Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 27, 2016 | |
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-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding (in shares) | 35,454,712 |
CONSOLIDATED AND CONDENSED BALA
CONSOLIDATED AND CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash | $ 28 | $ 31 |
Accounts and other receivables, less allowance for doubtful accounts of $372 and $430, respectively | 50,360 | 74,355 |
Product exchange receivables | 118 | 1,050 |
Inventories | 90,636 | 75,870 |
Due from affiliates | 7,972 | 10,126 |
Fair value of derivatives | 0 | 675 |
Other current assets | 5,129 | 5,718 |
Total current assets | 154,243 | 167,825 |
Property, plant and equipment, at cost | 1,391,544 | 1,387,814 |
Accumulated depreciation | (422,465) | (404,574) |
Property, plant and equipment, net | 969,079 | 983,240 |
Goodwill | 19,657 | 23,802 |
Investment in WTLPG | 130,474 | 132,292 |
Note receivable - Martin Energy Trading LLC | 15,000 | 15,000 |
Other assets, net | 53,279 | 58,314 |
Total assets | 1,341,732 | 1,380,473 |
Liabilities and Partners’ Capital | ||
Trade and other accounts payable | 81,836 | 81,180 |
Product exchange payables | 8,809 | 12,732 |
Due to affiliates | 3,859 | 5,738 |
Income taxes payable | 370 | 985 |
Fair value of derivatives | 862 | 0 |
Other accrued liabilities | 20,663 | 18,533 |
Total current liabilities | 116,399 | 119,168 |
Long-term debt, net | 878,891 | 865,003 |
Fair value of derivatives | 0 | 206 |
Other long-term obligations | 2,551 | 2,217 |
Total liabilities | 997,841 | 986,594 |
Commitments and contingencies (Note 16) | ||
Partners’ capital | 343,891 | 393,879 |
Total liabilities and partners' capital | $ 1,341,732 | $ 1,380,473 |
CONSOLIDATED AND CONDENSED BAL3
CONSOLIDATED AND CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts and other receivables, less allowance for doubtful accounts of $372 and $430, respectively | $ 372 | $ 430 |
CONSOLIDATED AND CONDENSED STAT
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Terminalling and storage | $ 31,090 | $ 33,453 | $ 62,795 | $ 67,250 |
Marine transportation | 14,339 | 20,343 | 30,685 | 40,979 |
Natural gas services | 15,403 | 16,564 | 31,500 | 33,051 |
Sulfur services | 2,700 | 3,090 | 5,400 | 6,180 |
Product sales: | ||||
Natural gas services | 58,899 | 97,786 | 149,990 | 244,089 |
Sulfur services | 39,588 | 45,284 | 79,063 | 95,331 |
Terminalling and storage | 28,329 | 34,579 | 56,520 | 69,572 |
Total product sales | 126,816 | 177,649 | 285,573 | 408,992 |
Total revenues | 190,348 | 251,099 | 415,953 | 556,452 |
Cost of products sold: (excluding depreciation and amortization) | ||||
Natural gas services | 55,579 | 88,623 | 134,123 | 226,330 |
Sulfur services | 24,700 | 33,518 | 52,224 | 69,541 |
Terminalling and storage | 22,934 | 29,658 | 46,766 | 59,740 |
Total cost of products sold (excluding depreciation and amortization) | 103,213 | 151,799 | 233,113 | 355,611 |
Expenses: | ||||
Operating expenses | 40,822 | 47,783 | 82,054 | 93,089 |
Selling, general and administrative | 8,144 | 9,035 | 16,315 | 17,841 |
Loss on impairment of goodwill | 4,145 | 0 | 4,145 | 0 |
Depreciation and amortization | 22,089 | 22,685 | 44,137 | 45,402 |
Total costs and expenses | 178,413 | 231,302 | 379,764 | 511,943 |
Other operating loss | (1,679) | (167) | (1,595) | (177) |
Operating income | 10,256 | 19,630 | 34,594 | 44,332 |
Other income (expense): | ||||
Equity in earnings of WTLPG | 805 | 1,649 | 2,482 | 3,389 |
Interest expense, net | (12,155) | (9,925) | (22,267) | (20,471) |
Other, net | 74 | (79) | 136 | 358 |
Total other expense | (11,276) | (8,355) | (19,649) | (16,724) |
Net income (loss) before taxes | (1,020) | 11,275 | 14,945 | 27,608 |
Income tax expense | (191) | (314) | (242) | (614) |
Net income from continuing operations | (1,211) | 10,961 | 14,703 | 26,994 |
Less: Income from discontinued operations, net of income taxes | 0 | 0 | 0 | 1,215 |
Net income (loss) | (1,211) | 10,961 | 14,703 | 28,209 |
Less general partner's interest in net income | (3,869) | (4,113) | (8,080) | (8,351) |
Less (income) loss allocable to unvested restricted units | 4 | (44) | (39) | (111) |
Limited partners' interest in net income (loss) | $ (5,076) | $ 6,804 | $ 6,584 | $ 19,747 |
CONSOLIDATED AND CONDENSED STA5
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - Allocation of Net Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Limited partner interest: | ||||
Continuing operations | $ (5,076) | $ 6,804 | $ 6,584 | $ 18,896 |
Discontinued operations | 0 | 0 | 0 | 851 |
Limited partners' interest in net income (loss) | (5,076) | 6,804 | 6,584 | 19,747 |
General partner interest: | ||||
Continuing operations | 3,869 | 4,113 | 8,080 | 7,992 |
Discontinued operations | 0 | 0 | 0 | 359 |
General partners' interest in net income (loss) | $ 3,869 | $ 4,113 | $ 8,080 | $ 8,351 |
Basic: | ||||
Continuing operations (USD per share) | $ (0.14) | $ 0.19 | $ 0.19 | $ 0.54 |
Discontinued operations (USD per share) | 0 | 0 | 0 | 0.02 |
Net income (loss) per unit attributable to limited partners, basic (USD per share) | $ (0.14) | $ 0.19 | $ 0.19 | $ 0.56 |
Weighted average limited partner units - basic (in shares) | 35,346,412 | 35,307,638 | 35,366,038 | 35,315,989 |
Diluted: | ||||
Continuing operations (USD per share) | $ (0.14) | $ 0.19 | $ 0.19 | $ 0.54 |
Discontinued operations (USD per share) | 0 | 0 | 0 | 0.02 |
Net income (loss) per unit attributable to limited partners, diluted (USD per share) | $ (0.14) | $ 0.19 | $ 0.19 | $ 0.56 |
Weighted average limited partner units - diluted (in shares) | 35,346,412 | 35,376,137 | 35,379,918 | 35,372,104 |
CONSOLIDATED AND CONDENSED STA6
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - Related Party Transactions - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Terminalling and storage | $ 20,590 | $ 23,061 | $ 41,548 | $ 43,535 |
Marine transportation | 6,036 | 6,622 | 12,447 | 13,367 |
Natural gas services | 129 | 0 | 442 | 0 |
Product Sales | 968 | 1,759 | 1,668 | 3,348 |
Cost of products sold: (excluding depreciation and amortization) | ||||
Natural gas services | 4,498 | 6,810 | 7,883 | 13,728 |
Sulfur services | 3,810 | 3,618 | 7,622 | 7,242 |
Terminalling and storage | 4,081 | 5,632 | 7,466 | 11,034 |
Expenses: | ||||
Operating expenses | 18,088 | 18,915 | 35,445 | 39,315 |
Selling, general and administrative | $ 6,911 | $ 5,849 | $ 12,343 | $ 11,843 |
CONSOLIDATED AND CONDENSED STA7
CONSOLIDATED AND CONDENSED STATEMENTS OF CAPITAL (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning Balance | $ 393,879 | $ 485,671 |
Net income | 14,703 | 28,209 |
Issuance of common units, net | (269) | |
General partner contribution | 55 | |
Cash distributions | (66,722) | (66,577) |
Reimbursement of excess purchase price over carrying value of acquired assets | 1,875 | 750 |
Unit-based compensation | 486 | 750 |
Purchase of treasury units | (330) | |
Ending Balance | $ 343,891 | $ 448,589 |
Limited Partner | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning Balance (in shares) | 35,456,612 | 35,365,912 |
Beginning Balance | $ 380,845 | $ 470,943 |
Net income | $ 6,623 | 19,858 |
Issuance of common units, net | $ (269) | |
Issuance of restricted units (in shares) | 13,800 | 91,950 |
Forfeiture of restricted units (in shares) | (250) | (1,000) |
Cash distributions | $ (57,603) | $ (57,612) |
Reimbursement of excess purchase price over carrying value of acquired assets | 1,875 | 750 |
Unit-based compensation | $ 486 | $ 750 |
Purchase of treasury units (in shares) | (15,200) | |
Purchase of treasury units | $ (330) | |
Ending Balance (in shares) | 35,454,962 | 35,456,862 |
Ending Balance | $ 331,896 | $ 434,420 |
General Partner | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Beginning Balance | 13,034 | 14,728 |
Net income | 8,080 | 8,351 |
General partner contribution | 55 | |
Cash distributions | (9,119) | (8,965) |
Ending Balance | $ 11,995 | $ 14,169 |
CONSOLIDATED AND CONDENSED STA8
CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 14,703 | $ 28,209 |
Less: Income from discontinued operations, net of income taxes | 0 | (1,215) |
Net income from continuing operations | 14,703 | 26,994 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 44,137 | 45,402 |
Amortization of deferred debt issuance costs | 2,247 | 1,742 |
Amortization of premium on notes payable | (153) | (164) |
Loss (gain) on sale of property, plant and equipment | 1,595 | 165 |
Loss on impairment of goodwill | 4,145 | 0 |
Equity in earnings of unconsolidated entities | (2,482) | (3,389) |
Derivative income | (1,125) | (1,745) |
Net cash received for commodity derivatives | 1,666 | 0 |
Net cash received for interest rate derivatives | 160 | 0 |
Net premiums received on derivatives that settled during the year on interest rate swaption contracts | 630 | 1,745 |
Unit-based compensation | 486 | 750 |
Cash distributions from WTLPG | 4,300 | 4,400 |
Change in current assets and liabilities, excluding effects of acquisitions and dispositions: | ||
Accounts and other receivables | 23,995 | 58,689 |
Product exchange receivables | 932 | 2,752 |
Inventories | (14,766) | 12,204 |
Due from affiliates | 2,154 | 3,800 |
Other current assets | 509 | (711) |
Trade and other accounts payable | (3,429) | (46,283) |
Product exchange payables | (3,923) | 2,308 |
Due to affiliates | (1,879) | (118) |
Income taxes payable | (615) | (438) |
Other accrued liabilities | 2,130 | (959) |
Change in other non-current assets and liabilities | (614) | (1,709) |
Net cash provided by continuing operating activities | 74,803 | 105,435 |
Net cash used in discontinued operating activities | 0 | (1,351) |
Net cash provided by operating activities | 74,803 | 104,084 |
Cash flows from investing activities: | ||
Payments for property, plant and equipment | (27,844) | (28,027) |
Acquisition of intangible assets | (2,150) | 0 |
Payments for plant turnaround costs | (1,184) | (1,754) |
Proceeds from sale of property, plant and equipment | 655 | 776 |
Proceeds from involuntary conversion of property, plant and equipment | 9,100 | 0 |
Net cash used in continuing investing activities | (21,423) | (29,005) |
Net cash provided by discontinued investing activities | 0 | 41,250 |
