Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 17, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-16335 | ||
Entity Registrant Name | Magellan Midstream Partners, L.P. | ||
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 | ||
Title of 12(b) Security | Common Units | ||
Trading Symbol | MMP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9,686,843,947 | ||
Entity Common Stock, Shares Outstanding (in shares) | 223,282,818 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement prepared for the solicitation of proxies in connection with the 2021 Annual Meeting of Limited Partners are to be incorporated by reference in Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001126975 | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 2,427,802 | $ 2,727,912 | $ 2,826,573 |
Costs and expenses: | |||
Operating | 601,359 | 634,081 | 649,436 |
Cost of product sales | 513,715 | 619,279 | 704,313 |
Depreciation and amortization | 258,676 | 246,134 | 265,077 |
General and administrative | 173,478 | 196,650 | 194,283 |
Total costs and expenses | 1,547,228 | 1,696,144 | 1,813,109 |
Other operating income (expense) | 101 | 2,975 | 0 |
Earnings of non-controlled entities | 153,327 | 168,961 | 181,117 |
Operating profit | 1,034,002 | 1,203,704 | 1,194,581 |
Interest expense | 234,133 | 221,123 | 220,979 |
Interest capitalized | (11,270) | (19,284) | (17,455) |
Interest income | (1,037) | (3,285) | (3,010) |
Gain on disposition of assets | (12,887) | (28,966) | (353,797) |
Other (income) expense | 5,164 | 11,830 | 13,868 |
Income before provision for income taxes | 819,899 | 1,022,286 | 1,333,996 |
Provision for income taxes | 2,934 | 1,437 | 71 |
Net income | $ 816,965 | $ 1,020,849 | $ 1,333,925 |
Basic net income per limited partner unit (in dollars per share) | $ 3.62 | $ 4.46 | $ 5.84 |
Diluted net income per limited partner unit (in dollars per share) | $ 3.62 | $ 4.46 | $ 5.84 |
Weighted average number of common units outstanding used for basic net income per unit calculation (in shares) | 225,503 | 228,658 | 228,377 |
Weighted average number of common units outstanding used for diluted net income per unit calculation (in shares) | 225,531 | 228,842 | 228,573 |
Service [Member] | |||
Revenues | $ 1,794,854 | $ 1,970,630 | $ 1,878,988 |
Product [Member] | |||
Revenues | 611,719 | 736,092 | 927,220 |
Product and Service, Other [Member] | |||
Revenues | $ 21,229 | $ 21,190 | $ 20,365 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 816,965 | $ 1,020,849 | $ 1,333,925 |
Other comprehensive income: | |||
Net gain (loss) on cash flow hedges | (9,484) | (25,216) | 4,317 |
Reclassification of net loss on cash flow hedges to income | 3,445 | 2,736 | 2,958 |
Net actuarial loss | (23,499) | (27,351) | (2,323) |
Curtailment gain | 1,703 | 0 | 0 |
Recognition of prior service credit amortization in income | (181) | (181) | (181) |
Recognition of actuarial loss amortization in income | 5,934 | 5,820 | 10,352 |
Recognition of settlement cost in income | 969 | 2,606 | 1,964 |
Total other comprehensive income (loss) | (21,113) | (41,586) | 17,087 |
Comprehensive income | $ 795,852 | $ 979,263 | $ 1,351,012 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 13,036 | $ 58,030 |
Trade accounts receivable | 109,136 | 125,440 |
Other accounts receivable | 37,075 | 23,887 |
Inventory | 167,389 | 184,399 |
Commodity derivatives deposits | 34,165 | 27,415 |
Other current assets | 44,392 | 40,237 |
Total current assets | 405,193 | 459,408 |
Property, plant and equipment | 8,352,825 | 8,431,227 |
Less: accumulated depreciation | 2,091,134 | 2,027,193 |
Net property, plant and equipment | 6,261,691 | 6,404,034 |
Investments in non-controlled entities | 1,213,856 | 1,240,551 |
Right-of-use asset, operating leases | 166,078 | 171,868 |
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 22,755 | 20,782 |
Goodwill | 52,830 | 53,260 |
Other intangibles (less accumulated amortization of $6,255 and $9,228 at December 31, 2019 and 2020, respectively) | 44,925 | 47,898 |
Restricted cash | 9,411 | 26,569 |
Other noncurrent assets | 20,243 | 13,359 |
Total assets | 8,196,982 | 8,437,729 |
Current liabilities: | ||
Accounts payable | 100,022 | 150,992 |
Accrued payroll and benefits | 52,490 | 75,511 |
Accrued interest payable | 58,998 | 64,276 |
Accrued taxes other than income | 68,313 | 66,007 |
Deferred revenue | 98,897 | 109,654 |
Accrued product purchases | 79,166 | 90,788 |
Energy commodity derivatives contracts, net | 22,372 | 10,222 |
Current portion of operating lease liability | 27,533 | 26,221 |
Other current liabilities | 50,783 | 73,205 |
Total current liabilities | 558,574 | 666,876 |
Long-term operating lease liability | 137,483 | 144,023 |
Long-term Debt, Excluding Current Maturities | 4,978,691 | 4,706,075 |
Long-term pension and benefits | 163,776 | 145,992 |
Other noncurrent liabilities | 54,652 | 59,735 |
Commitments and contingencies | ||
Partners' capital: | ||
Common unitholders (228,403 units and 223,120 units outstanding at December 31, 2019 and 2020, respectively) | 2,486,996 | 2,877,105 |
Accumulated other comprehensive loss | (183,190) | (162,077) |
Total partners’ capital | 2,303,806 | 2,715,028 |
Total liabilities and partners' capital | $ 8,196,982 | $ 8,437,729 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Other intangibles, accumulated amortization | $ 9,228 | $ 6,255 |
Limited partner unitholders, units outstanding (in shares) | 223,119,811 | 228,403,428 |
Consolidated Statments of Cash
Consolidated Statments of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities: | |||
Net income | $ 816,965 | $ 1,020,849 | $ 1,333,925 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 258,676 | 246,134 | 265,077 |
Gain on sale and retirement of assets | (12,887) | (28,966) | (328,055) |
Earnings of non-controlled entities | (153,327) | (168,961) | (181,117) |
Distributions from operations of non-controlled entities | 207,600 | 203,602 | 196,686 |
Equity-based incentive compensation expense | 11,985 | 24,012 | 32,053 |
Settlement cost, amortization of prior service credit and actuarial loss | 6,722 | 8,245 | 12,135 |
Debt extinguishment costs | 12,893 | 8,270 | 0 |
Changes in components of operating assets and liabilities (Note 8) | (41,249) | 7,994 | 22,246 |
Net cash provided by operating activities | 1,107,378 | 1,321,179 | 1,352,950 |
Investing Activities: | |||
Additions to property, plant and equipment | (439,574) | (943,990) | (552,257) |
Proceeds from sale and disposition of assets | 334,894 | 65,366 | 576,568 |
Investments in non-controlled entities | (95,068) | (212,380) | (216,424) |
Distributions from returns of investments in non-controlled entities | 501 | 8,494 | 1,786 |
Deposits received from undivided joint interest third party | 0 | 75,258 | 71,071 |
Net cash used by investing activities | (199,247) | (1,007,252) | (119,256) |
Financing Activities: | |||
Distributions paid | (927,117) | (921,606) | (865,431) |
Repurchase of common units | (276,940) | 0 | 0 |
Borrowings under long-term notes | 828,434 | 996,405 | 0 |
Debt placement costs | (7,583) | (12,012) | (404) |
Payments on notes | (550,000) | (550,000) | (250,000) |
Debt extinguishment costs | (12,893) | (8,270) | 0 |
Net receipt (payment) on financial derivatives | (9,484) | (33,342) | 24,619 |
Payments associated with settlement of equity-based incentive compensation | (14,700) | (9,764) | (9,285) |
Net cash used by financing activities | (970,283) | (538,589) | (1,100,501) |
Change in cash, cash equivalents and restricted cash | (62,152) | (224,662) | 133,193 |
Cash, cash equivalents and restricted cash at beginning of period | 84,599 | 309,261 | 176,068 |
Cash, cash equivalents and restricted cash at end of period | 22,447 | 84,599 | 309,261 |
Noncash Investing and Financing Items [Abstract] | |||
Additions to property, plant and equipment | (358,765) | (980,575) | (562,296) |
Changes in accounts payable and other current liabilities related to capital expenditures | (80,809) | 36,585 | 10,039 |
Additions to property, plant and equipment, net | $ (439,574) | $ (943,990) | $ (552,257) |
Consolidated Statement Of Partn
Consolidated Statement Of Partners' Capital - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Limited Partner [Member] | Limited Partner [Member]Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss [Member] |
Net income | $ 1,333,925 | $ 1,333,925 | |||
Beginning Balance at Dec. 31, 2017 | 2,129,653 | $ 5,975 | 2,267,231 | $ 5,975 | $ (137,578) |
Comprehensive income: | |||||
Total other comprehensive income (loss) | 17,087 | 17,087 | |||
Total comprehensive income (loss) | 1,351,012 | 1,333,925 | 17,087 | ||
Distributions | (865,431) | (865,431) | |||
Equity-based incentive compensation expense | 32,053 | 32,053 | |||
Issuance of common units in settlement of equity-based incentive plan awards | 120 | 120 | |||
Payments associated with settlement of equity-based incentive compensation | (9,285) | (9,285) | |||
Other | (663) | (663) | |||
Ending Balance at Dec. 31, 2018 | 2,643,434 | 2,763,925 | (120,491) | ||
Net income | 1,020,849 | 1,020,849 | |||
Comprehensive income: | |||||
Total other comprehensive income (loss) | (41,586) | (41,586) | |||
Total comprehensive income (loss) | 979,263 | 1,020,849 | (41,586) | ||
Distributions | (921,606) | (921,606) | |||
Equity-based incentive compensation expense | 24,012 | 24,012 | |||
Issuance of common 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 | (791) | (791) | |||
Ending Balance at Dec. 31, 2019 | 2,715,028 | 2,877,105 | (162,077) | ||
Net income | 816,965 | 816,965 | |||
Comprehensive income: | |||||
Total other comprehensive income (loss) | (21,113) | (21,113) | |||
Total comprehensive income (loss) | 795,852 | 816,965 | (21,113) | ||
Distributions | (927,117) | (927,117) | |||
Equity-based incentive compensation expense | 11,985 | 11,985 | |||
Repurchase of common units | (276,940) | (276,940) | |||
Issuance of common 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 | (902) | (902) | |||
Ending Balance at Dec. 31, 2020 | $ 2,303,806 | $ 2,486,996 | $ (183,190) |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Organization Unless indicated otherwise, the terms “our,” “we,” “us” and similar language refer to Magellan Midstream Partners, L.P. together with its subsidiaries. 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. Description of Business We are principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. As of December 31, 2020, our asset portfolio consisted of: • our refined products segment, comprised of our approximately 9,800-mile refined petroleum products pipeline system with 54 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 27 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 24 million barrels used for contract storage) are wholly-owned, with the remainder owned through joint ventures. Description of Products The following terms are commonly used in our industry to describe products that we transport, store, distribute or otherwise handle through our petroleum 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 also referred to as distillates; • transmix is a mixture that forms when different refined products are 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; • 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 • renewable fuels , such as ethanol, biodiesel and renewable diesel, 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Significant Accounting Policies Basis of Presentation. Our consolidated financial statements include our refined products and crude oil operating segments. We consolidate all entities in which we have a controlling ownership interest. We apply the equity method of accounting to investments in entities over which we exercise significant influence but do not control. We eliminate all intercompany transactions. Reclassifications. Certain prior year amounts have been reclassified to conform with the current period’s presentation. Use of Estimates. The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities that exist at the date of our consolidated financial statements, as well as their impact on the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. Cash Equivalents. Cash and cash equivalents include demand and time deposits and funds that own highly marketable securities with original maturities of three months or less when acquired. We periodically assess the financial condition of the institutions where we hold these funds, and, at December 31, 2019 and 2020, we believed our credit risk relative to these funds was minimal. Restricted Cash. Restricted cash includes cash that we are contractually required to use for the construction of fixed assets and is unavailable for general use. It is classified as noncurrent due to its designation to be used for the construction of noncurrent assets. Accounts Receivable and Allowance for Doubtful Accounts. Accounts receivable represent valid claims against customers. We recognize accounts receivable when we sell products or render services and collection of the receivable is probable. We extend credit terms to certain customers after a review of various credit indicators. We establish an allowance for doubtful accounts using an expected credit loss approach and evaluate reserves no less than quarterly to determine their adequacy. Judgments relative to at-risk accounts include the customers’ current financial condition, the customers’ historical relationship with us and current and projected economic conditions. We write off accounts receivable when we deem an account uncollectible. Product Overages and Shortages. Each period end we measure the volume of each type of product in our pipeline systems and terminals, which is compared to the volumes of our customers’ inventories (as adjusted for tender deductions). To the extent the product volumes in our pipeline systems and terminals exceed the volumes of our customers’ book inventories, we recognize a gain from the product overage and increase our product inventories. To the extent the product in our pipeline systems and terminals is less than our customers’ book inventories, we recognize a loss from the product shortage and we record a liability for product owed to our customers. The product overages we recognize are recorded based on market prices, and the resulting inventory is carried at weighted average cost. The product shortages we recognize are recorded based on our weighted average cost. Additionally, when product shortages result in a net short inventory position, the related liability is recorded based on period-end market prices. Product overages and shortages as well as adjustments to the value of net short inventory positions are recorded in operating expenses on our consolidated statements of income. Income Taxes. We are a partnership for income tax purposes and therefore are not subject to federal or state income taxes for most of the states in which we operate. The tax on our net income is borne by our unitholders through allocation to them of their share of taxable income. Net income for financial statement purposes may differ significantly from taxable income of unitholders because of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under our partnership agreement. The aggregate difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined because information regarding each unitholder’s tax attributes is not available to us. The amounts recognized as provision for income taxes in our consolidated statements of income are primarily comprised of partnership-level taxes levied by the state of Texas. This tax is based on revenues less direct costs of sale for our assets apportioned to the state of Texas. Net Income Per Unit. We calculate basic net income per common unit for each period by dividing net income by the weighted-average number of common units outstanding. The difference between our actual common units outstanding and our weighted-average number of common units outstanding used to calculate net income per common unit is due to the impact of: (i) the phantom units issued to our independent directors, which are included in the calculation of basic and diluted weighted average units outstanding, 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 the dilutive effect of phantom unit awards granted pursuant to our long-term incentive plan, which have not yet vested in periods where contingent performance metrics have been met. Index of Additional Significant Accounting Policies Revenue from Contracts with Customers Note 4 – Revenue Property, Plant and Equipment Note 5 – Property, Plant and Equipment, Goodwill and Other Intangibles Goodwill and Other Intangible Assets Note 5 – Property, Plant and Equipment, Goodwill and Other Intangibles Investments in Non-Controlled Entities Note 6 – Investments in Non-Controlled Entities Inventory Note 7 – Inventory Leases Note 10 – Leases Pension and Postretirement Medical and Life Benefit Obligations Note 11 – Employee Benefit Plans Equity-Based Incentive Compensation Note 12 – Long-Term Incentive Plan Derivative Financial Instruments Note 13 – Derivative Financial Instruments Contingencies and Environmental Note 15 – Commitments and Contingencies 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 | 12 Months Ended |
Dec. 31, 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 because 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. 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. Year Ended December 31, 2018 (in thousands) Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 1,316,616 $ 566,063 $ (3,691) $ 1,878,988 Product sales revenue 880,453 46,767 — 927,220 Affiliate management fee revenue 5,533 14,832 — 20,365 Total revenue 2,202,602 627,662 (3,691) 2,826,573 Operating expenses 486,596 172,478 (9,638) 649,436 Cost of product sales 660,185 44,128 — 704,313 Earnings of non-controlled entities (18,884) (162,233) — (181,117) Operating margin 1,074,705 573,289 5,947 1,653,941 Depreciation, amortization and impairment expense 202,047 57,083 5,947 265,077 G&A expenses 140,333 53,950 — 194,283 Operating profit $ 732,325 $ 462,256 $ — $ 1,194,581 Additions to long-lived assets $ 357,359 $ 148,995 $ 506,354 As of December 31, 2018 Segment assets $ 4,687,351 $ 2,803,895 $ 7,491,246 Corporate assets 256,291 Total assets $ 7,747,537 Goodwill $ 41,178 $ 12,082 $ 53,260 Investments in non-controlled entities $ 292,820 $ 783,486 $ 1,076,306 Year Ended December 31, 2019 (in thousands) Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 1,355,682 $ 620,365 $ (5,417) $ 1,970,630 Product sales revenue 707,812 28,280 — 736,092 Affiliate management fee revenue 6,719 14,471 — 21,190 Total revenue 2,070,213 663,116 (5,417) 2,727,912 Operating expenses 471,743 173,261 (10,923) 634,081 Cost of product sales 591,228 28,051 — 619,279 Other operating (income) expense (10,185) 7,210 — (2,975) Earnings of non-controlled entities (8,070) (160,891) — (168,961) Operating margin 1,025,497 615,485 5,506 1,646,488 Depreciation, amortization and impairment expense 174,096 66,532 5,506 246,134 G&A expenses 140,735 55,915 — 196,650 Operating profit $ 710,666 $ 493,038 $ — $ 1,203,704 Additions to long-lived assets $ 805,902 $ 74,235 $ 880,137 As of December 31, 2019 Segment assets $ 5,411,920 $ 2,894,733 $ 8,306,653 Corporate assets 131,076 Total assets $ 8,437,729 Goodwill $ 41,178 $ 12,082 $ 53,260 Investments in non-controlled entities $ 422,384 $ 818,167 $ 1,240,551 Year Ended December 31, 2020 (in thousands) Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 1,241,846 $ 559,570 $ (6,562) $ 1,794,854 Product sales revenue 578,630 33,089 — 611,719 Affiliate management fee revenue 6,270 14,959 — 21,229 Total revenue 1,826,746 607,618 (6,562) 2,427,802 Operating expenses 425,443 189,087 (13,171) 601,359 Cost of product sales 471,292 42,423 — 513,715 Other operating (income) expense (3,247) 3,146 — (101) Earnings of non-controlled entities (32,555) (120,772) — (153,327) Operating margin 965,813 493,734 6,609 1,466,156 Depreciation, amortization and impairment expense 175,510 76,557 6,609 258,676 G&A expenses 125,742 47,736 — 173,478 Operating profit $ 664,561 $ 369,441 $ — $ 1,034,002 Additions to long-lived assets $ 291,863 $ 56,401 $ 348,264 As of December 31, 2020 Segment assets $ 5,269,691 $ 2,836,888 $ 8,106,579 Corporate assets 90,403 Total assets $ 8,196,982 Goodwill $ 40,748 $ 12,082 $ 52,830 Investments in non-controlled entities $ 429,193 $ 784,663 $ 1,213,856 |
Revenue from Contract with Cust
Revenue from Contract with Customer (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue Revenue recognition policies Revenue is recognized upon the satisfaction of each performance obligation required by our customer contracts. Transportation and terminals revenue is recognized over time as our customers receive the benefits of our service as it is performed on their behalf using an output method based on actual deliveries. Revenue for our storage services is recognized over time using an output method based on the capacity of storage under contract with our customers. Product sales revenue is recognized at a point in time when our customers take control of the commodities purchased. We record back-to-back purchases and sales of petroleum products on a net basis. We recognize pipeline transportation revenue for crude oil shipments when our customers’ product arrives at the customer-designated destination. For shipments of refined products under published tariffs that combine transportation and terminalling services, we recognize revenue when our customers take delivery of their product from our system. For shipments where terminalling services are not included in the tariff, we recognize revenue when our customers’ product arrives at the customer-designated destination. We have certain contracts that require counterparties to ship a minimum volume over an agreed-upon time period, which are contracted as minimum dollar or volume commitments. Revenue pursuant to these take-or-pay contracts is recognized when the customers utilize their committed volumes. Additionally, when we estimate that the customers will not utilize all or a portion of their committed volumes, we recognize revenue in proportion to the pattern of exercised rights for the respective commitment period. Our interstate common carrier petroleum products pipeline operations are subject to rate regulation by the Federal Energy Regulatory Commission (“FERC”) under the Interstate Commerce Act, the Energy Policy Act of 1992 and rules and orders promulgated pursuant thereto. FERC regulation requires that interstate pipeline rates be filed with the FERC, be posted publicly and be nondiscriminatory and “just and reasonable.” The rates on approximately 40% of the shipments on our refined products pipeline system are regulated by the FERC primarily through an index methodology. As an alternative to cost-of-service or index-based rates, interstate pipeline companies may establish rates by obtaining authority to charge market-based rates in competitive markets or by negotiation with unaffiliated shippers. Approximately 60% of our refined products pipeline system’s markets are either subject to regulations by the states in which we operate or are approved for market-based rates by the FERC, and in both cases these rates can generally be adjusted at our discretion based on market factors. Most of the tariffs on our crude oil pipelines are established by negotiated rates that generally provide for annual adjustments in line with changes in the FERC index, subject to certain modifications. For both our index-based rates and our market-based rates, our published tariffs serve as contracts, and shippers nominate the volume to be shipped up to a month in advance. These tariffs include provisions which allow us to deduct from our customer’s inventory a small percentage of the products our customers transport on our pipeline systems. We refer to this non-monetary consideration as tender deduction revenue. We receive tender deductions from our customers as consideration for product losses during the transportation of petroleum products within our pipeline systems. Tender deduction revenue is generally recognized as transportation revenue when the customer's transported commodities reach their destination and is recorded at the fair value of the product received on the date received or the contract date, as applicable. Product sales revenue pricing is contractually specified, and we have determined that each barrel sold represents a separate performance obligation. Transaction prices for our other services including terminalling, storage and ancillary services are typically contracted as a single performance obligation with our customers. In circumstances where multiple performance obligations are contractually required, we allocate the transaction price to the various performance obligations based on their relative standalone selling price. The following tables provide details of our revenues disaggregated by key activities that comprise our performance obligations by operating segment (in thousands): Year Ended December 31, 2018 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 758,028 $ 374,352 $ — $ 1,132,380 Terminalling 182,648 6,365 — 189,013 Storage 212,112 98,597 (3,691) 307,018 Ancillary services 136,122 26,151 — 162,273 Lease revenue 27,706 60,598 — 88,304 Transportation and terminals revenue 1,316,616 566,063 (3,691) 1,878,988 Product sales revenue 880,453 46,767 — 927,220 Affiliate management fee revenue 5,533 14,832 — 20,365 Total revenue 2,202,602 627,662 (3,691) 2,826,573 Revenue not under the guidance of ASC 606: Lease revenue (1) (27,706) (60,598) — (88,304) (Gains) losses from futures contracts included in product sales revenue (2) (85,643) 632 — (85,011) Affiliate management fee revenue (5,533) (14,832) — (20,365) Total revenue from contracts with customers under ASC 606 $ 2,083,720 $ 552,864 $ (3,691) $ 2,632,893 (1) Lease revenue is accounted for under ASC 840, Leases . (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging . Year Ended December 31, 2019 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 787,688 $ 381,654 $ — $ 1,169,342 Terminalling 185,008 17,822 — 202,830 Storage 215,042 119,330 (5,417) 328,955 Ancillary services 140,055 28,376 — 168,431 Lease revenue 27,889 73,183 — 101,072 Transportation and terminals revenue 1,355,682 620,365 (5,417) 1,970,630 Product sales revenue 707,812 28,280 — 736,092 Affiliate management fee revenue 6,719 14,471 — 21,190 Total revenue 2,070,213 663,116 (5,417) 2,727,912 Revenue not under the guidance of ASC 606: Lease revenue (1) (27,889) (73,183) — (101,072) (Gains) losses from futures contracts included in product sales revenue (2) 69,538 3,024 — 72,562 Affiliate management fee revenue (6,719) (14,471) — (21,190) Total revenue from contracts with customers under ASC 606 $ 2,105,143 $ 578,486 $ (5,417) $ 2,678,212 (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 . Year Ended December 31, 2020 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 742,951 $ 305,397 $ — $ 1,048,348 Terminalling 149,859 21,463 — 171,322 Storage 200,091 129,048 (6,562) 322,577 Ancillary services 125,268 26,936 — 152,204 Lease revenue 23,677 76,726 — 100,403 Transportation and terminals revenue 1,241,846 559,570 (6,562) 1,794,854 Product sales revenue 578,630 33,089 — 611,719 Affiliate management fee revenue 6,270 14,959 — 21,229 Total revenue 1,826,746 607,618 (6,562) 2,427,802 Revenue not under the guidance of ASC 606: Lease revenue (1) (23,677) (76,726) — (100,403) (Gains) losses from futures contracts included in product sales revenue (2) (62,317) 3,624 — (58,693) Affiliate management fee revenue (6,270) (14,959) — (21,229) Total revenue from contracts with customers under ASC 606 $ 1,734,482 $ 519,557 $ (6,562) $ 2,247,477 (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 We invoice customers on our refined products pipelines for transportation services when their product enters our system. At each period end, we record all invoiced amounts associated with products that have not yet been delivered (in-transit products) as a contract liability. This liability is presented as deferred revenue on our consolidated balance sheets. Deferred revenue is also recorded for pre-payments received in conjunction with take-or-pay contracts, storage contracts and other service offerings in which the service to our customers remains unfulfilled. Additionally, at each period end, we defer the direct costs we have incurred associated with our customers’ in-transit products as contract assets. Contract assets are presented on our consolidated balance sheets as other current assets. These direct costs are estimated based on our per-barrel direct delivery cost for the current period multiplied by the total in-transit barrels in our system at the end of the period multiplied by 50% to reflect the average transportation costs incurred for all products across all of our pipeline systems. We use 50% of the in-transit barrels because that best represents the average delivery point of all barrels in our pipeline system. These contract assets and contract liabilities are determined using judgments and assumptions that management considers reasonable. The following table summarizes our accounts receivable, contract assets and contract liabilities resulting from contracts with customers (in thousands): December 31, 2019 December 31, 2020 Accounts receivable from contracts with customers $ 124,701 $ 108,843 Contract assets $ 8,071 $ 12,220 Contract liabilities $ 111,670 $ 102,964 For the year ended December 31, 2020, we recognized $93.4 million of transportation and terminals revenue that was recorded in deferred revenue as of December 31, 2019. Unfulfilled Performance Obligations We have certain contracts with customers that represent customer commitments to purchase a minimum amount of our services over specified time periods. These contracts require us to provide services to our customers in the future and result in our having unfulfilled performance obligations (“UPOs”) to our customers related to the periods remaining under each contract. We have UPOs in many of our core business services, including transportation, terminalling and storage services. The UPOs will be recognized as revenue in the future as our customers utilize our services or when we estimate that our customers are not likely to use all or a portion of their commitments. The following table provides the aggregate amount of the transaction price allocated to our UPOs as of December 31, 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 December 31, 2020 $ 2,015,459 $ 1,262,305 $ 3,277,764 Remaining terms 1 - 18 years 1 - 11 years Estimated revenues from UPOs to be recognized in the next 12 months $ 383,897 $ 273,782 $ 657,679 |
