Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 19, 2019 | Jun. 30, 2018 | |
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 | Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 39,049,181 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 454,540,329 | ||
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash | $ 237 | $ 27 |
Trade and accrued accounts receivable, less allowance for doubtful accounts of $291 and $314, respectively | 79,031 | 107,242 |
Product exchange receivables | 166 | 29 |
Inventories (Note 7) | 85,068 | 97,252 |
Due from affiliates | 18,609 | 23,668 |
Fair value of derivatives (Note 13) | 4 | 0 |
Other current assets | 5,275 | 4,866 |
Assets held for sale (Note 5) | 5,652 | 9,579 |
Total current assets | 194,042 | 242,663 |
Property, plant and equipment, at cost (Note 8) | 1,264,730 | 1,253,065 |
Accumulated depreciation | (466,381) | (421,137) |
Property, plant and equipment, net | 798,349 | 831,928 |
Goodwill (Note 9) | 17,296 | 17,296 |
Investment in WTLPG (Note 11) | 0 | 128,810 |
Intangibles and other assets, net (Note 15) | 23,711 | 32,801 |
Total assets | 1,033,398 | 1,253,498 |
Liabilities and Partners’ Capital | ||
Trade and other accounts payable | 63,157 | 92,567 |
Product exchange payables | 13,237 | 11,751 |
Due to affiliates | 2,459 | 3,168 |
Income taxes payable | 445 | 510 |
Fair value of derivatives (Note 13) | 0 | 72 |
Other accrued liabilities (Note 15) | 22,215 | 26,340 |
Total current liabilities | 101,513 | 134,408 |
Long-term debt, net (Note 16) | 656,459 | 812,632 |
Other long-term obligations | 10,714 | 8,217 |
Total liabilities | 768,686 | 955,257 |
Commitments and contingencies (Note 22) | ||
Partners’ capital (Note 17) | 264,712 | 298,241 |
Total partners’ capital | 264,712 | 298,241 |
Total liabilities and partners' capital | $ 1,033,398 | $ 1,253,498 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Doubtful accounts for accounts and other receivables | $ 291 | $ 314 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Revenues: | ||||
Total revenues | $ 972,655,000 | $ 946,116,000 | $ 827,391,000 | |
Cost of products sold: (excluding depreciation and amortization) | ||||
Total cost of products sold (excluding depreciation and amortization) | 684,610,000 | 620,277,000 | 478,193,000 | |
Expenses: | ||||
Operating expenses | [1] | 128,337,000 | 140,177,000 | 152,325,000 |
Selling, general and administrative | [1] | 37,677,000 | 38,764,000 | 34,320,000 |
Impairment of long-lived assets | 0 | 2,225,000 | 26,953,000 | |
Impairment of goodwill | 0 | 0 | 4,145,000 | |
Depreciation and amortization | 76,866,000 | 85,195,000 | 92,132,000 | |
Total costs and expenses | 927,490,000 | 886,638,000 | 788,068,000 | |
Other operating income (loss), net | (379,000) | 523,000 | 33,400,000 | |
Operating income | 44,786,000 | 60,001,000 | 72,723,000 | |
Other income (expense): | ||||
Interest expense, net | (52,037,000) | (47,743,000) | (46,100,000) | |
Other, net | 25,000 | 1,101,000 | 1,106,000 | |
Total other income (expense) | (52,012,000) | (46,642,000) | (44,994,000) | |
Net income (loss) before taxes | (7,226,000) | 13,359,000 | 27,729,000 | |
Income tax expense | (369,000) | (352,000) | (726,000) | |
Income (loss) from continuing operations | (7,595,000) | 13,007,000 | 27,003,000 | |
Income from discontinued operations, net of income taxes | 51,700,000 | 4,128,000 | 4,649,000 | |
Net income | 44,105,000 | 17,135,000 | 31,652,000 | |
Less general partner's interest in net income | (882,000) | (343,000) | (8,419,000) | |
Less income allocable to unvested restricted units | (28,000) | (42,000) | (90,000) | |
Limited partner's interest in net income | 43,195,000 | 16,750,000 | 23,143,000 | |
Throughput and storage | ||||
Revenues: | ||||
Total revenues | [1] | 96,287,000 | 99,705,000 | 123,132,000 |
Marine transportation | ||||
Revenues: | ||||
Total revenues | [1] | 50,370,000 | 48,579,000 | 58,290,000 |
Natural gas storage | ||||
Revenues: | ||||
Total revenues | [1] | 52,109,000 | 58,817,000 | 61,133,000 |
Sulfur services | ||||
Revenues: | ||||
Total revenues | 11,148,000 | 10,952,000 | 10,800,000 | |
Product | ||||
Revenues: | ||||
Total revenues | [1] | 762,741,000 | 728,063,000 | 574,036,000 |
Natural gas services | ||||
Revenues: | ||||
Total revenues | [1] | 496,026,000 | 473,865,000 | 330,200,000 |
Cost of products sold: (excluding depreciation and amortization) | ||||
Total cost of products sold (excluding depreciation and amortization) | [1] | 463,939,000 | 421,444,000 | 289,516,000 |
Sulfur services | ||||
Revenues: | ||||
Total revenues | [1] | 121,388,000 | 123,732,000 | 130,258,000 |
Cost of products sold: (excluding depreciation and amortization) | ||||
Total cost of products sold (excluding depreciation and amortization) | [1] | 90,418,000 | 82,338,000 | 87,963,000 |
Terminalling and storage | ||||
Revenues: | ||||
Total revenues | [1] | 145,327,000 | 130,466,000 | 113,578,000 |
Cost of products sold: (excluding depreciation and amortization) | ||||
Total cost of products sold (excluding depreciation and amortization) | [1] | $ 130,253,000 | $ 116,495,000 | $ 100,714,000 |
[1] | *Related Party Transactions Included Above Year Ended December 31, 2018 2017 2016 Revenues: Terminalling and storage $ 79,219 $ 82,205 $ 82,437 Marine transportation 15,442 16,801 21,767 Natural gas services — 122 699 Product sales 1,407 3,578 3,034 Costs and expenses: Cost of products sold: (excluding depreciation and amortization) Natural gas services 14,816 18,946 22,886 Sulfur services 17,418 15,564 15,339 Terminalling and storage 28,304 17,612 13,838 Expenses: Operating expenses 55,528 64,344 70,841 Selling, general and administrative 28,246 29,416 25,890 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS - (Allocation of Net Income) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Limited partner interest: | |||
Continuing operations | $ (7,438) | $ 12,715 | $ 19,744 |
Discontinued operations | 50,633 | 4,035 | 3,399 |
Limited partner's interest in net income | 43,195 | 16,750 | 23,143 |
General partner interest: | |||
Continuing operations | (152) | 260 | 7,182 |
Discontinued operations | 1,034 | 83 | 1,237 |
Net income allocated to general partners | $ 882 | $ 343 | $ 8,419 |
Basic: | |||
Continuing operations (in dollars per share) | $ (0.19) | $ 0.33 | $ 0.55 |
Discontinued operations (in dollars per share) | 1.30 | 0.11 | 0.10 |
Net Income, Basic (in dollars per share) | $ 1.11 | $ 0.44 | $ 0.65 |
Weighted average limited partner units - basic (in shares) | 38,907,000 | 38,101,583 | 35,347,032 |
Diluted: | |||
Continuing operations (in dollars per share) | $ (0.19) | $ 0.33 | $ 0.55 |
Discontinued operations (in dollars per share) | 1.30 | 0.11 | 0.10 |
Net Income, Diluted (in dollars per share) | $ 1.11 | $ 0.44 | $ 0.65 |
Weighted average limited partner units - diluted (in shares) | 38,922,678 | 38,164,901 | 35,375,263 |
CONSOLIDATED STATEMENTS OF OP_3
CONSOLIDATED STATEMENTS OF OPERATIONS - (Related Party Transactions) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Revenues: | ||||
Revenues | $ 972,655 | $ 946,116 | $ 827,391 | |
Cost of products sold: (excluding depreciation and amortization) | ||||
Cost of products sold | 684,610 | 620,277 | 478,193 | |
Expenses: | ||||
Operating expenses | 55,528 | 64,344 | 70,841 | |
Selling, general and administrative | 28,246 | 29,416 | 25,890 | |
Throughput and storage | ||||
Revenues: | ||||
Revenues | [1] | 96,287 | 99,705 | 123,132 |
Marine transportation | ||||
Revenues: | ||||
Revenues | [1] | 50,370 | 48,579 | 58,290 |
Natural gas storage | ||||
Revenues: | ||||
Revenues | [1] | 52,109 | 58,817 | 61,133 |
Product | ||||
Revenues: | ||||
Revenues | [1] | 762,741 | 728,063 | 574,036 |
Natural gas services | ||||
Revenues: | ||||
Revenues | [1] | 496,026 | 473,865 | 330,200 |
Cost of products sold: (excluding depreciation and amortization) | ||||
Cost of products sold | [1] | 463,939 | 421,444 | 289,516 |
Sulfur services | ||||
Revenues: | ||||
Revenues | [1] | 121,388 | 123,732 | 130,258 |
Cost of products sold: (excluding depreciation and amortization) | ||||
Cost of products sold | [1] | 90,418 | 82,338 | 87,963 |
Terminalling and storage | ||||
Revenues: | ||||
Revenues | [1] | 145,327 | 130,466 | 113,578 |
Cost of products sold: (excluding depreciation and amortization) | ||||
Cost of products sold | [1] | 130,253 | 116,495 | 100,714 |
Related Party | ||||
Expenses: | ||||
Operating expenses | 55,528 | 64,344 | 70,841 | |
Related Party | Throughput and storage | ||||
Revenues: | ||||
Revenues | 79,219 | 82,205 | 82,437 | |
Related Party | Marine transportation | ||||
Revenues: | ||||
Revenues | 15,442 | 16,801 | 21,767 | |
Related Party | Natural gas storage | ||||
Revenues: | ||||
Revenues | 0 | 122 | 699 | |
Related Party | Product | ||||
Revenues: | ||||
Revenues | 1,407 | 3,578 | 3,034 | |
Related Party | Natural gas services | ||||
Cost of products sold: (excluding depreciation and amortization) | ||||
Cost of products sold | 14,816 | 18,946 | 22,886 | |
Related Party | Sulfur services | ||||
Cost of products sold: (excluding depreciation and amortization) | ||||
Cost of products sold | 17,418 | 15,564 | 15,339 | |
Related Party | Terminalling and storage | ||||
Cost of products sold: (excluding depreciation and amortization) | ||||
Cost of products sold | $ 28,304 | $ 17,612 | $ 13,838 | |
[1] | *Related Party Transactions Included Above Year Ended December 31, 2018 2017 2016 Revenues: Terminalling and storage $ 79,219 $ 82,205 $ 82,437 Marine transportation 15,442 16,801 21,767 Natural gas services — 122 699 Product sales 1,407 3,578 3,034 Costs and expenses: Cost of products sold: (excluding depreciation and amortization) Natural gas services 14,816 18,946 22,886 Sulfur services 17,418 15,564 15,339 Terminalling and storage 28,304 17,612 13,838 Expenses: Operating expenses 55,528 64,344 70,841 Selling, general and administrative 28,246 29,416 25,890 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning balance | $ 298,241 | $ 312,006 | $ 298,241 | $ 312,006 | $ 393,879 | ||
Net income | $ (913) | $ 12,818 | $ 18,849 | $ 13,583 | 44,105 | 17,135 | 31,652 |
Issuance of common units, net | (118) | 51,056 | (29) | ||||
Issuance of time-based restricted units | 0 | 0 | |||||
Forfeiture of restricted units | 0 | 0 | 0 | ||||
General partner contribution | 1,098 | ||||||
Cash distributions | (78,441) | (76,938) | (118,178) | ||||
Reimbursement of excess purchase price over carrying value of acquired assets | 1,125 | 4,125 | |||||
Excess purchase price over carrying value of acquired assets | (26) | (7,887) | |||||
Unit-based compensation | 1,224 | 650 | 904 | ||||
Purchase of treasury units | (273) | (4) | (347) | ||||
Ending balance | $ 264,712 | $ 298,241 | $ 264,712 | $ 298,241 | $ 312,006 | ||
Common | Common | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning balance (in shares) | 38,444,612 | 35,452,062 | 38,444,612 | 35,452,062 | 35,456,612 | ||
Beginning balance | $ 290,927 | $ 304,594 | $ 290,927 | $ 304,594 | $ 380,845 | ||
Net income | 43,223 | $ 16,792 | 23,233 | ||||
Issuance of common units, net (in shares) | 2,990,000 | ||||||
Issuance of common units, net | $ (118) | $ 51,056 | $ (29) | ||||
Issuance of time-based restricted units (in shares) | 12,000 | 13,800 | |||||
Forfeiture of restricted units (in shares) | (27,000) | (9,250) | (2,250) | ||||
Cash distributions | $ (76,872) | $ (75,399) | $ (104,137) | ||||
Reimbursement of excess purchase price over carrying value of acquired assets | 1,125 | 4,125 | |||||
Excess purchase price over carrying value of acquired assets | (26) | (7,887) | |||||
Unit-based compensation | $ 1,224 | $ 650 | $ 904 | ||||
Purchase of treasury units (in shares) | (18,800) | (200) | (16,100) | ||||
Purchase of treasury units | $ (273) | $ (4) | $ (347) | ||||
Ending balance (in shares) | 39,032,237 | 38,444,612 | 39,032,237 | 38,444,612 | 35,452,062 | ||
Ending balance | $ 258,085 | $ 290,927 | $ 258,085 | $ 290,927 | $ 304,594 | ||
General Partner | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning balance | $ 7,314 | $ 7,412 | 7,314 | 7,412 | 13,034 | ||
Net income | 882 | 343 | 8,419 | ||||
General partner contribution | 1,098 | ||||||
Cash distributions | (1,569) | (1,539) | (14,041) | ||||
Ending balance | $ 6,627 | $ 7,314 | 6,627 | $ 7,314 | $ 7,412 | ||
Time Based Restricted Units | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of time-based restricted units | $ 0 | ||||||
Time Based Restricted Units | Common | Common | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of time-based restricted units (in shares) | 315,500 | ||||||
Performance Based Restricted Units | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of time-based restricted units | $ 0 | ||||||
Performance Based Restricted Units | Common | Common | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of time-based restricted units (in shares) | 317,925 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 44,105,000 | $ 17,135,000 | $ 31,652,000 |
Less: Income from discontinued operations | (51,700,000) | (4,128,000) | (4,649,000) |
Net income (loss) from continuing operations | (7,595,000) | 13,007,000 | 27,003,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 76,866,000 | 85,195,000 | 92,132,000 |
Amortization and write-off of deferred debt issue costs | 3,445,000 | 2,897,000 | 3,684,000 |
Amortization of premium on notes payable | (306,000) | (306,000) | (306,000) |
(Gain) loss on disposition or sale of property, plant, and equipment | 379,000 | (523,000) | (33,400,000) |
Impairment of long-lived assets | 0 | 2,225,000 | 26,953,000 |
Impairment of goodwill | 0 | 0 | 4,145,000 |
Derivative (income) loss | (14,024,000) | 1,304,000 | 4,133,000 |
Net cash (paid) received for commodity derivatives | 13,948,000 | (5,136,000) | (550,000) |
Net cash received for interest rate derivatives | 0 | 0 | 160,000 |
Net premiums received on derivatives that settled during the year on interest rate swaption contracts | 0 | 0 | 630,000 |
Unit-based compensation | 1,224,000 | 650,000 | 904,000 |
Change in current assets and liabilities, excluding effects of acquisitions and dispositions: | |||
Accounts and other receivables | 28,440,000 | (26,739,000) | (6,153,000) |
Product exchange receivables | (137,000) | 178,000 | 843,000 |
Inventories | 11,844,000 | (14,656,000) | (6,761,000) |
Due from affiliates | 5,059,000 | (12,096,000) | (1,441,000) |
Other current assets | 1,178,000 | (1,699,000) | 2,478,000 |
Trade and other accounts payable | (27,478,000) | 20,037,000 | 3,254,000 |
Product exchange payables | 1,486,000 | 4,391,000 | (5,372,000) |
Due to affiliates | (709,000) | (5,306,000) | 2,736,000 |
Income taxes payable | (65,000) | (360,000) | (115,000) |
Other accrued liabilities | (6,415,000) | (3,187,000) | 686,000 |
Change in other non-current assets and liabilities | 332,000 | 2,416,000 | (12,230,000) |
Net cash provided by continuing operating activities | 87,472,000 | 62,292,000 | 103,413,000 |
Net cash provided by discontinued operating activities | 3,254,000 | 5,214,000 | 7,435,000 |
Net cash provided by operating activities | 90,726,000 | 67,506,000 | 110,848,000 |
Cash flows from investing activities: | |||
Payments for property, plant, and equipment | (37,090,000) | (39,749,000) | (40,455,000) |
Acquisitions, net of cash acquired | 0 | (19,533,000) | (2,150,000) |
Payments for plant turnaround costs | (1,893,000) | (1,583,000) | (2,061,000) |
Proceeds from sale of property, plant, and equipment | 9,381,000 | 8,377,000 | 108,505,000 |
Proceeds from repayment of Note receivable - affiliate | 0 | 15,000,000 | 0 |
Net cash provided by (used in) continuing investing activities | (29,602,000) | (37,488,000) | 63,839,000 |
Net cash provided by (used in) discontinued investing activities | 177,256,000 | (390,000) | 0 |
Net cash provided by (used in) investing activities | 147,654,000 | (37,878,000) | 63,839,000 |
Cash flows from financing activities: | |||
Payments of long-term debt | (557,000,000) | (339,000,000) | (386,700,000) |
Proceeds from long-term debt | 399,000,000 | 341,000,000 | 331,700,000 |
Net proceeds from issuance of common units | (118,000) | 51,056,000 | (29,000) |
General partner contributions | 0 | 1,098,000 | 0 |
Excess purchase price over carrying value of acquired assets | (26,000) | (7,887,000) | 0 |
Reimbursement of excess purchase price over carrying value of acquired assets | 0 | 1,125,000 | 4,125,000 |
Purchase of treasury units | (273,000) | (4,000) | (347,000) |
Payments of debt issuance costs | (1,312,000) | (66,000) | (5,274,000) |
Cash distributions paid | (78,441,000) | (76,938,000) | (118,178,000) |
Net cash used in financing activities | (238,170,000) | (29,616,000) | (174,703,000) |
Net increase (decrease) in cash | 210,000 | 12,000 | (16,000) |
Cash at beginning of year | 27,000 | 15,000 | 31,000 |
Cash at end of year | $ 237,000 | $ 27,000 | $ 15,000 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | ORGANIZATION AND DESCRIPTION OF BUSINESS Martin Midstream Partners L.P. (the "Partnership") is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States ("U.S.") Gulf Coast region. Its four primary business lines include: terminalling and storage services for petroleum products and by-products including the refining of naphthenic crude oil and the blending and packaging of finished lubricants; natural gas services, including liquids transportation and distribution services and natural gas storage; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marine transportation services for petroleum products and by-products. The petroleum products and by-products the Partnership collects, transports, stores and distributes are produced primarily by major and independent oil and gas companies who often turn to third parties, such as the Partnership, for the transportation and disposition of these products. In addition to these major and independent oil and gas companies, the Partnership's primary customers include independent refiners, large chemical companies, fertilizer manufacturers and other wholesale purchasers of these products. The Partnership operates primarily in the U.S. Gulf Coast region, which is a major hub for petroleum refining, natural gas gathering and processing and support services for the oil and gas exploration and production industry. On August 30, 2013, Martin Resource Management completed the sale of a 49% non-controlling voting interest ( 50% economic interest) in MMGP Holdings, LLC ("Holdings"), a newly-formed sole member of Martin Midstream GP LLC ("MMGP"), the general partner of the Partnership, to certain affiliated investment funds managed by Alinda Capital Partners ("Alinda"). Upon closing the transaction, Alinda appointed two |
Significant Accounting Policies
Significant Accounting Policies and Practices | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Practices | SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES (a) Principles of Presentation and Consolidation The consolidated financial statements include the financial statements of the Partnership and its wholly-owned subsidiaries and equity method investees. In the opinion of the management of the Partnership’s general partner, all adjustments and elimination of significant intercompany balances necessary for a fair presentation of the Partnership’s results of operations, financial position and cash flows for the periods shown have been made. All such adjustments are of a normal recurring nature. In addition, the Partnership evaluates its relationships with other entities to identify whether they are variable interest entities under certain provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), 810-10 and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Partnership is the primary beneficiary, then that entity is included in the consolidated financial statements in accordance with ASC 810-10. No such variable interest entities exist as of December 31, 2018 or 2017 . Divestiture of WTLPG Partnership Interest. On July 31, 2018, the Partnership completed the sale of its 20 percent non-operating interest in West Texas LPG Pipeline L.P. ("WTLPG") to ONEOK, Inc. (“ONEOK”). WTLPG owns an approximate 2,300 mile common-carrier pipeline system that primarily transports NGLs from New Mexico and Texas to Mont Belvieu, Texas for fractionation. A wholly-owned subsidiary of ONEOK, Inc. is the operator of the assets. The Partnership has concluded the disposition represents a strategic shift and will have a major effect on its financial results going forward. As a result, the Partnership has presented the results of operations and cash flows relating to its equity method investment in WTLPG as discontinued operations for the years ended December 31, 2018, 2017, and 2016. See Note 5 for more information. Correction of Immaterial Error. The year to date amounts for 2017 and 2016 have been revised to reflect a reclassification in the presentation of certain expenses associated with the manufacturing and shipping of product related to a location in the Partnership's Terminalling and Storage operating segment. The reclassification resulted in a decrease in operating expenses from $146,874 to $140,177 and an increase in cost of products sold from $613,580 to $620,277 for the year ended December 31, 2017, and a decrease in operating expenses from $158,864 to $152,325 and an increase in cost of products sold from $471,654 to $478,193 for the year ended December 31, 2016. (b) Product Exchanges The Partnership enters into product exchange agreements with third parties, whereby the Partnership agrees to exchange natural gas liquids ("NGLs") and sulfur with third parties. The Partnership records the balance of exchange products due to other companies under these agreements at quoted market product prices and the balance of exchange products due from other companies at the lower of cost or market. Cost is determined using the first-in, first-out ("FIFO") method. Product exchanges with the same counterparty are entered into in contemplation of one another and are combined. The net amount related to location differentials is reported in "Product sales" or "Cost of products sold" in the Consolidated Statements of Operations. (c) Inventories Inventories are stated at the lower of cost or market. Cost is generally determined by using the FIFO method for all inventories except lubricants and lubricants packaging inventories. Lubricants and lubricants packaging inventories cost is determined using standard cost, which approximates actual cost, computed on a FIFO basis. (d) Revenue Recognition Terminalling and Storage – Revenue is recognized for storage contracts based on the contracted monthly tank fixed fee. For throughput contracts, revenue is recognized based on the volume moved through the Partnership’s terminals