DEI_Document
DEI Document | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document Information [Abstract] | ' | ' |
Entity Registrant Name | 'NuStar GP Holdings, LLC | ' |
Entity Central Index Key | '0001223786 | ' |
Trading Symbol | 'nsh | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 42,628,563 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $1,213 | $2,597 |
Receivable from related parties | 20,484 | 7,870 |
Income tax receivable | 1,565 | 2,450 |
Other receivables | 0 | 147 |
Deferred income tax assets, net | 0 | 928 |
Other current assets | 167 | 248 |
Total current assets | 23,429 | 14,240 |
Investment in NuStar Energy L.P. | 430,749 | 464,981 |
Long-term receivable from related party | 29,637 | 18,071 |
Deferred income tax assets, net | 20,850 | 20,424 |
Total assets | 504,665 | 517,716 |
Liabilities and Members' Equity | ' | ' |
Short-term debt | 26,000 | 20,000 |
Accounts payable | 479 | 1,002 |
Accrued compensation expense | 17,026 | 14,968 |
Accrued liabilities | 405 | 429 |
Deferred income tax liabilities, net | 49 | 0 |
Taxes other than income tax | 470 | 1,399 |
Total current liabilities | 44,429 | 37,798 |
Long-term liabilities | 78,225 | 67,096 |
Commitments and contingencies (Note 8) | ' | ' |
Members' equity | 411,281 | 444,844 |
Accumulated other comprehensive loss | -29,270 | -32,022 |
Total members' equity | 382,011 | 412,822 |
Total liabilities and members' equity | $504,665 | $517,716 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
Equity in earnings (loss) of NuStar Energy L.P. | $13,462 | $9,185 | $39,023 | ($11,471) |
General and administrative expenses | -941 | -654 | -2,359 | -2,306 |
Other income (expense), net | -9 | 10,702 | 90 | 10,808 |
Interest expense, net | -191 | -158 | -534 | -442 |
Income (loss) before income tax (expense) benefit | 12,321 | 19,075 | 36,220 | -3,411 |
Income tax (expense) benefit | -286 | 90 | -551 | 414 |
Net income (loss) | 12,035 | 19,165 | 35,669 | -2,997 |
Comprehensive income (loss) | $14,501 | $19,225 | $38,421 | ($9,442) |
Basic net income (loss) per unit | $0.29 | $0.45 | $0.84 | ($0.07) |
Diluted net income (loss) per unit | $0.29 | $0.45 | $0.84 | ($0.07) |
Weighted-average number of basic units outstanding | 42,624,518 | 42,575,563 | 42,616,256 | 42,575,183 |
Weighted-average number of diluted units outstanding | 42,624,518 | 42,575,563 | 42,616,256 | 42,575,183 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Parenthetical (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Diluted net income (loss) per unit | $0.29 | $0.45 | $0.84 | ($0.07) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net income (loss) | $35,669 | ($2,997) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' |
Equity in loss (earnings) of NuStar Energy L.P. | -39,023 | 11,471 |
Distributions of equity in earnings from NuStar Energy L.P. | 39,023 | 0 |
Gain related to NuStar Energy L.P.'s issuance of limited partner units | 0 | 10,689 |
(Gain) loss on sale of NuStar Energy L.P. limited partner units in connection with unit-based compensation | -90 | -119 |
Provision (benefit) for deferred income tax | 551 | -2,364 |
Changes in current assets and liabilities (Note 6) | -8,100 | -2,240 |
(Increase) decrease in long-term receivable from related party | -11,503 | -1,502 |
Increase in long-term liabilities | 11,129 | 13,591 |
Other, net | 141 | 121 |
Net cash provided by (used in) operating activities | 27,797 | 5,272 |
Cash Flows from Investing Activities: | ' | ' |
Distributions in excess of equity in earnings from NuStar Energy L.P. | 33,120 | 68,473 |
Investment in NuStar Energy L.P. | 0 | -14,961 |
Proceeds from sale of NuStar Energy L.P. units in connection with unit-based compensation | 1,380 | 2,795 |
Net cash provided by investing activities | 34,500 | 56,307 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from short-term debt borrowings | 26,000 | 21,000 |
Repayment of short-term debt | -20,000 | -16,500 |
Distributions to unitholders | -69,681 | -65,141 |
Other, net | 0 | 368 |
Net cash used in financing activities | -63,681 | -60,273 |
Net increase (decrease) in cash and cash equivalents | -1,384 | 1,306 |
Cash and cash equivalents as of the beginning of the period | 2,597 | 1,354 |
Cash and cash equivalents as of the end of the period | $1,213 | $2,660 |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
ORGANIZATION AND BASIS OF PRESENTATION | ' | |
ORGANIZATION AND BASIS OF PRESENTATION | ||
Organization | ||
NuStar GP Holdings, LLC (NuStar GP Holdings) (NYSE: NSH) is a publicly held Delaware limited liability company. Unless otherwise indicated, the terms “NuStar GP Holdings,” “we,” “our” and “us” are used in this report to refer to NuStar GP Holdings, LLC, to one or more of our consolidated subsidiaries or to all of them taken as a whole. | ||
We have no operations or sources of income or cash flows other than our investment in NuStar Energy L.P. (NuStar Energy) (NYSE: NS). As of September 30, 2013, we owned approximately 15.0% of NuStar Energy, consisting of the following: | ||
• | the 2% general partner interest; | |
• | 100% of the incentive distribution rights (IDR) issued by NuStar Energy, which entitle us to receive increasing percentages of the cash distributed by NuStar Energy, currently at the maximum percentage of 23%; and | |
• | 10,292,783 common units of NuStar Energy representing a 13.0% limited partner interest. | |
NuStar Energy is a publicly held Delaware limited partnership engaged in the terminalling and storage of petroleum products, the transportation of petroleum products and anhydrous ammonia, and fuels marketing. NuStar Energy has terminal and storage facilities in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, the United Kingdom and Turkey. | ||
Basis of Presentation | ||
