Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MARTIN MIDSTREAM PARTNERS LP | ||
Entity Central Index Key | 1,176,334 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 35,454,662 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 903,794,537 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash | $ 31 | $ 42 |
Trade and accrued accounts receivable, less allowance for doubtful accounts of $430 and $1,620 respectively | 74,355 | 134,173 |
Product exchange receivables | 1,050 | 3,046 |
Inventories | 75,870 | 88,718 |
Due from affiliates | 10,126 | 14,512 |
Fair value of derivatives | 675 | 0 |
Other current assets | 5,718 | 6,772 |
Assets held for sale | 0 | 40,488 |
Total current assets | 167,825 | 287,751 |
Property, plant and equipment, at cost | 1,387,814 | 1,343,674 |
Accumulated depreciation | (404,574) | (345,397) |
Property, plant and equipment, net | 983,240 | 998,277 |
Goodwill | 23,802 | 23,802 |
Investment in unconsolidated entities | 132,292 | 134,506 |
Notes receivable - Martin Energy Trading LLC | 15,000 | 15,000 |
Intangibles and other assets, net | 58,314 | 81,465 |
Total Assets | 1,380,473 | 1,540,801 |
Liabilities and Partners’ Capital | ||
Trade and other accounts payable | 81,180 | 125,332 |
Product exchange payables | 12,732 | 10,396 |
Due to affiliates | 5,738 | 4,872 |
Income taxes payable | 985 | 1,174 |
Other accrued liabilities | 18,533 | 21,801 |
Total current liabilities | 119,168 | 163,575 |
Long-term debt, net | 865,003 | 888,887 |
Fair value of derivatives | 206 | 0 |
Other long-term obligations | 2,217 | 2,668 |
Total liabilities | $ 986,594 | $ 1,055,130 |
Commitments and contingencies | ||
Partners’ capital | $ 393,879 | $ 485,671 |
Total Liabilities and Partners' Capital | $ 1,380,473 | $ 1,540,801 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Doubtful accounts for accounts and other receivables | $ 430 | $ 1,620 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenues: | ||||
Terminalling and storage | [1] | $ 132,945 | $ 130,506 | $ 115,965 |
Marine transportation | [1] | 78,753 | 91,372 | 95,496 |
Natural gas storage services | [1] | 64,858 | 22,991 | 0 |
Sulfur services | 12,270 | 12,149 | 12,004 | |
Product sales: | ||||
Natural gas services | [1] | 458,302 | 990,844 | 966,909 |
Sulfur services | [1] | 157,891 | 203,322 | 201,120 |
Terminalling and storage | [1] | 131,825 | 190,957 | 221,245 |
Total product sales | [1] | 748,018 | 1,385,123 | 1,389,274 |
Total revenues | 1,036,844 | 1,642,141 | 1,612,739 | |
Cost of products sold: (excluding depreciation and amortization) | ||||
Natural gas services | [1] | 413,795 | 948,765 | 928,725 |
Sulfur services | [1] | 114,766 | 159,782 | 157,723 |
Terminalling and storage | [1] | 112,836 | 172,069 | 195,640 |
Total cost of products sold (excluding depreciation and amortization) | 641,397 | 1,280,616 | 1,282,088 | |
Expenses: | ||||
Operating expenses | [1] | 183,466 | 184,049 | 170,155 |
Selling, general and administrative | [1] | 36,788 | 36,316 | 29,236 |
Impairment of long lived assets | 10,629 | 3,445 | 0 | |
Depreciation and amortization | 92,250 | 68,830 | 50,962 | |
Total costs and expenses | 964,530 | 1,573,256 | 1,532,441 | |
Other operating income (loss) | (2,161) | (1,014) | 1,166 | |
Operating income | 70,153 | 67,871 | 81,464 | |
Other income (expense): | ||||
Equity in earnings (loss) of unconsolidated entities | 8,986 | 5,466 | (53,048) | |
Debt prepayment premium | 0 | (7,767) | (272) | |
Interest expense, net | (43,292) | (42,203) | (42,495) | |
Gain on retirement of senior unsecured notes | 1,242 | 0 | 0 | |
Reduction in fair value of investment in Cardinal due to the purchase of the controlling interest | 0 | (30,102) | 0 | |
Other, net | 1,124 | 1,505 | 542 | |
Total other income (expense) | (31,940) | (73,101) | (95,273) | |
Net income (loss) before taxes | 38,213 | (5,230) | (13,809) | |
Income tax expense | (1,048) | (1,137) | (753) | |
Income (loss) from continuing operations | 37,165 | (6,367) | (14,562) | |
Income (loss) from discontinued operations, net of income taxes | 1,215 | (5,338) | 1,208 | |
Net income (loss) | 38,380 | (11,705) | (13,354) | |
Less general partner's interest in net (income) loss | (16,338) | (3,503) | 267 | |
Less (income) loss allocable to unvested restricted units | (140) | 32 | 40 | |
Limited partner's interest in net income (loss) | $ 21,902 | $ (15,176) | $ (13,047) | |
[1] | Related Party Transactions Included Above Year Ended December 31, 2015 2014 2013Revenues: Terminalling and storage$78,233 $74,467 $71,517Marine transportation27,724 24,389 24,654Natural gas services878 — —Product sales5,671 7,661 4,698Costs and expenses: Cost of products sold: (excluding depreciation and amortization) Natural gas services25,797 37,703 32,639Sulfur services16,579 18,390 18,161 Terminalling and storage17,718 36,341 48,868Expenses: Operating expenses77,871 79,577 70,333Selling, general and administrative24,968 23,679 17,689See accompanying notes to consolidated financial statements. |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Allocation of Net Income) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Limited partner interest: | |||
Continuing operations | $ 21,208 | $ (8,255) | $ (14,227) |
Discontinued operations | 694 | (6,921) | 1,180 |
Limited partner's interest in net income (loss) | 21,902 | (15,176) | (13,047) |
General partner interest: | |||
Continuing operations | 15,821 | 1,906 | (291) |
Discontinued operations | 517 | 1,597 | 24 |
Net Income Allocated to General Partners | $ 16,338 | $ 3,503 | $ (267) |
Basic: | |||
Continuing operations (in dollars per unit) | $ 0.60 | $ (0.27) | $ (0.54) |
Discontinued operations (in dollars per unit) | 0.02 | (0.22) | 0.04 |
Net Income, Basic (in dollars per unit) | $ 0.62 | $ (0.49) | $ (0.50) |
Weighted average limited partner units outstanding basic (in units) | 35,308,649 | 30,785,035 | 26,557,829 |
Diluted: | |||
Continuing operations (in dollars per unit) | $ 0.60 | $ (0.27) | $ (0.54) |
Discontinued operations (in dollars per unit) | 0.02 | (0.22) | 0.04 |
Net Income, Diluted (in dollars per unit) | $ 0.62 | $ (0.49) | $ (0.50) |
Weighted average limited partner units - diluted (in units) | 35,372,000 | 30,785,000 | 26,558,000 |
CONSOLIDATED STATEMENTS OF OPE6
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Terminalling and storage | $ 78,233 | $ 74,467 | $ 71,517 |
Marine transportation | 27,724 | 24,389 | 24,654 |
Natural gas services | 878 | 0 | 0 |
Product sales | 5,671 | 7,661 | 4,698 |
Cost of products sold: (excluding depreciation and amortization) | |||
Natural gas services | 25,797 | 37,703 | 32,639 |
Sulfur services | 16,579 | 18,390 | 18,161 |
Terminalling and storage | 17,718 | 36,341 | 48,868 |
Expenses: | |||
Operating expenses | 77,871 | 79,577 | 70,333 |
Selling, general and administrative | $ 24,968 | $ 23,679 | $ 17,689 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | $ 485,671 | $ 260,417 | $ 357,962 |
Net income (loss) | 38,380 | (11,705) | (13,354) |
Issuance of common units | (590) | 331,728 | |
General partner contribution | 55 | 7,007 | 37 |
Cash distributions | (133,316) | (97,368) | (84,588) |
Excess purchase price over carrying value of acquired assets | (4,948) | (301) | |
Unit-based compensation | 1,429 | 817 | 911 |
Purchase of treasury units | (277) | (250) | |
Reimbursement of excess purchase price over carrying value of acquired assets | 2,250 | ||
Ending Balance | $ 393,879 | $ 485,671 | $ 260,417 |
Limited Partner | Common | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance (in units) | 35,365,912 | 26,625,026 | 26,566,776 |
Beginning Balance | $ 470,943 | $ 254,028 | $ 349,490 |
Net income (loss) | 22,042 | $ (15,208) | $ (13,087) |
Issuance of common units (in units) | 8,743,386 | ||
Issuance of common units | $ (590) | $ 331,728 | |
Issuance of restricted units (in units) | 91,950 | 8,900 | 64,500 |
Forfeiture of restricted units (in units) | (1,250) | (5,000) | (250) |
Cash distributions | $ (115,229) | $ (95,197) | $ (82,735) |
Excess purchase price over carrying value of acquired assets | (4,948) | (301) | |
Unit-based compensation | 1,429 | $ 817 | $ 911 |
Purchase of treasury units (in units) | (6,400) | (6,000) | |
Purchase of treasury units | $ (277) | $ (250) | |
Reimbursement of excess purchase price over carrying value of acquired assets | 2,250 | ||
Ending Balance | $ 380,845 | $ 470,943 | $ 254,028 |
Ending Balance (in units) | 35,456,612 | 35,365,912 | 26,625,026 |
General Partner | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | $ 14,728 | $ 6,389 | $ 8,472 |
Net income (loss) | 16,338 | 3,503 | (267) |
General partner contribution | 55 | 7,007 | 37 |
Cash distributions | (18,087) | (2,171) | (1,853) |
Ending Balance | $ 13,034 | $ 14,728 | $ 6,389 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Partners' Capital [Abstract] | |||
Cash distributions (in dollars per unit) | $ 3.25 | $ 3.18 | $ 3.11 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 38,380 | $ (11,705) | $ (13,354) |
Less: (Income) loss from discontinued operations | (1,215) | 5,338 | (1,208) |
Net income (loss) from continuing operations | 37,165 | (6,367) | (14,562) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 92,250 | 68,830 | 50,962 |
Amortization of deferred debt issue costs | 4,859 | 6,263 | 3,700 |
Amortization of discount on notes payable | 0 | 1,305 | 306 |
Amortization of premium on notes payable | (324) | (245) | 0 |
(Gain) loss on disposition or sale of property, plant, and equipment | 2,149 | 1,353 | (217) |
Gain on sale of equity method investment | 0 | 0 | (750) |
Gain on retirement of senior unsecured notes | (1,242) | 0 | 0 |
Impairment of long lived assets | 10,629 | 3,445 | 0 |
Equity in (earnings) loss of unconsolidated entities | (8,986) | (5,466) | 53,048 |
Reduction in fair value of investment in Cardinal due to the purchase of the controlling interest | 0 | 30,102 | 0 |
Derivative (income) | (3,107) | (5,877) | 0 |
Net cash received for commodity derivatives | 143 | 3 | 0 |
Net premiums received on derivatives that settled during the year on interest rate swaption contracts | 2,495 | 6,692 | 0 |
Unit-based compensation | 1,429 | 817 | 911 |
Preferred dividends from Martin Energy Trading | 0 | 1,498 | 1,738 |
Return on investment | 11,200 | 2,600 | 0 |
Other | 0 | 0 | 6 |
Change in current assets and liabilities, excluding effects of acquisitions and dispositions: | |||
Accounts and other receivables | 59,479 | 29,025 | 26,270 |
Product exchange receivables | 1,996 | (319) | 689 |
Inventories | 12,799 | 5,680 | 4,559 |
Due from affiliates | 4,386 | (2,413) | 1,244 |
Other current assets | 891 | 4,123 | (5,432) |
Trade and other accounts payable | (44,153) | (26,349) | (9,978) |
Product exchange payables | 2,336 | 801 | (2,592) |
Due to affiliates | 866 | 2,276 | (1,203) |
Income taxes payable | (189) | (30) | (357) |
Other accrued liabilities | (2,802) | 1,084 | 10,749 |
Change in other non-current assets and liabilities | (345) | 181 | (1,449) |
Net cash provided by continuing operating activities | 183,924 | 119,012 | 117,642 |
Net cash used in discontinued operating activities | (1,352) | (3,432) | (5,459) |
Net cash provided by operating activities | 182,572 | 115,580 | 112,183 |
Cash flows from investing activities: | |||
Payments for property, plant, and equipment | (65,791) | (84,307) | (92,243) |
Acquisitions, net of cash acquired | 0 | (102,696) | (31,321) |
Payments for plant turnaround costs | (1,908) | (3,974) | 0 |
Proceeds from sale of property, plant, and equipment | 2,644 | 1,030 | 5,576 |
Proceeds from sale of equity method investment | 0 | 0 | 750 |
Proceeds from involuntary conversion of property, plant and equipment | 0 | 2,475 | 2,200 |
Investments in unconsolidated entities | 0 | (134,030) | 0 |
Return of investments from unconsolidated entities | 0 | 225 | 1,738 |
Contributions to unconsolidated entities for operations | 0 | (3,386) | (30,877) |
Net cash used in continuing investing activities | (65,055) | (324,663) | (144,177) |
Net cash provided by (used in) discontinued investing activities | 41,250 | 0 | (42,600) |
Net cash used in investing activities | (23,805) | (324,663) | (186,777) |
Cash flows from financing activities: | |||
Payments of long-term debt | (308,836) | (1,533,087) | (650,000) |
Payments of notes payable and capital lease obligations | 0 | 0 | (8,809) |
Proceeds from long-term debt | 282,000 | 1,493,250 | 839,000 |
Net proceeds from issuance of common units | (590) | 331,728 | 0 |
General partner contributions | 55 | 7,007 | 37 |
Excess purchase price over carrying value of acquired assets | 0 | (4,948) | (301) |
Reimbursement of excess purchase price over carrying value of acquired assets | 2,250 | 0 | 0 |
Purchase of treasury units | 0 | (277) | (250) |
Payments of debt issuance costs | (341) | (3,722) | (9,115) |
Cash distributions paid | (133,316) | (97,368) | (84,588) |
Net cash provided by (used in) financing activities | (158,778) | 192,583 | 85,974 |
Net increase (decrease) in cash | (11) | (16,500) | 11,380 |
Cash at beginning of year | 42 | 16,542 | 5,162 |
Cash at end of year | $ 31 | $ 42 | $ 16,542 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Martin Midstream Partners L.P. (the "Partnership") is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States ("U.S.") Gulf Coast region. Its four primary business lines include: terminalling and storage services for petroleum products and by-products including the refining of naphthenic crude oil and the blending and packaging of finished lubricants; natural gas services, including liquids transportation and distribution services and natural gas storage; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marine transportation services for petroleum products and by-products. The petroleum products and by-products the Partnership collects, transports, stores and distributes are produced primarily by major and independent oil and gas companies who often turn to third parties, such as the Partnership, for the transportation and disposition of these products. In addition to these major and independent oil and gas companies, the Partnership's primary customers include independent refiners, large chemical companies, fertilizer manufacturers and other wholesale purchasers of these products. The Partnership operates primarily in the U.S. Gulf Coast region, which is a major hub for petroleum refining, natural gas gathering and processing and support services for the oil and gas exploration and production industry. On August 30, 2013, Martin Resource Management completed the sale of a 49% non-controlling voting interest ( 50% economic interest) in MMGP Holdings, LLC ("Holdings"), a newly-formed sole member of Martin Midstream GP LLC ("MMGP"), the general partner of the Partnership, to certain affiliated investment funds managed by Alinda Capital Partners ("Alinda"). Upon closing the transaction, Alinda appointed two representatives to serve on the board of directors of the general partner of the Partnership. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies (a) Principles of Presentation and Consolidation The consolidated financial statements include the financial statements of the Partnership and its wholly-owned subsidiaries and equity method investees. In the opinion of the management of the Partnership’s general partner, all adjustments and elimination of significant intercompany balances necessary for a fair presentation of the Partnership’s results of operations, financial position and cash flows for the periods shown have been made. All such adjustments are of a normal recurring nature. In addition, the Partnership evaluates its relationships with other entities to identify whether they are variable interest entities under certain provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), 810-10 and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Partnership is the primary beneficiary, then that entity is included in the consolidated financial statements in accordance with ASC 810-10. No such variable interest entities exist as of December 31, 2015 or 2014. As discussed in Note 5, on February 12, 2015, the Partnership sold all six 16,101 barrel liquefied petroleum gas ("LPG") pressure barges, collectively referred to as the "Floating Storage Assets." These assets were acquired on February 28, 2013. On December 19, 2014, the Partnership made the decision to dispose of the Floating Storage Assets. As a result, the Partnership has classified the Floating Storage Assets as held for sale at December 31, 2014 and has presented the results of operations and cash flows of the Floating Storage Assets as discontinued operations for the years ended December 31, 2015, 2014, and 2013. (b) Product Exchanges The Partnership enters into product exchange agreements with third parties, whereby the Partnership agrees to exchange natural gas liquids ("NGLs") and sulfur with third parties. The Partnership records the balance of exchange products due to other companies under these agreements at quoted market product prices and the balance of exchange products due from other companies at the lower of cost or market. Cost is determined using the first-in, first-out ("FIFO") method. Product exchanges with the same counterparty are entered into in contemplation of one another and are combined. The net amount related to location differentials is reported in "Product sales" or "Cost of products sold" in the Consolidated Statements of Operations. (c) Inventories Inventories are stated at the lower of cost or market. Cost is generally determined by using the FIFO method for all inventories except lubricants and lubricants packaging inventories. Lubricants and lubricants packaging inventories cost is determined using standard cost, which approximates actual cost, computed on a FIFO basis. (d) Revenue Recognition Terminalling and Storage – Revenue is recognized for storage contracts based on the contracted monthly tank fixed fee. For throughput contracts, revenue is recognized based on the volume moved through the Partnership’s terminals at the contracted rate. For the Partnership’s tolling agreement, revenue is recognized based on the contracted monthly reservation fee and throughput volumes moved through the facility. When lubricants and drilling fluids are sold by truck or rail, revenue is recognized upon delivering product to the customers as title to the product transfers when the customer physically receives the product. Natural Gas Services – NGL distribution revenue is recognized when product is delivered by truck, rail, or pipeline to the Partnership's NGL customers. Natural gas storage revenue is recognized when the service is provided to the customer. Sulfur Services – Revenue from sulfur product sales is recognized when the customer takes title to the product. Revenue from sulfur services is recognized as deliveries are made during each monthly period. Marine Transportation – Revenue is recognized for time charters based on a per day rate. For contracted trips, revenue is recognized upon completion of the particular trip. (e) Equity Method Investments The Partnership uses the equity method of accounting for investments in unconsolidated entities where the ability to exercise significant influence over such entities exists. Investments in unconsolidated entities consist of capital contributions and advances plus the Partnership’s share of accumulated earnings as of the entities’ latest fiscal year-ends, less capital withdrawals and distributions. Investments in excess of the underlying net assets of equity method investees, specifically identifiable to property, plant and equipment, are amortized over the useful life of the related assets. Excess investment representing equity method goodwill is not amortized but is evaluated for impairment, annually. Under certain provisions of ASC 350-20, related to goodwill, this goodwill is not subject to amortization and is accounted for as a component of the investment. Equity method investments are subject to impairment under the provisions of ASC 323-10, which relates to the equity method of accounting for investments in common stock. No portion of the net income from these entities is included in the Partnership’s operating income. (f) Property, Plant, and Equipment Owned property, plant, and equipment is stated at cost, less accumulated depreciation. Owned buildings and equipment are depreciated using straight-line method over the estimated lives of the respective assets. Equipment under capital leases is stated at the present value of minimum lease payments less accumulated amortization. Equipment under capital leases is amortized on a straight line basis over the estimated useful life of the asset. Routine maintenance and repairs are charged to operating expense while costs of betterments and renewals are capitalized. When an asset is retired or sold, its cost and related accumulated depreciation are removed from the accounts, and the difference between net book value of the asset and proceeds from disposition is recognized as gain or loss. (g) Goodwill and Other Intangible Assets Goodwill is subject to a fair-value based impairment test on an annual basis, or more often if events or circumstances indicate there may be impairment. The Partnership is required to identify its reporting units and determine the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets. The Partnership is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Partnership would be required to perform the second step of the impairment test, as this is an indication that the reporting unit goodwill may be impaired. All four of the Partnership's reporting units, terminalling and storage, natural gas services, sulfur services and marine transportation, contain goodwill. The Partnership has performed the annual impairment tests as of August 31, 2015, 2014, and 2013. The determination of fair value for 2013 for each reporting unit was based on the weighted average of two valuation techniques: (i) the discounted cash flow method and (ii) the guideline public company method. Fair value for 2015 and 2014 for the terminalling and storage and marine transportation reporting units was determined based on weighted average of the discounted cash flow method, the guideline public company method and the guideline transaction method. No change was made in the 2015 and 2014 methodology for determining fair value of the natural gas services and sulfur services segments. At August 31, 2015, 2014, and 2013, the estimated fair value of each of the four reporting units was in excess of its carrying value, resulting in no impairment. No triggering events occurred that would cause the Partnership to perform an impairment test at either December 31, 2015 or 2014. Significant changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit which could give rise to future impairment. Changes to these estimates and assumptions can include, but may not be limited to, varying commodity prices, volume changes and operating costs due to market conditions and/or alternative providers of services. Other intangible assets that have finite lives are tested for impairment when events or circumstances indicate that the carrying value may not be recoverable. An impairment is indicated if the carrying amount of a long-lived intangible asset exceeds the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the asset. If impairment is indicated, the Partnership would record an impairment loss equal to the difference between the carrying value and the fair value of the asset. There were no intangible asset impairments in 2015, 2014 or 2013. (h) Debt Issuance Costs Debt issuance costs relating to the Partnership’s revolving credit facility and senior unsecured notes are deferred and amortized over the terms of the debt arrangements and are shown, net of accumulated amortization, as a reduction of the related long-term debt. In connection with the issuance, amendment, expansion and restatement of debt arrangements, the Partnership incurred debt issuance costs of $341 , $3,722 and $9,115 in the years ended December 31, 2015, 2014 and 2013, respectively. During 2015, the Partnership repurchased on the open market an aggregate $26,200 of 7.25% senior unsecured notes. The repurchase transaction resulted in the write-off of $235 of existing debt issuance costs that were determined not to have continuing benefit. On August 14, 2015, the Partnership reduced its borrowing capacity under the revolving credit facility from $900,000 to $700,000 , resulting in the write-off of $1,625 of deferred debt costs that were determined not to have continuing benefit. Due to the redemption of the remaining $175,000 of 8.875% senior unsecured notes in 2014 and a reduction in the number of lenders under the Partnership’s multi-bank credit agreement, $3,078 and $502 of the existing debt issuance costs were determined not to have continuing benefit and were expensed during the years ended December 31, 2014 and 2013, respectively. Remaining unamortized deferred issuance costs are amortized over the term of each respective revised debt arrangement. Amortization of debt issuance costs, which is included in interest expense, totaled $4,859 , $6,263 and $3,700 for the years ended December 31, 2015, 2014 and 2013, respectively. Accumulated amortization amounted to $10,581 and $5,488 at December 31, 2015 and 2014, respectively. (i) Impairment of Long-Lived Assets In accordance with ASC 360-10, long-lived assets, such as property, plant and equipment, and intangible assets with definite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell and would no longer be depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. In the fourth quarter of 2015, the Partnership identified a triggering event related to the condensate splitter project in the specialty terminals division of the Partnership's Terminalling and Storage segment. The triggering event was the decision to not move forward with the project due to the evaporation of the economic viability of the project. As a result, an impairment charge of $9,305 was recorded in the Terminalling and Storage segment results of operations for the year ended December 31, 2015. In the fourth quarter of 2015, the Partnership identified a triggering event related to one inland push boat and three inland tank barges in the Marine Transportation segment. The triggering event was the assets' inability to generate cash flows in recent quarters and going forward. As a result, an impairment charge of $1,324 was recorded in the Marine Transportation segment results of operations in the fourth quarter of 2015. In the third quarter of 2014, the Partnership identified a triggering event related to one offshore tow in the Marine Transportation segment. The triggering event was the tow's inability to generate cash flows in recent quarters. As a result, an impairment charge of $3,445 was recorded in the Marine Transportation segment results of operations in the third quarter of 2014. No other triggering events occurred in 2015, 2014 or 2013 that would require an additional assessment for impairment of long-lived assets. (j) Asset Retirement Obligations Under ASC 410-20, which relates to accounting requirements for costs associated with legal obligations to retire tangible, long-lived assets, the Partnership records an asset retirement obligation ("ARO") at fair value in the period in which it is incurred by increasing the carrying amount of the related long-lived asset. In each subsequent period, the liability is accreted over time towards the ultimate obligation amount and the capitalized costs are depreciated over the useful life of the related asset. (k) Derivative Instruments and Hedging Activities In accordance with certain provisions of ASC 815-10 related to accounting for derivative instruments and hedging activities, all derivatives and hedging instruments are included in the Consolidated Balance Sheets as an asset or liability measured at fair value and changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. If a derivative qualifies for hedge accounting, changes in the fair value can be offset against the change in the fair value of the hedged item through earnings or recognized in other comprehensive income until such time as the hedged item is recognized in earnings. Derivative instruments not designated as hedges are marked to market with all market value adjustments being recorded in the Consolidated Statements of Operations. (l) Use of Estimates Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the U.S. Actual results could differ from those estimates. (m) Indirect Selling, General and Administrative Expenses Indirect selling, general and administrative expenses are incurred by Martin Resource Management and allocated to the Partnership to cover costs of centralized corporate functions such as accounting, treasury, engineering, information technology, risk management and other corporate services. Such expenses are based on the percentage of time spent by Martin Resource Management’s personnel that provide such centralized services. Under an omnibus agreement with Martin Resource Management, the Partnership is required to reimburse Martin Resource Management for indirect general and administrative and corporate overhead expenses. For the years ended December 31, 2015, 2014 and 2013, the conflicts committee of the Partnership's general partner ("Conflicts Committee") approved reimbursement amounts of $13,679 , $12,535 and $10,621 , respectively, reflecting the Partnership's allocable share of such expenses. The Conflicts Committee will review and approve future adjustments in the reimbursement amount for indirect expenses, if any, annually. (n) Environmental Liabilities and Litigation The Partnership’s policy is to accrue for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remedial feasibility study. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. (o) Trade and Accrued Accounts Receivable and Allowance for Doubtful Accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in the Partnership’s existing accounts receivable. (p) Deferred Catalyst Costs The cost of the periodic replacement of catalysts is deferred and amortized over the catalyst’s estimated useful life, which ranges from 12 to 36 months. (q) Deferred Turnaround Costs The Partnership capitalizes the cost of major turnarounds and amortizes these costs over the estimated period to the next turnaround, which ranges from 12 to 36 months. (r) Income Taxes The Partnership is subject to the Texas margin tax, which is considered a state income tax, and is included in income tax expense on the Consolidated Statements of Operations. The Texas margin tax restructured the state business tax by replacing the taxable capital and earned surplus components of the existing franchise tax with a new "taxable margin" component. Since the tax base on the Texas margin tax is derived from an income-based measure, the margin tax is construed as an income tax and, therefore, the recognition of deferred taxes applies to the margin tax. The impact on deferred taxes as a result of this provision is immaterial. (s) Comprehensive Income Comprehensive income includes net income and other comprehensive income. There are no items of other comprehensive income or loss in any of the years presented. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This ASU requires that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The ASU also requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update with earlier application permitted for financial statements that have not been issued. The Partnership is evaluating the effect that ASU 2015-06 will have on its consolidated and financial statements and related disclosures. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which applies only to inventory for which cost is determined by methods other than last-in, first-out and the retail inventory method. This includes inventory that is measured using first-in, first-out or average cost. Inventory within the scope of this standard is required to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new standard will be effective on January 1, 2017. The Partnership is evaluating the effect that ASU 2015-11 will have on its consolidated and financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-06, Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions, which requires an MLP to allocate earnings (losses) of a transferred business entirely to the general partner when computing earnings per unit ("EPU") for periods before the dropdown transaction occurred. The EPU for limited partners that was previously reported would not change as a result of the dropdown transaction. The ASU also requires an MLP to disclose the effects of the dropdown transaction on EPU for the periods before and after the dropdown transaction occurred. This ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The ASU requires retrospective application and early adoption is permitted. The Partnership is evaluating the effect that ASU 2015-06 will have on its consolidated and financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest , which simplifies presentation of debt issuance costs. The amended guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Early application is permitted under the retrospective transition method. The Partnership has elected to early adopt this guidance effective January 1, 2015. The standard only affects presentation on the Partnership's Consolidated Balance Sheets and does not affect any of the Partnership's other financial statements. The amount of debt issuance costs, net of accumulated amortization, from the December 31, 2014 audited balance sheet that were reclassified and shown as a reduction of the related long-term debt balances is $13,118 . In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Partnership on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership is evaluating the effect that ASU 2014-09 will have on its consolidated and financial statements and related disclosures. The Partnership has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Cardinal Gas Storage Partners LLC On August 29, 2014, the Partnership acquired from Energy Capital Partners ("ECP") all of ECP’s approximate 57.8% Category A membership interests in Cardinal Gas Storage Partners LLC ("Cardinal") for cash consideration of approximately $120,973 , subject to certain post-closing adjustments. Prior to the acquisition, the Partnership owned an approximate 42.2% interest in the Category A membership interests in Cardinal. Based on the application of purchase accounting, the Partnership reduced the carrying value of its existing investment in Cardinal at the acquisition date by $30,102 , which was recognized in the Partnership's Consolidated Statements of Operations for the year ended December 31, 2014. Concurrent with the closing of the transaction, the Partnership retired all of the project level financing of various Cardinal subsidiaries. The Partnership funded the acquisition and repayment of the project financings with borrowings under its revolving credit facility and the use of restricted cash acquired. The total purchase price is as follows: Cash payment for 57.8% interest in Cardinal $ 120,973 Fair value of the Partnership's previously owned 42.2% interest in Cardinal 87,613 Total $ 208,586 Assets acquired and liabilities assumed were recorded in the Natural Gas Services segment at fair value in the following purchase price allocation which was finalized in the fourth quarter of 2014: Restricted cash $ 17,566 Other current assets 9,385 Property, plant and equipment 390,895 Intangible and other assets 80,135 Project level finance debt (282,087 ) Other current liabilities (6,713 ) Other non-current liabilities (595 ) Total $ 208,586 Intangible assets consist of above-market gas storage customer contracts which are amortized based upon the terms of the individual contracts. At the acquisition date, the weighted average life of these contracts, based upon contracted volumes, was 5.1 years . The Partnership’s results of operations from the Cardinal acquisition include revenues and net income of $64,881 and $11,899 , respectively, for the year ended December 31, 2015 and revenues and net income of $22,991 and $1,916 , respectively, for the period from August 29, 2014 to December 31, 2014. Natural Gas Liquids ("NGL") Storage Assets On May 31, 2014, the Partnership acquired certain NGL storage assets, located in Arcadia, Louisiana, from a subsidiary of Martin Resource Management for $7,388 . This acquisition is considered a transfer of net assets between entities under common control. The acquisition of these assets was recorded at the historical carrying value of the assets at the acquisition date. The Partnership recorded the purchase in the following allocation: Property, plant and equipment $ 2,453 Current liabilities (13 ) $ 2,440 The excess of the purchase price over the carrying value of the assets of $4,948 was recorded as an adjustment to "Partners' capital." This transaction was funded with borrowings under the Partnership's revolving credit facility. As no individual line item of the historical financial statements of the assets was in excess of 3% of the Partnership's relative financial statement captions, the Partnership elected not to retrospectively recast the historical financial information to include these assets. West Texas LPG Pipeline L.P. On May 14, 2014, the Partnership acquired from a subsidiary of Atlas Pipeline Partners L.P. ("Atlas"), all of the outstanding membership interests in Atlas Pipeline NGL Holdings, LLC and Atlas Pipeline NGL Holdings II, LLC (collectively, "Atlas Holdings") for cash of approximately $134,400 . The purchase price was subsequently reduced $501 due to a post-closing working capital adjustment. This transaction was recorded in "Investments in unconsolidated entities" in the Partnership's Consolidated Balance Sheet. Atlas Holdings owned a 19.8% limited partnership interest and a 0.2% general partnership interest in West Texas LPG Pipeline L.P. ("WTLPG"). At the time of the purchase, WTLPG was operated by Chevron Pipe Line Company. The 80% interest was subsequently sold to ONEOK Partners, L.P. who assumed operational responsibility. WTLPG owns an approximate 2,300 mile common-carrier pipeline system that transports NGLs from New Mexico and Texas to Mont Belvieu, Texas for fractionation. This acquisition will enable the Partnership to participate in the transportation of NGL production in West Texas and other basins along the WTLPG pipeline route. This acquisition of the WTLPG business complements the Partnership's existing East Texas NGL pipeline that delivers Y-grade NGLs from East Texas production areas into Beaumont, Texas on a smaller scale. This transaction was funded with borrowings under the Partnership's revolving credit facility. Pro Forma Unaudited Financial Information for Cardinal and WTLPG The following pro forma unaudited consolidated results of operations have been prepared as if the acquisitions of Cardinal and WTLPG occurred at the beginning of fiscal 2014: Year Ended December 31, 2014 Revenue: As reported $ 1,642,141 Pro forma $ 1,688,629 Net income (loss) from continuing operations attributable to limited partners: As reported $ (8,255 ) Pro forma $ 1,676 Net loss from discontinued operations attributable to limited partners: As reported $ (6,921 ) Pro forma $ (6,921 ) Net income (loss) from continuing operations per unit attributable to limited partners - basic As reported $ (0.27 ) Pro forma $ 0.05 Net loss from discontinued operations per unit attributable to limited partners - basic As reported $ (0.22 ) Pro forma $ (0.22 ) Net income (loss) from continuing operations per unit attributable to limited partners - diluted As reported $ (0.27 ) Pro forma $ 0.05 Net loss from discontinued operations per unit attributable to limited partners - diluted As reported $ (0.22 ) Pro forma $ (0.22 ) Pro forma adjustments included above are based upon currently available information which includes certain estimates and assumptions. Although actual results could differ from the pro forma results, the Partnership believes the pro forma results provide a reasonable basis for presenting the the significant effects of the transactions. However, the pro forma results are not necessarily indicative of the results that would have occurred if the transactions had occurred at the beginning of fiscal 2014. Marine Transportation Equipment Purchase On September 30, 2013, the Partnership acquired two previously leased inland tank barges from Martin Resource Management for $7,100 . This acquisition is considered a transfer of net assets between entities under common control. The acquisition of these assets was recorded at the historical carrying value of the assets at the acquisition date. The Partnership recorded $6,799 to property, plant and equipment in the Marine Transportation segment and the excess of the purchase price over the carrying value of the assets of $ 301 was recorded as an adjustment to partners' capital. This transaction was funded with borrowings under the Partnership's revolving credit facility. Sulfur Production Facility On August 5, 2013, the Partnership acquired a plant nutrient sulfur production facility in Cactus, Texas for $4,118 . The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805 relating to business combinations. This transaction was funded by borrowings under the Partnership's revolving credit facility. Assets acquired and liabilities assumed were recorded in the Sulfur Services segment at fair value as follows: Inventory $ 162 Property, plant and equipment 4,000 Current liabilities (44 ) Total $ 4,118 The Partnership's results of operations from these assets included revenues of $ 2,792 and net income of $608 for the year ended December 31, 2014 and revenues of $267 and a net loss of $284 for the year ended December 31, 2013. NL Grease, LLC On June 13, 2013, the Partnership acquired certain assets of NL Grease, LLC ("NLG") for $12,148 . NLG is a Kansas City, Missouri based grease manufacturer that specializes in packaging of automotive, commercial and industrial greases. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805 relating to business combinations. This transaction was funded by borrowings under the Partnership's revolving credit facility. The assets acquired by the Partnership were recorded in the Terminalling and Storage segment at fair value of $12,148 in the following purchase price allocation: Inventory and other current assets $ 1,513 Property, plant and equipment 6,136 Other assets 5,113 Other accrued liabilities (168 ) Other long-term obligations (446 ) Total $ 12,148 The purchase price allocation resulted in the recognition of $5,113 in definite-lived intangible assets with no residual value, including $2,418 of technology, $2,218 attributable to a customer list, and $477 attributable to a non-compete agreement. The amounts assigned to technology, the customer list, and the non-compete agreement are amortized over the estimated useful lives of ten years, three years, and five years, respectively. The weighted average life over which these acquired intangibles will be amortized is approximately six years. The Partnership completed the purchase price allocation during the third quarter of 2013, which resulted in an adjustment to working capital from the preliminary purchase price allocation in the amount of $55 . The Partnership's results of operations included revenues of $14,054 and net income of $517 for the year ended December 31, 2014 and revenues of $7,875 and a net loss of $22 for the year ended December 31, 2013 related to the NLG acquisition. NGL Marine Equipment Purchase On February 28, 2013, the Partnership purchased from affiliates of Florida Marine Transporters, Inc. six liquefied petroleum gas pressure barges and two commercial push boats for approximately $50,801 , of which the commercial push boats totaling $8,201 were allocated to property, plant and equipment in the Partnership's Marine Transportation segment and the six pressure barges totaling $42,600 were allocated to property, plant and equipment in the Partnership's Natural Gas Services segment. This transaction was funded with borrowings under the Partnership's revolving credit facility. As discussed in Notes 2 and 5, on February 12, 2015, the Partnership sold the six LPG pressure barges for $41,250 . |
Discontinued Operations and Div
Discontinued Operations and Divestitures | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Divestitures | Discontinued Operations and Divestitures Floating Storage Assets. On February 12, 2015, the Partnership sold the Floating Storage Assets. These assets were acquired on February 28, 2013. The Partnership classified the related assets as assets held for sale at December 31, 2014, and the results of operations of these assets, which were previously presented as a component of the Natural Gas Services segment, as discontinued operations in the Consolidated Statements of Operations for 2015, 2014 and 2013. The Partnership has retrospectively adjusted its prior period consolidated financial statements to comparably classify the amounts related to the operations and cash flows of the Floating Storage Assets as discontinued operations. The Floating Storage Assets were presented as discontinued operations under the guidance prior to the Partnership's adoption of ASU 2014-08 related to discontinued operations. The adoption of the amended guidance was effective for the Partnership January 1, 2015. The Floating Storage Assets’ operating results, which are included in income from discontinued operations, were as follows: Year Ended December 31, 2015 2014 2013 Total revenues from third parties 1 $ 791 $ 51,264 $ 20,771 Total costs and expenses and other, net, excluding depreciation and amortization 1,038 55,068 18,285 Depreciation and amortization — 1,534 1,278 Other operating income 2 1,462 — — Income (loss) from discontinued operations before income taxes 1,215 (5,338 ) 1,208 Income tax expense — — — Income (loss) from discontinued operations, net of income taxes $ 1,215 $ (5,338 ) $ 1,208 1 Total revenues from third parties excludes intercompany revenues of $0 , $5,241 and $945 for the years ended December 31, 2015, 2014 and 2013, respectively. 2 Other operating income represents the gain on the disposition of the Floating Storage Assets. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Components of inventories at December 31, 2015 and 2014 were as follows: 2015 2014 Natural gas liquids $ 20,959 $ 27,820 Sulfur 13,812 12,231 Sulfur based products 19,400 16,280 Lubricants 18,675 29,096 Other 3,024 3,291 $ 75,870 $ 88,718 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment At December 31, 2015 and 2014 , property, plant and equipment consisted of the following: Depreciable Lives 2015 2014 Land — $ 23,931 $ 23,595 Improvements to land and buildings 10-25 years 159,160 149,112 Storage equipment 5-50 years 191,095 171,373 Marine vessels 4-25 years 257,858 260,588 Operating plant and equipment 3-50 years 631,728 598,314 Base Gas — 43,799 43,799 Furniture, fixtures and other equipment 3-20 years 4,375 4,224 Transportation equipment 3-7 years 2,237 2,273 Construction in progress 73,631 90,396 $ 1,387,814 $ 1,343,674 Depreciation expense for the years ended December 31, 2015 , 2014 and 2013 was $67,134 , $56,309 and $48,596 , respectively, which includes amortization of fixed assets under capital lease obligations of $0 , $0 and $233 , respectively. All capital lease obligations were retired in November 2013. Additions to property, plant and equipment included in accounts payable at December 31, 2015 and 2014 were $6,004 and $4,976 , respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The following table represents the goodwill balance at December 31, 2015 and 2014 : December 31, 2015 2014 Carrying amount of goodwill: Terminalling and storage $ 14,229 $ 14,229 Natural gas services 79 79 Sulfur services 5,349 5,349 Marine transportation 4,145 4,145 Total goodwill $ 23,802 $ 23,802 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Components of "Intangibles and other assets, net" at December 31, 2015 and 2014 were as follows: 2015 2014 Customer contracts and relationships, net $ 50,452 $ 72,171 Other intangible assets 1,818 2,215 Other 6,044 7,079 $ 58,314 $ 81,465 Customer contracts were acquired through the Partnership's acquisition of the remaining interests in Cardinal on August 29, 2014. Other intangible assets consist of covenants not-to-compete, technology-based assets, and customer relationships. Aggregate amortization expense for customer contracts and other intangible assets included in continuing operations was $22,115 , $9,772 , and $1,153 , for the years ended December 31, 2015 , 2014 and 2013 , respectively, and accumulated amortization amounted to $32,842 and $12,125 at December 31, 2015 and 2014 , respectively. Estimated amortization expense for customer contract and relationships and other intangible assets for the years subsequent to December 31, 2015 are as follows: 2016 - $14,961 ; 2017 - $11,122 ; 2018 - $7,148 ; 2019 - $4,305 ; 2020 - $4,287 ; subsequent years - $10,447 . Components of "Other accrued liabilities" at December 31, 2015 and 2014 were as follows: 2015 2014 Accrued interest $ 10,365 $ 10,996 Property and other taxes payable 6,668 7,524 Accrued payroll 1,389 3,125 Other 111 156 $ 18,533 $ 21,801 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Leases The Partnership has numerous non-cancelable operating leases primarily for terminal facilities and transportation and other equipment. The leases generally provide that all expenses related to the equipment are to be paid by the lessee. Management expects to renew or enter into similar leasing arrangements for similar equipment upon the expiration of the current lease agreements. The Partnership also has cancelable operating lease land rentals and outside marine vessel charters. The Partnership’s future minimum lease obligations as of December 31, 2015 consist of the following: Fiscal year Operating Leases 2016 $ 13,676 2017 9,423 2018 5,839 2019 3,817 2020 3,118 Thereafter 9,241 Total $ 45,114 Rent expense for continuing operating leases for the years ended December 31, 2015 , 2014 and 2013 was $18,831 , $18,724 and $15,629 , respectively. The amount recognized in interest expense for capital leases was $0 , $0 , and $796 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Partnership's capital lease obligations were retired in November of 2013. |
Investments in Unconsolidated E