at the contracted rate. For the Partnership’s tolling agreement, revenue is recognized based on the contracted monthly reservation fee and throughput volumes moved through the facility. When lubricants and drilling fluids are sold by truck or rail, revenue is recognized upon delivering product to the customers as title to the product transfers when the customer physically receives the product. Delivery of product is invoiced as the transaction occurs and are generally paid within a month. Natural Gas Services – NGL distribution revenue is recognized when product is delivered by truck, rail, or pipeline to the Partnership's NGL customers. Revenue is recognized on title transfer of the product to the customer. Delivery of product is invoiced as the transaction occurs and are generally paid within a month. Natural gas storage revenue is recognized when the service is provided to the customer. The performance of the service is invoiced as the transaction occurs and are generally paid within a month. Sulfur Services – Revenue from sulfur product sales is recognized when the customer takes title to the product. Delivery of product is invoiced as the transaction occurs and are generally paid within a month. Revenue from sulfur services is recognized as deliveries are made during each monthly period. The performance of the service is invoiced as the transaction occurs and are generally paid within a month. Marine Transportation – Revenue is recognized for time charters based on a per day rate. For contracted trips, revenue is recognized upon completion of the particular trip. The performance of the service is invoiced as the transaction occurs and are generally paid within a month. (e) Equity Method Investments The Partnership uses the equity method of accounting for investments in unconsolidated entities where the ability to exercise significant influence over such entities exists. Investments in unconsolidated entities consist of capital contributions and advances plus the Partnership’s share of accumulated earnings as of the entities’ latest fiscal year-ends, less capital withdrawals and distributions. Equity method investments are subject to impairment under the provisions of ASC 323-10, which relates to the equity method of accounting for investments in common stock. No portion of the net income from these entities is included in the Partnership’s operating income. (f) Property, Plant, and Equipment Owned property, plant, and equipment is stated at cost, less accumulated depreciation. Owned buildings and equipment are depreciated using straight-line method over the estimated lives of the respective assets. Equipment under capital leases is stated at the present value of minimum lease payments less accumulated amortization. Equipment under capital leases is amortized on a straight line basis over the estimated useful life of the asset. Routine maintenance and repairs are charged to expense while costs of betterments and renewals are capitalized. When an asset is retired or sold, its cost and related accumulated depreciation are removed from the accounts, and the difference between net book value of the asset and proceeds from disposition is recognized as gain or loss. (g) Goodwill and Other Intangible Assets Goodwill is subject to a fair-value based impairment test on an annual basis, or more often if events or circumstances indicate there may be impairment. The Partnership is required to identify its reporting units and determine the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets. The Partnership is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Partnership will record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. When assessing the recoverability of goodwill and other intangible assets, the Partnership may first assess qualitative factors in determining whether it is more likely than not that the fair value of a reporting unit or other intangible asset is less than its carrying amount. After assessing qualitative factors, if the Partnership determines that it is not more likely than not that the fair value of a reporting unit or other intangible asset is less than its carrying amount, then performing a quantitative assessment is not required. If an initial qualitative assessment indicates that it is more likely than not the carrying amount exceeds the fair value of a reporting unit or other intangible asset, a quantitative analysis will be performed. The Partnership may also elect to bypass the qualitative assessment and proceed directly to a quantitative analysis depending on the facts and circumstances. Of the Partnership's four reporting units, the terminalling and storage, natural gas services, and sulfur services reporting units contain goodwill. No goodwill impairment was recorded for the year ended December 31, 2018 or 2017. During the second quarter of 2016, the Partnership experienced an impairment of all the goodwill in the Partnership's marine transportation reporting unit. In performing a quantitative analysis, recoverability of goodwill for each reporting unit is measured using a weighting of the discounted cash flow method and two market approaches (the guideline public company method and the guideline transaction method). The discounted cash flow model incorporates discount rates commensurate with the risks involved. Use of a discounted cash flow model is common practice in assessing impairment in the absence of available transactional market evidence to determine the fair value. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. Discount rates are determined by using a weighted average cost of capital ("WACC"). The WACC considers market and industry data as well as company-specific risk factors for each reporting unit in determining the appropriate discount rate to be used. The discount rate utilized for each reporting unit is indicative of the return an investor would expect to receive for investing in such a business. Management, considering industry and company specific historical and projected data, develops growth rates and cash flow projections for each reporting unit. Terminal value rate determination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant WACC and low long-term growth rates. If the calculated fair value is less than the current carrying amount, the Partnership will record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. Significant changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit which could give rise to future impairment. Changes to these estimates and assumptions can include, but may not be limited to, varying commodity prices, volume changes and operating costs due to market conditions and/or alternative providers of services. Other intangible assets that have finite lives are tested for impairment when events or circumstances indicate that the carrying value may not be recoverable. An impairment is indicated if the carrying amount of a long-lived intangible asset exceeds the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the asset. If impairment is indicated, the Partnership would record an impairment loss equal to the difference between the carrying value and the fair value of the asset. There were no intangible asset impairments in 2018, 2017 or 2016. (h) Debt Issuance Costs Debt issuance costs relating to the Partnership’s revolving credit facility and senior unsecured notes are deferred and amortized over the terms of the debt arrangements and are shown, net of accumulated amortization, as a reduction of the related long-term debt. In connection with the issuance, amendment, expansion and restatement of debt arrangements, the Partnership incurred debt issuance costs of $1,312 , $66 and $5,274 in the years ended December 31, 2018 , 2017 and 2016 , respectively. During 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. Remaining unamortized deferred issuance costs are amortized over the term of each respective revised debt arrangement. Amortization and write-off of debt issuance costs, which is included in interest expense, totaled $3,445 , $2,897 and $3,684 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Accumulated amortization amounted to $20,607 and $17,162 at December 31, 2018 and 2017 , respectively. (i) Impairment of Long-Lived Assets In accordance with ASC 360-10, long-lived assets, such as property, plant and equipment, and intangible assets with definite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell and would no longer be depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. In the fourth quarter of 2017, the Partnership identified a triggering event related to the planned disposition of certain assets that were no longer deemed core assets in the Partnership's Marine Transportation business. The triggering event was the assets' inability to generate cash flows in recent quarters and going forward. As a result, an impairment charge of $1,625 was recorded in the Marine Transportation segment results of operations in the fourth quarter of 2017. Additionally, the Partnership recorded an adjustment to the fair value less cost to sell of a certain asset classified as held for sale in the Martin Lubricants division of the Terminalling and Storage segment. As a result, an impairment charge of $600 was recorded in the Terminalling and Storage segment results of operations in the fourth quarter of 2017. On August 25, 2017, Hurricane Harvey made landfall as a Category 4 hurricane. The storm lingered over Texas and Louisiana for days producing over 50 inches of rain in some areas, resulting in widespread flooding and damage. The Partnership experienced an impact from Hurricane Harvey in our Terminalling and Storage and Sulfur Services segments, where damages were suffered to the Partnership's property, plant, and equipment at its Neches, Stanolind, Galveston, and Harbor Island terminals located along the Texas gulf coast. The damage incurred did not exceed the insurance deductible at these locations and therefore the Partnership does not expect to receive any insurance proceeds resulting from the damage from Hurricane Harvey. In the third quarter of 2017, the Partnership recorded a write-off in the amount of $186 related to assets damaged. In the fourth quarter of 2016, the Partnership identified a triggering event related to certain organic growth projects in the Smackover Refinery and Specialty Terminals divisions of the Partnership's Terminalling and Storage segment. These triggering events were the decision to not move forward with certain expansion projects due to the evaporation of the economic viability of the projects. Additionally, a triggering event was identified related to the planned disposition of certain assets that were no longer deemed core assets to the Partnership's Martin Lubricants division. As a result, an impairment charge of $15,252 was recorded in the Terminalling and Storage segment results of operations for the year ended December 31, 2016. Also, in the fourth quarter of 2016, the Partnership identified a triggering event related to the planned disposition of certain assets that were no longer deemed core assets in the Partnership's Marine Transportation business. The triggering event was the assets' inability to generate cash flows in recent quarters and going forward. As a result, an impairment charge of $11,701 was recorded in the Marine Transportation segment results of operations in the fourth quarter of 2016. (j) Asset Retirement Obligations Under ASC 410-20, which relates to accounting requirements for costs associated with legal obligations to retire tangible, long-lived assets, the Partnership records an asset retirement obligation ("ARO") at fair value in the period in which it is incurred by increasing the carrying amount of the related long-lived asset. In each subsequent period, the liability is accreted over time towards the ultimate obligation amount and the capitalized costs are depreciated over the useful life of the related asset. (k) Derivative Instruments and Hedging Activities In accordance with certain provisions of ASC 815-10 related to accounting for derivative instruments and hedging activities, all derivatives and hedging instruments are included in the Consolidated Balance Sheets as an asset or liability measured at fair value and changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. If a derivative qualifies for hedge accounting, changes in the fair value can be offset against the change in the fair value of the hedged item through earnings or recognized in other comprehensive income until such time as the hedged item is recognized in earnings. Derivative instruments not designated as hedges are marked to market with all market value adjustments being recorded in the Consolidated Statements of Operations. (l) Use of Estimates Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the U.S. Actual results could differ from those estimates. (m) Indirect Selling, General and Administrative Expenses Indirect selling, general and administrative expenses are incurred by Martin Resource Management and allocated to the Partnership to cover costs of centralized corporate functions such as accounting, treasury, engineering, information technology, risk management and other corporate services. Such expenses are based on the percentage of time spent by Martin Resource Management’s personnel that provide such centralized services. Under an omnibus agreement with Martin Resource Management, the Partnership is required to reimburse Martin Resource Management for indirect general and administrative and corporate overhead expenses. For the years ended December 31, 2018 , 2017 and 2016 , the conflicts committee of the Partnership's general partner ("Conflicts Committee") approved reimbursement amounts of $16,416 , $16,416 and $13,033 , respectively, reflecting the Partnership's allocable share of such expenses. The Conflicts Committee will review and approve future adjustments in the reimbursement amount for indirect expenses, if any, annually. (n) Environmental Liabilities and Litigation The Partnership’s policy is to accrue for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remedial feasibility study. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. (o) Trade and Accrued Accounts Receivable and Allowance for Doubtful Accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in the Partnership’s existing accounts receivable. (p) Deferred Catalyst Costs The cost of the periodic replacement of catalysts is deferred and amortized over the catalyst’s estimated useful life, which ranges from 12 to 36 months. (q) Deferred Turnaround Costs The Partnership capitalizes the cost of major turnarounds and amortizes these costs over the estimated period to the next turnaround, which ranges from 12 to 36 months. (r) Income Taxes The Partnership is subject to the Texas margin tax, which is considered a state income tax, and is included in income tax expense on the Consolidated Statements of Operations. Since the tax base on the Texas margin tax is derived from an income-based measure, the margin tax is construed as an income tax and, therefore, the recognition of deferred taxes applies to the margin tax. The impact on deferred taxes as a result of this provision is immaterial. (s) Comprehensive Income |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS 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 replaced most existing revenue recognition guidance in U.S. GAAP. The new standard is effective for the Partnership on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership adopted the new standard utilizing the cumulative effect method which resulted in no cumulative effect of the adoption being recorded as of January 1, 2018. The Partnership adopted ASU 2014-09 on January 1, 2018 and did not identify any significant changes in the timing of revenue recognition when considering the amended accounting guidance. Additional disclosures related to revenue recognition appear in "Note 6. Revenue." In February 2016, the FASB issued ASU 2016-02, Leases , which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. Lessor accounting under the new standard is substantially unchanged and the Partnership believes substantially all of our leases will continue to be classified as operating leases under the new standard. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. The update is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those reporting periods, with early adoption permitted. The original guidance required application on a modified retrospective basis with the earliest period presented. In August 2018, the FASB issued ASU 2018-11, Targeted Improvements to ASC 842 , which includes an option to not restate comparative periods in transition and elect to use the effective date of ASC 842, Leases, as the date of initial application of transition. Based on the effective date, this guidance will apply and the Partnership will adopt this ASU beginning on January 1, 2019 and plans to elect the transition option provided under ASU 2018-11. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provides a number of optional practical expedients in transition. The Partnership expects to elect the "package of practical expedients", which permits the Partnership not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The new standard also provides practical expedients for an entity’s ongoing accounting. The Partnership expects to elect the short-term lease recognition exemption for all leases that qualify. This means, for those assets that qualify, the Partnership will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. Based on its current lease portfolio, the Partnership estimates that the adoption of this ASU will result in approximately $19,879 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Acquisition of Terminalling Assets. On February 22, 2017, the Partnership acquired 100% of the membership interests of MEH South Texas Terminals LLC (“MEH”), a subsidiary of Martin Resource Management, for a purchase price of $27,420 (the “Hondo Acquisition”), which was was funded with borrowings under the Partnership's revolving credit facility. At the date of acquisition, MEH was in the process of constructing an asphalt terminal facility in Hondo, Texas (the "Hondo Terminal”), which will serve the asphalt market in San Antonio, Texas and surrounding areas. This acquisition is considered a transfer of net assets between entities under common control. The acquisition of these assets was recorded at the historical carrying value of the assets at the acquisition date. The excess of the purchase price over the carrying value of the assets of $7,887 was recorded as an adjustment to "Partners' capital." Purchase price $ 27,420 Historical carrying value of assets allocated to "Property, plant and equipment" 19,533 Excess purchase price over carrying value of acquired assets $ 7,887 As no individual line item of the historical financial statements of the acquired assets was in excess of 3% |
Discontinued Operations, Divest
Discontinued Operations, Divestitures, and Assets Held for Sale | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations, Divestitures, and Assets Held for Sale | DISCONTINUED OPERATIONS, DIVESTITURES, AND ASSETS HELD FOR SALE Divestitures Divestiture of WTLPG Partnership Interest. On July 31, 2018, the Partnership completed the sale of its 20 percent non-operating interest in WTLPG to ONEOK. WTLPG owns an approximate 2,300 mile common-carrier pipeline system that primarily transports NGLs from New Mexico and Texas to Mont Belvieu, Texas for fractionation. A wholly-owned subsidiary of ONEOK is the operator of the assets. In consideration for the sale of these assets, the Partnership received cash proceeds of $193,705 , after transaction fees and expenses. The proceeds from the sale were used to reduce outstanding borrowings under the Partnership's revolving credit facility. The Partnership has concluded the disposition represents a strategic shift and will have a major effect on its financial results going forward. As a result, the Partnership has presented the results of operations and cash flows relating to its equity method investment in WTLPG as discontinued operations for the years ended December 31, 2018, 2017, and 2016. The operating results, which are included in income from discontinued operations, were as follows: For the Year Ended December 31, 2018 2017 2016 Total costs and expenses and other, net, excluding depreciation and amortization 1 $ (247 ) $ (186 ) $ (65 ) Other operating income 2 48,564 — — Equity in earnings 3,383 4,314 4,714 Income from discontinued operations before income taxes 51,700 4,128 4,649 Income tax expense — — — Income from discontinued operations, net of income taxes $ 51,700 $ 4,128 $ 4,649 1 These expenses represent direct operating expenses as a result of the Partnership's ownership interest in WTLPG. 