Property, Plant and Equipment a
Property, Plant and Equipment and Other Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment and Other Intangibles | Property, Plant and Equipment, Goodwill and Other Intangibles Property, Plant and Equipment Property, plant and equipment consist primarily of pipeline, pipeline-related equipment, storage tanks and processing equipment. We state property, plant and equipment at cost except for certain acquired assets recorded at fair value on their respective acquisition dates and impaired assets. We record impaired assets at fair value on the last impairment evaluation date for which an adjustment was required. We assign asset lives based on reasonable estimates when we place an asset into service. Subsequent events could cause us to change our estimates, which would affect the future calculation of depreciation expense. When we sell or retire property, plant and equipment, we remove its carrying value and the related accumulated depreciation from our accounts and record any associated gains or losses on our consolidated statements of income in the period of sale or disposition. We capitalize expenditures to replace existing assets and retire the replaced assets. We capitalize expenditures when they extend the useful life, increase the productivity or capacity or improve the safety or efficiency of the asset. We capitalize direct project costs such as labor and materials as incurred. Indirect project costs, such as overhead, are capitalized based on a percentage of direct labor charged to the respective capital project. We charge expenditures for maintenance, repairs and minor replacements to operating expense in the period incurred. During construction, we capitalize interest on all construction projects requiring a completion period of three months or longer and total project costs exceeding $0.5 million. The interest we capitalize is based on the weighted-average interest rate of our debt. The weighted average rates used to capitalize interest on borrowed funds were 4.8%, 4.6% and 4.4% for the years ended December 31, 2018, 2019 and 2020, respectively. Property, plant and equipment consisted of the following (in thousands): Estimated Depreciable Lives December 31, 2019 2020 Construction work-in-progress $ 515,312 $ 125,173 Land and rights-of-way 336,982 385,190 Buildings 125,772 126,619 10 to 53 years Storage tanks 2,206,839 2,085,601 10 to 49 years Pipeline and station equipment 2,917,059 3,327,078 10 to 59 years Processing equipment 2,044,589 2,006,835 3 to 56 years Other 284,674 296,329 3 to 53 years Property, Plant and Equipment, Gross $ 8,431,227 $ 8,352,825 Other includes total interest capitalized on construction in progress as of December 31, 2019 and 2020 of $86.4 million and $98.4 million, respectively. Depreciation expense for the years ended December 31, 2018, 2019 and 2020 was $214.4 million, $242.9 million and $256.0 million, respectively. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In reviewing for impairment, the carrying value of such assets is compared to the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. If such cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to reduce the carrying value of the long-lived asset to its estimated fair value. The determination of future cash flows as well as the estimated fair value of long-lived assets involves significant estimates on the part of management. During 2018, we made the decision to discontinue commercial operations of our ammonia pipeline due to the system’s low profitability and challenging economic outlook. We estimated the fair value of the ammonia pipeline assets based on expected future cash flows and recognized a $49.1 million impairment charge in depreciation, amortization and impairment expense on our consolidated statements of income in 2018. Goodwill We record the excess of purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in a business acquisition (or combination) as goodwill. The goodwill relating to each of our reporting units is tested for impairment annually as well as when an event or change in circumstances indicates an impairment may have occurred. For purposes of performing the impairment test for goodwill, our reporting units are our refined products and crude oil segments. In 2018, we elected to complete the quantitative goodwill impairment test and calculated that the fair value of each of our reporting units was greater than its carrying amount. In 2019 and 2020, we elected to perform the qualitative assessment for purposes of our annual goodwill impairment test and concluded that it was more likely than not that the fair value of each of our reporting units was greater than its carrying amount. Based on this assessment, we concluded goodwill was not impaired. Other Intangibles |
Investments in Non-Controlled E
Investments in Non-Controlled Entities | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Non-Controlled Entities | Investments in Non-Controlled EntitiesWe account for interests in affiliates that we do not control using the equity method of accounting. Under this method, an investment is recorded at our acquisition cost or capital contributions, as adjusted by contractual terms, plus equity in earnings or losses since acquisition or formation, plus interest capitalized, less distributions received and amortization of interest capitalized and excess net investment. Excess net investment is the amount by which our investment in a non-controlled entity exceeded our proportionate share of the book value of the net assets of that investment. We amortize excess net investment over the weighted-average depreciable asset lives of the equity investee. Our unamortized excess net investment was $33.9 million and $33.0 million at December 31, 2019 and 2020, respectively. The amount of unamortized excess investment is primarily related to our investment in BridgeTex. We evaluate equity method investments for impairment whenever events or circumstances indicate that there is an other-than-temporary loss in value of the investment. In the event that we determine that the loss in value of an investment is other-than-temporary, we would record a charge to earnings to adjust the carrying value to fair value. We recognized no equity investment impairments during 2018, 2019 and 2020. Our equity investments in non-controlled entities at December 31, 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 year ended December 31, 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 $3.9 million, $5.3 million and $3.6 million, respectively, for the years ended December 31, 2018, 2019 and 2020. We recorded the following revenue and expense transactions from certain of these non-controlled entities in our consolidated statements of income (in thousands): Year Ended December 31, 2018 2019 2020 Transportation and terminals revenue: BridgeTex, capacity lease $ 39,596 $ 41,806 $ 42,286 Double Eagle, throughput revenue $ 5,250 $ 6,213 $ 4,917 Saddlehorn, storage revenue $ 2,180 $ 2,234 $ 2,483 Operating costs: Seabrook, storage lease and ancillary services $ 10,572 $ 25,851 $ 29,116 MVP, sale of air emission reduction credits (reduction of operating costs) $ (2,161) $ — $ — Product sales revenue: Powder Springs, butane sales $ 4,899 $ — $ — Seabrook, product sales $ — $ 328 $ — Cost of product sales: Powder Springs, butane purchases $ 410 $ — $ — Other operating income: MVP, easement sale $ — $ 289 $ — Seabrook, gain on sale of air emission credits $ — $ — $ 1,410 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 $ — December 31, 2020 Trade Accounts Receivable Other Accounts Receivable Other Accounts Payable Long-Term Receivables BridgeTex $ 355 $ 27 $ 970 $ — Double Eagle $ 277 $ — $ — $ — HoustonLink $ — $ — $ 144 $ — MVP $ — $ 467 $ 2,297 $ — Powder Springs $ — $ — $ — $ 10,223 Saddlehorn $ — $ 121 $ — $ — Seabrook $ — $ — $ 7,274 $ — We entered into 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 10 – Leases for more details regarding this lease). The financial results from Powder Springs, MVP 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 (representing only our proportionate interests) follows (in thousands): Investments at December 31, 2019 $ 1,240,551 Additional investment 95,068 Sale of ownership interest in Saddlehorn (66,989) Earnings of non-controlled entities: Proportionate share of earnings 155,140 Amortization of excess investment and capitalized interest (1,813) Earnings of non-controlled entities 153,327 Less: Distributions from operations of non-controlled entities 207,600 Distributions from returns of investments in non-controlled entities 501 Investments at December 31, 2020 $ 1,213,856 Summarized financial information of our non-controlled entities (representing 100% of the interests in these entities) follows (in thousands): December 31, 2019 2020 Current assets $ 260,033 $ 243,828 Noncurrent assets 2,768,696 2,846,747 Total assets $ 3,028,729 $ 3,090,575 Current liabilities $ 160,566 $ 143,638 Noncurrent liabilities 60,886 57,515 Total liabilities $ 221,452 $ 201,153 Equity $ 2,807,277 $ 2,889,422 Year Ended December 31, 2018 2019 2020 Revenue $ 631,420 $ 782,013 $ 752,685 Net income $ 416,128 $ 507,464 $ 471,438 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory is comprised primarily of refined products, liquefied petroleum gases, transmix, crude oil and additives, which are stated and relieved at the lower of average cost or net realizable value. Inventory at December 31, 2019 and 2020 was as follows (in thousands): December 31, 2019 2020 Refined products $ 96,128 $ 79,473 Liquefied petroleum gases 29,982 26,734 Transmix 39,546 23,397 Crude oil 12,714 32,431 Additives 6,029 5,354 Total inventory $ 184,399 $ 167,389 |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flows Information | Consolidated Statements of Cash Flows Changes in the components of operating assets and liabilities are as follows (in thousands): Year Ended December 31, 2018 2019 2020 Trade accounts receivable and other accounts receivable $ 24,169 $ (20,156) $ (1,172) Inventory (3,390) 1,336 15,771 Accounts payable 21,146 (1,237) 4,225 Accrued payroll and benefits 14,015 4,931 (23,269) Accrued interest payable (7,399) 1,018 (5,278) Accrued taxes other than income 1,750 12,914 4,131 Deferred revenue 5,191 (11,431) (10,757) Accrued product liabilities (20,677) 15,306 (11,622) Other current and noncurrent assets and liabilities (12,559) 5,313 (13,278) Total $ 22,246 $ 7,994 $ (41,249) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt at December 31, 2019 and 2020 was as follows (in thousands): December 31, 2019 2020 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 500,000 800,000 Face value of long-term debt 4,750,000 5,000,000 Unamortized debt issuance costs (1) (35,263) (40,143) Net unamortized debt premium (discount) (1) (8,662) 18,834 Long-term debt, net $ 4,706,075 $ 4,978,691 (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. At December 31, 2020, maturities of our debt were as follows: $0 in 2021 through 2024; $250 million in 2025; and $4.75 billion thereafter. 2020 Debt Issuances In December 2020, we issued $300.0 million of our 3.95% senior notes due 2050. The notes, which are additional notes of the series originally issued in August 2019, were priced at 109.678% of par. Net proceeds from this offering were approximately $329.2 million after underwriting discounts and offering expenses, and including accrued interest. The net proceeds from this offering will be used for general partnership purposes, which may include repayment of indebtedness, including borrowings under our revolving credit facility and commercial paper program, capital expenditures and repurchases of our common units. 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 $550.0 million senior notes due in 2021. We recognized $12.9 million of debt extinguishment costs that were recorded 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 year ended December 31, 2020. Other Debt Revolving Credit Facility. At December 31, 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 the 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 from 0.075% to 0.200% depending on our credit ratings. The unused commitment fee was 0.125% at December 31, 2020. Borrowings under this facility may be used for general purposes, including capital expenditures. As of December 31, 2019 and 2020, there were no borrowings 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 the facility. Our revolving credit facility requires us to maintain a specified ratio of consolidated debt to EBITDA (as defined in the credit agreement) of no greater than 5.0 to 1.0. In addition, the revolving credit facility and the indentures under which our senior notes were issued contain covenants that limit our ability to, among other things, incur indebtedness secured by certain liens or encumber our assets, engage in certain sale-leaseback transactions and consolidate, merge or dispose of all or substantially all of our assets. We were in compliance with these covenants as of and during the year ended December 31, 2020. Commercial Paper Program. We have a commercial paper program under which we may issue commercial paper notes in an amount up to the available capacity under our $1.0 billion revolving credit facility. The maturities of the commercial paper notes vary, but may not exceed 397 days from the date of issuance. Because the commercial paper we can issue is limited to amounts available under our revolving credit facility, amounts outstanding under the program are classified as long-term debt. The commercial paper notes are sold under customary terms in the commercial paper market and are issued at a discount from par, or alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. The weighted-average interest rate for commercial paper borrowings based on the number of days outstanding was 2.6% and 0.4% for the year ended December 31, 2019 and 2020, respectively. There were no borrowings outstanding under this program at December 31, 2019 and 2020. During the years ending December 31, 2018, 2019 and 2020, total cash payments for interest on all indebtedness, excluding the impact of related interest rate swap agreements, were $227.8 million, $217.1 million and $234.5 million, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases We have both lessee and lessor arrangements. Our leases are evaluated at inception or at any subsequent modification. Depending on the terms, leases are classified as either operating or finance leases if we are the lessee, or as operating, sales-type or direct financing leases if we are the lessor, as appropriate under ASC 842, Leases . Our lessee arrangements primarily include a terminalling and storage contract where we have exclusive use of dedicated tankage, leased pipelines and office buildings. Our lessor arrangements include pipeline capacity and storage contracts and our condensate splitter tolling agreement that qualify as operating leases under ASC 842. In addition, we have a long-term throughput and deficiency agreement with a customer that is being accounted for as a sales-type lease under ASC 842. In accordance with ASC 842, we have made an accounting policy election to not apply the standard to lessee arrangements with a term of one year or less and no purchase option that is reasonably certain of exercise. We will continue to account for these short-term arrangements by recognizing payments and expenses as incurred, without recording a lease liability and right-of-use asset. We have also made an accounting policy election for both our lessee and lessor arrangements to combine lease and non-lease components. This election is applied to all of our lease arrangements as our non-lease components do not result in significant timing differences in the recognition of rental expenses or income. Operating Leases – Lessee We recognize a lease liability for each lease based on the present value of remaining minimum fixed rental payments (which includes payments under any renewal option that we are reasonably certain to exercise), using a discount rate that approximates the rate of interest we would have to pay to borrow on a collateralized basis over a similar term. We also recognize a right-of-use asset for each lease, valued at the lease liability, adjusted for prepaid or accrued rent balances existing at the time of initial recognition. The lease liability and right-of-use asset are reduced over the term of the lease as payments are made and the assets are used. Related Party Operating Lease . We entered into 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. Minimum fixed rental payments are recognized on a straight-line basis over the life of the lease as costs and expenses on our consolidated statements of income. Variable and short-term rental payments are recognized as costs and expenses as they are incurred. Variable payments consist of amounts that exceed the contractual minimum rental payment (for example, payment increases tied to a change in a market index). Future minimum rental payments under operating leases with initial terms greater than one year as of December 31, 2020 are as follows (in thousands): Third Party Leases Seabrook Lease All Leases 2021 $ 20,463 $ 12,701 $ 33,164 2022 20,609 9,919 30,528 2023 20,854 9,919 30,773 2024 16,956 9,643 26,599 2025 16,250 6,612 22,862 Thereafter 18,541 24,246 42,787 Total future minimum rental payments 113,673 73,040 186,713 Present value discount 11,593 $ 10,104 $ 21,697 Total operating lease liability $ 102,080 $ 62,936 $ 165,016 The following tables provide further information about our operating leases (dollars in thousands): Year Ended 12/31/2019 Year Ended 12/31/2020 Third Party Leases Seabrook Lease All Leases Third Party Leases Seabrook Lease All Leases Fixed lease expense $ 19,171 $ 10,834 $ 30,005 $ 19,224 $ 14,262 $ 33,486 Short-term lease expense 1,603 — 1,603 1,334 — 1,334 Variable lease expense 3,058 15,017 18,075 4,105 14,854 18,959 Total lease expense $ 23,832 $ 25,851 $ 49,683 $ 24,663 $ 29,116 $ 53,779 As of and for the Year Ended December 31, 2019 December 31, 2020 Third Party Leases Seabrook Lease All Leases Third Party Leases Seabrook Lease All Leases Current lease liability $ 15,136 $ 11,085 $ 26,221 $ 17,099 $ 10,434 $ 27,533 Long-term lease liability $ 81,508 $ 62,515 $ 144,023 $ 84,982 $ 52,501 $ 137,483 Right-of-use asset $ 98,268 $ 73,600 $ 171,868 $ 103,142 $ 62,936 $ 166,078 Operating cash flows for operating leases $ 23,253 25,870 $ 49,123 $ 24,098 29,116 $ 53,214 Weighted average remaining lease term (years) 6 8 7 6 7 7 Weighted-average discount rate 3.9% 4.0% 4.0% 3.7% 4.0% 3.8% Rent expense was $42.1 million for the year ended December 31, 2018 and was recognized in accordance with ASC 840. Operating Leases – Lessor We recognize fixed rental income on a straight-line basis over the life of the lease as revenue on our consolidated statements of income. Variable rental payments are recognized as revenue in the period in which the circumstances on which the variable lease payments are based occur. Future minimum payments receivable under operating leases with initial terms greater than one year as of December 31, 2020 are estimated as follows (in thousands): 2021 $ 30,235 2022 21,322 2023 18,820 2024 18,562 2025 13,911 Thereafter 40,645 Total $ 143,495 We recognized variable lease revenue of $51.8 million, $58.4 million and $61.4 million, respectively, for the years ended December 31, 2018, 2019 and 2020, primarily related to our condensate splitter. At December 31, 2020, property, plant and equipment utilized by our customers in operating lease arrangements consisted of: $226.4 million of processing equipment; $58.3 million of storage tanks; $48.7 million of pipeline and station equipment; and $30.5 million of other assets. The processing equipment primarily relates to our condensate splitter. Sales-Type Lease – Lessor We entered into a long-term throughput and deficiency agreement with a customer on a pipeline and related assets that we constructed in Texas and New Mexico, which contains minimum volume/payment commitments. Our customer has the option to purchase this pipeline and related assets at the end of the lease term for a nominal amount. This agreement is accounted for as a sales-type lease under ASC 842. The net investment under this arrangement as of December 31, 2019 and 2020 was as follows (in thousands): December 31, 2019 December 31, 2020 Total minimum lease payments receivable $ 15,721 $ 13,974 Less: Unearned income 2,814 2,257 Recorded net investment in sales-type lease $ 12,907 $ 11,717 The net investment in this sales-type lease was classified in the consolidated balance sheets as follows (in millions): December 31, 2019 December 31, 2020 Other accounts receivable $ 1,190 $ 1,245 Long-term receivables 11,717 10,472 Total $ 12,907 $ 11,717 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Compensation and Employee Benefit Plans | Employee Benefit Plans Our pension and postretirement benefit liabilities represent the funded status of the present value of benefit obligations of our employee benefit plans. We develop pension, postretirement medical and life benefit costs from third-party actuarial valuations. We establish actuarial assumptions to anticipate future events and use those assumptions when calculating the expense and liabilities related to these plans. These factors include assumptions management makes concerning expected investment return on plan assets, discount rates, health care costs trend rates, turnover rates and rates of future compensation increases, among others. In addition, we use subjective factors such as withdrawal and mortality rates to develop actuarial valuations. Management reviews and updates these assumptions on an annual basis. The actuarial assumptions that we use may differ from actual results due to changing market rates or other factors. These differences could affect the amount of pension and postretirement medical and life benefit expense we will recognize in future periods. Defined Contribution Plan. We sponsor a defined contribution plan in which we match our employees’ qualifying contributions, resulting in additional expense to us. Expenses related to the defined contribution plan were $11.0 million, $11.4 million and $12.2 million in 2018, 2019 and 2020, respectively. Defined Benefit Plans. 