Investments in Unconsolidated Entities and Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities and Joint Ventures | Investments in Unconsolidated Entities and Joint Ventures On August 29, 2014, the Partnership acquired ECP's approximate 57.8% Category A interest in Cardinal. Prior to the acquisition, the Partnership owned an approximate 42.2% Category A interest in Cardinal which was accounted for by the equity method. See Note 4 for discussion of the acquisition of the remaining interests. On May 14, 2014, the Partnership acquired from a subsidiary of Atlas, all of the outstanding membership interests in Atlas Holdings for cash of approximately $134,400 at closing. The purchase price was subsequently reduced $501 due to a post-closing working capital adjustment. Atlas Holdings owned a 19.8% limited partner interest and a 0.2% general partner interest in WTLPG. At the time of the purchase, WTLPG was operated by Chevron Pipe Line Company. The 80% interest was subsequently sold to ONEOK Partners, L.P. who assumed operational responsibility. WTLPG owns an approximate 2,300 mile common-carrier pipeline system that transports NGLs from New Mexico and Texas to Mont Belvieu, Texas for fractionation. The Partnership recognizes its combined 20% interest in WTLPG as "Investment in unconsolidated entities" on its Consolidated Balance Sheet. The Partnership accounts for its ownership interest in WTLPG under the equity method of accounting with recognition of its ownership interest in the income of WTLPG as "Equity in earnings of unconsolidated entities" on its Consolidated Statement of Operations. In March 2013, the Partnership acquired 100% of the preferred interests in Martin Energy Trading LLC ("MET"), a subsidiary of Martin Resource Management for $15,000 . On August 31, 2014, MET converted its preferred equity to subordinated debt. The resulting $15,000 note receivable from MET bears an annual interest rate of 15% and matures August 31, 2026. MET may prepay any or all of the note balance after September 1, 2016. See Note 13. In December 2013, Cardinal recorded a $129,384 impairment charge related to long-lived assets of Monroe Gas Storage Company LLC ("Monroe"). This amount represents the carrying value of the assets in excess of their fair value. The impairment resulted from weaker than anticipated results of operations of Monroe. The Partnership's share of this charge is $54,053 and is included in "Equity in loss of unconsolidated entities" in the Consolidated Statement of Operations for the year ended December 31, 2013. The Partnership evaluated its remaining investment in Cardinal and determined that no additional impairment was necessary. During the second quarter of 2012, the Partnership acquired an unconsolidated 50% interest in Caliber Gathering, LLC ("Caliber"). The Partnership sold its interest in Caliber during the fourth quarter of 2013 for $750 , resulting in a gain of $750 recorded in "Other, net" in the Partnership's Consolidated Statements of Operations for the year ended December 31, 2013. These investments are accounted for by the equity method. The following tables summarize the components of the "Investment in unconsolidated entities" on the Partnership’s Consolidated Balance Sheets and the components of "Equity in earnings of unconsolidated entities" included in the Partnership’s Consolidated Statements of Operations: December 31, 2015 December 31, 2014 WTLPG $ 132,292 $ 134,506 Total investment in unconsolidated entities $ 132,292 $ 134,506 Years Ended December 31, 2015 2014 2013 Equity in earnings of WTLPG $ 8,986 $ 3,076 $ — Equity in earnings (loss) of Cardinal — 892 (54,226 ) Equity in earnings of MET — 1,498 1,738 Equity in loss of Caliber — — (560 ) Equity in earnings (loss) of unconsolidated entities 8,986 5,466 (53,048 ) Selected financial information for significant unconsolidated equity method investees is as follows: As of December 31, Years ended December 31, Total Assets Long-Term Debt Members’ Equity/Partners' Capital Revenues Net Income (Loss) 2015 WTLPG $ 819,342 $ — $ 804,023 $ 100,708 $ 46,294 2014 WTLPG $ 827,697 $ — $ 818,546 $ 95,315 $ 38,698 Cardinal 1 $ — $ — $ — $ 46,488 $ 1,911 2013 Cardinal $ 661,816 $ 295,261 $ 346,584 $ 52,762 $ (128,283 ) 1 Financial information for Cardinal includes revenues and net income for the 2014 period prior to the Partnership's acquisition of the 57.8% interest not previously owned. As of December 31, 2015 and 2014, the Partnership’s interest in cash of the unconsolidated equity method investees was $1,060 and $10 , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Partnership uses a valuation framework based upon inputs that market participants use in pricing certain assets and liabilities. These inputs are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources. Unobservable inputs represent the Partnership's own market assumptions. Unobservable inputs are used only if observable inputs are unavailable or not reasonably available without undue cost and effort. The two types of inputs are further prioritized into the following hierarchy: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that reflect the entity's own assumptions and are not corroborated by market data. Assets and liabilities measured at fair value on a recurring basis are summarized below: Level 2 December 31, 2015 2014 Commodity derivative contracts $ 675 $ — Interest rate derivative contracts (206 ) — The Partnership is required to disclose estimated fair values for its financial instruments. Fair value estimates are set forth below for these financial instruments. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: • Accounts and other receivables, trade and other accounts payable, accrued interest payable, other accrued liabilities, income taxes payable and due from/to affiliates: The carrying amounts approximate fair value due to the short maturity and highly liquid nature of these instruments, and as such these have been excluded from the table above. There is negligible credit risk associated with these instruments. • Note receivable and long-term debt including current portion: The carrying amount of the revolving credit facility approximates fair value due to the debt having a variable interest rate and is in Level 2. The Partnership has not had any indicators which represent a change in the market spread associated with its variable interest rate debt. • The estimated fair value of the senior unsecured notes is based on market prices of similar debt. The estimated fair value of the note receivable from Martin Energy Trading was determined by calculating the net present value of the interest payments over the life of the note. The note is considered Level 3 due to the lack of observable inputs for similar transactions between related parties. December 31, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Note receivable - MET $ 15,000 $ 15,830 $ 15,000 $ 15,852 2021 Senior unsecured notes 375,368 318,000 402,005 385,077 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Partnership’s revenues and cost of products sold are materially impacted by changes in NGL prices. Additionally, the Partnership's results of operations are materially impacted by changes in interest rates. In an effort to manage its exposure to these risks, the Partnership periodically enters into various derivative instruments, including commodity and interest rate hedges. All of the Partnership's derivatives are non-hedge derivatives and therefore all changes in fair values are recognized as gains and losses in the earnings of the periods in which they occur. (a) Commodity Derivative Instruments The Partnership from time to time has used derivatives to manage the risk of commodity price fluctuation. Commodity risk is the adverse effect on the value of a liability or future purchase that results from a change in commodity price. The Partnership has established a hedging policy and monitors and manages the commodity market risk associated with potential commodity risk exposure. In addition, the Partnership has focused on utilizing counterparties for these transactions whose financial condition is appropriate for the credit risk involved in each specific transaction. The Partnership has entered into hedging transactions through June 30, 2016 to protect a portion of its commodity price risk exposure. These hedging arrangements are in the form of swaps for NGLs. The Partnership has instruments totaling a notional quantity of 240,000 barrels settling during the period from January 31, 2016 through June 30, 2016. These instruments settle against OPIS Mont Belvieu (TET or non-TET) monthly average price. MET serves as the counterparty for all positions outstanding at December 31, 2015. These instruments are recorded on the Partnership's Consolidated Balance Sheets at December 31, 2015 in "Fair value of derivatives" as a current asset of $675 . Due to the acquisition of the remaining interests of Cardinal on August 29, 2014, the Partnership acquired a notional quantity of 3,631,740 MMBtu of natural gas call options with a strike price of $4.50 per MMBtu. These options managed the purchase of base gas at Monroe Gas Storage Company, LLC for the portion of base gas that was leased with Credit Suisse at the acquisition date and was scheduled to be returned in January and February 2015. The options were set to settle in two increments of 2,345,498 MMBtu and 1,286,242 MMBtu on January 31, 2015 and February 28, 2015, respectively. On December 31, 2014, the Partnership terminated these options, resulting in a termination benefit of $3 , which was recorded in "Other, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. (b) Interest Rate Derivative Instruments The Partnership is exposed to market risks associated with interest rates. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. We minimize this market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. The Partnership enters into interest rate swaps to manage interest rate risk associated with the Partnership’s variable rate credit facility and it's senior unsecured notes. As of December 31, 2015, the Partnership had a fixed-to-variable interest rate swap agreement with a notional principal amount of $50,000 , effectively converting the interest expense associated with a portion of the Partnership's 2021 senior unsecured notes from fixed rate to variable rate based on the LIBOR interest rate. The Partnership's swap agreement has a termination date that corresponds to the maturity date of the 2021 senior unsecured notes. As of December 31, 2015 , the maximum length of time over which the Partnership has hedged a portion of its exposure to the variability in the value of this debt due to interest rate risk is through December of 2020. This instrument is recorded on the Partnership's Consolidated Balance Sheets at December 31, 2015 in "Fair value of derivatives" as a non current liability of $206 . This position terminated on January 7, 2016, resulting in a benefit of $160 . During the twelve months ended December 31, 2015 , the Partnership entered into contracts which provided the counterparty the option to enter into swap contracts to hedge the Partnership's exposure to changes in the fair value of its senior unsecured notes ("interest rate swaptions"). In connection with the interest rate swaption contracts, the Partnership received premiums of $2,495 , which represented their fair value on the date the transactions were initiated and were initially recorded as derivative liabilities on the Partnership's Consolidated Balance Sheet, during the twelve months ended December 31, 2015 . Each of the interest rate swaptions was fully amortized as of December 31, 2015. Interest rate swaption contract premiums received are amortized over the period from initiation of the contract through their termination date. For the twelve months ended December 31, 2015 , the Partnership recognized $2,495 of premium in "Interest expense, net" on the Partnership's Consolidated Statement of Operations related to the interest rate swaption contracts. On April 1, 2014, the Partnership entered into two fixed-to-variable interest rate swap agreements with an aggregate notional amount of $100,000 each to hedge its exposure to changes in the fair value of its senior unsecured notes. On May 14, 2014 the Partnership terminated these swaps and received a termination benefit of $2,380 upon cancellation of these swap agreements. This amount was recorded in "Interest expense, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. Additionally, subsequent to the termination on May 14, 2014, the Partnership entered into two fixed-to-variable interest rate swap agreements on May 14, 2014 with an aggregate notional amount of $100,000 each to hedge its exposure to changes in the fair value of its senior unsecured notes. In August 2014, the Partnership received a scheduled swap settlement related to these agreements totaling $976 . This amount was recorded in "Interest expense, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. On September 18, 2014, the Partnership entered into a fixed-to-variable interest rate swap agreement, with an aggregate notional amount of $50,000 , to hedge its exposure to changes in the fair value of its senior unsecured notes. On October 9, 2014, the Partnership terminated each of its three outstanding swaps, receiving a termination benefit of $2,125 , which was recorded in "Interest expense, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. Subsequent to the termination on October 9, 2014, the Partnership entered into two fixed-to-variable interest rate swap agreements, each with an aggregate notional amount of $50,000 to hedge its exposure to changes in the fair value of its senior unsecured notes. On October 14, 2014, the Partnership terminated each of these two swaps, receiving a termination benefit of $500 , which was recorded in "Interest expense, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. Subsequent to the termination on October 14, 2014, the Partnership entered into two fixed-to-variable interest rate swap agreements, each with an aggregate notional amount of $50,000 to hedge its exposure to changes in the fair value of its senior unsecured notes. On October 14, 2014, the Partnership terminated each of these two swaps, receiving a termination benefit of $711 , which was recorded in "Interest expense, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. For information regarding fair value amounts and gains and losses on interest rate derivative instruments and related hedged items, see "Tabular Presentation of Gains and Losses on Derivative Instruments and Related Hedged Items" below. (c) Tabular Presentation of Gains and Losses on Derivative Instruments The following table summarizes the fair values and classification of the Partnership’s derivative instruments in its Consolidated Balance Sheet: Fair Values of Derivative Instruments in the Consolidated Balance Sheet Derivative Assets Derivative Liabilities Fair Values Fair Values Balance Sheet Location December 31, 2015 December 31, 2014 Balance Sheet Location December 31, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Current: Commodity contracts Fair value of derivatives $ 675 $ — Fair value of derivatives $ — $ — Derivatives not designated as hedging instruments: Non Current: Non Current: Interest rate contracts Fair value of derivatives — — Fair value of derivatives 206 — Total derivatives not designated as hedging instruments $ 675 $ — $ 206 $ — Effect of Derivative Instruments on the Consolidated Statement of Operations For the Twelve Months Ended December 31, 2015 and 2014 Location of Gain or (Loss) Recognized in Income on Derivatives Amount of Gain or (Loss) Recognized in Income on Derivatives 2015 2014 2013 Derivatives not designated as hedging instruments: Interest rate swaption contracts Interest expense $ 2,495 $ — $ — Interest rate contracts Interest expense (206 ) 6,692 — Commodity contracts Cost of products sold 818 — — Commodity contracts Other income — (818 ) — Total derivatives not designated as hedging instruments $ 3,107 $ 5,874 $ — |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of December 31, 2015 , Martin Resource Management owned 6,264,532 of the Partnership’s common units representing approximately 17.7% of the Partnership’s outstanding limited partnership units. Martin Resource Management controls the Partnership's general partner by virtue of its 51% voting interest in Holdings, the sole member of the Partnership's general partner. The Partnership’s general partner, MMGP, owns a 2% general partner interest in the Partnership and the Partnership’s incentive distribution rights. The Partnership’s general partner’s ability, as general partner, to manage and operate the Partnership, and Martin Resource Management’s ownership as of December 31, 2015 , of approximately 17.7% of the Partnership’s outstanding limited partnership units, effectively gives Martin Resource Management the ability to veto some of the Partnership’s actions and to control the Partnership’s management. The following is a description of the Partnership’s material related party agreements: Omnibus Agreement Omnibus Agreement . The Partnership and its general partner are parties to the Omnibus Agreement dated November 1, 2002, with Martin Resource Management that governs, among other things, potential competition and indemnification obligations among the parties to the agreement, related party transactions, the provision of general administration and support services by Martin Resource Management and the Partnership’s use of certain Martin Resource Management trade names and trademarks. The Omnibus Agreement was amended on November 25, 2009, to include processing crude oil into finished products including naphthenic lubricants, distillates, asphalt and other intermediate cuts. The Omnibus Agreement was amended further on October 1, 2012, to permit the Partnership to provide certain lubricant packaging products and services to Martin Resource Management. Non-Competition Provisions . Martin Resource Management has agreed for so long as it controls the general partner of the Partnership, not to engage in the business of: • providing terminalling and storage services for petroleum products and by-products including the refining, blending and packaging of finished lubricants; • providing marine transportation of petroleum products and by-products; • distributing NGLs; and • manufacturing and selling sulfur-based fertilizer products and other sulfur-related products. This restriction does not apply to: • the ownership and/or operation on the Partnership’s behalf of any asset or group of assets owned by it or its affiliates; • any business operated by Martin Resource Management, including the following: ◦ providing land transportation of various liquids; ◦ distributing fuel oil, sulfuric acid, marine fuel and other liquids; ◦ providing marine bunkering and other shore-based marine services in Alabama, Florida, Louisiana, Mississippi and Texas; ◦ operating a crude oil gathering business in Stephens, Arkansas; ◦ providing crude oil gathering, refining, and marketing services of base oils, asphalt, and distillate products in Smackover, Arkansas; ◦ providing crude oil marketing and transportation from the well head to the end market; ◦ operating an environmental consulting company; ◦ operating an engineering services company; ◦ supplying employees and services for the operation of the Partnership's business; ◦ operating a natural gas optimization business; and ◦ operating, solely for the Partnership's account, the asphalt facilities in Omaha, Nebraska, Port Neches, Texas and South Houston, Texas. • any business that Martin Resource Management acquires or constructs that has a fair market value of less than $5,000 ; • any business that Martin Resource Management acquires or constructs that has a fair market value of $5,000 or more if the Partnership has been offered the opportunity to purchase the business for fair market value and the Partnership declines to do so with the concurrence of the Conflicts Committee; and • any business that Martin Resource Management acquires or constructs where a portion of such business includes a restricted business and the fair market value of the restricted business is $5,000 or more and represents less than 20% of the aggregate value of the entire business to be acquired or constructed; provided that, following completion of the acquisition or construction, the Partnership will be provided the opportunity to purchase the restricted business. Services. Under the Omnibus Agreement, Martin Resource Management provides the Partnership with corporate staff, support services, and administrative services necessary to operate the Partnership’s business. The Omnibus Agreement requires the Partnership to reimburse Martin Resource Management for all direct expenses it incurs or payments it makes on the Partnership’s behalf or in connection with the operation of the Partnership’s business. There is no monetary limitation on the amount the Partnership is required to reimburse Martin Resource Management for direct expenses. In addition to the direct expenses, under the Omnibus Agreement, the Partnership is required to reimburse Martin Resource Management for indirect general and administrative and corporate overhead expenses. Effective January 1, 2016, through December 31, 2016, the Conflicts Committee approved an annual reimbursement amount for indirect expenses of $13,033 . The Partnership reimbursed Martin Resource Management for $13,679 , $12,535 and $10,621 of indirect expenses for the years ended December 31, 2015, 2014 and 2013, respectively. The Conflicts Committee will review and approve future adjustments in the reimbursement amount for indirect expenses, if any, annually. These indirect expenses are intended to cover the centralized corporate functions Martin Resource Management provides for the Partnership, such as accounting, treasury, clerical, engineering, legal, billing, information technology, administration of insurance, general office expenses and employee benefit plans and other general corporate overhead functions the Partnership shares with Martin Resource Management retained businesses. The provisions of the Omnibus Agreement regarding Martin Resource Management’s services will terminate if Martin Resource Management ceases to control the general partner of the Partnership. Related Party Transactions . The Omnibus Agreement prohibits the Partnership from entering into any material agreement with Martin Resource Management without the prior approval of the Conflicts Committee. For purposes of the Omnibus Agreement, the term material agreements means any agreement between the Partnership and Martin Resource Management that requires aggregate annual payments in excess of then-applicable agreed upon reimbursable amount of indirect general and administrative expenses. Please read "Services" above. License Provisions. Under the Omnibus Agreement, Martin Resource Management has granted the Partnership a nontransferable, nonexclusive, royalty-free right and license to use certain of its trade names and marks, as well as the trade names and marks used by some of its affiliates. Amendment and Termination. The Omnibus Agreement may be amended by written agreement of the parties; provided, however, that it may not be amended without the approval of the Conflicts Committee if such amendment would adversely affect the unitholders. The Omnibus Agreement was first amended on November 25, 2009, to permit the Partnership to provide refining services to Martin Resource Management. The Omnibus Agreement was amended further on October 1, 2012, to permit the Partnership to provide certain lubricant packaging products and services to Martin Resource Management. Such amendments were approved by the Conflicts Committee. The Omnibus Agreement, other than the indemnification provisions and the provisions limiting the amount for which the Partnership will reimburse Martin Resource Management for general and administrative services performed on its behalf, will terminate if the Partnership is no longer an affiliate of Martin Resource Management. Motor Carrier Agreement Motor Carrier Agreement. The Partnership is a party to a motor carrier agreement effective January 1, 2006 as amended, with Martin Transport, Inc., a wholly owned subsidiary of Martin Resource Management through which Martin Transport, Inc. operates its land transportation operations. Under the agreement, Martin Transport, Inc. agreed to transport the Partnership's NGLs as well as other liquid products. Term and Pricing. The agreement has an initial term that expired in December 2007 but automatically renews for consecutive one year periods unless either party terminates the agreement by giving written notice to the other party at least 30 days prior to the expiration of the then-applicable term. The Partnership has the right to terminate this agreement at any time by providing 90 days prior notice. Under this agreement, Martin Transport, Inc. transports the Partnership’s NGL shipments as well as other liquid products. These rates are subject to any adjustments which are mutually agreed or in accordance with a price index. Additionally, during the term of the agreement, shipping charges are also subject to fuel surcharges determined on a weekly basis in accordance with the U.S. Department of Energy’s national diesel price list. Indemnification. Martin Transport has indemnified us against all claims arising out of the negligence or willful misconduct of Martin Transport and its officers, employees, agents, representatives and subcontractors. We indemnified Martin Transport against all claims arising out of the negligence or willful misconduct of us and our officers, employees, agents, representatives and subcontractors. In the event a claim is the result of the joint negligence or misconduct of Martin Transport and us, our indemnification obligations will be shared in proportion to each party’s allocable share of such joint negligence or misconduct. Marine Agreements Marine Transportation Agreement . The Partnership is a party to a marine transportation agreement effective January 1, 2006, as amended, under which the Partnership provides marine transportation services to Martin Resource Management on a spot-contract basis at applicable market rates. Effective each January 1, this agreement automatically renews for consecutive one year periods unless either party terminates the agreement by giving written notice to the other party at least 60 days prior to the expiration of the then applicable term. The fees the Partnership charges Martin Resource Management are based on applicable market rates. Marine Fuel. The Partnership is a party to an agreement with Martin Resource Management dated November 1, 2002 under which Martin Resource Management provides the Partnership with marine fuel from its locations in the Gulf of Mexico at a fixed rate in excess of the Platt’s U.S. Gulf Coast Index for #2 Fuel Oil. Under this agreement, the Partnership agreed to purchase all of its marine fuel requirements that occur in the areas serviced by Martin Resource Management. Terminal Services Agreements Diesel Fuel Terminal Services Agreement. Effective January 1, 2016, the Partnership entered into a new terminalling services agreement under which the Partnership provides terminal services to Martin Resource Management for marine fuel distribution. This agreement replaced the prior agreement that was in place concerning the same services which was dated January 1, 2015. The minimum throughput requirements were reduced under the new agreement. The per gallon throughput fee the Partnership charges under this agreement was increased and may be adjusted annually based on a price index. Miscellaneous Terminal Services Agreements. The Partnership is currently party to several terminal services agreements and from time to time the Partnership may enter into other terminal service agreements for the purpose of providing terminal services to related parties. Individually, each of these agreements is immaterial but when considered in the aggregate they could be deemed material. These agreements are throughput based with a minimum volume commitment. Generally, the fees due under these agreements are adjusted annually based on a price index. Other Agreements Cross Tolling Agreement. The Partnership is a party to an amended and restated tolling agreement with Cross Oil Refining and Marketing, Inc. ("Cross") dated October 28, 2014, under which the Partnership processes crude oil into finished products, including naphthenic lubricants, distillates, asphalt and other intermediate cuts for Cross. The tolling agreement expires November 25, 2031. Under this tolling agreement, Cross agreed to process a minimum of 6,500 barrels per day of crude oil at the facility at a fixed price per barrel. Any additional barrels are processed at a modified price per