Net cash provided by (used in) investing activities | (21,423) | 12,245 |
Cash flows from financing activities: | ||
Payments of long-term debt | (163,700) | (151,000) |
Proceeds from long-term debt | 180,700 | 101,000 |
Proceeds from issuance of common units, net of issuance related costs | 0 | (269) |
General partner contribution | 0 | 55 |
Purchase of treasury units | (330) | 0 |
Payment of debt issuance costs | (5,206) | (306) |
Reimbursement of excess purchase price over carrying value of acquired assets | 1,875 | 750 |
Cash distributions paid | (66,722) | (66,577) |
Net cash used in financing activities | (53,383) | (116,347) |
Net decrease in cash | (3) | (18) |
Cash at beginning of period | 31 | 42 |
Cash at end of period | 28 | 24 |
Non-cash additions to property, plant and equipment | $ 989 | $ 3,767 |
General
General | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
General | General 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: natural gas services, including liquids transportation and distribution services and natural gas storage; terminalling and storage services for petroleum products and by-products including the refining of naphthenic crude oil, blending and packaging of finished lubricants; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marine transportation services for petroleum products and by-products. The Partnership’s unaudited consolidated and condensed financial statements have been prepared in accordance with the requirements of Form 10-Q and United States Generally Accepted Accounting Principles ("U.S. GAAP") for interim financial reporting. Accordingly, these financial statements have been condensed and do not include all of the information and footnotes required by U.S. GAAP for annual audited financial statements of the type contained in the Partnership’s annual reports on Form 10-K. 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 financial position, results of operations, and cash flows for the periods shown have been made. All such adjustments are of a normal recurring nature. Results for such interim periods are not necessarily indicative of the results of operations for the full year. These financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements and notes thereto included in the Partnership’s annual report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (the "SEC") on February 29, 2016, as amended by Amendment No. 1 on Form 10-K/A for the year ended December 31, 2015 filed on March 30, 2016. 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 and condensed financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. During the 2nd quarter of 2016, the Partnership agreed to commence a relocation of one of its docks at the Partnership's Corpus Christi crude terminal location due to the construction of a new bridge near the facility. During the three months ended June 30, 2016, the Partnership received proceeds in the amount of $9,100 |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases . This standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption of this standard is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Partnership is evaluating the effect that ASU 2016-02 will have on its consolidated and condensed 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 condensed financial statements and related disclosures. 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 |
Discontinued operations and div
Discontinued operations and divestitures | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations and divestitures | Discontinued operations and divestitures Floating Storage Assets. On February 12, 2015, the Partnership sold all six of its 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 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 three and six months ended June 30, 2016 and 2015. 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: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total revenues from third parties 1 $ — $ — $ — $ 791 Total costs and expenses and other, net, excluding depreciation and amortization — — — 1,038 Depreciation and amortization — — — — Other operating income 2 — — — 1,462 Income from discontinued operations before income taxes — — — 1,215 Income tax expense — — — — Income from discontinued operations, net of income taxes $ — $ — $ — $ 1,215 1 All revenues for the six months ended June 30, 2015 were from third parties. 2 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Components of inventories at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Natural gas liquids $ 45,027 $ 20,959 Sulfur 8,385 13,812 Sulfur based products 16,092 19,400 Lubricants 18,349 18,675 Other 2,783 3,024 $ 90,636 $ 75,870 |
Investment in West Texas LPG Pi
Investment in West Texas LPG Pipeline L.P. | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities and Joint Ventures | Investment in West Texas LPG Pipeline L.P. The Partnership owns a 19.8% general partnership and 0.2% limited partnership interest in West Texas LPG Pipeline L.P. ("WTLPG"). ONEOK Partners, L.P. is the operator of the assets. 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 20% interest in WTLPG as "Investment in WTLPG" on its Consolidated and Condensed Balance Sheets. The Partnership accounts for its ownership interest in WTLPG under the equity method of accounting. Selected financial information for WTLPG is as follows: As of June 30, Three Months Ended June 30, Six Months Ended June 30, Total Assets Members' Equity Revenues Net Income Revenues Net Income 2016 WTLPG $ 815,035 $ 795,247 $ 20,166 $ 4,027 $ 45,021 $ 12,725 As of December 31, 2015 WTLPG $ 819,342 $ 804,023 $ 21,762 $ 8,242 $ 43,916 $ 16,945 As of June 30, 2016 and December 31, 2015 , the Partnership’s interest in cash of WTLPG was $700 and $1,060 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2016 | |
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 as of 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 net notional quantity of 383,000 barrels settling during the period from October 31, 2016 through March 31, 2017. These instruments settle against OPIS Mont Belvieu (non-TET) monthly average price. Martin Energy Trading LLC ("MET") serves as the counterparty for all positions outstanding at June 30, 2016 . (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 its fixed rate senior unsecured notes. All derivatives and hedging instruments are included on the balance sheet as an asset or a liability measured at fair value and changes in fair value are recognized currently in earnings. During the six months ended June 30, 2016 and 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") through June 30, 2016 and 2015, respectively. In connection with the interest rate swaption contracts, the Partnership received premiums of $0 and $630 , which represented their fair value on the date the transactions were initiated and were initially recorded as derivative liabilities on the Partnership's Consolidated and Condensed Balance Sheets, during the three and six months ended June 30, 2016 , respectively. In connection with the interest rate swaption contracts, the Partnership received premiums of $1,120 and $1,745 , which represented their fair value on the date the transactions were initiated and were initially recorded as derivative liabilities on the Partnership's Consolidated and Condensed Balance Sheets, during the three and six months ended June 30, 2015 , respectively. Each of the interest rate swaptions was fully amortized as of June 30, 2016 and 2015. Interest rate swaption contract premiums received are amortized over the period from initiation of the contract through their termination date. For the three and six months ended June 30, 2016 , the Partnership recognized $0 and $630 , respectively, of premiums in "Interest expense, net" on the Partnership's Consolidated and Condensed Statements of Operations related to the interest rate swaption contracts. For the three and six months ended June 30, 2015 , the Partnership recognized $1,120 and $1,745 , respectively, of premiums in "Interest expense, net" on the Partnership's Consolidated and Condensed Statements of Operations related to the interest rate swaption contracts. As of December 31, 2015, the Partnership had a fixed-to-variable interest rate swap agreement with a notional principal amount of $50,000 of fixed-to-variable interest rate swap agreements, 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 had a termination date that corresponded to the maturity date of the 2021 senior unsecured notes. This instrument was recorded on the Partnership's Consolidated and Condensed 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 . For information regarding gains and losses on interest rate derivative instruments, see "Tabular Presentation of Gains and Losses on Derivative Instruments" below. (c) Tabular Presentation of Gains and Losses on Derivative Instruments The following table summarizes the fair value and classification of the Partnership’s derivative instruments in its Consolidated and Condensed Balance Sheets: Fair Values of Derivative Instruments in the Consolidated Balance Sheets Derivative Assets Derivative Liabilities Fair Values Fair Values Balance Sheet Location June 30, 2016 December 31, 2015 Balance Sheet Location June 30, 2016 December 31, 2015 Derivatives not designated as hedging instruments: Current: Commodity contracts Fair value of derivatives $ — $ 675 Fair value of derivatives $ 862 $ — 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 $ 862 $ 206 Effect of Derivative Instruments on the Consolidated and Condensed Statements of Operations For the Three Months Ended June 30, 2016 and 2015 Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives 2016 2015 Derivatives not designated as hedging instruments: Interest rate swaption contracts Interest expense $ — $ 1,120 Commodity contracts Cost of products sold (876 ) — Total derivatives not designated as hedging instruments $ (876 ) $ 1,120 Effect of Derivative Instruments on the Consolidated and Condensed Statements of Operations For the Six Months Ended June 30, 2016 and 2015 Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives 2016 2015 Derivatives not designated as hedging instruments: Interest rate swaption contracts Interest expense $ 630 $ 1,745 Interest rate contracts Interest expense 366 — Commodity contracts Cost of products sold 129 — Total derivatives not designated as hedging instruments $ 1,125 $ 1,745 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 December 31, 2015 Commodity derivative contracts $ (862 ) $ 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 below. 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. June 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Note receivable - MET $ 15,000 $ 15,814 $ 15,000 $ 15,830 2021 Senior unsecured notes 372,050 345,054 371,861 318,000 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 6 Months Ended |