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. The annual measurement date of these plans is December 31. The following table presents the changes in benefit obligations and plan assets for pension benefits and other postretirement benefits, as well as the end-of-period accumulated benefit obligation for the years ended December 31, 2019 and 2020 (in thousands): Pension Benefits Other Postretirement Benefits 2019 2020 2019 2020 Change in benefit obligations: Benefit obligations at beginning of year $ 308,949 $ 381,240 $ 12,080 $ 15,207 Service cost 25,406 27,736 193 258 Interest cost 12,163 10,989 507 479 Plan participants’ contributions — — 564 567 Actuarial loss 54,171 53,165 3,300 2,540 Benefits paid (11,409) (23,097) (1,437) (1,758) Curtailment gain — (1,703) — — Settlement payments (8,040) (4,685) — — Benefit obligations at end of year 381,240 443,645 15,207 17,293 Change in plan assets: Fair value of plan assets at beginning of year 197,590 249,293 — — Employer contributions 31,630 29,338 873 1,191 Plan participants’ contributions — — 564 567 Actual return on plan assets 39,522 43,560 — — Benefits paid (11,409) (23,097) (1,437) (1,758) Settlement payments (8,040) (3,343) — — Fair value of plan assets at end of year 249,293 295,751 — — Funded status at end of year $ (131,947) $ (147,894) $ (15,207) $ (17,293) Accumulated benefit obligations $ 274,353 $ 324,770 At December 31, 2019 and 2020, the accumulated benefit obligations of each of our plans exceeded the fair value of the related plans’ assets. The pension plans actuarial loss in 2020 of $53.2 million is primarily due to the impact of decreases in the discount rates used to calculate the benefit obligations, partially offset by demographic changes. The pension benefit obligations experienced an actuarial loss of $54.2 million in 2019 primarily due to the impact of decreases in the discount rates used to calculate the benefit obligations, partially offset by changes in salary assumptions and higher asset returns. The following table summarizes information for pension plans with obligations in excess of plan assets (in thousands): December 31, 2019 2020 Plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation $ 381,240 $ 443,645 Fair value of plan assets $ 249,293 $ 295,751 Plans with an accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation $ 274,353 $ 324,770 Fair value of plan assets $ 249,293 $ 295,751 Amounts recognized in the consolidated balance sheets included in these financial statements were as follows (in thousands): Pension Benefits Other Postretirement Benefits 2019 2020 2019 2020 Amounts recognized in consolidated balance sheets: Current accrued benefit cost $ — $ — $ 1,162 $ 1,411 Long-term pension and benefits 131,947 147,894 14,045 15,882 131,947 147,894 15,207 17,293 Accumulated other comprehensive loss: Net actuarial loss (107,625) (120,487) (8,378) (10,409) Prior service credit 2,886 2,705 — — (104,739) (117,782) (8,378) (10,409) Net amount of liabilities and accumulated other comprehensive loss recognized in consolidated balance sheets $ 27,208 $ 30,112 $ 6,829 $ 6,884 Net periodic benefit expense for the years ended December 31, 2018, 2019 and 2020 was as follows (in thousands): Pension Benefits Other Postretirement Benefits 2018 2019 2020 2018 2019 2020 Components of net periodic pension and postretirement benefit expense: Service cost $ 38,167 $ 25,406 $ 27,736 $ 243 $ 193 $ 258 Interest cost 14,907 12,163 10,989 416 507 479 Expected return on plan assets (12,090) (9,401) (11,354) — — — Amortization of prior service credit (181) (181) (181) — — — Amortization of actuarial loss 9,763 5,489 5,425 589 331 509 Settlement cost 1,964 2,606 969 — — — Settlement gain on disposition of assets — — (1,342) — — — Net periodic expense $ 52,530 $ 36,082 $ 32,242 $ 1,248 $ 1,031 $ 1,246 The service component of our net periodic benefit expense (credit) 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. Net periodic benefit expense for the year ended December 31, 2018 includes corrections of $19.4 million resulting from an error in our third-party actuary’s valuation of our pension liabilities and net periodic pension expense. In addition, long-term pension and benefits increased $22.2 million and accumulated other comprehensive loss increased $2.8 million in our 2018 consolidated balance sheets as a result of this valuation error. Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during 2018, 2019 and 2020 were as follows (in thousands): Pension Benefits Other Postretirement Benefits 2018 2019 2020 2018 2019 2020 Beginning balance $ (97,226) $ (88,602) $ (104,739) $ (6,597) $ (5,409) $ (8,378) Net actuarial gain (loss) (2,922) (24,051) (20,959) 599 (3,300) (2,540) Amortization of prior service credit (181) (181) (181) — — — Amortization of actuarial loss 9,763 5,489 5,425 589 331 509 Curtailment gain — — 1,703 — — — Settlement cost 1,964 2,606 969 — — — Amount recognized in other comprehensive loss 8,624 (16,137) (13,043) 1,188 (2,969) (2,031) Ending balance $ (88,602) $ (104,739) $ (117,782) $ (5,409) $ (8,378) $ (10,409) Actuarial gains and losses are amortized over the average future service period of the current active plan participants expected to receive benefits. The corridor approach is used to determine when actuarial gains and losses are to be amortized and is equal to 10% of the greater of the projected benefit obligation or the market related value of plan assets. The amount of gain or loss in excess of the calculated corridor is subject to amortization. The estimated net actuarial loss and prior service credit for the defined benefit pension plans that will be amortized from AOCL into net periodic benefit cost in 2021 are $6.2 million and $0.2 million, respectively. The estimated net actuarial loss for the other defined benefit postretirement plan that will be amortized from AOCL into net periodic benefit cost in 2021 is $0.6 million. The weighted-average rate assumptions used to determine projected benefit obligations were as follows: Pension Benefits Other Postretirement Benefits 2019 2020 2019 2020 Discount rate 3.01% 2.23% 3.06% 2.30% Rate of compensation increase 4.58% 4.53% n/a n/a Cash balance interest crediting rate 2.16% 1.70% n/a n/a The weighted-average rate assumptions used to determine net pension and other postretirement benefit plans expense were as follows: Pension Benefits Other Postretirement Benefits For the Year Ended December 31, For the Year Ended December 31, 2018 2019 2020 2018 2019 2020 Discount rate 3.63% 3.98% 3.01% 3.43% 4.08% 3.06% Rate of compensation increase 6.38% 6.48% 4.58% n/a n/a n/a Expected rate of return on plan assets 6.00% 6.00% 4.50% n/a n/a n/a Cash balance interest crediting rate 3.15% 2.78% 2.16% n/a n/a n/a The non-pension postretirement benefit plans provide for retiree contributions and contain other cost-sharing features such as deductibles and coinsurance. The accounting for these plans anticipates future cost sharing that is consistent with management’s expressed intent to increase the retiree contribution rate generally in line with health care cost increases. The annual assumed rate of increase in the health care cost trend rate for 2021 is 6.0% decreasing systematically to 5.08% by 2028 for pre-65 year old participants. The fair values of the pension plan assets at December 31, 2019 were as follows (in thousands): Asset Category Total Quoted Prices in Active Markets for Significant Significant Domestic Equity Securities: (1) Small-cap fund $ 5,087 $ 5,087 $ — $ — Mid-cap fund 5,095 5,095 — — Large-cap fund 40,884 40,884 — — International equity fund 25,580 25,580 — — Fixed Income Securities: (1) Short-term bond fund 3,590 3,590 — — Intermediate-term bond fund 29,485 29,485 — — Long-term investment grade bond funds 132,096 132,096 — — Other: Short-term investment fund 7,300 7,300 — — Group annuity contract 176 — — 176 Fair value of plan assets $ 249,293 $ 249,117 $ — $ 176 (1) We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated. The fair values of the pension plan assets at December 31, 2020 were as follows (in thousands): Asset Category Total Quoted Prices in Active Markets for Significant Significant Domestic Equity Securities (1) : Small-cap fund $ 5,798 $ 5,798 $ — $ — Mid-cap fund 5,853 5,853 — — Large-cap fund 47,598 47,598 — — International equity fund 29,876 29,876 — — Fixed Income Securities (1) : Short-term bond fund 4,209 4,209 — — Intermediate-term bond fund 34,894 34,894 — — Long-term investment grade bond funds 161,007 161,007 — — Other: Short-term investment fund 6,354 6,354 — — Group annuity contract 162 — — 162 Fair value of plan assets $ 295,751 $ 295,589 $ — $ 162 (1) We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated. As reflected in the tables above, Level 3 activity was not material. The investment strategies for the various funds held as pension plan assets by asset category are as follows: Asset Category Fund’s Investment Strategy Domestic Equity Securities: Small-cap fund Seeks to track performance of the Center for Research in Security Prices (“CRSP”) US Small Cap Index Mid-cap fund Seeks to track performance of the CRSP US Mid Cap Index Large-cap fund Seeks to track performance of the Standard & Poor’s 500 Index International equity fund Seeks long-term growth of capital by investing 65% or more of assets in international equities Fixed Income Securities: Short-term bond fund Seeks current income with limited price volatility through investment in primarily high quality bonds Intermediate-term bond fund Seeks moderate and sustainable level of current income by investing primarily in high quality fixed income securities with maturities from five to ten years Long-term investment grade bond funds Seek high and sustainable current income through investment primarily in long-term high grade bonds Other: Short-term investment fund Invests in high quality short-term money market instruments issued by the U.S. Treasury Group annuity contract Earns interest quarterly equal to the effective yield of the 91-day U.S. Treasury bill The expected long-term rate of return on plan assets was determined by combining a review of projected returns, historical returns of portfolios with assets similar to the current portfolios of the union and non-union pension plans and target weightings of each asset classification. Our investment objective for the assets within the pension plans is to earn a return that meets or exceeds the growth of obligations that result from interest and changes in the discount rate, while avoiding excessive risk. Defined diversification goals are set in order to reduce the risk of wide swings in the market value from year to year, or of incurring large losses that may result from concentrated positions. As a result, our plan assets have no significant concentrations of credit risk. Additionally, liquidity risks are minimized because all of the funds that the plans have invested in are publicly traded. We evaluate risks based on the potential impact to the predictability of contribution requirements, probability of under-funding, expected risk-adjusted returns and investment return volatility. Funds are invested with multiple investment managers. Our liabilities are calculated using rates defined by the Pension Protection Act of 2006. Approximately 70% of the plans’ investments are allocated to fixed-income securities and invested to match the durations of the plans’ short, intermediate and long-term pension liabilities, with the amount invested in each duration reflecting that duration’s proportion of the plans’ liabilities. The remaining approximately 30% of the plans’ investments are allocated to equity securities. The target allocation and actual weighted-average asset allocation percentages at December 31, 2019 and 2020 were as follows: 2019 2020 Actual Target Actual Target Equity securities 30% 30% 30% 30% Fixed income securities 67% 67% 68% 67% Other 3% 3% 2% 3% As of December 31, 2020, the benefit amounts expected to be paid from plan assets through December 31, 2030 were as follows (in thousands): Pension Other 2021 $ 21,404 $ 1,410 2022 $ 17,855 $ 1,275 2023 $ 21,413 $ 1,168 2024 $ 22,878 $ 1,016 2025 $ 23,629 $ 975 2026 through 2030 $ 145,885 $ 3,929 Contributions estimated to be paid by us into the plans in 2021 are $29.7 million and $1.4 million for the pension and other postretirement benefit plans, respectively. |
Long-Term Incentive Plan
Long-Term Incentive Plan | 12 Months Ended |
Dec. 31, 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 of 11.9 million of our common units. The estimated units remaining available under the LTIP at December 31, 2020 totaled approximately 1.1 million. The awards include: (i) performance-based awards issued to certain officers and other key employees (“performance-based awards”), (ii) time-based awards issued to certain officers and other key employees (“time-based awards,” and together with performance-based awards, “employee awards”), and (iii) awards issued to independent members of our general partner’s board of directors (“director awards”) that may be deferred and if deferred may be paid in cash. All of the awards include distribution equivalent rights, except non-deferred director awards. The LTIP requires employee awards to be settled in our common units, except the settlement of distribution equivalents, which we pay in cash. As a result, we classify employee awards as equity. Fair value for these awards is determined on the grant date, and we recognize this value as compensation expense ratably over the requisite service period, which is the vesting period of each award. The vesting period for employee awards is generally three years; however, certain awards have been issued with shorter vesting periods while others have vesting periods of up to four years. Because employee awards contain distribution equivalent rights, the fair value of our employee awards is based on the closing price of our units on the grant date. Payouts for performance-based awards are subject to the attainment of a financial metric. Additionally, the 2018 and 2019 performance-based awards are subject to an adjustment for our total unitholder return (the “TUR adjustment”), and the fair value of these awards is adjusted for the fair value of the TUR adjustment. The financial metric for the performance-based awards is our distributable cash flow per unit excluding commodity-related activities for the last year of the three-year vesting period as compared to established threshold, target and stretch levels. The payouts for the performance-related component of the awards can range from 0% for results below threshold, up to 200% for actual results at stretch or above. The TUR adjustment is based on our total unitholder return at the end of the three-year vesting period of the awards in relation to the total unitholder returns of certain peer entities and can increase or decrease the payout of the award by as much as 50%. Payouts related to time-based awards are based solely on the completion of the requisite service period by the employee and contain no provisions that provide for a payout other than the original number of units awarded and the associated distribution equivalents. Performance-based awards are subject to forfeiture if a participant’s employment is terminated for any reason other than for termination within two years of a change-in-control that occurs on an involuntary basis without cause or on a voluntary basis for good cause, or due to retirement, disability or death prior to the vesting date. These awards can vest early under certain circumstances following a change in control. Time-based awards are subject to forfeiture if a participant’s employment is terminated for any reason other than retirement, death or disability prior to the vesting date, or as the result of certain other employment restrictions. If an employee award recipient retires, dies or becomes disabled prior to the end of the vesting period, the award is prorated based upon months of employment completed during the vesting period, and the award is settled shortly after the end of the vesting period. Compensation expense for our equity awards is calculated as the number of unit awards less forfeitures, multiplied by the grant date fair value of those awards, multiplied by the percentage of the requisite service period completed at each period end, multiplied by the expected payout percentage, less previously-recognized compensation expense. Non-deferred director awards are paid in units valued on the grant date, with compensation expense calculated as the number of units awarded multiplied by the fair value of those units at that date. We classify deferred director awards as liability awards because they may be settled in cash. Because deferred director awards have distribution equivalent rights, the fair value of these awards equals the closing price of our units at the measurement date. Compensation expense for deferred director awards is calculated as the number of units awarded, multiplied by the fair value of those awards on the measurement date, less previously-recognized compensation expense. Director awards deferred prior to 2015 are paid in January of the year following the director’s resignation from the board of directors of our general partner or death. Director awards deferred after January 1, 2015 are paid 60 days following the director’s death or resignation from the board of directors of our general partner. Non-Vested Unit Awards The following table includes the changes during the current fiscal year in the number of non-vested units that have been granted by the compensation committee. The amounts below do not include adjustments for above-target or below-target performance. Performance-Based Awards Time-Based Awards Total Awards Number of Unit Weighted-Average Fair Value Number of Unit Weighted-Average Fair Value Number of Unit Weighted-Average Fair Value Non-vested units - 1/1/2020 379,904 $ 69.14 260,316 $ 63.92 640,220 $ 67.02 Units granted during 2020 189,632 $ 61.16 198,450 $ 61.18 388,082 $ 61.17 Units vested during 2020 (196,142) $ 73.79 (75,089) $ 70.50 (271,231) $ 72.88 Units forfeited during 2020 (33,230) $ 65.70 (30,133) $ 62.90 (63,363) $ 64.37 Non-vested units - 12/31/20 340,164 $ 62.35 353,544 $ 61.07 693,708 $ 61.70 The table below summarizes the total non-vested unit awards outstanding, including estimated targeted financial performance adjustments, to determine our total equity-based liability accrual. Grant Date Non-Vested Unit Awards Performance Adjustment to Unit Awards Total Unit Award Accrual Vesting Date Unrecognized Compensation Expense (in millions) (a) Performance-Based Awards: 2019 Awards 164,706 (82,353) 82,353 12/31/2021 $ 1.7 2020 Awards 175,458 — 175,458 12/31/2022 7.0 Time-Based Awards: 2021 Vesting Date 170,837 — 170,837 12/31/2021 3.4 2022 Vesting Date 182,707 — 182,707 12/31/2022 7.6 Total 693,708 (82,353) 611,355 $ 19.7 (a) Unrecognized compensation expense will be recognized over the remaining vesting period of the awards. Weighted-Average Fair Value The weighted-average fair value of awards granted during 2018, 2019 and 2020 was as follows: Performance-Based Awards Time-Based Awards Number of Weighted-Average Fair Value Number of Unit Weighted-Average Fair Value Units granted during 2018 218,923 $ 73.80 83,564 $ 71.03 Units granted during 2019 182,834 $ 63.65 195,031 $ 62.91 Units granted during 2020 189,632 $ 61.16 198,450 $ 61.18 Vested Unit Awards The table below sets forth the numbers and values of units that vested in each of the three years ended December 31, 2020. The vested common units include adjustments for above-target financial and market performance. Vesting Date Vested Fair Value of Unit Awards on Vesting Date (in millions) Intrinsic Value of Unit Awards on Vesting Date (in millions) 12/31/2018 317,037 $22.1 $18.1 12/31/2019 436,629 $31.0 $27.5 12/31/2020 235,127 $15.2 $10.0 Cash Flow Effects of LTIP Settlements The difference between the common units issued to the participants and the total number of unit awards vested primarily represents the tax withholdings associated with the award settlement, which we pay in cash. Settlement Date Number of Common Units Issued, Net of Tax Withholdings Tax Withholdings and Other Cash Payments Employer Taxes (in millions) Total Cash Payments (in millions) January 2018 168,913 $9.3 $1.1 $10.4 January 2019 199,792 $9.8 $0.9 $10.7 January 2020 275,093 $14.7 $1.3 $16.0 Compensation Expense Summary Equity-based incentive compensation expense for 2018, 2019 and 2020, primarily recorded as G&A expense on our consolidated statements of income, was as follows (in thousands): Year Ended December 31, 2018 2019 2020 Performance awards $ 28,728 $ 17,920 $ 3,087 Time-based awards 3,325 6,092 8,898 Total $ 32,053 $ 24,012 $ 11,985 During 2020, LTIP expense related to performance awards vesting in 2020 and 2021 decreased, reflecting the impacts of COVID-19-related reductions in economic activity. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We use derivative instruments to manage market price risks associated with inventories, interest rates and certain forecasted transactions. For those instruments that qualify for hedge accounting, the accounting treatment depends on their intended use and their designation. We classify derivative financial instruments qualifying for hedge accounting treatment into two categories: (1) cash flow hedges and (2) fair value hedges. We execute cash flow hedges to hedge against the variability in cash flows related to a forecasted transaction and execute fair value hedges to hedge against the changes in the value of a recognized asset or liability. At the inception of a hedged transaction, we document the relationship between the hedging instrument and the hedged item, the risk management objectives and the methods used for assessing and testing hedge effectiveness. We also assess, both at the inception of the hedge and on an on-going basis, whether the derivatives that are used in our hedging transactions are highly effective in offsetting changes in cash flows or fair value of the hedged item. If we determine that a derivative originally designated as a cash flow or fair value hedge is no longer highly effective, we discontinue hedge accounting prospectively and record the change in the fair value of the derivative in current earnings. The changes in fair value of derivative financial instruments that are not designated as hedges for accounting purposes, which we refer to as economic hedges, are included in current earnings. As part of our risk management process, we assess the creditworthiness of the financial and other institutions with which we execute financial derivatives. Such financial instruments involve the risk of non-performance by the counterparty, which could result in material losses to us. Interest Rate Derivatives We periodically enter into interest rate derivatives to hedge the fair value of debt or hedge against variability in interest rates. For interest rate cash flow hedges, we record the unrealized gains or losses as an adjustment to other comprehensive income. The realized gains and losses from our cash flow hedges are recognized into earnings as an adjustment to our periodic interest expense over the life of the related debt issuance. For fair value hedges on long-term debt, we record the unrealized gains or losses as an adjustment to long-term debt, and realized amounts as an adjustment to our periodic interest expense. Adjustments resulting from discontinued hedges continue to be recognized in accordance with their historic hedging relationships. In December 2020, upon issuance of an additional $300.0 million of 3.95% notes due 2050, we terminated and settled treasury lock agreements that we had previously entered into to protect against the variability of interest payments on this anticipated debt issuance for a gain of $1.0 million, which was included in our statements of cash flows as a net receipt on financial derivatives. These agreements were accounted for as cash flow hedges. The gain was recorded to other comprehensive income (loss) and will be recognized into earnings as an adjustment to our periodic interest expense over the term of the life of the associated notes. In May 2020, upon issuance of $500.0 million of 3.25% notes due 2030, we terminated and settled treasury lock agreements that we had previously entered into to protect against the variability of interest payments on this anticipated debt issuance 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 (loss) and will be recognized into earnings as an adjustment to our periodic interest expense over the term of the life of the associated notes. In August 2019, upon issuance of our $500.0 million of 3.95% notes due 2050, we terminated and settled treasury lock agreements we had previously entered into to protect against the variability of interest payments on this anticipated debt issuance for a loss of $25.3 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 (loss) and will be recognized into earnings as an adjustment to our periodic interest expense over the life of the associated notes. In 2019, upon issuance of $500.0 million of 4.85% notes due 2049, we terminated and settled treasury lock agreements that we had previously entered into to protect against the variability of interest payments on this anticipated debt issuance for a loss of $8.0 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 (loss) and will be recognized into earnings as an adjustment to our periodic interest expense over the life of the associated notes. During 2018, we terminated and settled $200.0 million of interest rate derivative agreements with cumulative gains of $24.6 million. These agreements were previously entered into to protect against the risk of variability of interest payments on debt we issued in 2019. These agreements were accounted for as cash flow hedges. The gains were recorded to other comprehensive income (loss) and will be recognized into earnings as an adjustment to our periodic interest expense over the life of the associated notes. These gains were also reported as a net receipt on financial derivatives in the financing activities of our consolidated statements of cash flows in 2018. Commodity Derivatives Our gas liquids blending activities produce gasoline, and we can reasonably estimate the timing and quantities of sales of these products. We use a combination of exchange-based commodities futures contracts and forward purchase and sale contracts to help manage commodity price changes and mitigate the risk of decline in the product margin realized from our gas liquids blending activities. Further, certain of our other commercial operations generate petroleum products, and we also use futures contracts to hedge against price changes for some of these commodities. Forward physical purchase and sale contracts that qualify for and are elected as normal purchases and sales are accounted for using traditional accrual accounting, whereby changes in the mark-to-market values of such contracts are not recognized in income, rather the revenues and costs associated with such transactions are recognized during the period when commodities are physically delivered or received. Physical forward commodity contracts subject to this exception are evaluated for the probability of future delivery and are periodically tested once the forecasted period has passed to determine whether similar forward contracts are probable of physical delivery in the future. We record the effective portion of the gains or losses for commodity-based contracts designated as fair value hedges as adjustments to the assets being hedged and the ineffective portions as well as amounts excluded from the assessment of hedge effectiveness as adjustments to other income or expense. We recognize the change in fair value of economic hedges that hedge against changes in the price of petroleum products that we expect to sell or purchase in the future currently in earnings as adjustments to product sales revenue, cost of product sales, or operating expenses, as applicable. Our open futures contracts at December 31, 2020 were as follows: Type of Contract/Accounting Methodology Product Represented by the Contract and Associated Barrels Maturity Dates Futures - Economic Hedges 3.4 million barrels of refined products and crude oil Between January 2021 and November 2022 Futures - Economic Hedges 0.1 million barrels of gas liquids Between January and April 2021 Commodity Derivatives Contracts and Deposits Offsets At December 31, 2019 and 2020, we had made margin deposits of $27.4 million and $34.2 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 2020 (in thousands): 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 December 31, 2019 $ (11,033) $ 811 $ (10,222) $ 27,415 $ 17,193 As of December 31, 2020 $ (22,988) $ 1,690 $ (21,298) $ 34,165 $ 12,867 (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 2020, respectively, was $17.3 million and $10.2 million. Impact of Derivatives on Our Financial Statements