These unaudited condensed consolidated financial statements include the accounts of NuStar GP Holdings and subsidiaries in which it has a controlling interest. Intercompany balances and transactions have been eliminated in consolidation. | ||
We account for our ownership interest in NuStar Energy using the equity method. Therefore, our financial results reflect a portion of NuStar Energy’s net income based on our ownership interest in NuStar Energy. We have no separate operating activities apart from those conducted by NuStar Energy and therefore generate no revenues from operations. | ||
These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless otherwise indicated. Financial information for the three and nine months ended September 30, 2013 and 2012 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited condensed consolidated financial statements. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. The consolidated balance sheet as of December 31, 2012 has been derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012. | ||
New Accounting Pronouncement | ||
Other Comprehensive Income. In February 2013, the Financial Accounting Standards Board further amended the disclosure requirements for the presentation of comprehensive income. The amended guidance requires that entities present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. The amended guidance is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. Accordingly, we adopted the amended guidance January 1, 2013, and it did not have a material impact on our disclosures. |
INVESTMENT_IN_NUSTAR_ENERGY
INVESTMENT IN NUSTAR ENERGY | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
INVESTMENT IN NUSTAR ENERGY | ' | |||||||||||||||
INVESTMENT IN NUSTAR ENERGY | ||||||||||||||||
Summary Financial Information | ||||||||||||||||
Condensed consolidated financial information reported by NuStar Energy is presented below (in thousands of dollars): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Unaudited) | ||||||||||||||||
Balance Sheet Information: | ||||||||||||||||
Current assets | $ | 460,309 | $ | 939,443 | ||||||||||||
Property, plant and equipment, net | 3,361,850 | 3,238,460 | ||||||||||||||
Goodwill | 950,963 | 951,024 | ||||||||||||||
Other non-current assets | 469,538 | 484,162 | ||||||||||||||
Total assets | $ | 5,242,660 | $ | 5,613,089 | ||||||||||||
Current liabilities | $ | 356,703 | $ | 845,971 | ||||||||||||
Long-term debt, less current portion | 2,439,696 | 2,124,582 | ||||||||||||||
Other non-current liabilities | 65,282 | 57,541 | ||||||||||||||
Total liabilities | 2,861,681 | 3,028,094 | ||||||||||||||
NuStar Energy partners’ equity | 2,370,574 | 2,572,384 | ||||||||||||||
Noncontrolling interest | 10,405 | 12,611 | ||||||||||||||
Total liabilities and partners’ equity | $ | 5,242,660 | $ | 5,613,089 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Statement of Comprehensive Income (Loss) Information: | ||||||||||||||||
Revenues | $ | 780,010 | $ | 1,593,756 | $ | 2,683,916 | $ | 4,970,909 | ||||||||
Operating income (loss) | $ | 65,874 | $ | 59,352 | $ | 199,379 | $ | (86,537 | ) | |||||||
Income (loss) from continuing operations | $ | 33,236 | $ | 13,965 | $ | 81,540 | $ | (192,549 | ) | |||||||
Income (loss) from discontinued operations, net of tax | — | (9,623 | ) | 9,069 | (23,665 | ) | ||||||||||
Net income (loss) | $ | 33,236 | $ | 4,342 | $ | 90,609 | $ | (216,214 | ) | |||||||
Other | ||||||||||||||||
Our investment in NuStar Energy reconciles to NuStar Energy’s partners’ equity as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
NuStar Energy’s partners’ equity | $ | 2,370,574 | $ | 2,572,384 | ||||||||||||
NuStar GP Holdings’ ownership interest in NuStar Energy | 15 | % | 15 | % | ||||||||||||
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity | 355,586 | 385,858 | ||||||||||||||
Step-up in basis related to NuStar Energy’s assets and liabilities, | 75,163 | 79,123 | ||||||||||||||
including equity method goodwill, and other | ||||||||||||||||
Investment in NuStar Energy | $ | 430,749 | $ | 464,981 | ||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
RELATED PARTY TRANSACTIONS | ' | |||||||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||||||
We had a receivable from related parties of $20.5 million and $7.9 million as of September 30, 2013 and December 31, 2012, respectively, mainly relating to payroll, employee benefit plans and unit-based compensation for our employees providing services to NuStar Energy and NuStar Energy’s joint ventures. We also had a long-term receivable from related party of $29.6 million and $18.1 million as of September 30, 2013 and December 31, 2012, respectively, related to amounts payable for retiree medical benefits and other post-employment benefits. The following table summarizes information pertaining to related party transactions: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Expenses for payroll, employee benefit plans | $ | 42,736 | $ | 56,067 | $ | 141,933 | $ | 166,385 | ||||||||
and unit-based compensation | ||||||||||||||||
Other expenses | $ | 167 | $ | 165 | $ | 344 | $ | 351 | ||||||||
GP Services Agreement | ||||||||||||||||
NuStar Energy and NuStar GP, LLC, a wholly owned subsidiary of NuStar GP Holdings, entered into a services agreement, effective January 1, 2008 (the GP Services Agreement). The GP Services Agreement provides that NuStar GP, LLC will furnish administrative and certain operating services necessary to conduct the business of NuStar Energy. All employees providing services to both NuStar GP Holdings and NuStar Energy are employed by NuStar GP, LLC; therefore, NuStar Energy reimburses NuStar GP, LLC for all employee costs, other than the expenses allocated to NuStar GP Holdings (the Holdco Administrative Services Expense). The GP Services Agreement will terminate on December 31, 2014, renewing automatically every two years unless terminated by either party upon six months’ prior written notice. The aggregate amounts of Holdco Administrative Services Expense that we incurred were $0.4 million and $0.2 million for the three months ended September 30, 2013 and 2012, respectively, and $1.0 million for each of the nine-month periods ended September 30, 2013 and 2012. | ||||||||||||||||
