Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 28, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 223,282,818 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 661,073 | $ 782,806 |
Costs and expenses: | ||
Operating | 130,604 | 149,508 |
Cost of product sales | 184,867 | 249,236 |
Depreciation, amortization and impairment | 58,128 | 63,534 |
General and administrative | 46,580 | 36,908 |
Total costs and expenses | 420,179 | 499,186 |
Other operating income (expense) | (462) | (511) |
Earnings of non-controlled entities | 39,052 | 43,660 |
Operating profit | 279,484 | 326,769 |
Interest expense | 56,979 | 55,900 |
Interest capitalized | (508) | (4,951) |
Interest income | (153) | (420) |
Gain on disposition of assets | 0 | (12,887) |
Other (income) expense | 1,059 | 807 |
Income before provision for income taxes | 222,107 | 288,320 |
Provision for income taxes | 789 | 756 |
Net income | $ 221,318 | $ 287,564 |
Basic net income per common unit (in dollars per share) | $ 0.99 | $ 1.26 |
Diluted net income per common unit (in dollars per share) | $ 0.99 | $ 1.26 |
Weighted average number of common units outstanding used for basic net income per unit calculation (in shares) | 223,593 | 227,571 |
Weighted average number of common units outstanding used for diluted net income per unit calculation (in shares) | 223,593 | 227,571 |
Service [Member] | ||
Revenues | $ 425,170 | $ 458,395 |
Product [Member] | ||
Revenues | 230,601 | 319,120 |
Product and Service, Other [Member] | ||
Revenues | $ 5,302 | $ 5,291 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 221,318 | $ 287,564 |
Other comprehensive income (loss): | ||
Net loss on cash flow hedges | 0 | (11,914) |
Reclassification of net loss on cash flow hedges to income | 887 | 809 |
Net actuarial loss | 0 | (747) |
Curtailment gain | 0 | 1,703 |
Recognition of prior service credit amortization in income | (45) | (45) |
Recognition of actuarial loss amortization in income | 1,691 | 1,531 |
Recognition of settlement cost in income | 0 | 969 |
Total other comprehensive income (loss) | 2,533 | (7,694) |
Comprehensive income | $ 223,851 | $ 279,870 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 4,073 | $ 13,036 |
Trade accounts receivable | 142,948 | 109,136 |
Other accounts receivable | 35,355 | 37,075 |
Inventory | 212,773 | 167,389 |
Commodity derivatives deposits | 40,029 | 34,165 |
Other current assets | 42,967 | 44,392 |
Total current assets | 478,145 | 405,193 |
Property, plant and equipment | 8,370,208 | 8,352,825 |
Less: accumulated depreciation | 2,143,840 | 2,091,134 |
Net property, plant and equipment | 6,226,368 | 6,261,691 |
Investments in non-controlled entities | 1,203,339 | 1,213,856 |
Right-of-use asset, operating leases | 194,463 | 166,078 |
Long-term receivables | 21,590 | 22,755 |
Goodwill | 52,830 | 52,830 |
Other intangibles (less accumulated amortization of $9,228 and $9,881 at December 31, 2020 and March 31, 2021, respectively) | 44,272 | 44,925 |
Restricted cash | 8,878 | 9,411 |
Other noncurrent assets | 18,343 | 20,243 |
Total assets | 8,248,228 | 8,196,982 |
Current liabilities: | ||
Accounts payable | 102,199 | 100,022 |
Accrued payroll and benefits | 40,035 | 52,490 |
Accrued interest payable | 49,992 | 58,998 |
Accrued taxes other than income | 48,481 | 68,313 |
Deferred revenue | 98,710 | 98,897 |
Accrued product liabilities | 137,976 | 79,166 |
Commodity derivatives contracts, net | 20,792 | 22,372 |
Current portion of operating lease liability | 26,661 | 27,533 |
Other current liabilities | 35,917 | 50,783 |
Total current liabilities | 560,763 | 558,574 |
Long-term operating lease liability | 168,817 | 137,483 |
Long-term debt, net | 4,996,142 | 4,978,691 |
Long-term pension and benefits | 165,145 | 163,776 |
Other noncurrent liabilities | 60,329 | 54,652 |
Commitments and contingencies | ||
Partners’ capital: | ||
Common unitholders (223,120 units and 223,283 units outstanding at December 31, 2020 and March 31, 2021, respectively) | 2,477,689 | 2,486,996 |
Accumulated other comprehensive loss | (180,657) | (183,190) |
Total partners’ capital | 2,297,032 | 2,303,806 |
Total liabilities and partners’ capital | $ 8,248,228 | $ 8,196,982 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Finite-lived intangible assets, accumulated amortization | $ 9,881 | $ 9,228 |
Limited partner unitholders, units outstanding (in shares) | 223,282,818 | 223,119,811 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities: | ||
Net income | $ 221,318 | $ 287,564 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and impairment expense | 58,128 | 63,534 |
Gain on sale and retirement of assets | 0 | (13,002) |
Earnings of non-controlled entities | (39,052) | (43,660) |
Distributions from operations of non-controlled entities | 51,434 | 54,743 |
Equity-based incentive compensation expense | 4,679 | 155 |
Settlement gain, amortization of prior service credit and actuarial loss | 1,646 | 1,113 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable and other accounts receivable | (32,092) | 29,988 |
Inventory | (45,384) | 112,007 |
Accounts payable | 10,235 | 7,926 |
Accrued payroll and benefits | (12,455) | (43,962) |
Accrued interest payable | (9,006) | (16,792) |
Accrued taxes other than income | (19,832) | (17,673) |
Accrued product liabilities | 58,810 | (38,440) |
Deferred revenue | (187) | 3,656 |
Other current and noncurrent assets and liabilities | (8,003) | (2,536) |
Net cash provided by operating activities | 240,239 | 384,621 |
Investing Activities: | ||
Additions to property, plant and equipment, net | (29,952) | (172,671) |
Proceeds from sale and disposition of assets | 656 | 332,789 |
Investments in non-controlled entities | (1,865) | (28,325) |
Net cash provided (used) by investing activities | (31,161) | 131,793 |
Financing Activities: | ||
Distributions paid | (229,423) | (234,774) |
Net commercial paper borrowings | 17,000 | 0 |
Payments associated with settlement of equity-based incentive compensation | (6,151) | (14,700) |
Repurchases of common units | 0 | (201,982) |
Net cash used by financing activities | (218,574) | (451,456) |
Change in cash, cash equivalents and restricted cash | (9,496) | 64,958 |
Cash, cash equivalents and restricted cash at beginning of period | 22,447 | 84,599 |
Cash, cash equivalents and restricted cash at end of period | 12,951 | 149,557 |
Supplemental non-cash investing activities: | ||
Additions to property, plant and equipment | (20,723) | (152,292) |
Changes in accounts payable and other current liabilities related to capital expenditures | (9,229) | (20,379) |
Additions to property, plant and equipment, net | $ (29,952) | $ (172,671) |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital Statement - USD ($) $ in Thousands | Total | Common Unitholders | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 31, 2019 | $ 2,715,028 | $ 2,877,105 | $ (162,077) |
Comprehensive income: | |||
Net income | 287,564 | 287,564 | |
Total other comprehensive income (loss) | (7,694) | (7,694) | |
Comprehensive income | 279,870 | 287,564 | (7,694) |
Distributions | (234,774) | (234,774) | |
Equity-based incentive compensation expense | 155 | 155 | |
Repurchases of common units | (201,982) | (201,982) | |
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 | (220) | (220) | |
Ending balance at Mar. 31, 2020 | 2,543,977 | 2,713,748 | (169,771) |
Beginning balance at Dec. 31, 2020 | 2,303,806 | 2,486,996 | (183,190) |
Comprehensive income: | |||
Net income | 221,318 | 221,318 | |
Total other comprehensive income (loss) | 2,533 | 2,533 | |
Comprehensive income | 223,851 | 221,318 | 2,533 |
Distributions | (229,423) | (229,423) | |
Equity-based incentive compensation expense | 4,679 | 4,679 | |
Issuance of common units in settlement of equity-based incentive plan awards | 520 | 520 | |
Payments associated with settlement of equity-based incentive compensation | (6,151) | (6,151) | |
Other | (250) | (250) | |
Ending balance at Mar. 31, 2021 | $ 2,297,032 | $ 2,477,689 | $ (180,657) |
Organization, Description of Bu
Organization, Description of Business And Basis Of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Description of Business and Basis of Presentation | Organization, Description of Business and Basis of Presentation Organization Unless indicated otherwise, the terms “our,” “we,” “us” and similar language refer to Magellan Midstream Partners, L.P. together with its subsidiaries. Magellan Midstream Partners, L.P. is a Delaware limited partnership, and its common units are traded on the New York Stock Exchange under the ticker symbol “MMP.” Magellan GP, LLC, a wholly-owned Delaware limited liability company, serves as its general partner. Description of Business We are principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. As of March 31, 2021, our asset portfolio consisted of: • our refined products segment, comprised of our approximately 9,800-mile refined petroleum products pipeline system with 54 connected terminals, as well as 25 independent terminals not connected to our pipeline system and two marine storage terminals (one of which is owned through a joint venture); and • our crude oil segment, comprised of approximately 2,200 miles of crude oil pipelines, a condensate splitter and 37 million barrels of aggregate storage capacity, of which approximately 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. 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. Basis of Presentation In the opinion of management, our accompanying consolidated financial statements which are unaudited, except for the consolidated balance sheet as of December 31, 2020, which is derived from our audited financial statements, include all normal and recurring adjustments necessary to present fairly our financial position as of March 31, 2021, the results of operations for the three months ended March 31, 2020 and 2021 and cash flows for the three months ended March 31, 2020 and 2021. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 for several reasons. Profits from our gas liquids blending activities are realized largely during the first and fourth quarters of each year. Additionally, gasoline demand, which drives transportation volumes and revenues on our refined products pipeline system, generally trends higher during the summer driving months. Further, the volatility of commodity prices impacts the profits from our commodity activities and the volume of petroleum products we transport on our pipelines. Pursuant to the rules and regulations of the Securities and Exchange Commission, the financial statements in this report have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. Reclassifications Certain prior period 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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities that exist at the date of our consolidated financial statements, as well as their impact on the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. New Accounting Pronouncements None. |