barrel. In addition, Cross agreed to pay a monthly reservation fee and a periodic fuel surcharge fee based on certain parameters specified in the tolling agreement. All of these fees (other than the fuel surcharge) are subject to escalation annually based upon the greater of 3% or the increase in the Consumer Price Index for a specified annual period. In addition, on the third, sixth and ninth anniversaries of the agreement, the parties can negotiate an upward or downward adjustment in the fees subject to their mutual agreement. Sulfuric Acid Sales Agency Agreement . The Partnership is party to a second amended and restated sulfuric acid sales agency agreement dated August 5, 2013, under which Martin Resource Management purchases and markets the sulfuric acid produced by the Partnership’s sulfuric acid production plant at Plainview, Texas, that is not consumed by the Partnership’s internal operations. This agreement, as amended, will remain in place until the Partnership terminates it by providing 180 days’ written notice. Under this agreement, the Partnership sells all of its excess sulfuric acid to Martin Resource Management. Martin Resource Management then markets such acid to third-parties and the Partnership shares in the profit of Martin Resource Management’s sales of the excess acid to such third parties. Other Miscellaneous Agreements. From time to time the Partnership enters into other miscellaneous agreements with Martin Resource Management for the provision of other services or the purchase of other goods. The tables below summarize the related party transactions that are included in the related financial statement captions on the face of the Partnership’s Consolidated Statements of Operations. The revenues, costs and expenses reflected in these tables are tabulations of the related party transactions that are recorded in the corresponding caption of the Consolidated Statements of Operations and do not reflect a statement of profits and losses for related party transactions. The impact of related party revenues from sales of products and services is reflected in the Consolidated Statements of Operations as follows: Revenues: 2015 2014 2013 Terminalling and storage $ 78,233 $ 74,467 $ 71,517 Marine transportation 27,724 24,389 24,654 Natural gas services 878 — — Product sales: Natural gas services 196 3,064 10 Sulfur services 3,639 3,921 3,890 Terminalling and storage 1,836 676 798 5,671 7,661 4,698 $ 112,506 $ 106,517 $ 100,869 The impact of related party cost of products sold is reflected in the Consolidated Statements of Operations as follows: Cost of products sold: Natural gas services $ 25,797 $ 37,703 $ 32,639 Sulfur services 16,579 18,390 18,161 Terminalling and storage 17,718 36,341 48,868 $ 60,094 $ 92,434 $ 99,668 The impact of related party operating expenses is reflected in the Consolidated Statements of Operations as follows: Operating expenses: Marine transportation $ 32,373 $ 37,703 $ 38,373 Natural gas services 8,639 4,870 1,971 Sulfur services 6,928 7,479 8,223 Terminalling and storage 29,931 29,525 21,766 $ 77,871 $ 79,577 $ 70,333 The impact of related party selling, general and administrative expenses is reflected in the Consolidated Statements of Operations as follows: Selling, general and administrative: Marine transportation $ 29 $ 30 $ 50 Natural gas services 6,216 6,039 2,671 Sulfur services 2,760 3,201 3,081 Terminalling and storage 2,284 1,874 1,266 Indirect overhead allocation, net of reimbursement 13,679 12,535 10,621 $ 24,968 $ 23,679 $ 17,689 Other Related Party Transactions As discussed in Note 10, during March 2013, the Partnership acquired 100% of the preferred interests in MET, a subsidiary of Martin Resource Management, for $15,000 . On August 31, 2014, MET converted its preferred equity to subordinated debt. The resulting $15,000 note receivable from MET bears an annual interest rate of 15% and matures August 31, 2026. MET may prepay any or all of the note balance on or after September 1, 2016. The note is recorded in "Note receivable - Martin Energy Trading LLC" on the Partnership's Consolidated Balance Sheet. Interest income for the years ended December 31, 2015 and 2014 was $2,250 and $752 , respectively, and is included in "Interest expense, net" in the Consolidated Statements of Operations. As discussed in Note 12, during the twelve months ended December 31, 2015, the Partnership entered into certain derivative financial instruments through June 30, 2016 to protect a portion of its commodity price risk exposure related to NGLs. MET serves as counterparty to the outstanding positions at December 31, 2015. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt At December 31, 2015 and 2014 , long-term debt consisted of the following: 2015 2014 $700,000 1 Revolving loan facility at variable interest rate (3.16% 2 weighted average at December 31, 2015), due March 2018 secured by substantially all of the Partnership’s assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnership’s operating subsidiaries and equity method investees, net of unamortized debt issuance costs of $4,858 and $8,656, respectively 5 $ 493,142 $ 491,344 $400,000 3,4 Senior notes, 7.250% interest, including unamortized premium of $1,568 and $2,005, respectively, also net of unamortized debt issuance costs of $3,507 and $4,462 respectively, issued $250,000 February 2013 and $150,000 April 2014 and due February 2021, unsecured 5,6 371,861 397,543 Total long-term debt $ 865,003 $ 888,887 1 On August 14, 2015, the Partnership reduced its borrowing capacity under the revolving credit facility from $900,000 to $700,000 . The facility can be expanded up to $1,000,000 at any time under the accordion feature of the facility. The reduction in capacity resulted in the write-off of $1,625 of deferred debt costs. 2 Interest rate fluctuates based on the LIBOR rate plus an applicable margin set on the date of each advance. The margin above LIBOR is set every three months. Indebtedness under the credit facility bears interest at LIBOR plus an applicable margin or the base prime rate plus an applicable margin. The applicable margin for revolving loans that are LIBOR loans ranges from 1.75% to 2.75% and the applicable margin for revolving loans that are base prime rate loans ranges from 0.75% to 1.75% . The applicable margin for LIBOR borrowings at December 31, 2015 is 2.75% . The credit facility contains various covenants which limit the Partnership’s ability to make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Omnibus Agreement. The Partnership is permitted to make quarterly distributions so long as no event of default exists. 3 Pursuant to the indenture under which the senior notes were issued, the Partnership has the option to redeem up to 35% of the aggregate principal amount at a redemption price of 108.875% of the principal amount, plus accrued and unpaid interest with the proceeds of certain equity offerings. On April 1, 2014, the Partnership redeemed the remaining $175,000 of the 8.875% senior unsecured notes due in 2018 from all holders. On April 1, 2014 the Partnership completed a private placement add-on of $150,000 in aggregate principal amount of 7.25% senior unsecured notes due February 2021 to qualified institutional buyers under Rule 144A. The Partnership filed with the SEC a registration statement to exchange these notes for substantially identical notes that are registered under the Securities Act and completed the exchange offer during the second quarter of 2014. In conjunction with the redemption, the Partnership incurred a debt prepayment premium in the amount of $7,767 , which is included in the Consolidated Statement of Operations for the year ended December 31, 2014. Also in conjunction with this redemption, the Partnership expensed $2,643 and $1,228 of unamortized debt issuance costs and unamortized discount on notes payable, respectively, which is included in "Interest expense, net" on the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. 4 In September 2015, the Partnership repurchased on the open market an aggregate $26,200 of 7.25% senior unsecured notes. These transactions resulted in a gain on retirement of $1,242 , including the write-off of applicable pro-rata portion of deferred debt costs and premium. 5 The Partnership is in compliance with all debt covenants as of December 31, 2015. 6 The 2021 indentures restrict the Partnership’s ability to sell assets; pay distributions or repurchase units or redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; and consolidate, merge or transfer all or substantially all of its assets. Many of these covenants will terminate if the notes achieve an investment grade rating from each of Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services and no default (as defined in the indentures) has occurred. The Partnership paid cash interest, net of proceeds received from interest rate swaptions, in the amount of $43,376 , $37,112 , and $33,038 for the years ended December 31, 2015, 2014 and 2013, respectively. Capitalized interest was $1,944 , $1,437 , and $1,096 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Partners' Capital | Partners' Capital As of December 31, 2015, partners’ capital consisted of 35,456,612 common limited partner units, representing a 98% partnership interest and a 2.0% general partner interest. Martin Resource Management, through subsidiaries, owned 6,264,532 of the Partnership's common limited partnership units representing approximately 17.7% of the Partnership's outstanding common limited partnership units. MMGP, the Partnership's general partner, owns the 2.0% general partnership interest. The partnership agreement of the Partnership (the "Partnership Agreement") contains specific provisions for the allocation of net income and losses to each of the partners for purposes of maintaining their respective partner capital accounts. Issuance of Common Units On September 29, 2014, the Partnership completed a public offering of 3,450,000 common units at a price of $36.91 per common unit, before the payment of underwriters' discounts, commissions and offering expenses (per unit value is in dollars, not thousands). Total proceeds from the sale of the 3,450,000 common units, net of underwriters' discounts, commissions and offering expenses, were $122,176 . The Partnership's general partner contributed $2,599 in cash to the Partnership in conjunction with the issuance in order to maintain its 2.0% general partner interest in the Partnership. All of the net proceeds were used to pay down outstanding amounts under the Partnership's revolving credit facility. On August 29, 2014, the Partnership closed a private equity sale with Martin Resource Management, under which Martin Resource Management invested $45,000 in cash in exchange for 1,171,265 common units. The pricing of $38.42 per common unit was based on the 10 -day weighted average price of the Partnership's common units for the 10 trading days ending August 8, 2014. In connection with the issuance of these common units, the Partnership's general partner contributed $918 in order to maintain its 2.0% general partner interest in the Partnership. All of the net proceeds were used to pay down outstanding amounts under the Partnership's revolving credit facility. On May 12, 2014, the Partnership completed a public offering of 3,600,000 common units at a price of $41.51 per common unit, before the payment of underwriters' discounts, commissions and offering expenses (per unit value is in dollars, not thousands). Total proceeds from the sale of the 3,600,000 common units, net of underwriters' discounts, commissions and offering expenses, were $143,431 . The Partnership's general partner contributed $3,049 in cash to the Partnership in conjunction with the issuance in order to maintain its 2.0% general partner interest in the Partnership. All of the net proceeds were used to pay down outstanding amounts under the Partnership's revolving credit facility. In March 2014, the Partnership entered into an equity distribution agreement with multiple underwriters (the "Sales Agents") for the ongoing distribution of the Partnership's common units. Pursuant to this program, the Partnership offered and sold common unit equity through the Sales Agents for aggregate proceeds of $0 and $21,501 for the years ended December 31, 2015 and 2014, respectively. The Partnership paid $ 591 and $380 in equity issuance related costs for the years ended December 31, 2015 and 2014, respectively. Under the the program, the Partnership issued 522,121 common units during the year ended December 31, 2014. Common units issued were at market prices prevailing at the time of the sale. The Partnership also received capital contributions from the Partnership's general partner of $441 during the year ended December 31, 2014 related to these issuances to maintain its 2.0% general partner interest in the Partnership. The net proceeds from the common unit issuances were used to pay down outstanding amounts under the Partnership's revolving credit facility. Incentive Distribution Rights The Partnership’s general partner, MMGP, holds a 2.0% general partner interest and certain incentive distribution rights ("IDRs") in the Partnership. IDRs are a separate class of non-voting limited partner interest that may be transferred or sold by the general partner under the terms of the Partnership Agreement, and represent the right to receive an increasing percentage of cash distributions after the minimum quarterly distribution and any cumulative arrearages on common units once certain target distribution levels have been achieved. The Partnership is required to distribute all of its available cash from operating surplus, as defined in the Partnership Agreement. On October 2, 2012, the Partnership Agreement was amended to provide that the general partner shall forego the next $ 18,000 in incentive distributions that it would otherwise be entitled to receive. Additionally, on May 5, 2014, the owner of the Partnership's general partner agreed to forego an additional $3,000 in incentive distributions. No incentive distributions were allocated to the general partner from July 1, 2012 (which would have been payable to the general partner on November 14, 2012 for the third quarter of 2012 distribution) through December 31, 2014. As of December 31, 2015, all incentive distributions were satisfied and incentive distributions started being paid for the distribution paid on February 13, 2015. The target distribution levels entitle the general partner to receive 2.0% of quarterly cash distributions up to $0.55 per unit, 15% of quarterly cash distributions in excess of $0.55 per unit until all unitholders have received $0.625 per unit, 25% of quarterly cash distributions in excess of $0.625 per unit until all unitholders have received $0.75 per unit and 50% of quarterly cash distributions in excess of $0.75 per unit. For the years ended December 31, 2015, 2014 and 2013, the general partner received $15,571 , $0 , and $0 in incentive distributions. Distributions of Available Cash The Partnership distributes all of its available cash (as defined in the Partnership Agreement) within 45 days after the end of each quarter to unitholders of record and to the general partner. Available cash is generally defined as all cash and cash equivalents of the Partnership on hand at the end of each quarter less the amount of cash reserves its general partner determines in its reasonable discretion is necessary or appropriate to: (i) provide for the proper conduct of the Partnership’s business; (ii) comply with applicable law, any debt instruments or other agreements; or (iii) provide funds for distributions to unitholders and the general partner for any one or more of the next four quarters, plus all cash on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. Net Income per Unit The Partnership follows the provisions of the FASB ASC 260-10 related to earnings per share, which addresses the application of the two-class method in determining income per unit for master limited partnerships having multiple classes of securities that may participate in partnership distributions accounted for as equity distributions. Undistributed earnings are allocated to the general partner and limited partners utilizing the contractual terms of the Partnership Agreement. Distributions to the general partner pursuant to the IDRs are limited to available cash that will be distributed as defined in the Partnership Agreement. Accordingly, the Partnership does not allocate undistributed earnings to the general partner for the IDRs because the general partner's share of available cash is the maximum amount that the general partner would be contractually entitled to receive if all earnings for the period were distributed. When current period distributions are in excess of earnings, the excess distributions for the period are to be allocated to the general partner and limited partners based on their respective sharing of losses specified in the Partnership Agreement. Additionally, as required under FASB ASC 260-10-45-61A, unvested share-based payments that entitle employees to receive non-forfeitable distributions are considered participating securities, as defined in FASB ASC 260-10-20, for earnings per unit calculations. For purposes of computing diluted net income per unit, the Partnership uses the more dilutive of the two-class and if-converted methods. Under the if-converted method, the weighted-average number of subordinated units outstanding for the period is added to the weighted-average number of common units outstanding for purposes of computing basic net income per unit and the resulting amount is compared to the diluted net income per unit computed using the two-class method. The following is a reconciliation of net income from continuing operations and net income from discontinued operations allocated to the general partner and limited partners for purposes of calculating net income attributable to limited partners per unit: Years Ended December 31, 2015 2014 2013 Continuing operations: Income (loss) from continuing operations $ 37,165 $ (6,367 ) $ (14,562 ) Less general partner’s interest in net income: Distributions payable on behalf of IDRs 15,078 2,033 — Distributions payable on behalf of general partner interest 2,585 1,181 2,021 General partner interest in undistributed earnings (1,842 ) (1,308 ) (2,312 ) Less income (loss) allocable to unvested restricted units 136 (18 ) (44 ) Limited partners’ interest in net income (loss) $ 21,208 $ (8,255 ) $ (14,227 ) Years Ended December 31, 2015 2014 2013 Discontinued operations: Income (loss) from discontinued operations $ 1,215 $ (5,338 ) $ 1,208 Less general partner’s interest in net income: Distributions payable on behalf of IDRs 493 1,704 — Distributions payable on behalf of general partner interest 84 990 (168 ) General partner interest in undistributed earnings (60 ) (1,097 ) 192 Less income (loss) allocable to unvested restricted units 4 (14 ) 4 Limited partners’ interest in net income (loss) $ 694 $ (6,921 ) $ 1,180 The Partnership allocates the general partner's share of earnings between continuing and discontinued operations as a proportion of net income from continuing and discontinued operations to total net income. The weighted average units outstanding for basic net income per unit were 35,308,649 , 30,785,035 and 26,557,829 for the years ended December 31, 2015 , 2014 and 2013 , respectively. All outstanding units were included in the computation of diluted earnings per unit and weighted based on the number of days such units were outstanding during the period presented. For diluted net income per unit, the weighted average units outstanding were increased by 62,880 for the year ended December 31, 2015, due to the dilutive effect of restricted units granted under the Partnership’s long-term incentive plan. All common unit equivalents were antidilutive for the years ended December 31, 2014 and 2013 because the limited partners were allocated a net loss in these periods. |
Unit Based Awards
Unit Based Awards | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unit Based Awards | Unit Based Awards The Partnership recognizes compensation cost related to stock-based awards to employees in its consolidated financial statements in accordance with certain provisions of ASC 718. The Partnership recognizes compensation costs related to stock-based awards to directors under certain provisions of ASC 505-50-55 related to equity-based payments to non-employees. Amounts recognized in selling, general, and administrative expense in the consolidated financial statements with respect to these plans are as follows: For the Year Ended December 31, 2015 2014 2013 Employees $ 1,338 $ 537 $ 668 Non-employee directors 91 280 243 Total unit-based compensation expense $ 1,429 $ 817 $ 911 Long-Term Incentive Plans The Partnership's general partner has a long term incentive plan for employees and directors of the general partner and its affiliates who perform services for the Partnership. The plan consists of two components, restricted units and unit options. The plan currently permits the grant of awards covering an aggregate of 725,000 common units, 241,667 of which may be awarded in the form of restricted units and 483,333 of which may be awarded in the form of unit options. The plan is administered by the compensation committee of the general partner’s board of directors ("Compensation Committee"). Restricted Units. A restricted unit is a unit that is granted to grantees with certain vesting restrictions. Once these restrictions lapse, the grantee is entitled to full ownership of the unit without restrictions. In addition, the restricted units will vest upon a change of control of the Partnership, the general partner or Martin Resource Management or if the general partner ceases to be an affiliate of Martin Resource Management. The Partnership intends the issuance of the common units upon vesting of the restricted units under the plan to serve as a means of incentive compensation for performance and not primarily as an opportunity to participate in the equity appreciation of the common units. Therefore, plan participants will not pay any consideration for the common units they receive, and the Partnership will receive no remuneration for the units. The restricted units issued to directors generally vest in equal annual installments over a four -year period. Restricted units issued to employees generally cliff vest after three years of service. The restricted units are valued at their fair value at the date of grant which is equal to the market value of common units on such date. A summary of the restricted unit activity for the year ended December 31, 2015 is provided below: Number of Units Weighted Average Grant-Date Fair Value Per Unit Non-vested, beginning of year 63,824 $ 30.79 Granted 91,950 $ 27.97 Vested (4,050 ) $ 30.67 Forfeited (1,250 ) $ 30.55 Non-Vested, end of year 150,474 $ 29.07 Aggregate intrinsic value, end of year $ 3,265 A summary of the restricted units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) during the years ended December 31, 2015, 2014 and 2013 is provided below: For the Year Ended December 31, 2015 2014 2013 Aggregate intrinsic value of units vested $ 110 $ 514 $ 153 Fair value of units vested $ 128 $ 450 $ 157 As of December 31, 2015, there was $1,829 of unrecognized compensation cost related to non-vested restricted units. That cost is expected to be recognized over a weighted-average period of 1.4 years. Unit Options. The plan currently permits the grant of options covering common units. As of December 31, 2015, the Partnership has not granted any common unit options to directors or employees of the Partnership's general partner, or its affiliates. In the future, the Compensation Committee may determine to make grants under the plan to employees and directors containing such terms as the Compensation Committee shall determine. Unit options will have an exercise price that, in the discretion of the Compensation Committee, may not be less than the fair market value of the units on the date of grant. In addition, the unit options will become exercisable upon a change in control of the Partnership's general partner, Martin Resource Management or if the general partner ceases to be an affiliate of Martin Resource Management or upon the achievement of specified financial objectives. |
Stanolind Tank Damage
Stanolind Tank Damage | 12 Months Ended |
Dec. 31, 2015 | |
Physical Damage to Assets [Abstract] | |