2 Other operating income represents the gain on the disposition of the investment in WTLPG. Divestiture of Terminalling Assets. On December 21, 2016, the Partnership sold its 900,000 barrel crude oil storage terminal, refined product barge terminal, certain pipelines and related easements as well as dockage and trans-loading assets located in Corpus Christi, Texas (collectively the "CCCT Assets") to NuStar Logistics, L.P. (“NuStar”) for gross consideration of $107,000 plus the reimbursement of certain capital expenditures and prepaid items of $2,057 . The Partnership received net proceeds of approximately $93,347 after transaction fees and expenses as well as the application of certain net cash payments previously received by us in conjunction with its mandated relocation of certain dockage assets to the purchase price in the amount of $13,400 . Proceeds from the sale were used to reduce outstanding borrowings under the Partnership's revolving credit facility. The Partnership recorded a gain from the divestiture of $37,345 , which was included in "Other operating income, net" on the Partnership's Consolidated Statements of Operations for the year ended December 31, 2016. Net income attributable to the CCCT Assets included in the Partnership's Consolidated Statements of Operations was $0 , $0 , and $43,804 for the years ended December 31, 2018 , 2017 , and 2016 , respectively. The divestiture of the CCCT Assets did not qualify for discontinued operations presentation under the guidance of ASC 205-20. Long-Lived Assets Held for Sale In the fourth quarter of 2017, the Partnership identified certain assets that were no longer deemed core to the operations of the Partnership in the inland division of the Marine Transportation segment. Additionally, the Partnership recorded an adjustment to the fair value less cost to sell of a certain asset classified as held for sale in the Martin Lubricants division of the Terminalling and Storage segment. As a result, an impairment charge of $600 and $1,625 was recorded in the Terminalling and Storage and Marine Transportation segments, respectively, in the fourth quarter of 2017 and was presented as "Impairment of long-lived assets" in the Partnership's Consolidated Statements of Operations. In the fourth quarter of 2016, the Partnership identified certain assets that were no longer deemed core to the operations of the Partnership in the Smackover refinery and Martin Lubricants divisions of the Terminalling and Storage segment as well as the inland and offshore divisions of the Marine Transportation segment. These assets were deemed non-core due to the each asset's inability to generate cash flows in recent quarters as well as the expected cash flows in future quarters. As a result, an impairment charge of $15,252 and $11,701 was recorded in the Terminalling and Storage and Marine Transportation segments, respectively, in the fourth quarter of 2016 and was presented as "Impairment of long-lived assets" in the Partnership's Consolidated Statements of Operations. At December 31, 2018 and 2017 , the assets met the criteria to be classified as held for sale in accordance with ASC 360-10 and are presented at the assets' fair value less cost to sell by segment in current assets as follows: December 31, 2018 December 31, 2017 Terminalling and storage $ 3,552 $ 4,152 Marine transportation 2,100 5,427 Assets held for sale $ 5,652 $ 9,579 During 2018, the Partnership received $1,002 in proceeds from the sale of assets classified as held for sale resulting in a loss of $1,022 , which was presented as a component of "Other operating income (loss), net" in the Partnership's Consolidated Statements of Operations. During 2017, the Partnership received $8,341 in proceeds from the sale of assets classified as held for sale resulting in a gain of $822 , which was presented as a component of "Other operating income (loss), net" in the Partnership's Consolidated Statements of Operations. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE The following table disaggregates our revenue by major source: 2018 2017 2016 Terminalling and storage segment Lubricant product sales $ 145,327 $ 130,466 $ 113,578 Throughput and storage 96,287 99,705 123,132 $ 241,614 $ 230,171 $ 236,710 Natural gas services segment Natural gas liquids product sales $ 496,026 $ 473,865 $ 330,200 Natural gas storage 52,109 58,817 61,133 $ 548,135 $ 532,682 $ 391,333 Sulfur service segment Sulfur product sales $ 46,347 $ 49,204 $ 53,327 Fertilizer product sales 75,041 74,528 76,931 Sulfur services 11,148 10,952 10,800 $ 132,536 $ 134,684 $ 141,058 Marine transportation segment Inland transportation $ 44,580 $ 42,874 $ 50,556 Offshore transportation 5,790 5,705 7,734 $ 50,370 $ 48,579 $ 58,290 Revenue is measured based on a consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties where the Partnership is acting as an agent. The Partnership recognizes revenue when the Partnership satisfies a performance obligation, which typically occurs when the Partnership transfers control over a product to a customer or as the Partnership delivers a service. The following is a description of the principal activities - separated by reportable segments - from which the Partnership generates revenue. Terminalling and Storage Segment Revenue is recognized for storage contracts based on the contracted monthly tank fixed fee. For throughput contracts, revenue is recognized based on the volume moved through the Partnership’s terminals at the contracted rate. For the Partnership’s tolling agreement, revenue is recognized based on the contracted monthly reservation fee and throughput volumes moved through the facility. When lubricants and drilling fluids are sold by truck or rail, revenue is recognized when title is transferred, which is either upon delivering product to the customer or when the product leaves the Partnership's facility, depending on the specific terms of the contract. Delivery of product is invoiced as the transaction occurs and is generally paid within a month. Natural Gas Services Segment Natural Gas Liquids ("NGL") distribution revenue is recognized when product is delivered by truck, rail, or pipeline to the Partnership's NGL customers. Revenue is recognized on title transfer of the product to the customer. Delivery of product is invoiced as the transaction occurs and are generally paid within a month. Natural gas storage revenue is recognized when the service is provided to the customer. The performance of the service is invoiced as the transaction occurs and is generally paid within a month. Sulfur Services Segment Revenue from sulfur product sales is recognized when the customer takes title to the product. Delivery of product is invoiced as the transaction occurs and are generally paid within a month. Revenue from sulfur services is recognized as services are performed during each monthly period. The performance of the service is invoiced as the transaction occurs and is generally paid within a month. Marine Transportation Segment Revenue is recognized for time charters based on a per day rate. For contracted trips, revenue is recognized upon completion of the particular trip. The performance of the service is invoiced as the transaction occurs and is generally paid within a month. The table includes estimated minimum revenue expected to be recognized in the future related to performance obligations that are unsatisfied at the end of the reporting period. The Partnership applies the practical expedient in ASC 606-10-50-14(a) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. 2019 2020 2021 2022 2023 Thereafter Total Terminalling and storage Throughput and storage $ 50,079 $ 49,354 $ 46,642 $ 42,735 $ 42,854 $ 392,624 $ 624,288 Natural gas services Natural gas storage 37,979 32,119 26,276 24,615 10,107 — 131,096 Sulfur services Sulfur product sales 17,082 4,898 1,181 295 — — 23,456 Marine transportation Offshore transportation 6,205 — — — — — 6,205 Total $ 111,345 $ 86,371 $ 74,099 $ 67,645 $ 52,961 $ 392,624 $ 785,045 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Components of inventories at December 31, 2018 and 2017 were as follows: 2018 2017 Natural gas liquids $ 32,388 $ 47,462 Sulfur 12,818 8,436 Fertilizer 14,208 18,674 Lubricants 22,887 20,086 Other 2,767 2,594 $ 85,068 $ 97,252 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT, AND EQUIPMENT At December 31, 2018 and 2017 , property, plant and equipment consisted of the following: Depreciable Lives 2018 2017 Land — $ 22,293 $ 21,719 Improvements to land and buildings 10-25 years 129,985 135,896 Storage equipment 5-50 years 174,851 178,815 Marine vessels 4-25 years 191,070 176,782 Operating plant and equipment 3-50 years 673,909 659,854 Base Gas — 43,755 43,799 Furniture, fixtures and other equipment 3-20 years 11,832 11,134 Transportation equipment 3-7 years 1,821 1,535 Construction in progress 15,214 23,531 $ 1,264,730 $ 1,253,065 Depreciation expense for the years ended December 31, 2018 , 2017 and 2016 was $67,122 , $70,904 and $72,405 . Additions to property, plant and equipment included in accounts payable at December 31, 2018 and 2017 were $2,166 and $4,100 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL The following table represents the goodwill balance by reporting unit at December 31, 2018 and 2017 as follows: 2018 2017 Carrying amount of goodwill: Terminalling and storage $ 11,868 $ 11,868 Natural gas services 79 79 Sulfur services 5,349 5,349 Total goodwill $ 17,296 $ 17,296 During the impairment evaluation performed at August 31, 2018 and 2017, the Partnership first assessed qualitative factors in determining whether it is more likely than not that the fair value of a reporting unit or other intangible asset is less than its carrying amount. After assessing qualitative factors, the Partnership determined that it is not more likely than not that the fair value of its reporting units are less than its carrying amount. Therefore, no impairment was recorded for the year ended December 31, 2018 or 2017. During the second quarter of 2016, the Partnership determined that the state of market conditions in the Marine Transportation reporting unit, 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 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 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 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | LEASES The Partnership has numerous non-cancelable operating leases primarily for terminal facilities and transportation and other equipment. The leases generally provide that all expenses related to the equipment are to be paid by the lessee. The Partnership also has cancelable operating lease land rentals and outside marine vessel charters. The Partnership’s future minimum lease obligations as of December 31, 2018 consist of the following: Fiscal year Operating Leases 2019 $ 7,869 2020 5,417 2021 3,216 2022 2,129 2023 1,467 Thereafter 7,823 Total $ 27,921 Rent expense for continuing operating leases for the years ended December 31, 2018 , 2017 and 2016 was $14,076 , $15,908 and $19,005 |
Investments in WTLPG
Investments in WTLPG | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in WTLPG | INVESTMENT IN WTLPG As discussed in Note 5, on July 31, 2018, the Partnership completed the sale of its 20 percent non-operating interest in WTLPG. Prior to the sale, the Partnership owned a 19.8% limited partnership and 0.2% general partnership interest in WTLPG. A wholly-owned subsidiary of ONEOK is the operator of the assets. WTLPG owns an approximate 2,300 mile common-carrier pipeline system that primarily transports NGLs from New Mexico and Texas to Mont Belvieu, Texas for fractionation. The Partnership recognized its 20% interest in WTLPG as "Investment in WTLPG" on its Consolidated Balance Sheets. The Partnership accounted for its ownership interest in WTLPG under the equity method of accounting. As discussed in Note 5, the Partnership sold its 20% non-operating partnership interest to ONEOK on July 31, 2018. Selected financial information for WTLPG during the period of ownership is as follows: As of July 31, Seven Months Ended July 31, Total Assets Long-Term Debt Members’ Equity/Partners' Capital Revenues Net Income 2018 WTLPG $ 928,349 $ — $ 868,894 $ 55,534 $ 16,642 As of December 31, Years ended December 31, Total Assets Long-Term Debt Members’ Equity/Partners' Capital Revenues Net Income 2017 WTLPG $ 837,163 $ — $ 787,426 $ 87,048 $ 21,571 2016 WTLPG $ 812,464 $ — $ 790,406 $ 88,468 $ 23,883 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Partnership uses a valuation framework based upon inputs that market participants use in pricing certain assets and liabilities. These inputs are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources. Unobservable inputs represent the Partnership's own market assumptions. Unobservable inputs are used only if observable inputs are unavailable or not reasonably available without undue cost and effort. The two types of inputs are further prioritized into the following hierarchy: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that reflect the entity's own assumptions and are not corroborated by market data. Assets and liabilities measured at fair value on a recurring basis are summarized below: Level 2 December 31, 2018 2017 Commodity derivative contracts, net $ 4 $ (72 ) 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. • Long-term debt: 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 considered Level 1, as the fair value is based on quoted market prices in active markets. December 31, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value 2021 Senior unsecured notes $ 372,996 $ 360,138 $ 372,618 $ 381,657 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Partnership’s results of operations could be materially impacted by changes in NGL prices and 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 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. 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 December 31, 2018 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 gross notional quantity of 55 barrels settling during the period from January 31, 2019 through February 28, 2019. At December 31, 2017 , the Partnership had instruments totaling a gross notional quantity of 145 barrels settling during the period from January 31, 2018 through February 28, 2018. These instruments settle against the applicable pricing source for each grade and location. (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 senior unsecured notes. During the twelve months ended December 31, 2016, the Partnership entered into contracts which provided the counterparty the option to enter into swap contracts to hedge the Partnership's exposure to changes in the fair value of its senior unsecured notes ("interest rate swaptions"). In connection with the interest rate swaption contracts, the Partnership received premiums of $630 , which represented the fair value on the date the transactions were initiated and were initially recorded as a derivative liability on the Partnership's Consolidated Balance Sheet, during the twelve months ended December 31, 2016. Each of the interest rate swaptions was fully amortized as of December 31, 2016. Interest rate swaption contract premiums received are amortized over the period from initiation of the contract through their termination date. For the twelve months ended December 31, 2016, the Partnership recognized $630 of premium in "Interest expense, net" on the Partnership's Consolidated Statement of Operations related to the interest rate swaption contracts. For information regarding fair value amounts and gains and losses on interest rate derivative instruments and related hedged items, see "Tabular Presentation of Gains and Losses on Derivative Instruments and Related Hedged Items" below. (c) Tabular Presentation of Gains and Losses on Derivative Instruments The following table summarizes the fair values and classification of the Partnership’s derivative instruments in its Consolidated Balance Sheets: Fair Values of Derivative Instruments in the Consolidated Balance Sheet Derivative Assets Derivative Liabilities Fair Values Fair Values Balance Sheet Location December 31, 2018 December 31, 2017 Balance Sheet Location December 31, 2018 December 31, 2017 Derivatives not designated as hedging instruments: Current: Commodity contracts Fair value of derivatives $ 4 $ — Fair value of derivatives $ — $ 72 Total derivatives not designated as hedging instruments $ 4 $ — $ — $ 72 Effect of Derivative Instruments on the Consolidated Statement of Operations For the Twelve Months Ended December 31, 2018 , 2017 , and 2016 Location of Gain or (Loss) Recognized in Income on Derivatives Amount of (Gain) or Loss Recognized in Income on Derivatives 2018 2017 2016 Derivatives not designated as hedging instruments: Interest rate swaption contracts Interest expense $ — $ — $ (630 ) Interest rate contracts Interest expense — — (366 ) Commodity contracts Cost of products sold (14,024 ) 1,304 5,129 Total derivatives not designated as hedging instruments $ (14,024 ) $ 1,304 $ 4,133 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS As of December 31, 2018 , Martin Resource Management owned 6,114,532 of the Partnership’s common units representing approximately 15.7% of the Partnership’s outstanding limited partnership units. Martin Resource Management controls the Partnership's general partner by virtue of its 51% voting interest in Holdings, the sole member of the Partnership's general partner. The Partnership’s general partner, MMGP, owns a 2% general partner interest in the Partnership and the Partnership’s incentive distribution rights. The Partnership’s general partner’s ability, as general partner, to manage and operate the Partnership, and Martin Resource Management’s ownership as of December 31, 2018 , of approximately 15.7% of the Partnership’s outstanding limited partnership units, effectively gives Martin Resource Management the ability to veto some of the Partnership’s actions and to control the Partnership’s management. The following is a description of the Partnership’s material related party agreements: Omnibus Agreement Omnibus Agreement . The Partnership and its general partner are parties to the Omnibus Agreement dated November 1, 2002, with Martin Resource Management that governs, among other things, potential competition and indemnification obligations among the parties to the agreement, related party transactions, the provision of general administration and support services by Martin Resource Management and the Partnership’s use of certain Martin Resource Management trade names and trademarks. The Omnibus Agreement was amended on November 25, 2009, to include processing crude oil into finished products including naphthenic lubricants, distillates, asphalt and other intermediate cuts. The Omnibus Agreement was amended further on October 1, 2012, to permit the Partnership to provide certain lubricant packaging products and services to Martin Resource Management. Non-Competition Provisions . Martin Resource Management has agreed for so long as it controls the general partner of the Partnership, not to engage in the business of: • providing terminalling and storage services for petroleum products and by-products including the refining, blending and packaging of finished lubricants; • providing marine transportation of petroleum products and by-products; • distributing NGLs; and • manufacturing and selling sulfur-based fertilizer products and other sulfur-related products. This restriction does not apply to: • the ownership and/or operation on the Partnership’s behalf of any asset or group of assets owned by it or its affiliates; • any business operated by Martin Resource Management, including the following: ◦ providing land transportation of various liquids; ◦ distributing fuel oil, asphalt, marine fuel and other liquids; ◦ providing marine bunkering and other shore-based marine services in Texas, Louisiana, Mississippi, Alabama, and Florida; ◦ 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; and ◦ operating, solely for the Partnership's account, the asphalt facilities in Omaha, Nebraska, Port Neches, Texas, Hondo, Texas, and South Houston, Texas. • any business that Martin Resource Management acquires or constructs that has a fair market value of less than $5,000 ; • any business that Martin Resource Management acquires or constructs that has a fair market value of $5,000 or more if the Partnership has been offered the opportunity to purchase the business for fair market value and the Partnership declines to do so with the concurrence of the Conflicts Committee; and • any business that Martin Resource Management acquires or constructs where a portion of such business includes a restricted business and the fair market value of the restricted business is $5,000 or more and represents less than 20% of the aggregate value of the entire business to be acquired or constructed; provided that, following completion of the acquisition or construction, the Partnership will be provided the opportunity to purchase the restricted business. Services. Under the Omnibus Agreement, Martin Resource Management provides the Partnership with corporate staff, support services, and administrative services necessary to operate the Partnership’s business. The Omnibus Agreement requires the Partnership to reimburse Martin Resource Management for all direct expenses it incurs or payments it makes on the Partnership’s behalf or in connection with the operation of the Partnership’s business. There is no monetary limitation on the amount the Partnership is required to reimburse Martin Resource Management for direct expenses. In addition to the direct expenses, under the Omnibus Agreement, the Partnership is required to reimburse Martin Resource Management for indirect general and administrative and corporate overhead expenses. Effective January 1, 2018, through December 31, 2018 , the Conflicts Committee approved an annual reimbursement amount for indirect expenses of $16,416 . The Partnership reimbursed Martin Resource Management for $16,416 , $16,416 and $13,033 of indirect expenses for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Conflicts Committee will review and approve future adjustments in the reimbursement amount for indirect expenses, if any, annually. These indirect expenses are intended to cover the centralized corporate functions Martin Resource Management provides for the Partnership, such as accounting, treasury, clerical, engineering, legal, billing, information technology, administration of insurance, general office expenses and employee benefit plans and other general corporate overhead functions the Partnership shares with Martin Resource Management retained businesses. The provisions of the Omnibus Agreement regarding Martin Resource Management’s services will terminate if Martin Resource Management ceases to control the general partner of the Partnership. Related Party Transactions . The Omnibus Agreement prohibits the Partnership from entering into any material agreement with Martin Resource Management without the prior approval of the Conflicts Committee. For purposes of the Omnibus Agreement, the term material agreements means any agreement between the Partnership and Martin Resource Management that requires aggregate annual payments in excess of then-applicable agreed upon reimbursable amount of indirect general and administrative expenses. Please read "Services" above. License Provisions. Under the Omnibus Agreement, Martin Resource Management has granted the Partnership a nontransferable, nonexclusive, royalty-free right and license to use certain of its trade names and marks, as well as the trade names and marks used by some of its affiliates. Amendment and Termination. The Omnibus Agreement may be amended by written agreement of the parties; provided, however, that it may not be amended without the approval of the Conflicts Committee if such amendment would adversely affect the unitholders. The Omnibus Agreement was first amended on November 25, 2009, to permit the Partnership to provide refining services to Martin Resource Management. The Omnibus Agreement was amended further on October 1, 2012, to permit the Partnership to provide certain lubricant packaging products and services to Martin Resource Management. Such amendments were approved by the Conflicts Committee. The Omnibus Agreement, other than the indemnification provisions and the provisions limiting the amount for which the Partnership will reimburse Martin Resource Management for general and administrative services performed on its behalf, will terminate if the Partnership is no longer an affiliate of Martin Resource Management. Motor Carrier Agreement Motor Carrier Agreement. The Partnership is a party to a motor carrier agreement effective January 1, 2006 as amended, with Martin Transport, Inc., a wholly owned subsidiary of Martin Resource Management through which Martin Transport, Inc. operates its land transportation operations. Under the agreement, Martin Transport, Inc. agreed to transport the Partnership's NGLs as well as other liquid products. Term and Pricing. The agreement has an initial term that expired in December 2007 but automatically renews for consecutive one year periods unless either party terminates the agreement by giving written notice to the other party at least 30 days prior to the expiration of the then-applicable term. The Partnership has the right to terminate this agreement at any time by providing 90 days prior notice. These rates are subject to any adjustments which are mutually agreed or in accordance with a price index. Additionally, during the term of the agreement, shipping charges are also subject to fuel surcharges determined on a weekly basis in accordance with the U.S. Department of Energy’s national diesel price list. Indemnification. Martin Transport has indemnified us against all claims arising out of the negligence or willful misconduct of Martin Transport and its officers, employees, agents, representatives and subcontractors. We indemnified Martin Transport against all claims arising out of the negligence or willful misconduct of us and our officers, employees, agents, representatives and subcontractors. In the event a claim is the result of the joint negligence or misconduct of Martin Transport and us, our indemnification obligations will be shared in proportion to each party’s allocable share of such joint negligence or misconduct. As discussed in Item 1. Business , the Partnership purchased Martin Transport, Inc. effective January 1, 2019. 