Asphalt JV Services Agreement | ||||||||||||||||
On September 28, 2012, NuStar Energy sold a 50% ownership interest (the Asphalt Sale) in NuStar Asphalt LLC (Asphalt JV), previously a wholly owned subsidiary of NuStar Energy. NuStar GP, LLC entered into a services agreement with Asphalt JV, effective September 28, 2012 (the Asphalt JV Services Agreement). The Asphalt JV Services Agreement provides that NuStar GP, LLC furnish certain administrative and other operating services necessary to conduct the business of Asphalt JV. Asphalt JV compensates us for these services through an annual fee totaling $10.0 million, subject to adjustment based on the annual merit increase percentage applicable to our employees for the most recently completed contract year. The Asphalt JV Services Agreement will terminate on December 31, 2017 and will automatically renew for successive two-year terms. Asphalt JV may terminate the Asphalt JV Services Agreement at any time, with 180 days prior written notice or reduce the level of service with 45 days prior written notice. During the nine months ended September 30, 2013, Asphalt JV provided written notice to reduce the level of services that we provide to Asphalt JV which is currently at 63% of the original service level. The aggregate amounts of the Asphalt JV Services Agreement charged were $1.6 million and $6.3 million for the three and nine months ended September 30, 2013, respectively. |
DISTRIBUTIONS_FROM_NUSTAR_ENER
DISTRIBUTIONS FROM NUSTAR ENERGY | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
DISTRIBUTIONS FROM NUSTAR ENERGY [Abstract] | ' | |||||||||||||||
DISTRIBUTIONS FROM NUSTAR ENERGY | ' | |||||||||||||||
DISTRIBUTIONS FROM NUSTAR ENERGY | ||||||||||||||||
The following table reflects the allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||
General partner interest | $ | 1,961 | $ | 1,961 | $ | 5,883 | $ | 5,525 | ||||||||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 30,437 | ||||||||||||
Total general partner distribution | 12,766 | 12,766 | 38,298 | 35,962 | ||||||||||||
Limited partner distribution | 11,268 | 11,374 | 33,820 | 33,808 | ||||||||||||
Total distributions to NuStar GP Holdings | 24,034 | 24,140 | 72,118 | 69,770 | ||||||||||||
Public unitholders’ distributions | 74,017 | 73,911 | 222,035 | 206,433 | ||||||||||||
Total cash distributions | $ | 98,051 | $ | 98,051 | $ | 294,153 | $ | 276,203 | ||||||||
Cash distributions per unit applicable to limited partners | $ | 1.095 | $ | 1.095 | $ | 3.285 | $ | 3.285 | ||||||||
The following table summarizes information related to NuStar Energy’s quarterly cash distributions: | ||||||||||||||||
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions (Thousands of Dollars) | Record Date | Payment Date | ||||||||||||
September 30, 2013 (a) | $ | 1.095 | $ | 98,051 | November 11, 2013 | November 14, 2013 | ||||||||||
30-Jun-13 | $ | 1.095 | $ | 98,051 | August 5, 2013 | August 9, 2013 | ||||||||||
31-Mar-13 | $ | 1.095 | $ | 98,051 | May 6, 2013 | May 10, 2013 | ||||||||||
31-Dec-12 | $ | 1.095 | $ | 98,051 | February 11, 2013 | February 14, 2013 | ||||||||||
(a) | The distribution was announced on October 31, 2013. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
We segregate the inputs used in measuring fair value into three levels: Level 1, defined as observable inputs such as quoted prices for identical assets or liabilities in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists. | ||||||||||||||||
The following liabilities are measured at fair value on a recurring basis: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Accrued compensation expense: | ||||||||||||||||
NuStar Energy restricted units | $ | 12,132 | $ | — | $ | — | $ | 12,132 | ||||||||
NuStar Energy unit options | — | 2 | — | 2 | ||||||||||||
Total | $ | 12,132 | $ | 2 | $ | — | $ | 12,134 | ||||||||
December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Accrued compensation expense: | ||||||||||||||||
NuStar Energy restricted units | $ | 10,376 | $ | — | $ | — | $ | 10,376 | ||||||||
NuStar Energy unit options | — | 70 | — | 70 | ||||||||||||
Total | $ | 10,376 | $ | 70 | $ | — | $ | 10,446 | ||||||||
The fair value of our accrued compensation expense for NuStar Energy restricted units is determined using the NuStar Energy unit price at the reporting date. The fair value of our accrued compensation expense for NuStar Energy unit options is determined using the Black-Scholes option-pricing model on the reporting date based on the following weighted-average assumptions: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Expected life in years | 5.9 | 6.5 | ||||||||||||||
Expected volatility | 24.1 | % | 22.4 | % | ||||||||||||
Expected distribution yield | 10.9 | % | 10.3 | % | ||||||||||||
Risk-free interest rate | 0.1 | % | 0.2 | % | ||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
We recognize cash equivalents, receivables, payables and debt in our consolidated balance sheets at their carrying amount. The fair values of these financial instruments approximate their carrying amounts. The fair value of our debt would fall in Level 2 of the fair value hierarchy. |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Statement of Cash Flows [Abstract] | ' | |||||||
STATEMENTS OF CASH FLOWS | ' | |||||||