Stanolind Tank Damage | Stanolind Tank Damage During the third quarter of 2011, a single tank fire occurred at the Partnership’s Stanolind Terminal in Beaumont, Texas. This specific tank stores No. 6 oil for Martin Resource Management under a throughput agreement. The tank contained approximately 3,200 barrels of No. 6 oil at the time the incident occurred, all of which was the property of Martin Resource Management. Physical damage to the Partnership’s asset caused by the fire as well as the related removal and recovery costs, are fully covered by the Partnership’s non-windstorm insurance policy subject to a deductible of $443 , which has been expensed and included in "operating expenses" in the Consolidated Statements of Operations for the year ended December 31, 2011. Insurance proceeds received as a result of the claim were used to replace the tank. The proceeds received exceeded the net book value of the tank that was destroyed and the Partnership recognized a gain in the amount of $909 in "other operating income" in the Consolidated Statement of Operations for the year ended December 31, 2013. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The operations of a partnership are generally not subject to income taxes because its income is taxed directly to its partners. The Partnership is subject to the Texas margin tax, which is considered a state income tax, and is included in income tax expense on the Consolidated Statements of Operations. The Texas margin tax restructured the state business tax by replacing the taxable capital and earned surplus components of the existing franchise tax with a new "taxable margin" component. Since the tax base on the Texas margin tax is derived from an income-based measure, the margin tax is construed as an income tax and, therefore, the recognition of deferred taxes applies to the margin tax. The impact on deferred taxes as a result of this provision is immaterial. State income taxes attributable to the Texas margin tax of $1,048 , $1,137 and $753 were recorded in income tax expense for the years ended December 31, 2015 , 2014 and 2013 , respectively. A current income tax liability of $985 , and $1,174 existed at December 31, 2015 and 2014 , respectively. Cash paid for income taxes was $1,237 , $1,167 , and $9,789 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Bipartisan Budget Act of 2015 provides that any tax adjustments resulting from partnership audits will generally be determined, and any resulting tax, interest and penalties collected, at the partnership level for tax years beginning after December 31, 2017. The Bipartisan Budget Act of 2015 allows a partnership to elect to apply these provisions to any return of the partnership filed for partnership taxable years beginning after the date of the enactment, November 2, 2015. The Partnership does not intend to elect to apply these provisions for any tax return filed for partnership taxable years beginning before January 1, 2018. As of December 31, 2015, the tax years that remain open to assessment by federal and state jurisdictions are 2012-2014. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Partnership has four reportable segments: terminalling and storage, natural gas services, marine transportation, and sulfur services. The Partnership’s reportable segments are strategic business units that offer different products and services. The operating income of these segments is reviewed by the chief operating decision maker to assess performance and make business decisions. The accounting policies of the operating segments are the same as those described in Note 2. The Partnership evaluates the performance of its reportable segments based on operating income. There is no allocation of administrative expenses or interest expense. The Natural Gas Services segment information below excludes the discontinued operations of the Floating Storage Assets for 2015, 2014, and 2013. See Note 5. Operating Revenues Intersegment Eliminations Operating Revenues After Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Year Ended December 31, 2015: Terminalling and storage $ 270,440 $ (5,670 ) $ 264,770 $ 38,731 $ 15,704 $ 40,421 Natural gas services 523,160 — 523,160 34,072 41,220 24,330 Sulfur services 170,161 — 170,161 8,455 23,604 1,201 Marine transportation 81,784 (3,031 ) 78,753 10,992 8,576 2,775 Indirect selling, general, and administrative — — — — (18,951 ) — Total $ 1,045,545 $ (8,701 ) $ 1,036,844 $ 92,250 $ 70,153 $ 68,727 Year Ended December 31, 2014: Terminalling and storage $ 326,654 $ (5,191 ) $ 321,463 $ 37,622 $ 24,993 $ 53,450 Natural gas services 1,013,835 — 1,013,835 13,090 34,574 24,194 Sulfur services 215,471 — 215,471 8,176 19,465 4,115 Marine transportation 97,049 (5,677 ) 91,372 9,942 7,551 11,498 Indirect selling, general, and administrative — — — — (18,712 ) — Total $ 1,653,009 $ (10,868 ) $ 1,642,141 $ 68,830 $ 67,871 $ 93,257 Year Ended December 31, 2013: Terminalling and storage $ 341,966 $ (4,756 ) $ 337,210 $ 31,823 $ 32,855 $ 84,582 Natural gas services 966,909 — 966,909 962 30,524 4,080 Sulfur services 213,124 — 213,124 7,979 21,511 3,867 Marine transportation 99,511 (4,015 ) 95,496 10,198 13,411 6,517 Indirect selling, general, and administrative — — — — (16,837 ) — Total $ 1,621,510 $ (8,771 ) $ 1,612,739 $ 50,962 $ 81,464 $ 99,046 Revenues from two customers in the Natural Gas Services segment were $148,273 , $265,434 and $285,566 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Partnership's assets by reportable segment as of December 31, 2015 and 2014 , are as follows: 2015 2014 Total assets: Terminalling and storage $ 417,202 $ 446,313 Natural gas services 694,333 795,462 Sulfur services 134,108 145,852 Marine transportation 134,830 153,174 Total assets $ 1,380,473 $ 1,540,801 |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information Consolidated Quarterly Income Statement Information (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter (Dollar in thousands, except per unit amounts) 2015 Revenues $ 305,353 $ 251,099 $ 226,021 $ 254,371 Operating income 24,702 19,630 12,034 13,787 Equity in earnings of unconsolidated entities 1,740 1,649 2,363 3,234 Income from continuing operations 16,033 10,961 3,330 6,841 Income from discontinued operations 1,215 — — — Net income $ 17,248 $ 10,961 $ 3,330 $ 6,841 Limited partners' interest in net income (loss) per limited partner unit $ 0.37 $ 0.19 (0.02 ) $ 0.08 First Quarter Second Quarter Third Quarter Fourth Quarter (Dollar in thousands, except per unit amounts) 2014 Revenues $ 484,809 $ 403,261 $ 377,088 $ 376,983 Operating income 24,499 17,997 13,181 12,194 Equity in earnings (loss) of unconsolidated entities (297 ) 1,939 2,655 1,169 Income (loss) from continuing operations (a) 12,384 324 (25,739 ) 6,664 Income (loss) from discontinued operations (589 ) (1,292 ) (1,167 ) (2,290 ) Net income (loss) $ 11,795 $ (968 ) $ (26,906 ) $ 4,374 Limited partners' interest in net income (loss) per limited partner unit $ 0.43 (0.03 ) (0.82 ) (0.07 ) (a) As discussed in Note 4, during the third quarter of 2014 this amount includes the Partnership's reduction in the carrying value of its existing investment in Cardinal at the acquisition date of $30,102 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time, the Partnership is subject to various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Partnership. Pursuant to a Purchase Price Reimbursement Agreement between the Partnership and Martin Resource Management related to the Partnership’s acquisition of the Redbird Gas Storage LLC ("Redbird") Class A interests on October 2, 2012, beginning in the second quarter of 2015, Martin Resource Management will reimburse the Partnership $750 each quarter for four consecutive quarters as a reduction in the purchase price of the Redbird Class A interests. These payments are a result of Cardinal not achieving certain financial targets set forth in the Purchase Price Reimbursement Agreement. These payments are considered a reduction of the excess of the purchase price over the carrying value of the assets transferred to the Partnership from Martin Resource Management and will be recorded as an adjustment to "Partners' capital" in each quarter the payments are made. The agreement further provides for purchase price reimbursements of up to $4,500 in 2016 in the event certain financial conditions are not met. Currently, the Partnership has made no determination if the conditions are expected to be met in 2016. For the year ended December 31, 2015, the Partnership received $2,250 related to the Purchase Price Reimbursement Agreement. In 2015, the Partnership was named as a defendant in the cause J. A. Davis Properties, LLC v. Martin Operating Partnership L.P. , in the 38 th Judicial District Court, Cameron Parish, Louisiana . The plaintiff alleges that the Partnership has breached a lease agreement by failing to perform work to the plaintiff's property as required under the lease agreement. Prior to this litigation, the Partnership had planned to spend $1,600 for such work in 2015. The Partnership intends to vigorously defend this matter and has asserted appropriate counterclaims against the plaintiff. At this time, the Partnership is unable to ascertain the damages, if any, that could ultimately be awarded against it. On December 31, 2015, the Partnership received a demand from a customer in its lubricants packaging business for defense and indemnity in connection with at least five lawsuits filed against it in the United States District Courts, which generally allege that the customer engaged in unlawful and deceptive business practices in connection with its marketing and advertising of its private label motor oil. The Partnership disputes that it has any obligation to defend or indemnify the customer for its conduct. Accordingly, on January 7, 2016, the Partnership filed a Complaint for Declaratory Judgment in the Chancery Court of Davidson County, Tennessee requesting a judicial determination that the Partnership does not owe the customer the demanded defense and indemnity obligations. The customer has not answered the Complaint. Currently, we are unable to determine the exposure we may have in this matter, if any. |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Consolidating Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Information The Partnership's operations are conducted by its operating subsidiaries as it has no independent assets or operations. Martin Operating Partnership L.P. (the "Operating Partnership"), the Partnership’s wholly-owned subsidiary, and the Partnership's other operating subsidiaries have issued in the past, and may issue in the future, unconditional guarantees of senior or subordinated debt securities of the Partnership. The guarantees that have been issued are full, irrevocable and unconditional and joint and several. In addition, the Operating Partnership may also issue senior or subordinated debt securities which, if issued, will be fully, irrevocably and unconditionally guaranteed by the Partnership. Substantially all of the Partnership's operating subsidiaries are subsidiary guarantors of its outstanding senior unsecured notes and any subsidiaries other than the subsidiary guarantors are minor. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Quarterly Distribution. On January 21, 2016, The Partnership declared a quarterly cash distribution of $0.8125 per common unit for the fourth quarter of 2015, or $3.25 per common unit on an annualized basis, which was paid on February 12, 2016 to unitholders of record as of February 5, 2016. Additionally, the Partnership paid a distribution to its general partner in the amount of $4,559 . Of this amount, $667 is related to the base general partner distribution and $3,892 represents incentive distribution rights paid to the Partnership's general partner. |
Significant Accounting Polici34
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Presentation and Consolidation | Principles of Presentation and Consolidation The consolidated financial statements include the financial statements of the Partnership and its wholly-owned subsidiaries and equity method investees. In the opinion of the management of the Partnership’s general partner, all adjustments and elimination of significant intercompany balances necessary for a fair presentation of the Partnership’s results of operations, financial position and cash flows for the periods shown have been made. All such adjustments are of a normal recurring nature. In addition, the Partnership evaluates its relationships with other entities to identify whether they are variable interest entities under certain provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), 810-10 and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Partnership is the primary beneficiary, then that entity is included in the consolidated financial statements in accordance with ASC 810-10. No such variable interest entities exist as of December 31, 2015 or 2014. As discussed in Note 5, on February 12, 2015, the Partnership sold all six 16,101 barrel liquefied petroleum gas ("LPG") pressure barges, collectively referred to as the "Floating Storage Assets." These assets were acquired on February 28, 2013. On December 19, 2014, the Partnership made the decision to dispose of the Floating Storage Assets. As a result, the Partnership has classified the Floating Storage Assets as held for sale at December 31, 2014 and has presented the results of operations and cash flows of the Floating Storage Assets as discontinued operations for the years ended December 31, 2015, 2014, and 2013. |
Product Exchanges | Product Exchanges The Partnership enters into product exchange agreements with third parties, whereby the Partnership agrees to exchange natural gas liquids ("NGLs") and sulfur with third parties. The Partnership records the balance of exchange products due to other companies under these agreements at quoted market product prices and the balance of exchange products due from other companies at the lower of cost or market. Cost is determined using the first-in, first-out ("FIFO") method. Product exchanges with the same counterparty are entered into in contemplation of one another and are combined. The net amount related to location differentials is reported in "Product sales" or "Cost of products sold" in the Consolidated Statements of Operations. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is generally determined by using the FIFO method for all inventories except lubricants and lubricants packaging inventories. Lubricants and lubricants packaging inventories cost is determined using standard cost, which approximates actual cost, computed on a FIFO basis. |
Revenue Recognition | Revenue Recognition Terminalling and Storage – Revenue is recognized for storage contracts based on the contracted monthly tank fixed fee. For throughput contracts, revenue is recognized based on the volume moved through the Partnership’s terminals at the contracted rate. For the Partnership’s tolling agreement, revenue is recognized based on the contracted monthly reservation fee and throughput volumes moved through the facility. When lubricants and drilling fluids are sold by truck or rail, revenue is recognized upon delivering product to the customers as title to the product transfers when the customer physically receives the product. Natural Gas Services – NGL distribution revenue is recognized when product is delivered by truck, rail, or pipeline to the Partnership's NGL customers. Natural gas storage revenue is recognized when the service is provided to the customer. Sulfur Services – Revenue from sulfur product sales is recognized when the customer takes title to the product. Revenue from sulfur services is recognized as deliveries are made during each monthly period. Marine Transportation – Revenue is recognized for time charters based on a per day rate. For contracted trips, revenue is recognized upon completion of the particular trip. |
Equity Method Investments | Equity Method Investments The Partnership uses the equity method of accounting for investments in unconsolidated entities where the ability to exercise significant influence over such entities exists. Investments in unconsolidated entities consist of capital contributions and advances plus the Partnership’s share of accumulated earnings as of the entities’ latest fiscal year-ends, less capital withdrawals and distributions. Investments in excess of the underlying net assets of equity method investees, specifically identifiable to property, plant and equipment, are amortized over the useful life of the related assets. Excess investment representing equity method goodwill is not amortized but is evaluated for impairment, annually. Under certain provisions of ASC 350-20, related to goodwill, this goodwill is not subject to amortization and is accounted for as a component of the investment. Equity method investments are subject to impairment under the provisions of ASC 323-10, which relates to the equity method of accounting for investments in common stock. No portion of the net income from these entities is included in the Partnership’s operating income. |
Property, Plant and Equipment | Property, Plant, and Equipment Owned property, plant, and equipment is stated at cost, less accumulated depreciation. Owned buildings and equipment are depreciated using straight-line method over the estimated lives of the respective assets. Equipment under capital leases is stated at the present value of minimum lease payments less accumulated amortization. Equipment under capital leases is amortized on a straight line basis over the estimated useful life of the asset. Routine maintenance and repairs are charged to operating expense while costs of betterments and renewals are capitalized. When an asset is retired or sold, its cost and related accumulated depreciation are removed from the accounts, and the difference between net book value of the asset and proceeds from disposition is recognized as gain or loss. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is subject to a fair-value based impairment test on an annual basis, or more often if events or circumstances indicate there may be impairment. The Partnership is required to identify its reporting units and determine the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets. The Partnership is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Partnership would be required to perform the second step of the impairment test, as this is an indication that the reporting unit goodwill may be impaired. All four of the Partnership's reporting units, terminalling and storage, natural gas services, sulfur services and marine transportation, contain goodwill. The Partnership has performed the annual impairment tests as of August 31, 2015, 2014, and 2013. The determination of fair value for 2013 for each reporting unit was based on the weighted average of two valuation techniques: (i) the discounted cash flow method and (ii) the guideline public company method. Fair value for 2015 and 2014 for the terminalling and storage and marine transportation reporting units was determined based on weighted average of the discounted cash flow method, the guideline public company method and the guideline transaction method. No change was made in the 2015 and 2014 methodology for determining fair value of the natural gas services and sulfur services segments. At August 31, 2015, 2014, and 2013, the estimated fair value of each of the four reporting units was in excess of its carrying value, resulting in no impairment. No triggering events occurred that would cause the Partnership to perform an impairment test at either December 31, 2015 or 2014. Significant changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit which could give rise to future impairment. Changes to these estimates and assumptions can include, but may not be limited to, varying commodity prices, volume changes and operating costs due to market conditions and/or alternative providers of services. Other intangible assets that have finite lives are tested for impairment when events or circumstances indicate that the carrying value may not be recoverable. An impairment is indicated if the carrying amount of a long-lived intangible asset exceeds the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the asset. If impairment is indicated, the Partnership would record an impairment loss equal to the difference between the carrying value and the fair value of the asset. There were no intangible asset impairments in 2015, 2014 or 2013. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs relating to the Partnership’s revolving credit facility and senior unsecured notes are deferred and amortized over the terms of the debt arrangements and are shown, net of accumulated amortization, as a reduction of the related long-term debt. In connection with the issuance, amendment, expansion and restatement of debt arrangements, the Partnership incurred debt issuance costs of $341 , $3,722 and $9,115 in the years ended December 31, 2015, 2014 and 2013, respectively. During 2015, the Partnership repurchased on the open market an aggregate $26,200 of 7.25% senior unsecured notes. The repurchase transaction resulted in the write-off of $235 of existing debt issuance costs that were determined not to have continuing benefit. On August 14, 2015, the Partnership reduced its borrowing capacity under the revolving credit facility from $900,000 to $700,000 , resulting in the write-off of $1,625 of deferred debt costs that were determined not to have continuing benefit. Due to the redemption of the remaining $175,000 of 8.875% senior unsecured notes in 2014 and a reduction in the number of lenders under the Partnership’s multi-bank credit agreement, $3,078 and $502 of the existing debt issuance costs were determined not to have continuing benefit and were expensed during the years ended December 31, 2014 and 2013, respectively. Remaining unamortized deferred issuance costs are amortized over the term of each respective revised debt arrangement. Amortization of debt issuance costs, which is included in interest expense, totaled $4,859 , $6,263 and $3,700 for the years ended December 31, 2015, 2014 and 2013, respectively. Accumulated amortization amounted to $10,581 and $5,488 at December 31, 2015 and 2014, respectively. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with ASC 360-10, long-lived assets, such as property, plant and equipment, and intangible assets with definite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell and would no longer be depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. In the fourth quarter of 2015, the Partnership identified a triggering event related to the condensate splitter project in the specialty terminals division of the Partnership's Terminalling and Storage segment. The triggering event was the decision to not move forward with the project due to the evaporation of the economic viability of the project. As a result, an impairment charge of $9,305 was recorded in the Terminalling and Storage segment results of operations for the year ended December 31, 2015. In the fourth quarter of 2015, the Partnership identified a triggering event related to one inland push boat and three inland tank barges in the Marine Transportation segment. The triggering event was the assets' inability to generate cash flows in recent quarters and going forward. As a result, an impairment charge of $1,324 was recorded in the Marine Transportation segment results of operations in the fourth quarter of 2015. In the third quarter of 2014, the Partnership identified a triggering event related to one offshore tow in the Marine Transportation segment. The triggering event was the tow's inability to generate cash flows in recent quarters. As a result, an impairment charge of $3,445 was recorded in the Marine Transportation segment results of operations in the third quarter of 2014. No other triggering events occurred in 2015, 2014 or 2013 that would require an additional assessment for impairment of long-lived assets. |
Asset Retirement Obligation | Asset Retirement Obligations Under ASC 410-20, which relates to accounting requirements for costs associated with legal obligations to retire tangible, long-lived assets, the Partnership records an asset retirement obligation ("ARO") at fair value in the period in which it is incurred by increasing the carrying amount of the related long-lived asset. In each subsequent period, the liability is accreted over time towards the ultimate obligation amount and the capitalized costs are depreciated over the useful life of the related asset. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities In accordance with certain provisions of ASC 815-10 related to accounting for derivative instruments and hedging activities, all derivatives and hedging instruments are included in the Consolidated Balance Sheets as an asset or liability measured at fair value and changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. If a derivative qualifies for hedge accounting, changes in the fair value can be offset against the change in the fair value of the hedged item through earnings or recognized in other comprehensive income until such time as the hedged item is recognized in earnings. Derivative instruments not designated as hedges are marked to market with all market value adjustments being recorded in the Consolidated Statements of Operations. |
Use of Estimates | Use of Estimates Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the U.S. Actual results could differ from those estimates. |
Indirect Selling, General and Administrative Expense | Indirect Selling, General and Administrative Expenses Indirect selling, general and administrative expenses are incurred by Martin Resource Management and allocated to the Partnership to cover costs of centralized corporate functions such as accounting, treasury, engineering, information technology, risk management and other corporate services. Such expenses are based on the percentage of time spent by Martin Resource Management’s personnel that provide such centralized services. Under an omnibus agreement with Martin Resource Management, the Partnership is required to reimburse Martin Resource Management for indirect general and administrative and corporate overhead expenses. |
Environmental Liabilities and Litigation | Environmental Liabilities and Litigation The Partnership’s policy is to accrue for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remedial feasibility study. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. |
Trade and Accrued Accounts Receivable and Allowance for Doubtful Accounts | Trade and Accrued Accounts Receivable and Allowance for Doubtful Accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in the Partnership’s existing accounts receivable. |
Deferred Catalyst Costs | Deferred Catalyst Costs The cost of the periodic replacement of catalysts is deferred and amortized over the catalyst’s estimated useful life, which ranges from 12 to 36 months. |
Deferred Turnaround Costs | Deferred Turnaround Costs The Partnership capitalizes the cost of major turnarounds and amortizes these costs over the estimated period to the next turnaround, which ranges from 12 to 36 months. |