Segment Disclosures
Segment Disclosures | 3 Months Ended |
Mar. 31, 2021 | |
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 the nearest comparable GAAP financial measure, is included in the tables below (presented in thousands). Operating profit includes depreciation, amortization and impairment expense and general and administrative (“G&A”) expense that management does not consider when evaluating the core profitability of our separate operating segments. Three Months Ended March 31, 2020 Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 314,319 $ 145,658 $ (1,582) $ 458,395 Product sales revenue 312,986 6,134 — 319,120 Affiliate management fee revenue 1,584 3,707 — 5,291 Total revenue 628,889 155,499 (1,582) 782,806 Operating expense 105,882 46,772 (3,146) 149,508 Cost of product sales 233,342 15,894 — 249,236 Other operating (income) expense (1,892) 2,403 — 511 Earnings of non-controlled entities (14,220) (29,440) — (43,660) Operating margin 305,777 119,870 1,564 427,211 Depreciation, amortization and impairment expense 46,059 15,911 1,564 63,534 G&A expense 26,654 10,254 — 36,908 Operating profit $ 233,064 $ 93,705 $ — $ 326,769 Three Months Ended March 31, 2021 Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 310,768 $ 116,214 $ (1,812) $ 425,170 Product sales revenue 201,431 29,170 — 230,601 Affiliate management fee revenue 1,550 3,752 — 5,302 Total revenue 513,749 149,136 (1,812) 661,073 Operating expense 94,853 39,202 (3,451) 130,604 Cost of product sales 154,742 30,125 — 184,867 Other operating (income) expense (239) 701 — 462 Earnings of non-controlled entities (9,171) (29,881) — (39,052) Operating margin 273,564 108,989 1,639 384,192 Depreciation, amortization and impairment expense 39,585 16,904 1,639 58,128 G&A expense 33,583 12,997 — 46,580 Operating profit $ 200,396 $ 79,088 $ — $ 279,484 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Statement of Income Disclosures The following tables provide details of our revenues disaggregated by key activities that comprise our performance obligations by operating segment (in thousands): Three Months Ended March 31, 2020 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 178,456 $ 86,782 $ — $ 265,238 Terminalling 40,386 3,309 — 43,695 Storage 55,075 29,183 (1,582) 82,676 Ancillary services 32,240 7,076 — 39,316 Lease revenue 8,162 19,308 — 27,470 Transportation and terminals revenue 314,319 145,658 (1,582) 458,395 Product sales revenue 312,986 6,134 — 319,120 Affiliate management fee revenue 1,584 3,707 — 5,291 Total revenue 628,889 155,499 (1,582) 782,806 Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: Lease revenue (1) (8,162) (19,308) — (27,470) (Gains) losses from futures contracts included in product sales revenue (2) (121,047) (2,722) — (123,769) Affiliate management fee revenue (1,584) (3,707) — (5,291) Total revenue from contracts with customers under ASC 606 $ 498,096 $ 129,762 $ (1,582) $ 626,276 (1) Lease revenue is accounted for under Accounting Standards Codification (“ASC”) 842, Leases . (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging . Three Months Ended March 31, 2021 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 193,427 $ 55,046 $ — $ 248,473 Terminalling 32,791 6,117 — 38,908 Storage 49,157 29,262 (1,812) 76,607 Ancillary services 31,246 7,946 — 39,192 Lease revenue 4,147 17,843 — 21,990 Transportation and terminals revenue 310,768 116,214 (1,812) 425,170 Product sales revenue 201,431 29,170 — 230,601 Affiliate management fee revenue 1,550 3,752 — 5,302 Total revenue 513,749 149,136 (1,812) 661,073 Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: Lease revenue (1) (4,147) (17,843) — (21,990) (Gains) losses from futures contracts included in product sales revenue (2) 48,437 5,356 — 53,793 Affiliate management fee revenue (1,550) (3,752) — (5,302) Total revenue from contracts with customers under ASC 606 $ 556,489 $ 132,897 $ (1,812) $ 687,574 (1) Lease revenue is accounted for under ASC 842, Leases . (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging . Balance Sheet Disclosures The following table summarizes our accounts receivable, contract assets and contract liabilities resulting from contracts with customers (in thousands): December 31, 2020 March 31, 2021 Accounts receivable from contracts with customers $ 108,843 $ 141,387 Contract assets $ 12,220 $ 11,429 Contract liabilities $ 102,964 $ 100,824 For the three months ended March 31, 2021, we recognized $66.4 million of transportation and terminals revenue that was recorded in deferred revenue as of December 31, 2020. Unfulfilled Performance Obligations The following table provides the aggregate amount of the transaction price allocated to our unfulfilled performance obligations (“UPOs”) as of March 31, 2021 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 March 31, 2021 $ 2,047,797 $ 1,197,666 $ 3,245,463 Remaining terms 1 - 17 years 1 - 11 years Estimated revenues from UPOs to be recognized in the next 12 months $ 389,591 $ 260,319 $ 649,910 |
Investments in Non-Controlled E
Investments in Non-Controlled Entities | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Non-Controlled Entities | Investments in Non-Controlled Entities Our equity investments in non-controlled entities at March 31, 2021 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”) (1) 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% (1) Subsequent to March 31, 2021, we sold a portion of our interest in MVP (see Note 15 – Subsequent Events for further detail of this transaction). We serve as operator of BridgeTex, HoustonLink, MVP, Powder Springs, Saddlehorn, Texas Frontera and the pipeline activities of Seabrook. We receive fees for management services as well as reimbursement or payment to us for certain direct operational payroll and other overhead costs. The management fees we receive are reported as affiliate management fee revenue on our consolidated statements of income. Cost reimbursements we receive from these entities in connection with our operating services are included as reductions to costs and expenses on our consolidated statements of income and totaled $1.2 million and $0.5 million during the three months ended March 31, 2020 and 2021, respectively. We recorded the following revenue and expense transactions from certain of these non-controlled entities in our consolidated statements of income (in thousands): Three Months Ended March 31, 2020 2021 Transportation and terminals revenue: BridgeTex, pipeline capacity and storage $ 10,748 $ 10,740 Double Eagle, throughput revenue $ 1,600 $ 976 Saddlehorn, storage revenue $ 566 $ 580 Operating expenses: Seabrook, storage lease and ancillary services $ 6,899 $ 5,310 Other operating income: Seabrook, gain on sale of air emission credits $ 1,410 $ — Our consolidated balance sheets reflected the following balances related to transactions with our non-controlled entities (in thousands): 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 $ — March 31, 2021 Trade Accounts Receivable Other Accounts Receivable Other Accounts Payable Long-Term Receivables BridgeTex $ 263 $ 12 $ 1,308 $ — Double Eagle $ 310 $ — $ — $ — HoustonLink $ — $ — $ 149 $ — MVP $ — $ 633 $ 862 $ — Powder Springs $ 101 $ 96 $ — $ 10,293 Saddlehorn $ — $ 175 $ — $ — Seabrook $ — $ 105 $ 2,528 $ — 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 7 – Leases for more details regarding this lease). The financial results from MVP, Powder Springs and Texas Frontera are included in our refined products segment and the financial results from BridgeTex, Double Eagle, HoustonLink, Saddlehorn and Seabrook are included in our crude oil segment, each as earnings of non-controlled entities. A summary of our investments in non-controlled entities (representing only our proportionate interest) follows (in thousands): Investments at December 31, 2020 $ 1,213,856 Additional investment 1,865 Earnings of non-controlled entities: Proportionate share of earnings 39,505 Amortization of excess investment and capitalized interest (453) Earnings of non-controlled entities 39,052 Less: Distributions from operations of non-controlled entities 51,434 Investments at March 31, 2021 $ 1,203,339 |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory at December 31, 2020 and March 31, 2021 was as follows (in thousands): December 31, 2020 March 31, Refined products $ 79,473 $ 94,098 Crude oil 32,431 47,993 Liquefied petroleum gases 26,734 20,926 Transmix 23,397 44,940 Additives 5,354 4,816 Total inventory $ 167,389 $ 212,773 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt at December 31, 2020 and March 31, 2021 was as follows (in thousands): December 31, March 31, Commercial paper $ — $ 17,000 3.20% Notes due 2025 250,000 250,000 5.00% Notes due 2026 650,000 650,000 3.25% Notes due 2030 500,000 500,000 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 800,000 800,000 Face value of long-term debt 5,000,000 5,017,000 Unamortized debt issuance costs (1) (40,143) (39,631) Net unamortized debt premium (1) 18,834 18,773 Long-term debt, net $ 4,978,691 $ 4,996,142 (1) Debt issuance costs and note discounts and premiums 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. Other Debt Revolving Credit Facility. At March 31, 2021, 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% and 0.200% depending on our credit ratings. The unused commitment fee was 0.125% at March 31, 2021. Borrowings under this facility may be used for general purposes, including capital expenditures. As of December 31, 2020 and March 31, 2021, there were no borrowings outstanding under this facility and $3.5 million was obligated for letters of credit. Amounts obligated for letters of credit are not reflected as debt on our consolidated balance sheets, but decrease our borrowing capacity under this facility. Commercial Paper Program. We have a commercial paper program under which we may issue commercial paper notes in an amount up to the available capacity under our $1.0 billion revolving credit facility. The maturities of the commercial paper notes vary, but may not exceed 397 days from the date of issuance. Because the commercial paper we can issue is limited to amounts available under our revolving credit facility, amounts outstanding under the program are classified as long-term debt. The commercial paper notes are sold under customary terms in the commercial paper market and are issued at a discount from par, or alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. Commercial paper borrowings outstanding at March 31, 2021 were $17.0 million. The weighted-average interest rate for commercial paper borrowings based on the number of days outstanding was 0.2% for the three months ended March 31, 2021. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases Operating Leases – Lessee 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. The following tables provide information about our third-party and Seabrook operating leases (in thousands): Three Months Ended March 31, 2020 Three Months Ended March 31, 2021 Third-Party Leases Seabrook Lease All Leases Third-Party Leases Seabrook Lease All Leases Total lease expense $ 5,990 $ 6,899 $ 12,889 $ 7,021 $ 5,310 $ 12,331 December 31, 2020 March 31, 2021 Third-Party Leases Seabrook Lease All Leases Third-Party Leases Seabrook Lease All Leases Current lease liability $ 17,099 $ 10,434 $ 27,533 $ 17,257 $ 9,404 $ 26,661 Long-term lease liability $ 84,982 $ 52,501 $ 137,483 $ 118,291 $ 50,526 $ 168,817 Right-of-use asset $ 103,142 $ 62,936 $ 166,078 $ 134,533 $ 59,930 $ 194,463 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans We sponsor a defined contribution plan in which we match our employees’ qualifying contributions, resulting in additional expense to us. Expenses related to the defined contribution plan were $4.5 million and $3.1 million for the three months ended March 31, 2020 and 2021, respectively. In addition, we sponsor two pension plans, including one for all non-union employees and one that covers union employees, and a postretirement benefit plan for certain employees. Net periodic benefit expense for the three months ended March 31, 2020 and 2021 was as follows (in thousands): Three Months Ended Three Months Ended March 31, 2020 March 31, 2021 Pension Other Postretirement Pension Other Postretirement Components of net periodic benefit costs: Service cost $ 7,203 $ 62 $ 7,353 $ 76 Interest cost 2,802 112 2,400 95 Expected return on plan assets (2,886) — (3,046) — Amortization of prior service credit (45) — (45) — Amortization of actuarial loss 1,412 119 1,544 147 Settlement cost 969 — — — Settlement gain on disposition of assets (1,342) — — — Net periodic benefit cost $ 8,113 $ 293 $ 8,206 $ 318 The service component of our net periodic benefit costs is presented in operating expense and G&A expense, and the non-service components are presented in other (income) expense in our consolidated statements of income. The changes in accumulated other comprehensive loss (“AOCL”) related to employee benefit plan assets and benefit obligations for the three months ended March 31, 2020 and 2021 were as follows (in thousands): Three Months Ended Three Months Ended March 31, 2020 March 31, 2021 Gains (Losses) Included in AOCL Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Beginning balance $ (104,739) $ (8,378) $ (117,782) $ (10,409) Net actuarial loss (747) — — — Curtailment gain 1,703 — — — Recognition of prior service credit amortization in income (45) — (45) — Recognition of actuarial loss amortization in income 1,412 119 1,544 147 Recognition of settlement cost in income 969 — — — Ending balance $ (101,447) $ (8,259) $ (116,283) $ (10,262) Contributions estimated to be paid into the plans in 2021 are $28.0 million and $0.2 million for the pension plans and other postretirement benefit plan, respectively. |
Long-Term Incentive Plan
Long-Term Incentive Plan | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Long-Term Incentive Plan | Long-Term Incentive Plan The compensation committee of our general partner’s board of directors administers our long-term incentive plan (“LTIP”) covering certain of our employees and the independent directors of our general partner. The LTIP primarily consists of phantom units and permits the grant of awards covering an aggregate payout of 11.9 million of our common units. The estimated units remaining available under the LTIP at March 31, 2021 totaled approximately 0.6 million. Equity-based incentive compensation expense for the three months ended March 31, 2020 and 2021, primarily recorded as G&A expense on our consolidated statements of income, was as follows (in thousands): Three Months Ended March 31, 2020 2021 Performance-based awards $ (1,947) $ 2,216 Time-based awards 2,102 2,463 Total $ 155 $ 4,679 During 2020, LTIP expense related to performance-based awards was reduced due to the impacts of COVID-19 and the significant decline in commodity prices on our financial results. On February 5, 2021, 558,516 unit awards were granted pursuant to our LTIP. These awards included both performance-based and time-based awards and have a three-year vesting period that will end on December 31, 2023. Basic and Diluted Net Income Per Common Unit The difference between our actual common units outstanding and our weighted-average number of common units outstanding used to calculate basic net income per unit is due to the impact of: (i) the unit awards issued to non-employee directors and (ii) the weighted average effect of units actually issued or repurchased during a period. The difference between the weighted-average number of common units outstanding used for basic and diluted net income per unit calculations on our consolidated statements of income is primarily due to the dilutive effect of unit awards associated with our LTIP that have not yet vested. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Commodity Derivatives Our open futures contracts at March 31, 2021 were as follows: Type of Contract/Accounting Methodology Product Represented by the Contract and Associated Barrels Maturity Dates Futures - Economic Hedges 3.0 million barrels of refined products and crude oil Between April 2021 and November 2022 Futures - Economic Hedges 0.2 million barrels of gas liquids Between April and December 2021 Commodity Derivatives Contracts and Deposits Offsets At December 31, 2020 and March 31, 2021, we had made margin deposits of $34.2 million and $40.0 million, respectively, for our futures contracts with our counterparties, which were recorded as current assets under commodity derivatives deposits on our consolidated balance sheets. We have the right to offset the combined fair values of our open futures contracts against our margin deposits under a master netting arrangement for each counterparty; however, we have elected to present the combined fair values of our open futures contracts separately from the related margin deposits on our consolidated balance sheets. Additionally, we have the right to offset the fair values of our futures contracts together for each counterparty, which we have elected to do, and we report the combined net balances on our consolidated balance sheets. A schedule of the derivative amounts we have offset and the deposit amounts we could offset under a master netting arrangement are provided below as of December 31, 2020 and March 31, 2021 (in thousands): Description Gross Amounts of Recognized Liabilities Gross Amounts of Assets Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets Net Asset Amount (1) As of 12/31/2020 $ (22,988) $ 1,690 $ (21,298) $ 34,165 $ 12,867 As of 3/31/2021 $ (24,099) $ 2,626 $ (21,473) $ 40,029 $ 18,556 (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, 2020 and March 31, 2021 was $10.2 million and $7.3 million, respectively. Impact of Derivatives on Our Financial Statements Comprehensive Income The changes in derivative activity included in AOCL for the three months ended March 31, 2020 and 2021 were as follows (in thousands): Three Months Ended March 31, Derivative Losses Included in AOCL 2020 2021 Beginning balance $ (48,960) $ (54,999) Net loss on cash flow hedges (11,914) — Reclassification of net loss on cash flow hedges to income 809 887 Ending balance $ (60,065) $ (54,112) The following is a summary of the effect on our consolidated statements of income for the three months ended March 31, 2020 and 2021 of derivatives that were designated as cash flow hedges (in thousands): Interest Rate Contracts Amount of Loss Recognized in AOCL on Derivatives Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Three Months Ended March 31, 2020 $ (11,914) Interest expense $ (809) Three Months Ended March 31, 2021 $ — Interest expense $ (887) As of March 31, 2021, the net loss estimated to be classified to interest expense over the next twelve months from AOCL is approximately $3.5 million. This amount relates to the amortization of losses on interest rate contracts over the life of the related debt instruments. The following table provides a summary of the effect on our consolidated statements of income for the three months ended March 31, 2020 and 2021 of derivatives that were not designated as hedging instruments (in thousands): Amount of Gain (Loss) Recognized on Derivatives Three Months Ended Location of Gain (Loss) March 31, Derivative Instrument 2020 2021 Futures contracts Product sales revenue $ 123,769 $ (53,793) Futures contracts Cost of product sales (3,927) 1,670 Basis derivative agreement Other operating income (expense) (2,899) (650) Total $ 116,943 $ (52,773) 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, 2020 and March 31, 2021 (in thousands): 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 Future 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 March 31, 2021 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Commodity derivatives contracts, net $ 2,626 Commodity derivatives contracts, net $ 23,418 Futures contracts Other noncurrent assets — Other noncurrent liabilities 681 Basis derivative agreement Other current assets — Other current liabilities 7,341 Total $ 2,626 Total $ 31,440 |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair Value Methods and Assumptions - Financial Assets and Liabilities We used the following methods and assumptions in estimating fair value of our financial assets and liabilities: • Commodity derivatives contracts . These include exchange-traded futures contracts related to petroleum products. These contracts are carried at fair value on our consolidated balance sheets and are valued based on quoted prices in active markets. See Note 10 – Derivative Financial Instruments for further disclosures regarding these contracts. • Basis derivative agreement. During 2019, we entered into a basis derivative agreement with a joint venture co-owner’s affiliate, and, contemporaneously, that affiliate entered into an intrastate transportation services agreement with the joint venture. Settlements under the basis derivative agreement are determined based on the basis differential of crude oil prices at different market locations and a notional volume of 30,000 barrels per day (see Note 10 - Derivative Financial Instruments for further disclosures regarding this agreement). The fair value of this derivative was calculated based on observable market data inputs, including published commodity pricing data and market interest rates. The key inputs in the fair value calculation include the forward price curves for crude oil, the implied forward correlation in crude oil prices between West Texas and the Houston Gulf Coast, and the implied forward volatility for crude oil futures contracts. • Long-term receivables. These primarily include payments receivable under a sales-type leasing arrangement and cost reimbursement payments receivable. These receivables were recorded at