STATEMENTS OF CASH FLOWS | ||||||||
Changes in current assets and current liabilities were as follows: | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Decrease (increase) in current assets: | ||||||||
Receivable from related parties | $ | (9,654 | ) | $ | (6,586 | ) | ||
Income tax receivable | 885 | 2,619 | ||||||
Other receivables | 147 | 299 | ||||||
Other current assets | (60 | ) | (98 | ) | ||||
Increase (decrease) in current liabilities: | ||||||||
Accounts payable | (523 | ) | 319 | |||||
Accrued compensation expense | 2,058 | 1,741 | ||||||
Accrued liabilities | (24 | ) | (23 | ) | ||||
Income tax payable | — | 249 | ||||||
Taxes other than income tax | (929 | ) | (760 | ) | ||||
Changes in current assets and current liabilities | $ | (8,100 | ) | $ | (2,240 | ) | ||
Cash flows related to interest and income tax were as follows: | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Cash paid for interest | $ | 384 | $ | 316 | ||||
Cash refunded for income tax | $ | (885 | ) | $ | (918 | ) |
CREDIT_FACILITY
CREDIT FACILITY | 9 Months Ended |
Sep. 30, 2013 | |
Line of Credit Facility [Abstract] | ' |
CREDIT FACILITY | ' |
CREDIT FACILITY | |
Our 364-day revolving credit agreement dated June 28, 2013 matures on June 27, 2014 and has a borrowing capacity of up to $40.0 million, of which, up to $10.0 million may be available for letters of credit (the 2013 Credit Facility). Our obligations under the 2013 Credit Facility are guaranteed by Riverwalk Holdings, LLC (Riverwalk), our wholly owned subsidiary. Riverwalk pledged 1,792,918 NuStar Energy units that it owns to secure its guarantee. | |
As of September 30, 2013, we had outstanding borrowings of $26.0 million and availability of $14.0 million for borrowings under the 2013 Credit Facility. Interest on the 2013 Credit Facility is based upon, at our option, either an alternative base rate plus 1.00% or a LIBOR-based rate plus 2.00%. As of September 30, 2013, the weighted-average interest rate was 2.8%. | |
The terms of the 2013 Credit Facility require NuStar Energy to maintain, as of the end of each rolling period, which consists of any period of four consecutive fiscal quarters, a consolidated debt coverage ratio not to exceed 5.0-to-1.0. If NuStar Energy consummates an acquisition for an aggregate net consideration of at least $50.0 million, the maximum consolidated debt coverage ratio will increase to 5.5-to-1.0 for two rolling periods. As of September 30, 2013, NuStar Energy’s consolidated debt coverage ratio was 4.3x. We are also required to receive cash distributions of at least $12.5 million in respect of our ownership interests in NuStar Energy each fiscal quarter. Our management believes that we are in compliance with the covenants of the 2013 Credit Facility as of September 30, 2013. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Contingencies | |
We are not currently a party to any material legal proceedings and have not recorded any accruals for loss contingencies. NuStar Energy is a party to claims and legal proceedings arising in the ordinary course of its business, which it believes are not material to its financial position or results of operations. However, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on NuStar Energy’s results of operations and ability to pay distributions, which would impact our results of operations and ability to pay distributions. |
MEMBERS_EQUITY
MEMBERS' EQUITY | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Members' Equity [Abstract] | ' | |||||||||||||||
MEMBERS' EQUITY | ' | |||||||||||||||
MEMBERS’ EQUITY | ||||||||||||||||
The following table presents changes to our members’ equity (in thousands of dollars): | ||||||||||||||||
Balance as of December 31, 2012 | $ | 412,822 | ||||||||||||||
Net income | 35,669 | |||||||||||||||
Distributions to unitholders | (69,681 | ) | ||||||||||||||
Other comprehensive income | 2,752 | |||||||||||||||
Unit-based compensation | 449 | |||||||||||||||
Balance as of September 30, 2013 | $ | 382,011 | ||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||
The following table presents changes in accumulated other comprehensive loss by component: | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Share of NuStar Energy’s Other Comprehensive (Loss) Income | Pension and Other Postretirement Benefit Plan Adjustments | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Beginning Balance | $ | (8,743 | ) | $ | (23,279 | ) | $ | (32,022 | ) | |||||||
Share of NuStar Energy’s other comprehensive income adjustment | 178 | — | 178 | |||||||||||||
Amounts reclassified from accumulated other comprehensive | — | 2,574 | 2,574 | |||||||||||||
(loss) income | ||||||||||||||||
Other comprehensive income | 178 | 2,574 | 2,752 | |||||||||||||
Ending Balance | $ | (8,565 | ) | $ | (20,705 | ) | $ | (29,270 | ) | |||||||
Amounts reclassified from accumulated other comprehensive (loss) income by component were as follows: | ||||||||||||||||
Accumulated Other Comprehensive (Loss) Income Components | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | Affected Line Item in the Statement of Comprehensive Income (Loss) (a) | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Amortization of items related to Pension | ||||||||||||||||
and Other Postretirement Benefit Plans: | ||||||||||||||||
Prior service credit | $ | (60 | ) | $ | (180 | ) | General and administrative expenses | |||||||||
Net actuarial loss | 570 | 1,710 | General and administrative expenses | |||||||||||||
Settlement charge | 1,044 | 1,044 | General and administrative expenses | |||||||||||||
Total reclassifications for the period | $ | 1,554 | $ | 2,574 | ||||||||||||
(a) | We recognized the net loss reclassified into income as general and administrative expenses. NuStar Energy reimburses us for these employee costs. | |||||||||||||||