Income Taxes | Income Taxes The Partnership is subject to the Texas margin tax, which is considered a state income tax, and is included in income tax expense on the Consolidated Statements of Operations. The Texas margin tax restructured the state business tax by replacing the taxable capital and earned surplus components of the existing franchise tax with a new "taxable margin" component. Since the tax base on the Texas margin tax is derived from an income-based measure, the margin tax is construed as an income tax and, therefore, the recognition of deferred taxes applies to the margin tax. The impact on deferred taxes as a result of this provision is immaterial. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This ASU requires that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The ASU also requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update with earlier application permitted for financial statements that have not been issued. The Partnership is evaluating the effect that ASU 2015-06 will have on its consolidated and financial statements and related disclosures. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which applies only to inventory for which cost is determined by methods other than last-in, first-out and the retail inventory method. This includes inventory that is measured using first-in, first-out or average cost. Inventory within the scope of this standard is required to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new standard will be effective on January 1, 2017. The Partnership is evaluating the effect that ASU 2015-11 will have on its consolidated and financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-06, Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions, which requires an MLP to allocate earnings (losses) of a transferred business entirely to the general partner when computing earnings per unit ("EPU") for periods before the dropdown transaction occurred. The EPU for limited partners that was previously reported would not change as a result of the dropdown transaction. The ASU also requires an MLP to disclose the effects of the dropdown transaction on EPU for the periods before and after the dropdown transaction occurred. This ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The ASU requires retrospective application and early adoption is permitted. The Partnership is evaluating the effect that ASU 2015-06 will have on its consolidated and financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest , which simplifies presentation of debt issuance costs. The amended guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Early application is permitted under the retrospective transition method. The Partnership has elected to early adopt this guidance effective January 1, 2015. The standard only affects presentation on the Partnership's Consolidated Balance Sheets and does not affect any of the Partnership's other financial statements. The amount of debt issuance costs, net of accumulated amortization, from the December 31, 2014 audited balance sheet that were reclassified and shown as a reduction of the related long-term debt balances is $13,118 . In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Partnership on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership is evaluating the effect that ASU 2014-09 will have on its consolidated and financial statements and related disclosures. The Partnership has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Comprehensive Income | Comprehensive Income Comprehensive income includes net income and other comprehensive income. There are no items of other comprehensive income or loss in any of the years presented. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | The total purchase price is as follows: Cash payment for 57.8% interest in Cardinal $ 120,973 Fair value of the Partnership's previously owned 42.2% interest in Cardinal 87,613 Total $ 208,586 |
Assets and Liabilities Assumed in Acquisition | The Partnership recorded the purchase in the following allocation: Property, plant and equipment $ 2,453 Current liabilities (13 ) $ 2,440 Assets acquired and liabilities assumed were recorded in the Natural Gas Services segment at fair value in the following purchase price allocation which was finalized in the fourth quarter of 2014: Restricted cash $ 17,566 Other current assets 9,385 Property, plant and equipment 390,895 Intangible and other assets 80,135 Project level finance debt (282,087 ) Other current liabilities (6,713 ) Other non-current liabilities (595 ) Total $ 208,586 Assets acquired and liabilities assumed were recorded in the Sulfur Services segment at fair value as follows: Inventory $ 162 Property, plant and equipment 4,000 Current liabilities (44 ) Total $ 4,118 The assets acquired by the Partnership were recorded in the Terminalling and Storage segment at fair value of $12,148 in the following purchase price allocation: Inventory and other current assets $ 1,513 Property, plant and equipment 6,136 Other assets 5,113 Other accrued liabilities (168 ) Other long-term obligations (446 ) Total $ 12,148 |
Pro Forma Information for Acquisition | The following pro forma unaudited consolidated results of operations have been prepared as if the acquisitions of Cardinal and WTLPG occurred at the beginning of fiscal 2014: Year Ended December 31, 2014 Revenue: As reported $ 1,642,141 Pro forma $ 1,688,629 Net income (loss) from continuing operations attributable to limited partners: As reported $ (8,255 ) Pro forma $ 1,676 Net loss from discontinued operations attributable to limited partners: As reported $ (6,921 ) Pro forma $ (6,921 ) Net income (loss) from continuing operations per unit attributable to limited partners - basic As reported $ (0.27 ) Pro forma $ 0.05 Net loss from discontinued operations per unit attributable to limited partners - basic As reported $ (0.22 ) Pro forma $ (0.22 ) Net income (loss) from continuing operations per unit attributable to limited partners - diluted As reported $ (0.27 ) Pro forma $ 0.05 Net loss from discontinued operations per unit attributable to limited partners - diluted As reported $ (0.22 ) Pro forma $ (0.22 ) |
Discontinued Operations and D36
Discontinued Operations and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of disposal groups including discontinued operations income statement and balance sheet | The Floating Storage Assets’ operating results, which are included in income from discontinued operations, were as follows: Year Ended December 31, 2015 2014 2013 Total revenues from third parties 1 $ 791 $ 51,264 $ 20,771 Total costs and expenses and other, net, excluding depreciation and amortization 1,038 55,068 18,285 Depreciation and amortization — 1,534 1,278 Other operating income 2 1,462 — — Income (loss) from discontinued operations before income taxes 1,215 (5,338 ) 1,208 Income tax expense — — — Income (loss) from discontinued operations, net of income taxes $ 1,215 $ (5,338 ) $ 1,208 1 Total revenues from third parties excludes intercompany revenues of $0 , $5,241 and $945 for the years ended December 31, 2015, 2014 and 2013, respectively. 2 Other operating income represents the gain on the disposition of the Floating Storage Assets. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Components of inventory | Components of inventories at December 31, 2015 and 2014 were as follows: 2015 2014 Natural gas liquids $ 20,959 $ 27,820 Sulfur 13,812 12,231 Sulfur based products 19,400 16,280 Lubricants 18,675 29,096 Other 3,024 3,291 $ 75,870 $ 88,718 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | At December 31, 2015 and 2014 , property, plant and equipment consisted of the following: Depreciable Lives 2015 2014 Land — $ 23,931 $ 23,595 Improvements to land and buildings 10-25 years 159,160 149,112 Storage equipment 5-50 years 191,095 171,373 Marine vessels 4-25 years 257,858 260,588 Operating plant and equipment 3-50 years 631,728 598,314 Base Gas — 43,799 43,799 Furniture, fixtures and other equipment 3-20 years 4,375 4,224 Transportation equipment 3-7 years 2,237 2,273 Construction in progress 73,631 90,396 $ 1,387,814 $ 1,343,674 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table represents the goodwill balance at December 31, 2015 and 2014 : December 31, 2015 2014 Carrying amount of goodwill: Terminalling and storage $ 14,229 $ 14,229 Natural gas services 79 79 Sulfur services 5,349 5,349 Marine transportation 4,145 4,145 Total goodwill $ 23,802 $ 23,802 |
Supplemental Balance Sheet In40
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Intangible and Other Assets, Net | Components of "Intangibles and other assets, net" at December 31, 2015 and 2014 were as follows: 2015 2014 Customer contracts and relationships, net $ 50,452 $ 72,171 Other intangible assets 1,818 2,215 Other 6,044 7,079 $ 58,314 $ 81,465 |
Schedule of Other Accrued Liabilities | Components of "Other accrued liabilities" at December 31, 2015 and 2014 were as follows: 2015 2014 Accrued interest $ 10,365 $ 10,996 Property and other taxes payable 6,668 7,524 Accrued payroll 1,389 3,125 Other 111 156 $ 18,533 $ 21,801 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Obligations | The Partnership’s future minimum lease obligations as of December 31, 2015 consist of the following: Fiscal year Operating Leases 2016 $ 13,676 2017 9,423 2018 5,839 2019 3,817 2020 3,118 Thereafter 9,241 Total $ 45,114 |
Investments in Unconsolidated42
Investments in Unconsolidated Entities and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of components of investment in unconsolidated entities and components of equity in earnings of unconsolidated entities | The following tables summarize the components of the "Investment in unconsolidated entities" on the Partnership’s Consolidated Balance Sheets and the components of "Equity in earnings of unconsolidated entities" included in the Partnership’s Consolidated Statements of Operations: December 31, 2015 December 31, 2014 WTLPG $ 132,292 $ 134,506 Total investment in unconsolidated entities $ 132,292 $ 134,506 Years Ended December 31, 2015 2014 2013 Equity in earnings of WTLPG $ 8,986 $ 3,076 $ — Equity in earnings (loss) of Cardinal — 892 (54,226 ) Equity in earnings of MET — 1,498 1,738 Equity in loss of Caliber — — (560 ) Equity in earnings (loss) of unconsolidated entities 8,986 5,466 (53,048 ) |
Select financial information for significant unconsolidated equity-method investees | Selected financial information for significant unconsolidated equity method investees is as follows: As of December 31, Years ended December 31, Total Assets Long-Term Debt Members’ Equity/Partners' Capital Revenues Net Income (Loss) 2015 WTLPG $ 819,342 $ — $ 804,023 $ 100,708 $ 46,294 2014 WTLPG $ 827,697 $ — $ 818,546 $ 95,315 $ 38,698 Cardinal 1 $ — $ — $ — $ 46,488 $ 1,911 2013 Cardinal $ 661,816 $ 295,261 $ 346,584 $ 52,762 $ (128,283 ) 1 Financial information for Cardinal includes revenues and net income for the 2014 period prior to the Partnership's acquisition of the 57.8% interest not previously owned. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: Level 2 December 31, 2015 2014 Commodity derivative contracts $ 675 $ — Interest rate derivative contracts (206 ) — The Partnership is required to disclose estimated fair values for its financial instruments. Fair value estimates are set forth below for these financial instruments. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: • Accounts and other receivables, trade and other accounts payable, accrued interest payable, other accrued liabilities, income taxes payable and due from/to affiliates: The carrying amounts approximate fair value due to the short maturity and highly liquid nature of these instruments, and as such these have been excluded from the table above. There is negligible credit risk associated with these instruments. • Note receivable and long-term debt including current portion: The carrying amount of the revolving credit facility approximates fair value due to the debt having a variable interest rate and is in Level 2. The Partnership has not had any indicators which represent a change in the market spread associated with its variable interest rate debt. • The estimated fair value of the senior unsecured notes is based on market prices of similar debt. The estimated fair value of the note receivable from Martin Energy Trading was determined by calculating the net present value of the interest payments over the life of the note. The note is considered Level 3 due to the lack of observable inputs for similar transactions between related parties. December 31, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Note receivable - MET $ 15,000 $ 15,830 $ 15,000 $ 15,852 2021 Senior unsecured notes 375,368 318,000 402,005 385,077 |
Derivative Instruments and He44
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Effect of derivative instruments on the Consolidated Balance Sheets | The following table summarizes the fair values and classification of the Partnership’s derivative instruments in its Consolidated Balance Sheet: Fair Values of Derivative Instruments in the Consolidated Balance Sheet Derivative Assets Derivative Liabilities Fair Values Fair Values Balance Sheet Location December 31, 2015 December 31, 2014 Balance Sheet Location December 31, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Current: Commodity contracts Fair value of derivatives $ 675 $ — Fair value of derivatives $ — $ — Derivatives not designated as hedging instruments: Non Current: Non Current: Interest rate contracts Fair value of derivatives — — Fair value of derivatives 206 — Total derivatives not designated as hedging instruments $ 675 $ — $ 206 $ — |
Effect of derivative instruments on the Consolidated Statement of Operations | Effect of Derivative Instruments on the Consolidated Statement of Operations For the Twelve Months Ended December 31, 2015 and 2014 Location of Gain or (Loss) Recognized in Income on Derivatives Amount of Gain or (Loss) Recognized in Income on Derivatives 2015 2014 2013 Derivatives not designated as hedging instruments: Interest rate swaption contracts Interest expense $ 2,495 $ — $ — Interest rate contracts Interest expense (206 ) 6,692 — Commodity contracts Cost of products sold 818 — — Commodity contracts Other income — (818 ) — Total derivatives not designated as hedging instruments $ 3,107 $ 5,874 $ — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
The impact of Related Party Transactions | The impact of related party revenues from sales of products and services is reflected in the Consolidated Statements of Operations as follows: Revenues: 2015 2014 2013 Terminalling and storage $ 78,233 $ 74,467 $ 71,517 Marine transportation 27,724 24,389 24,654 Natural gas services 878 — — Product sales: Natural gas services 196 3,064 10 Sulfur services 3,639 3,921 3,890 Terminalling and storage 1,836 676 798 5,671 7,661 4,698 $ 112,506 $ 106,517 $ 100,869 The impact of related party cost of products sold is reflected in the Consolidated Statements of Operations as follows: Cost of products sold: Natural gas services $ 25,797 $ 37,703 $ 32,639 Sulfur services 16,579 18,390 18,161 Terminalling and storage 17,718 36,341 48,868 $ 60,094 $ 92,434 $ 99,668 The impact of related party operating expenses is reflected in the Consolidated Statements of Operations as follows: Operating expenses: Marine transportation $ 32,373 $ 37,703 $ 38,373 Natural gas services 8,639 4,870 1,971 Sulfur services 6,928 7,479 8,223 Terminalling and storage 29,931 29,525 21,766 $ 77,871 $ 79,577 $ 70,333 The impact of related party selling, general and administrative expenses is reflected in the Consolidated Statements of Operations as follows: Selling, general and administrative: Marine transportation $ 29 $ 30 $ 50 Natural gas services 6,216 6,039 2,671 Sulfur services 2,760 3,201 3,081 Terminalling and storage 2,284 1,874 1,266 Indirect overhead allocation, net of reimbursement 13,679 12,535 10,621 $ 24,968 $ 23,679 $ 17,689 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | At December 31, 2015 and 2014 , long-term debt consisted of the following: 2015 2014 $700,000 1 Revolving loan facility at variable interest rate (3.16% 2 weighted average at December 31, 2015), due March 2018 secured by substantially all of the Partnership’s assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnership’s operating subsidiaries and equity method investees, net of unamortized debt issuance costs of $4,858 and $8,656, respectively 5 $ 493,142 $ 491,344 $400,000 3,4 Senior notes, 7.250% interest, including unamortized premium of $1,568 and $2,005, respectively, also net of unamortized debt issuance costs of $3,507 and $4,462 respectively, issued $250,000 February 2013 and $150,000 April 2014 and due February 2021, unsecured 5,6 371,861 397,543 Total long-term debt $ 865,003 $ 888,887 1 On August 14, 2015, the Partnership reduced its borrowing capacity under the revolving credit facility from $900,000 to $700,000 . The facility can be expanded up to $1,000,000 at any time under the accordion feature of the facility. The reduction in capacity resulted in the write-off of $1,625 of deferred debt costs. 2 Interest rate fluctuates based on the LIBOR rate plus an applicable margin set on the date of each advance. The margin above LIBOR is set every three months. Indebtedness under the credit facility bears interest at LIBOR plus an applicable margin or the base prime rate plus an applicable margin. The applicable margin for revolving loans that are LIBOR loans ranges from 1.75% to 2.75% and the applicable margin for revolving loans that are base prime rate loans ranges from 0.75% to 1.75% . The applicable margin for LIBOR borrowings at December 31, 2015 is 2.75% . The credit facility contains various covenants which limit the Partnership’s ability to make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Omnibus Agreement. The Partnership is permitted to make quarterly distributions so long as no event of default exists. 3 Pursuant to the indenture under which the senior notes were issued, the Partnership has the option to redeem up to 35% of the aggregate principal amount at a redemption price of 108.875% of the principal amount, plus accrued and unpaid interest with the proceeds of certain equity offerings. On April 1, 2014, the Partnership redeemed the remaining $175,000 of the 8.875% senior unsecured notes due in 2018 from all holders. On April 1, 2014 the Partnership completed a private placement add-on of $150,000 in aggregate principal amount of 7.25% senior unsecured notes due February 2021 to qualified institutional buyers under Rule 144A. The Partnership filed with the SEC a registration statement to exchange these notes for substantially identical notes that are registered under the Securities Act and completed the exchange offer during the second quarter of 2014. In conjunction with the redemption, the Partnership incurred a debt prepayment premium in the amount of $7,767 , which is included in the Consolidated Statement of Operations for the year ended December 31, 2014. Also in conjunction with this redemption, the Partnership expensed $2,643 and $1,228 of unamortized debt issuance costs and unamortized discount on notes payable, respectively, which is included in "Interest expense, net" on the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. 4 In September 2015, the Partnership repurchased on the open market an aggregate $26,200 of 7.25% senior unsecured notes. These transactions resulted in a gain on retirement of $1,242 , including the write-off of applicable pro-rata portion of deferred debt costs and premium. 5 The Partnership is in compliance with all debt covenants as of December 31, 2015. 6 The 2021 indentures restrict the Partnership’s ability to sell assets; pay distributions or repurchase units or redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; and consolidate, merge or transfer all or substantially all of its assets. Many of these covenants will terminate if the notes achieve an investment grade rating from each of Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services and no default (as defined in the indentures) has occurred. |
Partners' Capital (Tables)
Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Reconciliation of net income to partners interest in net income | The following is a reconciliation of net income from continuing operations and net income from discontinued operations allocated to the general partner and limited partners for purposes of calculating net income attributable to limited partners per unit: Years Ended December 31, 2015 2014 2013 Continuing operations: Income (loss) from continuing operations $ 37,165 $ (6,367 ) $ (14,562 ) Less general partner’s interest in net income: Distributions payable on behalf of IDRs 15,078 2,033 — Distributions payable on behalf of general partner interest 2,585 1,181 2,021 General partner interest in undistributed earnings (1,842 ) (1,308 ) (2,312 ) Less income (loss) allocable to unvested restricted units 136 (18 ) (44 ) Limited partners’ interest in net income (loss) $ 21,208 $ (8,255 ) $ (14,227 ) Years Ended December 31, 2015 2014 2013 Discontinued operations: Income (loss) from discontinued operations $ 1,215 $ (5,338 ) $ 1,208 Less general partner’s interest in net income: Distributions payable on behalf of IDRs 493 1,704 — Distributions payable on behalf of general partner interest 84 990 (168 ) General partner interest in undistributed earnings (60 ) (1,097 ) 192 Less income (loss) allocable to unvested restricted units 4 (14 ) 4 Limited partners’ interest in net income (loss) $ 694 $ (6,921 ) $ 1,180 |
Unit Based Awards (Tables)
Unit Based Awards (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of compensation costs related to unit based plan | Amounts recognized in selling, general, and administrative expense in the consolidated financial statements with respect to these plans are as follows: For the Year Ended December 31, 2015 2014 2013 Employees $ 1,338 $ 537 $ 668 Non-employee directors 91 280 243 Total unit-based compensation expense $ 1,429 $ 817 $ 911 |
Summary of restricted unit activity | A summary of the restricted unit activity for the year ended December 31, 2015 is provided below: Number of Units Weighted Average Grant-Date Fair Value Per Unit Non-vested, beginning of year 63,824 $ 30.79 Granted 91,950 $ 27.97 Vested (4,050 ) $ 30.67 Forfeited (1,250 ) $ 30.55 Non-Vested, end of year 150,474 $ 29.07 Aggregate intrinsic value, end of year $ 3,265 |
Summary of aggregate intrinsic value and fair value of units vested | A summary of the restricted units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) during the years ended December 31, 2015, 2014 and 2013 is provided below: For the Year Ended December 31, 2015 2014 2013 Aggregate intrinsic value of units vested $ 110 $ 514 $ 153 Fair value of units vested $ 128 $ 450 $ 157 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | The Natural Gas Services segment information below excludes the discontinued operations of the Floating Storage Assets for 2015, 2014, and 2013. See Note 5. Operating Revenues Intersegment Eliminations Operating Revenues After Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Year Ended December 31, 2015: Terminalling and storage $ 270,440 $ (5,670 ) $ 264,770 $ 38,731 $ 15,704 $ 40,421 Natural gas services 523,160 — 523,160 34,072 41,220 24,330 Sulfur services 170,161 — 170,161 8,455 23,604 1,201 Marine transportation 81,784 (3,031 ) 78,753 10,992 8,576 2,775 Indirect selling, general, and administrative — — — — (18,951 ) — Total $ 1,045,545 $ (8,701 ) $ 1,036,844 $ 92,250 $ 70,153 $ 68,727 Year Ended December 31, 2014: Terminalling and storage $ 326,654 $ (5,191 ) $ 321,463 $ 37,622 $ 24,993 $ 53,450 Natural gas services 1,013,835 — 1,013,835 13,090 34,574 24,194 Sulfur services 215,471 — 215,471 8,176 19,465 4,115 Marine transportation 97,049 (5,677 ) 91,372 9,942 7,551 11,498 Indirect selling, general, and administrative — — — — (18,712 ) — Total $ 1,653,009 $ (10,868 ) $ 1,642,141 $ 68,830 $ 67,871 $ 93,257 Year Ended December 31, 2013: Terminalling and storage $ 341,966 $ (4,756 ) $ 337,210 $ 31,823 $ 32,855 $ 84,582 Natural gas services 966,909 — 966,909 962 30,524 4,080 Sulfur services 213,124 — 213,124 7,979 21,511 3,867 Marine transportation 99,511 (4,015 ) 95,496 10,198 13,411 6,517 Indirect selling, general, and administrative — — — — (16,837 ) — Total $ 1,621,510 $ (8,771 ) $ 1,612,739 $ 50,962 $ 81,464 $ 99,046 |
Assets by segment | The Partnership's assets by reportable segment as of December 31, 2015 and 2014 , are as follows: 2015 2014 Total assets: Terminalling and storage $ 417,202 $ 446,313 Natural gas services 694,333 795,462 Sulfur services 134,108 145,852 Marine transportation 134,830 153,174 Total assets $ 1,380,473 $ 1,540,801 |
Quarterly Financial Informati50
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Consolidated Quarterly Income Statement Information (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter (Dollar in thousands, except per unit amounts) 2015 Revenues $ 305,353 $ 251,099 $ 226,021 $ 254,371 Operating income 24,702 19,630 12,034 13,787 Equity in earnings of unconsolidated entities 1,740 1,649 2,363 3,234 Income from continuing operations 16,033 10,961 3,330 6,841 Income from discontinued operations 1,215 — — — Net income $ 17,248 $ 10,961 $ 3,330 $ 6,841 Limited partners' interest in net income (loss) per limited partner unit $ 0.37 $ 0.19 (0.02 ) $ 0.08 First Quarter Second Quarter Third Quarter Fourth Quarter (Dollar in thousands, except per unit amounts) 2014 Revenues $ 484,809 $ 403,261 $ 377,088 $ 376,983 Operating income 24,499 17,997 13,181 12,194 Equity in earnings (loss) of unconsolidated entities (297 ) 1,939 2,655 1,169 Income (loss) from continuing operations (a) 12,384 324 (25,739 ) 6,664 Income (loss) from discontinued operations (589 ) (1,292 ) (1,167 ) (2,290 ) Net income (loss) $ 11,795 $ (968 ) $ (26,906 ) $ 4,374 Limited partners' interest in net income (loss) per limited partner unit $ 0.43 (0.03 ) (0.82 ) (0.07 ) (a) As discussed in Note 4, during the third quarter of 2014 this amount includes the Partnership's reduction in the carrying value of its existing investment in Cardinal at the acquisition date of $30,102 . |
Organization and Description 51
Organization and Description of Business (Details) | Aug. 30, 2013representative | Dec. 31, 2015segment |
Schedule of Equity Method Investments [Line Items] | ||
Number of primary business lines | segment | 4 | |
Ownership percentage | 98.00% | |
Martin Resource Management | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 49.00% | |
Economic ownership percentage by parent | 50.00% | |
Number of representatives appointed to board of directors | representative | 2 |
Significant Accounting Polici52
Significant Accounting Policies (Details) | Aug. 14, 2015USD ($) | Apr. 02, 2014USD ($) | Dec. 31, 2015USD ($)valuation_technique | Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($)segmentvaluation_technique | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 13, 2015USD ($) | Feb. 12, 2015bargebbl |
Equity Method Investments | |||||||||
Number of pressure barges disposed of | barge | 6 | ||||||||
Volume of pressure barges disposed of | bbl | 16,101 | ||||||||
Goodwill and Other Intangibles | |||||||||
Number of reporting units | segment | 4 | ||||||||
Number of valuation techniques | valuation_technique | 2 | 2 | |||||||
Debt Issuance Costs | |||||||||
Debt issuance cost | $ 341,000 | $ 3,722,000 | $ 9,115,000 | ||||||
Write off of existing debt issuance costs | 3,078,000 | 502,000 | |||||||
Amortization of debt issuance costs | 4,859,000 | 6,263,000 | 3,700,000 | ||||||