Comprehensive Income The changes in derivative activity included in AOCL for the years ended December 31, 2018, 2019 and 2020 were as follows (in thousands): Year Ended December 31, Derivative Gains (Losses) Included in AOCL 2018 2019 2020 Beginning balance $ (33,755) $ (26,480) $ (48,960) Net gain (loss) on interest rate contract cash flow hedges 4,317 (25,216) (9,484) Reclassification of net loss on cash flow hedges to income 2,958 2,736 3,445 Ending balance $ (26,480) $ (48,960) $ (54,999) The following is a summary of the effect on our consolidated statements of income for the years ended December 31, 2018, 2019 and 2020 of derivatives that were designated as cash flow hedges (in thousands): Interest Rate Contracts Amount of Gain (Loss) Recognized in AOCL on Derivatives Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Year Ended December 31, 2018 $ 4,317 Interest expense $ (2,958) Year Ended December 31, 2019 $ (25,216) Interest expense $ (2,736) Year Ended December 31, 2020 $ (9,484) Interest expense $ (3,445) As of December 31, 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 years ended December 31, 2018, 2019 and 2020 of derivatives that were not designated as hedging instruments (in thousands): Amount of Gain (Loss) Year Ended December 31, Derivative Instrument Location of Gain (Loss) 2018 2019 2020 Futures contracts Product sales revenue $ 85,012 $ (72,562) $ 58,693 Futures contracts Cost of product sales (15,947) (1,931) 2,183 Basis derivative agreement Other operating income (expense) — (10,252) (4,253) Total $ 69,065 $ (84,745) $ 56,623 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 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 December 31, 2020 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Commodity derivatives contracts, net $ 616 Commodity derivatives contracts, net $ 22,988 Futures contracts Other noncurrent assets 1,074 Other noncurrent liabilities — Basis derivative agreement Other current assets — Other current liabilities 8,774 Basis derivative agreement Other noncurrent assets — Other noncurrent liabilities 1,468 Total $ 1,690 Total $ 33,230 |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Fair Value Methods and Assumptions - Financial Assets and Liabilities The following methods and assumptions were used in estimating fair value for our financial assets and liabilities: • 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 13 – 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 13 - 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 December 31, 2020, these primarily included a long-term contractual obligation we entered into in connection with the sale of our three marine terminals to a subsidiary of Buckeye Partners, L.P. (“Buckeye”). This obligation requires us to perform certain environmental remediation work on Buckeye’s behalf at the New Haven, Connecticut 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 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 2020, based on the three levels established by ASC 820; Fair Value Measurements and Disclosures (in thousands): Fair Value Measurements as of Assets (Liabilities) Carrying Amount Fair Value Quoted Prices in Significant Other 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) $ — Fair Value Measurements as of Assets (Liabilities) Carrying Amount Fair Value Quoted Prices in Significant Other Significant Commodity derivatives contracts $ (21,298) $ (21,298) $ (21,298) $ — $ — Basis derivative agreement $ (10,242) $ (10,242) $ — $ (10,242) $ — Long-term receivables $ 22,755 $ 22,755 $ — $ — $ 22,755 Guarantees and contractual obligations $ (11,207) $ (11,207) $ — $ — $ (11,207) Debt $ (4,978,691) $ (5,880,850) $ — $ (5,880,850) $ — |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Certain conditions may exist as of the date our consolidated financial statements are issued that could result in a loss to us, but which will only be resolved when one or more future events occur or fail to occur. Our management assesses such contingent liabilities, which inherently involves significant judgment. In assessing loss contingencies related to legal proceedings that are pending against us or for unasserted claims that may result in proceedings, our management, with input from legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. Environmental expenditures are charged to operating expense or capitalized based on the nature of the expenditures. Environmental expenditures that meet the capitalization criteria for property, plant and equipment, as well as costs that mitigate or prevent environmental contamination that has yet to occur, are capitalized. We expense expenditures that relate to an existing condition caused by past operations. We initially record environmental liabilities assumed in a business combination at fair value; otherwise, we record environmental liabilities on an undiscounted basis. We recognize liabilities for other commitments and contingencies when, after analyzing the available information, we determine it is probable that an asset has been impaired, or that a liability has been incurred and the amount of impairment or loss can be reasonably estimated. When we can estimate a range of probable loss, we accrue the most likely amount within that range, or if no amount is more likely than another, we accrue the minimum of the range of probable loss. We expense legal costs associated with loss contingencies as incurred. We record environmental liabilities independently of any potential claim for recovery. Accruals related to environmental matters are generally determined based on site-specific plans for remediation, taking into account currently available facts, existing technologies and presently enacted laws and regulations. Accruals for environmental matters reflect our prior remediation experience and include an estimate for costs such as fees paid to contractors, outside engineering and consulting firms. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remediation feasibility study. Such accruals are adjusted as further information develops or circumstances change. We maintain specific insurance coverage, which may cover all or portions of certain environmental expenditures less a deductible. We recognize receivables in cases where we consider the realization of reimbursements of remediation costs as probable. We would sustain losses to the extent of amounts we have recognized as environmental receivables if the counterparties to those transactions were unable to perform their obligations to us. The determination of the accrual amounts recorded for environmental liabilities includes significant judgments and assumptions made by management. The use of alternate judgments and assumptions could result in the recognition of different levels of environmental remediation costs. 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”) have infringed patents relating 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 $14.3 million at December 31, 2019 and December 31, 2020, respectively. We have classified environmental liabilities as other 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 included in operating expenses on our consolidated statements of income. Environmental expenses were $15.0 million, $4.4 million and $3.8 million for the years ended December 31, 2018, 2019 and 2020, respectively. Other In 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 December 31, 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 December 31, 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. We and the non-controlled entities in which we own an interest are a party to various other claims, legal actions and complaints. While the results cannot be predicted with certainty, management believes the ultimate resolution of these claims, legal actions and complaints after consideration of amounts accrued, insurance coverage or other indemnification arrangements will not have a material adverse effect on our results of operations, financial position or cash flows. |
Major Customers and Concentrati
Major Customers and Concentration Of Risks | 12 Months Ended |
Dec. 31, 2020 | |
Major Customers and Concentration Of Risks [Abstract] | |
Major Customers and Concentration Of Risks | Concentration of Risks We transport, store and distribute petroleum products for refiners, producers, marketers, traders and end users of those products. Our revenue producing activities are concentrated in the central U.S. Concentrations of customers may affect our overall credit risk as our customers may be similarly affected by changes in economic, regulatory or other factors. We generally secure transportation and storage revenue with warehouseman’s liens. We periodically evaluate the financial condition and creditworthiness of our customers and require additional security as we deem necessary. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 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 $21.7 million, $29.6 million and $37.4 million for the periods ending December 31, 2018, 2019 and 2020, respectively. We recorded a receivable of $3.8 million and $3.9 million from this customer at December 31, 2019 and 2020, respectively. We also made a one-time payment of $0.2 million in 2019 to a subsidiary of this customer for an easement related to one of our expansion projects. Additionally, we received storage and other miscellaneous revenue of $0.5 million for the period ending December 31, 2020 from a subsidiary of a separate company for which Stacy Methvin serves as a director. See Note 6 – Investments in Non-Controlled Entities |
Partners' Capital and Distribut
Partners' Capital and Distributions | 12 Months Ended |
Dec. 31, 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 January 1, 2018 through December 31, 2020: Common units outstanding on January 1, 2018 228,024,556 January 2018—Settlement of employee LTIP awards 168,913 During 2018—Other (a) 1,691 Common units outstanding on December 31, 2018 228,195,160 February 2019—Settlement of employee LTIP awards 199,792 During 2019—Other (a) 8,476 Common units outstanding on December 31, 2019 228,403,428 Units repurchased during 2020 (5,568,260) February 2020—Settlement of employee LTIP awards 275,093 During 2020—Other (a) 9,550 Common units outstanding on December 31, 2020 223,119,811 (a) Common units issued to settle the equity-based retainer paid to independent directors of our general partner. Our partnership agreement allows us to issue additional partnership securities for any partnership purpose at any time and from time to time for consideration and on terms and conditions as our general partner determines, all without approval by our unitholders. Common unitholders have the following rights, among others: • right to receive distributions of our available cash within 45 days after the end of each quarter; • right to elect the board members of our general partner; • right to remove Magellan GP, LLC as our general partner upon a 100% vote of outstanding unitholders; • right to transfer common unit ownership to substitute common unitholders; • right to receive an annual report, containing audited financial statements and a report on those financial statements by our independent public accountants, within 120 days after the close of the fiscal year end; • right to receive information reasonably required for tax reporting purposes within 90 days after the close of the calendar year; • right to vote according to the unitholder’s percentage interest in us at any meeting that may be called by our general partner; and • right to inspect our books and records at the unitholder’s own expense. In the event of liquidation, we would distribute all property and cash in excess of that required to discharge all liabilities to the unitholders in proportion to the positive balances in their respective capital accounts. The common unitholders’ liability is generally limited to their investment. Distributions Distributions we paid during 2018, 2019 and 2020 were as follows (in thousands, except per unit amount): Payment Date Per Unit Distribution Amount Total Distribution 2/14/2018 $ 0.9200 $ 209,940 5/15/2018 0.9375 213,933 8/14/2018 0.9575 218,497 11/14/2018 0.9775 223,061 Total $ 3.7925 $ 865,431 2/14/2019 $ 0.9975 $ 227,832 5/15/2019 1.0050 229,545 8/14/2019 1.0125 231,258 11/14/2019 1.0200 232,971 Total $ 4.0350 $ 921,606 2/14/2020 $ 1.0275 $ 234,774 5/15/2020 1.0275 231,245 8/14/2020 1.0275 231,245 11/13/2020 1.0275 229,853 Total $ 4.1100 $ 927,117 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Recognizable events No recognizable events have occurred subsequent to December 31, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. Our consolidated financial statements include our refined products and crude oil operating segments. We consolidate all entities in which we have a controlling ownership interest. We apply the equity method of accounting to investments in entities over which we exercise significant influence but do not control. We eliminate all intercompany transactions. |
Use Of Estimates | Use of Estimates. The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities that exist at the date of our consolidated financial statements, as well as their impact on the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents. Cash and cash equivalents include demand and time deposits and funds that own highly marketable securities with original maturities of three months or less when acquired. We periodically assess the financial condition of the institutions where we hold these funds, and, at December 31, 2019 and 2020, we believed our credit risk relative to these funds was minimal. |
Restricted Cash | Restricted Cash. Restricted cash includes cash that we are contractually required to use for the construction of fixed assets and is unavailable for general use. It is classified as noncurrent due to its designation to be used for the construction of noncurrent assets. |
Accounts Receivable And Allowance For Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts. Accounts receivable represent valid claims against customers. We recognize accounts receivable when we sell products or render services and collection of the receivable is probable. We extend credit terms to certain customers after a review of various credit indicators. We establish an allowance for doubtful accounts using an expected credit loss approach and evaluate reserves no less than quarterly to determine their adequacy. Judgments relative to at-risk accounts include the customers’ current financial condition, the customers’ historical relationship with us and current and projected economic conditions. We write off accounts receivable when we deem an account uncollectible. |
Pipeline Over/Short Product | Product Overages and Shortages. Each period end we measure the volume of each type of product in our pipeline systems and terminals, which is compared to the volumes of our customers’ inventories (as adjusted for tender deductions). To the extent the product volumes in our pipeline systems and terminals exceed the volumes of our customers’ book inventories, we recognize a gain from the product overage and increase our product inventories. To the extent the product in our pipeline systems and terminals is less than our customers’ book inventories, we recognize a loss from the product shortage and we record a liability for product owed to our customers. The product overages we recognize are recorded based on market prices, and the resulting inventory is carried at weighted average cost. The product shortages we recognize are recorded based on our weighted average cost. Additionally, when product shortages result in a net short inventory position, the related liability is recorded based on period-end market prices. Product overages and shortages as well as adjustments to the value of net short inventory positions are recorded in operating expenses on our consolidated statements of income. |
Income Taxes | Income Taxes. We are a partnership for income tax purposes and therefore are not subject to federal or state income taxes for most of the states in which we operate. The tax on our net income is borne by our unitholders through allocation to them of their share of taxable income. Net income for financial statement purposes may differ significantly from taxable income of unitholders because of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under our partnership agreement. The aggregate difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined because information regarding each unitholder’s tax attributes is not available to us. The amounts recognized as provision for income taxes in our consolidated statements of income are primarily comprised of partnership-level taxes levied by the state of Texas. This tax is based on revenues less direct costs of sale for our assets apportioned to the state of Texas. |
Net Income Per Unit | Net Income Per Unit. We calculate basic net income per common unit for each period by dividing net income by the weighted-average number of common units outstanding. The difference between our actual common units outstanding and our weighted-average number of common units outstanding used to calculate net income per common unit is due to the impact of: (i) the phantom units issued to our independent directors, which are included in the calculation of basic and diluted weighted average units outstanding, 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 the dilutive effect of phantom unit awards granted pursuant to our long-term incentive plan, which have not yet vested in periods where contingent performance metrics have been met. |
New Accounting Pronouncements | New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326) |
Revenue | Revenue is recognized upon the satisfaction of each performance obligation required by our customer contracts. Transportation and terminals revenue is recognized over time as our customers receive the benefits of our service as it is performed on their behalf using an output method based on actual deliveries. Revenue for our storage services is recognized over time using an output method based on the capacity of storage under contract with our customers. Product sales revenue is recognized at a point in time when our customers take control of the commodities purchased. We record back-to-back purchases and sales of petroleum products on a net basis. We recognize pipeline transportation revenue for crude oil shipments when our customers’ product arrives at the customer-designated destination. For shipments of refined products under published tariffs that combine transportation and terminalling services, we recognize revenue when our customers take delivery of their product from our system. For shipments where terminalling services are not included in the tariff, we recognize revenue when our customers’ product arrives at the customer-designated destination. We have certain contracts that require counterparties to ship a minimum volume over an agreed-upon time period, which are contracted as minimum dollar or volume commitments. Revenue pursuant to these take-or-pay contracts is recognized when the customers utilize their committed volumes. Additionally, when we estimate that the customers will not utilize all or a portion of their committed volumes, we recognize revenue in proportion to the pattern of exercised rights for the respective commitment period. Our interstate common carrier petroleum products pipeline operations are subject to rate regulation by the Federal Energy Regulatory Commission (“FERC”) under the Interstate Commerce Act, the Energy Policy Act of 1992 and rules and orders promulgated pursuant thereto. FERC regulation requires that interstate pipeline rates be filed with the FERC, be posted publicly and be nondiscriminatory and “just and reasonable.” The rates on approximately 40% of the shipments on our refined products pipeline system are regulated by the FERC primarily through an index methodology. As an alternative to cost-of-service or index-based rates, interstate pipeline companies may establish rates by obtaining authority to charge market-based rates in competitive markets or by negotiation with unaffiliated shippers. Approximately 60% of our refined products pipeline system’s markets are either subject to regulations by the states in which we operate or are approved for market-based rates by the FERC, and in both cases these rates can generally be adjusted at our discretion based on market factors. Most of the tariffs on our crude oil pipelines are established by negotiated rates that generally provide for annual adjustments in line with changes in the FERC index, subject to certain modifications. For both our index-based rates and our market-based rates, our published tariffs serve as contracts, and shippers nominate the volume to be shipped up to a month in advance. These tariffs include provisions which allow us to deduct from our customer’s inventory a small percentage of the products our customers transport on our pipeline systems. We refer to this non-monetary consideration as tender deduction revenue. We receive tender deductions from our customers as consideration for product losses during the transportation of petroleum products within our pipeline systems. Tender deduction revenue is generally recognized as transportation revenue when the customer's transported commodities reach their destination and is recorded at the fair value of the product received on the date received or the contract date, as applicable. Product sales revenue pricing is contractually specified, and we have determined that each barrel sold represents a separate performance obligation. Transaction prices for our other services including terminalling, storage and ancillary services are typically contracted as a single performance obligation with our customers. In circumstances where multiple performance obligations are contractually required, we allocate the transaction price to the various performance obligations based on their relative standalone selling price. |
Property, Plant and Equipment | Property, plant and equipment consist primarily of pipeline, pipeline-related equipment, storage tanks and processing equipment. We state property, plant and equipment at cost except for certain acquired assets recorded at fair value on their respective acquisition dates and impaired assets. We record impaired assets at fair value on the last impairment evaluation date for which an adjustment was required. We assign asset lives based on reasonable estimates when we place an asset into service. Subsequent events could cause us to change our estimates, which would affect the future calculation of depreciation expense. When we sell or retire property, plant and equipment, we remove its carrying value and the related accumulated depreciation from our accounts and record any associated gains or losses on our consolidated statements of income in the period of sale or disposition. We capitalize expenditures to replace existing assets and retire the replaced assets. We capitalize expenditures when they extend the useful life, increase the productivity or capacity or improve the safety or efficiency of the asset. We capitalize direct project costs such as labor and materials as incurred. Indirect project costs, such as overhead, are capitalized based on a percentage of direct labor charged to the respective capital project. We charge expenditures for maintenance, repairs and minor replacements to operating expense in the period incurred. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In reviewing for impairment, the carrying value of such assets is compared to the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. If such cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to reduce the carrying value of the long-lived asset to its estimated fair value. The determination of future cash flows as well as the estimated fair value of long-lived assets involves significant estimates on the part of management. |
Goodwill and Intangible Assets, Goodwill | We record the excess of purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in a business acquisition (or combination) as goodwill. The goodwill relating to each of our reporting units is tested for impairment annually as well as when an event or change in circumstances indicates an impairment may have occurred.For purposes of performing the impairment test for goodwill, our reporting units are our refined products and crude oil segments. |
Intangible Assets, Finite-Lived | Other intangible assets with finite lives are amortized over their estimated useful lives of seven years up to 30 years. The weighted-average asset life of our other intangible assets at December 31, 2020 was approximately 18 years. We adjust the useful lives of our other intangible assets if events or circumstances indicate there has been a change in the remaining useful lives. We eliminate from our balance sheets the gross carrying amount and the related accumulated amortization for any fully amortized intangibles in the year they are fully amortized. |
Investments in Non-Controlled Entities | We account for interests in affiliates that we do not control using the equity method of accounting. Under this method, an investment is recorded at our acquisition cost or capital contributions, as adjusted by contractual terms, plus equity in earnings or losses since acquisition or formation, plus interest capitalized, less distributions received and amortization of interest capitalized and excess net investment. Excess net investment is the amount by which our investment in a non-controlled entity exceeded our proportionate share of the book value of the net assets of that investment. We amortize excess net investment over the weighted-average depreciable asset lives of the equity investee. Our unamortized excess net investment was $33.9 million and $33.0 million at December 31, 2019 and 2020, respectively. The amount of unamortized excess investment is primarily related to our investment in BridgeTex. We evaluate equity method investments for impairment whenever events or circumstances indicate that there is an other-than-temporary loss in value of the investment. In the event that we determine that the loss in value of an investment is other-than-temporary, we would record a charge to earnings to adjust the carrying value to fair value. We recognized no equity investment impairments during 2018, 2019 and 2020. |
Inventory | Inventory is comprised primarily of refined products, liquefied petroleum gases, transmix, crude oil and additives, which are stated and relieved at the lower of average cost or net realizable value. |