Cash Distributions | ||||||||||||||||
The following table summarizes our cash distributions applicable to the period in which the distributions were earned: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||
Cash distributions per unit | $ | 0.545 | $ | 0.545 | $ | 1.635 | $ | 1.565 | ||||||||
Total cash distributions | $ | 23,231 | $ | 23,204 | $ | 69,689 | $ | 66,637 | ||||||||
The following table summarizes information related to our quarterly cash distributions: | ||||||||||||||||
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions (Thousands of Dollars) | Record Date | Payment Date | ||||||||||||
September 30, 2013 (a) | $ | 0.545 | $ | 23,231 | November 11, 2013 | November 19, 2013 | ||||||||||
30-Jun-13 | $ | 0.545 | $ | 23,236 | August 5, 2013 | August 14, 2013 | ||||||||||
31-Mar-13 | $ | 0.545 | $ | 23,222 | May 6, 2013 | May 15, 2013 | ||||||||||
31-Dec-12 | $ | 0.545 | $ | 23,223 | February 11, 2013 | February 19, 2013 | ||||||||||
(a) | The distribution was announced on October 31, 2013. |
NET_INCOME_LOSS_PER_UNIT
NET INCOME (LOSS) PER UNIT | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
NET INCOME (LOSS) PER UNIT | ' |
NET INCOME (LOSS) PER UNIT | |
We treat restricted units granted under our long-term incentive plan as participating securities in computing net income (loss) per unit pursuant to the two-class method. The computation of diluted net income (loss) per unit for the three and nine months ended September 30, 2013 and 2012 excludes the outstanding options to purchase NuStar GP Holdings units, as the exercise price exceeded the average market price and their effect would have been anti-dilutive. The weighted-average outstanding options to purchase NuStar GP Holdings units totaled 289,100 and 300,766 for the three months ended September 30, 2013 and 2012, respectively and totaled 293,715 and 301,107 for the nine months ended September 30, 2013 and 2012, respectively. | |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||
The components of net periodic benefit cost related to our defined benefit plans were as follows: | ||||||||||||||||
Pension Plans (a) | Other Postretirement | |||||||||||||||
Benefit Plans | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
For the three months ended September 30: | ||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 4,080 | $ | 3,904 | $ | 293 | $ | 315 | ||||||||
Interest cost | 1,259 | 1,003 | 235 | 244 | ||||||||||||
Expected return on assets | (1,134 | ) | (979 | ) | — | — | ||||||||||
Amortization of prior service credit | (10 | ) | (4 | ) | (50 | ) | — | |||||||||
Amortization of net loss | 518 | 348 | 52 | 35 | ||||||||||||
Net periodic benefit cost before other charges | $ | 4,713 | $ | 4,272 | $ | 530 | $ | 594 | ||||||||
Other charges (b) | 1,044 | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 5,757 | $ | 4,272 | $ | 530 | $ | 594 | ||||||||
For the nine months ended September 30: | ||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 12,240 | $ | 11,712 | $ | 879 | $ | 945 | ||||||||
Interest cost | 3,777 | 3,009 | 705 | 732 | ||||||||||||
Expected return on assets | (3,402 | ) | (2,937 | ) | — | — | ||||||||||
Amortization of prior service credit | (30 | ) | (12 | ) | (150 | ) | — | |||||||||
Amortization of net loss | 1,554 | 1,044 | 156 | 105 | ||||||||||||
Net periodic benefit cost before other charges | $ | 14,139 | $ | 12,816 | $ | 1,590 | $ | 1,782 | ||||||||
Other charges (b) | 1,224 | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 15,363 | $ | 12,816 | $ | 1,590 | $ | 1,782 | ||||||||
(a) | Includes amounts related to the pension plan, the excess pension plan and the supplemental executive retirement plan. | |||||||||||||||
(b) | Other charges include settlement charges for retirees under the excess pension plan in the third quarter of 2013 and a disposition charge related to NuStar Energy’s sale of its fuels refinery in San Antonio, Texas and related assets on January 1, 2013. |
INVESTMENT_IN_NUSTAR_ENERGY_Ta
INVESTMENT IN NUSTAR ENERGY (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
NuStar Energy's Balance Sheet Information | ' | |||||||||||||||
Condensed consolidated financial information reported by NuStar Energy is presented below (in thousands of dollars): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Unaudited) | ||||||||||||||||
Balance Sheet Information: | ||||||||||||||||
Current assets | $ | 460,309 | $ | 939,443 | ||||||||||||
Property, plant and equipment, net | 3,361,850 | 3,238,460 | ||||||||||||||
Goodwill | 950,963 | 951,024 | ||||||||||||||
Other non-current assets | 469,538 | 484,162 | ||||||||||||||
Total assets | $ | 5,242,660 | $ | 5,613,089 | ||||||||||||
Current liabilities | $ | 356,703 | $ | 845,971 | ||||||||||||
Long-term debt, less current portion | 2,439,696 | 2,124,582 | ||||||||||||||
Other non-current liabilities | 65,282 | 57,541 | ||||||||||||||
Total liabilities | 2,861,681 | 3,028,094 | ||||||||||||||
NuStar Energy partners’ equity | 2,370,574 | 2,572,384 | ||||||||||||||
Noncontrolling interest | 10,405 | 12,611 | ||||||||||||||
Total liabilities and partners’ equity | $ | 5,242,660 | $ | 5,613,089 | ||||||||||||
NuStar Energy's Statement of Comprehensive (Loss) Income Information | ' | |||||||||||||||
Condensed consolidated financial information reported by NuStar Energy is presented below (in thousands of dollars): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Statement of Comprehensive Income (Loss) Information: | ||||||||||||||||
Revenues | $ | 780,010 | $ | 1,593,756 | $ | 2,683,916 | $ | 4,970,909 | ||||||||
Operating income (loss) | $ | 65,874 | $ | 59,352 | $ | 199,379 | $ | (86,537 | ) | |||||||
Income (loss) from continuing operations | $ | 33,236 | $ | 13,965 | $ | 81,540 | $ | (192,549 | ) | |||||||