Jun. 30, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Components of "Other assets, net" were as follows: June 30, 2016 December 31, 2015 Customer contracts and relationships, net $ 44,243 $ 50,452 Other intangible assets 2,556 1,818 Other 6,480 6,044 $ 53,279 $ 58,314 Accumulated amortization of intangible assets was $ 42,156 and $ 32,842 at June 30, 2016 and December 31, 2015 , respectively. Components of "Other accrued liabilities" were as follows: June 30, 2016 December 31, 2015 Accrued interest $ 10,431 $ 10,365 Property and other taxes payable 6,566 6,668 Accrued payroll 3,602 1,389 Other 64 111 $ 20,663 $ 18,533 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt At June 30, 2016 and December 31, 2015 , long-term debt consisted of the following: June 30, December 31, $664,444 3 Revolving credit facility at variable interest rate (3.46% 1 weighted average at June 30, 2016), due March 2020 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 $8,159 and $4,858, respectively 2 $ 506,841 $ 493,142 $400,000 Senior notes, 7.25% interest, net of unamortized debt issuance costs of $3,165 and $3,507, respectively, including unamortized premium of $1,415 and $1,568, respectively, issued $250,000 February 2013 and $150,000 April 2014, due February 2021, unsecured 2 372,050 371,861 Total long-term debt, net $ 878,891 $ 865,003 1 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. All amounts outstanding at June 30, 2016 and December 31, 2015 were at LIBOR plus an applicable margin. The applicable margin for revolving loans that are LIBOR loans ranges from 2.00% to 3.00% and the applicable margin for revolving loans that are base prime rate loans ranges from 1.00% to 2.00% . The applicable margin for existing LIBOR borrowings at June 30, 2016 is 3.00% . 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 Partnership's omnibus agreement with Martin Resource Management (the "Omnibus Agreement"). The Partnership is permitted to make quarterly distributions so long as no event of default exists. 2 The Partnership is in compliance with all debt covenants as of June 30, 2016. 3 On April 27, 2016, the Partnership made certain strategic amendments to its credit facility which, among other things, decreased its borrowing capacity from $700,000 to $664,444 and extended the maturity date of the facility from March 28, 2018 to March 28, 2020. In connection with the amendment, the Partnership expensed $820 of unamortized debt issuance costs determined not to have continuing benefit. The Partnership paid cash interest, net of proceeds received from interest rate swaptions and capitalized interest, in the amount of $4,757 and $22,116 for the three and six months ended June 30, 2016, respectively. The Partnership paid cash interest, net of proceeds received from interest rate swaptions and capitalized interest, in the amount of $3,015 and $21,104 for the three and six months ended June 30, 2015 , respectively. Capitalized interest was $358 and $682 for the three and six months ended June 30, 2016 , respectively. Capitalized interest was $570 and $1,095 for the three and six months ended June 30, 2015 |
Partners' Capital
Partners' Capital | 6 Months Ended |
Jun. 30, 2016 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital | Partners' Capital As of June 30, 2016 , Partners’ capital consisted of 35,454,962 common limited partner units, representing a 98% partnership interest and a 2% general partner interest. Martin Resource Management, through subsidiaries, owns 6,264,532 of the Partnership's common limited partner units representing approximately 17.7% of the Partnership's outstanding common limited partner units. Martin Midstream GP LLC ("MMGP"), the Partnership's general partner, owns the 2% general partnership interest. Martin Resource Management controls the Partnership's general partner, by virtue of its 51% voting interest in MMGP Holdings, LLC ("Holdings"), the sole member of the Partnership's general partner. 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. Incentive Distribution Rights MMGP holds a 2% 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. The general partner was allocated $3,893 and $7,786 in incentive distributions during the three and six months ended June 30, 2016 , respectively. The general partner was allocated $3,893 and $7,631 in incentive distributions during the three and six months ended June 30, 2015 , respectively. The target distribution levels entitle the general partner to receive 2% 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. 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 income and 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 allocated to the general partner and limited partners for purposes of calculating net income attributable to limited partners per unit: Three Months Ended June 30, Six Months Ended June 30, Continuing operations: 2016 2015 2016 2015 Income (loss) from continuing operations $ (1,211 ) $ 10,961 $ 14,703 $ 26,994 Less general partner’s interest in net income: Distributions payable on behalf of IDRs 3,893 3,893 7,786 7,452 Distributions payable on behalf of general partner interest 668 667 1,335 1,277 General partner interest in undistributed earnings (692 ) (447 ) (1,041 ) (737 ) Less (income) loss allocable to unvested restricted units (4 ) 44 39 106 Limited partners’ interest in income (loss) from continuing operations $ (5,076 ) $ 6,804 $ 6,584 $ 18,896 Three Months Ended June 30, Six Months Ended June 30, Discontinued operations: 2016 2015 2016 2015 Income from discontinued operations $ — $ — $ — $ 1,215 Less general partner’s interest in net income: Distributions payable on behalf of IDRs — — — 335 Distributions payable on behalf of general partner interest — — — 58 General partner interest in undistributed earnings — — — (34 ) Less income allocable to unvested restricted units — — — 5 Limited partners’ interest in income from discontinued operations $ — $ — $ — $ 851 The following are the unit amounts used to compute the basic and diluted earnings per limited partner unit for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic weighted average limited partner units outstanding 35,346,412 35,307,638 35,366,038 35,315,989 Dilutive effect of restricted units issued — 68,499 13,880 56,115 Total weighted average limited partner diluted units outstanding 35,346,412 35,376,137 35,379,918 35,372,104 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of June 30, 2016 , Martin Resource Management owns 6,264,532 of the Partnership’s common units representing approximately 17.7% of the Partnership’s outstanding limited partner 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 IDRs. The Partnership’s general partner’s ability, as general partner, to manage and operate the Partnership, and Martin Resource Management’s ownership as of June 30, 2016 , of approximately 17.7% of the Partnership’s outstanding limited partner 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 and transactions: 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 of the board of directors of the general partner of the Partnership (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 $3,257 and $6,516 of indirect expenses for the three and six months ended June 30, 2016 , respectively. The Partnership reimbursed Martin Resource Management for $3,419 and $6,839 of indirect expenses for the three and six months ended June 30, 2015 , 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 the 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. These rates are subject to any adjustments which are mutually agreed upon 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, Inc. has indemnified the Partnership against all claims arising out of the negligence or willful misconduct of Martin Transport, Inc. and its officers, employees, agents, representatives and subcontractors. The Partnership has indemnified Martin Transport, Inc. against all claims arising out of the negligence or willful misconduct of the Partnership and its officers, employees, agents, representatives and subcontractors. In the event a claim is the result of the joint negligence or misconduct of Martin Transport, Inc. and the Partnership, 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. Most of 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, as amended, 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 and Condensed 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 captions of the consolidated and condensed financial statements 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 and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues: Terminalling and storage $ 20,590 $ 23,061 $ 41,548 $ 43,535 Marine transportation 6,036 6,622 12,447 13,367 Natural gas services 129 — 442 — Product sales: Natural gas services — 286 — 300 Sulfur services 667 970 1,049 2,044 Terminalling and storage 301 503 619 1,004 968 1,759 1,668 3,348 $ 27,723 $ 31,442 $ 56,105 $ 60,250 The impact of related party cost of products sold is reflected in the consolidated and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Cost of products sold: Natural gas services $ 4,498 $ 6,810 $ 7,883 $ 13,728 Sulfur services 3,810 3,618 7,622 7,242 Terminalling and storage 4,081 5,632 7,466 11,034 $ 12,389 $ 16,060 $ 22,971 $ 32,004 The impact of related party operating expenses is reflected in the consolidated and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Operating expenses: Marine transportation $ 7,232 $ 8,038 $ 14,647 $ 16,598 Natural gas services 2,380 1,992 4,626 4,155 Sulfur services 1,583 2,036 2,805 3,699 Terminalling and storage 6,893 6,849 13,367 14,863 $ 18,088 $ 18,915 $ 35,445 $ 39,315 The impact of related party selling, general and administrative expenses is reflected in the consolidated and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Selling, general and administrative: Marine transportation $ 5 $ 8 $ 13 $ 16 Natural gas services 2,159 1,238 3,092 2,401 Sulfur services 824 642 1,411 1,438 Terminalling and storage 666 542 1,307 1,149 Indirect, including overhead allocation 3,257 3,419 6,520 6,839 $ 6,911 $ 5,849 $ 12,343 $ 11,843 Other Related Party Transactions The Partnership has a $15,000 note receivable from MET which 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 and Condensed Balance Sheets. Interest income for the three months ended June 30, 2016 and 2015 was $561 and $561 , respectively, and is included in "Interest expense, net" in the Consolidated and Condensed Statements of Operations. Interest income for the six months ended June 30, 2016 and 2015 was $1,122 and $1,116 , respectively, and is included in "Interest expense, net" in the Consolidated and Condensed Statements of Operations. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The operations of the 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 included in income tax expense on the Consolidated and Condensed 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 $191 and $314 were recorded in income tax expense for the three months ended June 30, 2016 and 2015 , respectively. State income taxes attributable to the Texas margin tax of $242 and $614 were recorded in income tax expense for the six months ended June 30, 2016 and 2015 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Partnership has four reportable segments: terminalling and storage, natural gas services, sulfur services and marine transportation. 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 in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2015 , filed with the SEC on February 29, 2016, as amended, by Amendment No. 1 on Form 10-K/A filed on March 30, 2016. The Partnership evaluates the performance of its reportable segments based on operating income. There is no allocation of administrative expenses or interest expense. Three Months Ended June 30, 2016 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 60,721 $ (1,302 ) $ 59,419 $ 10,078 $ 7,675 $ 2,955 Natural gas services 74,302 — 74,302 6,983 3,698 1,640 Sulfur services 42,288 — 42,288 2,011 10,286 2,477 Marine transportation 15,032 (693 ) 14,339 3,017 (7,161 ) 1,363 Indirect selling, general and administrative — — — — (4,242 ) — Total $ 192,343 $ (1,995 ) $ 190,348 $ 22,089 $ 10,256 $ 8,435 Three Months Ended June 30, 2015 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 69,287 $ (1,255 ) $ 68,032 $ 9,617 $ 5,298 $ 8,207 Natural gas services 114,350 — 114,350 8,373 9,260 5,395 Sulfur services 48,374 — 48,374 2,105 7,144 147 Marine transportation 20,886 (543 ) 20,343 2,590 2,428 502 Indirect selling, general and administrative — — — — (4,500 ) — Total $ 252,897 $ (1,798 ) $ 251,099 $ 22,685 $ 19,630 $ 14,251 Six Months Ended June 30, 2016 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 122,071 $ (2,756 ) $ 119,315 $ 20,076 $ 14,025 $ 15,130 Natural gas services 181,490 — 181,490 13,957 17,545 3,153 Sulfur services 84,463 — 84,463 3,981 18,471 3,793 Marine transportation 31,934 (1,249 ) 30,685 6,123 (6,977 ) 1,937 Indirect selling, general and administrative — — — — (8,470 ) — Total $ 419,958 $ (4,005 ) $ 415,953 $ 44,137 $ 34,594 $ 24,013 Six Months Ended June 30, 2015 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 139,321 $ (2,499 ) $ 136,822 $ 19,406 $ 12,985 $ 17,882 Natural gas services 277,140 — 277,140 16,775 18,147 14,109 Sulfur services 101,511 — 101,511 4,231 15,266 361 Marine transportation 42,832 (1,853 ) 40,979 4,990 7,244 1,196 Indirect selling, general and administrative — — — — (9,310 ) — Total $ 560,804 $ (4,352 ) $ 556,452 $ 45,402 $ 44,332 $ 33,548 The Partnership's assets by reportable segment as of June 30, 2016 and December 31, 2015 , are as follows: June 30, 2016 December 31, 2015 Total assets: Terminalling and storage $ 414,988 $ 417,202 Natural gas services 674,392 694,333 Sulfur services 129,399 134,108 Marine transportation 122,953 134,830 Total assets $ 1,341,732 $ 1,380,473 |
Unit Based Awards
Unit Based Awards | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unit Based Awards | Unit Based Awards The Partnership recognizes compensation cost related to unit-based awards to employees in its consolidated financial statements in accordance with certain provisions of ASC 718. The Partnership recognizes compensation costs related to unit-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 and condensed financial statements with respect to these plans are as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Employees $ 209 $ 341 $ 410 $ 652 Non-employee directors 55 10 76 98 Total unit-based compensation expense $ 264 $ 351 $ 486 $ 750 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 (the "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 six months ended June 30, 2016 is provided below: Number of Units Weighted Average Grant-Date Fair Value Per Unit Non-vested, beginning of period 150,474 $ 29.15 Granted 13,800 $ 15.13 Vested (55,474 ) $ 30.68 Forfeited (250 ) $ 28.50 Non-Vested, end of period 108,550 $ 27.60 Aggregate intrinsic value, end of period $ 2,508 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 six months ended June 30, 2016 and 2015 is provided below: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Aggregate intrinsic value of units vested $ — $ — $ 1,183 $ 110 Fair value of units vested $ — $ — $ 1,685 $ 113 As of June 30, 2016 , there was $1,668 of unrecognized compensation cost related to non-vested restricted units. That cost is expected to be recognized over a weighted-average period of 1.93 years. In conjunction with restricted unit issuances during the six months ended June 30, 2015, the Partnership received $55 in capital contributions from its general partner to maintain its 2% general partnership interest in the Partnership. Unit Options. The plan currently permits the grant of options covering common units. As of June 30, 2016 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2016 | |
Consolidating Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
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 expects to be fully reimbursed for the 2016 amount of $4,500 . For the three and six months ended June 30, 2016, the Partnership received $1,125 and $1,875 , respectively, related to the Purchase Price Reimbursement Agreement. For the each of the three and six months ended June 30, 2015, the Partnership received $750 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 38th 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. The plaintiff is seeking to evict the Partnership from the leased property and to recover damages. 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 |
Impairment and other charges
Impairment and other charges | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment and other charges | Impairments and other charges Marine Transportation Goodwill Impairment The Partnership performed its annual assessment of the recoverability of goodwill during the third quarter of 2015. The Partnership updated its internal business outlook of the Marine Transportation reporting unit to consider the current economic environment that affects its operations. As part of the first step of goodwill impairment testing, the Partnership updated its assessment of its future cash flows, applying expected long-term growth rates, discount rates, and terminal values that the Partnership considers reasonable. Fair value was determined based on weighted average of the discounted cash flow method, the guideline public company method and the guideline transaction method. As a result of the analysis, the Partnership determined that there was no impairment of goodwill as of its annual assessment date. At the annual assessment date, the percentage of the fair value of the Partnership's Marine Transportation reporting unit over its carrying value was 41% . Over the last year, global oil and natural gas commodity prices, particularly crude oil, significantly decreased as compared to recent historical levels. This decrease in commodity prices has had, and is expected to continue to have, a negative impact on drilling and crude oil production in the areas served by the Partnership's marine transportation assets. Therefore, as of June 30, 2016, the Partnership determined that the state of market conditions, including the demand for utilization, day rates and the current oversupply of inland tank barges, indicated that an impairment of goodwill may exist. As a result, the Partnership assessed qualitative factors and determined that the Partnership could not conclude it was more likely than not that the fair value of goodwill exceeded its carrying value. In turn, the Partnership prepared a quantitative analysis of the fair value of the goodwill as of June 30, 2016, based on the weighted average valuation of the aforementioned income and market based valuation approaches. The underlying results of the valuation were driven by our actual results during the six months ended June 30, 2016 and the pricing and market conditions existing as of June 30, 2016, which were below our forecasts at the time of the previous goodwill assessments. Other key estimates, assumptions and inputs used in the valuation included long-term growth rates, discounts rates, terminal values, valuation multiples and relative valuations when comparing the reporting unit to similar businesses or asset bases. Upon completion of the analysis, a $4,145 impairment of all goodwill in the Marine Transportation reporting unit was incurred during the three months ended June 30, 2016. The Partnership did not recognize any impairment losses for goodwill during the six months ended June 30, 2015. Divestiture of Non-Core Marine Equipment During the three months ended June 30, 2016, the Partnership disposed of 8 inland tank barges and 2 inland push boats, which were deemed non-core assets to the Partnership's Marine Transportation business. The Partnership recognized a loss related to the disposition of these assets in the amount of $1,567 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Quarterly Distribution. On July 21, 2016, the Partnership declared a quarterly cash distribution of $0.8125 per common unit for the second quarter of 2016, or $3.25 per common unit on an annualized basis, which will be paid on August 12, 2016 to unitholders of record as of August 5, 2016. Additionally, the Partnership expects to pay a distribution to its general partner in the amount of $4,561 . Of this amount, $668 is related to the base general partner distribution and $3,893 |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases . This standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption of this standard is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Partnership is evaluating the effect that ASU 2016-02 will have on its consolidated and condensed 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 condensed financial statements and related disclosures. 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 |