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 a price index. 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 second amended and restated terminalling services agreement under which the Partnership provides terminal services to Martin Resource Management for marine fuel distribution. At such time, the per gallon throughput fee the Partnership charged under this agreement was increased when compared to the previous agreement and may be adjusted annually based on a price index. This agreement was further amended on January 1, 2017 and October 1, 2017 to modify its minimum throughput requirements and throughput fees. This agreement, as amended, expired September 30, 2018 and continued thereafter on a month to month basis until terminated by either party by giving 60 days’ written notice. Miscellaneous Terminal Services Agreements. The Partnership is currently party to several terminal services agreements and from time to time the Partnership may enter into other terminal service agreements for the purpose of providing terminal services to related parties. Individually, each of these agreements is immaterial but when considered in the aggregate they could be deemed material. These agreements are throughput based with a minimum volume commitment. Generally, the fees due under these agreements are adjusted annually based on a price index. Other Agreements Cross Tolling Agreement. The Partnership is a party to an amended and restated tolling agreement with Cross Oil Refining and Marketing, Inc. ("Cross") dated October 28, 2014, under which the Partnership processes crude oil into finished products, including naphthenic lubricants, distillates, asphalt and other intermediate cuts for Cross. The tolling agreement expires November 25, 2031. Under this tolling agreement, Cross agreed to process a minimum of 6,500 barrels per day of crude oil at the facility at a fixed price per barrel. Any additional barrels are processed at a modified price per barrel. In addition, Cross agreed to pay a monthly reservation fee and a periodic fuel surcharge fee based on certain parameters specified in the tolling agreement. All of these fees (other than the fuel surcharge) are subject to escalation annually based upon the greater of 3% or the increase in the Consumer Price Index for a specified annual period. In addition, on the third, sixth and ninth anniversaries of the agreement, the parties can negotiate an upward or downward adjustment in the fees subject to their mutual agreement. Sulfuric Acid Sales Agency Agreement . The Partnership was previously a party to a third amended and restated sulfuric acid sales agency agreement dated August 2, 2017 but effective October 1, 2017, under which a successor in interest to the agreement from Martin Resource Management, Saconix LLC ("Saconix"), a limited liability company in which Martin Resource Management held a minority equity interest, purchased and marketed the sulfuric acid produced by the Partnership’s sulfuric acid production plant at Plainview, Texas, that was not consumed by the Partnership’s internal operations. This agreement, as amended, was to remain in place until September 30, 2020 and automatically renew year to year thereafter until either party provided 90 days’ written notice of termination prior to the expiration of the then existing term. Under this agreement, the Partnership sold all of its excess sulfuric acid to Saconix, who then marketed and sold such acid to third-parties. The Partnership shared in the profit of such sales. Effective May 31, 2018, Martin Resource Management no longer holds an equity interest in Saconix. These transactions are reported below as related party transactions during the period the equity interest was held. Transactions subsequent to Martin Resource Management's disposition of the equity interest will be reported as third party transactions. Other Miscellaneous Agreements. From time to time the Partnership enters into other miscellaneous agreements with Martin Resource Management for the provision of other services or the purchase of other goods. The tables below summarize the related party transactions that are included in the related financial statement captions on the face of the Partnership’s Consolidated Statements of Operations. The revenues, costs and expenses reflected in these tables are tabulations of the related party transactions that are recorded in the corresponding caption of the Consolidated Statements of Operations and do not reflect a statement of profits and losses for related party transactions. The impact of related party revenues from sales of products and services is reflected in the Consolidated Statements of Operations as follows: Revenues: 2018 2017 2016 Terminalling and storage $ 79,219 $ 82,205 $ 82,437 Marine transportation 15,442 16,801 21,767 Natural gas services — 122 699 Product sales: Natural gas services 19 1,043 8 Sulfur services 630 1,963 2,006 Terminalling and storage 758 572 1,020 1,407 3,578 3,034 $ 96,068 $ 102,706 $ 107,937 The impact of related party cost of products sold is reflected in the Consolidated Statements of Operations as follows: Cost of products sold: Natural gas services $ 14,816 $ 18,946 $ 22,886 Sulfur services 17,418 15,564 15,339 Terminalling and storage 28,304 17,612 13,838 $ 60,538 $ 52,122 $ 52,063 The impact of related party operating expenses is reflected in the Consolidated Statements of Operations as follows: Operating expenses: Marine transportation $ 22,326 $ 23,815 $ 28,107 Natural gas services 8,851 9,007 9,258 Sulfur services 5,497 5,821 5,995 Terminalling and storage 18,854 25,701 27,481 $ 55,528 $ 64,344 $ 70,841 The impact of related party selling, general and administrative expenses is reflected in the Consolidated Statements of Operations as follows: Selling, general and administrative: Marine transportation $ 704 $ 34 $ 30 Natural gas services 5,568 8,162 7,566 Sulfur services 2,684 2,526 2,732 Terminalling and storage 2,847 2,278 2,526 Indirect overhead allocation, net of reimbursement 16,443 16,416 13,036 $ 28,246 $ 29,416 $ 25,890 Other Related Party Transactions The Partnership had a $15,000 note receivable from an affiliate of Martin Resource Management which previously bore an annual interest rate of 15% and had a maturity date of August 31, 2026, the balance of which could be prepaid on or after September 1, 2016. On February 14, 2017, the Partnership notified Martin Resource Management that it would be requesting voluntary repayment of the long-term Note Receivable plus accrued interest. During second quarter of 2017, the Note Receivable was fully repaid. The note has historically been recorded in "Note receivable - affiliates" on the Partnership's Consolidated Balance Sheets. Interest income for the years ended December 31, 2018 , 2017 , and 2016 was $0 , $943 and $2,256 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | SUPPLEMENTAL BALANCE SHEET INFORMATION Components of "Intangibles and other assets, net" at December 31, 2018 and 2017 were as follows: 2018 2017 Customer contracts and relationships, net $ 18,222 $ 25,252 Other intangible assets 1,310 1,752 Other 4,179 5,797 $ 23,711 $ 32,801 Other intangible assets consist of covenants not-to-compete and technology-based assets. Aggregate amortization expense for customer contracts and other intangible assets included in continuing operations was $9,228 , $13,887 , and $19,548 , for the years ended December 31, 2018 , 2017 and 2016 , respectively, and accumulated amortization amounted to $44,510 and $39,462 at December 31, 2018 and 2017 , respectively. Estimated amortization expense for intangibles and other assets for the years subsequent to December 31, 2018 are as follows: 2019 - $6,063 ; 2020 - $5,272 ; 2021 - $4,319 ; 2022 - $4,295 ; 2023 - $1,952 ; subsequent years - $55 . Components of "Other accrued liabilities" at December 31, 2018 and 2017 were as follows: 2018 2017 Accrued interest $ 10,735 $ 11,726 Asset retirement obligations 2,721 5,429 Property and other taxes payable 5,621 5,638 Accrued payroll 3,109 3,385 Other 29 162 $ 22,215 $ 26,340 The schedule below summarizes the changes in our asset retirement obligations: Year Ended December 31, 2018 2017 (In thousands) Beginning asset retirement obligations $ 13,512 $ 16,418 Revisions to existing liabilities 1 4,041 5,547 Accretion expense 516 404 Liabilities settled (5,640 ) (8,857 ) Ending asset retirement obligations 12,429 13,512 Current portion of asset retirement obligations 2 (2,721 ) (5,429 ) Long-term portion of asset retirement obligations 3 $ 9,708 $ 8,083 1 Several factors are considered in the annual review process, including inflation rates, current estimates for removal cost, discount rates, and the estimated remaining useful life of the assets. 2 The current portion of asset retirement obligations is included in "Other current liabilities" on the Partnership's Consolidated Balance Sheets. 3 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT At December 31, 2018 and 2017 , long-term debt consisted of the following: 2018 2017 $664,444 Revolving credit facility at variable interest rate (5.24% 1 weighted average at December 31, 2018), 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, net of unamortized debt issuance costs of $3,537 and $4,986, respectively 3 $ 283,463 $ 440,014 $400,000 Senior notes, 7.25% interest, including unamortized premium of $650 and $956, respectively, also net of unamortized debt issuance costs of $1,454 and $2,138 respectively, issued $250,000 February 2013 and $150,000 April 2014, $26,200 repurchased during 2015, due February 2021, unsecured 3,4 372,996 372,618 Total long-term debt $ 656,459 $ 812,632 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 December 31, 2018 and 2017 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 LIBOR borrowings at December 31, 2018 is 2.75% . The credit facility contains various covenants which limit the Partnership’s ability to make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Omnibus Agreement. The Partnership is permitted to make quarterly distributions so long as no event of default exists. 3 The Partnership is in compliance with all debt covenants as of December 31, 2018 . 4 The 2021 indentures restrict the Partnership’s ability to sell assets; pay distributions or repurchase units or redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; and consolidate, merge or transfer all or substantially all of its assets. The Partnership paid cash interest, net of proceeds received from interest rate swaptions, in the amount of $50,543 , $45,728 , and $46,046 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Capitalized interest was $624 , $730 , and $1,126 for the years ended December 31, 2018 , 2017 and 2016 |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Partners' Capital | PARTNERS' CAPITAL As of December 31, 2018 , partners’ capital consisted of 39,032,237 common limited partner units, representing a 98% partnership interest, and a 2% general partner interest. Martin Resource Management, through subsidiaries, owned 6,114,532 of the Partnership's common limited partnership units representing approximately 15.7% of the Partnership's outstanding common limited partnership units. MMGP, the Partnership's general partner, owns the 2% general partnership interest. The partnership agreement of the Partnership (the "Partnership Agreement") contains specific provisions for the allocation of net income and losses to each of the partners for purposes of maintaining their respective partner capital accounts. Issuance of Common Units On February 22, 2017, the Partnership completed a public offering of 2,990,000 common units at a price of $18.00 per common unit, before the payment of underwriters' discounts, commissions and offering expenses (per unit value is in dollars, not thousands). Total proceeds from the sale of the 2,990,000 common units, net of underwriters' discounts, commissions and offering expenses, were $51,056 . Additionally, the Partnership's general partner contributed $1,098 in cash to the Partnership in conjunction with the issuance in order to maintain its 2% general partner interest in the Partnership. All of the net proceeds were used to pay down outstanding amounts under the Partnership's revolving credit facility. 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 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. For the years ended December 31, 2018 , 2017 and 2016 , the general partner was allocated $0 , $0 , and $7,786 in incentive distributions. Distributions of Available Cash The Partnership distributes all of its available cash (as defined in the Partnership Agreement) within 45 days after the end of each quarter to unitholders of record and to the general partner. Available cash is generally defined as all cash and cash equivalents of the Partnership on hand at the end of each quarter less the amount of cash reserves its general partner determines in its reasonable discretion is necessary or appropriate to: (i) provide for the proper conduct of the Partnership’s business; (ii) comply with applicable law, any debt instruments or other agreements; or (iii) provide funds for distributions to unitholders and the general partner for any one or more of the next four quarters, plus all cash on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. Net Income per Unit The Partnership follows the provisions of the FASB ASC 260-10 related to earnings per share, which addresses the application of the two-class method in determining income per unit for master limited partnerships having multiple classes of securities that may participate in partnership distributions accounted for as equity distributions. Undistributed earnings are allocated to the general partner and limited partners utilizing the contractual terms of the Partnership Agreement. Distributions to the general partner pursuant to the IDRs are limited to available cash that will be distributed as defined in the Partnership Agreement. Accordingly, the Partnership does not allocate undistributed earnings to the general partner for the IDRs because the general partner's share of available cash is the maximum amount that the general partner would be contractually entitled to receive if all earnings for the period were distributed. When current period distributions are in excess of earnings, the excess distributions for the period are to be allocated to the general partner and limited partners based on their respective sharing of losses specified in the Partnership Agreement. Additionally, as required under FASB ASC 260-10-45-61A, unvested share-based payments that entitle employees to receive non-forfeitable distributions are considered participating securities, as defined in FASB ASC 260-10-20, for earnings per unit calculations. For purposes of computing diluted net income per unit, the Partnership uses the more dilutive of the two-class and if-converted methods. Under the if-converted method, the weighted-average number of subordinated units outstanding for the period is added to the weighted-average number of common units outstanding for purposes of computing basic net income per unit and the resulting amount is compared to the diluted net income per unit computed using the two-class method. The following is a reconciliation of net income from continuing operations and net income from discontinued operations allocated to the general partner and limited partners for purposes of calculating net income attributable to limited partners per unit: Years Ended December 31, 2018 2017 2016 Continuing operations: Income from continuing operations $ (7,595 ) $ 13,007 $ 27,003 Less general partner’s interest in net income: Distributions payable on behalf of IDRs — — 6,642 Distributions payable on behalf of general partner interest (270 ) 1,191 1,756 General partner interest in undistributed loss 118 (931 ) (1,216 ) Less income allocable to unvested restricted units (5 ) 32 77 Limited partners’ interest in net income $ (7,438 ) $ 12,715 $ 19,744 Years Ended December 31, 2018 2017 2016 Discontinued operations: Income from discontinued operations $ 51,700 $ 4,128 $ 4,649 Less general partner’s interest in net income: Distributions payable on behalf of IDRs — — 1,144 Distributions payable on behalf of general partner interest 1,839 378 302 General partner interest in undistributed loss (805 ) (295 ) (209 ) Less income allocable to unvested restricted units 33 10 13 Limited partners’ interest in net income $ 50,633 $ 4,035 $ 3,399 The Partnership allocates the general partner's share of earnings between continuing and discontinued operations as a proportion of net income from continuing and discontinued operations to total net income. The following are the unit amounts used to compute the basic and diluted earnings per limited partner unit for the periods presented: Years Ended December 31, 2018 2017 2016 Basic weighted average limited partner units outstanding 38,907,000 38,101,583 35,347,032 Dilutive effect of restricted units issued 15,678 63,318 28,231 Total weighted average limited partner diluted units outstanding 38,922,678 38,164,901 35,375,263 |
Unit Based Awards
Unit Based Awards | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unit Based Awards | UNIT BASED AWARDS The Partnership recognizes compensation cost related to stock-based awards to employees in its consolidated financial statements in accordance with certain provisions of ASC 718. The Partnership recognizes compensation costs related to stock-based awards to directors under certain provisions of ASC 505-50-55 related to equity-based payments to non-employees. Amounts recognized in selling, general, and administrative expense in the consolidated financial statements with respect to these plans are as follows: For the Year Ended December 31, 2018 2017 2016 Employees $ 1,098 $ 534 $ 783 Non-employee directors 126 116 121 Total unit-based compensation expense $ 1,224 $ 650 $ 904 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. On May 26, 2017, the unitholders of the Partnership approved the Martin Midstream Partners L.P. 2017 Restricted Unit Plan. The plan currently permits the grant of awards covering an aggregate of 3,000,000 common units, all of which can be awarded in the form of restricted units. The plan is administered by the compensation committee of the general partner’s board of directors (the "Compensation Committee"). A restricted unit is a unit that is granted to grantees with certain vesting restrictions, which may be time-based and/or performance-based. Once these restrictions lapse, the grantee is entitled to full ownership of the unit without restrictions. The Compensation Committee may determine to make grants under the plan containing such terms as the Compensation Committee shall determine under the plan. With respect to time-based restricted units ("TBRU's"), the Compensation Committee will determine the time period over which restricted units granted to employees and directors will vest. The Compensation Committee may also award a percentage of restricted units with vesting requirements based upon the achievement of specified pre-established performance targets ("Performance Based Restricted Units" or "PBRU's"). The performance targets may include, but are not limited to, the following: revenue and income measures, cash flow measures, net income before interest expense and income tax expense ("EBIT"), net income before interest expense, income tax expense, and depreciation and amortization ("EBITDA"), distribution coverage metrics, expense measures, liquidity measures, market measures, corporate sustainability metrics, and other measures related to acquisitions, dispositions, operational objectives and succession planning objectives. PBRU's are earned only upon our achievement of an objective performance measure for the performance period. PBRU's which vest are payable in common units. Unvested units granted under the 2017 LTIP may or may not participate in cash distributions depending on the terms of each individual award agreement. The restricted units issued to directors generally vest in equal annual installments over a four -year period. On February 20, 2018, the Partnership issued 4,650 TBRU's to each of the Partnership's three independent directors under the 2017 LTIP. These restricted common units vest in equal installments of 1,162.5 units on January 24, 2019, 2020, 2021, and 2022. On March 1, 2018, the Partnership issued 301,550 TBRU's and 317,925 PBRU's to certain employees of Martin Resource Management. The TBRU's vest in equal installments over a three-year service period. The PBRU's will vest at the conclusion of a three -year performance period based on certain performance targets. In addition, the PBRU's awarded on March 1, 2018 that are achieved will only vest if the grantee is employed by Martin Resource Management on March 31, 2021. As of December 31, 2018, the Partnership is unable to ascertain if the performance conditions will be achieved and, as such, has not recognized compensation expense for the vesting of the units. The Partnership will record compensation expense for the vested portion of the units once the achievement of the performance condition is deemed probable. The restricted units are valued at their fair value at the date of grant which is equal to the market value of common units on such date. A summary of the restricted unit activity for the year ended December 31, 2018 is provided below: Number of Units Weighted Average Grant-Date Fair Value Per Unit Non-vested, beginning of year 98,750 $ 24.80 Granted (TBRU) 315,500 $ 13.89 Granted (PRBU) 317,925 $ 13.89 Vested (81,050 ) $ 27.77 Forfeited (27,000 ) $ 13.90 Non-Vested, end of year 624,125 $ 13.78 Aggregate intrinsic value, end of year $ 6,416 A summary of the restricted units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) during the years ended December 31, 2018 , 2017 and 2016 is provided below: For the Year Ended December 31, 2018 2017 2016 Aggregate intrinsic value of units vested $ 1,195 $ 143 $ 1,233 Fair value of units vested $ 2,250 $ 208 $ 1,773 As of December 31, 2018 , there was $3,083 of unrecognized compensation cost related to non-vested restricted units. That cost is expected to be recognized over a weighted-average period of 2.3 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The operations of a partnership are generally not subject to income taxes because its income is taxed directly to its partners. The Partnership is subject to the Texas margin tax, which is considered a state income tax, and is included in income tax expense on the Consolidated Statements of Operations. 