Accumulated amortization of debt issuance costs | $ 10,581,000 | 10,581,000 | 5,488,000 | ||||||
Indirect Selling, General and Administrative Expenses | |||||||||
Impairment of long lived assets | 10,629,000 | 3,445,000 | 0 | ||||||
Indirect selling, general and administrative expenses | $ 13,679,000 | 12,535,000 | $ 10,621,000 | ||||||
Minimum | |||||||||
Deferred Catalyst Costs | |||||||||
Catalyst, Useful Life | 12 months | ||||||||
Deferred Turnaround Costs | |||||||||
Turnarounds, Useful Life | 12 months | ||||||||
Maximum | |||||||||
Deferred Catalyst Costs | |||||||||
Catalyst, Useful Life | 36 months | ||||||||
Deferred Turnaround Costs | |||||||||
Turnarounds, Useful Life | 36 months | ||||||||
Terminalling and storage | |||||||||
Indirect Selling, General and Administrative Expenses | |||||||||
Impairment of long lived assets | 9,305,000 | ||||||||
Marine transportation | |||||||||
Indirect Selling, General and Administrative Expenses | |||||||||
Impairment of long lived assets | 1,324,000 | $ 3,445,000 | |||||||
Revolving Loan Facility | |||||||||
Debt Issuance Costs | |||||||||
Write off of existing debt issuance costs | $ 1,625,000 | ||||||||
Borrowing capacity | $ 700,000,000 | $ 900,000,000 | |||||||
Senior Unsecured Notes 7.25% | Senior Notes | |||||||||
Debt Issuance Costs | |||||||||
Amount of debt repurchased | $ 26,200,000 | $ 26,200,000 | |||||||
Fixed rate cost | 7.25% | 7.25% | |||||||
Write off of existing debt issuance costs | $ 235,000 | ||||||||
Senior Notes 8.875% | Senior Notes | |||||||||
Debt Issuance Costs | |||||||||
Aggregate redemption value | $ 175,000,000 | $ 175,000,000 | |||||||
Fixed rate cost | 8.875% | 8.875% |
Recent Accounting Pronounceme53
Recent Accounting Pronouncements (Details) | Dec. 31, 2014USD ($) |
New Accounting Pronouncement, Early Adoption | |
New Accounting Pronouncement, Early Adoption [Line Items] | |
Deferred financing costs, net | $ 13,118 |
Acquisitions - Cardinal Gas Sto
Acquisitions - Cardinal Gas Storage Partners LLC (Details) - USD ($) $ in Thousands | Aug. 29, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 28, 2014 |
Business Acquisition [Line Items] | ||||||||||||||
Reduced carrying value of existing investment | $ 0 | $ 30,102 | $ 0 | |||||||||||
Revenues | $ 254,371 | $ 226,021 | $ 251,099 | $ 305,353 | $ 376,983 | $ 377,088 | $ 403,261 | $ 484,809 | 1,036,844 | 1,642,141 | 1,612,739 | |||
Net income (loss) | $ 6,841 | $ 3,330 | $ 10,961 | $ 17,248 | $ 4,374 | (26,906) | $ (968) | $ 11,795 | 38,380 | $ (11,705) | $ (13,354) | |||
Cardinal Gas Storage Partners LLC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Additional voting interests acquired (percentage) | 57.80% | |||||||||||||
Cash payment for 57.8% interest in Cardinal | $ 120,973 | |||||||||||||
Ownership percentage by parent | 42.20% | |||||||||||||
Reduced carrying value of existing investment | $ 30,102 | $ 30,102 | ||||||||||||
Weighted average useful life | 5 years 1 month 12 days | |||||||||||||
Revenues | $ 22,991 | 64,881 | ||||||||||||
Net income (loss) | $ 1,916 | $ 11,899 |
Acquisitions - Schedule of Purc
Acquisitions - Schedule of Purchase Price (Details) - Cardinal Gas Storage Partners LLC $ in Thousands | Aug. 29, 2014USD ($) |
Business Acquisition [Line Items] | |
Cash payment for 57.8% interest in Cardinal | $ 120,973 |
Fair value of the Partnership's previously owned 42.2% interest in Cardinal | 87,613 |
Total | $ 208,586 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Aug. 29, 2014 | May. 31, 2014 | Sep. 30, 2013 | Aug. 05, 2013 | Jun. 13, 2013 |
Cardinal Gas Storage Partners LLC | |||||
Business Acquisition [Line Items] | |||||
Restricted cash | $ 17,566 | ||||
Other current assets | 9,385 | ||||
Property, plant and equipment | 390,895 | ||||
Intangible and other assets | 80,135 | ||||
Project level finance debt | (282,087) | ||||
Other current liabilities | (6,713) | ||||
Other non-current liabilities | (595) | ||||
Total | $ 208,586 | ||||
Martin Resource Management | |||||
Business Acquisition [Line Items] | |||||
Property, plant and equipment | $ 2,453 | ||||
Current liabilities | (13) | ||||
Total | $ 2,440 | $ 7,100 | |||
Sulfur Production Facility | |||||
Business Acquisition [Line Items] | |||||
Inventory | $ 162 | ||||
Property, plant and equipment | 4,000 | ||||
Current liabilities | (44) | ||||
Total | $ 4,118 | ||||
NL Grease, LLC | |||||
Business Acquisition [Line Items] | |||||
Inventory | $ 1,513 | ||||
Other accrued liabilities | (168) | ||||
Property, plant and equipment | 6,136 | ||||
Intangible and other assets | 5,113 | ||||
Other non-current liabilities | (446) | ||||
Total | $ 12,148 |
Acquisitions - Natural Gas Liqu
Acquisitions - Natural Gas Liquids Storage Assets (Details) - USD ($) $ in Thousands | May. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Excess purchase price over carrying value | $ 0 | $ 4,948 | $ 301 | |
Martin Resource Management | ||||
Business Acquisition [Line Items] | ||||
Purchase price of acquisition | $ 7,388 | |||
Martin Resource Management | Partners' Capital | ||||
Business Acquisition [Line Items] | ||||
Excess purchase price over carrying value | $ 4,948 | |||
Excess of the purchase price over the carrying value, percentage | 3.00% |
Acquisitions - West Texas LPG P
Acquisitions - West Texas LPG Pipeline Limited Partnership (Details) $ in Thousands | May. 14, 2014USD ($)mi | May. 14, 2014USD ($)mi | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | |||||
Payment to acquire unconsolidated entities | $ 0 | $ 134,030 | $ 0 | ||
West Texas LPG Pipeline L.P. | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 20.00% | 20.00% | |||
Length common carrier pipeline (in miles) | mi | 2,300 | 2,300 | |||
West Texas LPG Pipeline L.P. | Limited Partner | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 19.80% | 19.80% | |||
West Texas LPG Pipeline L.P. | General Partner | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 0.20% | 0.20% | |||
West Texas LPG Pipeline L.P. | ONEOK Partners, L.P. | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage by parent | 80.00% | 80.00% | |||
Atlas Holdings | |||||
Business Acquisition [Line Items] | |||||
Payment to acquire unconsolidated entities | $ 134,400 | $ 134,400 | |||
Reduction in post closing working capital adjustment | $ 501 | $ 501 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information for Cardinal and WTLPG (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||||||||||
As reported | $ 254,371 | $ 226,021 | $ 251,099 | $ 305,353 | $ 376,983 | $ 377,088 | $ 403,261 | $ 484,809 | $ 1,036,844 | $ 1,642,141 | $ 1,612,739 |
Net income (loss) from continuing operations attributable to limited partners: | |||||||||||
As reported | 21,208 | (8,255) | (14,227) | ||||||||
Net loss from discontinued operations attributable to limited partners: | |||||||||||
As reported | $ 694 | $ (6,921) | $ 1,180 | ||||||||
Net income (loss) from continuing operations per unit attributable to limited partners - basic | |||||||||||
As reported (in dollars per unit) | $ 0.60 | $ (0.27) | $ (0.54) | ||||||||
Net loss from discontinued operations per unit attributable to limited partners - basic | |||||||||||
As reported (in dollars per unit) | 0.02 | (0.22) | 0.04 | ||||||||
Net income (loss) from continuing operations per unit attributable to limited partners - diluted | |||||||||||
As reported (in dollars per unit) | 0.60 | (0.27) | (0.54) | ||||||||
Net loss from discontinued operations per unit attributable to limited partners - diluted | |||||||||||
As reported (in dollars per unit) | $ 0.02 | $ (0.22) | $ 0.04 | ||||||||
Limited Partner | Cardinal and West Texas Pipeline Limited Partnership | |||||||||||
Revenues: | |||||||||||
As reported | $ 1,642,141 | ||||||||||
Pro forma | 1,688,629 | ||||||||||
Net income (loss) from continuing operations attributable to limited partners: | |||||||||||
As reported | (8,255) | ||||||||||
Pro forma | 1,676 | ||||||||||
Net loss from discontinued operations attributable to limited partners: | |||||||||||
As reported | (6,921) | ||||||||||
Pro forma | $ (6,921) | ||||||||||
Net income (loss) from continuing operations per unit attributable to limited partners - basic | |||||||||||
As reported (in dollars per unit) | $ (0.27) | ||||||||||
Pro forma (in dollars per unit) | 0.05 | ||||||||||
Net loss from discontinued operations per unit attributable to limited partners - basic | |||||||||||
As reported (in dollars per unit) | (0.22) | ||||||||||
Pro forma (in dollars per unit) | (0.22) | ||||||||||
Net income (loss) from continuing operations per unit attributable to limited partners - diluted | |||||||||||
As reported (in dollars per unit) | (0.27) | ||||||||||
Pro forma (in dollars per unit) | 0.05 | ||||||||||
Net loss from discontinued operations per unit attributable to limited partners - diluted | |||||||||||
As reported (in dollars per unit) | (0.22) | ||||||||||
Pro forma (in dollars per unit) | $ (0.22) |
Acquisitions - Marine Transport
Acquisitions - Marine Transportation Equipment Purchase (Details) - Martin Resource Management $ in Thousands | May. 31, 2014USD ($) | Sep. 30, 2013USD ($)barge |
Business Acquisition [Line Items] | ||
Number of Inland Tank Barges | barge | 2 | |
Excess carrying value of assets over the purchase price | $ 2,440 | $ 7,100 |
Partners' Capital | ||
Business Acquisition [Line Items] | ||
Excess carrying value of assets over the purchase price | 301 | |
Marine transportation | Property, plant and equipment | ||
Business Acquisition [Line Items] | ||
Excess carrying value of assets over the purchase price | $ 6,799 |
Acquisitions - Sulfur Productio
Acquisitions - Sulfur Production Facility (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 254,371 | $ 226,021 | $ 251,099 | $ 305,353 | $ 376,983 | $ 377,088 | $ 403,261 | $ 484,809 | $ 1,036,844 | $ 1,642,141 | $ 1,612,739 |
Net income (loss) | $ 6,841 | $ 3,330 | $ 10,961 | $ 17,248 | $ 4,374 | $ (26,906) | $ (968) | $ 11,795 | 38,380 | (11,705) | $ (13,354) |
Sulfur Production Facility | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | 2,792 | 267 | |||||||||
Net income (loss) | $ 608 | $ (284) |
Acquisitions - NL Grease, LLC (
Acquisitions - NL Grease, LLC (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 13, 2013 | |
Business Acquisition [Line Items] | |||||||||||||
Revenues | $ 254,371 | $ 226,021 | $ 251,099 | $ 305,353 | $ 376,983 | $ 377,088 | $ 403,261 | $ 484,809 | $ 1,036,844 | $ 1,642,141 | $ 1,612,739 | ||
Net income (loss) | $ 6,841 | $ 3,330 | $ 10,961 | $ 17,248 | $ 4,374 | $ (26,906) | $ (968) | $ 11,795 | $ 38,380 | (11,705) | $ (13,354) | ||
NL Grease, LLC | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible and other assets | $ 5,113 | ||||||||||||
Weighted average useful life | 6 years | ||||||||||||
Revenues | $ 14,054 | 7,875 | |||||||||||
Net income (loss) | $ 517 | $ (22) | |||||||||||
NL Grease, LLC | Technology-Based Intangible Assets | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible and other assets | 2,418 | ||||||||||||
Finite-lived intangible asset useful life | 10 years | ||||||||||||
NL Grease, LLC | Customer Lists | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible and other assets | 2,218 | ||||||||||||
Finite-lived intangible asset useful life | 3 years | ||||||||||||
NL Grease, LLC | Noncompete Agreements | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible and other assets | $ 477 | ||||||||||||
Finite-lived intangible asset useful life | 5 years | ||||||||||||
NL Grease, LLC | Partners' Capital | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible and other assets | $ 55 |
Acquisitions - NGL Marine Equip
Acquisitions - NGL Marine Equipment Purchase (Details) $ in Thousands | Feb. 12, 2015USD ($)barge | Feb. 28, 2013USD ($)bargepush_boat |
Business Acquisition [Line Items] | ||
Number of pressure barges disposed of | 6 | |
Florida Marine Transporters, Inc. | ||
Business Acquisition [Line Items] | ||
Number of liquefied petroleum gas pressure barges | 6 | |
Number of commercial push boats | push_boat | 2 | |
Number of pressure barges | 6 | |
Transaction costs | $ | $ 41,250 | $ 50,801 |
Number of pressure barges disposed of | 6 | |
Florida Marine Transporters, Inc. | Marine transportation | ||
Business Acquisition [Line Items] | ||
Transaction costs | $ | 8,201 | |
Florida Marine Transporters, Inc. | Natural gas services | ||
Business Acquisition [Line Items] | ||
Transaction costs | $ | $ 42,600 |
Discontinued Operations and D64
Discontinued Operations and Divestitures (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Total costs and expenses and other, net, excluding depreciation and amortization | $ (964,530,000) | $ (1,573,256,000) | $ (1,532,441,000) | ||||||||
Depreciation and amortization | (92,250,000) | (68,830,000) | (50,962,000) | ||||||||
Other operating income | (2,161,000) | (1,014,000) | 1,166,000 | ||||||||
Income from discontinued operations, net of income taxes | $ 0 | $ 0 | $ 0 | $ 1,215,000 | $ (2,290,000) | $ (1,167,000) | $ (1,292,000) | $ (589,000) | 1,215,000 | (5,338,000) | 1,208,000 |
Floating Storage Assets | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Total revenues from third parties | 791,000 | 51,264,000 | 20,771,000 | ||||||||
Total costs and expenses and other, net, excluding depreciation and amortization | (1,038,000) | (55,068,000) | (18,285,000) | ||||||||
Depreciation and amortization | 0 | (1,534,000) | (1,278,000) | ||||||||
Other operating income | 1,462,000 | 0 | 0 | ||||||||
Income from discontinued operations before income taxes | 1,215,000 | (5,338,000) | 1,208,000 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Income from discontinued operations, net of income taxes | 1,215,000 | (5,338,000) | 1,208,000 | ||||||||
Floating Storage Assets | Intersegment eliminations | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Total revenues from third parties | $ 0 | $ 5,241,000 | $ 945,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Natural gas liquids | $ 20,959 | $ 27,820 |
Sulfur | 13,812 | 12,231 |
Sulfur based products | 19,400 | 16,280 |
Lubricants | 18,675 | 29,096 |
Other | 3,024 | 3,291 |
Inventories | $ 75,870 | $ 88,718 |
Property, Plant and Equipment66
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | $ 1,387,814 | $ 1,343,674 | |
Depreciation expense | 67,134 | 56,309 | $ 48,596 |
Additions to property, plant and equipment included in accounts payable | 6,004 | 4,976 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 23,931 | 23,595 | |
Improvements to land and buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | $ 159,160 | $ 149,112 | |
Improvements to land and buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives (in years) | 10 years | 10 years | |
Improvements to land and buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives (in years) | 25 years | 25 years | |
Storage equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | $ 191,095 | $ 171,373 | |
Storage equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives (in years) | 5 years | 5 years | |
Storage equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives (in years) | 50 years | 50 years | |
Marine vessels | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | $ 257,858 | $ 260,588 | |
Marine vessels | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives (in years) | 4 years | 4 years | |
Marine vessels | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives (in years) | 25 years | 25 years | |
Operating equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | $ 631,728 | $ 598,314 | |
Operating equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives (in years) | 3 years | 3 years | |
Operating equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives (in years) | 50 years | 50 years | |
Base Gas | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | $ 43,799 | $ 43,799 | |
Furniture, fixtures and other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | $ 4,375 | $ 4,224 | |
Furniture, fixtures and other equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives (in years) | 3 years | 3 years | |
Furniture, fixtures and other equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives (in years) | 20 years | 20 years | |
Transportation equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | $ 2,237 | $ 2,273 | |
Transportation equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives (in years) | 3 years | 3 years | |
Transportation equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives (in years) | 7 years | 7 years | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | $ 73,631 | $ 90,396 | |
Capital Lease Obligations | |||
Property, Plant and Equipment [Line Items] | |||
Amortization of fixed assets | $ 0 | $ 0 | $ 233 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Goodwill | $ 23,802 | $ 23,802 |
Terminalling and storage | ||
Goodwill [Line Items] | ||
Goodwill | 14,229 | 14,229 |
Natural gas services | ||
Goodwill [Line Items] | ||
Goodwill | 79 | 79 |
Sulfur services | ||
Goodwill [Line Items] | ||
Goodwill | 5,349 | 5,349 |
Marine transportation | ||
Goodwill [Line Items] | ||
Goodwill | $ 4,145 | $ 4,145 |
Supplemental Balance Sheet In68
Supplemental Balance Sheet Information - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Customer contracts and relationships, net | $ 50,452 | $ 72,171 |
Other intangible assets | 1,818 | 2,215 |
Other | 6,044 | 7,079 |
Intangible and other assets, net | $ 58,314 | $ 81,465 |
Supplemental Balance Sheet In69
Supplemental Balance Sheet Information - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance Sheet Related Disclosures [Abstract] | |||
Amortization of Intangible Assets | $ 22,115 | $ 9,772 | $ 1,153 |
Accumulated amortization | 32,842 | $ 12,125 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,016 | 14,961 | ||
2,017 | 11,122 | ||
2,018 | 7,148 | ||
2,019 | 4,305 | ||
2,020 | 4,287 | ||
Subsequent years | $ 10,447 |
Supplemental Balance Sheet In70
Supplemental Balance Sheet Information - Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued interest | $ 10,365 | $ 10,996 |
Property and other taxes payable | 6,668 | 7,524 |
Accrued payroll | 1,389 | 3,125 |
Other | 111 | 156 |
Total other accrued liabilities | $ 18,533 | $ 21,801 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leases | |||
2,016 | $ 13,676 | ||
2,017 | 9,423 | ||
2,018 | 5,839 | ||
2,019 | 3,817 | ||
2,020 | 3,118 | ||
Thereafter | 9,241 | ||
Total | 45,114 | ||
Rent expense for operating leases | 18,831 | $ 18,724 | $ 15,629 |
Interest expense for capital leases | $ 0 | $ 0 | $ 796 |
Investments in Unconsolidated72
Investments in Unconsolidated Entities and Joint Ventures (Details) $ in Thousands | Aug. 31, 2014USD ($) | Aug. 29, 2014 | May. 14, 2014USD ($)mi | May. 14, 2014USD ($)mi | Dec. 31, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 28, 2014 | Jun. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Payment to acquire unconsolidated entities | $ 0 | $ 134,030 | $ 0 | |||||||||
Proceeds from sale of equity method investment | 0 | 0 | 750 | |||||||||
Notes receivable | 15,000 | 15,000 | ||||||||||
Impairment of long lived assets | 10,629 | 3,445 | 0 | |||||||||
Gain on sale of equity method investment | 0 | 0 | 750 | |||||||||
Partnership's interest in cash of the unconsolidated equity method investees | $ 1,060 | $ 10 | ||||||||||
Cardinal Gas Storage Partners LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Impairment of long lived assets | $ 129,384 | |||||||||||
Cardinal Gas Storage Partners LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Impairment of long lived assets | $ 54,053 | |||||||||||
Caliber Gathering System LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 50.00% | |||||||||||
Proceeds from sale of equity method investment | $ 750 | |||||||||||
Gain on sale of equity method investment | $ 750 | |||||||||||
West Texas LPG Pipeline L.P. | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 20.00% | 20.00% | ||||||||||
Length common carrier pipeline (in miles) | mi | 2,300 | 2,300 | ||||||||||
West Texas LPG Pipeline L.P. | Limited Partner | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 19.80% | 19.80% | ||||||||||
West Texas LPG Pipeline L.P. | General Partner | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 0.20% | 0.20% | ||||||||||
West Texas LPG Pipeline L.P. | ONEOK Partners, L.P. | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Remaining ownership percentage in investment | 80.00% | 80.00% | ||||||||||
Martin Energy Trading LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 100.00% | |||||||||||
Proceeds from sale of equity method investment | $ 15,000 | |||||||||||
Annual interest rate percentage of note receivable | 15.00% | |||||||||||
Martin Energy Trading LLC | Notes Receivable | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Notes receivable | $ 15,000 | |||||||||||
Cardinal Gas Storage Partners LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Additional voting interests acquired (percentage) | 57.80% | |||||||||||
Remaining ownership percentage in investment | 42.20% | |||||||||||
Atlas Holdings | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Payment to acquire unconsolidated entities | $ 134,400 | $ 134,400 | ||||||||||
Reduction in post closing working capital adjustment | $ 501 | $ 501 |
Investments in Unconsolidated73
Investments in Unconsolidated Entities and Joint Ventures - Components of Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in unconsolidated entities | $ 132,292 | $ 134,506 | $ 132,292 | $ 134,506 | |||||||
Equity in earnings (loss) of unconsolidated entities | 3,234 | $ 2,363 | $ 1,649 | $ 1,740 | 1,169 | $ 2,655 | $ 1,939 | $ (297) | 8,986 | 5,466 | $ (53,048) |
WTLPG | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in unconsolidated entities | $ 132,292 | $ 134,506 | 132,292 | 134,506 | |||||||
Equity in earnings (loss) of unconsolidated entities | 8,986 | 3,076 | 0 | ||||||||
Cardinal | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earnings (loss) of unconsolidated entities | 0 | 892 | (54,226) | ||||||||
MET | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earnings (loss) of unconsolidated entities | 0 | 1,498 | 1,738 | ||||||||
Caliber | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earnings (loss) of unconsolidated entities | $ 0 | $ 0 | $ (560) |
Investments in Unconsolidated74
Investments in Unconsolidated Entities and Joint Ventures - Information for Significant Unconsolidated Equity Method Investees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
WTLPG | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | $ 819,342 | $ 827,697 | |
Long-Term Debt | 0 | 0 | |
Members’ Equity/Partners' Capital | 804,023 | 818,546 | |
Revenues | 100,708 | 95,315 | |
Net Income (Loss) | $ 46,294 | 38,698 | |
Cardinal | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 0 | $ 661,816 | |
Long-Term Debt | 0 | 295,261 | |
Members’ Equity/Partners' Capital | 0 | 346,584 | |
Revenues | 46,488 | 52,762 | |
Net Income (Loss) | $ 1,911 | $ (128,283) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Recurring | Commodity Contract | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 675 | $ 0 |
Recurring | Interest Rate Contract | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | (206) | 0 |
Nonrecurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Note receivable - MET | 15,000 | 15,000 |
Nonrecurring | Carrying Value | Senior Notes 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 375,368 | 402,005 |
Nonrecurring | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Note receivable - MET | 15,830 | 15,852 |
Nonrecurring | Fair Value | Senior Notes 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | $ 318,000 | $ 385,077 |
Derivative Instruments and He76
Derivative Instruments and Hedging Activities (Details) | Jan. 07, 2016USD ($) | Feb. 28, 2015MMBTU | Jan. 31, 2015MMBTU | Oct. 14, 2014USD ($)derivative | Oct. 09, 2014USD ($)derivative | Aug. 29, 2014MMBTUincrement$ / MMBTU | May. 14, 2014USD ($)derivative | Aug. 31, 2014USD ($) | Dec. 31, 2015USD ($)bbl | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 10, 2014USD ($)derivative | Sep. 18, 2014USD ($) | Apr. 01, 2014USD ($)derivative |
Derivative [Line Items] | ||||||||||||||
Noncurrent derivative liability | $ 206,000 | $ 0 | ||||||||||||
Commodity Contract | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Notional quantity (in bbl) | bbl | 240,000 | |||||||||||||
Interest Rate Swap | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Early extinguishment termination fees received | $ 711,000 | $ 2,125,000 | $ 2,380,000 | |||||||||||
Notional principal amount | $ 50,000,000 | $ 100,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 100,000,000 | ||||||||
Premiums received | 2,495,000 | |||||||||||||
Number of agreements | derivative | 2 | 2 | 2 | 2 | ||||||||||
Number of agreements terminated | derivative | 2 | 3 | ||||||||||||
Interest Rate Swap | October 9, 2014 | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Early extinguishment termination fees received | $ 500,000 | |||||||||||||
Number of agreements terminated | derivative | 2 | |||||||||||||
Interest Expense | Interest Rate Swap | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Premiums received | 2,495,000 | |||||||||||||
Amount of gain(loss) on derivatives | $ 976,000 | |||||||||||||
Fair Value of Derivatives | Interest Rate Swap | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Noncurrent derivative liability | 206,000 | |||||||||||||
Not Designated as Hedging Instrument | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative liability, fair value | 206,000 | 0 | ||||||||||||
Amount of gain(loss) on derivatives | 3,107,000 | 5,874,000 | $ 0 | |||||||||||
Not Designated as Hedging Instrument | Interest Expense | Interest Rate Contract | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Amount of gain(loss) on derivatives | (206,000) | 6,692,000 | $ 0 | |||||||||||
Not Designated as Hedging Instrument | Fair Value of Derivatives | Commodity Contract | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative liability, fair value | $ 675,000 | |||||||||||||
Call Option | Commodity Contract | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Notional quantity (in MMBtu) | MMBTU | 1,286,242 | 2,345,498 | 3,631,740 | |||||||||||
Strike price (in dollars per MMBtu) | $ / MMBTU | 4.50 | |||||||||||||
Number of increments options were settled in | increment | 2 | |||||||||||||
Early extinguishment termination fees received | $ 3,000 | |||||||||||||
Subsequent Event | Interest Rate Swap | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Early extinguishment termination fees received | $ 160,000 |