Lease Policy, Lessee and Lessor [Policy Text Block] | We have both lessee and lessor arrangements. Our leases are evaluated at inception or at any subsequent modification. Depending on the terms, leases are classified as either operating or finance leases if we are the lessee, or as operating, sales-type or direct financing leases if we are the lessor, as appropriate under ASC 842, Leases . Our lessee arrangements primarily include a terminalling and storage contract where we have exclusive use of dedicated tankage, leased pipelines and office buildings. Our lessor arrangements include pipeline capacity and storage contracts and our condensate splitter tolling agreement that qualify as operating leases under ASC 842. In addition, we have a long-term throughput and deficiency agreement with a customer that is being accounted for as a sales-type lease under ASC 842. In accordance with ASC 842, we have made an accounting policy election to not apply the standard to lessee arrangements with a term of one year or less and no purchase option that is reasonably certain of exercise. We will continue to account for these short-term arrangements by recognizing payments and expenses as incurred, without recording a lease liability and right-of-use asset. We have also made an accounting policy election for both our lessee and lessor arrangements to combine lease and non-lease components. This election is applied to all of our lease arrangements as our non-lease components do not result in significant timing differences in the recognition of rental expenses or income. |
Lessee, Leases [Policy Text Block] | We recognize a lease liability for each lease based on the present value of remaining minimum fixed rental payments (which includes payments under any renewal option that we are reasonably certain to exercise), using a discount rate that approximates the rate of interest we would have to pay to borrow on a collateralized basis over a similar term. We also recognize a right-of-use asset for each lease, valued at the lease liability, adjusted for prepaid or accrued rent balances existing at the time of initial recognition. The lease liability and right-of-use asset are reduced over the term of the lease as payments are made and the assets are used. Related Party Operating Lease . We entered into 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. |
Pension And Postretirement Medical And Life Benefit Obligations | Our pension and postretirement benefit liabilities represent the funded status of the present value of benefit obligations of our employee benefit plans. We develop pension, postretirement medical and life benefit costs from third-party actuarial valuations. We establish actuarial assumptions to anticipate future events and use those assumptions when calculating the expense and liabilities related to these plans. These factors include assumptions management makes concerning expected investment return on plan assets, discount rates, health care costs trend rates, turnover rates and rates of future compensation increases, among others. In addition, we use subjective factors such as withdrawal and mortality rates to develop actuarial valuations. Management reviews and updates these assumptions on an annual basis. The actuarial assumptions that we use may differ from actual results due to changing market rates or other factors. These differences could affect the amount of pension and postretirement medical and life benefit expense we will recognize in future periods. |
Equity-Based Incentive Compensation Awards | 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 of 11.9 million of our common units. The estimated units remaining available under the LTIP at December 31, 2020 totaled approximately 1.1 million. The awards include: (i) performance-based awards issued to certain officers and other key employees (“performance-based awards”), (ii) time-based awards issued to certain officers and other key employees (“time-based awards,” and together with performance-based awards, “employee awards”), and (iii) awards issued to independent members of our general partner’s board of directors (“director awards”) that may be deferred and if deferred may be paid in cash. All of the awards include distribution equivalent rights, except non-deferred director awards. The LTIP requires employee awards to be settled in our common units, except the settlement of distribution equivalents, which we pay in cash. As a result, we classify employee awards as equity. Fair value for these awards is determined on the grant date, and we recognize this value as compensation expense ratably over the requisite service period, which is the vesting period of each award. The vesting period for employee awards is generally three years; however, certain awards have been issued with shorter vesting periods while others have vesting periods of up to four years. Because employee awards contain distribution equivalent rights, the fair value of our employee awards is based on the closing price of our units on the grant date. Payouts for performance-based awards are subject to the attainment of a financial metric. Additionally, the 2018 and 2019 performance-based awards are subject to an adjustment for our total unitholder return (the “TUR adjustment”), and the fair value of these awards is adjusted for the fair value of the TUR adjustment. The financial metric for the performance-based awards is our distributable cash flow per unit excluding commodity-related activities for the last year of the three-year vesting period as compared to established threshold, target and stretch levels. The payouts for the performance-related component of the awards can range from 0% for results below threshold, up to 200% for actual results at stretch or above. The TUR adjustment is based on our total unitholder return at the end of the three-year vesting period of the awards in relation to the total unitholder returns of certain peer entities and can increase or decrease the payout of the award by as much as 50%. Payouts related to time-based awards are based solely on the completion of the requisite service period by the employee and contain no provisions that provide for a payout other than the original number of units awarded and the associated distribution equivalents. Performance-based awards are subject to forfeiture if a participant’s employment is terminated for any reason other than for termination within two years of a change-in-control that occurs on an involuntary basis without cause or on a voluntary basis for good cause, or due to retirement, disability or death prior to the vesting date. These awards can vest early under certain circumstances following a change in control. Time-based awards are subject to forfeiture if a participant’s employment is terminated for any reason other than retirement, death or disability prior to the vesting date, or as the result of certain other employment restrictions. If an employee award recipient retires, dies or becomes disabled prior to the end of the vesting period, the award is prorated based upon months of employment completed during the vesting period, and the award is settled shortly after the end of the vesting period. Compensation expense for our equity awards is calculated as the number of unit awards less forfeitures, multiplied by the grant date fair value of those awards, multiplied by the percentage of the requisite service period completed at each period end, multiplied by the expected payout percentage, less previously-recognized compensation expense. Non-deferred director awards are paid in units valued on the grant date, with compensation expense calculated as the number of units awarded multiplied by the fair value of those units at that date. We classify deferred director awards as liability awards because they may be settled in cash. Because deferred director awards have distribution |
Derivative Financial Instruments | We use derivative instruments to manage market price risks associated with inventories, interest rates and certain forecasted transactions. For those instruments that qualify for hedge accounting, the accounting treatment depends on their intended use and their designation. We classify derivative financial instruments qualifying for hedge accounting treatment into two categories: (1) cash flow hedges and (2) fair value hedges. We execute cash flow hedges to hedge against the variability in cash flows related to a forecasted transaction and execute fair value hedges to hedge against the changes in the value of a recognized asset or liability. At the inception of a hedged transaction, we document the relationship between the hedging instrument and the hedged item, the risk management objectives and the methods used for assessing and testing hedge effectiveness. We also assess, both at the inception of the hedge and on an on-going basis, whether the derivatives that are used in our hedging transactions are highly effective in offsetting changes in cash flows or fair value of the hedged item. If we determine that a derivative originally designated as a cash flow or fair value hedge is no longer highly effective, we discontinue hedge accounting prospectively and record the change in the fair value of the derivative in current earnings. The changes in fair value of derivative financial instruments that are not designated as hedges for accounting purposes, which we refer to as economic hedges, are included in current earnings. As part of our risk management process, we assess the creditworthiness of the financial and other institutions with which we execute financial derivatives. Such financial instruments involve the risk of non-performance by the counterparty, which could result in material losses to us. |
Contingencies And Environmental | Certain conditions may exist as of the date our consolidated financial statements are issued that could result in a loss to us, but which will only be resolved when one or more future events occur or fail to occur. Our management assesses such contingent liabilities, which inherently involves significant judgment. In assessing loss contingencies related to legal proceedings that are pending against us or for unasserted claims that may result in proceedings, our management, with input from legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. Environmental expenditures are charged to operating expense or capitalized based on the nature of the expenditures. Environmental expenditures that meet the capitalization criteria for property, plant and equipment, as well as costs that mitigate or prevent environmental contamination that has yet to occur, are capitalized. We expense expenditures that relate to an existing condition caused by past operations. We initially record environmental liabilities assumed in a business combination at fair value; otherwise, we record environmental liabilities on an undiscounted basis. We recognize liabilities for other commitments and contingencies when, after analyzing the available information, we determine it is probable that an asset has been impaired, or that a liability has been incurred and the amount of impairment or loss can be reasonably estimated. When we can estimate a range of probable loss, we accrue the most likely amount within that range, or if no amount is more likely than another, we accrue the minimum of the range of probable loss. We expense legal costs associated with loss contingencies as incurred. We record environmental liabilities independently of any potential claim for recovery. Accruals related to environmental matters are generally determined based on site-specific plans for remediation, taking into account currently available facts, existing technologies and presently enacted laws and regulations. Accruals for environmental matters reflect our prior remediation experience and include an estimate for costs such as fees paid to contractors, outside engineering and consulting firms. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remediation feasibility study. Such accruals are adjusted as further information develops or circumstances change. We maintain specific insurance coverage, which may cover all or portions of certain environmental expenditures less a deductible. We recognize receivables in cases where we consider the realization of reimbursements of remediation costs as probable. We would sustain losses to the extent of amounts we have recognized as environmental receivables if the counterparties to those transactions were unable to perform their obligations to us. |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Information By Segment | Year Ended December 31, 2018 (in thousands) Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 1,316,616 $ 566,063 $ (3,691) $ 1,878,988 Product sales revenue 880,453 46,767 — 927,220 Affiliate management fee revenue 5,533 14,832 — 20,365 Total revenue 2,202,602 627,662 (3,691) 2,826,573 Operating expenses 486,596 172,478 (9,638) 649,436 Cost of product sales 660,185 44,128 — 704,313 Earnings of non-controlled entities (18,884) (162,233) — (181,117) Operating margin 1,074,705 573,289 5,947 1,653,941 Depreciation, amortization and impairment expense 202,047 57,083 5,947 265,077 G&A expenses 140,333 53,950 — 194,283 Operating profit $ 732,325 $ 462,256 $ — $ 1,194,581 Additions to long-lived assets $ 357,359 $ 148,995 $ 506,354 As of December 31, 2018 Segment assets $ 4,687,351 $ 2,803,895 $ 7,491,246 Corporate assets 256,291 Total assets $ 7,747,537 Goodwill $ 41,178 $ 12,082 $ 53,260 Investments in non-controlled entities $ 292,820 $ 783,486 $ 1,076,306 Year Ended December 31, 2019 (in thousands) Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 1,355,682 $ 620,365 $ (5,417) $ 1,970,630 Product sales revenue 707,812 28,280 — 736,092 Affiliate management fee revenue 6,719 14,471 — 21,190 Total revenue 2,070,213 663,116 (5,417) 2,727,912 Operating expenses 471,743 173,261 (10,923) 634,081 Cost of product sales 591,228 28,051 — 619,279 Other operating (income) expense (10,185) 7,210 — (2,975) Earnings of non-controlled entities (8,070) (160,891) — (168,961) Operating margin 1,025,497 615,485 5,506 1,646,488 Depreciation, amortization and impairment expense 174,096 66,532 5,506 246,134 G&A expenses 140,735 55,915 — 196,650 Operating profit $ 710,666 $ 493,038 $ — $ 1,203,704 Additions to long-lived assets $ 805,902 $ 74,235 $ 880,137 As of December 31, 2019 Segment assets $ 5,411,920 $ 2,894,733 $ 8,306,653 Corporate assets 131,076 Total assets $ 8,437,729 Goodwill $ 41,178 $ 12,082 $ 53,260 Investments in non-controlled entities $ 422,384 $ 818,167 $ 1,240,551 Year Ended December 31, 2020 (in thousands) Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 1,241,846 $ 559,570 $ (6,562) $ 1,794,854 Product sales revenue 578,630 33,089 — 611,719 Affiliate management fee revenue 6,270 14,959 — 21,229 Total revenue 1,826,746 607,618 (6,562) 2,427,802 Operating expenses 425,443 189,087 (13,171) 601,359 Cost of product sales 471,292 42,423 — 513,715 Other operating (income) expense (3,247) 3,146 — (101) Earnings of non-controlled entities (32,555) (120,772) — (153,327) Operating margin 965,813 493,734 6,609 1,466,156 Depreciation, amortization and impairment expense 175,510 76,557 6,609 258,676 G&A expenses 125,742 47,736 — 173,478 Operating profit $ 664,561 $ 369,441 $ — $ 1,034,002 Additions to long-lived assets $ 291,863 $ 56,401 $ 348,264 As of December 31, 2020 Segment assets $ 5,269,691 $ 2,836,888 $ 8,106,579 Corporate assets 90,403 Total assets $ 8,196,982 Goodwill $ 40,748 $ 12,082 $ 52,830 Investments in non-controlled entities $ 429,193 $ 784,663 $ 1,213,856 |
Revenue from Contract with Cu_2
Revenue from Contract with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables provide details of our revenues disaggregated by key activities that comprise our performance obligations by operating segment (in thousands): Year Ended December 31, 2018 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 758,028 $ 374,352 $ — $ 1,132,380 Terminalling 182,648 6,365 — 189,013 Storage 212,112 98,597 (3,691) 307,018 Ancillary services 136,122 26,151 — 162,273 Lease revenue 27,706 60,598 — 88,304 Transportation and terminals revenue 1,316,616 566,063 (3,691) 1,878,988 Product sales revenue 880,453 46,767 — 927,220 Affiliate management fee revenue 5,533 14,832 — 20,365 Total revenue 2,202,602 627,662 (3,691) 2,826,573 Revenue not under the guidance of ASC 606: Lease revenue (1) (27,706) (60,598) — (88,304) (Gains) losses from futures contracts included in product sales revenue (2) (85,643) 632 — (85,011) Affiliate management fee revenue (5,533) (14,832) — (20,365) Total revenue from contracts with customers under ASC 606 $ 2,083,720 $ 552,864 $ (3,691) $ 2,632,893 (1) Lease revenue is accounted for under ASC 840, Leases . (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging . Year Ended December 31, 2019 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 787,688 $ 381,654 $ — $ 1,169,342 Terminalling 185,008 17,822 — 202,830 Storage 215,042 119,330 (5,417) 328,955 Ancillary services 140,055 28,376 — 168,431 Lease revenue 27,889 73,183 — 101,072 Transportation and terminals revenue 1,355,682 620,365 (5,417) 1,970,630 Product sales revenue 707,812 28,280 — 736,092 Affiliate management fee revenue 6,719 14,471 — 21,190 Total revenue 2,070,213 663,116 (5,417) 2,727,912 Revenue not under the guidance of ASC 606: Lease revenue (1) (27,889) (73,183) — (101,072) (Gains) losses from futures contracts included in product sales revenue (2) 69,538 3,024 — 72,562 Affiliate management fee revenue (6,719) (14,471) — (21,190) Total revenue from contracts with customers under ASC 606 $ 2,105,143 $ 578,486 $ (5,417) $ 2,678,212 (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 . Year Ended December 31, 2020 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 742,951 $ 305,397 $ — $ 1,048,348 Terminalling 149,859 21,463 — 171,322 Storage 200,091 129,048 (6,562) 322,577 Ancillary services 125,268 26,936 — 152,204 Lease revenue 23,677 76,726 — 100,403 Transportation and terminals revenue 1,241,846 559,570 (6,562) 1,794,854 Product sales revenue 578,630 33,089 — 611,719 Affiliate management fee revenue 6,270 14,959 — 21,229 Total revenue 1,826,746 607,618 (6,562) 2,427,802 Revenue not under the guidance of ASC 606: Lease revenue (1) (23,677) (76,726) — (100,403) (Gains) losses from futures contracts included in product sales revenue (2) (62,317) 3,624 — (58,693) Affiliate management fee revenue (6,270) (14,959) — (21,229) Total revenue from contracts with customers under ASC 606 $ 1,734,482 $ 519,557 $ (6,562) $ 2,247,477 (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 . |
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 December 31, 2020 Accounts receivable from contracts with customers $ 124,701 $ 108,843 Contract assets $ 8,071 $ 12,220 Contract liabilities $ 111,670 $ 102,964 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table provides the aggregate amount of the transaction price allocated to our UPOs as of December 31, 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 December 31, 2020 $ 2,015,459 $ 1,262,305 $ 3,277,764 Remaining terms 1 - 18 years 1 - 11 years Estimated revenues from UPOs to be recognized in the next 12 months $ 383,897 $ 273,782 $ 657,679 |
Property, Plant and Equipment_2
Property, Plant and Equipment and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): Estimated Depreciable Lives December 31, 2019 2020 Construction work-in-progress $ 515,312 $ 125,173 Land and rights-of-way 336,982 385,190 Buildings 125,772 126,619 10 to 53 years Storage tanks 2,206,839 2,085,601 10 to 49 years Pipeline and station equipment 2,917,059 3,327,078 10 to 59 years Processing equipment 2,044,589 2,006,835 3 to 56 years Other 284,674 296,329 3 to 53 years Property, Plant and Equipment, Gross $ 8,431,227 $ 8,352,825 |
Investments in Non-Controlled_2
Investments in Non-Controlled Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Our equity investments in non-controlled entities at December 31, 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 year ended December 31, 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 $3.9 million, $5.3 million and $3.6 million, respectively, for the years ended December 31, 2018, 2019 and 2020. We recorded the following revenue and expense transactions from certain of these non-controlled entities in our consolidated statements of income (in thousands): Year Ended December 31, 2018 2019 2020 Transportation and terminals revenue: BridgeTex, capacity lease $ 39,596 $ 41,806 $ 42,286 Double Eagle, throughput revenue $ 5,250 $ 6,213 $ 4,917 Saddlehorn, storage revenue $ 2,180 $ 2,234 $ 2,483 Operating costs: Seabrook, storage lease and ancillary services $ 10,572 $ 25,851 $ 29,116 MVP, sale of air emission reduction credits (reduction of operating costs) $ (2,161) $ — $ — Product sales revenue: Powder Springs, butane sales $ 4,899 $ — $ — Seabrook, product sales $ — $ 328 $ — Cost of product sales: Powder Springs, butane purchases $ 410 $ — $ — Other operating income: MVP, easement sale $ — $ 289 $ — Seabrook, gain on sale of air emission credits $ — $ — $ 1,410 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 $ — December 31, 2020 Trade Accounts Receivable Other Accounts Receivable Other Accounts Payable Long-Term Receivables BridgeTex $ 355 $ 27 $ 970 $ — Double Eagle $ 277 $ — $ — $ — HoustonLink $ — $ — $ 144 $ — MVP $ — $ 467 $ 2,297 $ — Powder Springs $ — $ — $ — $ 10,223 Saddlehorn $ — $ 121 $ — $ — Seabrook $ — $ — $ 7,274 $ — We entered into 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 10 – Leases for more details regarding this lease). The financial results from Powder Springs, MVP 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 (representing only our proportionate interests) follows (in thousands): Investments at December 31, 2019 $ 1,240,551 Additional investment 95,068 Sale of ownership interest in Saddlehorn (66,989) Earnings of non-controlled entities: Proportionate share of earnings 155,140 Amortization of excess investment and capitalized interest (1,813) Earnings of non-controlled entities 153,327 Less: Distributions from operations of non-controlled entities 207,600 Distributions from returns of investments in non-controlled entities 501 Investments at December 31, 2020 $ 1,213,856 Summarized financial information of our non-controlled entities (representing 100% of the interests in these entities) follows (in thousands): December 31, 2019 2020 Current assets $ 260,033 $ 243,828 Noncurrent assets 2,768,696 2,846,747 Total assets $ 3,028,729 $ 3,090,575 Current liabilities $ 160,566 $ 143,638 Noncurrent liabilities 60,886 57,515 Total liabilities $ 221,452 $ 201,153 Equity $ 2,807,277 $ 2,889,422 Year Ended December 31, 2018 2019 2020 Revenue $ 631,420 $ 782,013 $ 752,685 Net income $ 416,128 $ 507,464 $ 471,438 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory at December 31, 2019 and 2020 was as follows (in thousands): December 31, 2019 2020 Refined products $ 96,128 $ 79,473 Liquefied petroleum gases 29,982 26,734 Transmix 39,546 23,397 Crude oil 12,714 32,431 Additives 6,029 5,354 Total inventory $ 184,399 $ 167,389 |
Supplemental Cash Flows Infor_2
Supplemental Cash Flows Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Consolidated Statement Of Cash Flows | Changes in the components of operating assets and liabilities are as follows (in thousands): Year Ended December 31, 2018 2019 2020 Trade accounts receivable and other accounts receivable $ 24,169 $ (20,156) $ (1,172) Inventory (3,390) 1,336 15,771 Accounts payable 21,146 (1,237) 4,225 Accrued payroll and benefits 14,015 4,931 (23,269) Accrued interest payable (7,399) 1,018 (5,278) Accrued taxes other than income 1,750 12,914 4,131 Deferred revenue 5,191 (11,431) (10,757) Accrued product liabilities (20,677) 15,306 (11,622) Other current and noncurrent assets and liabilities (12,559) 5,313 (13,278) Total $ 22,246 $ 7,994 $ (41,249) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Consolidated Debt | Debt Long-term debt at December 31, 2019 and 2020 was as follows (in thousands): December 31, 2019 2020 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 500,000 800,000 Face value of long-term debt 4,750,000 5,000,000 Unamortized debt issuance costs (1) (35,263) (40,143) Net unamortized debt premium (discount) (1) (8,662) 18,834 Long-term debt, net $ 4,706,075 $ 4,978,691 (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) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | Future minimum rental payments under operating leases with initial terms greater than one year as of December 31, 2020 are as follows (in thousands): Third Party Leases Seabrook Lease All Leases 2021 $ 20,463 $ 12,701 $ 33,164 2022 20,609 9,919 30,528 2023 20,854 9,919 30,773 2024 16,956 9,643 26,599 2025 16,250 6,612 22,862 Thereafter 18,541 24,246 42,787 Total future minimum rental payments 113,673 73,040 186,713 Present value discount 11,593 $ 10,104 $ 21,697 Total operating lease liability $ 102,080 $ 62,936 $ 165,016 |
Lessee, Operating Lease, Disclosure | The following tables provide further information about our operating leases (dollars in thousands): Year Ended 12/31/2019 Year Ended 12/31/2020 Third Party Leases Seabrook Lease All Leases Third Party Leases Seabrook Lease All Leases Fixed lease expense $ 19,171 $ 10,834 $ 30,005 $ 19,224 $ 14,262 $ 33,486 Short-term lease expense 1,603 — 1,603 1,334 — 1,334 Variable lease expense 3,058 15,017 18,075 4,105 14,854 18,959 Total lease expense $ 23,832 $ 25,851 $ 49,683 $ 24,663 $ 29,116 $ 53,779 As of and for the Year Ended December 31, 2019 December 31, 2020 Third Party Leases Seabrook Lease All Leases Third Party Leases Seabrook Lease All Leases Current lease liability $ 15,136 $ 11,085 $ 26,221 $ 17,099 $ 10,434 $ 27,533 Long-term lease liability $ 81,508 $ 62,515 $ 144,023 $ 84,982 $ 52,501 $ 137,483 Right-of-use asset $ 98,268 $ 73,600 $ 171,868 $ 103,142 $ 62,936 $ 166,078 Operating cash flows for operating leases $ 23,253 25,870 $ 49,123 $ 24,098 29,116 $ 53,214 Weighted average remaining lease term (years) 6 8 7 6 7 7 Weighted-average discount rate 3.9% 4.0% 4.0% 3.7% 4.0% 3.8% |
Lessor, Future Minimum Payments Receivable | Future minimum payments receivable under operating leases with initial terms greater than one year as of December 31, 2020 are estimated as follows (in thousands): 2021 $ 30,235 2022 21,322 2023 18,820 2024 18,562 2025 13,911 Thereafter 40,645 Total $ 143,495 |
Leases, Investment in Direct Financing Lease | The net investment under this arrangement as of December 31, 2019 and 2020 was as follows (in thousands): December 31, 2019 December 31, 2020 Total minimum lease payments receivable $ 15,721 $ 13,974 Less: Unearned income 2,814 2,257 Recorded net investment in sales-type lease $ 12,907 $ 11,717 The net investment in this sales-type lease was classified in the consolidated balance sheets as follows (in millions): December 31, 2019 December 31, 2020 Other accounts receivable $ 1,190 $ 1,245 Long-term receivables 11,717 10,472 Total $ 12,907 $ 11,717 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Changes In Benefit Obligations And Plan Assets | The following table presents the changes in benefit obligations and plan assets for pension benefits and other postretirement benefits, as well as the end-of-period accumulated benefit obligation for the years ended December 31, 2019 and 2020 (in thousands): Pension Benefits Other Postretirement Benefits 2019 2020 2019 2020 Change in benefit obligations: Benefit obligations at beginning of year $ 308,949 $ 381,240 $ 12,080 $ 15,207 Service cost 25,406 27,736 193 258 Interest cost 12,163 10,989 507 479 Plan participants’ contributions — — 564 567 Actuarial loss 54,171 53,165 3,300 2,540 Benefits paid (11,409) (23,097) (1,437) (1,758) Curtailment gain — (1,703) — — Settlement payments (8,040) (4,685) — — Benefit obligations at end of year 381,240 443,645 15,207 17,293 Change in plan assets: Fair value of plan assets at beginning of year 197,590 249,293 — — Employer contributions 31,630 29,338 873 1,191 Plan participants’ contributions — — 564 567 Actual return on plan assets 39,522 43,560 — — Benefits paid (11,409) (23,097) (1,437) (1,758) Settlement payments (8,040) (3,343) — — Fair value of plan assets at end of year 249,293 295,751 — — Funded status at end of year $ (131,947) $ (147,894) $ (15,207) $ (17,293) Accumulated benefit obligations $ 274,353 $ 324,770 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets | The following table summarizes information for pension plans with obligations in excess of plan assets (in thousands): December 31, 2019 2020 Plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation $ 381,240 $ 443,645 Fair value of plan assets $ 249,293 $ 295,751 Plans with an accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation $ 274,353 $ 324,770 Fair value of plan assets $ 249,293 $ 295,751 |