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 $369 , $352 and $726 were recorded in income tax expense for the years ended December 31, 2018 , 2017 and 2016 , respectively. A current income tax liability of $445 and $510 existed at December 31, 2018 and 2017 , respectively. Cash paid for income taxes was $434 , $712 , and $841 for the years ended December 31, 2018 , 2017 and 2016 , respectively. On December 22, 2017, the President signed into law Public Law No. 115-97, a comprehensive tax reform bill commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) that makes significant changes to the U.S. Internal Revenue Code. Among other changes, the Tax Act includes a new deduction on certain pass-through income, a repeal of the partnership technical termination rule, and new limitations on certain deductions and credits, including interest expense deductions. Since the operations of a partnership are not subject to federal income tax, the legislation has no material impact on our financial statements in 2018. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS The Partnership has four reportable segments: terminalling and storage, natural gas services, marine transportation, and sulfur services. The Partnership’s reportable segments are strategic business units that offer different products and services. The operating income of these segments is reviewed by the chief operating decision maker to assess performance and make business decisions. The accounting policies of the operating segments are the same as those described in Note 2. The Partnership evaluates the performance of its reportable segments based on operating income. There is no allocation of administrative expenses or interest expense. Operating Revenues Intersegment Eliminations Operating Revenues After Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Year Ended December 31, 2018: Terminalling and storage $ 247,840 $ (6,226 ) $ 241,614 $ 39,508 $ 13,725 $ 13,704 Natural gas services 548,135 — 548,135 21,283 28,570 4,728 Sulfur services 132,536 — 132,536 8,485 14,276 4,429 Marine transportation 52,830 (2,460 ) 50,370 7,590 6,116 14,188 Indirect selling, general, and administrative — — — — (17,901 ) — Total $ 981,341 $ (8,686 ) $ 972,655 $ 76,866 $ 44,786 $ 37,049 Year Ended December 31, 2017: Terminalling and storage $ 236,169 $ (5,998 ) $ 230,171 $ 45,160 $ 629 $ 29,644 Natural gas services 532,908 (226 ) 532,682 24,916 51,849 7,430 Sulfur services 134,684 — 134,684 8,117 23,205 2,611 Marine transportation 51,915 (3,336 ) 48,579 7,002 1,650 3,929 Indirect selling, general, and administrative — — — — (17,332 ) — Total $ 955,676 $ (9,560 ) $ 946,116 $ 85,195 $ 60,001 $ 43,614 Year Ended December 31, 2016: Terminalling and storage $ 242,363 $ (5,653 ) $ 236,710 $ 45,484 $ 40,660 $ 26,097 Natural gas services 391,333 — 391,333 28,081 41,503 4,807 Sulfur services 141,058 — 141,058 7,995 23,393 5,093 Marine transportation 61,233 (2,943 ) 58,290 10,572 (16,039 ) 2,334 Indirect selling, general, and administrative — — — — (16,794 ) — Total $ 835,987 $ (8,596 ) $ 827,391 $ 92,132 $ 72,723 $ 38,331 Revenues from two customers in the Natural Gas Services segment were $179,729 , $169,504 and $122,381 for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Partnership's assets by reportable segment as of December 31, 2018 and 2017 , are as follows: 2018 2017 Total assets: Terminalling and storage $ 298,784 $ 326,920 Natural gas services 512,817 704,524 Sulfur services 115,498 120,790 Marine transportation 106,299 101,264 Total assets $ 1,033,398 $ 1,253,498 |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | QUARTERLY FINANCIAL INFORMATION Consolidated Quarterly Income Statement Information (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter (Dollar in thousands, except per unit amounts) 2018 Revenues $ 284,204 $ 216,571 $ 219,047 $ 252,833 Operating income (loss) 24,120 5,616 3,527 11,523 Income (loss) from continuing operations 11,286 (8,282 ) (9,686 ) (913 ) Income from discontinued operations 1,532 1,036 49,132 — Net income (loss) 12,818 (7,246 ) 39,446 (913 ) Income (loss) from continuing operations per unit 0.29 (0.21 ) (0.25 ) (0.02 ) Limited partners' interest in net income (loss) per limited partner unit 0.33 (0.18 ) 1.00 (0.04 ) First Quarter Second Quarter Third Quarter Fourth Quarter (Dollar in thousands, except per unit amounts) 2017 Revenues $ 253,325 $ 193,922 $ 193,128 $ 305,741 Operating income 23,804 10,891 (4,440 ) 29,746 Income (loss) from continuing operations 12,734 179 (17,031 ) 17,125 Income from discontinued operations 849 810 745 1,724 Net income (loss) 13,583 989 (16,286 ) 18,849 Income (loss) from continuing operations per unit 0.34 — (0.44 ) 0.45 Limited partners' interest in net income (loss) per limited partner unit 0.36 0.03 (0.42 ) 0.47 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES 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 Gas Storage Partners LLC ("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 provided for purchase price reimbursements of up to $4,500 in 2016 in the event certain financial conditions were not met. For the year ended December 31, 2017, the Partnership received $1,125 , respectively, related to the Purchase Price Reimbursement Agreement. The amount received in the first quarter of 2017 represented the final payment under 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 alleged that the Partnership breached a lease agreement by failing to perform work to the plaintiff's property as required under the lease agreement. The plaintiff originally sought to evict the Partnership from the leased property and to recover damages. Prior to trial, this matter was settled for a confidential amount in September of 2017. The Partnership's financial statements reflect the terms of the settlement and all amounts have been accrued as asset retirement obligations. On December 31, 2015, the Partnership received a demand from a customer in its lubricants packaging business for defense and indemnity in connection with lawsuits filed against it in various United States District Courts, which generally allege that the customer engaged in unlawful and deceptive business practices in connection with its marketing and advertising of its private label motor oil. The Partnership disputes that it has any obligation to defend or indemnify the customer for its conduct. Accordingly, on January 7, 2016, the Partnership filed a Complaint for Declaratory Judgment in the Chancery Court of Davidson County, Tennessee requesting a judicial determination that the Partnership does not owe the customer the demanded defense and indemnity obligations. The lawsuits against the customer have been transferred to the United States District Court for the Western District of Missouri for consolidated pretrial proceedings. On March 1, 2017, at the request of the parties, the Chancery Court of Davidson County, Tennessee administratively closed the Partnership's lawsuit pending rulings in the United States District Court for the Western District of Missouri. In the event that either party moves the Chancery Court of Davidson County, Tennessee to reopen the case, we expect the Court would grant such motion and reopen the case. If the case is reopened, we are currently unable to determine the exposure we may have in this matter, if any. Commitments The Partnership has non-cancelable revenue arrangements whereby we have committed certain terminalling and storage assets in exchange for a minimum fee. Future minimum revenues we expect to receive under these non-cancelable arrangements as of December 31, 2018, are as follows: 2019 - $17,343 ; 2020 - $13,345 ; 2021 - $10,576 ; 2022 - $10,576 ; 2023 - $10,576 ; subsequent years - $58,128 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Consolidating Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | CONDENSED CONSOLIDATIING FINANCIAL INFORMATION |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Martin Transport Inc. Stock Purchase Agreement. On October 22, 2018, the Operating Partnership entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Martin Resource Management Corporation (“MRMC”) to acquire all of the issued and outstanding equity of Martin Transport, Inc. (“MTI”), a wholly-owned subsidiary of MRMC which operates a fleet of tank trucks providing transportation of petroleum products, liquid petroleum gas, chemicals, sulfur and other products, as well as owns twenty-three terminals located throughout the Gulf Coast and Midwest for total consideration as follows: Purchase price 1 $ 135,000 Plus: Working Capital Adjustment 2,796 Less: Capital leases assumed (11,682 ) Cash consideration paid $ 126,114 1 The Stock Purchase Agreement also includes a $10,000 earn-out based on certain performance thresholds. The transaction closed on January 2, 2019 and was effective as of January 1, 2019. The Stock Purchase Agreement contained customary representations and warranties. The Partnership also acquired certain operating leases that will result in additional assets and liabilities being recorded at the transaction date in accordance with ASU 2016-02 in the amount of $7,082 . Quarterly Distribution. On January 17, 2019, the Partnership declared a quarterly cash distribution of $0.50 per common unit for the fourth quarter of 2018, or $2.00 |
Significant Accounting Polici_2
Significant Accounting Policies and Practices (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Presentation and Consolidation | Principles of Presentation and Consolidation The consolidated financial statements include the financial statements of the Partnership and its wholly-owned subsidiaries and equity method investees. In the opinion of the management of the Partnership’s general partner, all adjustments and elimination of significant intercompany balances necessary for a fair presentation of the Partnership’s results of operations, financial position and cash flows for the periods shown have been made. All such adjustments are of a normal recurring nature. In addition, the Partnership evaluates its relationships with other entities to identify whether they are variable interest entities under certain provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), 810-10 and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Partnership is the primary beneficiary, then that entity is included in the consolidated financial statements in accordance with ASC 810-10. No such variable interest entities exist as of December 31, 2018 or 2017 |
Product Exchanges | Product Exchanges The Partnership enters into product exchange agreements with third parties, whereby the Partnership agrees to exchange natural gas liquids ("NGLs") and sulfur with third parties. The Partnership records the balance of exchange products due to other companies under these agreements at quoted market product prices and the balance of exchange products due from other companies at the lower of cost or market. Cost is determined using the first-in, first-out ("FIFO") method. |
Inventories | Inventories |
Revenue Recognition | Revenue Recognition Terminalling and Storage – Revenue is recognized for storage contracts based on the contracted monthly tank fixed fee. For throughput contracts, revenue is recognized based on the volume moved through the Partnership’s terminals at the contracted rate. For the Partnership’s tolling agreement, revenue is recognized based on the contracted monthly reservation fee and throughput volumes moved through the facility. When lubricants and drilling fluids are sold by truck or rail, revenue is recognized upon delivering product to the customers as title to the product transfers when the customer physically receives the product. Delivery of product is invoiced as the transaction occurs and are generally paid within a month. Natural Gas Services – NGL distribution revenue is recognized when product is delivered by truck, rail, or pipeline to the Partnership's NGL customers. Revenue is recognized on title transfer of the product to the customer. Delivery of product is invoiced as the transaction occurs and are generally paid within a month. Natural gas storage revenue is recognized when the service is provided to the customer. The performance of the service is invoiced as the transaction occurs and are generally paid within a month. Sulfur Services – Revenue from sulfur product sales is recognized when the customer takes title to the product. Delivery of product is invoiced as the transaction occurs and are generally paid within a month. Revenue from sulfur services is recognized as deliveries are made during each monthly period. The performance of the service is invoiced as the transaction occurs and are generally paid within a month. Marine Transportation |
Equity Method Investments | Equity Method Investments The Partnership uses the equity method of accounting for investments in unconsolidated entities where the ability to exercise significant influence over such entities exists. Investments in unconsolidated entities consist of capital contributions and advances plus the Partnership’s share of accumulated earnings as of the entities’ latest fiscal year-ends, less capital withdrawals and distributions. Equity method investments are subject to impairment under the provisions of ASC 323-10, which relates to the equity method of accounting for investments in common stock. No portion of the net income from these entities is included in the Partnership’s operating income. |
Property, Plant and Equipment | Property, Plant, and Equipment Owned property, plant, and equipment is stated at cost, less accumulated depreciation. Owned buildings and equipment are depreciated using straight-line method over the estimated lives of the respective assets. Equipment under capital leases is stated at the present value of minimum lease payments less accumulated amortization. Equipment under capital leases is amortized on a straight line basis over the estimated useful life of the asset. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is subject to a fair-value based impairment test on an annual basis, or more often if events or circumstances indicate there may be impairment. The Partnership is required to identify its reporting units and determine the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets. The Partnership is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Partnership will record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. When assessing the recoverability of goodwill and other intangible assets, the Partnership may first assess qualitative factors in determining whether it is more likely than not that the fair value of a reporting unit or other intangible asset is less than its carrying amount. After assessing qualitative factors, if the Partnership determines that it is not more likely than not that the fair value of a reporting unit or other intangible asset is less than its carrying amount, then performing a quantitative assessment is not required. If an initial qualitative assessment indicates that it is more likely than not the carrying amount exceeds the fair value of a reporting unit or other intangible asset, a quantitative analysis will be performed. The Partnership may also elect to bypass the qualitative assessment and proceed directly to a quantitative analysis depending on the facts and circumstances. Of the Partnership's four reporting units, the terminalling and storage, natural gas services, and sulfur services reporting units contain goodwill. No goodwill impairment was recorded for the year ended December 31, 2018 or 2017. During the second quarter of 2016, the Partnership experienced an impairment of all the goodwill in the Partnership's marine transportation reporting unit. In performing a quantitative analysis, recoverability of goodwill for each reporting unit is measured using a weighting of the discounted cash flow method and two market approaches (the guideline public company method and the guideline transaction method). The discounted cash flow model incorporates discount rates commensurate with the risks involved. Use of a discounted cash flow model is common practice in assessing impairment in the absence of available transactional market evidence to determine the fair value. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projections and terminal value rates. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. Discount rates are determined by using a weighted average cost of capital ("WACC"). The WACC considers market and industry data as well as company-specific risk factors for each reporting unit in determining the appropriate discount rate to be used. The discount rate utilized for each reporting unit is indicative of the return an investor would expect to receive for investing in such a business. Management, considering industry and company specific historical and projected data, develops growth rates and cash flow projections for each reporting unit. Terminal value rate determination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant WACC and low long-term growth rates. If the calculated fair value is less than the current carrying amount, the Partnership will record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. Significant changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit which could give rise to future impairment. Changes to these estimates and assumptions can include, but may not be limited to, varying commodity prices, volume changes and operating costs due to market conditions and/or alternative providers of services. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs relating to the Partnership’s revolving credit facility and senior unsecured notes are deferred and amortized over the terms of the debt arrangements and are shown, net of accumulated amortization, as a reduction of the related long-term debt. In connection with the issuance, amendment, expansion and restatement of debt arrangements, the Partnership incurred debt issuance costs of $1,312 , $66 and $5,274 in the years ended December 31, 2018 , 2017 and 2016 , respectively. During 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. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with ASC 360-10, long-lived assets, such as property, plant and equipment, and intangible assets with definite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell and would no longer be depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. |
Asset Retirement Obligations | Asset Retirement Obligations Under ASC 410-20, which relates to accounting requirements for costs associated with legal obligations to retire tangible, long-lived assets, the Partnership records an asset retirement obligation ("ARO") at fair value in the period in which it is incurred by increasing the carrying amount of the related long-lived asset. In each subsequent period, the liability is accreted over time towards the ultimate obligation amount and the capitalized costs are depreciated over the useful life of the related asset. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities In accordance with certain provisions of ASC 815-10 related to accounting for derivative instruments and hedging activities, all derivatives and hedging instruments are included in the Consolidated Balance Sheets as an asset or liability measured at fair value and changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. If a derivative qualifies for hedge accounting, changes in the fair value can be offset against the change in the fair value of the hedged item through earnings or recognized in other comprehensive income until such time as the hedged item is recognized in earnings. |
Use of Estimates | Use of Estimates |
Indirect Selling, General and Administrative Expense | Indirect Selling, General and Administrative Expenses Indirect selling, general and administrative expenses are incurred by Martin Resource Management and allocated to the Partnership to cover costs of centralized corporate functions such as accounting, treasury, engineering, information technology, risk management and other corporate services. Such expenses are based on the percentage of time spent by Martin Resource Management’s personnel that provide such centralized services. Under an omnibus agreement with Martin Resource Management, the Partnership is required to reimburse Martin Resource Management for indirect general and administrative and corporate overhead expenses. For the years ended December 31, 2018 , 2017 and 2016 , the conflicts committee of the Partnership's general partner ("Conflicts Committee") approved reimbursement amounts of $16,416 , $16,416 and $13,033 |
Environmental Liabilities and Litigation | Environmental Liabilities and Litigation |
Trade and Accrued Accounts Receivable and Allowance for Doubtful Accounts | Trade and Accrued Accounts Receivable and Allowance for Doubtful Accounts. |
Deferred Catalyst Costs | Deferred Catalyst Costs The cost of the periodic replacement of catalysts is deferred and amortized over the catalyst’s estimated useful life, which ranges from 12 to 36 |