fair value on our consolidated balance sheets, using then-current market rates to estimate the present value of future cash flows. • Guarantees and contractual obligations. At March 31, 2021, these primarily include a long-term contractual obligation we entered into in connection with the sale of 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, 2020 and March 31, 2021; 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, 2020 and March 31, 2021 based on the three levels established by ASC 820, Fair Value Measurements and Disclosures (in thousands): Assets (Liabilities) Fair Value Measurements as of Carrying Amount Fair Value Quoted Prices in Active Markets Significant 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) $ — Assets (Liabilities) Fair Value Measurements as of Carrying Amount Fair Value Quoted Prices in Active Markets Significant Significant Commodity derivatives contracts $ (21,473) $ (21,473) $ (21,473) $ — $ — Basis derivative agreement $ (7,341) $ (7,341) $ — $ (7,341) $ — Long-term receivables $ 21,590 $ 21,590 $ — $ — $ 21,590 Guarantees and contractual obligations $ (11,172) $ (11,172) $ — $ — $ (11,172) Debt $ (4,996,142) $ (5,341,424) $ — $ (5,341,424) $ — |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Butane Blending Patent Infringement Proceeding On October 4, 2017, Sunoco Partners Marketing & Terminals L.P. (“Sunoco”) brought an action for patent infringement in the U.S. District Court for the District of Delaware alleging Magellan Midstream Partners, L.P. (“Magellan”) and Powder Springs Logistics, LLC (“Powder Springs”) have infringed patents related to butane blending at the Powder Springs facility located in Powder Springs, Georgia. Sunoco subsequently submitted pleadings alleging that Magellan is also infringing various patents related to butane blending at nine Magellan facilities, in addition to Powder Springs. Sunoco is seeking monetary damages, attorneys’ fees and a permanent injunction enjoining Magellan and Powder Springs from infringing the subject patents. We deny and are vigorously defending against all claims asserted by Sunoco. Although it is not possible to predict the ultimate outcome, we believe the ultimate resolution of this matter will not have a material adverse impact on our results of operations, financial position or cash flows. Environmental Liabilities Liabilities recognized for estimated environmental costs were $14.3 million and $12.7 million at December 31, 2020 and March 31, 2021, 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 expense on our consolidated statements of income. Environmental expenses were $0.4 million and $1.1 million for the three months ended March 31, 2020 and 2021, respectively. Other In first quarter 2020, we entered into a long-term contractual obligation in connection with the sale of three marine terminals to Buckeye. This obligation requires us to perform certain environmental remediation work on Buckeye’s behalf at the New Haven terminal. At December 31, 2020 and March 31, 2021, our consolidated balance sheets reflect 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 the Powder Springs’ credit facility. As of March 31, 2021, our consolidated balance sheets reflected a $0.4 million other current liability and a corresponding increase in our investment in non-controlled entities on our consolidated balance sheets to reflect the fair value of this guarantee. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsStacy Methvin is an independent member of our general partner’s board of directors and also serves as a director of two of our customers. We received tariff, terminalling and other ancillary revenue from these customers of $8.4 million and $11.3 million for the three months ended March 31, 2020 and 2021, respectively. We occasionally have transmix settlements with these customers as well. We recorded receivables of $3.9 million and $4.0 million from these customers at December 31, 2020 and March 31, 2021, respectively. See Note 4 – Investments in Non-Controlled Entities and Note 7 – Leases |
Partners' Capital and Distribut
Partners' Capital and Distributions | 3 Months Ended |
Mar. 31, 2021 | |
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. No units were repurchased during the three months ended March 31, 2021. The following table details the changes in the number of our common units outstanding from December 31, 2020 through March 31, 2021: Common units outstanding on December 31, 2020 223,119,811 January 2021–Settlement of employee LTIP awards 150,435 During 2021–Other (a) 12,572 Common units outstanding on March 31, 2021 223,282,818 (a) Common units issued to settle the equity-based retainers paid to independent directors of our general partner. Distributions Distributions we paid during 2020 and 2021 were as follows (in thousands, except per unit amounts): Payment Date Per Unit Total Distribution 02/14/2020 $ 1.0275 $ 234,774 05/15/2020 1.0275 231,245 08/14/2020 1.0275 231,245 11/13/2020 1.0275 229,853 Total 4.1100 927,117 02/12/2021 $ 1.0275 229,423 05/14/2021 (a) 1.0275 229,423 Total $ 2.0550 $ 458,846 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Recognizable events No recognizable events occurred subsequent to March 31, 2021. Non-recognizable events Sale of Partial Interest in MVP. In April 2021, we sold nearly half of our membership interest in MVP and received $271.0 million in cash, including working capital adjustments. Following the sale, we own approximately 25% of MVP and remain the operator of the facility. |
Organization, Description of _2
Organization, Description of Business And Basis Of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, our accompanying consolidated financial statements which are unaudited, except for the consolidated balance sheet as of December 31, 2020, which is derived from our audited financial statements, include all normal and recurring adjustments necessary to present fairly our financial position as of March 31, 2021, the results of operations for the three months ended March 31, 2020 and 2021 and cash flows for the three months ended March 31, 2020 and 2021. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 for several reasons. Profits from our gas liquids blending activities are realized largely during the first and fourth quarters of each year. Additionally, gasoline demand, which drives transportation volumes and revenues on our refined products pipeline system, generally trends higher during the summer driving months. Further, the volatility of commodity prices impacts the profits from our commodity activities and the volume of petroleum products we transport on our pipelines. Pursuant to the rules and regulations of the Securities and Exchange Commission, the financial statements in this report have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities that exist at the date of our consolidated financial statements, as well as their impact on the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. |
New Accounting Pronouncements | New Accounting Pronouncements None. |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Reporting Information | Three Months Ended March 31, 2020 Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 314,319 $ 145,658 $ (1,582) $ 458,395 Product sales revenue 312,986 6,134 — 319,120 Affiliate management fee revenue 1,584 3,707 — 5,291 Total revenue 628,889 155,499 (1,582) 782,806 Operating expense 105,882 46,772 (3,146) 149,508 Cost of product sales 233,342 15,894 — 249,236 Other operating (income) expense (1,892) 2,403 — 511 Earnings of non-controlled entities (14,220) (29,440) — (43,660) Operating margin 305,777 119,870 1,564 427,211 Depreciation, amortization and impairment expense 46,059 15,911 1,564 63,534 G&A expense 26,654 10,254 — 36,908 Operating profit $ 233,064 $ 93,705 $ — $ 326,769 Three Months Ended March 31, 2021 Refined Products Crude Oil Intersegment Total Transportation and terminals revenue $ 310,768 $ 116,214 $ (1,812) $ 425,170 Product sales revenue 201,431 29,170 — 230,601 Affiliate management fee revenue 1,550 3,752 — 5,302 Total revenue 513,749 149,136 (1,812) 661,073 Operating expense 94,853 39,202 (3,451) 130,604 Cost of product sales 154,742 30,125 — 184,867 Other operating (income) expense (239) 701 — 462 Earnings of non-controlled entities (9,171) (29,881) — (39,052) Operating margin 273,564 108,989 1,639 384,192 Depreciation, amortization and impairment expense 39,585 16,904 1,639 58,128 G&A expense 33,583 12,997 — 46,580 Operating profit $ 200,396 $ 79,088 $ — $ 279,484 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Products and Services | The following tables provide details of our revenues disaggregated by key activities that comprise our performance obligations by operating segment (in thousands): Three Months Ended March 31, 2020 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 178,456 $ 86,782 $ — $ 265,238 Terminalling 40,386 3,309 — 43,695 Storage 55,075 29,183 (1,582) 82,676 Ancillary services 32,240 7,076 — 39,316 Lease revenue 8,162 19,308 — 27,470 Transportation and terminals revenue 314,319 145,658 (1,582) 458,395 Product sales revenue 312,986 6,134 — 319,120 Affiliate management fee revenue 1,584 3,707 — 5,291 Total revenue 628,889 155,499 (1,582) 782,806 Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: Lease revenue (1) (8,162) (19,308) — (27,470) (Gains) losses from futures contracts included in product sales revenue (2) (121,047) (2,722) — (123,769) Affiliate management fee revenue (1,584) (3,707) — (5,291) Total revenue from contracts with customers under ASC 606 $ 498,096 $ 129,762 $ (1,582) $ 626,276 (1) Lease revenue is accounted for under Accounting Standards Codification (“ASC”) 842, Leases . (2) The impact on product sales revenue from futures contracts falls under the guidance of ASC 815, Derivatives and Hedging . Three Months Ended March 31, 2021 Refined Products Crude Oil Intersegment Eliminations Total Transportation $ 193,427 $ 55,046 $ — $ 248,473 Terminalling 32,791 6,117 — 38,908 Storage 49,157 29,262 (1,812) 76,607 Ancillary services 31,246 7,946 — 39,192 Lease revenue 4,147 17,843 — 21,990 Transportation and terminals revenue 310,768 116,214 (1,812) 425,170 Product sales revenue 201,431 29,170 — 230,601 Affiliate management fee revenue 1,550 3,752 — 5,302 Total revenue 513,749 149,136 (1,812) 661,073 Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: Lease revenue (1) (4,147) (17,843) — (21,990) (Gains) losses from futures contracts included in product sales revenue (2) 48,437 5,356 — 53,793 Affiliate management fee revenue (1,550) (3,752) — (5,302) Total revenue from contracts with customers under ASC 606 $ 556,489 $ 132,897 $ (1,812) $ 687,574 (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, 2020 March 31, 2021 Accounts receivable from contracts with customers $ 108,843 $ 141,387 Contract assets $ 12,220 $ 11,429 Contract liabilities $ 102,964 $ 100,824 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table provides the aggregate amount of the transaction price allocated to our unfulfilled performance obligations (“UPOs”) as of March 31, 2021 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 March 31, 2021 $ 2,047,797 $ 1,197,666 $ 3,245,463 Remaining terms 1 - 17 years 1 - 11 years Estimated revenues from UPOs to be recognized in the next 12 months $ 389,591 $ 260,319 $ 649,910 |