Derivative Instruments and He77
Derivative Instruments and Hedging Activities - Balance Sheet Derivatives (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | $ 675 | $ 0 |
Derivative liability, fair value | 206 | 0 |
Commodity Contract | Fair Value of Derivatives, Current | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 675 | 0 |
Derivative liability, fair value | 0 | 0 |
Commodity Contract | Fair Value of Derivatives, Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 0 | 0 |
Derivative liability, fair value | $ 206 | $ 0 |
Derivative Instruments and He78
Derivative Instruments and Hedging Activities - Effect of derivative instruments on the Consolidated Statement of Operations (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain(loss) on derivatives | $ 3,107 | $ 5,874 | $ 0 |
Interest Rate Swaption | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain(loss) on derivatives | 2,495 | 0 | 0 |
Interest Rate Contract | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain(loss) on derivatives | (206) | 6,692 | 0 |
Commodity Contract | Cost of Products Sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain(loss) on derivatives | 818 | 0 | 0 |
Commodity Contract | Other Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain(loss) on derivatives | $ 0 | $ (818) | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - shares | Aug. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |||
General partner interest percentage | 2.00% | 2.00% | 2.00% |
Martin Resource Management | |||
Related Party Transaction [Line Items] | |||
Number of shares owned (in units) | 6,264,532 | ||
Ownership percentage | 17.70% | ||
General partner interest percentage | 2.00% | ||
Martin Resource Management | MMGP Holdings, LLC | |||
Related Party Transaction [Line Items] | |||
General partner interest percentage | 51.00% |
Related Party Transactions - Om
Related Party Transactions - Omnibus Agreement Narrative (Details) - Omnibus Agreement - Martin Resource Management - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Noncompete restriction threshold | $ 5,000,000 | ||
Noncompete restriction ownership option opportunity threshold minimum | 5,000,000 | ||
Noncompete restriction ownership option opportunity threshold minimum with equity limitation | $ 5,000,000 | ||
Equity limitation on ownership restriction percentage | 20.00% | ||
Approved annual reimbursements for indirect expenses | $ 13,033,000 | ||
Indirect expenses reimbursed | $ 13,679,000 | $ 12,535,000 | $ 10,621,000 |
Related Party Transactions - Mo
Related Party Transactions - Motor Carrier Agreement (Details) - Motor Carrier Agreement - Martin Resource Management | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |
Automatic consecutive term renewal (in years) | 1 year |
Termination written notice, minimum (in days) | 30 days |
Partnership notice period to terminate agreement (in days) | 90 days |
Related Party Transactions - Ma
Related Party Transactions - Marine Agreements (Details) - Marine Transportation Agreement - Martin Resource Management | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |
Automatic consecutive term renewal (in years) | 1 year |
Termination written notice, minimum (in days) | 60 days |
Related Party Transactions - Ot
Related Party Transactions - Other Agreements (Details) - Martin Resource Management | 12 Months Ended |
Dec. 31, 2015bbl_per_day | |
Cross Tolling Agreement | |
Related Party Transaction [Line Items] | |
Production minimum per day (in bbl) | 6,500 |
Annual escalation benchmark percentage | 3.00% |
Sulfuric Acid Sales Agency Agreement | |
Related Party Transaction [Line Items] | |
Partnership notice period to terminate agreement (in days) | 180 days |
Related Party Transactions - Sc
Related Party Transactions - Schedule of the impact of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Terminalling and storage | $ 78,233 | $ 74,467 | $ 71,517 |
Marine transportation | 27,724 | 24,389 | 24,654 |
Natural gas services | 878 | 0 | 0 |
Product sales: | |||
Product Sales Related Party | 5,671 | 7,661 | 4,698 |
Cost of products sold: | |||
Natural gas services | 25,797 | 37,703 | 32,639 |
Sulfur services | 16,579 | 18,390 | 18,161 |
Terminalling and storage | 17,718 | 36,341 | 48,868 |
Operating expenses: | |||
Operating expenses | 77,871 | 79,577 | 70,333 |
Related Party [Member] | |||
Product sales: | |||
Product Sales Related Party | 5,671 | 7,661 | 4,698 |
Revenue from Related Parties | 112,506 | 106,517 | 100,869 |
Cost of products sold: | |||
Natural gas services | 25,797 | 37,703 | 32,639 |
Sulfur services | 16,579 | 18,390 | 18,161 |
Costs of products sold | 60,094 | 92,434 | 99,668 |
Operating expenses: | |||
Operating expenses | 77,871 | 79,577 | 70,333 |
Selling, general and administrative: | |||
Selling, general and administrative | 24,968 | 23,679 | 17,689 |
Related Party [Member] | Terminalling and storage | |||
Revenues: | |||
Terminalling and storage | 78,233 | 74,467 | 71,517 |
Product sales: | |||
Product Sales Related Party | 1,836 | 676 | 798 |
Cost of products sold: | |||
Terminalling and storage | 17,718 | 36,341 | 48,868 |
Operating expenses: | |||
Operating expenses | 29,931 | 29,525 | 21,766 |
Selling, general and administrative: | |||
Selling, general and administrative | 2,284 | 1,874 | 1,266 |
Related Party [Member] | Marine transportation | |||
Revenues: | |||
Marine transportation | 27,724 | 24,389 | 24,654 |
Operating expenses: | |||
Operating expenses | 32,373 | 37,703 | 38,373 |
Selling, general and administrative: | |||
Selling, general and administrative | 29 | 30 | 50 |
Related Party [Member] | Natural gas services | |||
Product sales: | |||
Product Sales Related Party | 196 | 3,064 | 10 |
Operating expenses: | |||
Operating expenses | 8,639 | 4,870 | 1,971 |
Selling, general and administrative: | |||
Selling, general and administrative | 6,216 | 6,039 | 2,671 |
Related Party [Member] | Sulfur services | |||
Product sales: | |||
Product Sales Related Party | 3,639 | 3,921 | 3,890 |
Operating expenses: | |||
Operating expenses | 6,928 | 7,479 | 8,223 |
Selling, general and administrative: | |||
Selling, general and administrative | 2,760 | 3,201 | 3,081 |
Related Party [Member] | Indirect overhead allocation, net of reimbursement [Member] | |||
Selling, general and administrative: | |||
Selling, general and administrative | $ 13,679 | $ 12,535 | $ 10,621 |
Related Party Transactions - 85
Related Party Transactions - Other Related Party Transactions (Details) - USD ($) $ in Thousands | Aug. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | |||||
Proceeds from sale of equity method investment | $ 0 | $ 0 | $ 750 | ||
Notes receivable | 15,000 | 15,000 | |||
Martin Energy Trading LLC | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Proceeds from sale of equity method investment | $ 15,000 | ||||
Interest rate, note receivable due from related party | 15.00% | ||||
Notes Receivable | Martin Energy Trading LLC | |||||
Related Party Transaction [Line Items] | |||||
Notes receivable | $ 15,000 | ||||
Interest Expense | Martin Energy Trading LLC | |||||
Related Party Transaction [Line Items] | |||||
Interest income from related parties | $ 2,250 | $ 752 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | Aug. 14, 2015 | Apr. 02, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 13, 2015 | Apr. 30, 2014 | Apr. 01, 2014 | Feb. 28, 2013 |
Debt Instrument [Line Items] | ||||||||||
Total long-term debt | $ 865,003,000 | $ 888,887,000 | ||||||||
Write off of existing debt issuance costs | 3,078,000 | $ 502,000 | ||||||||
Unamortized debt issuance costs on redemption of senior note | 4,859,000 | 6,263,000 | 3,700,000 | |||||||
Amortization of discount on notes payable | 0 | 1,305,000 | 306,000 | |||||||
Gain on retirement of senior unsecured notes | 1,242,000 | 0 | 0 | |||||||
Cash paid for interest | 43,376,000 | 37,112,000 | 33,038,000 | |||||||
Capitalized interest | $ 1,944,000 | 1,437,000 | $ 1,096,000 | |||||||
Senior Notes 8.875% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Partnership redemption option maximum | 35.00% | |||||||||
Partnership senior note redemption option price | 108.875% | |||||||||
Prepayment premium | 7,767,000 | |||||||||
Revolving Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total long-term debt | $ 493,142,000 | 491,344,000 | ||||||||
Face amount | $ 700,000,000 | 700,000,000 | $ 900,000,000 | |||||||
Unamortized debt issuance costs | $ 4,858,000 | $ 8,656,000 | ||||||||
Weighted average interest rate | 3.16% | |||||||||
Write off of existing debt issuance costs | $ 1,625,000 | |||||||||
Revolving Loan Facility | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margins | 2.75% | |||||||||
Revolving Loan Facility | Minimum | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margins | 1.75% | |||||||||
Revolving Loan Facility | Minimum | Prime Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margins | 0.75% | |||||||||
Revolving Loan Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 1,000,000,000 | |||||||||
Revolving Loan Facility | Maximum | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margins | 2.75% | |||||||||
Revolving Loan Facility | Maximum | Prime Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margins | 1.75% | |||||||||
Senior Notes | Senior Notes 8.875% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed rate cost | 8.875% | 8.875% | ||||||||
Aggregate redemption value | $ 175,000,000 | $ 175,000,000 | ||||||||
Senior Notes | Senior Notes 7.250% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total long-term debt | $ 371,861,000 | 397,543,000 | ||||||||
Face amount | $ 400,000,000 | $ 150,000,000 | $ 150,000,000 | $ 250,000,000 | ||||||
Fixed rate cost | 7.25% | 7.25% | 7.25% | |||||||
Unamortized debt issuance costs | 3,507,000 | $ 4,462,000 | ||||||||
Unamortized premium | $ 1,568,000 | 2,005,000 | ||||||||
Amount of debt repurchased | $ 26,200,000 | |||||||||
Gain on retirement of senior unsecured notes | $ 1,242,000 | |||||||||
Interest Expense | Senior Notes | Senior Notes 8.875% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs on redemption of senior note | 2,643,000 | |||||||||
Amortization of discount on notes payable | $ 1,228,000 |
Partners' Capital (Details)
Partners' Capital (Details) - shares | Aug. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Limited Partners' Capital Account [Line Items] | |||
Common limited partner units | 35,456,612 | ||
Ownership percentage | 98.00% | ||
General partner interest percentage | 2.00% | 2.00% | 2.00% |
Martin Resource Management | |||
Limited Partners' Capital Account [Line Items] | |||
Common limited partner units | 6,264,532 | ||
Ownership percentage | 17.70% | ||
General partner interest percentage | 2.00% |
Partners' Capital - Issuance of
Partners' Capital - Issuance of Common Units (Details) - USD ($) | Sep. 29, 2014 | Aug. 29, 2014 | Aug. 08, 2014 | May. 12, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Limited Partners' Capital Account [Line Items] | |||||||
Share Price (in dollars per share) | $ 38.42 | ||||||
Proceeds from issuance of common units | $ 122,176,000 | $ 143,431,000 | |||||
Private placement of units in cash | $ 45,000,000 | ||||||
Aggregate proceeds from issuance of common units | $ 0 | $ 21,501,000 | |||||
Equity issuance related costs | 591,000 | $ 380,000 | |||||
Common units sold in private equity sale | 1,171,265 | 522,121 | |||||
General partner contribution | $ 2,599,000 | $ 3,049,000 | |||||
Trading period for weighted average price of common units (in days) | 10 days | ||||||
General partner contribution to maintain GP interest | $ 918,000 | $ 55,000 | $ 7,007,000 | $ 37,000 | |||
General partner interest percentage | 2.00% | 2.00% | 2.00% | ||||
Public Offering | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Units issued in public offering (in shares) | 3,450,000 | 3,600,000 | |||||
Share Price (in dollars per share) | $ 36.91 | $ 41.51 | |||||
General Partner | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
General partner contribution to maintain GP interest | $ 441,000 |
Partners' Capital - Incentive D
Partners' Capital - Incentive Distribution Rights (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 05, 2014 | Oct. 02, 2012 |
Limited Partners' Capital Account [Line Items] | ||||||
General partner interest percentage | 2.00% | 2.00% | 2.00% | |||
Martin Midstream GP LLC | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
General partner interest percentage | 2.00% | |||||
Incentive distribution foregone | $ 3,000 | $ 18,000 | ||||
Distributions payable on behalf of IDRs | $ 15,571 | $ 0 | $ 0 | |||
Martin Midstream GP LLC | Target Level 1 | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Target cash distribution, percent | 2.00% | |||||
Target cash distribution (in dollars per share) | $ 0.55 | |||||
Martin Midstream GP LLC | Target Level 2 | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Target cash distribution, percent | 15.00% | |||||
Target cash distribution (in dollars per share) | $ 0.625 | |||||
Martin Midstream GP LLC | Target Level 3 | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Target cash distribution, percent | 25.00% | |||||
Target cash distribution (in dollars per share) | $ 0.75 | |||||
Martin Midstream GP LLC | Target Level 4 | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Target cash distribution, percent | 50.00% |
Partners' Capital - Distributio
Partners' Capital - Distributions of Available Cash (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Distribution period (in days) | 45 days |
Partners' Capital - Reconciliat
Partners' Capital - Reconciliation of net income to partners interest in net income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | |||||||||||
Net income (loss) | $ 6,841 | $ 3,330 | $ 10,961 | $ 17,248 | $ 4,374 | $ (26,906) | $ (968) | $ 11,795 | $ 38,380 | $ (11,705) | $ (13,354) |
Less general partner’s interest in net income: | |||||||||||
Less income (loss) allocable to unvested restricted units | 140 | (32) | (40) | ||||||||
Limited partner's interest in net income (loss) | 21,902 | (15,176) | (13,047) | ||||||||
Continuing Operations | |||||||||||
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | |||||||||||
Net income (loss) | 37,165 | (6,367) | (14,562) | ||||||||
Less general partner’s interest in net income: | |||||||||||
Distributions payable on behalf of IDRs | 15,078 | 2,033 | 0 | ||||||||
Distributions payable on behalf of general partner interest | 2,585 | 1,181 | 2,021 | ||||||||
General partner interest in undistributed earnings | (1,842) | (1,308) | (2,312) | ||||||||
Less income (loss) allocable to unvested restricted units | 136 | (18) | (44) | ||||||||
Limited partner's interest in net income (loss) | 21,208 | (8,255) | (14,227) | ||||||||
Discontinued operations | |||||||||||
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | |||||||||||
Net income (loss) | 1,215 | (5,338) | 1,208 | ||||||||
Less general partner’s interest in net income: | |||||||||||
Distributions payable on behalf of IDRs | 493 | 1,704 | 0 | ||||||||
Distributions payable on behalf of general partner interest | 84 | 990 | (168) | ||||||||
General partner interest in undistributed earnings | (60) | (1,097) | 192 | ||||||||
Less income (loss) allocable to unvested restricted units | 4 | (14) | 4 | ||||||||
Limited partner's interest in net income (loss) | $ 694 | $ (6,921) | $ 1,180 |
Partners' Capital - Net Income
Partners' Capital - Net Income per Unit Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Weighted average limited partner units outstanding basic (in units) | 35,308,649 | 30,785,035 | 26,557,829 |
Increase in units outstanding due to the dilutive effect of restricted units granted (in units) | 62,880 |
Unit Based Awards (Details)
Unit Based Awards (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)plan_componentshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of plan components | plan_component | 2 |
Number of shares authorized | 725,000 |
Restricted Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized | 241,667 |
Compensation costs not yet recognized | $ | $ 1,829 |
Weighted average period for recognition (in years) | 1 year 4 months 8 days |
Restricted Units | Non-employee Directors | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 4 years |
Restricted Units | Employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
Unit options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized | 483,333 |
Unit Based Awards - Schedule of
Unit Based Awards - Schedule of compensation costs relate to unit based plan (Details) - Selling, General and Administrative Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 1,429 | $ 817 | $ 911 |
Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 1,338 | 537 | 668 |
Non-employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 91 | $ 280 | $ 243 |
Unit Based Awards - Summary of
Unit Based Awards - Summary of restricted unit activity (Details) - Restricted Units $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Number of Units | |
Non-vested, beginning of period, numbers of units (in shares) | shares | 63,824 |
Granted, number of units (in shares) | shares | 91,950 |
Vested, number of units (in shares) | shares | (4,050) |
Forfeited, number of units (in shares) | shares | (1,250) |
Non-vested, end of period, number of units (in shares) | shares | 150,474 |
Weighted Average Grant-Date Fair Value Per Unit | |
Non-vested, beginning of period, weighted average grant-date fair value per unit (in dollars per share) | $ / shares | $ 30.79 |
Granted, weighted average grant-date fair value per unit (in dollars per share) | $ / shares | 27.97 |
Vested, weighted average grant-date fair value per unit (in dollars per share) | $ / shares | 30.67 |
Forfeited, weighted average grant-date fair value per unit (in dollars per share) | $ / shares | 30.55 |
Non-vested, end of period, weighted average grant-date fair value per unit (in dollars per share) | $ / shares | $ 29.07 |
Aggregate intrinsic value, end of period | $ | $ 3,265 |
Unit Based Awards - Summary o96
Unit Based Awards - Summary of aggregate intrinsic value and fair value of units vested (Details) - Restricted Units - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of units vested | $ 110 | $ 514 | $ 153 |
Fair value of units vested | $ 128 | $ 450 | $ 157 |
Stanolind Tank Damage (Details)
Stanolind Tank Damage (Details) - Damage from Fire, Explosion or Other Hazard $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2011bbl | Dec. 31, 2013USD ($) | Dec. 31, 2011USD ($) | |
Loss Contingencies [Line Items] | |||
Barrels of oil contained in tank (in bbl) | bbl | 3,200 | ||
Non-windstorm insurance deductible | $ 443 | ||
Other Operating Income | |||
Loss Contingencies [Line Items] | |||
Gain on Business Interruption Insurance Recovery | $ 909 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred tax liability | $ 985 | $ 1,174 | |
Cash paid for income taxes | 1,237 | 1,167 | $ 9,789 |
Texas | State | |||
Operating Loss Carryforwards [Line Items] | |||
State income taxes | $ 1,048 | $ 1,137 | $ 753 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)segmentcustomer | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reporting units | segment | 4 | ||||||||||
Revenues | $ 254,371 | $ 226,021 | $ 251,099 | $ 305,353 | $ 376,983 | $ 377,088 | $ 403,261 | $ 484,809 | $ 1,036,844 | $ 1,642,141 | $ 1,612,739 |
Depreciation and Amortization | 92,250 | 68,830 | 50,962 | ||||||||
Operating Income (Loss) after Eliminations | 13,787 | $ 12,034 | $ 19,630 | $ 24,702 | 12,194 | $ 13,181 | $ 17,997 | $ 24,499 | 70,153 | 67,871 | 81,464 |
Capital Expenditures and Plant Turnaround Costs | 68,727 | 93,257 | 99,046 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 1,380,473 | 1,540,801 | 1,380,473 | 1,540,801 | |||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,045,545 | 1,653,009 | 1,621,510 | ||||||||
Intersegment eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (8,701) | (10,868) | (8,771) | ||||||||
Indirect selling, general, and administrative | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and Amortization | 0 | 0 | 0 | ||||||||
Operating Income (Loss) after Eliminations | (18,951) | (18,712) | (16,837) | ||||||||
Capital Expenditures and Plant Turnaround Costs | 0 | 0 | 0 | ||||||||
Terminalling and storage | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 264,770 | 321,463 | 337,210 | ||||||||
Depreciation and Amortization | 38,731 | 37,622 | 31,823 | ||||||||
Operating Income (Loss) after Eliminations | 15,704 | 24,993 | 32,855 | ||||||||
Capital Expenditures and Plant Turnaround Costs | 40,421 | 53,450 | 84,582 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 417,202 | 446,313 | 417,202 | 446,313 | |||||||
Terminalling and storage | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 270,440 | 326,654 | 341,966 | ||||||||
Terminalling and storage | Intersegment eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ (5,670) | (5,191) | (4,756) | ||||||||
Natural gas services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of customers | customer | 2 | ||||||||||
Revenues | $ 523,160 | 1,013,835 | 966,909 | ||||||||
Depreciation and Amortization | 34,072 | 13,090 | 962 | ||||||||
Operating Income (Loss) after Eliminations | 41,220 | 34,574 | 30,524 | ||||||||
Capital Expenditures and Plant Turnaround Costs | 24,330 | 24,194 | 4,080 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 694,333 | 795,462 | 694,333 | 795,462 | |||||||
Natural gas services | Revenue | Customer concentration risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 148,273 | 265,434 | 285,566 | ||||||||
Natural gas services | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 523,160 | 1,013,835 | 966,909 | ||||||||
Natural gas services | Intersegment eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Sulfur services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 170,161 | 215,471 | 213,124 | ||||||||
Depreciation and Amortization | 8,455 | 8,176 | 7,979 | ||||||||
Operating Income (Loss) after Eliminations | 23,604 | 19,465 | 21,511 | ||||||||
Capital Expenditures and Plant Turnaround Costs | 1,201 | 4,115 | 3,867 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 134,108 | 145,852 | 134,108 | 145,852 | |||||||
Sulfur services | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 170,161 | 215,471 | 213,124 | ||||||||
Sulfur services | Intersegment eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Marine transportation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 78,753 | 91,372 | 95,496 | ||||||||
Depreciation and Amortization | 10,992 | 9,942 | 10,198 | ||||||||
Operating Income (Loss) after Eliminations | 8,576 | 7,551 | 13,411 | ||||||||
Capital Expenditures and Plant Turnaround Costs | 2,775 | 11,498 | 6,517 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | $ 134,830 | $ 153,174 | 134,830 | 153,174 | |||||||
Marine transportation | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 81,784 | 97,049 | 99,511 | ||||||||
Marine transportation | Intersegment eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ (3,031) | $ (5,677) | $ (4,015) |
Quarterly Financial Informat100
Quarterly Financial Information (Details) $ in Thousands | Aug. 29, 2014USD ($) | Dec. 31, 2015USD ($)$ / unit | Sep. 30, 2015USD ($)$ / unit | Jun. 30, 2015USD ($)$ / unit | Mar. 31, 2015USD ($)$ / unit | Dec. 31, 2014USD ($)$ / unit | Sep. 30, 2014USD ($)$ / unit | Jun. 30, 2014USD ($)$ / unit | Mar. 31, 2014USD ($)$ / unit | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Condensed Income Statements, Captions [Line Items] | |||||||||||||
Revenues | $ 254,371 | $ 226,021 | $ 251,099 | $ 305,353 | $ 376,983 | $ 377,088 | $ 403,261 | $ 484,809 | $ 1,036,844 | $ 1,642,141 | $ 1,612,739 | ||
Operating income | 13,787 | 12,034 | 19,630 | 24,702 | 12,194 | 13,181 | 17,997 | 24,499 | 70,153 | 67,871 | 81,464 | ||
Equity in earnings (loss) of unconsolidated entities | 3,234 | 2,363 | 1,649 | 1,740 | 1,169 | 2,655 | 1,939 | (297) | 8,986 | 5,466 | (53,048) | ||
Income (loss) from continuing operations | 6,841 | 3,330 | 10,961 | 16,033 | 6,664 | (25,739) | 324 | 12,384 | 37,165 | (6,367) | (14,562) | ||
Income (loss) from discontinued operations | 0 | 0 | 0 | 1,215 | (2,290) | (1,167) | (1,292) | (589) | 1,215 | (5,338) | 1,208 | ||
Net income (loss) | $ 6,841 | $ 3,330 | $ 10,961 | $ 17,248 | $ 4,374 | $ (26,906) | $ (968) | $ 11,795 | 38,380 | (11,705) | (13,354) | ||
Limited partners' interest in net income (loss) per limited partner unit (in dollars per unit) | $ / unit | 0.08 | (0.02) | 0.19 | 0.37 | (0.07) | (0.82) | (0.03) | 0.43 | |||||
Reduction in fair value of investment in Cardinal due to the purchase of the controlling interest | 0 | 30,102 | 0 | ||||||||||
Cardinal Gas Storage Partners LLC | |||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||
Revenues | $ 22,991 | 64,881 | |||||||||||
Net income (loss) | $ 1,916 | 11,899 | |||||||||||
Reduction in fair value of investment in Cardinal due to the purchase of the controlling interest | $ 30,102 | $ 30,102 | |||||||||||
Cardinal Gas Storage Partners LLC | |||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||
Equity in earnings (loss) of unconsolidated entities | $ 0 | $ 892 | $ (54,226) |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Oct. 02, 2012USD ($)quarter | Dec. 31, 2015USD ($) |
Property Work Required Under Lease Agreement | ||
Loss Contingencies [Line Items] | ||
Property work to be completed | $ 1,600 | |
Martin Resource Management | ||
Loss Contingencies [Line Items] | ||
Quarterly purchase price reimbursement for non compliance | $ 750 | 2,250 |
Quarterly purchase price reimbursement for non compliance, number of consecutive quarters | quarter | 4 | |
Maximum purchase price reimbursement for non compliance | $ 4,500 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 21, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Subsequent Event [Line Items] | ||||
Distribution to general partner | $ 133,316 | $ 97,368 | $ 84,588 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared (in dollars per share) | $ 0.8125 | |||
Annualized dividends declared (in dollars per share) | $ 3.25 | |||
General Partner | ||||
Subsequent Event [Line Items] | ||||
Distribution to general partner | $ 18,087 | $ 2,171 | $ 1,853 | |
General Partner | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Distribution to general partner | $ 4,559 | |||
Incentive distribution rights paid | 3,892 | |||
Base general partner distribution | $ 667 |