92,131) | (97,310) | (92,131) |
Accumulated Other Comprehensive Loss | Other Postretirement Benefits Plan [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Beginning balance | (9,269) | (6,105) | (8,378) | (5,409) |
Ending balance | $ (9,142) | $ (6,045) | $ (9,142) | $ (6,045) |
Long-Term Incentive Plan (Narra
Long-Term Incentive Plan (Narrative) (Details) - shares | Jan. 31, 2020 | Sep. 30, 2020 |
Share-based Payment Arrangement [Abstract] | ||
Limited partners' capital account, units authorized for issuance (in shares) | 11,900,000 | |
Limited partner unitholders, units remaining available (in shares) | 1,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 378,144 | |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||||
Allocation of LTIP expense on consolidated statements of income | $ 1,169 | $ 6,773 | $ 5,580 | $ 22,577 |
Performance Based Awards [Member] | ||||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||||
Allocation of LTIP expense on consolidated statements of income | (1,121) | 5,162 | (1,247) | 18,123 |
Time-Based Awards [Member] | ||||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||||
Allocation of LTIP expense on consolidated statements of income | $ 2,290 | $ 1,611 | $ 6,827 | $ 4,454 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($)bbl | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | ||||
Debt Instrument, Face Amount | $ 4,948,000,000 | $ 4,750,000,000 | ||
Payments for (Proceeds from) Hedge, Financing Activities | 10,444,000 | $ 33,342,000 | ||
Good Faith and Margin Deposits with Broker-Dealers | 14,031,000 | 27,415,000 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (3,300,000) | |||
Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount | bbl | 30,000 | |||
Derivative Liability | $ 12,300,000 | 17,300,000 | ||
3.25% Notes Due 2030 [Member] | ||||
Derivative [Line Items] | ||||
Debt Instrument, Face Amount | $ 500,000,000 | $ 500,000,000 | $ 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | ||
3.25% Notes Due 2030 [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 100,000,000 | |||
Payments for (Proceeds from) Hedge, Financing Activities | $ 10,400,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements) (Details) bbl in Millions | Sep. 30, 2020bbl |
Economic Hedges [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 3.1 |
Economic Hedges Futures [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 0.6 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule of Derivative Offset Amounts) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Commodity derivatives deposits | $ 14,031 | $ 27,415 |
Exchange Traded [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (4,386) | (11,033) |
Derivative Asset, Fair Value, Gross Asset | 2,740 | 811 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (1,646) | (10,222) |
Commodity derivatives deposits | 14,031 | 27,415 |
Amount After Offset | $ 12,385 | $ 17,193 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Derivative Gains Included In Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Gains Included in AOCI [Roll Forward] | ||||
Beginning balance | $ 2,454,738 | $ 2,637,779 | $ 2,715,028 | $ 2,643,434 |
Net gain (loss) on cash flow hedges | 0 | (14,181) | (10,444) | (25,216) |
Reclassification of net loss (gain) on cash flow hedges to income | 896 | 699 | 2,552 | 1,927 |
Ending balance | 2,388,444 | 2,674,456 | 2,388,444 | 2,674,456 |
Derivative Losses Included in AOCL | ||||
Derivative Gains Included in AOCI [Roll Forward] | ||||
Beginning balance | (57,748) | (36,287) | (48,960) | (26,480) |
Ending balance | $ (56,852) | $ (49,769) | $ (56,852) | $ (49,769) |
Derivative Financial Instrume_7
Derivative Financial Instruments (Derivatives And Hedging-Cash Flow Hedges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) on cash flow hedges | $ 0 | $ (14,181) | $ (10,444) | $ (25,216) |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (896) | (699) | (2,552) | (1,927) |
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 | 0 | (14,181) | (10,444) | (25,216) |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (896) | $ (699) | $ (2,552) | $ (1,927) |
Derivative Financial Instrume_8
Derivative Financial Instruments (Derivatives And Hedging-Overall-Subsequent Measurement) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (9,074) | $ 8,135 | $ 84,097 | $ (59,829) |
Commodity Contract [Member] | Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (7,734) | 17,626 | 89,280 | (41,504) |
Commodity Contract [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 1,815 | (5,581) | (2,529) | (9,456) |
Energy Related Derivative [Member] | Other Operating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (3,155) | $ (3,910) | $ (2,654) | $ (8,869) |
Derivative Financial Instrume_9
Derivative Financial Instruments (Derivatives and Hedging - Designated) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 2,740 | $ 811 |
Derivative Liability, Fair Value, Gross Liability | 16,660 | 28,337 |
Commodity Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,095 | 811 |
Commodity Contract [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 3,983 | 11,033 |
Commodity Contract [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,645 | |
Commodity Contract [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 403 | |
Energy Related Derivative [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Energy Related Derivative [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 9,280 | 8,457 |
Energy Related Derivative [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Energy Related Derivative [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 2,994 | $ 8,847 |
Fair Value Fair Value (Narrativ
Fair Value Fair Value (Narrative) (Details) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2020Terminal | Sep. 30, 2020bblTerminal | |
Derivative [Line Items] | ||
Number Of Marine Terminals Sold | Terminal | 3 | 3 |
Energy Related Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl | 30,000 |
Fair Value (Schedule Of Carryin
Fair Value (Schedule Of Carrying Amounts And Fair Values Of Financial Assets/Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Energy Related Derivative [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | $ (12,300) | $ (17,300) |