Deferred Turnaround Costs | Deferred Turnaround Costs The Partnership capitalizes the cost of major turnarounds and amortizes these costs over the estimated period to the next turnaround, which ranges from 12 to 36 |
Income Taxes | Income Taxes The Partnership is subject to the Texas margin tax, which is considered a state income tax, and is included in income tax expense on the Consolidated Statements of Operations. 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. |
Comprehensive Income | Comprehensive Income |
Recent Accounting Pronouncements | 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 replaced most existing revenue recognition guidance in U.S. GAAP. The new standard is effective for the Partnership on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership adopted the new standard utilizing the cumulative effect method which resulted in no cumulative effect of the adoption being recorded as of January 1, 2018. The Partnership adopted ASU 2014-09 on January 1, 2018 and did not identify any significant changes in the timing of revenue recognition when considering the amended accounting guidance. Additional disclosures related to revenue recognition appear in "Note 6. Revenue." In February 2016, the FASB issued ASU 2016-02, Leases , which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. Lessor accounting under the new standard is substantially unchanged and the Partnership believes substantially all of our leases will continue to be classified as operating leases under the new standard. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. The update is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those reporting periods, with early adoption permitted. The original guidance required application on a modified retrospective basis with the earliest period presented. In August 2018, the FASB issued ASU 2018-11, Targeted Improvements to ASC 842 , which includes an option to not restate comparative periods in transition and elect to use the effective date of ASC 842, Leases, as the date of initial application of transition. Based on the effective date, this guidance will apply and the Partnership will adopt this ASU beginning on January 1, 2019 and plans to elect the transition option provided under ASU 2018-11. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provides a number of optional practical expedients in transition. The Partnership expects to elect the "package of practical expedients", which permits the Partnership not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The new standard also provides practical expedients for an entity’s ongoing accounting. The Partnership expects to elect the short-term lease recognition exemption for all leases that qualify. This means, for those assets that qualify, the Partnership will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. Based on its current lease portfolio, the Partnership estimates that the adoption of this ASU will result in approximately $19,879 |
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. |
Fair Value of Financial Instruments | 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. • |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | Purchase price $ 27,420 Historical carrying value of assets allocated to "Property, plant and equipment" 19,533 Excess purchase price over carrying value of acquired assets $ 7,887 On October 22, 2018, the Operating Partnership entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Martin Resource Management Corporation (“MRMC”) to acquire all of the issued and outstanding equity of Martin Transport, Inc. (“MTI”), a wholly-owned subsidiary of MRMC which operates a fleet of tank trucks providing transportation of petroleum products, liquid petroleum gas, chemicals, sulfur and other products, as well as owns twenty-three terminals located throughout the Gulf Coast and Midwest for total consideration as follows: Purchase price 1 $ 135,000 Plus: Working Capital Adjustment 2,796 Less: Capital leases assumed (11,682 ) Cash consideration paid $ 126,114 |
Discontinued Operations, Dive_2
Discontinued Operations, Divestitures, and Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The operating results, which are included in income from discontinued operations, were as follows: For the Year Ended December 31, 2018 2017 2016 Total costs and expenses and other, net, excluding depreciation and amortization 1 $ (247 ) $ (186 ) $ (65 ) Other operating income 2 48,564 — — Equity in earnings 3,383 4,314 4,714 Income from discontinued operations before income taxes 51,700 4,128 4,649 Income tax expense — — — Income from discontinued operations, net of income taxes $ 51,700 $ 4,128 $ 4,649 1 These expenses represent direct operating expenses as a result of the Partnership's ownership interest in WTLPG. 2 |
Disclosure of long lived assets held-for-sale | At December 31, 2018 and 2017 , the assets met the criteria to be classified as held for sale in accordance with ASC 360-10 and are presented at the assets' fair value less cost to sell by segment in current assets as follows: December 31, 2018 December 31, 2017 Terminalling and storage $ 3,552 $ 4,152 Marine transportation 2,100 5,427 Assets held for sale $ 5,652 $ 9,579 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates our revenue by major source: 2018 2017 2016 Terminalling and storage segment Lubricant product sales $ 145,327 $ 130,466 $ 113,578 Throughput and storage 96,287 99,705 123,132 $ 241,614 $ 230,171 $ 236,710 Natural gas services segment Natural gas liquids product sales $ 496,026 $ 473,865 $ 330,200 Natural gas storage 52,109 58,817 61,133 $ 548,135 $ 532,682 $ 391,333 Sulfur service segment Sulfur product sales $ 46,347 $ 49,204 $ 53,327 Fertilizer product sales 75,041 74,528 76,931 Sulfur services 11,148 10,952 10,800 $ 132,536 $ 134,684 $ 141,058 Marine transportation segment Inland transportation $ 44,580 $ 42,874 $ 50,556 Offshore transportation 5,790 5,705 7,734 $ 50,370 $ 48,579 $ 58,290 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The table includes estimated minimum revenue expected to be recognized in the future related to performance obligations that are unsatisfied at the end of the reporting period. The Partnership applies the practical expedient in ASC 606-10-50-14(a) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. 2019 2020 2021 2022 2023 Thereafter Total Terminalling and storage Throughput and storage $ 50,079 $ 49,354 $ 46,642 $ 42,735 $ 42,854 $ 392,624 $ 624,288 Natural gas services Natural gas storage 37,979 32,119 26,276 24,615 10,107 — 131,096 Sulfur services Sulfur product sales 17,082 4,898 1,181 295 — — 23,456 Marine transportation Offshore transportation 6,205 — — — — — 6,205 Total $ 111,345 $ 86,371 $ 74,099 $ 67,645 $ 52,961 $ 392,624 $ 785,045 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Components of inventory | Components of inventories at December 31, 2018 and 2017 were as follows: 2018 2017 Natural gas liquids $ 32,388 $ 47,462 Sulfur 12,818 8,436 Fertilizer 14,208 18,674 Lubricants 22,887 20,086 Other 2,767 2,594 $ 85,068 $ 97,252 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | At December 31, 2018 and 2017 , property, plant and equipment consisted of the following: Depreciable Lives 2018 2017 Land — $ 22,293 $ 21,719 Improvements to land and buildings 10-25 years 129,985 135,896 Storage equipment 5-50 years 174,851 178,815 Marine vessels 4-25 years 191,070 176,782 Operating plant and equipment 3-50 years 673,909 659,854 Base Gas — 43,755 43,799 Furniture, fixtures and other equipment 3-20 years 11,832 11,134 Transportation equipment 3-7 years 1,821 1,535 Construction in progress 15,214 23,531 $ 1,264,730 $ 1,253,065 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table represents the goodwill balance by reporting unit at December 31, 2018 and 2017 as follows: 2018 2017 Carrying amount of goodwill: Terminalling and storage $ 11,868 $ 11,868 Natural gas services 79 79 Sulfur services 5,349 5,349 Total goodwill $ 17,296 $ 17,296 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Obligations | The Partnership’s future minimum lease obligations as of December 31, 2018 consist of the following: Fiscal year Operating Leases 2019 $ 7,869 2020 5,417 2021 3,216 2022 2,129 2023 1,467 Thereafter 7,823 Total $ 27,921 |
Investments in WTLPG (Tables)
Investments in WTLPG (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Select financial information for significant unconsolidated equity-method investees | Selected financial information for WTLPG during the period of ownership is as follows: As of July 31, Seven Months Ended July 31, Total Assets Long-Term Debt Members’ Equity/Partners' Capital Revenues Net Income 2018 WTLPG $ 928,349 $ — $ 868,894 $ 55,534 $ 16,642 As of December 31, Years ended December 31, Total Assets Long-Term Debt Members’ Equity/Partners' Capital Revenues Net Income 2017 WTLPG $ 837,163 $ — $ 787,426 $ 87,048 $ 21,571 2016 WTLPG $ 812,464 $ — $ 790,406 $ 88,468 $ 23,883 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: Level 2 December 31, 2018 2017 Commodity derivative contracts, net $ 4 $ (72 ) 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. • Long-term debt: 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 considered Level 1, as the fair value is based on quoted market prices in active markets. December 31, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value 2021 Senior unsecured notes $ 372,996 $ 360,138 $ 372,618 $ 381,657 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Effect of derivative instruments on the Consolidated Balance Sheets | The following table summarizes the fair values and classification of the Partnership’s derivative instruments in its Consolidated Balance Sheets: Fair Values of Derivative Instruments in the Consolidated Balance Sheet Derivative Assets Derivative Liabilities Fair Values Fair Values Balance Sheet Location December 31, 2018 December 31, 2017 Balance Sheet Location December 31, 2018 December 31, 2017 Derivatives not designated as hedging instruments: Current: Commodity contracts Fair value of derivatives $ 4 $ — Fair value of derivatives $ — $ 72 Total derivatives not designated as hedging instruments $ 4 $ — $ — $ 72 |
Effect of derivative instruments on the Consolidated Statement of Operations | Effect of Derivative Instruments on the Consolidated Statement of Operations For the Twelve Months Ended December 31, 2018 , 2017 , and 2016 Location of Gain or (Loss) Recognized in Income on Derivatives Amount of (Gain) or Loss Recognized in Income on Derivatives 2018 2017 2016 Derivatives not designated as hedging instruments: Interest rate swaption contracts Interest expense $ — $ — $ (630 ) Interest rate contracts Interest expense — — (366 ) Commodity contracts Cost of products sold (14,024 ) 1,304 5,129 Total derivatives not designated as hedging instruments $ (14,024 ) $ 1,304 $ 4,133 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
The Impact of Related Party Transactions | The impact of related party revenues from sales of products and services is reflected in the Consolidated Statements of Operations as follows: Revenues: 2018 2017 2016 Terminalling and storage $ 79,219 $ 82,205 $ 82,437 Marine transportation 15,442 16,801 21,767 Natural gas services — 122 699 Product sales: Natural gas services 19 1,043 8 Sulfur services 630 1,963 2,006 Terminalling and storage 758 572 1,020 1,407 3,578 3,034 $ 96,068 $ 102,706 $ 107,937 The impact of related party cost of products sold is reflected in the Consolidated Statements of Operations as follows: Cost of products sold: Natural gas services $ 14,816 $ 18,946 $ 22,886 Sulfur services 17,418 15,564 15,339 Terminalling and storage 28,304 17,612 13,838 $ 60,538 $ 52,122 $ 52,063 The impact of related party operating expenses is reflected in the Consolidated Statements of Operations as follows: Operating expenses: Marine transportation $ 22,326 $ 23,815 $ 28,107 Natural gas services 8,851 9,007 9,258 Sulfur services 5,497 5,821 5,995 Terminalling and storage 18,854 25,701 27,481 $ 55,528 $ 64,344 $ 70,841 The impact of related party selling, general and administrative expenses is reflected in the Consolidated Statements of Operations as follows: Selling, general and administrative: Marine transportation $ 704 $ 34 $ 30 Natural gas services 5,568 8,162 7,566 Sulfur services 2,684 2,526 2,732 Terminalling and storage 2,847 2,278 2,526 Indirect overhead allocation, net of reimbursement 16,443 16,416 13,036 $ 28,246 $ 29,416 $ 25,890 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Intangible and Other Assets, Net | Components of "Intangibles and other assets, net" at December 31, 2018 and 2017 were as follows: 2018 2017 Customer contracts and relationships, net $ 18,222 $ 25,252 Other intangible assets 1,310 1,752 Other 4,179 5,797 $ 23,711 $ 32,801 |
Schedule of Other Accrued Liabilities | Components of "Other accrued liabilities" at December 31, 2018 and 2017 were as follows: 2018 2017 Accrued interest $ 10,735 $ 11,726 Asset retirement obligations 2,721 5,429 Property and other taxes payable 5,621 5,638 Accrued payroll 3,109 3,385 Other 29 162 $ 22,215 $ 26,340 |
Schedule of Asset Retirement Obligations | The schedule below summarizes the changes in our asset retirement obligations: Year Ended December 31, 2018 2017 (In thousands) Beginning asset retirement obligations $ 13,512 $ 16,418 Revisions to existing liabilities 1 4,041 5,547 Accretion expense 516 404 Liabilities settled (5,640 ) (8,857 ) Ending asset retirement obligations 12,429 13,512 Current portion of asset retirement obligations 2 (2,721 ) (5,429 ) Long-term portion of asset retirement obligations 3 $ 9,708 $ 8,083 1 Several factors are considered in the annual review process, including inflation rates, current estimates for removal cost, discount rates, and the estimated remaining useful life of the assets. 2 The current portion of asset retirement obligations is included in "Other current liabilities" on the Partnership's Consolidated Balance Sheets. 3 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | At December 31, 2018 and 2017 , long-term debt consisted of the following: 2018 2017 $664,444 Revolving credit facility at variable interest rate (5.24% 1 weighted average at December 31, 2018), 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, net of unamortized debt issuance costs of $3,537 and $4,986, respectively 3 $ 283,463 $ 440,014 $400,000 Senior notes, 7.25% interest, including unamortized premium of $650 and $956, respectively, also net of unamortized debt issuance costs of $1,454 and $2,138 respectively, issued $250,000 February 2013 and $150,000 April 2014, $26,200 repurchased during 2015, due February 2021, unsecured 3,4 372,996 372,618 Total long-term debt $ 656,459 $ 812,632 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 December 31, 2018 and 2017 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 LIBOR borrowings at December 31, 2018 is 2.75% . The credit facility contains various covenants which limit the Partnership’s ability to make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Omnibus Agreement. The Partnership is permitted to make quarterly distributions so long as no event of default exists. 3 The Partnership is in compliance with all debt covenants as of December 31, 2018 . 4 The 2021 indentures restrict the Partnership’s ability to sell assets; pay distributions or repurchase units or redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; and consolidate, merge or transfer all or substantially all of its assets. |
Partners' Capital (Tables)
Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Reconciliation of net income to partners interest in net income | The following is a reconciliation of net income from continuing operations and net income from discontinued operations allocated to the general partner and limited partners for purposes of calculating net income attributable to limited partners per unit: Years Ended December 31, 2018 2017 2016 Continuing operations: Income from continuing operations $ (7,595 ) $ 13,007 $ 27,003 Less general partner’s interest in net income: Distributions payable on behalf of IDRs — — 6,642 Distributions payable on behalf of general partner interest (270 ) 1,191 1,756 General partner interest in undistributed loss 118 (931 ) (1,216 ) Less income allocable to unvested restricted units (5 ) 32 77 Limited partners’ interest in net income $ (7,438 ) $ 12,715 $ 19,744 Years Ended December 31, 2018 2017 2016 Discontinued operations: Income from discontinued operations $ 51,700 $ 4,128 $ 4,649 Less general partner’s interest in net income: Distributions payable on behalf of IDRs — — 1,144 Distributions payable on behalf of general partner interest 1,839 378 302 General partner interest in undistributed loss (805 ) (295 ) (209 ) Less income allocable to unvested restricted units 33 10 13 Limited partners’ interest in net income $ 50,633 $ 4,035 $ 3,399 The Partnership allocates the general partner's share of earnings between continuing and discontinued operations as a proportion of net income from continuing and discontinued operations to total net income. The following are the unit amounts used to compute the basic and diluted earnings per limited partner unit for the periods presented: Years Ended December 31, 2018 2017 2016 Basic weighted average limited partner units outstanding 38,907,000 38,101,583 35,347,032 Dilutive effect of restricted units issued 15,678 63,318 28,231 Total weighted average limited partner diluted units outstanding 38,922,678 38,164,901 35,375,263 |
Unit Based Awards (Tables)
Unit Based Awards (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of compensation costs related to unit based plan | Amounts recognized in selling, general, and administrative expense in the consolidated financial statements with respect to these plans are as follows: For the Year Ended December 31, 2018 2017 2016 Employees $ 1,098 $ 534 $ 783 Non-employee directors 126 116 121 Total unit-based compensation expense $ 1,224 $ 650 $ 904 |
Summary of restricted unit activity | A summary of the restricted unit activity for the year ended December 31, 2018 is provided below: Number of Units Weighted Average Grant-Date Fair Value Per Unit Non-vested, beginning of year 98,750 $ 24.80 Granted (TBRU) 315,500 $ 13.89 Granted (PRBU) 317,925 $ 13.89 Vested (81,050 ) $ 27.77 Forfeited (27,000 ) $ 13.90 Non-Vested, end of year 624,125 $ 13.78 Aggregate intrinsic value, end of year $ 6,416 |
Summary of aggregate intrinsic value and fair value of units vested | A summary of the restricted units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) during the years ended December 31, 2018 , 2017 and 2016 is provided below: For the Year Ended December 31, 2018 2017 2016 Aggregate intrinsic value of units vested $ 1,195 $ 143 $ 1,233 Fair value of units vested $ 2,250 $ 208 $ 1,773 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | Operating Revenues Intersegment Eliminations Operating Revenues After Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Year Ended December 31, 2018: Terminalling and storage $ 247,840 $ (6,226 ) $ 241,614 $ 39,508 $ 13,725 $ 13,704 Natural gas services 548,135 — 548,135 21,283 28,570 4,728 Sulfur services 132,536 — 132,536 8,485 14,276 4,429 Marine transportation 52,830 (2,460 ) 50,370 7,590 6,116 14,188 Indirect selling, general, and administrative — — — — (17,901 ) — Total $ 981,341 $ (8,686 ) $ 972,655 $ 76,866 $ 44,786 $ 37,049 Year Ended December 31, 2017: Terminalling and storage $ 236,169 $ (5,998 ) $ 230,171 $ 45,160 $ 629 $ 29,644 Natural gas services 532,908 (226 ) 532,682 24,916 51,849 7,430 Sulfur services 134,684 — 134,684 8,117 23,205 2,611 Marine transportation 51,915 (3,336 ) 48,579 7,002 1,650 3,929 Indirect selling, general, and administrative — — — — (17,332 ) — Total $ 955,676 $ (9,560 ) $ 946,116 $ 85,195 $ 60,001 $ 43,614 Year Ended December 31, 2016: Terminalling and storage $ 242,363 $ (5,653 ) $ 236,710 $ 45,484 $ 40,660 $ 26,097 Natural gas services 391,333 — 391,333 28,081 41,503 4,807 Sulfur services 141,058 — 141,058 7,995 23,393 5,093 Marine transportation 61,233 (2,943 ) 58,290 10,572 (16,039 ) 2,334 Indirect selling, general, and administrative — — — — (16,794 ) — Total $ 835,987 $ (8,596 ) $ 827,391 $ 92,132 $ 72,723 $ 38,331 |
Assets by segment | The Partnership's assets by reportable segment as of December 31, 2018 and 2017 , are as follows: 2018 2017 Total assets: Terminalling and storage $ 298,784 $ 326,920 Natural gas services 512,817 704,524 Sulfur services 115,498 120,790 Marine transportation 106,299 101,264 Total assets $ 1,033,398 $ 1,253,498 |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Consolidated Quarterly Income Statement Information (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter (Dollar in thousands, except per unit amounts) 2018 Revenues $ 284,204 $ 216,571 $ 219,047 $ 252,833 Operating income (loss) 24,120 5,616 3,527 11,523 Income (loss) from continuing operations 11,286 (8,282 ) (9,686 ) (913 ) Income from discontinued operations 1,532 1,036 49,132 — Net income (loss) 12,818 (7,246 ) 39,446 (913 ) Income (loss) from continuing operations per unit 0.29 (0.21 ) (0.25 ) (0.02 ) Limited partners' interest in net income (loss) per limited partner unit 0.33 (0.18 ) 1.00 (0.04 ) First Quarter Second Quarter Third Quarter Fourth Quarter (Dollar in thousands, except per unit amounts) 2017 Revenues $ 253,325 $ 193,922 $ 193,128 $ 305,741 Operating income 23,804 10,891 (4,440 ) 29,746 Income (loss) from continuing operations 12,734 179 (17,031 ) 17,125 Income from discontinued operations 849 810 745 1,724 Net income (loss) 13,583 989 (16,286 ) 18,849 Income (loss) from continuing operations per unit 0.34 — (0.44 ) 0.45 Limited partners' interest in net income (loss) per limited partner unit 0.36 0.03 (0.42 ) 0.47 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Schedule of Business Acquisitions | Purchase price $ 27,420 Historical carrying value of assets allocated to "Property, plant and equipment" 19,533 Excess purchase price over carrying value of acquired assets $ 7,887 On October 22, 2018, the Operating Partnership entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Martin Resource Management Corporation (“MRMC”) to acquire all of the issued and outstanding equity of Martin Transport, Inc. (“MTI”), a wholly-owned subsidiary of MRMC which operates a fleet of tank trucks providing transportation of petroleum products, liquid petroleum gas, chemicals, sulfur and other products, as well as owns twenty-three terminals located throughout the Gulf Coast and Midwest for total consideration as follows: Purchase price 1 $ 135,000 Plus: Working Capital Adjustment 2,796 Less: Capital leases assumed (11,682 ) Cash consideration paid $ 126,114 |