Amounts Recognized In Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets included in these financial statements were as follows (in thousands): Pension Benefits Other Postretirement Benefits 2019 2020 2019 2020 Amounts recognized in consolidated balance sheets: Current accrued benefit cost $ — $ — $ 1,162 $ 1,411 Long-term pension and benefits 131,947 147,894 14,045 15,882 131,947 147,894 15,207 17,293 Accumulated other comprehensive loss: Net actuarial loss (107,625) (120,487) (8,378) (10,409) Prior service credit 2,886 2,705 — — (104,739) (117,782) (8,378) (10,409) Net amount of liabilities and accumulated other comprehensive loss recognized in consolidated balance sheets $ 27,208 $ 30,112 $ 6,829 $ 6,884 |
Consolidated Net Periodic Benefit Costs | Net periodic benefit expense for the years ended December 31, 2018, 2019 and 2020 was as follows (in thousands): Pension Benefits Other Postretirement Benefits 2018 2019 2020 2018 2019 2020 Components of net periodic pension and postretirement benefit expense: Service cost $ 38,167 $ 25,406 $ 27,736 $ 243 $ 193 $ 258 Interest cost 14,907 12,163 10,989 416 507 479 Expected return on plan assets (12,090) (9,401) (11,354) — — — Amortization of prior service credit (181) (181) (181) — — — Amortization of actuarial loss 9,763 5,489 5,425 589 331 509 Settlement cost 1,964 2,606 969 — — — Settlement gain on disposition of assets — — (1,342) — — — Net periodic expense $ 52,530 $ 36,082 $ 32,242 $ 1,248 $ 1,031 $ 1,246 |
Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Loss | Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during 2018, 2019 and 2020 were as follows (in thousands): Pension Benefits Other Postretirement Benefits 2018 2019 2020 2018 2019 2020 Beginning balance $ (97,226) $ (88,602) $ (104,739) $ (6,597) $ (5,409) $ (8,378) Net actuarial gain (loss) (2,922) (24,051) (20,959) 599 (3,300) (2,540) Amortization of prior service credit (181) (181) (181) — — — Amortization of actuarial loss 9,763 5,489 5,425 589 331 509 Curtailment gain — — 1,703 — — — Settlement cost 1,964 2,606 969 — — — Amount recognized in other comprehensive loss 8,624 (16,137) (13,043) 1,188 (2,969) (2,031) Ending balance $ (88,602) $ (104,739) $ (117,782) $ (5,409) $ (8,378) $ (10,409) |
Weighted-Average Rate Assumptions Used | The weighted-average rate assumptions used to determine projected benefit obligations were as follows: Pension Benefits Other Postretirement Benefits 2019 2020 2019 2020 Discount rate 3.01% 2.23% 3.06% 2.30% Rate of compensation increase 4.58% 4.53% n/a n/a Cash balance interest crediting rate 2.16% 1.70% n/a n/a The weighted-average rate assumptions used to determine net pension and other postretirement benefit plans expense were as follows: Pension Benefits Other Postretirement Benefits For the Year Ended December 31, For the Year Ended December 31, 2018 2019 2020 2018 2019 2020 Discount rate 3.63% 3.98% 3.01% 3.43% 4.08% 3.06% Rate of compensation increase 6.38% 6.48% 4.58% n/a n/a n/a Expected rate of return on plan assets 6.00% 6.00% 4.50% n/a n/a n/a Cash balance interest crediting rate 3.15% 2.78% 2.16% n/a n/a n/a |
Schedule of Allocation of Plan Assets | The fair values of the pension plan assets at December 31, 2019 were as follows (in thousands): Asset Category Total Quoted Prices in Active Markets for Significant Significant Domestic Equity Securities: (1) Small-cap fund $ 5,087 $ 5,087 $ — $ — Mid-cap fund 5,095 5,095 — — Large-cap fund 40,884 40,884 — — International equity fund 25,580 25,580 — — Fixed Income Securities: (1) Short-term bond fund 3,590 3,590 — — Intermediate-term bond fund 29,485 29,485 — — Long-term investment grade bond funds 132,096 132,096 — — Other: Short-term investment fund 7,300 7,300 — — Group annuity contract 176 — — 176 Fair value of plan assets $ 249,293 $ 249,117 $ — $ 176 (1) We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated. The fair values of the pension plan assets at December 31, 2020 were as follows (in thousands): Asset Category Total Quoted Prices in Active Markets for Significant Significant Domestic Equity Securities (1) : Small-cap fund $ 5,798 $ 5,798 $ — $ — Mid-cap fund 5,853 5,853 — — Large-cap fund 47,598 47,598 — — International equity fund 29,876 29,876 — — Fixed Income Securities (1) : Short-term bond fund 4,209 4,209 — — Intermediate-term bond fund 34,894 34,894 — — Long-term investment grade bond funds 161,007 161,007 — — Other: Short-term investment fund 6,354 6,354 — — Group annuity contract 162 — — 162 Fair value of plan assets $ 295,751 $ 295,589 $ — $ 162 (1) We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated. The target allocation and actual weighted-average asset allocation percentages at December 31, 2019 and 2020 were as follows: 2019 2020 Actual Target Actual Target Equity securities 30% 30% 30% 30% Fixed income securities 67% 67% 68% 67% Other 3% 3% 2% 3% |
Expected Benefit Payments | As of December 31, 2020, the benefit amounts expected to be paid from plan assets through December 31, 2030 were as follows (in thousands): Pension Other 2021 $ 21,404 $ 1,410 2022 $ 17,855 $ 1,275 2023 $ 21,413 $ 1,168 2024 $ 22,878 $ 1,016 2025 $ 23,629 $ 975 2026 through 2030 $ 145,885 $ 3,929 |
Long-Term Incentive Plan (Table
Long-Term Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Changes In Non-Vested Unit Awards | The amounts below do not include adjustments for above-target or below-target performance. Performance-Based Awards Time-Based Awards Total Awards Number of Unit Weighted-Average Fair Value Number of Unit Weighted-Average Fair Value Number of Unit Weighted-Average Fair Value Non-vested units - 1/1/2020 379,904 $ 69.14 260,316 $ 63.92 640,220 $ 67.02 Units granted during 2020 189,632 $ 61.16 198,450 $ 61.18 388,082 $ 61.17 Units vested during 2020 (196,142) $ 73.79 (75,089) $ 70.50 (271,231) $ 72.88 Units forfeited during 2020 (33,230) $ 65.70 (30,133) $ 62.90 (63,363) $ 64.37 Non-vested units - 12/31/20 340,164 $ 62.35 353,544 $ 61.07 693,708 $ 61.70 |
Total Non-Vested Unit Awards | The table below summarizes the total non-vested unit awards outstanding, including estimated targeted financial performance adjustments, to determine our total equity-based liability accrual. Grant Date Non-Vested Unit Awards Performance Adjustment to Unit Awards Total Unit Award Accrual Vesting Date Unrecognized Compensation Expense (in millions) (a) Performance-Based Awards: 2019 Awards 164,706 (82,353) 82,353 12/31/2021 $ 1.7 2020 Awards 175,458 — 175,458 12/31/2022 7.0 Time-Based Awards: 2021 Vesting Date 170,837 — 170,837 12/31/2021 3.4 2022 Vesting Date 182,707 — 182,707 12/31/2022 7.6 Total 693,708 (82,353) 611,355 $ 19.7 (a) Unrecognized compensation expense will be recognized over the remaining vesting period of the awards. |
Weighted-Average Grant Date Fair Values | The weighted-average fair value of awards granted during 2018, 2019 and 2020 was as follows: Performance-Based Awards Time-Based Awards Number of Weighted-Average Fair Value Number of Unit Weighted-Average Fair Value Units granted during 2018 218,923 $ 73.80 83,564 $ 71.03 Units granted during 2019 182,834 $ 63.65 195,031 $ 62.91 Units granted during 2020 189,632 $ 61.16 198,450 $ 61.18 |
Vested Unit Awards | The table below sets forth the numbers and values of units that vested in each of the three years ended December 31, 2020. The vested common units include adjustments for above-target financial and market performance. Vesting Date Vested Fair Value of Unit Awards on Vesting Date (in millions) Intrinsic Value of Unit Awards on Vesting Date (in millions) 12/31/2018 317,037 $22.1 $18.1 12/31/2019 436,629 $31.0 $27.5 12/31/2020 235,127 $15.2 $10.0 |
Cash Flow Effects Of Long Term Incentive Plan Settlements [Table Text Block] | The difference between the common units issued to the participants and the total number of unit awards vested primarily represents the tax withholdings associated with the award settlement, which we pay in cash. Settlement Date Number of Common Units Issued, Net of Tax Withholdings Tax Withholdings and Other Cash Payments Employer Taxes (in millions) Total Cash Payments (in millions) January 2018 168,913 $9.3 $1.1 $10.4 January 2019 199,792 $9.8 $0.9 $10.7 January 2020 275,093 $14.7 $1.3 $16.0 |
Equity-Based Incentive Compensation Expense | Equity-based incentive compensation expense for 2018, 2019 and 2020, primarily recorded as G&A expense on our consolidated statements of income, was as follows (in thousands): Year Ended December 31, 2018 2019 2020 Performance awards $ 28,728 $ 17,920 $ 3,087 Time-based awards 3,325 6,092 8,898 Total $ 32,053 $ 24,012 $ 11,985 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements | Our open futures contracts at December 31, 2020 were as follows: Type of Contract/Accounting Methodology Product Represented by the Contract and Associated Barrels Maturity Dates Futures - Economic Hedges 3.4 million barrels of refined products and crude oil Between January 2021 and November 2022 Futures - Economic Hedges 0.1 million barrels of gas liquids Between January and April 2021 |
Derivatives and Offset Amounts | December 31, 2019 and 2020 (in thousands): 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 December 31, 2019 $ (11,033) $ 811 $ (10,222) $ 27,415 $ 17,193 As of December 31, 2020 $ (22,988) $ 1,690 $ (21,298) $ 34,165 $ 12,867 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The changes in derivative activity included in AOCL for the years ended December 31, 2018, 2019 and 2020 were as follows (in thousands): Year Ended December 31, Derivative Gains (Losses) Included in AOCL 2018 2019 2020 Beginning balance $ (33,755) $ (26,480) $ (48,960) Net gain (loss) on interest rate contract cash flow hedges 4,317 (25,216) (9,484) Reclassification of net loss on cash flow hedges to income 2,958 2,736 3,445 Ending balance $ (26,480) $ (48,960) $ (54,999) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following is a summary of the effect on our consolidated statements of income for the years ended December 31, 2018, 2019 and 2020 of derivatives that were designated as cash flow hedges (in thousands): Interest Rate Contracts Amount of Gain (Loss) Recognized in AOCL on Derivatives Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Year Ended December 31, 2018 $ 4,317 Interest expense $ (2,958) Year Ended December 31, 2019 $ (25,216) Interest expense $ (2,736) Year Ended December 31, 2020 $ (9,484) Interest expense $ (3,445) |
Schedule of Derivatives and Hedging-Overall-Subsequent Measurement | The following table provides a summary of the effect on our consolidated statements of income for the years ended December 31, 2018, 2019 and 2020 of derivatives that were not designated as hedging instruments (in thousands): Amount of Gain (Loss) Year Ended December 31, Derivative Instrument Location of Gain (Loss) 2018 2019 2020 Futures contracts Product sales revenue $ 85,012 $ (72,562) $ 58,693 Futures contracts Cost of product sales (15,947) (1,931) 2,183 Basis derivative agreement Other operating income (expense) — (10,252) (4,253) Total $ 69,065 $ (84,745) $ 56,623 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | 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 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 December 31, 2020 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Commodity derivatives contracts, net $ 616 Commodity derivatives contracts, net $ 22,988 Futures contracts Other noncurrent assets 1,074 Other noncurrent liabilities — Basis derivative agreement Other current assets — Other current liabilities 8,774 Basis derivative agreement Other noncurrent assets — Other noncurrent liabilities 1,468 Total $ 1,690 Total $ 33,230 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following tables summarize the carrying amounts, fair values and fair value measurements recorded or disclosed as of December 31, 2019 and 2020, based on the three levels established by ASC 820; Fair Value Measurements and Disclosures (in thousands): Fair Value Measurements as of Assets (Liabilities) Carrying Amount Fair Value Quoted Prices in Significant Other 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) $ — Fair Value Measurements as of Assets (Liabilities) Carrying Amount Fair Value Quoted Prices in Significant Other Significant Commodity derivatives contracts $ (21,298) $ (21,298) $ (21,298) $ — $ — Basis derivative agreement $ (10,242) $ (10,242) $ — $ (10,242) $ — Long-term receivables $ 22,755 $ 22,755 $ — $ — $ 22,755 Guarantees and contractual obligations $ (11,207) $ (11,207) $ — $ — $ (11,207) Debt $ (4,978,691) $ (5,880,850) $ — $ (5,880,850) $ — |
Partners' Capital and Distrib_2
Partners' Capital and Distributions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Partners' Capital Notes [Abstract] | |
Changes In Outstanding Limited Partner Units | The following table details the changes in the number of our common units outstanding from January 1, 2018 through December 31, 2020: Common units outstanding on January 1, 2018 228,024,556 January 2018—Settlement of employee LTIP awards 168,913 During 2018—Other (a) 1,691 Common units outstanding on December 31, 2018 228,195,160 February 2019—Settlement of employee LTIP awards 199,792 During 2019—Other (a) 8,476 Common units outstanding on December 31, 2019 228,403,428 Units repurchased during 2020 (5,568,260) February 2020—Settlement of employee LTIP awards 275,093 During 2020—Other (a) 9,550 Common units outstanding on December 31, 2020 223,119,811 |
Distributions Made to Limited Partner, by Distribution | Distributions we paid during 2018, 2019 and 2020 were as follows (in thousands, except per unit amount): Payment Date Per Unit Distribution Amount Total Distribution 2/14/2018 $ 0.9200 $ 209,940 5/15/2018 0.9375 213,933 8/14/2018 0.9575 218,497 11/14/2018 0.9775 223,061 Total $ 3.7925 $ 865,431 2/14/2019 $ 0.9975 $ 227,832 5/15/2019 1.0050 229,545 8/14/2019 1.0125 231,258 11/14/2019 1.0200 232,971 Total $ 4.0350 $ 921,606 2/14/2020 $ 1.0275 $ 234,774 5/15/2020 1.0275 231,245 8/14/2020 1.0275 231,245 11/13/2020 1.0275 229,853 Total $ 4.1100 $ 927,117 |
Organization and Description _2
Organization and Description of Business (Narrative) (Details) bbl in Millions | 12 Months Ended |
Dec. 31, 2020bblTerminalmi | |
Refined Products Segment [Member] | |
Organization and Description of Business [Line Items] | |
Pipeline, Length | mi | 9,800 |
Number of Pipeline Terminals | Terminal | 54 |
Number of Inland Terminals | Terminal | 25 |
number of marine terminals | Terminal | 2 |
Number of Marine Terminals Owned Through Joint Venture | Terminal | 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 | 27 |
Pipeline, Length - Wholly Owned | mi | 1,000 |
Storage Capacity - Wholly Owned | bbl | 30 |
Contracted Storage - Wholly Owned | bbl | 24 |
Segment Disclosures (Segment Re
Segment Disclosures (Segment Reporting Information By Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,427,802 | $ 2,727,912 | $ 2,826,573 |
Operating expenses | 601,359 | 634,081 | 649,436 |
Cost of product sales | 513,715 | 619,279 | 704,313 |
Other operating (income) expense | (101) | (2,975) | 0 |
(Earnings) losses of non-controlled entities | (153,327) | (168,961) | (181,117) |
Operating margin | 1,466,156 | 1,646,488 | 1,653,941 |
Depreciation and amortization expense | 258,676 | 246,134 | 265,077 |
G&A expenses | 173,478 | 196,650 | 194,283 |
Operating profit | 1,034,002 | 1,203,704 | 1,194,581 |
Additions to long-lived assets | 358,765 | 980,575 | 562,296 |
Total assets | 8,196,982 | 8,437,729 | 7,747,537 |
Goodwill | 52,830 | 53,260 | 53,260 |
Investments in non-controlled entities | 1,213,856 | 1,240,551 | 1,076,306 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Additions to long-lived assets | 348,264 | 880,137 | 506,354 |
Total assets | 8,106,579 | 8,306,653 | 7,491,246 |
Operating Segments [Member] | Refined Products Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,826,746 | 2,070,213 | 2,202,602 |
Operating expenses | 425,443 | 471,743 | 486,596 |
Cost of product sales | 471,292 | 591,228 | 660,185 |
Other operating (income) expense | (3,247) | (10,185) | |
(Earnings) losses of non-controlled entities | (32,555) | (8,070) | (18,884) |
Operating margin | 965,813 | 1,025,497 | 1,074,705 |
Depreciation and amortization expense | 175,510 | 174,096 | 202,047 |
G&A expenses | 125,742 | 140,735 | 140,333 |
Operating profit | 664,561 | 710,666 | 732,325 |
Additions to long-lived assets | 291,863 | 805,902 | 357,359 |
Total assets | 5,269,691 | 5,411,920 | 4,687,351 |
Goodwill | 40,748 | 41,178 | 41,178 |
Investments in non-controlled entities | 429,193 | 422,384 | 292,820 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 607,618 | 663,116 | 627,662 |
Operating expenses | 189,087 | 173,261 | 172,478 |
Cost of product sales | 42,423 | 28,051 | 44,128 |
Other operating (income) expense | 3,146 | 7,210 | |
(Earnings) losses of non-controlled entities | (120,772) | (160,891) | (162,233) |
Operating margin | 493,734 | 615,485 | 573,289 |
Depreciation and amortization expense | 76,557 | 66,532 | 57,083 |
G&A expenses | 47,736 | 55,915 | 53,950 |
Operating profit | 369,441 | 493,038 | 462,256 |
Additions to long-lived assets | 56,401 | 74,235 | 148,995 |
Total assets | 2,836,888 | 2,894,733 | 2,803,895 |
Goodwill | 12,082 | 12,082 | 12,082 |
Investments in non-controlled entities | 784,663 | 818,167 | 783,486 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 90,403 | 131,076 | 256,291 |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | (6,562) | (5,417) | (3,691) |
Operating expenses | (13,171) | (10,923) | (9,638) |
Cost of product sales | 0 | 0 | 0 |
Other operating (income) expense | 0 | 0 | |
(Earnings) losses of non-controlled entities | 0 | 0 | 0 |
Operating margin | 6,609 | 5,506 | 5,947 |
Depreciation and amortization expense | 6,609 | 5,506 | 5,947 |
G&A expenses | 0 | 0 | 0 |
Operating profit | 0 | 0 | 0 |
Service [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,794,854 | 1,970,630 | 1,878,988 |
Service [Member] | Operating Segments [Member] | Refined Products Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,241,846 | 1,355,682 | 1,316,616 |
Service [Member] | Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 559,570 | 620,365 | 566,063 |
Service [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | (6,562) | (5,417) | (3,691) |
Product [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 611,719 | 736,092 | 927,220 |
Product [Member] | Operating Segments [Member] | Refined Products Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 578,630 | 707,812 | 880,453 |
Product [Member] | Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 33,089 | 28,280 | 46,767 |
Product [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Product and Service, Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 21,229 | 21,190 | 20,365 |
Product and Service, Other [Member] | Operating Segments [Member] | Refined Products Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 6,270 | 6,719 | 5,533 |
Product and Service, Other [Member] | Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 14,959 | 14,471 | 14,832 |
Product and Service, Other [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 0 | $ 0 | $ 0 |
Revenue from Contract with Cu_3
Revenue from Contract with Customers (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disaggregation of Revenue [Line Items] | |
Average Delivery Point of Barrels in Pipeline System | 50.00% |
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized | $ 93.4 |
Refined Products Segment [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue, Shipments Regulated By FERC, Percentage | 40.00% |
Revenue, Markets Regulated By State Or FERC, Percentage | 60.00% |
Revenue from Contract with Cu_4
Revenue from Contract with Customers (Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 2,427,802 | $ 2,727,912 | $ 2,826,573 |
Operating Leases, Income Statement, Lease Revenue | 88,304 | ||
Operating Leases, Income Statement, Lease Revenue | 100,403 | 101,072 | |
Unrealized Gain (Loss) on Derivatives | 58,693 | (72,562) | 85,011 |
Revenue from Related Parties | 21,229 | 21,190 | 20,365 |
Revenue from Contract with Customer, Excluding Assessed Tax | 2,247,477 | 2,678,212 | 2,632,893 |
Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,794,854 | 1,970,630 | 1,878,988 |
Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 611,719 | 736,092 | 927,220 |
Product and Service, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 21,229 | 21,190 | 20,365 |
Transferred over Time [Member] | Transportation [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,048,348 | 1,169,342 | 1,132,380 |
Transferred over Time [Member] | Terminalling [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 171,322 | 202,830 | 189,013 |
Transferred over Time [Member] | Storage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 322,577 | 328,955 | 307,018 |
Transferred over Time [Member] | Ancillary Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 152,204 | 168,431 | 162,273 |
Transferred over Time [Member] | Lease Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 100,403 | 101,072 | 88,304 |
Transferred over Time [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,794,854 | 1,970,630 | 1,878,988 |
Transferred at Point in Time [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 611,719 | 736,092 | 927,220 |
Operating Segments [Member] | Refined Products Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,826,746 | 2,070,213 | 2,202,602 |
Operating Leases, Income Statement, Lease Revenue | 27,706 | ||
Operating Leases, Income Statement, Lease Revenue | 23,677 | 27,889 | |
Unrealized Gain (Loss) on Derivatives | 62,317 | (69,538) | 85,643 |
Revenue from Related Parties | 6,270 | 6,719 | 5,533 |
Revenue from Contract with Customer, Excluding Assessed Tax | 1,734,482 | 2,105,143 | 2,083,720 |
Operating Segments [Member] | Refined Products Segment [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,241,846 | 1,355,682 | 1,316,616 |
Operating Segments [Member] | Refined Products Segment [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 578,630 | 707,812 | 880,453 |
Operating Segments [Member] | Refined Products Segment [Member] | Product and Service, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 6,270 | 6,719 | 5,533 |
Operating Segments [Member] | Refined Products Segment [Member] | Transferred over Time [Member] | Transportation [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 742,951 | 787,688 | 758,028 |
Operating Segments [Member] | Refined Products Segment [Member] | Transferred over Time [Member] | Terminalling [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 149,859 | 185,008 | 182,648 |
Operating Segments [Member] | Refined Products Segment [Member] | Transferred over Time [Member] | Storage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 200,091 | 215,042 | 212,112 |
Operating Segments [Member] | Refined Products Segment [Member] | Transferred over Time [Member] | Ancillary Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 125,268 | 140,055 | 136,122 |
Operating Segments [Member] | Refined Products Segment [Member] | Transferred over Time [Member] | Lease Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 23,677 | 27,889 | 27,706 |
Operating Segments [Member] | Refined Products Segment [Member] | Transferred over Time [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,241,846 | 1,355,682 | 1,316,616 |
Operating Segments [Member] | Refined Products Segment [Member] | Transferred at Point in Time [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 578,630 | 707,812 | 880,453 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 607,618 | 663,116 | 627,662 |
Operating Leases, Income Statement, Lease Revenue | 60,598 | ||
Operating Leases, Income Statement, Lease Revenue | 76,726 | 73,183 | |
Unrealized Gain (Loss) on Derivatives | (3,624) | (3,024) | (632) |
Revenue from Related Parties | 14,959 | 14,471 | 14,832 |
Revenue from Contract with Customer, Excluding Assessed Tax | 519,557 | 578,486 | 552,864 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 559,570 | 620,365 | 566,063 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 33,089 | 28,280 | 46,767 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Product and Service, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 14,959 | 14,471 | 14,832 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Transferred over Time [Member] | Transportation [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 305,397 | 381,654 | 374,352 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Transferred over Time [Member] | Terminalling [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 21,463 | 17,822 | 6,365 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Transferred over Time [Member] | Storage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 129,048 | 119,330 | 98,597 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Transferred over Time [Member] | Ancillary Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 26,936 | 28,376 | 26,151 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Transferred over Time [Member] | Lease Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 76,726 | 73,183 | 60,598 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Transferred over Time [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 559,570 | 620,365 | 566,063 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Transferred at Point in Time [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 33,089 | 28,280 | 46,767 |
Intersegment Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (6,562) | (5,417) | (3,691) |
Operating Leases, Income Statement, Lease Revenue | 0 | ||
Operating Leases, Income Statement, Lease Revenue | 0 | 0 | |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 |
Revenue from Related Parties | 0 | 0 | 0 |
Revenue from Contract with Customer, Excluding Assessed Tax | (6,562) | (5,417) | (3,691) |
Intersegment Eliminations [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (6,562) | (5,417) | (3,691) |
Intersegment Eliminations [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Product and Service, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Transferred over Time [Member] | Transportation [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Transferred over Time [Member] | Terminalling [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Transferred over Time [Member] | Storage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (6,562) | (5,417) | (3,691) |