Discontinued operations and d28
Discontinued operations and divestitures (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of operating results from discontinued operations | The Floating Storage Assets’ operating results, which are included in income from discontinued operations, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total revenues from third parties 1 $ — $ — $ — $ 791 Total costs and expenses and other, net, excluding depreciation and amortization — — — 1,038 Depreciation and amortization — — — — Other operating income 2 — — — 1,462 Income from discontinued operations before income taxes — — — 1,215 Income tax expense — — — — Income from discontinued operations, net of income taxes $ — $ — $ — $ 1,215 1 All revenues for the six months ended June 30, 2015 were from third parties. 2 Other operating income represents the gain on the disposition of the Floating Storage Assets. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Components of inventory | Components of inventories at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Natural gas liquids $ 45,027 $ 20,959 Sulfur 8,385 13,812 Sulfur based products 16,092 19,400 Lubricants 18,349 18,675 Other 2,783 3,024 $ 90,636 $ 75,870 |
Investment in West Texas LPG 30
Investment in West Texas LPG Pipeline L.P. (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Select financial information for significant unconsolidated equity-method investees | Selected financial information for WTLPG is as follows: As of June 30, Three Months Ended June 30, Six Months Ended June 30, Total Assets Members' Equity Revenues Net Income Revenues Net Income 2016 WTLPG $ 815,035 $ 795,247 $ 20,166 $ 4,027 $ 45,021 $ 12,725 As of December 31, 2015 WTLPG $ 819,342 $ 804,023 $ 21,762 $ 8,242 $ 43,916 $ 16,945 |
Derivative Instruments and He31
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Effect of derivative instruments on the Consolidated Balance Sheets | The following table summarizes the fair value and classification of the Partnership’s derivative instruments in its Consolidated and Condensed Balance Sheets: Fair Values of Derivative Instruments in the Consolidated Balance Sheets Derivative Assets Derivative Liabilities Fair Values Fair Values Balance Sheet Location June 30, 2016 December 31, 2015 Balance Sheet Location June 30, 2016 December 31, 2015 Derivatives not designated as hedging instruments: Current: Commodity contracts Fair value of derivatives $ — $ 675 Fair value of derivatives $ 862 $ — 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 $ 862 $ 206 |
Effect of derivative instruments on the Consolidated Statement of Operations | Effect of Derivative Instruments on the Consolidated and Condensed Statements of Operations For the Three Months Ended June 30, 2016 and 2015 Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives 2016 2015 Derivatives not designated as hedging instruments: Interest rate swaption contracts Interest expense $ — $ 1,120 Commodity contracts Cost of products sold (876 ) — Total derivatives not designated as hedging instruments $ (876 ) $ 1,120 Effect of Derivative Instruments on the Consolidated and Condensed Statements of Operations For the Six Months Ended June 30, 2016 and 2015 Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives 2016 2015 Derivatives not designated as hedging instruments: Interest rate swaption contracts Interest expense $ 630 $ 1,745 Interest rate contracts Interest expense 366 — Commodity contracts Cost of products sold 129 — Total derivatives not designated as hedging instruments $ 1,125 $ 1,745 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 December 31, 2015 Commodity derivative contracts $ (862 ) $ 675 Interest rate derivative contracts — (206 ) June 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Note receivable - MET $ 15,000 $ 15,814 $ 15,000 $ 15,830 2021 Senior unsecured notes 372,050 345,054 371,861 318,000 |
Supplemental Balance Sheet In33
Supplemental Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Other Assets | Components of "Other assets, net" were as follows: June 30, 2016 December 31, 2015 Customer contracts and relationships, net $ 44,243 $ 50,452 Other intangible assets 2,556 1,818 Other 6,480 6,044 $ 53,279 $ 58,314 |
Schedule of Other Accrued Liabilities | Components of "Other accrued liabilities" were as follows: June 30, 2016 December 31, 2015 Accrued interest $ 10,431 $ 10,365 Property and other taxes payable 6,566 6,668 Accrued payroll 3,602 1,389 Other 64 111 $ 20,663 $ 18,533 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | At June 30, 2016 and December 31, 2015 , long-term debt consisted of the following: June 30, December 31, $664,444 3 Revolving credit facility at variable interest rate (3.46% 1 weighted average at June 30, 2016), due March 2020 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 $8,159 and $4,858, respectively 2 $ 506,841 $ 493,142 $400,000 Senior notes, 7.25% interest, net of unamortized debt issuance costs of $3,165 and $3,507, respectively, including unamortized premium of $1,415 and $1,568, respectively, issued $250,000 February 2013 and $150,000 April 2014, due February 2021, unsecured 2 372,050 371,861 Total long-term debt, net $ 878,891 $ 865,003 1 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. All amounts outstanding at June 30, 2016 and December 31, 2015 were at LIBOR plus an applicable margin. The applicable margin for revolving loans that are LIBOR loans ranges from 2.00% to 3.00% and the applicable margin for revolving loans that are base prime rate loans ranges from 1.00% to 2.00% . The applicable margin for existing LIBOR borrowings at June 30, 2016 is 3.00% . 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 Partnership's omnibus agreement with Martin Resource Management (the "Omnibus Agreement"). The Partnership is permitted to make quarterly distributions so long as no event of default exists. 2 The Partnership is in compliance with all debt covenants as of June 30, 2016. 3 On April 27, 2016, the Partnership made certain strategic amendments to its credit facility which, among other things, decreased its borrowing capacity from $700,000 to $664,444 and extended the maturity date of the facility from March 28, 2018 to March 28, 2020. In connection with the amendment, the Partnership expensed $820 of unamortized debt issuance costs determined not to have continuing benefit. |
Partners' Capital (Tables)
Partners' Capital (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Partners' Capital Notes [Abstract] | |
Reconciliation of net income to partners interest in net income | The following is a reconciliation of net income allocated to the general partner and limited partners for purposes of calculating net income attributable to limited partners per unit: Three Months Ended June 30, Six Months Ended June 30, Continuing operations: 2016 2015 2016 2015 Income (loss) from continuing operations $ (1,211 ) $ 10,961 $ 14,703 $ 26,994 Less general partner’s interest in net income: Distributions payable on behalf of IDRs 3,893 3,893 7,786 7,452 Distributions payable on behalf of general partner interest 668 667 1,335 1,277 General partner interest in undistributed earnings (692 ) (447 ) (1,041 ) (737 ) Less (income) loss allocable to unvested restricted units (4 ) 44 39 106 Limited partners’ interest in income (loss) from continuing operations $ (5,076 ) $ 6,804 $ 6,584 $ 18,896 Three Months Ended June 30, Six Months Ended June 30, Discontinued operations: 2016 2015 2016 2015 Income from discontinued operations $ — $ — $ — $ 1,215 Less general partner’s interest in net income: Distributions payable on behalf of IDRs — — — 335 Distributions payable on behalf of general partner interest — — — 58 General partner interest in undistributed earnings — — — (34 ) Less income allocable to unvested restricted units — — — 5 Limited partners’ interest in income from discontinued operations $ — $ — $ — $ 851 The following are the unit amounts used to compute the basic and diluted earnings per limited partner unit for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic weighted average limited partner units outstanding 35,346,412 35,307,638 35,366,038 35,315,989 Dilutive effect of restricted units issued — 68,499 13,880 56,115 Total weighted average limited partner diluted units outstanding 35,346,412 35,376,137 35,379,918 35,372,104 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues: Terminalling and storage $ 20,590 $ 23,061 $ 41,548 $ 43,535 Marine transportation 6,036 6,622 12,447 13,367 Natural gas services 129 — 442 — Product sales: Natural gas services — 286 — 300 Sulfur services 667 970 1,049 2,044 Terminalling and storage 301 503 619 1,004 968 1,759 1,668 3,348 $ 27,723 $ 31,442 $ 56,105 $ 60,250 The impact of related party cost of products sold is reflected in the consolidated and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Cost of products sold: Natural gas services $ 