Investments in Non-Controlled_2
Investments in Non-Controlled Entities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Our equity investments in non-controlled entities at March 31, 2021 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”) (1) 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% (1) Subsequent to March 31, 2021, we sold a portion of our interest in MVP (see Note 15 – Subsequent Events for further detail of this transaction). We recorded the following revenue and expense transactions from certain of these non-controlled entities in our consolidated statements of income (in thousands): Three Months Ended March 31, 2020 2021 Transportation and terminals revenue: BridgeTex, pipeline capacity and storage $ 10,748 $ 10,740 Double Eagle, throughput revenue $ 1,600 $ 976 Saddlehorn, storage revenue $ 566 $ 580 Operating expenses: Seabrook, storage lease and ancillary services $ 6,899 $ 5,310 Other operating income: Seabrook, gain on sale of air emission credits $ 1,410 $ — Our consolidated balance sheets reflected the following balances related to transactions with our non-controlled entities (in thousands): 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 $ — March 31, 2021 Trade Accounts Receivable Other Accounts Receivable Other Accounts Payable Long-Term Receivables BridgeTex $ 263 $ 12 $ 1,308 $ — Double Eagle $ 310 $ — $ — $ — HoustonLink $ — $ — $ 149 $ — MVP $ — $ 633 $ 862 $ — Powder Springs $ 101 $ 96 $ — $ 10,293 Saddlehorn $ — $ 175 $ — $ — Seabrook $ — $ 105 $ 2,528 $ — A summary of our investments in non-controlled entities (representing only our proportionate interest) follows (in thousands): Investments at December 31, 2020 $ 1,213,856 Additional investment 1,865 Earnings of non-controlled entities: Proportionate share of earnings 39,505 Amortization of excess investment and capitalized interest (453) Earnings of non-controlled entities 39,052 Less: Distributions from operations of non-controlled entities 51,434 Investments at March 31, 2021 $ 1,203,339 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory at December 31, 2020 and March 31, 2021 was as follows (in thousands): December 31, 2020 March 31, Refined products $ 79,473 $ 94,098 Crude oil 32,431 47,993 Liquefied petroleum gases 26,734 20,926 Transmix 23,397 44,940 Additives 5,354 4,816 Total inventory $ 167,389 $ 212,773 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Consolidated Debt | Long-term debt at December 31, 2020 and March 31, 2021 was as follows (in thousands): December 31, March 31, Commercial paper $ — $ 17,000 3.20% Notes due 2025 250,000 250,000 5.00% Notes due 2026 650,000 650,000 3.25% Notes due 2030 500,000 500,000 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 800,000 800,000 Face value of long-term debt 5,000,000 5,017,000 Unamortized debt issuance costs (1) (40,143) (39,631) Net unamortized debt premium (1) 18,834 18,773 Long-term debt, net $ 4,978,691 $ 4,996,142 (1) Debt issuance costs and note discounts and premiums are being amortized or accreted to the applicable notes over the respective lives of those notes. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Operating Leases | The following tables provide information about our third-party and Seabrook operating leases (in thousands): Three Months Ended March 31, 2020 Three Months Ended March 31, 2021 Third-Party Leases Seabrook Lease All Leases Third-Party Leases Seabrook Lease All Leases Total lease expense $ 5,990 $ 6,899 $ 12,889 $ 7,021 $ 5,310 $ 12,331 December 31, 2020 March 31, 2021 Third-Party Leases Seabrook Lease All Leases Third-Party Leases Seabrook Lease All Leases Current lease liability $ 17,099 $ 10,434 $ 27,533 $ 17,257 $ 9,404 $ 26,661 Long-term lease liability $ 84,982 $ 52,501 $ 137,483 $ 118,291 $ 50,526 $ 168,817 Right-of-use asset $ 103,142 $ 62,936 $ 166,078 $ 134,533 $ 59,930 $ 194,463 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Consolidated Net Periodic Benefit Costs | Net periodic benefit expense for the three months ended March 31, 2020 and 2021 was as follows (in thousands): Three Months Ended Three Months Ended March 31, 2020 March 31, 2021 Pension Other Postretirement Pension Other Postretirement Components of net periodic benefit costs: Service cost $ 7,203 $ 62 $ 7,353 $ 76 Interest cost 2,802 112 2,400 95 Expected return on plan assets (2,886) — (3,046) — Amortization of prior service credit (45) — (45) — Amortization of actuarial loss 1,412 119 1,544 147 Settlement cost 969 — — — Settlement gain on disposition of assets (1,342) — — — Net periodic benefit cost $ 8,113 $ 293 $ 8,206 $ 318 |
Schedule of Amounts Recognized in Other Comprehensive Loss | The changes in accumulated other comprehensive loss (“AOCL”) related to employee benefit plan assets and benefit obligations for the three months ended March 31, 2020 and 2021 were as follows (in thousands): Three Months Ended Three Months Ended March 31, 2020 March 31, 2021 Gains (Losses) Included in AOCL Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Beginning balance $ (104,739) $ (8,378) $ (117,782) $ (10,409) Net actuarial loss (747) — — — Curtailment gain 1,703 — — — Recognition of prior service credit amortization in income (45) — (45) — Recognition of actuarial loss amortization in income 1,412 119 1,544 147 Recognition of settlement cost in income 969 — — — Ending balance $ (101,447) $ (8,259) $ (116,283) $ (10,262) |
Long-Term Incentive Plan (Table
Long-Term Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Incentive Compensation Expense | Equity-based incentive compensation expense for the three months ended March 31, 2020 and 2021, primarily recorded as G&A expense on our consolidated statements of income, was as follows (in thousands): Three Months Ended March 31, 2020 2021 Performance-based awards $ (1,947) $ 2,216 Time-based awards 2,102 2,463 Total $ 155 $ 4,679 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements | Our open futures contracts at March 31, 2021 were as follows: Type of Contract/Accounting Methodology Product Represented by the Contract and Associated Barrels Maturity Dates Futures - Economic Hedges 3.0 million barrels of refined products and crude oil Between April 2021 and November 2022 Futures - Economic Hedges 0.2 million barrels of gas liquids Between April and December 2021 |
Derivatives and Offset Amounts | A schedule of the derivative amounts we have offset and the deposit amounts we could offset under a master netting arrangement are provided below as of December 31, 2020 and March 31, 2021 (in thousands): Description Gross Amounts of Recognized Liabilities Gross Amounts of Assets Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets Net Asset Amount (1) As of 12/31/2020 $ (22,988) $ 1,690 $ (21,298) $ 34,165 $ 12,867 As of 3/31/2021 $ (24,099) $ 2,626 $ (21,473) $ 40,029 $ 18,556 (1) Amount represents the maximum loss we would incur if all of our counterparties failed to perform on their derivative contracts. |
Derivatives and Hedging-Cash Flow Hedges | The changes in derivative activity included in AOCL for the three months ended March 31, 2020 and 2021 were as follows (in thousands): Three Months Ended March 31, Derivative Losses Included in AOCL 2020 2021 Beginning balance $ (48,960) $ (54,999) Net loss on cash flow hedges (11,914) — Reclassification of net loss on cash flow hedges to income 809 887 Ending balance $ (60,065) $ (54,112) The following is a summary of the effect on our consolidated statements of income for the three months ended March 31, 2020 and 2021 of derivatives that were designated as cash flow hedges (in thousands): Interest Rate Contracts Amount of Loss Recognized in AOCL on Derivatives Location of Loss Reclassified from AOCL into Income Amount of Loss Reclassified from AOCL into Income Three Months Ended March 31, 2020 $ (11,914) Interest expense $ (809) Three Months Ended March 31, 2021 $ — Interest expense $ (887) |
Derivatives and Hedging-Overall-Subsequent Measurement | The following table provides a summary of the effect on our consolidated statements of income for the three months ended March 31, 2020 and 2021 of derivatives that were not designated as hedging instruments (in thousands): Amount of Gain (Loss) Recognized on Derivatives Three Months Ended Location of Gain (Loss) March 31, Derivative Instrument 2020 2021 Futures contracts Product sales revenue $ 123,769 $ (53,793) Futures contracts Cost of product sales (3,927) 1,670 Basis derivative agreement Other operating income (expense) (2,899) (650) Total $ 116,943 $ (52,773) |
Derivatives and Hedging-Designated | The following tables provide a summary of the fair value of derivatives , which are presented on a net basis in our consolidated balance sheets, that were not designated as hedging instruments as of December 31, 2020 and March 31, 2021 (in thousands): 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 Future 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 March 31, 2021 Asset Derivatives Liability Derivatives Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Futures contracts Commodity derivatives contracts, net $ 2,626 Commodity derivatives contracts, net $ 23,418 Futures contracts Other noncurrent assets — Other noncurrent liabilities 681 Basis derivative agreement Other current assets — Other current liabilities 7,341 Total $ 2,626 Total $ 31,440 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize the carrying amounts, fair values and fair value measurements recorded or disclosed as of December 31, 2020 and March 31, 2021 based on the three levels established by ASC 820, Fair Value Measurements and Disclosures (in thousands): Assets (Liabilities) Fair Value Measurements as of Carrying Amount Fair Value Quoted Prices in Active Markets Significant 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) $ — Assets (Liabilities) Fair Value Measurements as of Carrying Amount Fair Value Quoted Prices in Active Markets Significant Significant Commodity derivatives contracts $ (21,473) $ (21,473) $ (21,473) $ — $ — Basis derivative agreement $ (7,341) $ (7,341) $ — $ (7,341) $ — Long-term receivables $ 21,590 $ 21,590 $ — $ — $ 21,590 Guarantees and contractual obligations $ (11,172) $ (11,172) $ — $ — $ (11,172) Debt $ (4,996,142) $ (5,341,424) $ — $ (5,341,424) $ — |
Partners' Capital and Distrib_2
Partners' Capital and Distributions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Partners' Capital Notes [Abstract] | |