Organization and Description _2
Organization and Description of Business (Details) | Aug. 30, 2013representative | Dec. 31, 2018segment |
Schedule of Equity Method Investments [Line Items] | ||
Number of primary business lines | segment | 4 | |
Ownership percentage | 98.00% | |
Martin Resource Management | ||
Schedule of Equity Method Investments [Line Items] | ||
Economic ownership percentage by parent | 50.00% | |
Number of representatives appointed to board of directors | representative | 2 | |
Alinda Capital Partners | Martin Resource Management | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 49.00% |
Significant Accounting Polici_3
Significant Accounting Policies and Practices (Details) | Aug. 25, 2017Inch | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 31, 2018mi | Dec. 31, 2015USD ($) | |
Accounting Policies [Line Items] | ||||||||||
Operating expenses | [1] | $ 128,337,000 | $ 140,177,000 | $ 152,325,000 | ||||||
Cost of products sold | $ 684,610,000 | 620,277,000 | 478,193,000 | |||||||
Goodwill and Other Intangibles | ||||||||||
Number of reporting units | segment | 4 | |||||||||
Impairment of goodwill | $ 0 | 0 | 4,145,000 | |||||||
Impairment of intangible assets | 0 | 0 | 0 | |||||||
Debt Issuance Costs | ||||||||||
Debt issuance cost | 1,312,000 | 66,000 | 5,274,000 | |||||||
Amortization of debt issuance costs | 3,445,000 | 2,897,000 | 3,684,000 | |||||||
Accumulated amortization of debt issuance costs | $ 17,162,000 | 20,607,000 | 17,162,000 | |||||||
Impairment of Long-Lived Assets | ||||||||||
Impairment of long-lived assets | 0 | 2,225,000 | 26,953,000 | |||||||
Indirect Selling, General and Administrative Expenses | ||||||||||
Indirect selling, general and administrative expenses | $ 16,416,000 | 16,416,000 | 13,033,000 | |||||||
Minimum | ||||||||||
Deferred Catalyst Costs | ||||||||||
Catalyst, useful life (in months) | 12 months | |||||||||
Deferred Turnaround Costs | ||||||||||
Turnarounds, useful life (in months) | 12 months | |||||||||
Maximum | ||||||||||
Deferred Catalyst Costs | ||||||||||
Catalyst, useful life (in months) | 36 months | |||||||||
Deferred Turnaround Costs | ||||||||||
Turnarounds, useful life (in months) | 36 months | |||||||||
Terminalling and storage | ||||||||||
Impairment of Long-Lived Assets | ||||||||||
Impairment of long-lived assets | 600,000 | 15,252,000 | ||||||||
Marine transportation | ||||||||||
Goodwill and Other Intangibles | ||||||||||
Impairment of goodwill | 4,145,000 | |||||||||
Impairment of Long-Lived Assets | ||||||||||
Impairment of long-lived assets | $ 1,625,000 | $ 11,701,000 | ||||||||
Revolving Loan Facility | ||||||||||
Debt Issuance Costs | ||||||||||
Face amount | $ 664,444,000 | $ 664,444,000 | 664,444,000 | $ 700,000,000 | ||||||
Write off of existing debt issuance costs | 820,000 | |||||||||
Hurricane Harvey | ||||||||||
Impairment of Long-Lived Assets | ||||||||||
Impairment of long-lived assets | $ 186,000 | |||||||||
Inches of rain produced | Inch | 50 | |||||||||
Discontinued Operations, Disposed of by Sale | WTLPG | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Ownership percentage | 20.00% | |||||||||
Length common carrier pipeline (in miles) | mi | 2,300 | |||||||||
Previously Reported | Reclassification Of Certain Terminalling And Storage Product Expenses | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Operating expenses | 146,874,000 | 158,864,000 | ||||||||
Cost of products sold | $ 613,580,000 | $ 471,654,000 | ||||||||
[1] | *Related Party Transactions Included Above Year Ended December 31, 2018 2017 2016 Revenues: Terminalling and storage $ 79,219 $ 82,205 $ 82,437 Marine transportation 15,442 16,801 21,767 Natural gas services — 122 699 Product sales 1,407 3,578 3,034 Costs and expenses: Cost of products sold: (excluding depreciation and amortization) Natural gas services 14,816 18,946 22,886 Sulfur services 17,418 15,564 15,339 Terminalling and storage 28,304 17,612 13,838 Expenses: Operating expenses 55,528 64,344 70,841 Selling, general and administrative 28,246 29,416 25,890 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) - Subsequent Event - Accounting Standards Update 2016-02 $ in Thousands | Jan. 01, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating lease, asset | $ 19,879 |
Operating lease, liability | $ 19,879 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Feb. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Excess purchase price over carrying value of acquired assets | $ 26 | $ 7,887 | $ 0 | |
MEH South Texas Terminals LLC | ||||
Business Acquisition [Line Items] | ||||
Percentage of voting interests acquired | 100.00% | |||
Purchase price | $ 27,420 | |||
Excess purchase price over carrying value of acquired assets | $ 7,887 | |||
Excess purchase price over carrying value of acquired assets, percentage | 3.00% |
Acquisitions - Purchase Price (
Acquisitions - Purchase Price (Details) - USD ($) $ in Thousands | Feb. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Excess purchase price over carrying value of acquired assets | $ 26 | $ 7,887 | $ 0 | |
MEH South Texas Terminals LLC | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 27,420 | |||
Historical carrying value of assets allocated to Property, plant and equipment | 19,533 | |||
Excess purchase price over carrying value of acquired assets | $ 7,887 |
Discontinued Operations, Dive_3
Discontinued Operations, Divestitures, and Assets Held for Sale - Narrative (Details) $ in Thousands, bbl in Millions | Jul. 31, 2018USD ($)mi | Dec. 21, 2016USD ($)bbl | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from divestiture of businesses | $ 1,002 | $ 8,341 | ||||
Gain (loss) from divestiture | (1,022) | 822 | ||||
WTLPG | Discontinued Operations, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership percentage | 20.00% | |||||
Length common carrier pipeline (in miles) | mi | 2,300 | |||||
Proceeds from sale of equity method investments | $ 193,705 | |||||
CCCT Assets | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from dock relocation | $ 13,400 | |||||
Gain (loss) from divestiture | $ 37,345 | |||||
Net income | $ 0 | $ 0 | 43,804 | |||
CCCT Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of barrels in crude oil storage terminal (in bbl) | bbl | 0.9 | |||||
Sale price | $ 107 | |||||
Reimbursement of capital expenditures and prepaid Items | 2,057 | |||||
Proceeds from divestiture of businesses | $ 93,347 | |||||
Terminalling and storage | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Impairment of long-lived assets | $ 600 | 15,252 | ||||
Marine transportation | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Impairment of long-lived assets | $ 1,625 | $ 11,701 |
Discontinued Operations, Dive_4
Discontinued Operations, Divestitures, and Assets Held for Sale - Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from discontinued operations, net of income taxes | $ 0 | $ 49,132 | $ 1,036 | $ 1,532 | $ 1,724 | $ 745 | $ 810 | $ 849 | $ 51,700 | $ 4,128 | $ 4,649 |
WTLPG | Discontinued Operations, Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Total costs and expenses and other, net, excluding depreciation and amortization | (247) | (186) | (65) | ||||||||
Other operating income | 48,564 | 0 | 0 | ||||||||
Equity in earnings | 3,383 | 4,314 | 4,714 | ||||||||
Income from discontinued operations before income taxes | 51,700 | 4,128 | 4,649 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Income from discontinued operations, net of income taxes | $ 51,700 | $ 4,128 | $ 4,649 |
Discontinued Operations, Dive_5
Discontinued Operations, Divestitures, and Assets Held for Sale - Long-Lived Assets Held-for-Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Long lived assets held-for-sale fair value disclosure | $ 5,652 | $ 9,579 |
Terminalling and storage | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Long lived assets held-for-sale fair value disclosure | 3,552 | 4,152 |
Marine transportation | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Long lived assets held-for-sale fair value disclosure | $ 2,100 | $ 5,427 |
Revenue - Dissagregation of Rev
Revenue - Dissagregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | $ 252,833 | $ 219,047 | $ 216,571 | $ 284,204 | $ 305,741 | $ 193,128 | $ 193,922 | $ 253,325 | $ 972,655 | $ 946,116 | $ 827,391 | |
Lubricant product sales | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | [1] | 145,327 | 130,466 | 113,578 | ||||||||
Throughput and storage | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | [1] | 96,287 | 99,705 | 123,132 | ||||||||
Natural gas liquids product sales | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | [1] | 496,026 | 473,865 | 330,200 | ||||||||
Natural gas storage | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | [1] | 52,109 | 58,817 | 61,133 | ||||||||
Sulfur services | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 11,148 | 10,952 | 10,800 | |||||||||
Terminalling and storage segment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 241,614 | 230,171 | 236,710 | |||||||||
Terminalling and storage segment | Lubricant product sales | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 145,327 | 130,466 | 113,578 | |||||||||
Terminalling and storage segment | Throughput and storage | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 96,287 | 99,705 | 123,132 | |||||||||
Natural gas services segment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 548,135 | 532,682 | 391,333 | |||||||||
Natural gas services segment | Natural gas liquids product sales | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 496,026 | 473,865 | 330,200 | |||||||||
Natural gas services segment | Natural gas storage | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 52,109 | 58,817 | 61,133 | |||||||||
Sulfur service segment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 132,536 | 134,684 | 141,058 | |||||||||
Sulfur service segment | Sulfur product sales | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 46,347 | 49,204 | 53,327 | |||||||||
Sulfur service segment | Fertilizer product sales | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 75,041 | 74,528 | 76,931 | |||||||||
Sulfur service segment | Sulfur services | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 11,148 | 10,952 | 10,800 | |||||||||
Marine transportation segment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 50,370 | 48,579 | 58,290 | |||||||||
Marine transportation segment | Inland transportation | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 44,580 | 42,874 | 50,556 | |||||||||
Marine transportation segment | Offshore transportation | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | $ 5,790 | $ 5,705 | $ 7,734 | |||||||||
[1] | *Related Party Transactions Included Above Year Ended December 31, 2018 2017 2016 Revenues: Terminalling and storage $ 79,219 $ 82,205 $ 82,437 Marine transportation 15,442 16,801 21,767 Natural gas services — 122 699 Product sales 1,407 3,578 3,034 Costs and expenses: Cost of products sold: (excluding depreciation and amortization) Natural gas services 14,816 18,946 22,886 Sulfur services 17,418 15,564 15,339 Terminalling and storage 28,304 17,612 13,838 Expenses: Operating expenses 55,528 64,344 70,841 Selling, general and administrative 28,246 29,416 25,890 |
Revenue - Estimated Revenue Exp
Revenue - Estimated Revenue Expected to be Recognized in Future (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 111,345 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 50,079 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 37,979 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 17,082 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 6,205 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 86,371 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 49,354 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 32,119 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 4,898 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 74,099 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 46,642 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 26,276 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 1,181 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 67,645 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 42,735 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 24,615 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 295 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 52,961 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 42,854 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 10,107 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 392,624 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 392,624 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 785,045 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | 624,288 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | 131,096 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | 23,456 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 6,205 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Natural gas liquids | $ 32,388 | $ 47,462 |
Sulfur | 12,818 | 8,436 |
Fertilizer | 14,208 | 18,674 |
Lubricants | 22,887 | 20,086 |
Other | 2,767 | 2,594 |
Inventories | $ 85,068 | $ 97,252 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost (Note 8) | $ 1,264,730 | $ 1,253,065 | |
Depreciation expense | 67,122 | 70,904 | $ 72,405 |
Additions to property, plant and equipment included in accounts payable | 2,166 | 4,100 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost (Note 8) | 22,293 | 21,719 | |
Improvements to land and buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost (Note 8) | $ 129,985 | 135,896 | |
Improvements to land and buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives (in years) | 10 years | ||
Improvements to land and buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives (in years) | 25 years | ||
Storage equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost (Note 8) | $ 174,851 | 178,815 | |
Storage equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives (in years) | 5 years | ||
Storage equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives (in years) | 50 years | ||
Marine vessels | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost (Note 8) | $ 191,070 | 176,782 | |
Marine vessels | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives (in years) | 4 years | ||
Marine vessels | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives (in years) | 25 years | ||
Operating plant and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost (Note 8) | $ 673,909 | 659,854 | |
Operating plant and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives (in years) | 3 years | ||
Operating plant and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives (in years) | 50 years | ||
Base Gas | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost (Note 8) | $ 43,755 | 43,799 | |
Furniture, fixtures and other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost (Note 8) | $ 11,832 | 11,134 | |
Furniture, fixtures and other equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives (in years) | 3 years | ||
Furniture, fixtures and other equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives (in years) | 20 years | ||
Transportation equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost (Note 8) | $ 1,821 | 1,535 | |
Transportation equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives (in years) | 3 years | ||
Transportation equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable lives (in years) | 7 years | ||
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost (Note 8) | $ 15,214 | $ 23,531 |
Goodwill (Details)
Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||
Carrying amount of goodwill | $ 17,296,000 | $ 17,296,000 | |
Impairment of goodwill | 0 | 0 | $ 4,145,000 |
Marine transportation | |||
Goodwill [Line Items] | |||
Impairment of goodwill | $ 4,145,000 | ||
Terminalling and storage | |||
Goodwill [Line Items] | |||
Carrying amount of goodwill | 11,868,000 | 11,868,000 | |
Natural gas services | |||
Goodwill [Line Items] | |||
Carrying amount of goodwill | 79,000 | 79,000 | |
Sulfur services | |||
Goodwill [Line Items] | |||
Carrying amount of goodwill | $ 5,349,000 | $ 5,349,000 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases | |||
2,019 | $ 7,869 | ||
2,020 | 5,417 | ||
2,021 | 3,216 | ||
2,022 | 2,129 | ||
2,023 | 1,467 | ||
Thereafter | 7,823 | ||
Total | 27,921 | ||
Rent expense for operating leases | $ 14,076 | $ 15,908 | $ 19,005 |
Investments in WTLPG - Narrativ
Investments in WTLPG - Narrative (Details) - mi | Dec. 31, 2018 | Jul. 31, 2018 |
West Texas LPG Pipeline L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 20.00% | |
Length common carrier pipeline (in miles) | 2,300 | |
West Texas LPG Pipeline L.P. | Common | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 19.80% | |
West Texas LPG Pipeline L.P. | General Partner | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 0.20% | |
West Texas LPG Pipeline L.P. | Discontinued Operations, Disposed of by Sale | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 20.00% | |
Length common carrier pipeline (in miles) | 2,300 |
Investments in WTLPG - Informat
Investments in WTLPG - Information for Significant Unconsolidated Equity Method Investees (Details) - WTLPG - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | $ 928,349 | $ 812,464 | $ 837,163 | |
Long-Term Debt | 0 | 0 | 0 | |
Members’ Equity/Partners' Capital | 868,894 | 790,406 | $ 787,426 | |
Revenues | 55,534 | $ 87,048 | 88,468 | |
Net Income | $ 16,642 | $ 21,571 | $ 23,883 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Nonrecurring | Carrying Value | 2021 Senior unsecured notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | $ 372,996 | $ 372,618 |
Nonrecurring | Fair Value | 2021 Senior unsecured notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 360,138 | 381,657 |
Commodity contracts | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivative contracts, net | $ 4 | |
Commodity derivative contracts, net | $ (72) |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018bbl | Dec. 31, 2017bbl | Dec. 31, 2016USD ($) | |
Commodity derivative contracts, net | |||
Derivative [Line Items] | |||
Notional quantity (in bbl) | bbl | 55 | 145 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Premiums received | $ 630 | ||
Interest Expense | Interest Rate Swap | |||
Derivative [Line Items] | |||
Premiums received | $ 630 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Balance Sheet Derivatives (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | $ 4 | $ 0 |
Derivative liability, fair value | 0 | 72 |
Commodity derivative contracts, net | Fair Value of Derivatives, Current | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 4 | 0 |
Derivative liability, fair value | $ 0 | $ 72 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effect of derivative instruments on the Consolidated Statement of Operations (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Income on Derivatives | $ (14,024) | $ 1,304 | $ 4,133 |
Interest rate swaption contracts | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 0 | 0 | (630) |
Interest rate contracts | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 0 | 0 | (366) |
Commodity contracts | Cost of products sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in Income on Derivatives | $ (14,024) | $ 1,304 | $ 5,129 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018shares | |
Martin Resource Management | |
Related Party Transaction [Line Items] | |
Number of shares owned (in shares) | 6,114,532 |
Ownership percentage | 15.70% |
Martin Resource Management | Martin Resource Management | MMGP | |
Related Party Transaction [Line Items] | |
General partner interest percentage | 51.00% |
MMGP | |
Related Party Transaction [Line Items] | |
General partner interest percentage | 2.00% |
MMGP | Martin Resource Management | |
Related Party Transaction [Line Items] | |
General partner interest percentage | 2.00% |
Related Party Transactions - Om
Related Party Transactions - Omnibus Agreement Narrative (Details) - Omnibus Agreement - Martin Resource Management - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Noncompete restriction threshold | $ 5,000,000 | ||
Noncompete restriction ownership option opportunity threshold minimum | 5,000,000 | ||
Noncompete restriction ownership option opportunity threshold minimum with equity limitation | $ 5,000,000 | ||
Equity limitation on ownership restriction percentage | 20.00% | ||
Approved Annual Reimbursements For Indirect Expenses | $ 16,416,000 | ||
Indirect expenses reimbursed | $ 16,416,000 | $ 16,416,000 | $ 13,033,000 |
Related Party Transactions - Mo
Related Party Transactions - Motor Carrier Agreement (Details) - Motor Carrier Agreement - Martin Resource Management | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |
Automatic consecutive term renewal (in years) | 1 year |
Minimum term of written notice (in days) | 30 days |
Partnership notice period to terminate agreement (in days) | 90 days |
Related Party Transactions - Ma
Related Party Transactions - Marine Agreements (Details) - Marine Transportation Agreement - Martin Resource Management | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |
Automatic consecutive term renewal (in years) | 1 year |
Minimum term of written notice (in days) | 60 days |
Related Party Transactions - Te
Related Party Transactions - Terminal Services Agreements (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Terminal Services Agreements | Martin Resource Management | |
Related Party Transaction [Line Items] | |
Minimum term of written notice (in days) | 60 days |
Related Party Transactions - Ot
Related Party Transactions - Other Agreements (Details) - Martin Resource Management | 12 Months Ended |
Dec. 31, 2018bbl_per_day | |
Cross Tolling Agreement | |
Related Party Transaction [Line Items] | |
Production minimum per day (in bbl) | 6,500 |
Annual escalation benchmark percentage | 3.00% |
Sulfuric Acid Sales Agency Agreement | |
Related Party Transaction [Line Items] | |
Partnership notice period to terminate agreement (in days) | 90 days |
Related Party Transactions - Sc
Related Party Transactions - Schedule of the impact of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating expenses: | |||
Operating expenses | $ 55,528 | $ 64,344 | $ 70,841 |
Related Party | |||
Revenues: | |||
Revenue from related parties | 96,068 | 102,706 | 107,937 |
Cost of products sold: | |||
Costs of products sold | 60,538 | 52,122 | 52,063 |
Operating expenses: | |||
Operating expenses | 55,528 | 64,344 | 70,841 |
Selling, general and administrative: | |||