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | (1,646) | (10,222) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | (4,872,340) | (5,192,685) |
Fair Value, Inputs, Level 2 [Member] | Energy Related Derivative [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | (12,274) | (17,304) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | 21,850 | 20,782 |
Guarantees, Fair Value Disclosure | (11,239) | (408) |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | 21,850 | 20,782 |
Guarantees, Fair Value Disclosure | (11,239) | (408) |
Debt | (4,900,311) | (4,706,075) |
Reported Value Measurement [Member] | Commodity Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | (1,646) | (10,222) |
Reported Value Measurement [Member] | Energy Related Derivative [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | (12,274) | (17,304) |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | 21,850 | 20,782 |
Guarantees, Fair Value Disclosure | (11,239) | (408) |
Debt | (4,872,340) | (5,192,685) |
Estimate of Fair Value Measurement [Member] | Commodity Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | (1,646) | (10,222) |
Estimate of Fair Value Measurement [Member] | Energy Related Derivative [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | $ (12,274) | $ (17,304) |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020USD ($) | Mar. 31, 2020Terminal | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Terminal | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Oct. 04, 2017facility | |
Loss Contingencies [Line Items] | |||||||
Liabilities recognized for estimated environmental costs | $ 11.9 | $ 11.9 | $ 14.9 | ||||
Environmental expenses | 0.1 | $ 0.8 | 1.3 | $ 4.2 | |||
Receivables from insurance carriers related to environmental matters | 1.8 | $ 1.8 | 2.9 | ||||
Number Of Marine Terminals Sold | Terminal | 3 | 3 | |||||
Accounts Receivable [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Receivables from insurance carriers related to environmental matters | 1 | $ 1 | 1.8 | ||||
Other Noncurrent Assets [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Receivables from insurance carriers related to environmental matters | 0.8 | 0.8 | $ 1.1 | ||||
Performance Guarantee [Member] | Other Current Liabilities [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Guarantees, Fair Value Disclosure | 0.6 | 0.6 | |||||
Performance Guarantee [Member] | Other Noncurrent Liabilities [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Guarantees, Fair Value Disclosure | $ 10.2 | $ 10.2 | |||||
Powder Springs Logistics, LLC [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Interest in equity method investment | 50.00% | 50.00% | |||||
Powder Springs Logistics, LLC [Member] | Guarantee of Indebtedness of Others [Member] | Equity Method Investee [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Guarantees, Fair Value Disclosure | $ 0.4 | $ 0.4 | |||||
Interest in equity method investment | 50.00% | 50.00% | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 25 | $ 25 | |||||
Pending Litigation [Member] | Unfavorable Regulatory Action [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Alleged Patent Infringement, Number Of Facilities | facility | 9 |
Related Party Transactions (Det
Related Party Transactions (Details) - Director [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Methvin Company [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 8.6 | $ 7.1 | $ 24.3 | $ 21.4 | |
Accounts Receivable, Related Parties, Current | 3.7 | 3.7 | $ 3.8 | ||
Methvin Company 2 [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 0.1 | $ 0.3 |
Partners' Capital and Distrib_3
Partners' Capital and Distributions (Narrative) (Details) | Sep. 30, 2020USD ($) |
Partners' Capital [Abstract] | |
Stock Repurchase Program, Authorized Amount | $ 750,000,000 |
Partners' Capital and Distrib_4
Partners' Capital and Distributions (Schedule of Capital Units) (Details) | 9 Months Ended |
Sep. 30, 2020shares | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Limited partner units outstanding, beginning balance (in shares) | 228,403,428 |
Stock Repurchased During Period, Shares | (4,987,128) |
Limited partner units outstanding, ending balance (in shares) | 223,700,943 |
Management [Member] | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
During 2020–Other (in shares) | 275,093 |
Director [Member] | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
During 2020–Other (in shares) | 9,550 |
Partners' Capital and Distrib_5
Partners' Capital and Distributions (Schedule Of Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 13, 2020 | Aug. 14, 2020 | May 15, 2020 | Feb. 14, 2020 | Nov. 14, 2019 | Aug. 14, 2019 | May 15, 2019 | Feb. 14, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distribution per unit (in dollars per share) | $ 1.0275 | $ 1.0275 | $ 1.0275 | $ 1.0200 | $ 1.0125 | $ 1.0050 | $ 0.9975 | $ 3.0825 | $ 3.0150 | $ 4.0350 | ||
Total Cash Distribution to Limited Partners | $ 231,245 | $ 231,245 | $ 234,774 | $ 232,971 | $ 231,258 | $ 229,545 | $ 227,832 | $ 697,264 | $ 688,635 | $ 921,606 | ||
Scenario, Forecast | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distribution per unit (in dollars per share) | $ 1.0275 | $ 4.1100 | ||||||||||
Total Cash Distribution to Limited Partners | $ 229,853 | $ 927,117 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Dec. 31, 2020 | Nov. 13, 2020 | Sep. 30, 2020 | Aug. 14, 2020 | May 15, 2020 | Feb. 14, 2020 | Dec. 31, 2019 | Nov. 14, 2019 | Sep. 30, 2019 | Aug. 14, 2019 | May 15, 2019 | Feb. 14, 2019 |
Subsequent Event [Line Items] | ||||||||||||
Cash distribution per unit (in dollars per share) | $ 3.0825 | $ 1.0275 | $ 1.0275 | $ 1.0275 | $ 4.0350 | $ 1.0200 | $ 3.0150 | $ 1.0125 | $ 1.0050 | $ 0.9975 | ||
Scenario, Forecast | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Cash distribution per unit (in dollars per share) | $ 4.1100 | $ 1.0275 | ||||||||||
Subsequent Event | Scenario, Forecast | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Cash distribution per unit (in dollars per share) | $ 1.0275 |