Schedule of Capital Units | The following table details the changes in the number of our common units outstanding from December 31, 2020 through March 31, 2021: Common units outstanding on December 31, 2020 223,119,811 January 2021–Settlement of employee LTIP awards 150,435 During 2021–Other (a) 12,572 Common units outstanding on March 31, 2021 223,282,818 (a) Common units issued to settle the equity-based retainers paid to independent directors of our general partner. |
Schedule of Distributions | Distributions we paid during 2020 and 2021 were as follows (in thousands, except per unit amounts): Payment Date Per Unit Total Distribution 02/14/2020 $ 1.0275 $ 234,774 05/15/2020 1.0275 231,245 08/14/2020 1.0275 231,245 11/13/2020 1.0275 229,853 Total 4.1100 927,117 02/12/2021 $ 1.0275 229,423 05/14/2021 (a) 1.0275 229,423 Total $ 2.0550 $ 458,846 |
Organization, Description of _3
Organization, Description of Business and Basis of Presentation (Narrative) (Details) bbl in Millions | Mar. 31, 2021bblTerminalmi |
Refined Products Segment [Member] | |
Organization and Description of Business [Line Items] | |
Pipeline Length | mi | 9,800 |
Number of Pipeline Terminals | Terminal | 54 |
Number of Independent 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 (Schedule O
Segment Disclosures (Schedule Of Business Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 661,073 | $ 782,806 |
Operating expense | 130,604 | 149,508 |
Cost of product sales | 184,867 | 249,236 |
Other operating (income) expense | 462 | 511 |
Earnings of non-controlled entities | (39,052) | (43,660) |
Operating margin | 384,192 | 427,211 |
Depreciation, amortization and impairment | 58,128 | 63,534 |
G&A expense | 46,580 | 36,908 |
Operating profit | 279,484 | 326,769 |
Operating Segments [Member] | Refined Products Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 513,749 | 628,889 |
Operating expense | 94,853 | 105,882 |
Cost of product sales | 154,742 | 233,342 |
Other operating (income) expense | (239) | (1,892) |
Earnings of non-controlled entities | (9,171) | (14,220) |
Operating margin | 273,564 | 305,777 |
Depreciation, amortization and impairment | 39,585 | 46,059 |
G&A expense | 33,583 | 26,654 |
Operating profit | 200,396 | 233,064 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 149,136 | 155,499 |
Operating expense | 39,202 | 46,772 |
Cost of product sales | 30,125 | 15,894 |
Other operating (income) expense | 701 | 2,403 |
Earnings of non-controlled entities | (29,881) | (29,440) |
Operating margin | 108,989 | 119,870 |
Depreciation, amortization and impairment | 16,904 | 15,911 |
G&A expense | 12,997 | 10,254 |
Operating profit | 79,088 | 93,705 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (1,812) | (1,582) |
Operating expense | (3,451) | (3,146) |
Cost of product sales | 0 | 0 |
Other operating (income) expense | 0 | 0 |
Earnings of non-controlled entities | 0 | 0 |
Operating margin | 1,639 | 1,564 |
Depreciation, amortization and impairment | 1,639 | 1,564 |
G&A expense | 0 | 0 |
Operating profit | 0 | 0 |
Service [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 425,170 | 458,395 |
Service [Member] | Operating Segments [Member] | Refined Products Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 310,768 | 314,319 |
Service [Member] | Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 116,214 | 145,658 |
Service [Member] | Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (1,812) | (1,582) |
Product [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 230,601 | 319,120 |
Product [Member] | Operating Segments [Member] | Refined Products Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 201,431 | 312,986 |
Product [Member] | Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 29,170 | 6,134 |
Product [Member] | Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Product and Service, Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 5,302 | 5,291 |
Product and Service, Other [Member] | Operating Segments [Member] | Refined Products Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,550 | 1,584 |
Product and Service, Other [Member] | Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,752 | 3,707 |
Product and Service, Other [Member] | Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 0 | $ 0 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue, Revenue Recognized | $ 66.4 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 661,073 | $ 782,806 |
Lease revenue | (21,990) | (27,470) |
(Gains) losses from futures contracts included in product sales revenue | 53,793 | (123,769) |
Affiliate management fee revenue | (5,302) | (5,291) |
Total revenue from contracts with customers under ASC 606 | 687,574 | 626,276 |
Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 425,170 | 458,395 |
Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 230,601 | 319,120 |
Product and Service, Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,302 | 5,291 |
Operating Segments [Member] | Refined Products Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 513,749 | 628,889 |
Lease revenue | (4,147) | (8,162) |
(Gains) losses from futures contracts included in product sales revenue | 48,437 | (121,047) |
Affiliate management fee revenue | (1,550) | (1,584) |
Total revenue from contracts with customers under ASC 606 | 556,489 | 498,096 |
Operating Segments [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 149,136 | 155,499 |
Lease revenue | (17,843) | (19,308) |
(Gains) losses from futures contracts included in product sales revenue | 5,356 | (2,722) |
Affiliate management fee revenue | (3,752) | (3,707) |
Total revenue from contracts with customers under ASC 606 | 132,897 | 129,762 |
Operating Segments [Member] | Service [Member] | Refined Products Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 310,768 | 314,319 |
Operating Segments [Member] | Service [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 116,214 | 145,658 |
Operating Segments [Member] | Product [Member] | Refined Products Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 201,431 | 312,986 |
Operating Segments [Member] | Product [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 29,170 | 6,134 |
Operating Segments [Member] | Product and Service, Other [Member] | Refined Products Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,550 | 1,584 |
Operating Segments [Member] | Product and Service, Other [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,752 | 3,707 |
Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (1,812) | (1,582) |
Lease revenue | 0 | 0 |
(Gains) losses from futures contracts included in product sales revenue | 0 | 0 |
Affiliate management fee revenue | 0 | 0 |
Total revenue from contracts with customers under ASC 606 | (1,812) | (1,582) |
Intersegment Eliminations [Member] | Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (1,812) | (1,582) |
Intersegment Eliminations [Member] | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Intersegment Eliminations [Member] | Product and Service, Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Transferred over Time [Member] | Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 425,170 | 458,395 |
Transferred over Time [Member] | Transportation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 248,473 | 265,238 |
Transferred over Time [Member] | Terminalling [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 38,908 | 43,695 |
Transferred over Time [Member] | Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 76,607 | 82,676 |
Transferred over Time [Member] | Ancillary Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 39,192 | 39,316 |
Transferred over Time [Member] | Lease Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 21,990 | 27,470 |
Transferred over Time [Member] | Operating Segments [Member] | Service [Member] | Refined Products Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 310,768 | 314,319 |
Transferred over Time [Member] | Operating Segments [Member] | Service [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 116,214 | 145,658 |
Transferred over Time [Member] | Operating Segments [Member] | Transportation [Member] | Refined Products Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 193,427 | 178,456 |
Transferred over Time [Member] | Operating Segments [Member] | Transportation [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 55,046 | 86,782 |
Transferred over Time [Member] | Operating Segments [Member] | Terminalling [Member] | Refined Products Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 32,791 | 40,386 |
Transferred over Time [Member] | Operating Segments [Member] | Terminalling [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,117 | 3,309 |
Transferred over Time [Member] | Operating Segments [Member] | Storage [Member] | Refined Products Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 49,157 | 55,075 |
Transferred over Time [Member] | Operating Segments [Member] | Storage [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 29,262 | 29,183 |
Transferred over Time [Member] | Operating Segments [Member] | Ancillary Services [Member] | Refined Products Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 31,246 | 32,240 |
Transferred over Time [Member] | Operating Segments [Member] | Ancillary Services [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 7,946 | 7,076 |
Transferred over Time [Member] | Operating Segments [Member] | Lease Revenue [Member] | Refined Products Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,147 | 8,162 |
Transferred over Time [Member] | Operating Segments [Member] | Lease Revenue [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 17,843 | 19,308 |
Transferred over Time [Member] | Intersegment Eliminations [Member] | Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (1,812) | (1,582) |
Transferred over Time [Member] | Intersegment Eliminations [Member] | Transportation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Transferred over Time [Member] | Intersegment Eliminations [Member] | Terminalling [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Transferred over Time [Member] | Intersegment Eliminations [Member] | Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (1,812) | (1,582) |
Transferred over Time [Member] | Intersegment Eliminations [Member] | Ancillary Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Transferred over Time [Member] | Intersegment Eliminations [Member] | Lease Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Transferred at Point in Time [Member] | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 230,601 | 319,120 |
Transferred at Point in Time [Member] | Operating Segments [Member] | Product [Member] | Refined Products Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 201,431 | 312,986 |
Transferred at Point in Time [Member] | Operating Segments [Member] | Product [Member] | Crude Oil Pipeline and Terminals Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 29,170 | 6,134 |
Transferred at Point in Time [Member] | Intersegment Eliminations [Member] | Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 0 | $ 0 |