4,498 $ 6,810 $ 7,883 $ 13,728 Sulfur services 3,810 3,618 7,622 7,242 Terminalling and storage 4,081 5,632 7,466 11,034 $ 12,389 $ 16,060 $ 22,971 $ 32,004 The impact of related party operating expenses is reflected in the consolidated and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Operating expenses: Marine transportation $ 7,232 $ 8,038 $ 14,647 $ 16,598 Natural gas services 2,380 1,992 4,626 4,155 Sulfur services 1,583 2,036 2,805 3,699 Terminalling and storage 6,893 6,849 13,367 14,863 $ 18,088 $ 18,915 $ 35,445 $ 39,315 The impact of related party selling, general and administrative expenses is reflected in the consolidated and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Selling, general and administrative: Marine transportation $ 5 $ 8 $ 13 $ 16 Natural gas services 2,159 1,238 3,092 2,401 Sulfur services 824 642 1,411 1,438 Terminalling and storage 666 542 1,307 1,149 Indirect, including overhead allocation 3,257 3,419 6,520 6,839 $ 6,911 $ 5,849 $ 12,343 $ 11,843 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment reporting by segment | Three Months Ended June 30, 2016 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 60,721 $ (1,302 ) $ 59,419 $ 10,078 $ 7,675 $ 2,955 Natural gas services 74,302 — 74,302 6,983 3,698 1,640 Sulfur services 42,288 — 42,288 2,011 10,286 2,477 Marine transportation 15,032 (693 ) 14,339 3,017 (7,161 ) 1,363 Indirect selling, general and administrative — — — — (4,242 ) — Total $ 192,343 $ (1,995 ) $ 190,348 $ 22,089 $ 10,256 $ 8,435 Three Months Ended June 30, 2015 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 69,287 $ (1,255 ) $ 68,032 $ 9,617 $ 5,298 $ 8,207 Natural gas services 114,350 — 114,350 8,373 9,260 5,395 Sulfur services 48,374 — 48,374 2,105 7,144 147 Marine transportation 20,886 (543 ) 20,343 2,590 2,428 502 Indirect selling, general and administrative — — — — (4,500 ) — Total $ 252,897 $ (1,798 ) $ 251,099 $ 22,685 $ 19,630 $ 14,251 Six Months Ended June 30, 2016 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 122,071 $ (2,756 ) $ 119,315 $ 20,076 $ 14,025 $ 15,130 Natural gas services 181,490 — 181,490 13,957 17,545 3,153 Sulfur services 84,463 — 84,463 3,981 18,471 3,793 Marine transportation 31,934 (1,249 ) 30,685 6,123 (6,977 ) 1,937 Indirect selling, general and administrative — — — — (8,470 ) — Total $ 419,958 $ (4,005 ) $ 415,953 $ 44,137 $ 34,594 $ 24,013 Six Months Ended June 30, 2015 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 139,321 $ (2,499 ) $ 136,822 $ 19,406 $ 12,985 $ 17,882 Natural gas services 277,140 — 277,140 16,775 18,147 14,109 Sulfur services 101,511 — 101,511 4,231 15,266 361 Marine transportation 42,832 (1,853 ) 40,979 4,990 7,244 1,196 Indirect selling, general and administrative — — — — (9,310 ) — Total $ 560,804 $ (4,352 ) $ 556,452 $ 45,402 $ 44,332 $ 33,548 |
Assets by segment | The Partnership's assets by reportable segment as of June 30, 2016 and December 31, 2015 , are as follows: June 30, 2016 December 31, 2015 Total assets: Terminalling and storage $ 414,988 $ 417,202 Natural gas services 674,392 694,333 Sulfur services 129,399 134,108 Marine transportation 122,953 134,830 Total assets $ 1,341,732 $ 1,380,473 |
Unit Based Awards (Tables)
Unit Based Awards (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 and condensed financial statements with respect to these plans are as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Employees $ 209 $ 341 $ 410 $ 652 Non-employee directors 55 10 76 98 Total unit-based compensation expense $ 264 $ 351 $ 486 $ 750 |
Summary of restricted unit activity | A summary of the restricted unit activity for the six months ended June 30, 2016 is provided below: Number of Units Weighted Average Grant-Date Fair Value Per Unit Non-vested, beginning of period 150,474 $ 29.15 Granted 13,800 $ 15.13 Vested (55,474 ) $ 30.68 Forfeited (250 ) $ 28.50 Non-Vested, end of period 108,550 $ 27.60 Aggregate intrinsic value, end of period $ 2,508 |
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 six months ended June 30, 2016 and 2015 is provided below: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Aggregate intrinsic value of units vested $ — $ — $ 1,183 $ 110 Fair value of units vested $ — $ — $ 1,685 $ 113 |
General (Details)
General (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($)segment | Jun. 30, 2015USD ($) | |
Accounting Policies [Abstract] | |||
Number of primary business lines (in segments) | segment | 4 | ||
Proceeds from Dock Relocation | $ | $ 9,100 | $ 9,100 | $ 0 |
Discontinued operations and d40
Discontinued operations and divestitures - Narrative (Details) - Floating Storage Assets | Feb. 12, 2015bargebbl |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Number of pressure barges disposed of (in barges) | barge | 6 |
Volume of pressure barges disposed of (in bbl) | bbl | 16,101 |
Discontinued operations and d41
Discontinued operations and divestitures - Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of income taxes | $ 0 | $ 0 | $ 0 | $ 1,215 |
Discontinued Operations, Held-for-sale | Floating Storage Assets | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues from third parties | 0 | 791 | ||
Total costs and expenses and other, net, excluding depreciation and amortization | 0 | 1,038 | ||
Depreciation and amortization | 0 | 0 | ||
Other operating income | 0 | 1,462 | ||
Income from discontinued operations before income taxes | 0 | 1,215 | ||
Income tax expense | 0 | 0 | ||
Income from discontinued operations, net of income taxes | $ 0 | $ 1,215 | ||
Discontinued Operations, Disposed of by Sale | Floating Storage Assets | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues from third parties | 0 | 0 | ||
Total costs and expenses and other, net, excluding depreciation and amortization | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Other operating income | 0 | 0 | ||
Income from discontinued operations before income taxes | 0 | 0 | ||
Income tax expense | 0 | 0 | ||
Income from discontinued operations, net of income taxes | $ 0 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Natural gas liquids | $ 45,027 | $ 20,959 |
Sulfur | 8,385 | 13,812 |
Sulfur based products | 16,092 | 19,400 |
Lubricants | 18,349 | 18,675 |
Other | 2,783 | 3,024 |
Inventories | $ 90,636 | $ 75,870 |
Investment in West Texas LPG 43
Investment in West Texas LPG Pipeline L.P. - Narrative (Details) $ in Thousands | Jun. 30, 2016USD ($)mi | Dec. 31, 2015USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Partnership's interest in cash of the unconsolidated equity-method investees | $ | $ 700 | $ 1,060 |
West Texas LPG Pipeline L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Length of common-carrier pipeline system (in miles) | mi | 2,300 | |
Unconsolidated interest ownership (percentage) | 20.00% | |
West Texas LPG Pipeline L.P. | General Partner | ||
Schedule of Equity Method Investments [Line Items] | ||
Remaining ownership percentage in investment | 19.80% | |
West Texas LPG Pipeline L.P. | Limited Partner | ||
Schedule of Equity Method Investments [Line Items] | ||
Remaining ownership percentage in investment | 0.20% |
Investment in West Texas LPG 44
Investment in West Texas LPG Pipeline L.P. (Selected Financial Information for Equity Method Investees) (Details) - West Texas LPG Pipeline L.P. - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | $ 815,035 | $ 815,035 | $ 819,342 | ||
Members' Equity | 795,247 | 795,247 | $ 804,023 | ||
Revenues | 20,166 | $ 21,762 | 45,021 | $ 43,916 | |
Net Income | $ 4,027 | $ 8,242 | $ 12,725 | $ 16,945 |
Derivative Instruments and He45
Derivative Instruments and Hedging Activities - Narrative (Details) | Jan. 07, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)bbl | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Commodity contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional quantity (in bbl) | bbl | 383,000,000 | |||||
Interest Rate Swaption | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Premiums received | $ 0 | $ 1,120,000 | $ 630,000 | $ 1,745,000 | ||
Interest Rate Swaption | Interest expense | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Premiums received | $ 0 | $ 1,120,000 | $ 630,000 | $ 1,745,000 | ||
Interest Rate Swap | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional principal amount | $ 50,000,000 | |||||
Fair value of derivatives | Interest Rate Swap | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liabilities | $ 206,000 | |||||
Benefit from termination of position | $ 160,000 |
Derivative Instruments and He46
Derivative Instruments and Hedging Activities - Balance Sheet Derivatives (Details) - Derivatives not designated as hedging instruments: - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 0 | $ 675 |
Derivative Liabilities | 862 | 206 |
Commodity contracts | Fair value of derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 675 |
Derivative Liabilities | 862 | 0 |
Interest rate contracts | Fair value of derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | $ 0 | $ 206 |
Derivative Instruments and He47
Derivative Instruments and Hedging Activities - Statement of Operations Derivatives (Details) - Derivatives not designated as hedging instruments: - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives | $ (876) | $ 1,120 | $ 1,125 | $ 1,745 |
Interest rate swaption contracts | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives | 0 | 1,120 | 630 | 1,745 |
Interest rate contracts | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives | 366 | 0 | ||
Commodity contracts | Cost of products sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives | $ (876) | $ 0 | $ 129 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Recurring | Level 2 | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivative contracts | $ (862) | $ 675 |
Recurring | Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate derivative contracts | 0 | (206) |
Nonrecurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Note receivable - MET | 15,000 | 15,000 |
Nonrecurring | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Note receivable - MET | 15,814 | 15,830 |
Nonrecurring | 2021 Senior unsecured notes | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2021 Senior unsecured notes | 372,050 | 371,861 |