Intersegment Eliminations [Member] | Transferred over Time [Member] | Ancillary Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Transferred over Time [Member] | Lease Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Transferred over Time [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (6,562) | (5,417) | (3,691) |
Intersegment Eliminations [Member] | Transferred at Point in Time [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 0 | $ 0 | $ 0 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Billed Contracts Receivable | $ 108,843 | $ 124,701 |
Contract with Customer, Asset, after Allowance for Credit Loss | 12,220 | 8,071 |
Contract with Customer, Liability | $ 102,964 | $ 111,670 |
Revenue from Contract with Cu_5
Revenue from Contract with Customer (Remaining Performance Obligation) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 3,277,764 |
Refined Products Segment [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 2,015,459 |
Crude Oil Pipeline and Terminals Segment [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,262,305 |
Revenue from Contract with Cu_6
Revenue from Contract with Customer (Performance Obligations in Next 12 Months) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 3,277,764 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-12-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Amount | $ 657,679 |
Refined Products Segment [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 2,015,459 |
Refined Products Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-12-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 383,897 |
Crude Oil Pipeline and Terminals Segment [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 1,262,305 |
Crude Oil Pipeline and Terminals Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-12-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 273,782 |
Minimum [Member] | Refined Products Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-12-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [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]: 2020-12-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [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]: 2020-12-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [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]: 2020-12-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 11 years |
Property, Plant and Equipment_3
Property, Plant and Equipment and Other Intangibles (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Interest Costs Threshold For Capitalization Construction In Process | $ 500 | ||
Long-term Debt, Weighted Average Interest Rate, over Time | 4.40% | 4.60% | 4.80% |
Property, Plant and Equipment, Gross | $ 8,352,825 | $ 8,431,227 | |
Depreciation expense | $ 256,000 | 242,900 | $ 214,400 |
Impairments | 49,100 | ||
Finite-Lived Intangible Asset, Useful Life | 18 years | ||
Amortization of Intangible Assets | $ 2,700 | 3,300 | $ 1,600 |
Property, Plant and Equipment, Other Types [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 296,329 | 284,674 | |
Capitalized Interest [Member] | Property, Plant and Equipment, Other Types [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 98,400 | $ 86,400 | |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 30 years |
Property, Plant and Equipment_4
Property, Plant and Equipment and Other Intangibles (Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, over Time | 4.40% | 4.60% | 4.80% |
Property, Plant and Equipment, Gross | $ 8,352,825 | $ 8,431,227 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 125,173 | 515,312 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 385,190 | 336,982 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 126,619 | 125,772 | |
Storage Tanks [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 2,085,601 | 2,206,839 | |
Pipelines [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 3,327,078 | 2,917,059 | |
Processing Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 2,006,835 | 2,044,589 | |
Property, Plant and Equipment, Other Types [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 296,329 | $ 284,674 | |
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated depreciable life, years | 10 years | ||
Minimum [Member] | Storage Tanks [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated depreciable life, years | 10 years | ||
Minimum [Member] | Pipelines [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated depreciable life, years | 10 years | ||
Minimum [Member] | Processing Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated depreciable life, years | 3 years | ||
Minimum [Member] | Property, Plant and Equipment, Other Types [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated depreciable life, years | 3 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated depreciable life, years | 53 years | ||
Maximum [Member] | Storage Tanks [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated depreciable life, years | 49 years | ||
Maximum [Member] | Pipelines [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated depreciable life, years | 59 years | ||
Maximum [Member] | Processing Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated depreciable life, years | 56 years | ||
Maximum [Member] | Property, Plant and Equipment, Other Types [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated depreciable life, years | 53 years |
Investments in Non-Controlled_3
Investments in Non-Controlled Entities (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Equity Method Investments Unamortized Excess Investment Net | $ 33 | $ 33.9 |
Investments in Non-Controlled_4
Investments in Non-Controlled Entities (Equity Method Investments) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from Sale of Productive Assets | $ 334,894,000 | $ 65,366,000 | $ 576,568,000 | |
Gain (Loss) on Disposition of Other Assets | 12,887,000 | 28,966,000 | 353,797,000 | |
Revenues | 2,427,802,000 | 2,727,912,000 | 2,826,573,000 | |
Operating expenses | 601,359,000 | 634,081,000 | 649,436,000 | |
Cost of product sales | 513,715,000 | 619,279,000 | 704,313,000 | |
Other operating income (expense) | 101,000 | 2,975,000 | 0 | |
Accounts Receivable, after Allowance for Credit Loss, Current | 109,136,000 | 125,440,000 | ||
Other accounts receivable | 37,075,000 | 23,887,000 | ||
Change in Equity Method Investments [Roll Forward] | ||||
Investments at December 31, 2019 | 1,240,551,000 | 1,076,306,000 | ||
Additional Investments | 95,068,000 | |||
Equity Method Investment, Amount Sold | (66,989,000) | |||
Proportionate Share of Equity Earnings | 155,140,000 | |||
Amortization of Excess Investment and Capitalized Interest | (1,813,000) | |||
Income (Loss) from Equity Method Investments | 153,327,000 | 168,961,000 | 181,117,000 | |
Distributions from operations of non-controlled entities | 207,600,000 | 203,602,000 | 196,686,000 | |
Distributions from returns of investments in non-controlled entities | 501,000 | 8,494,000 | 1,786,000 | |
Investments at December 31, 2020 | 1,213,856,000 | 1,240,551,000 | 1,076,306,000 | |
Equity Method Investment, Summarized Financial Information, Current Assets | 405,193,000 | 459,408,000 | ||
Total assets | 8,196,982,000 | 8,437,729,000 | 7,747,537,000 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 558,574,000 | 666,876,000 | ||
Equity Method Investment, Summarized Financial Information, Partners' Capital | 2,303,806,000 | 2,715,028,000 | 2,643,434,000 | $ 2,129,653,000 |
Equity Method Investment, Summarized Financial Information, Revenues | 2,427,802,000 | 2,727,912,000 | 2,826,573,000 | |
Equity Method Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 752,685,000 | 782,013,000 | 631,420,000 | |
Change in Equity Method Investments [Roll Forward] | ||||
Equity Method Investment, Summarized Financial Information, Current Assets | 243,828,000 | 260,033,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 2,846,747,000 | 2,768,696,000 | ||
Total assets | 3,090,575,000 | 3,028,729,000 | ||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 143,638,000 | 160,566,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 57,515,000 | 60,886,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 201,153,000 | 221,452,000 | ||
Equity Method Investment, Summarized Financial Information, Partners' Capital | 2,889,422,000 | 2,807,277,000 | ||
Equity Method Investment, Summarized Financial Information, Revenues | 752,685,000 | 782,013,000 | 631,420,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 471,438,000 | 507,464,000 | 416,128,000 | |
Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 3,600,000 | 5,300,000 | 3,900,000 | |
BridgeTex [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 30.00% | |||
BridgeTex [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 355,000 | 392,000 | ||
Other accounts receivable | 27,000 | 26,000 | ||
Accounts Payable, Other | $ 970,000 | |||
Double Eagle Pipeline Llc [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Double Eagle Pipeline Llc [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 277,000 | 445,000 | ||
HoustonLink Pipeline Company LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
HoustonLink Pipeline Company LLC [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | 60,000 | |||
Accounts Payable, Other | $ 144,000 | |||
MVP Terminalling, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
MVP Terminalling, LLC [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Operating expenses | (2,161,000) | |||
Other operating income (expense) | 289,000 | |||
Other accounts receivable | $ 467,000 | 418,000 | ||
Accounts Payable, Other | $ 2,297,000 | 0 | ||
Powder Springs Logistics, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Powder Springs Logistics, LLC [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cost of product sales | 410,000 | |||
Accounts Receivable, after Allowance for Credit Loss, Current | 161,000 | |||
Long-term receivables | $ 10,223,000 | 6,006,000 | ||
Saddlehorn Pipeline Company [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 30.00% | |||
equity method investment sold percent | 10.00% | |||
Proceeds from Sale of Productive Assets | $ 79,900,000 | |||
Gain (Loss) on Disposition of Other Assets | 12,900,000 | |||
Saddlehorn Pipeline Company [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Other accounts receivable | $ 121,000 | 126,000 | ||
Seabrook Logistics, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Seabrook Logistics, LLC [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Operating expenses | $ 29,116,000 | 25,851,000 | 10,572,000 | |
Other operating income (expense) | 1,410,000 | |||
Accounts Receivable, after Allowance for Credit Loss, Current | 941,000 | |||
Accounts Payable, Other | $ 7,274,000 | 1,349,000 | ||
Texas Frontera Llc [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Service [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 1,794,854,000 | 1,970,630,000 | 1,878,988,000 | |
Change in Equity Method Investments [Roll Forward] | ||||
Equity Method Investment, Summarized Financial Information, Revenues | 1,794,854,000 | 1,970,630,000 | 1,878,988,000 | |
Service [Member] | BridgeTex [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 42,286,000 | 41,806,000 | 39,596,000 | |
Change in Equity Method Investments [Roll Forward] | ||||
Equity Method Investment, Summarized Financial Information, Revenues | 42,286,000 | 41,806,000 | 39,596,000 | |
Service [Member] | Double Eagle Pipeline Llc [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 4,917,000 | 6,213,000 | 5,250,000 | |
Change in Equity Method Investments [Roll Forward] | ||||
Equity Method Investment, Summarized Financial Information, Revenues | 4,917,000 | 6,213,000 | 5,250,000 | |
Service [Member] | Saddlehorn Pipeline Company [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 2,483,000 | 2,234,000 | 2,180,000 | |
Change in Equity Method Investments [Roll Forward] | ||||
Equity Method Investment, Summarized Financial Information, Revenues | 2,483,000 | 2,234,000 | 2,180,000 | |
Product [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 611,719,000 | 736,092,000 | 927,220,000 | |
Change in Equity Method Investments [Roll Forward] | ||||
Equity Method Investment, Summarized Financial Information, Revenues | $ 611,719,000 | 736,092,000 | 927,220,000 | |
Product [Member] | Powder Springs Logistics, LLC [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 4,899,000 | |||
Change in Equity Method Investments [Roll Forward] | ||||
Equity Method Investment, Summarized Financial Information, Revenues | $ 4,899,000 | |||
Product [Member] | Seabrook Logistics, LLC [Member] | Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 328,000 | |||
Change in Equity Method Investments [Roll Forward] | ||||
Equity Method Investment, Summarized Financial Information, Revenues | $ 328,000 |
Inventory (Inventory) (Details)
Inventory (Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Refined petroleum products | $ 79,473 | $ 96,128 |
Liquefied petroleum gases | 26,734 | 29,982 |
Transmix | 23,397 | 39,546 |
Crude oil | 32,431 | 12,714 |
Additives | 5,354 | 6,029 |
Total inventory | $ 167,389 | $ 184,399 |
Supplemental Cash Flows Infor_3
Supplemental Cash Flows Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |||
Increase (decrease) in long-term pension and benefits liability | $ 21.5 | $ 27 | $ 2.3 |
Supplemental Cash Flows Infor_4
Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |||
Trade accounts receivable and other accounts receivable | $ (1,172) | $ (20,156) | $ 24,169 |
Inventory | 15,771 | 1,336 | (3,390) |
Accounts payable | 4,225 | (1,237) | 21,146 |
Accrued payroll and benefits | (23,269) | 4,931 | 14,015 |
Accrued interest payable | (5,278) | 1,018 | (7,399) |
Accrued taxes other than income | 4,131 | 12,914 | 1,750 |
Deferred revenue | (10,757) | (11,431) | 5,191 |
Accrued product purchases | (11,622) | 15,306 | (20,677) |
Other current and noncurrent assets and liabilities | (13,278) | 5,313 | (12,559) |
Changes in components of operating assets and liabilities | $ (41,249) | $ 7,994 | $ 22,246 |
Debt (Consolidated Debt) (Detai
Debt (Consolidated Debt) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 5,000,000,000 | $ 4,750,000,000 | |
Debt Issuance Costs, Net | [1] | (40,143,000) | (35,263,000) |
Debt Instrument, Unamortized Discount (Premium), Net | [1] | 18,834,000 | (8,662,000) |
Long-term Debt, Excluding Current Maturities, Total | 4,978,691,000 | 4,706,075,000 | |
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% | ||
3.20% Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | ||
5.0% Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 650,000,000 | 650,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||
3.25% Notes Due 2030 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 500,000,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||
6.40% Notes Due 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | ||
4.20% Notes Due 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||
5.15% Notes Due 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 550,000,000 | 550,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | ||
4.20% Notes Due 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||
4.25% Notes Due 2046 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||
4.20% Notes Due 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||
4.85% Notes Due 2049 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 500,000,000 | $ 500,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | 4.85% | |
3.95% Notes due 2050 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 800,000,000 | $ 500,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | 3.95% | |
[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. |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 250,000,000 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 4,750,000,000 | ||
Debt Instrument, Face Amount | 5,000,000,000 | $ 4,750,000,000 | |
Payment for Debt Extinguishment or Debt Prepayment Cost | 12,893,000 | 8,270,000 | $ 0 |
Proceeds from Issuance of Senior Long-term Debt | 828,434,000 | 996,405,000 | 0 |
Gain (Loss) on Extinguishment of Debt | $ (12,893,000) | $ (8,270,000) | $ 0 |
Long-term Debt, Weighted Average Interest Rate, over Time | 4.40% | 4.60% | 4.80% |
Cash Payments for Interest | $ 234,500,000 | $ 217,100,000 | $ 227,800,000 |
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 | ||
3.25% Notes Due 2030 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 500,000,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||
Debt Instrument, Notes At Price | 99.88% | ||
Proceeds from Issuance of Senior Long-term Debt | $ 495,200,000 | ||
Three Point Nine Five Percentage Notes Due Two Thousand Fifty Second Issue [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 300,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||
Debt Instrument, Notes At Price | 109.678% | ||
Proceeds from Issuance of Senior Long-term Debt | $ 329,200,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000,000 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | ||
Letters of Credit Outstanding, Amount | $ 3,500,000 | 3,500,000 | |
Debt Instrument, Consolidated Debt to EBITDA Ratio | 5 | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.075% | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000,000 | ||
Long-term Debt | $ 0 | $ 0 | |
Long-term Debt, Weighted Average Interest Rate, over Time | 0.40% | 2.60% | |
Commercial Paper [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 397 days | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 0 | $ 0 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 42.1 | ||
Operating Leases, Income Statement, Contingent Revenue | $ 51.8 | ||
Operating Lease, Variable Lease Income | $ 61.4 | $ 58.4 | |
Processing Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating lease, right-of-use asset, gross | 226.4 | ||
Storage Tanks [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating lease, right-of-use asset, gross | 58.3 | ||
Pipelines [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating lease, right-of-use asset, gross | 48.7 | ||
Property, Plant and Equipment, Other Types [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating lease, right-of-use asset, gross | $ 30.5 |
Lessee, Operating Lease Liabili
Lessee, Operating Lease Liability, Maturity (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Related Party Transaction [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 33,164 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 30,528 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 30,773 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 26,599 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 22,862 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 42,787 |
Lessee, Operating Lease, Liability, Payments, Due | 186,713 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 21,697 |
Operating Lease, Liability | 165,016 |
Related Party Leases | Equity Method Investee [Member] | Seabrook Logistics, LLC [Member] | |
Related Party Transaction [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 12,701 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 9,919 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 9,919 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 9,643 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 6,612 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 24,246 |
Lessee, Operating Lease, Liability, Payments, Due | 73,040 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 10,104 |
Operating Lease, Liability | 62,936 |
Third Party Leases | |
Related Party Transaction [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 20,463 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 20,609 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 20,854 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 16,956 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 16,250 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 18,541 |
Lessee, Operating Lease, Liability, Payments, Due | 113,673 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 11,593 |
Operating Lease, Liability | $ 102,080 |
Leases Lessee, Operating Lease,
Leases Lessee, Operating Lease, Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Operating Lease, Cost | $ 33,486 | $ 30,005 |
Short-term Lease, Cost | 1,334 | 1,603 |
Variable Lease, Cost | 18,959 | 18,075 |
Lease, Cost | 53,779 | 49,683 |
Current portion of operating lease liability | 27,533 | 26,221 |
Long-term operating lease liability | 137,483 | 144,023 |
Right-of-use asset, operating leases | 166,078 | 171,868 |
Operating Lease, Payments | $ 53,214 | $ 49,123 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 7 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.80% | 4.00% |
Third Party Leases | ||
Related Party Transaction [Line Items] | ||
Operating Lease, Cost | $ 19,224 | $ 19,171 |
Short-term Lease, Cost | 1,334 | 1,603 |
Variable Lease, Cost | 4,105 | 3,058 |
Lease, Cost | 24,663 | 23,832 |
Current portion of operating lease liability | 17,099 | 15,136 |
Long-term operating lease liability | 84,982 | 81,508 |
Right-of-use asset, operating leases | 103,142 | 98,268 |
Operating Lease, Payments | $ 24,098 | $ 23,253 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years | 6 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.70% | 3.90% |
Seabrook Logistics, LLC [Member] | Equity Method Investee [Member] | Related Party Leases | ||
Related Party Transaction [Line Items] | ||
Operating Lease, Cost | $ 14,262 | $ 10,834 |
Short-term Lease, Cost | 0 | 0 |
Variable Lease, Cost | 14,854 | 15,017 |
Lease, Cost | 29,116 | 25,851 |
Current portion of operating lease liability | 10,434 | 11,085 |
Long-term operating lease liability | 52,501 | 62,515 |
Right-of-use asset, operating leases | 62,936 | 73,600 |
Operating Lease, Payments | $ 29,116 | $ 25,870 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 8 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% | 4.00% |
Lessor, Future Minimum Payments
Lessor, Future Minimum Payments Receivable (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 30,235 |
Lessor, Operating Lease, Payments to be Received, Two Years | 21,322 |
Lessor, Operating Lease, Payments to be Received, Three Years | 18,820 |
Lessor, Operating Lease, Payments to be Received, Four Years | 18,562 |
Lessor, Operating Lease, Payments to be Received, Five Years | 13,911 |
Lessor, Operating Lease, Payments to be Received, Thereafter | 40,645 |
Lessor, Operating Lease, Payments to be Received | $ 143,495 |
Leases (Investment in Direct Fi
Leases (Investment in Direct Financing Lease) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | $ 13,974 | $ 15,721 |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | 2,257 | 2,814 |
Sales-type and Direct Financing Leases, Lease Receivable | 11,717 | 12,907 |
Net Investment in Lease, Current | 1,245 | 1,190 |
Net Investment in Lease, Noncurrent | 10,472 | 11,717 |
Net Investment in Lease | 11,717 | $ 12,907 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Twelve Months | 1,700 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 1,700 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 1,700 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 1,700 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 1,700 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | $ 5,300 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)pension_plan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number Of Sponsored Pension Plans | pension_plan | 2 | |||
Number Of Sponsored Pension Plans, Non-Union Employees | pension_plan | 1 | |||
Number Of Sponsored Pension Plans, Union Employees | pension_plan | 1 | |||
Defined contribution plan, expenses | $ 12,200 | $ 11,400 | $ 11,000 | |
Long-term pension and benefits | 163,776 | 145,992 | ||
Equity Method Investment, Summarized Financial Information, Partners' Capital | $ 2,303,806 | $ 2,715,028 | 2,643,434 | $ 2,129,653 |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.00% | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.08% | |||
Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 67.00% | 67.00% | ||
Fixed Income Securities [Member] | Scenario, Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70.00% | |||
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | 30.00% | ||
Equity Securities [Member] | Scenario, Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | |||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (53,165) | $ (54,171) | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 32,242 | 36,082 | 52,530 | |
Long-term pension and benefits | 147,894 | 131,947 | ||
Equity Method Investment, Summarized Financial Information, Partners' Capital | (117,782) | (104,739) | (88,602) | (97,226) |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (6,200) | |||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | (200) | |||
Contributions estimated to be paid | 29,700 | |||
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (2,540) | (3,300) | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1,246 | 1,031 | 1,248 | |
Long-term pension and benefits | 15,882 | 14,045 | ||
Equity Method Investment, Summarized Financial Information, Partners' Capital | (10,409) | $ (8,378) | (5,409) | $ (6,597) |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (600) | |||
Contributions estimated to be paid | $ 1,400 | |||
Error in Actuarial Assumptions [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 19,400 | |||
Long-term pension and benefits | 22,200 | |||
Equity Method Investment, Summarized Financial Information, Partners' Capital | $ (2,800) |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes In Benefit Obligations And Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 381,240 | $ 308,949 | |
Service cost | 27,736 | 25,406 | $ 38,167 |
Interest cost | 10,989 | 12,163 | 14,907 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
Actuarial loss | 53,165 | 54,171 | |
Benefits paid | (23,097) | (11,409) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | (1,703) | 0 | |
Settlements | (4,685) | (8,040) | |
Benefit obligation at end of year | 443,645 | 381,240 | 308,949 |
Change in plan assets: | |||
Beginning balance | 249,293 | 197,590 | |
Employer contributions | 29,338 | 31,630 | |
Plan participants’ contributions | 0 | 0 | |
Actual return on plan assets | 43,560 | 39,522 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 23,097 | 11,409 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (3,343) | (8,040) | |
Fair value of plan assets at end of year | 295,751 | 249,293 | 197,590 |
Funded status at end of year | (147,894) | (131,947) | |
Accumulated benefit obligation | 324,770 | 274,353 | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 15,207 | 12,080 | |
Service cost | 258 | 193 | 243 |
Interest cost | 479 | 507 | 416 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 567 | 564 | |
Actuarial loss | 2,540 | 3,300 | |
Benefits paid | (1,758) | (1,437) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | 0 | |
Settlements | 0 | 0 | |
Benefit obligation at end of year | 17,293 | 15,207 | 12,080 |
Change in plan assets: | |||
Beginning balance | 0 | 0 | |
Employer contributions | 1,191 | 873 | |
Plan participants’ contributions | 567 | 564 | |
Actual return on plan assets | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 1,758 | 1,437 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status at end of year | $ (17,293) | $ (15,207) |
Employee Benefit Plans (Pension