Revenue (Assets and Liabilities
Revenue (Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Billed Contracts Receivable | $ 141,387 | $ 108,843 |
Contract with Customer, Asset, after Allowance for Credit Loss | 11,429 | 12,220 |
Contract with Customer, Liability | $ 100,824 | $ 102,964 |
Revenue (Performance Obligation
Revenue (Performance Obligations in Next 12 Months) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 3,245,463 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 649,910 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Refined Products Segment [Member] | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 2,047,797 |
Refined Products Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 389,591 |
Crude Oil Pipeline and Terminals Segment [Member] | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 1,197,666 |
Crude Oil Pipeline and Terminals Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 260,319 |
Minimum [Member] | Refined Products Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Minimum [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Maximum [Member] | Refined Products Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 17 years |
Maximum [Member] | Crude Oil Pipeline and Terminals Segment [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 11 years |
Investments in Non-Controlled_3
Investments in Non-Controlled Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 661,073 | $ 782,806 | |
Operating | 130,604 | 149,508 | |
Other operating income (expense) | (462) | (511) | |
Trade accounts receivable | 142,948 | $ 109,136 | |
Other accounts receivable | 35,355 | 37,075 | |
Change in Equity Method Investments [Roll Forward] | |||
Investments, Beginning Balance | 1,213,856 | ||
Additional investment | 1,865 | ||
Proportionate share of earnings | 39,505 | ||
Amortization of excess investment and capitalized interest | (453) | ||
Earnings of non-controlled entities | 39,052 | 43,660 | |
Distributions from operations of non-controlled entities | 51,434 | 54,743 | |
Investments, Ending Balance | 1,203,339 | ||
Service [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 425,170 | 458,395 | |
Equity Method Investee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 500 | 1,200 | |
BridgeTex [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 30.00% | ||
BridgeTex [Member] | Equity Method Investee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Trade accounts receivable | $ 263 | 355 | |
Other accounts receivable | 12 | 27 | |
Other Accounts Payable | 1,308 | 970 | |
BridgeTex [Member] | Equity Method Investee [Member] | Service [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 10,740 | 10,748 | |
Double Eagle Pipeline Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 50.00% | ||
Double Eagle Pipeline Llc [Member] | Equity Method Investee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Trade accounts receivable | $ 310 | 277 | |
Double Eagle Pipeline Llc [Member] | Equity Method Investee [Member] | Service [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 976 | 1,600 | |
HoustonLink Pipeline Company LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 50.00% | ||
HoustonLink Pipeline Company LLC [Member] | Equity Method Investee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Other Accounts Payable | $ 149 | 144 | |
MVP Terminalling, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 50.00% | ||
MVP Terminalling, LLC [Member] | Equity Method Investee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Other accounts receivable | $ 633 | 467 | |
Other Accounts Payable | $ 862 | 2,297 | |
Powder Springs Logistics, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 50.00% | ||
Powder Springs Logistics, LLC [Member] | Equity Method Investee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Trade accounts receivable | $ 101 | ||
Other accounts receivable | 96 | ||
Long-term receivables | $ 10,293 | 10,223 | |
Saddlehorn Pipeline Company [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 30.00% | ||
Saddlehorn Pipeline Company [Member] | Equity Method Investee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Other accounts receivable | $ 175 | 121 | |
Saddlehorn Pipeline Company [Member] | Equity Method Investee [Member] | Service [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 580 | 566 | |
Seabrook Logistics, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 50.00% | ||
Seabrook Logistics, LLC [Member] | Equity Method Investee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating | $ 5,310 | 6,899 | |
Other operating income (expense) | 0 | $ 1,410 | |
Other accounts receivable | 105 | ||
Other Accounts Payable | $ 2,528 | $ 7,274 | |
Texas Frontera Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in equity method investment | 50.00% |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Refined products | $ 94,098 | $ 79,473 |
Crude oil | 47,993 | 32,431 |
Liquefied petroleum gases | 20,926 | 26,734 |
Transmix | 44,940 | 23,397 |
Additives | 4,816 | 5,354 |
Total inventory | $ 212,773 | $ 167,389 |
Debt (Consolidated Debt) (Detai
Debt (Consolidated Debt) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 5,017,000,000 | $ 5,000,000,000 |
Unamortized debt issuance costs | (39,631,000) | (40,143,000) |
Net unamortized premium | 18,773,000 | 18,834,000 |
Long-term debt, net | $ 4,996,142,000 | 4,978,691,000 |
3.20% Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 |
5.00% Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Debt Instrument, Face Amount | $ 650,000,000 | 650,000,000 |
3.25% Notes Due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 |
6.40% Notes Due 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | |
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 |
4.20% Notes Due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 |
5.15% Notes Due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | |
Debt Instrument, Face Amount | $ 550,000,000 | 550,000,000 |
4.20% Notes Due 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 |
4.25% Notes Due 2046 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 |
4.20% Notes Due 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 |
4.85% Notes Due 2049 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | |
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 |
3.95% Notes Due 2050 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | |
Debt Instrument, Face Amount | $ 800,000,000 | 800,000,000 |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 17,000,000 | $ 0 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 5,017,000,000 | $ 5,000,000,000 |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 17,000,000 | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000,000 | |
Debt, Weighted Average Interest Rate | 0.20% | |
Commercial Paper [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 397 days | |
Senior Notes [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000,000 | |
Unused commitment fee | 0.125% | |
Long term debt | $ 0 | 0 |
Obligation for letters of credit | $ 3,500,000 | $ 3,500,000 |
Senior Notes [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Unused commitment fee | 0.075% | |
Senior Notes [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Unused commitment fee | 0.20% | |
London Interbank Offered Rate (LIBOR) [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | |
London Interbank Offered Rate (LIBOR) [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Leases Operating Lease, Other D
Leases Operating Lease, Other Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Total lease expense | $ 12,331 | $ 12,889 | |
Current lease liability | 26,661 | $ 27,533 | |
Long-term lease liability | 168,817 | 137,483 | |
Right-of-use asset | 194,463 | 166,078 | |
N/A [Member] | |||
Related Party Transaction [Line Items] | |||
Total lease expense | 7,021 | 5,990 | |
Current lease liability | 17,257 | 17,099 | |
Long-term lease liability | 118,291 | 84,982 | |
Right-of-use asset | 134,533 | 103,142 | |
Seabrook Logistics, LLC [Member] | Equity Method Investee [Member] | |||
Related Party Transaction [Line Items] | |||
Total lease expense | 5,310 | $ 6,899 | |
Current lease liability | 9,404 | 10,434 | |
Long-term lease liability | 50,526 | 52,501 | |
Right-of-use asset | $ 59,930 | $ 62,936 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)pension_plan | Mar. 31, 2020USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Contribution Plan, Cost | $ | $ 3.1 | $ 4.5 |
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 | |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ | $ 28 | |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ | $ 0.2 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule Of Consolidated Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Plan [Member] | ||
Components of net periodic benefit costs: | ||
Service cost | $ 7,353 | $ 7,203 |
Interest cost | 2,400 | 2,802 |
Expected return on plan assets | (3,046) | (2,886) |
Amortization of prior service credit | (45) | (45) |
Amortization of actuarial loss | 1,544 | 1,412 |
Settlement cost | 0 | 969 |
Settlement gain on disposition of assets | 0 | (1,342) |
Net periodic benefit cost | 8,206 | 8,113 |
Other Postretirement Benefits Plan [Member] | ||
Components of net periodic benefit costs: | ||
Service cost | 76 | 62 |
Interest cost | 95 | 112 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service credit | 0 | 0 |
Amortization of actuarial loss | 147 | 119 |
Settlement cost | 0 | 0 |
Settlement gain on disposition of assets | 0 | 0 |
Net periodic benefit cost | $ 318 | $ 293 |
Employee Benefit Plans Schedule
Employee Benefit Plans Schedule of Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Changes in AOCL [Roll Forward] | ||
Beginning balance | $ 2,303,806 | $ 2,715,028 |
Net actuarial loss | 0 | (747) |
Curtailment gain | 0 | 1,703 |
Recognition of prior service credit amortization in income | (45) | (45) |
Recognition of actuarial loss amortization in income | 1,691 | 1,531 |
Recognition of settlement cost in income | 0 | 969 |
Ending balance | 2,297,032 | 2,543,977 |
Pension Plan [Member] | ||
Changes in AOCL [Roll Forward] | ||
Net actuarial loss | 0 | (747) |
Curtailment gain | 0 | 1,703 |
Recognition of prior service credit amortization in income | (45) | (45) |
Recognition of actuarial loss amortization in income | 1,544 | 1,412 |
Recognition of settlement cost in income | 0 | 969 |
Other Postretirement Benefits Plan [Member] | ||
Changes in AOCL [Roll Forward] | ||
Net actuarial loss | 0 | 0 |
Curtailment gain | 0 | 0 |
Recognition of prior service credit amortization in income | 0 | 0 |
Recognition of actuarial loss amortization in income | 147 | 119 |
Recognition of settlement cost in income | 0 | 0 |
Accumulated Other Comprehensive Loss | Pension Plan [Member] | ||
Changes in AOCL [Roll Forward] | ||
Beginning balance | (117,782) | (104,739) |
Ending balance | (116,283) | (101,447) |