Nonrecurring | 2021 Senior unsecured notes | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2021 Senior unsecured notes | $ 345,054 | $ 318,000 |
Supplemental Balance Sheet In49
Supplemental Balance Sheet Information - Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Customer contracts and relationships, net | $ 44,243 | $ 50,452 |
Other intangible assets | 2,556 | 1,818 |
Other | 6,480 | 6,044 |
Other assets, net | 53,279 | 58,314 |
Accumulated amortization of intangible assets | $ 42,156 | $ 32,842 |
Supplemental Balance Sheet In50
Supplemental Balance Sheet Information - Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued interest | $ 10,431 | $ 10,365 |
Property and other taxes payable | 6,566 | 6,668 |
Accrued payroll | 3,602 | 1,389 |
Other | 64 | 111 |
Total Other Accrued Liabilities | $ 20,663 | $ 18,533 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Apr. 27, 2016 | Apr. 26, 2016 | Dec. 31, 2015 | Apr. 30, 2014 | Feb. 28, 2013 | |
Debt Instrument [Line Items] | |||||||||
Total long-term debt, net | $ 878,891,000 | $ 878,891,000 | $ 865,003,000 | ||||||
Debt Issuance Costs, Gross | $ 820,000 | ||||||||
Cash paid for interest | 4,757,000 | $ 3,015,000 | 22,116,000 | $ 21,104,000 | |||||
Capitalized interest | 358,000 | $ 570,000 | 682,000 | $ 1,095,000 | |||||
Revolving Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Total long-term debt, net | 506,841,000 | 506,841,000 | 493,142,000 | ||||||
Face amount | 664,444,000 | 664,444,000 | $ 664,444,000 | $ 700,000,000 | |||||
Unamortized debt issuance costs | $ 8,159,000 | $ 8,159,000 | 4,858,000 | ||||||
Weighted average interest rate | 3.46% | 3.46% | |||||||
Revolving Loan Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margins | 3.00% | ||||||||
Revolving Loan Facility | LIBOR | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margins | 2.00% | ||||||||
Revolving Loan Facility | LIBOR | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margins | 3.00% | ||||||||
Revolving Loan Facility | Prime Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margins | 1.00% | ||||||||
Revolving Loan Facility | Prime Rate | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margins | 2.00% | ||||||||
Senior Notes | Senior Notes 7.250% | |||||||||
Debt Instrument [Line Items] | |||||||||
Total long-term debt, net | $ 372,050,000 | $ 372,050,000 | 371,861,000 | ||||||
Face amount | $ 400,000,000 | $ 400,000,000 | $ 150,000,000 | $ 250,000,000 | |||||
Stated interest rate | 7.25% | 7.25% | |||||||
Unamortized debt issuance costs | $ 3,165,000 | $ 3,165,000 | 3,507,000 | ||||||
Unamortized premium | $ 1,415,000 | $ 1,415,000 | $ 1,568,000 |
Partners' Capital (Details)
Partners' Capital (Details) - shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Limited Partners' Capital Account [Line Items] | ||
Common limited partner units (in shares) | 35,454,962 | |
Ownership percentage | 98.00% | |
General partner interest percentage | 2.00% | 2.00% |
Martin Resource Management | ||
Limited Partners' Capital Account [Line Items] | ||
Voting interest percentage | 51.00% | |
Martin Resource Management | ||
Limited Partners' Capital Account [Line Items] | ||
Common limited partner units (in shares) | 6,264,532 | |
Ownership percentage | 17.70% | |
General partner interest percentage | 2.00% | |
Voting interest percentage | 17.70% |
Partners' Capital - Incentive D
Partners' Capital - Incentive Distribution Rights and Distributions of Available Cash (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Limited Partners' Capital Account [Line Items] | ||||
General partner interest percentage | 2.00% | 2.00% | ||
Distribution period | 45 days | |||
Martin Midstream GP LLC | ||||
Limited Partners' Capital Account [Line Items] | ||||
General partner interest percentage | 2.00% | |||
Incentive distribution | $ 3,893 | $ 3,893 | $ 7,786 | $ 7,631 |
Martin Midstream GP LLC | Target Level 1 | ||||
Limited Partners' Capital Account [Line Items] | ||||
Target cash distribution, percent | 2.00% | 2.00% | ||
Target cash distribution (USD per share) | $ 0.55 | $ 0.55 | ||
Martin Midstream GP LLC | Target Level 2 | ||||
Limited Partners' Capital Account [Line Items] | ||||
Target cash distribution, percent | 15.00% | 15.00% | ||
Target cash distribution (USD per share) | $ 0.625 | $ 0.625 | ||
Martin Midstream GP LLC | Target Level 3 | ||||
Limited Partners' Capital Account [Line Items] | ||||
Target cash distribution, percent | 25.00% | 25.00% | ||
Target cash distribution (USD per share) | $ 0.75 | $ 0.75 | ||
Martin Midstream GP LLC | Target Level 4 | ||||
Limited Partners' Capital Account [Line Items] | ||||
Target cash distribution, percent | 50.00% | 50.00% |
Partners' Capital - Net Income
Partners' Capital - Net Income Per Unit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | ||||
Income from operations | $ (1,211) | $ 10,961 | $ 14,703 | $ 28,209 |
Less general partner’s interest in net income: | ||||
Less (income) loss allocable to unvested restricted units | 4 | (44) | (39) | (111) |
Limited partners' interest in net income (loss) | $ (5,076) | $ 6,804 | $ 6,584 | $ 19,747 |
Basic weighted average limited partner units outstanding (in shares) | 35,346,412 | 35,307,638 | 35,366,038 | 35,315,989 |
Dilutive effect of restricted units issued (in shares) | 0 | 68,499 | 13,880 | 56,115 |
Total weighted average limited partner diluted units outstanding (in shares) | 35,346,412 | 35,376,137 | 35,379,918 | 35,372,104 |
Continuing operations: | ||||
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | ||||
Income from operations | $ (1,211) | $ 10,961 | $ 14,703 | $ 26,994 |
Less general partner’s interest in net income: | ||||
Distributions payable on behalf of IDRs | 3,893 | 3,893 | 7,786 | 7,452 |
Distributions payable on behalf of general partner interest | 668 | 667 | 1,335 | 1,277 |
General partner interest in undistributed earnings | (692) | (447) | (1,041) | (737) |
Less (income) loss allocable to unvested restricted units | (4) | 44 | 39 | 106 |
Limited partners' interest in net income (loss) | (5,076) | 6,804 | 6,584 | 18,896 |
Discontinued operations: | ||||
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | ||||
Income from operations | 0 | 0 | 0 | 1,215 |
Less general partner’s interest in net income: | ||||
Distributions payable on behalf of IDRs | 0 | 0 | 0 | 335 |
Distributions payable on behalf of general partner interest | 0 | 0 | 0 | 58 |
General partner interest in undistributed earnings | 0 | 0 | 0 | (34) |
Less (income) loss allocable to unvested restricted units | 0 | 0 | 0 | 5 |
Limited partners' interest in net income (loss) | $ 0 | $ 0 | $ 0 | $ 851 |
Related Party Transactions - Ot
Related Party Transactions - Other Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||||
General partner interest percentage | 2.00% | 2.00% | |||
Note receivable - Martin Energy Trading LLC | $ 15,000 | $ 15,000 | $ 15,000 | ||
Martin Energy Trading LLC | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties, annual interest rate | 15.00% | ||||
Martin Energy Trading LLC | Interest expense | |||||
Related Party Transaction [Line Items] | |||||
Interest Income, Related Party | 561 | $ 561 | $ 1,122 | $ 1,116 | |
Martin Energy Trading LLC | Notes Receivable | |||||
Related Party Transaction [Line Items] | |||||
Note receivable - Martin Energy Trading LLC | $ 15,000 | $ 15,000 | |||
Martin Resource Management | |||||
Related Party Transaction [Line Items] | |||||
Number of shares owned (in shares) | 6,264,532 | 6,264,532 | |||
Ownership percentage | 17.70% | 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 (Details) - Omnibus Agreement - Martin Resource Management - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Related Party Transaction [Line Items] | ||||
Noncompete restriction threshold | $ 5,000,000 | $ 5,000,000 | ||
Noncompete restriction ownership option opportunity threshold minimum | 5,000,000 | 5,000,000 | ||
Noncompete restriction ownership option opportunity threshold minimum with equity limitation | $ 5,000,000 | $ 5,000,000 | ||
Equity limitation on ownership restriction percentage | 20.00% | 20.00% | ||
Approved annual reimbursements for indirect expenses | $ 13,033,000 | |||
Indirect expenses reimbursed | $ 3,257,000 | $ 3,419,000 | $ 6,516,000 | $ 6,839,000 |
Related Party Transactions - Mo
Related Party Transactions - Motor Carrier Agreement (Details) - Motor Carrier Agreement - Martin Resource Management | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transaction [Line Items] | |
Automatic consecutive term renewal period (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 | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transaction [Line Items] | |
Automatic consecutive term renewal period (in years) | 1 year |
Termination written notice, minimum (in days) | 60 days |
Related Party Transactions - 59
Related Party Transactions - Other Agreements (Details) - Martin Resource Management | 6 Months Ended |
Jun. 30, 2016bbl | |
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 (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Terminalling and storage | $ 20,590 | $ 23,061 | $ 41,548 | $ 43,535 |
Marine transportation | 6,036 | 6,622 | 12,447 | 13,367 |
Natural gas services | 129 | 0 | 442 | 0 |
Product sales: | ||||
Product Sales Related Party | 968 | 1,759 | 1,668 | 3,348 |
Cost of products sold: | ||||
Natural gas services | 4,498 | 6,810 | 7,883 | 13,728 |
Sulfur services | 3,810 | 3,618 | 7,622 | 7,242 |
Terminalling and storage | 4,081 | 5,632 | 7,466 | 11,034 |
Operating expenses: | ||||
Operating expenses | 18,088 | 18,915 | 35,445 | 39,315 |
Related Party | ||||
Product sales: | ||||
Product Sales Related Party | 968 | 1,759 | 1,668 | 3,348 |
Revenue from Related Parties | 27,723 | 31,442 | 56,105 | 60,250 |
Cost of products sold: | ||||
Natural gas services | 4,498 | 6,810 | 7,883 | 13,728 |
Sulfur services | 3,810 | 3,618 | 7,622 | 7,242 |
Cost of products sold | 12,389 | 16,060 | 22,971 | 32,004 |
Operating expenses: | ||||
Operating expenses | 18,088 | 18,915 | 35,445 | 39,315 |
Selling, general and administrative: | ||||
Selling, general and administrative | 6,911 | 5,849 | 12,343 | 11,843 |