Employee Benefit Plans (Pension Plans With Obligations In Excess of Assets) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 443,645 | $ 381,240 | $ 308,949 |
Defined Benefit Plan, Plan Assets, Amount | 295,751 | 249,293 | $ 197,590 |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 324,770 | $ 274,353 |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amounts recognized in consolidated balance sheet: | ||
Long-term pension and benefit cost | $ 163,776 | $ 145,992 |
Accumulated other comprehensive loss: | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (183,190) | (162,077) |
Pension Plan [Member] | ||
Amounts recognized in consolidated balance sheet: | ||
Current accrued benefit cost | 0 | 0 |
Long-term pension and benefit cost | 147,894 | 131,947 |
Net amount recognized in consolidated balance sheet | 147,894 | 131,947 |
Accumulated other comprehensive loss: | ||
Net actuarial loss | (120,487) | (107,625) |
Prior service credit | 2,705 | 2,886 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (117,782) | (104,739) |
Amount of Liabilities and Accumulated Other Comprehensive Loss Recognized in Consolidated Balance Sheet | 30,112 | 27,208 |
Other Postretirement Benefits [Member] | ||
Amounts recognized in consolidated balance sheet: | ||
Current accrued benefit cost | 1,411 | 1,162 |
Long-term pension and benefit cost | 15,882 | 14,045 |
Net amount recognized in consolidated balance sheet | 17,293 | 15,207 |
Accumulated other comprehensive loss: | ||
Net actuarial loss | (10,409) | (8,378) |
Prior service credit | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (10,409) | (8,378) |
Amount of Liabilities and Accumulated Other Comprehensive Loss Recognized in Consolidated Balance Sheet | $ 6,884 | $ 6,829 |
Employee Benefit Plans (Consoli
Employee Benefit Plans (Consolidated Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan [Member] | |||
Components of net periodic pension and postretirement benefit expense: | |||
Service cost | $ 27,736 | $ 25,406 | $ 38,167 |
Interest cost | 10,989 | 12,163 | 14,907 |
Expected return on plan assets | (11,354) | (9,401) | (12,090) |
Amortization of prior service cost (credit) | (181) | (181) | (181) |
Amortization of net actuarial loss | 5,425 | 5,489 | 9,763 |
Settlement | 969 | 2,606 | 1,964 |
Defined Benefit Plan, Other Cost (Credit) | (1,342) | 0 | 0 |
Net periodic expense (credit) | 32,242 | 36,082 | 52,530 |
Other Postretirement Benefits [Member] | |||
Components of net periodic pension and postretirement benefit expense: | |||
Service cost | 258 | 193 | 243 |
Interest cost | 479 | 507 | 416 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | 0 | 0 | 0 |
Amortization of net actuarial loss | 509 | 331 | 589 |
Settlement | 0 | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | 0 | 0 | 0 |
Net periodic expense (credit) | $ 1,246 | $ 1,031 | $ 1,248 |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in AOCL [Roll Forward] | |||
Beginning Balance | $ 2,715,028 | $ 2,643,434 | $ 2,129,653 |
Net actuarial loss | (23,499) | (27,351) | (2,323) |
Recognition of prior service credit amortization in income | (181) | (181) | (181) |
Recognition of actuarial loss amortization in income | 5,934 | 5,820 | 10,352 |
Curtailment gain | 1,703 | 0 | 0 |
Settlement cost | 969 | 2,606 | 1,964 |
Total other comprehensive income (loss) | (21,113) | (41,586) | 17,087 |
Ending Balance | 2,303,806 | 2,715,028 | 2,643,434 |
Pension Plan [Member] | |||
Changes in AOCL [Roll Forward] | |||
Beginning Balance | (104,739) | (88,602) | (97,226) |
Net actuarial loss | (20,959) | (24,051) | (2,922) |
Recognition of prior service credit amortization in income | (181) | (181) | (181) |
Recognition of actuarial loss amortization in income | 5,425 | 5,489 | 9,763 |
Curtailment gain | 1,703 | 0 | 0 |
Settlement cost | 969 | 2,606 | 1,964 |
Total other comprehensive income (loss) | (13,043) | (16,137) | 8,624 |
Ending Balance | (117,782) | (104,739) | (88,602) |
Other Postretirement Benefits [Member] | |||
Changes in AOCL [Roll Forward] | |||
Beginning Balance | (8,378) | (5,409) | (6,597) |
Net actuarial loss | (2,540) | (3,300) | 599 |
Recognition of prior service credit amortization in income | 0 | 0 | 0 |
Recognition of actuarial loss amortization in income | 509 | 331 | 589 |
Curtailment gain | 0 | 0 | 0 |
Settlement cost | 0 | 0 | 0 |
Total other comprehensive income (loss) | (2,031) | (2,969) | 1,188 |
Ending Balance | $ (10,409) | $ (8,378) | $ (5,409) |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted-Average Rate Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.23% | 3.01% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.53% | 4.58% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 1.70% | 2.16% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.01% | 3.98% | 3.63% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.58% | 6.48% | 6.38% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.50% | 6.00% | 6.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 2.16% | 2.78% | 3.15% |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.30% | 3.06% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.06% | 4.08% | 3.43% |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Of Pension Plan Assets) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 295,751 | $ 249,293 | $ 197,590 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 295,589 | 249,117 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 162 | 176 | |||
Small-Cap Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 5,798 | 5,087 | ||
Small-Cap Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 5,798 | 5,087 | ||
Mid-Cap Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 5,853 | 5,095 | ||
Mid-Cap Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 5,853 | 5,095 | ||
Large-Cap Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 47,598 | 40,884 | ||
Large-Cap Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 47,598 | 40,884 | ||
International Equity Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 29,876 | [1] | 25,580 | ||
International Equity Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 29,876 | [1] | 25,580 | ||
Short-Term Bond Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 4,209 | 3,590 | ||
Short-Term Bond Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 4,209 | 3,590 | ||
Intermediate-Term Bond Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 34,894 | 29,485 | ||
Intermediate-Term Bond Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 34,894 | 29,485 | ||
Long-Term Investment Grade Bond Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 161,007 | 132,096 | ||
Long-Term Investment Grade Bond Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 161,007 | 132,096 | ||
Short-Term Investment Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 6,354 | 7,300 | |||
Short-Term Investment Fund [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 6,354 | 7,300 | |||
Group Annuity Contract [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | 162 | 176 | |||
Group Annuity Contract [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 162 | $ 176 | |||
[1] | We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated. |
Employee Benefit Plans (Target
Employee Benefit Plans (Target Allocation And Actual Weighted-Average Asset Allocation Of Plan Assets) (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocation | 30.00% | 30.00% |
Target plan asset allocation | 30.00% | 30.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocation | 68.00% | 67.00% |
Target plan asset allocation | 67.00% | 67.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocation | 2.00% | 3.00% |
Target plan asset allocation | 3.00% | 3.00% |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 21,404 |
2022 | 17,855 |
2023 | 21,413 |
2024 | 22,878 |
2025 | 23,629 |
2026 through 2030 | 145,885 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 1,410 |
2022 | 1,275 |
2023 | 1,168 |
2024 | 1,016 |
2025 | 975 |
2026 through 2030 | $ 3,929 |
Long-Term Incentive Plan (Narra
Long-Term Incentive Plan (Narrative) (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2020shares | |
Long Term Incentive Plan [Line Items] | |
Limited partners' capital account, units issued (in units) | 11.9 |
Limited partner unitholders, units remaining available (in shares) | 1.1 |
Board of Director Deferred Award Days to Payment | 60 days |
Performance Shares [Member] | |
Long Term Incentive Plan [Line Items] | |
Equity Based Compensation, Award Payout Percentage, Minimum | 0.00% |
Equity Based Compensation, Award Payout Percentage, Maximum | 200.00% |
Equity Based Compensation Award Payout Fluctuation Of Award Market | 50.00% |
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Forfeiture Period | 2 years |
Minimum [Member] | |
Long Term Incentive Plan [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Maximum [Member] | |
Long Term Incentive Plan [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Long-Term Incentive Plan (Chang
Long-Term Incentive Plan (Changes In Non-Vested Unit Awards) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested units - 1/1/2020 (in shares) | 640,220 | ||
Units granted (in shares) | 388,082 | ||
Units vested during 2020 (in shares) | (271,231) | ||
Units forfeited during 2019 (in shares) | (63,363) | ||
Non-vested units - 12/31/20 (in shares) | 693,708 | 640,220 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested units - 1/1/2020 (in dollars per share) | $ 67.02 | ||
Units granted during 2020 (in dollars per share) | 61.17 | ||
Units vested during 2020 (in dollars per share) | 72.88 | ||
Units forfeited during 2020 (in dollars per share) | 64.37 | ||
Non-vested units - 12/31/20 (in dollars per share) | $ 61.70 | $ 67.02 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested units - 1/1/2020 (in shares) | 379,904 | ||
Units granted (in shares) | 189,632 | 182,834 | 218,923 |
Units vested during 2020 (in shares) | (196,142) | ||
Units forfeited during 2019 (in shares) | (33,230) | ||
Non-vested units - 12/31/20 (in shares) | 340,164 | 379,904 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested units - 1/1/2020 (in dollars per share) | $ 69.14 | ||
Units granted during 2020 (in dollars per share) | 61.16 | $ 63.65 | $ 73.80 |
Units vested during 2020 (in dollars per share) | 73.79 | ||
Units forfeited during 2020 (in dollars per share) | 65.70 | ||
Non-vested units - 12/31/20 (in dollars per share) | $ 62.35 | $ 69.14 | |
Time-Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested units - 1/1/2020 (in shares) | 260,316 | ||
Units granted (in shares) | 198,450 | 195,031 | 83,564 |
Units vested during 2020 (in shares) | (75,089) | ||
Units forfeited during 2019 (in shares) | (30,133) | ||
Non-vested units - 12/31/20 (in shares) | 353,544 | 260,316 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested units - 1/1/2020 (in dollars per share) | $ 63.92 | ||
Units granted during 2020 (in dollars per share) | 61.18 | $ 62.91 | $ 71.03 |
Units vested during 2020 (in dollars per share) | 70.50 | ||
Units forfeited during 2020 (in dollars per share) | 62.90 | ||
Non-vested units - 12/31/20 (in dollars per share) | $ 61.07 | $ 63.92 |
Long-Term Incentive Plan (Total
Long-Term Incentive Plan (Total Non-Vested Unit Awards) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Long Term Incentive Plan [Line Items] | |||
Non-vested units (in shares) | 693,708 | 640,220 | |
Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results (in shares) | (82,353) | ||
Total Unit Award Accrual (in shares) | 611,355 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | [1] | $ 19.7 | |
Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Non-vested units (in shares) | 340,164 | 379,904 | |
Time-Based Awards [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Non-vested units (in shares) | 353,544 | 260,316 | |
Two Thousand Nineteen Awards [Member] | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Non-vested units (in shares) | 164,706 | ||
Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results (in shares) | (82,353) | ||
Total Unit Award Accrual (in shares) | 82,353 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | [1] | $ 1.7 | |
Two Thousand Twenty Awards | Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Non-vested units (in shares) | 175,458 | ||
Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results (in shares) | 0 | ||
Total Unit Award Accrual (in shares) | 175,458 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | [1] | $ 7 | |
Retention Awards Vesting 2021 [Member] | Time-Based Awards [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Non-vested units (in shares) | 170,837 | ||
Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results (in shares) | 0 | ||
Total Unit Award Accrual (in shares) | 170,837 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | [1] | $ 3.4 | |
Retention Awards Vesting 2022 [Member] | Time-Based Awards [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Non-vested units (in shares) | 182,707 | ||
Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results (in shares) | 0 | ||
Total Unit Award Accrual (in shares) | 182,707 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | [1] | $ 7.6 | |
[1] | Unrecognized compensation expense will be recognized over the remaining vesting period of the awards. |
Long-Term Incentive Plan (Weigh
Long-Term Incentive Plan (Weighted-Average Grant Date Fair Values) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Long Term Incentive Plan [Line Items] | |||
Units granted (in shares) | 388,082 | ||
Weighted-Average Grant Date Fair Value (in dollars per share) | $ 61.17 | ||
Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Units granted (in shares) | 189,632 | 182,834 | 218,923 |
Weighted-Average Grant Date Fair Value (in dollars per share) | $ 61.16 | $ 63.65 | $ 73.80 |
Time-Based Awards [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Units granted (in shares) | 198,450 | 195,031 | 83,564 |
Weighted-Average Grant Date Fair Value (in dollars per share) | $ 61.18 | $ 62.91 | $ 71.03 |
Long-Term Incentive Plan (Veste
Long-Term Incentive Plan (Vested Unit Awards) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Total Unit Award Accrual Number (in shares) | 235,127 | 436,629 | 317,037 |
Fair Value of Unit Awards on Vesting Date (in millions) | $ 15.2 | $ 31 | $ 22.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 10 | $ 27.5 | $ 18.1 |
Long-Term Incentive Plan (Cash
Long-Term Incentive Plan (Cash Flow Effects Of LTIP Settlements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Partners' Capital Account, Units, Unit-based Compensation (in shares) | 275,093 | 199,792 | 168,913 |
Settlement of tax withholdings on long-term incentive compensation | $ 14,700 | $ 9,764 | $ 9,285 |
Payments for Other Taxes | 1,300 | 900 | 1,100 |
Total Cash Taxes Paid (in millions) | $ 16,000 | $ 10,700 | $ 10,400 |
Long-Term Incentive Plan (Equit
Long-Term Incentive Plan (Equity-Based Incentive Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | $ 11,985 | $ 24,012 | $ 32,053 |
Performance Shares [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | 3,087 | 17,920 | 28,728 |
Time-Based Awards [Member] | |||
Long Term Incentive Plan [Line Items] | |||
Allocation of LTIP expense on Consolidated Statements of Income | $ 8,898 | $ 6,092 | $ 3,325 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)bbl | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | |||
Debt Instrument, Face Amount | $ 5,000,000,000 | $ 4,750,000,000 | |
Net payment on financial derivatives | 9,484,000 | 33,342,000 | $ (24,619,000) |
Commodity derivatives deposits | 34,165,000 | 27,415,000 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (3,300,000) | ||
Three Point Nine Five Percentage Notes Due Two Thousand Fifty Second Issue [Member] | |||
Derivative [Line Items] | |||
Debt Instrument, Face Amount | $ 300,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||
Net payment on financial derivatives | $ (1,000,000) | ||
3.25% Notes Due 2030 | |||
Derivative [Line Items] | |||
Debt Instrument, Face Amount | $ 500,000,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||
Net payment on financial derivatives | $ 10,400,000 | ||
3.95% Notes due 2050 [Member] | |||
Derivative [Line Items] | |||
Debt Instrument, Face Amount | $ 800,000,000 | $ 500,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | 3.95% | |
Net payment on financial derivatives | $ 25,300,000 | ||
4.85% Notes Due 2049 [Member] | |||
Derivative [Line Items] | |||
Debt Instrument, Face Amount | $ 500,000,000 | $ 500,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | 4.85% | |
Net payment on financial derivatives | $ 8,000,000 | ||
Interest Rate Contract [Member] | Future Debt Issuance 2018 [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Net payment on financial derivatives | (24,600,000) | ||
Derivative, Notional Amount | $ 200,000,000 | ||
Energy Related Derivative [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | bbl | 30,000 | ||
Derivative Liability | $ 10,200,000 | $ 17,300,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements) (Details) bbl in Millions | Dec. 31, 2020bbl |
Economic Hedges [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 3.4 |
Economic Hedges Futures [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 0.1 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule of Derivative Offset Amounts) (Details) - Exchange Traded [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ (22,988) | $ (11,033) |
Derivative Asset, Fair Value, Gross Asset | 1,690 | 811 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | (21,298) | (10,222) |
Derivative, Collateral, Right to Reclaim Cash | 34,165 | 27,415 |
Amount After Offset | $ 12,867 | $ 17,193 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Amounts Included in AOCL) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Gains Included in Accumulated Other Comprehensive Loss [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ (48,960) | $ (26,480) | $ (33,755) |
Net gain (loss) on cash flow hedges | (9,484) | (25,216) | 4,317 |
Reclassification of net loss on cash flow hedges to income | 3,445 | 2,736 | 2,958 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ (54,999) | $ (48,960) | $ (26,480) |
Derivative Financial Instrume_7
Derivative Financial Instruments (Derivatives And Hedging-Cash Flow Hedges) (Details) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - Interest Rate Contract [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ (9,484) | $ (25,216) | $ 4,317 |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income | $ (3,445) | $ (2,736) | $ (2,958) |
Derivative Financial Instrume_8
Derivative Financial Instruments (Derivatives And Hedging-Overall-Subsequent Measurement) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 56,623 | $ (84,745) | $ 69,065 |
Sales [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 58,693 | (72,562) | 85,012 |
Cost of Sales [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 2,183 | (1,931) | (15,947) |
Other Operating Income (Expense) [Member] | Energy Related Derivative [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (4,253) | $ (10,252) | $ 0 |
Derivative Financial Instrume_9
Derivative Financial Instruments (Derivatives And Hedging-Designated) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 1,690 | $ 811 |
Derivative Liability, Fair Value, Gross Liability | 33,230 | 28,337 |
Commodity Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 616 | 811 |
Commodity Contract [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 22,988 | 11,033 |
Commodity Contract [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,074 | |
Commodity Contract [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
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 | 8,774 | 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 | $ 1,468 | $ 8,847 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) $ in Thousands | Dec. 31, 2020USD ($)bbl | Dec. 31, 2019USD ($) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables, Fair Value Disclosure | $ 0 | $ 0 |
Guarantees, Fair Value Disclosure | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables, Fair Value Disclosure | 0 | 0 |
Guarantees, Fair Value Disclosure | 0 | 0 |
Long-term Debt, Fair Value | (5,880,850) | (5,192,685) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables, Fair Value Disclosure | 22,755 | 20,782 |
Guarantees, Fair Value Disclosure | (11,207) | (408) |
Long-term Debt, Fair Value | 0 | 0 |
Commodity Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | (21,298) | (10,222) |
Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 0 | 0 |
Energy Related Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl | 30,000 | |
Derivative Liability | $ (10,200) | (17,300) |
Energy Related Derivative [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Energy Related Derivative [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | (10,242) | (17,304) |
Energy Related Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables, Fair Value Disclosure | 22,755 | 20,782 |
Guarantees, Fair Value Disclosure | (11,207) | (408) |
Long-term Debt, Fair Value | (4,978,691) | (4,706,075) |
Reported Value Measurement [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | (21,298) | (10,222) |
Reported Value Measurement [Member] | Energy Related Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | (10,242) | (17,304) |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables, Fair Value Disclosure | 22,755 | 20,782 |
Guarantees, Fair Value Disclosure | (11,207) | (408) |
Long-term Debt, Fair Value | (5,880,850) | (5,192,685) |
Estimate of Fair Value Measurement [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | (21,298) | (10,222) |
Estimate of Fair Value Measurement [Member] | Energy Related Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ (10,242) | $ (17,304) |
Commitments and Contingencies (
Commitments and Contingencies (Details) (Narrative) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2020Terminal | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 04, 2017facility | |
Loss Contingencies [Line Items] | |||||
Accrual for Environmental Loss Contingencies | $ 14.3 | $ 14.9 | |||
Environmental Remediation Expense | $ 3.8 | $ 4.4 | $ 15 | ||
Number Of Marine Terminals Sold | Terminal | 3 | ||||
Powder Springs Logistics, LLC [Member] | |||||
Loss Contingencies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Guarantee of Indebtedness of Others [Member] | Equity Method Investee [Member] | Powder Springs Logistics, LLC [Member] | |||||
Loss Contingencies [Line Items] | |||||
Guarantees, Fair Value Disclosure | $ 0.4 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 25 | ||||
Other Current Liabilities [Member] | Performance Guarantee [Member] | |||||
Loss Contingencies [Line Items] | |||||
Guarantees, Fair Value Disclosure | 0.6 | ||||
Other Noncurrent Liabilities [Member] | Performance Guarantee [Member] | |||||
Loss Contingencies [Line Items] | |||||
Guarantees, Fair Value Disclosure | $ 10.2 | ||||
Unfavorable Regulatory Action [Member] | Pending Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Alleged Patent Infringement, Number Of Facilities | facility | 9 |
Major Customers and Concentra_2
Major Customers and Concentration Of Risks (Details) | 12 Months Ended |
Dec. 31, 2020Employee | |
Concentration Risk [Line Items] | |
Number of employees | 1,720 |
Corporate, Non-Segment [Member] | |
Concentration Risk [Line Items] | |
Number of employees | 533 |
Refined Products Segment [Member] | Operating Segments [Member] | |
Concentration Risk [Line Items] | |
Number of employees | 934 |
Crude Oil Pipeline and Terminals Segment [Member] | Operating Segments [Member] | |
Concentration Risk [Line Items] | |
Number of employees | 253 |
Unionized Employees Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 13.00% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - Director [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Methvin Company [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 37.4 | $ 29.6 | $ 21.7 |
Accounts Receivable, Related Parties, Current | 3.9 | $ 3.8 | |
Related Party Transaction, Amounts of Transaction | 0.2 | ||
Methvin Company 2 [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 0.5 |
Partners' Capital and Distrib_3
Partners' Capital and Distributions (Changes In Limited Partner Units Outstanding) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Limited Partners' Capital Account [Roll Forward] | ||||
Limited partner unitholders, units outstanding (in shares) | 228,403,428 | 228,195,160 | 228,024,556 | |
Stock Repurchased During Period, Shares | (5,568,260) | |||
Partners' Capital Account, Units, Unit-based Compensation (in shares) | 275,093 | 199,792 | 168,913 | |
Limited partner unitholders, units outstanding (in shares) | 223,119,811 | 228,403,428 | 228,195,160 | |
Stock Repurchase Program, Authorized Amount | $ 750,000,000 | |||
Limited Partners' Capital Account, Right to Receive Distribution in Cash, Period | 45 days | |||
Limited Partners' Capital Account, Removal of Magellan GP, LLC, Percentage Vote | 100.00% | |||
Limited Partners' Capital Account, Annual Report Available, Period | 120 days | |||
Limited Partners' Capital Account, Tax Reporting Information, Period | 90 days | |||
Management [Member] | ||||
Limited Partners' Capital Account [Roll Forward] | ||||
Partners' Capital Account, Units, Unit-based Compensation (in shares) | 275,093 | 199,792 | 168,913 | |
Director [Member] | ||||
Limited Partners' Capital Account [Roll Forward] | ||||
Partners' Capital Account, Units, Unit-based Compensation (in shares) | [1] | 9,550 | 8,476 | 1,691 |
[1] | issued to settle the equity-based retainer paid to independent directors of our general partner. |
Partners' Capital and Distrib_4
Partners' Capital and Distributions (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 | Nov. 14, 2018 | Aug. 14, 2018 | May 15, 2018 | Feb. 14, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Partners' Capital Notes [Abstract] | |||||||||||||||
Partners' Capital Account, Distribution Per Unit of Limited Partner Interest (in dollars per share) | $ 1.0275 | $ 1.0275 | $ 1.0275 | $ 1.0275 | $ 1.0200 | $ 1.0125 | $ 1.0050 | $ 0.9975 | $ 0.9775 | $ 0.9575 | $ 0.9375 | $ 0.9200 | $ 4.1100 | $ 4.0350 | $ 3.7925 |
Limited Partners' Capital Account, Distribution Amount | $ 229,853 | $ 231,245 | $ 231,245 | $ 234,774 | $ 232,971 | $ 231,258 | $ 229,545 | $ 227,832 | $ 223,061 | $ 218,497 | $ 213,933 | $ 209,940 | $ 927,117 | $ 921,606 | $ 865,431 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 12, 2021 | Dec. 31, 2020 | Nov. 13, 2020 | Aug. 14, 2020 | May 15, 2020 | Feb. 14, 2020 | Dec. 31, 2019 | Nov. 14, 2019 | Aug. 14, 2019 | May 15, 2019 | Feb. 14, 2019 | Dec. 31, 2018 | Nov. 14, 2018 | Aug. 14, 2018 | May 15, 2018 | Feb. 14, 2018 |
Subsequent Event [Line Items] | ||||||||||||||||
Partners' Capital Account, Distribution Per Unit of Limited Partner Interest (in dollars per share) | $ 4.1100 | $ 1.0275 | $ 1.0275 | $ 1.0275 | $ 1.0275 | $ 4.0350 | $ 1.0200 | $ 1.0125 | $ 1.0050 | $ 0.9975 | $ 3.7925 | $ 0.9775 | $ 0.9575 | $ 0.9375 | $ 0.9200 | |
Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Partners' Capital Account, Distribution Per Unit of Limited Partner Interest (in dollars per share) | $ 1.0275 |
Uncategorized Items - mmp-20201
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201409Member |