Income (loss) from discontinued operations, net of tax | — | (9,623 | ) | 9,069 | (23,665 | ) | ||||||||||
Net income (loss) | $ | 33,236 | $ | 4,342 | $ | 90,609 | $ | (216,214 | ) | |||||||
Reconcilliation of NuStar Energybs total partnersb equity to our investment in NuStar Energy | ' | |||||||||||||||
Our investment in NuStar Energy reconciles to NuStar Energy’s partners’ equity as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
NuStar Energy’s partners’ equity | $ | 2,370,574 | $ | 2,572,384 | ||||||||||||
NuStar GP Holdings’ ownership interest in NuStar Energy | 15 | % | 15 | % | ||||||||||||
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity | 355,586 | 385,858 | ||||||||||||||
Step-up in basis related to NuStar Energy’s assets and liabilities, | 75,163 | 79,123 | ||||||||||||||
including equity method goodwill, and other | ||||||||||||||||
Investment in NuStar Energy | $ | 430,749 | $ | 464,981 | ||||||||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of Related Party Transactions [Text Block] | ' | |||||||||||||||
The following table summarizes information pertaining to related party transactions: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Expenses for payroll, employee benefit plans | $ | 42,736 | $ | 56,067 | $ | 141,933 | $ | 166,385 | ||||||||
and unit-based compensation | ||||||||||||||||
Other expenses | $ | 167 | $ | 165 | $ | 344 | $ | 351 | ||||||||
DISTRIBUTIONS_FROM_NUSTAR_ENER1
DISTRIBUTIONS FROM NUSTAR ENERGY (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
DISTRIBUTIONS FROM NUSTAR ENERGY [Abstract] | ' | |||||||||||||||
Schedule of Distributions To General and Limited Partners [Table Text Block] | ' | |||||||||||||||
The following table reflects the allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||
General partner interest | $ | 1,961 | $ | 1,961 | $ | 5,883 | $ | 5,525 | ||||||||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 30,437 | ||||||||||||
Total general partner distribution | 12,766 | 12,766 | 38,298 | 35,962 | ||||||||||||
Limited partner distribution | 11,268 | 11,374 | 33,820 | 33,808 | ||||||||||||
Total distributions to NuStar GP Holdings | 24,034 | 24,140 | 72,118 | 69,770 | ||||||||||||
Public unitholders’ distributions | 74,017 | 73,911 | 222,035 | 206,433 | ||||||||||||
Total cash distributions | $ | 98,051 | $ | 98,051 | $ | 294,153 | $ | 276,203 | ||||||||
Cash distributions per unit applicable to limited partners | $ | 1.095 | $ | 1.095 | $ | 3.285 | $ | 3.285 | ||||||||
Distributions Made to Limited Partner, by Distribution [Table Text Block] | ' | |||||||||||||||
The following table summarizes information related to NuStar Energy’s quarterly cash distributions: | ||||||||||||||||
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions (Thousands of Dollars) | Record Date | Payment Date | ||||||||||||
September 30, 2013 (a) | $ | 1.095 | $ | 98,051 | November 11, 2013 | November 14, 2013 | ||||||||||
30-Jun-13 | $ | 1.095 | $ | 98,051 | August 5, 2013 | August 9, 2013 | ||||||||||
31-Mar-13 | $ | 1.095 | $ | 98,051 | May 6, 2013 | May 10, 2013 | ||||||||||
31-Dec-12 | $ | 1.095 | $ | 98,051 | February 11, 2013 | February 14, 2013 | ||||||||||
(a) | The distribution was announced on October 31, 2013. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Liabilities measured at fair value on a recurring basis | ' | |||||||||||||||
The following liabilities are measured at fair value on a recurring basis: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Accrued compensation expense: | ||||||||||||||||
NuStar Energy restricted units | $ | 12,132 | $ | — | $ | — | $ | 12,132 | ||||||||
NuStar Energy unit options | — | 2 | — | 2 | ||||||||||||
Total | $ | 12,132 | $ | 2 | $ | — | $ | 12,134 | ||||||||
December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Accrued compensation expense: | ||||||||||||||||
NuStar Energy restricted units | $ | 10,376 | $ | — | $ | — | $ | 10,376 | ||||||||
NuStar Energy unit options | — | 70 | — | 70 | ||||||||||||
Total | $ | 10,376 | $ | 70 | $ | — | $ | 10,446 | ||||||||
Weighted-average assumptions used in Black-Scholes Option-Pricing Model | ' | |||||||||||||||
The fair value of our accrued compensation expense for NuStar Energy unit options is determined using the Black-Scholes option-pricing model on the reporting date based on the following weighted-average assumptions: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Expected life in years | 5.9 | 6.5 | ||||||||||||||
Expected volatility | 24.1 | % | 22.4 | % | ||||||||||||
Expected distribution yield | 10.9 | % | 10.3 | % | ||||||||||||
Risk-free interest rate | 0.1 | % | 0.2 | % |
STATEMENTS_OF_CASH_FLOWS_Table
STATEMENTS OF CASH FLOWS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Statement of Cash Flows [Abstract] | ' | |||||||
Changes in current assets and liabilities | ' | |||||||
Changes in current assets and current liabilities were as follows: | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Decrease (increase) in current assets: | ||||||||
Receivable from related parties | $ | (9,654 | ) | $ | (6,586 | ) | ||
Income tax receivable | 885 | 2,619 | ||||||
Other receivables | 147 | 299 | ||||||
Other current assets | (60 | ) | (98 | ) | ||||
Increase (decrease) in current liabilities: | ||||||||
Accounts payable | (523 | ) | 319 | |||||
Accrued compensation expense | 2,058 | 1,741 | ||||||
Accrued liabilities | (24 | ) | (23 | ) | ||||
Income tax payable | — | 249 | ||||||
Taxes other than income tax | (929 | ) | (760 | ) | ||||
Changes in current assets and current liabilities | $ | (8,100 | ) | $ | (2,240 | ) | ||
Cash flows related to interest and income tax | ' | |||||||