Selling, general and administrative | 28,246 | 29,416 | 25,890 |
Related Party | Terminalling and storage | |||
Operating expenses: | |||
Operating expenses | 18,854 | 25,701 | 27,481 |
Related Party | Marine transportation | |||
Operating expenses: | |||
Operating expenses | 22,326 | 23,815 | 28,107 |
Related Party | Natural gas services | |||
Operating expenses: | |||
Operating expenses | 8,851 | 9,007 | 9,258 |
Related Party | Sulfur services | |||
Operating expenses: | |||
Operating expenses | 5,497 | 5,821 | 5,995 |
Throughput and storage | Related Party | Terminalling and storage | |||
Revenues: | |||
Revenue from related parties | 79,219 | 82,205 | 82,437 |
Marine transportation | Related Party | Marine transportation | |||
Revenues: | |||
Revenue from related parties | 15,442 | 16,801 | 21,767 |
Natural gas services | Related Party | Natural gas services | |||
Revenues: | |||
Revenue from related parties | 0 | 122 | 699 |
Product | Related Party | |||
Revenues: | |||
Revenue from related parties | 1,407 | 3,578 | 3,034 |
Natural gas services | Related Party | Natural gas services | |||
Revenues: | |||
Revenue from related parties | 19 | 1,043 | 8 |
Cost of products sold: | |||
Costs of products sold | 14,816 | 18,946 | 22,886 |
Sulfur services | Related Party | Sulfur services | |||
Revenues: | |||
Revenue from related parties | 630 | 1,963 | 2,006 |
Cost of products sold: | |||
Costs of products sold | 17,418 | 15,564 | 15,339 |
Terminalling and storage | Related Party | Terminalling and storage | |||
Revenues: | |||
Revenue from related parties | 758 | 572 | 1,020 |
Cost of products sold: | |||
Costs of products sold | 28,304 | 17,612 | 13,838 |
Operating Revenues | Related Party | Terminalling and storage | |||
Selling, general and administrative: | |||
Selling, general and administrative | 2,847 | 2,278 | 2,526 |
Operating Revenues | Related Party | Marine transportation | |||
Selling, general and administrative: | |||
Selling, general and administrative | 704 | 34 | 30 |
Operating Revenues | Related Party | Natural gas services | |||
Selling, general and administrative: | |||
Selling, general and administrative | 5,568 | 8,162 | 7,566 |
Operating Revenues | Related Party | Sulfur services | |||
Selling, general and administrative: | |||
Selling, general and administrative | 2,684 | 2,526 | 2,732 |
Indirect overhead allocation, net of reimbursement | Related Party | |||
Selling, general and administrative: | |||
Selling, general and administrative | $ 16,443 | $ 16,416 | $ 13,036 |
Related Party Transactions - _2
Related Party Transactions - Other Related Party Transactions (Details) - Martin Energy Trading LLC - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Interest rate, note receivable due from related party | 15.00% | ||
Notes Receivable | |||
Related Party Transaction [Line Items] | |||
Notes receivable | $ 15,000 | ||
Interest Expense | |||
Related Party Transaction [Line Items] | |||
Interest income from related parties | $ 0 | $ 943 | $ 2,256 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Customer contracts and relationships, net | $ 18,222 | $ 25,252 |
Other intangible assets | 1,310 | 1,752 |
Other | 4,179 | 5,797 |
Intangible and other assets, net | $ 23,711 | $ 32,801 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |||
Amortization of intangible assets | $ 9,228 | $ 13,887 | $ 19,548 |
Accumulated amortization | 44,510 | $ 39,462 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,019 | 6,063 | ||
2,020 | 5,272 | ||
2,021 | 4,319 | ||
2,022 | 4,295 | ||
2,023 | 1,952 | ||
Subsequent years | $ 55 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued interest | $ 10,735 | $ 11,726 |
Asset retirement obligations | 2,721 | 5,429 |
Property and other taxes payable | 5,621 | 5,638 |
Accrued payroll | 3,109 | 3,385 |
Other | 29 | 162 |
Total other accrued liabilities | $ 22,215 | $ 26,340 |
Supplemental Balance Sheet In_6
Supplemental Balance Sheet Information - Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning asset retirement obligations | $ 13,512 | $ 16,418 |
Revisions to existing liabilities | 4,041 | 5,547 |
Accretion expense | 516 | 404 |
Liabilities settled | (5,640) | (8,857) |
Ending asset retirement obligations | 12,429 | 13,512 |
Current portion of asset retirement obligations | (2,721) | (5,429) |
Long-term portion of asset retirement obligations | $ 9,708 | $ 8,083 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2014 | Feb. 28, 2013 | |
Debt Instrument [Line Items] | ||||||
Total long-term debt | $ 656,459,000 | $ 812,632,000 | ||||
Cash paid for interest | 50,543,000 | 45,728,000 | $ 46,046,000 | |||
Capitalized interest | 624,000 | 730,000 | 1,126,000 | |||
Revolving Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt | 283,463,000 | 440,014,000 | ||||
Face amount | 664,444,000 | $ 664,444,000 | $ 700,000,000 | |||
Unamortized debt issuance costs | $ 3,537,000 | 4,986,000 | ||||
Weighted average interest rate | 5.24% | |||||
Revolving Loan Facility | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margins | 2.75% | |||||
Revolving Loan Facility | Minimum | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margins | 2.00% | |||||
Revolving Loan Facility | Minimum | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margins | 1.00% | |||||
Revolving Loan Facility | Maximum | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margins | 3.00% | |||||
Revolving Loan Facility | Maximum | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margins | 2.00% | |||||
Senior Notes | Senior Notes 7.250% | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt | $ 372,996,000 | 372,618,000 | ||||
Face amount | $ 400,000,000 | $ 150,000,000 | $ 250,000,000 | |||
Fixed rate cost | 7.25% | |||||
Unamortized debt issuance costs | $ 1,454,000 | 2,138,000 | ||||
Unamortized premium | $ 650,000 | $ 956,000 | ||||
Amount of debt repurchased | $ 26,200,000 |
Partners' Capital - Narrative (
Partners' Capital - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018shares | |
Limited Partners' Capital Account [Line Items] | |
Common limited partner units (in shares) | 39,032,237 |
Ownership percentage | 98.00% |
Martin Resource Management | |
Limited Partners' Capital Account [Line Items] | |
Common limited partner units (in shares) | 6,114,532 |
Ownership percentage | 15.70% |
MMGP | |
Limited Partners' Capital Account [Line Items] | |
General partner interest percentage | 2.00% |
MMGP | Martin Resource Management | |
Limited Partners' Capital Account [Line Items] | |
General partner interest percentage | 2.00% |
Partners' Capital - Issuance of
Partners' Capital - Issuance of Common Units (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Limited Partners' Capital Account [Line Items] | ||||
Units issued in public offering (in shares) | 2,990,000 | |||
Share price (in dollars per share) | $ 18 | |||
Proceeds from issuance of common units | $ 51,056 | |||
General partner contribution to maintain GP interest | $ 1,098 | $ 0 | $ 1,098 | $ 0 |
MMGP | ||||
Limited Partners' Capital Account [Line Items] | ||||
General partner interest percentage | 2.00% | |||
MMGP | Martin Resource Management | ||||
Limited Partners' Capital Account [Line Items] | ||||
General partner interest percentage | 2.00% |
Partners' Capital - Incentive D
Partners' Capital - Incentive Distribution Rights (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Martin Midstream GP LLC | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions payable on behalf of IDRs | $ 0 | $ 0 | $ 7,786 |
Martin Midstream GP LLC | Target Level 1 | |||
Limited Partners' Capital Account [Line Items] | |||
Target cash distribution (in dollars per share) | $ 0.55 | ||
Martin Midstream GP LLC | Target Level 2 | |||
Limited Partners' Capital Account [Line Items] | |||
Target cash distribution, percent | 15.00% | ||
Target cash distribution (in dollars per share) | $ 0.625 | ||
Martin Midstream GP LLC | Target Level 3 | |||
Limited Partners' Capital Account [Line Items] | |||
Target cash distribution, percent | 25.00% | ||
Target cash distribution (in dollars per share) | $ 0.75 | ||
Martin Midstream GP LLC | Target Level 4 | |||
Limited Partners' Capital Account [Line Items] | |||
Target cash distribution, percent | 50.00% | ||
MMGP | |||
Limited Partners' Capital Account [Line Items] | |||
General partner interest percentage | 2.00% | ||
MMGP | Martin Midstream GP LLC | |||
Limited Partners' Capital Account [Line Items] | |||
General partner interest percentage | 2.00% | ||
MMGP | Martin Midstream GP LLC | Target Level 1 | |||
Limited Partners' Capital Account [Line Items] | |||
Target cash distribution, percent | 2.00% | ||
Maximum | Martin Midstream GP LLC | Target Level 1 | |||
Limited Partners' Capital Account [Line Items] | |||
Target cash distribution (in dollars per share) | $ 0.55 |
Partners' Capital - Distributio
Partners' Capital - Distributions of Available Cash (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Distribution period (in days) | 45 days |
Partners' Capital - Reconciliat
Partners' Capital - Reconciliation of net income to partners interest in net income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | |||||||||||
Net income (loss) | $ (913) | $ 39,446 | $ (7,246) | $ 12,818 | $ 18,849 | $ (16,286) | $ 989 | $ 13,583 | $ 44,105 | $ 17,135 | $ 31,652 |
Less general partner’s interest in net income: | |||||||||||
Less income allocable to unvested restricted units | (28) | (42) | (90) | ||||||||
Limited partner's interest in net income | $ 43,195 | $ 16,750 | $ 23,143 | ||||||||
Basic weighted average limited partner units outstanding (in shares) | 38,907,000 | 38,101,583 | 35,347,032 | ||||||||
Dilutive effect of restricted units issued (in shares) | 15,678 | 63,318 | 28,231 | ||||||||
Total weighted average limited partner diluted units outstanding (in shares) | 38,922,678 | 38,164,901 | 35,375,263 | ||||||||
Continuing operations: | |||||||||||
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | |||||||||||
Net income (loss) | $ (7,595) | $ 13,007 | $ 27,003 | ||||||||
Less general partner’s interest in net income: | |||||||||||
Distributions payable on behalf of IDRs | 0 | 0 | 6,642 | ||||||||
Distributions payable on behalf of general partner interest | (270) | 1,191 | 1,756 | ||||||||
Distributions Payable To The General Partner Interest In Excess Of Earnings Allocable To The General Partner Interest | 118 | (931) | (1,216) | ||||||||
Less income allocable to unvested restricted units | (5) | 32 | 77 | ||||||||
Limited partner's interest in net income | (7,438) | 12,715 | 19,744 | ||||||||
Discontinued operations: | |||||||||||
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | |||||||||||
Net income (loss) | 51,700 | 4,128 | 4,649 | ||||||||
Less general partner’s interest in net income: | |||||||||||
Distributions payable on behalf of IDRs | 0 | 0 | 1,144 | ||||||||
Distributions payable on behalf of general partner interest | 1,839 | 378 | 302 | ||||||||
Distributions Payable To The General Partner Interest In Excess Of Earnings Allocable To The General Partner Interest | (805) | (295) | (209) | ||||||||
Less income allocable to unvested restricted units | 33 | 10 | 13 | ||||||||
Limited partner's interest in net income | $ 50,633 | $ 4,035 | $ 3,399 |
Unit Based Awards - Schedule of
Unit Based Awards - Schedule of compensation costs relate to unit based plan (Details) - Selling, General and Administrative Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 1,224 | $ 650 | $ 904 |
Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 1,098 | 534 | 783 |
Non-employee directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 126 | $ 116 | $ 121 |
Unit Based Awards - Narrative (
Unit Based Awards - Narrative (Details) $ in Thousands | Jan. 24, 2022shares | Jan. 24, 2021shares | Jan. 24, 2020shares | Jan. 24, 2019shares | Mar. 01, 2018shares | Feb. 20, 2018directorshares | Sep. 30, 2018 | Dec. 31, 2018USD ($)shares | May 26, 2017shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized (in shares) | 3,000,000 | ||||||||
Time Based Restricted Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period (in years) | 3 years | ||||||||
Granted, number of units (in shares) | 315,500 | ||||||||
Number of directors receiving grants | director | 3 | ||||||||
Time Based Restricted Units | Non-employee directors | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, number of units (in shares) | 4,650 | ||||||||
Time Based Restricted Units | Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, number of units (in shares) | 301,550 | ||||||||
Restricted Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of units vested (in shares) | 81,050 | ||||||||
Compensation costs not yet recognized | $ | $ 3,083 | ||||||||
Weighted average period for recognition (in years) | 2 years 3 months 18 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 | ||||||||
Performance Based Restricted Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period (in years) | 3 years | ||||||||
Granted, number of units (in shares) | 317,925 | ||||||||
Performance Based Restricted Units | Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, number of units (in shares) | 317,925 | ||||||||
Scenario, Forecast | Time Based Restricted Units | Non-employee directors | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of units vested (in shares) | 1,162.5 | 1,162.5 | 1,162.5 | 1,162.5 |
Unit Based Awards - Summary of
Unit Based Awards - Summary of restricted unit activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Restricted Units | |
Number of Units | |
Non-vested, beginning of period, numbers of units (in shares) | shares | 98,750 |
Vested, number of units (in shares) | shares | (81,050) |
Forfeited, number of units (in shares) | shares | (27,000) |
Non-vested, end of period, number of units (in shares) | shares | 624,125 |
Weighted Average Grant-Date Fair Value Per Unit | |
Non-vested, beginning of period, weighted average grant-date fair value per unit (in dollars per share) | $ / shares | $ 24.80 |
Vested, weighted average grant-date fair value per unit (in dollars per share) | $ / shares | 27.77 |
Forfeited, weighted average grant-date fair value per unit (in dollars per share) | $ / shares | 13.90 |
Non-vested, end of period, weighted average grant-date fair value per unit (in dollars per share) | $ / shares | $ 13.78 |
Aggregate intrinsic value, end of period | $ | $ 6,416 |
Time Based Restricted Units | |
Number of Units | |
Granted, number of units (in shares) | shares | 315,500 |
Weighted Average Grant-Date Fair Value Per Unit | |
Granted, weighted average grant-date fair value per unit (in dollars per share) | $ / shares | $ 13.89 |
Performance Based Restricted Units | |
Number of Units | |
Granted, number of units (in shares) | shares | 317,925 |
Weighted Average Grant-Date Fair Value Per Unit | |
Granted, weighted average grant-date fair value per unit (in dollars per share) | $ / shares | $ 13.89 |
Unit Based Awards - Summary o_2
Unit Based Awards - Summary of aggregate intrinsic value and fair value of units vested (Details) - Restricted Units - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of units vested | $ 1,195 | $ 143 | $ 1,233 |
Fair value of units vested | $ 2,250 | $ 208 | $ 1,773 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred tax liability | $ 445 | $ 510 | |
Cash paid for income taxes | 434 | 712 | $ 841 |
Texas | State | |||
Operating Loss Carryforwards [Line Items] | |||
State income taxes | $ 369 | $ 352 | $ 726 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reporting units | segment | 4 | ||||||||||
Revenues | $ 252,833 | $ 219,047 | $ 216,571 | $ 284,204 | $ 305,741 | $ 193,128 | $ 193,922 | $ 253,325 | $ 972,655 | $ 946,116 | $ 827,391 |
Depreciation and Amortization | 76,866 | 85,195 | 92,132 | ||||||||
Operating Income (Loss) after Eliminations | 11,523 | $ 3,527 | $ 5,616 | $ 24,120 | 29,746 | $ (4,440) | $ 10,891 | $ 23,804 | 44,786 | 60,001 | 72,723 |
Capital Expenditures and Plant Turnaround Costs | 37,049 | 43,614 | 38,331 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 1,033,398 | 1,253,498 | 1,033,398 | 1,253,498 | |||||||
Operating Revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 981,341 | 955,676 | 835,987 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (8,686) | (9,560) | (8,596) | ||||||||
Indirect selling, general, and administrative | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and Amortization | 0 | 0 | 0 | ||||||||
Operating Income (Loss) after Eliminations | (17,901) | (17,332) | (16,794) | ||||||||
Capital Expenditures and Plant Turnaround Costs | 0 | 0 | 0 | ||||||||
Terminalling and storage | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 241,614 | 230,171 | 236,710 | ||||||||
Depreciation and Amortization | 39,508 | 45,160 | 45,484 | ||||||||
Operating Income (Loss) after Eliminations | 13,725 | 629 | 40,660 | ||||||||
Capital Expenditures and Plant Turnaround Costs | 13,704 | 29,644 | 26,097 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 298,784 | 326,920 | 298,784 | 326,920 | |||||||
Terminalling and storage | Operating Revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 247,840 | 236,169 | 242,363 | ||||||||
Terminalling and storage | Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (6,226) | (5,998) | (5,653) | ||||||||
Natural gas services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 548,135 | 532,682 | 391,333 | ||||||||
Depreciation and Amortization | 21,283 | 24,916 | 28,081 | ||||||||
Operating Income (Loss) after Eliminations | 28,570 | 51,849 | 41,503 | ||||||||
Capital Expenditures and Plant Turnaround Costs | 4,728 | 7,430 | 4,807 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 512,817 | 704,524 | 512,817 | 704,524 | |||||||
Natural gas services | Operating Revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 548,135 | 532,908 | 391,333 | ||||||||
Natural gas services | Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | (226) | 0 | ||||||||
Sulfur services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 132,536 | 134,684 | 141,058 | ||||||||
Depreciation and Amortization | 8,485 | 8,117 | 7,995 | ||||||||
Operating Income (Loss) after Eliminations | 14,276 | 23,205 | 23,393 | ||||||||
Capital Expenditures and Plant Turnaround Costs | 4,429 | 2,611 | 5,093 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 115,498 | 120,790 | 115,498 | 120,790 | |||||||
Sulfur services | Operating Revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 132,536 | 134,684 | 141,058 | ||||||||
Sulfur services | Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Marine transportation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 50,370 | 48,579 | 58,290 | ||||||||
Depreciation and Amortization | 7,590 | 7,002 | 10,572 | ||||||||
Operating Income (Loss) after Eliminations | 6,116 | 1,650 | (16,039) | ||||||||
Capital Expenditures and Plant Turnaround Costs | 14,188 | 3,929 | 2,334 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | $ 106,299 | $ 101,264 | 106,299 | 101,264 | |||||||
Marine transportation | Operating Revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 52,830 | 51,915 | 61,233 | ||||||||
Marine transportation | Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (2,460) | (3,336) | (2,943) | ||||||||
Two customers | Natural gas services | Revenue | Customer concentration risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 179,729 | $ 169,504 | $ 122,381 |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($)$ / shares$ / unit | Sep. 30, 2018USD ($)$ / shares$ / unit | Jun. 30, 2018USD ($)$ / shares$ / unit | Mar. 31, 2018USD ($)$ / shares$ / unit | Dec. 31, 2017USD ($)$ / shares$ / unit | Sep. 30, 2017USD ($)$ / shares$ / unit | Jun. 30, 2017USD ($)$ / shares$ / unit | Mar. 31, 2017USD ($)$ / shares$ / unit | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 252,833 | $ 219,047 | $ 216,571 | $ 284,204 | $ 305,741 | $ 193,128 | $ 193,922 | $ 253,325 | $ 972,655 | $ 946,116 | $ 827,391 |
Operating income (loss) | 11,523 | 3,527 | 5,616 | 24,120 | 29,746 | (4,440) | 10,891 | 23,804 | 44,786 | 60,001 | 72,723 |
Income (loss) from continuing operations | (913) | (9,686) | (8,282) | 11,286 | 17,125 | (17,031) | 179 | 12,734 | (7,595) | 13,007 | 27,003 |
Income from discontinued operations | 0 | 49,132 | 1,036 | 1,532 | 1,724 | 745 | 810 | 849 | 51,700 | 4,128 | 4,649 |
Net income (loss) | $ (913) | $ 39,446 | $ (7,246) | $ 12,818 | $ 18,849 | $ (16,286) | $ 989 | $ 13,583 | $ 44,105 | $ 17,135 | $ 31,652 |
Income (loss)from continuing operations per unit (in dollars per share) | $ / shares | $ (0.02) | $ (0.25) | $ (0.21) | $ 0.29 | $ 0.45 | $ (0.44) | $ 0 | $ 0.34 | $ (0.19) | $ 0.33 | $ 0.55 |
Limited partners' interest in net income (loss) per limited partner unit (in dollars per shares) | $ / unit | (0.04) | 1 | (0.18) | 0.33 | 0.47 | (0.42) | 0.03 | 0.36 |
Commitments and Contingencies -
Commitments and Contingencies - Contingencies (Details) - Martin Resource Management $ in Thousands | Oct. 02, 2012USD ($)quarter | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Loss Contingencies [Line Items] | |||
Quarterly purchase price reimbursement for non compliance | $ 750 | $ 1,125 | |
Quarterly purchase price reimbursement for non compliance, number of consecutive quarters | quarter | 4 | ||
Maximum purchase price reimbursement for non compliance | $ 4,500 |
Commitments and Contingencies_2
Commitments and Contingencies - Commitments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Non-cancelable revenue arrangements, future minimum revenues, 2019 | $ 17,343 |
Non-cancelable revenue arrangements, future minimum revenues, 2020 | 13,345 |
Non-cancelable revenue arrangements, future minimum revenues, 2021 | 10,576 |
Non-cancelable revenue arrangements, future minimum revenues, 2022 | 10,576 |
Non-cancelable revenue arrangements, future minimum revenues, 2023 | 10,576 |
Non-cancelable revenue arrangements, future minimum revenues, subsequent years | $ 58,128 |
Subsequent Events - Acquisition
Subsequent Events - Acquisition (Details) - Martin Transport Inc. Stock Purchase Agreement - Subsequent Event $ in Thousands | Jan. 02, 2019USD ($) |
Subsequent Event [Line Items] | |
Purchase price | $ 135,000 |
Plus: Working Capital Adjustment | 2,796 |
Less: Capital leases assumed | (11,682) |
Cash consideration paid | $ 126,114 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands | Jan. 17, 2019 | Jan. 02, 2019 |
Subsequent Event [Line Items] | ||
Dividends declared (in dollars per share) | $ 0.50 | |
Annualized dividends declared (in dollars per share) | $ 2 | |
Martin Transport Inc. Stock Purchase Agreement | ||
Subsequent Event [Line Items] | ||
Earn-out based on performance thresholds | $ 10,000 | |
Operating lease, asset | 7,082 | |
Operating lease, liability | $ 7,082 |