Related Party | Terminalling and storage | ||||
Revenues: | ||||
Terminalling and storage | 20,590 | 23,061 | 41,548 | 43,535 |
Product sales: | ||||
Product Sales Related Party | 301 | 503 | 619 | 1,004 |
Cost of products sold: | ||||
Terminalling and storage | 4,081 | 5,632 | 7,466 | 11,034 |
Operating expenses: | ||||
Operating expenses | 6,893 | 6,849 | 13,367 | 14,863 |
Selling, general and administrative: | ||||
Selling, general and administrative | 666 | 542 | 1,307 | 1,149 |
Related Party | Marine transportation | ||||
Revenues: | ||||
Marine transportation | 6,036 | 6,622 | 12,447 | 13,367 |
Operating expenses: | ||||
Operating expenses | 7,232 | 8,038 | 14,647 | 16,598 |
Selling, general and administrative: | ||||
Selling, general and administrative | 5 | 8 | 13 | 16 |
Related Party | Natural gas services | ||||
Revenues: | ||||
Natural gas services | 442 | 0 | ||
Product sales: | ||||
Product Sales Related Party | 0 | 286 | 0 | 300 |
Operating expenses: | ||||
Operating expenses | 2,380 | 1,992 | 4,626 | 4,155 |
Selling, general and administrative: | ||||
Selling, general and administrative | 2,159 | 1,238 | 3,092 | 2,401 |
Related Party | Sulfur services | ||||
Product sales: | ||||
Product Sales Related Party | 667 | 970 | 1,049 | 2,044 |
Operating expenses: | ||||
Operating expenses | 1,583 | 2,036 | 2,805 | 3,699 |
Selling, general and administrative: | ||||
Selling, general and administrative | 824 | 642 | 1,411 | 1,438 |
Related Party | Indirect, including overhead allocation | ||||
Selling, general and administrative: | ||||
Selling, general and administrative | $ 3,257 | $ 3,419 | $ 6,520 | $ 6,839 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
State and Local Jurisdiction | Texas | ||||
Income Tax Contingency [Line Items] | ||||
State income taxes | $ 191 | $ 314 | $ 242 | $ 614 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)segment | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting [Abstract] | |||||
Number of Reportable Segments (in segments) | segment | 4 | ||||
Segment Reporting Information [Line Items] | |||||
Total revenue | $ 190,348 | $ 251,099 | $ 415,953 | $ 556,452 | |
Depreciation and amortization | 22,089 | 22,685 | 44,137 | 45,402 | |
Operating Income (Loss) after Eliminations | 10,256 | 19,630 | 34,594 | 44,332 | |
Capital Expenditures and Plant Turnaround Costs | 8,435 | 14,251 | 24,013 | 33,548 | |
Total assets: | |||||
Total assets | 1,341,732 | 1,341,732 | $ 1,380,473 | ||
Terminalling and storage | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 59,419 | 68,032 | 119,315 | 136,822 | |
Depreciation and amortization | 10,078 | 9,617 | 20,076 | 19,406 | |
Operating Income (Loss) after Eliminations | 7,675 | 5,298 | 14,025 | 12,985 | |
Capital Expenditures and Plant Turnaround Costs | 2,955 | 8,207 | 15,130 | 17,882 | |
Total assets: | |||||
Total assets | 414,988 | 414,988 | 417,202 | ||
Natural gas services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 74,302 | 114,350 | 181,490 | 277,140 | |
Depreciation and amortization | 6,983 | 8,373 | 13,957 | 16,775 | |
Operating Income (Loss) after Eliminations | 3,698 | 9,260 | 17,545 | 18,147 | |
Capital Expenditures and Plant Turnaround Costs | 1,640 | 5,395 | 3,153 | 14,109 | |
Total assets: | |||||
Total assets | 674,392 | 674,392 | 694,333 | ||
Sulfur services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 42,288 | 48,374 | 84,463 | 101,511 | |
Depreciation and amortization | 2,011 | 2,105 | 3,981 | 4,231 | |
Operating Income (Loss) after Eliminations | 10,286 | 7,144 | 18,471 | 15,266 | |
Capital Expenditures and Plant Turnaround Costs | 2,477 | 147 | 3,793 | 361 | |
Total assets: | |||||
Total assets | 129,399 | 129,399 | 134,108 | ||
Marine transportation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 14,339 | 20,343 | 30,685 | 40,979 | |
Depreciation and amortization | 3,017 | 2,590 | 6,123 | 4,990 | |
Operating Income (Loss) after Eliminations | (7,161) | 2,428 | (6,977) | 7,244 | |
Capital Expenditures and Plant Turnaround Costs | 1,363 | 502 | 1,937 | 1,196 | |
Total assets: | |||||
Total assets | 122,953 | 122,953 | $ 134,830 | ||
Operating segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 192,343 | 252,897 | 419,958 | 560,804 | |
Operating segments | Terminalling and storage | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 60,721 | 69,287 | 122,071 | 139,321 | |
Operating segments | Natural gas services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 74,302 | 114,350 | 181,490 | 277,140 | |
Operating segments | Sulfur services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 42,288 | 48,374 | 84,463 | 101,511 | |
Operating segments | Marine transportation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 15,032 | 20,886 | 31,934 | 42,832 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | (1,995) | (1,798) | (4,005) | (4,352) | |
Intersegment Eliminations | Terminalling and storage | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | (1,302) | (1,255) | (2,756) | (2,499) | |
Intersegment Eliminations | Natural gas services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Intersegment Eliminations | Sulfur services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Intersegment Eliminations | Marine transportation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | (693) | (543) | (1,249) | (1,853) | |
Indirect selling, general, and administrative | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Operating Income (Loss) after Eliminations | (4,242) | (4,500) | (8,470) | (9,310) | |
Capital Expenditures and Plant Turnaround Costs | $ 0 | $ 0 | $ 0 | $ 0 |
Unit Based Awards - Schedule of
Unit Based Awards - Schedule of Compensation Costs (Details) - Selling, General and Administrative Expenses - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unit-based compensation expense | $ 264 | $ 351 | $ 486 | $ 750 |
Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unit-based compensation expense | 209 | 341 | 410 | 652 |
Non-employee directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unit-based compensation expense | $ 55 | $ 10 | $ 76 | $ 98 |
Unit Based Awards - Narrative (
Unit Based Awards - Narrative (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($)plan_componentshares | Jun. 30, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of plan components (in plan components) | plan_component | 2 | |
Number of shares authorized (in shares) | 725,000 | |
General partner capital contributions | $ | $ 55 | |
General partner interest percentage | 2.00% | 2.00% |
Restricted Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized (in shares) | 241,667 | |
Unrecognized compensation cost related to non-vested restricted units | $ | $ 1,668 | |
Weighted average period for recognition (in years) | 1 year 11 months 4 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 (in shares) | 483,333 |
Unit Based Awards - Restricted
Unit Based Awards - Restricted Unit Activity (Details) - Restricted Units $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Number of Units | |
Non-vested, beginning of period, Number of Units (in shares) | shares | 150,474 |
Granted, Number of Units (in shares) | shares | 13,800 |
Vested, Number of Units (in shares) | shares | (55,474) |
Forfeited, Number of Units (in shares) | shares | (250) |
Non-vested, end of period, Number of Units (in shares) | shares | 108,550 |
Weighted Average Grant-Date Fair Value Per Unit | |
Non-vested, beginning of period, Weighted Average Grant-Date Fair Value Per Unit (USD per share) | $ / shares | $ 29.15 |
Granted, Weighted Average Grant-Date Fair Value Per Unit (USD per share) | $ / shares | 15.13 |
Vested, Weighted Average Grant-Date Fair Value Per Unit (USD per share) | $ / shares | 30.68 |
Forfeited, Weighted Average Grant-Date Fair Value Per Unit (USD per share) | $ / shares | 28.50 |
Non-vested, end of period, Weighted Average Grant-Date Fair Value Per Unit (USD per share) | $ / shares | $ 27.60 |
Aggregate intrinsic value, end of period | $ | $ 2,508 |
Unit Based Awards - Intrinsic a
Unit Based Awards - Intrinsic and Fair Value (Details) - Restricted Units - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value of units vested | $ 0 | $ 0 | $ 1,183 | $ 110 |
Fair value of units vested | $ 0 | $ 0 | $ 1,685 | $ 113 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Dec. 31, 2015lawsuit | Oct. 02, 2012USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) |
Martin Resource Management | ||||||
Loss Contingencies [Line Items] | ||||||
Quarterly purchase price reimbursement for non compliance | $ 750,000 | $ 1,125,000 | $ 750,000 | $ 1,875,000 | $ 750,000 | |
Maximum purchase price reimbursement for non compliance | $ 4,500,000 | |||||
Lubricants Packaging Business for Defense and Indemnity | ||||||
Loss Contingencies [Line Items] | ||||||
Number of lawsuits filed (in lawsuits) | lawsuit | 5 |
Impairment and other charges (D
Impairment and other charges (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($)bargepush_boat | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Goodwill [Line Items] | |||||
Loss on impairment of goodwill | $ 4,145,000 | $ 0 | $ 4,145,000 | $ 0 | |
Marine transportation | |||||
Goodwill [Line Items] | |||||
Loss on impairment of goodwill | $ 4,145,000 | $ 0 | $ 0 | ||
Reporting unit, percentage of fair value in excess of carrying amount | 41.00% | ||||
Number of Inland Tank Barges Disposed Of | barge | 8 | ||||
Number of Inland Push Boats Disposed Of | push_boat | 2 | ||||
Gain (Loss) on Disposition of Assets | $ 1,567,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 21, 2016 | Jun. 30, 2016 | Jun. 30, 2015 |
Subsequent Event [Line Items] | |||
Distribution to general partner | $ 66,722 | $ 66,577 | |
General Partner | |||
Subsequent Event [Line Items] | |||
Distribution to general partner | $ 9,119 | $ 8,965 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividends declared (USD per share) | $ 0.8125 | ||
Estimated annualized dividends (USD per share) | $ 3.25 | ||
Subsequent Event | General Partner | |||
Subsequent Event [Line Items] | |||
Distribution to general partner | $ 4,561 | ||
Base general partner distribution | 668 | ||
Incentive distribution | $ 3,893 |