Cash flows related to interest and income tax were as follows: | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Cash paid for interest | $ | 384 | $ | 316 | ||||
Cash refunded for income tax | $ | (885 | ) | $ | (918 | ) |
MEMBERS_EQUITY_Tables
MEMBERS' EQUITY (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Members' Equity [Abstract] | ' | |||||||||||||||
Changes in Membersb Equity | ' | |||||||||||||||
The following table presents changes to our members’ equity (in thousands of dollars): | ||||||||||||||||
Balance as of December 31, 2012 | $ | 412,822 | ||||||||||||||
Net income | 35,669 | |||||||||||||||
Distributions to unitholders | (69,681 | ) | ||||||||||||||
Other comprehensive income | 2,752 | |||||||||||||||
Unit-based compensation | 449 | |||||||||||||||
Balance as of September 30, 2013 | $ | 382,011 | ||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
The following table presents changes in accumulated other comprehensive loss by component: | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Share of NuStar Energy’s Other Comprehensive (Loss) Income | Pension and Other Postretirement Benefit Plan Adjustments | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Beginning Balance | $ | (8,743 | ) | $ | (23,279 | ) | $ | (32,022 | ) | |||||||
Share of NuStar Energy’s other comprehensive income adjustment | 178 | — | 178 | |||||||||||||
Amounts reclassified from accumulated other comprehensive | — | 2,574 | 2,574 | |||||||||||||
(loss) income | ||||||||||||||||
Other comprehensive income | 178 | 2,574 | 2,752 | |||||||||||||
Ending Balance | $ | (8,565 | ) | $ | (20,705 | ) | $ | (29,270 | ) | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income by component were as follows: | ||||||||||||||||
Accumulated Other Comprehensive (Loss) Income Components | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | Affected Line Item in the Statement of Comprehensive Income (Loss) (a) | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Amortization of items related to Pension | ||||||||||||||||
and Other Postretirement Benefit Plans: | ||||||||||||||||
Prior service credit | $ | (60 | ) | $ | (180 | ) | General and administrative expenses | |||||||||
Net actuarial loss | 570 | 1,710 | General and administrative expenses | |||||||||||||
Settlement charge | 1,044 | 1,044 | General and administrative expenses | |||||||||||||
Total reclassifications for the period | $ | 1,554 | $ | 2,574 | ||||||||||||
(a) | We recognized the net loss reclassified into income as general and administrative expenses. NuStar Energy reimburses us for these employee costs. | |||||||||||||||
Our cash distributions applicable to the period in which the distributions were earned | ' | |||||||||||||||
The following table summarizes our cash distributions applicable to the period in which the distributions were earned: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||
Cash distributions per unit | $ | 0.545 | $ | 0.545 | $ | 1.635 | $ | 1.565 | ||||||||
Total cash distributions | $ | 23,231 | $ | 23,204 | $ | 69,689 | $ | 66,637 | ||||||||
Distributions Made to Limited Liability Company (LLC) Member, by Distribution [Table Text Block] | ' | |||||||||||||||
The following table summarizes information related to our quarterly cash distributions: | ||||||||||||||||
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions (Thousands of Dollars) | Record Date | Payment Date | ||||||||||||
September 30, 2013 (a) | $ | 0.545 | $ | 23,231 | November 11, 2013 | November 19, 2013 | ||||||||||
30-Jun-13 | $ | 0.545 | $ | 23,236 | August 5, 2013 | August 14, 2013 | ||||||||||
31-Mar-13 | $ | 0.545 | $ | 23,222 | May 6, 2013 | May 15, 2013 | ||||||||||
31-Dec-12 | $ | 0.545 | $ | 23,223 | February 11, 2013 | February 19, 2013 | ||||||||||
(a) | The distribution was announced on October 31, 2013. |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||||
The components of net periodic benefit cost related to our defined benefit plans | ' | |||||||||||||||
The components of net periodic benefit cost related to our defined benefit plans were as follows: | ||||||||||||||||
Pension Plans (a) | Other Postretirement | |||||||||||||||
Benefit Plans | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
For the three months ended September 30: | ||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 4,080 | $ | 3,904 | $ | 293 | $ | 315 | ||||||||
Interest cost | 1,259 | 1,003 | 235 | 244 | ||||||||||||
Expected return on assets | (1,134 | ) | (979 | ) | — | — | ||||||||||
Amortization of prior service credit | (10 | ) | (4 | ) | (50 | ) | — | |||||||||
Amortization of net loss | 518 | 348 | 52 | 35 | ||||||||||||
Net periodic benefit cost before other charges | $ | 4,713 | $ | 4,272 | $ | 530 | $ | 594 | ||||||||
Other charges (b) | 1,044 | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 5,757 | $ | 4,272 | $ | 530 | $ | 594 | ||||||||
For the nine months ended September 30: | ||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 12,240 | $ | 11,712 | $ | 879 | $ | 945 | ||||||||
Interest cost | 3,777 | 3,009 | 705 | 732 | ||||||||||||
Expected return on assets | (3,402 | ) | (2,937 | ) | — | — | ||||||||||
Amortization of prior service credit | (30 | ) | (12 | ) | (150 | ) | — | |||||||||
Amortization of net loss | 1,554 | 1,044 | 156 | 105 | ||||||||||||
Net periodic benefit cost before other charges | $ | 14,139 | $ | 12,816 | $ | 1,590 | $ | 1,782 | ||||||||
Other charges (b) | 1,224 | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 15,363 | $ | 12,816 | $ | 1,590 | $ | 1,782 | ||||||||
(a) | Includes amounts related to the pension plan, the excess pension plan and the supplemental executive retirement plan. | |||||||||||||||
(b) | Other charges include settlement charges for retirees under the excess pension plan in the third quarter of 2013 and a disposition charge related to NuStar Energy’s sale of its fuels refinery in San Antonio, Texas and related assets on January 1, 2013. |