Accumulated Other Comprehensive Loss | Other Postretirement Benefits Plan [Member] | ||
Changes in AOCL [Roll Forward] | ||
Beginning balance | (10,409) | (8,378) |
Ending balance | $ (10,262) | $ (8,259) |
Long-Term Incentive Plan (Narra
Long-Term Incentive Plan (Narrative) (Details) - shares | Feb. 05, 2021 | Mar. 31, 2021 |
Share-based Payment Arrangement [Abstract] | ||
Limited partners' capital account, units authorized for issuance (in shares) | 11,900,000 | |
Limited partner unitholders, units remaining available (in shares) | 600,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 558,516 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Long-Term Incentive Plan (Equit
Long-Term Incentive Plan (Equity-Based Incentive Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | $ 4,679 | $ 155 |
Performance Based Awards [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | 2,216 | (1,947) |
Time-Based Awards [Member] | ||
Share-based Compensation Arrangements by Share-based Payment Award [Line Items] | ||
Allocation of LTIP expense on consolidated statements of income | $ 2,463 | $ 2,102 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) $ in Thousands | Mar. 31, 2021USD ($)bbl | Dec. 31, 2020USD ($) |
Derivative [Line Items] | ||
Good Faith and Margin Deposits with Broker-Dealers | $ 40,029 | $ 34,165 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (3,500) | |
Energy Related Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl | 30,000 | |
Derivative Liability | $ 7,300 | $ 10,200 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements) (Details) bbl in Millions | Mar. 31, 2021bbl |
Economic Hedges [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 3 |
Economic Hedges Futures [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 0.2 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule of Derivative Offset Amounts) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Commodity derivatives deposits | $ 40,029 | $ 34,165 |
Exchange Traded [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (24,099) | (22,988) |
Derivative Asset, Fair Value, Gross Asset | 2,626 | 1,690 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (21,473) | (21,298) |
Commodity derivatives deposits | 40,029 | 34,165 |
Amount After Offset | $ 18,556 | $ 12,867 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Derivative Gains Included In Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Gains Included in AOCI [Roll Forward] | ||
Beginning balance | $ 2,303,806 | $ 2,715,028 |
Net gain (loss) on cash flow hedges | 0 | (11,914) |
Reclassification of net loss (gain) on cash flow hedges to income | 887 | 809 |
Ending balance | 2,297,032 | 2,543,977 |
Derivative Losses Included in AOCL | ||
Derivative Gains Included in AOCI [Roll Forward] | ||
Beginning balance | (54,999) | (48,960) |
Ending balance | $ (54,112) | $ (60,065) |
Derivative Financial Instrume_7
Derivative Financial Instruments (Derivatives And Hedging-Cash Flow Hedges) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) on cash flow hedges | $ 0 | $ (11,914) |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (887) | (809) |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) on cash flow hedges | 0 | (11,914) |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (887) | $ (809) |
Derivative Financial Instrume_8
Derivative Financial Instruments (Derivatives And Hedging-Overall-Subsequent Measurement) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ (52,773) | $ 116,943 |
Commodity Contract [Member] | Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | (53,793) | 123,769 |
Commodity Contract [Member] | Cost of Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 1,670 | (3,927) |
Energy Related Derivative [Member] | Other Operating Income (Expense) [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ (650) | $ (2,899) |
Derivative Financial Instrume_9
Derivative Financial Instruments (Derivatives and Hedging - Designated) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 2,626 | $ 1,690 |
Derivative Liability, Fair Value, Gross Liability | 31,440 | 33,230 |
Commodity Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2,626 | 616 |
Commodity Contract [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 23,418 | 22,988 |
Commodity Contract [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 1,074 |
Commodity Contract [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 681 | 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 | $ 7,341 | 8,774 |
Energy Related Derivative [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Energy Related Derivative [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 1,468 |
Fair Value Fair Value (Narrativ
Fair Value Fair Value (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2021bblTerminal | Mar. 31, 2020Terminal | |
Derivative [Line Items] | ||
Number Of Marine Terminals Sold | Terminal | 3 | 3 |
Energy Related Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl | 30,000 |
Fair Value (Schedule Of Carryin
Fair Value (Schedule Of Carrying Amounts And Fair Values Of Financial Assets/Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Energy Related Derivative [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | $ (7,300) | $ (10,200) |
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | (21,473) | (21,298) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | (5,341,424) | (5,880,850) |
Fair Value, Inputs, Level 2 [Member] | Energy Related Derivative [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | (7,341) | (10,242) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | 21,590 | 22,755 |
Guarantees, Fair Value Disclosure | (11,172) | (11,207) |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | 21,590 | 22,755 |
Guarantees, Fair Value Disclosure | (11,172) | (11,207) |
Debt | (4,996,142) | (4,978,691) |
Reported Value Measurement [Member] | Commodity Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | (21,473) | (21,298) |
Reported Value Measurement [Member] | Energy Related Derivative [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | (7,341) | (10,242) |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | 21,590 | 22,755 |
Guarantees, Fair Value Disclosure | (11,172) | (11,207) |
Debt | (5,341,424) | (5,880,850) |
Estimate of Fair Value Measurement [Member] | Commodity Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | (21,473) | (21,298) |
Estimate of Fair Value Measurement [Member] | Energy Related Derivative [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | $ (7,341) | $ (10,242) |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021USD ($)Terminal | Mar. 31, 2020USD ($)Terminal | Dec. 31, 2020USD ($) | Oct. 04, 2017facility | |
Loss Contingencies [Line Items] | ||||
Liabilities recognized for estimated environmental costs | $ 12.7 | $ 14.3 | ||
Environmental expenses | $ 1.1 | $ 0.4 | ||
Number Of Marine Terminals Sold | Terminal | 3 | 3 | ||
Performance Guarantee [Member] | Other Current Liabilities [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantees, Fair Value Disclosure | $ 0.6 | 0.6 | ||
Performance Guarantee [Member] | Other Noncurrent Liabilities [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantees, Fair Value Disclosure | $ 10.2 | $ 10.2 | ||
Powder Springs Logistics, LLC [Member] | ||||
Loss Contingencies [Line Items] | ||||
Interest in equity method investment | 50.00% | |||
Powder Springs Logistics, LLC [Member] | Guarantee of Indebtedness of Others [Member] | Equity Method Investee [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantees, Fair Value Disclosure | $ 0.4 | |||
Interest in equity method investment | 50.00% | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 25 | |||
Pending Litigation [Member] | Unfavorable Regulatory Action [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Alleged Patent Infringement, Number Of Facilities | facility | 9 |
Related Party Transactions (Det
Related Party Transactions (Details) - Director [Member] - Methvin Company [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 11.3 | $ 8.4 | |
Accounts Receivable, Related Parties, Current | $ 4 | $ 3.9 |
Partners' Capital and Distrib_3
Partners' Capital and Distributions (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)shares | |
Partners' Capital [Abstract] | |
Stock Repurchase Program, Authorized Amount | $ | $ 750 |
Shares repurchased (in shares) | shares | 0 |
Partners' Capital and Distrib_4
Partners' Capital and Distributions (Schedule of Capital Units) (Details) | 3 Months Ended |
Mar. 31, 2021shares | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Limited partner units outstanding, beginning balance (in shares) | 223,119,811 |
Limited partner units outstanding, ending balance (in shares) | 223,282,818 |
Management [Member] | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
During 2021–Other (in shares) | 150,435 |
Director [Member] | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
During 2021–Other (in shares) | 12,572 |
Partners' Capital and Distrib_5
Partners' Capital and Distributions (Schedule Of Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | May 14, 2021 | Feb. 12, 2021 | Nov. 13, 2020 | Aug. 14, 2020 | May 15, 2020 | Feb. 14, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Distribution Made to Limited Partner [Line Items] | ||||||||
Cash distribution per unit (in dollars per share) | $ 1.0275 | $ 1.0275 | $ 1.0275 | $ 1.0275 | $ 1.0275 | $ 4.1100 | ||
Total Cash Distribution to Limited Partners | $ 229,423 | $ 229,853 | $ 231,245 | $ 231,245 | $ 234,774 | $ 927,117 | ||
Scenario, Forecast | ||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||
Cash distribution per unit (in dollars per share) | $ 1.0275 | $ 2.0550 | ||||||
Total Cash Distribution to Limited Partners | $ 229,423 | $ 458,846 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||||||||
Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | May 14, 2021 | Apr. 19, 2021 | Feb. 12, 2021 | Dec. 31, 2020 | Nov. 13, 2020 | Aug. 14, 2020 | May 15, 2020 | Feb. 14, 2020 | |
Subsequent Event [Line Items] | ||||||||||||
Proceeds from Sale of Productive Assets | $ 656 | $ 332,789 | ||||||||||
Cash distribution per unit (in dollars per share) | $ 1.0275 | $ 4.1100 | $ 1.0275 | $ 1.0275 | $ 1.0275 | $ 1.0275 | ||||||
MVP Terminalling, LLC [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Interest in equity method investment | 50.00% | |||||||||||
Scenario, Forecast | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Cash distribution per unit (in dollars per share) | $ 2.0550 | $ 1.0275 | ||||||||||
Subsequent Event | MVP Terminalling, LLC [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Proceeds from Sale of Productive Assets | $ 271,000 | |||||||||||
Interest in equity method investment | 25.00% | |||||||||||
Subsequent Event | Scenario, Forecast | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Cash distribution per unit (in dollars per share) | $ 1.0275 |