ORGANIZATION_AND_BASIS_OF_PRES1
ORGANIZATION AND BASIS OF PRESENTATION Narrative (Details) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Percent ownership in NuStar Energy | 15.00% | 15.00% |
General partner interest percentage | 2.00% | ' |
Percent of incentive distribution rights (IDR) issued by NuStar Energy | 100.00% | ' |
Maximum percentage of cash distributed by NuStar Energy | 23.00% | ' |
Common units of NuStar Energy | 10,292,783 | ' |
Percent of limited partner interest | 13.00% | ' |
INVESTMENT_IN_NUSTAR_ENERGY_Ta1
INVESTMENT IN NUSTAR ENERGY Table 1 (Details) (NuStar Energy [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
NuStar Energy [Member] | ' | ' |
Balance Sheet Information: | ' | ' |
Current assets | $460,309 | $939,443 |
Property, plant and equipment, net | 3,361,850 | 3,238,460 |
Goodwill | 950,963 | 951,024 |
Other non-current assets | 469,538 | 484,162 |
Total assets | 5,242,660 | 5,613,089 |
Current liabilities | 356,703 | 845,971 |
Long-term debt, less current portion | 2,439,696 | 2,124,582 |
Other non-current liabilities | 65,282 | 57,541 |
Total liabilities | 2,861,681 | 3,028,094 |
NuStar Energy partners' equity | 2,370,574 | 2,572,384 |
Noncontrolling interest | 10,405 | 12,611 |
Total liabilities and partnersb equity | $5,242,660 | $5,613,089 |
INVESTMENT_IN_NUSTAR_ENERGY_Ta2
INVESTMENT IN NUSTAR ENERGY Table 2 (Details) (NuStar Energy [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
NuStar Energy [Member] | ' | ' | ' | ' |
Statement of Comprehensive Income (Loss) Information: | ' | ' | ' | ' |
Revenues | $780,010 | $1,593,756 | $2,683,916 | $4,970,909 |
Operating income (loss) | 65,874 | 59,352 | 199,379 | -86,537 |
Income (loss) from continuing operations | 33,236 | 13,965 | 81,540 | -192,549 |
Income (loss) from discontinued operations, net of tax | 0 | -9,623 | 9,069 | -23,665 |
Net income (loss) | $33,236 | $4,342 | $90,609 | ($216,214) |
INVESTMENT_IN_NUSTAR_ENERGY_Ta3
INVESTMENT IN NUSTAR ENERGY Table 3 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Reconcilliation of NuStar Energybs total partnersb equity to our investment in NuStar Energy | ' | ' |
NuStar GP Holdingsb ownership interest in NuStar Energy | 15.00% | 15.00% |
NuStar GP Holdingsb share of NuStar Energybs partnersb equity | $355,586 | $385,858 |
Step-up in basis related to NuStar Energybs assets and liabilities, including equity method goodwill, and other | 75,163 | 79,123 |
Investment in NuStar Energy | 430,749 | 464,981 |
NuStar Energy [Member] | ' | ' |
Reconcilliation of NuStar Energybs total partnersb equity to our investment in NuStar Energy | ' | ' |
NuStar Energybs partnersb equity | $2,370,574 | $2,572,384 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS Narrative 1 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Receivable from related parties | $20,484 | $7,870 |
Long-term receivable from related party | $29,637 | $18,071 |
RELATED_PARTY_TRANSACTIONS_Tab1
RELATED PARTY TRANSACTIONS Table (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Expenses for payroll, employee benefit plans and unit-based compensation | $42,736 | $56,067 | $141,933 | $166,385 |
Other expenses | $167 | $165 | $344 | $351 |
RELATED_PARTY_TRANSACTIONS_Nar1
RELATED PARTY TRANSACTIONS Narrative 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Asphalt JV [Member] | Asphalt JV Services Agreement [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Services Agreements, Description | ' | ' | 'The Asphalt JV Services Agreement provides that NuStar GP, LLC furnish certain administrative and other operating services necessary to conduct the business of Asphalt JV. Asphalt JV compensates us for these services through an annual fee totaling $10.0 million, subject to adjustment based on the annual merit increase percentage applicable to our employees for the most recently completed contract year. | ' |
Services Agreements, Termination Date | ' | ' | 31-Dec-17 | ' |
Administrative services expense | $1.60 | ' | $6.30 | ' |
Administrative Fees Reduction, Description | ' | ' | 'Asphalt JV may terminate the Asphalt JV Services Agreement at any time, with 180 days prior written notice or reduce the level of service with 45 days prior written notice. | ' |
Percentage of Services Used Under Agreement with Related Party | 63.00% | ' | 63.00% | ' |
NuStar Energy [Member] | GP Services Agreement [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Services Agreements, Description | ' | ' | 'The GP Services Agreement provides that NuStar GP, LLC will furnish administrative and certain operating services necessary to conduct the business of NuStar Energy. All employees providing services to both NuStar GP Holdings and NuStar Energy are employed by NuStar GP, LLC; therefore, NuStar Energy reimburses NuStar GP, LLC for all employee costs, other than the expenses allocated to NuStar GP Holdings | ' |
Services Agreements, Termination Date | ' | ' | 31-Dec-14 | ' |
Administrative services expense | $0.40 | $0.20 | $1 | $1 |
DISTRIBUTIONS_FROM_NUSTAR_ENER2
DISTRIBUTIONS FROM NUSTAR ENERGY Table 1 (Details) (NuStar Energy [Member], USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
NuStar Energy [Member] | ' | ' | ' | ' | ' | ' | ' |
The allocation of NuStar Energybs cash distributions earned for the periods indicated among its general and limited partners | ' | ' | ' | ' | ' | ' | ' |
General partner interest | $1,961 | ' | ' | ' | $1,961 | $5,883 | $5,525 |
General partner incentive distribution | 10,805 | ' | ' | ' | 10,805 | 32,415 | 30,437 |
Total general partner distribution | 12,766 | ' | ' | ' | 12,766 | 38,298 | 35,962 |
Limited partner distribution | 11,268 | ' | ' | ' | 11,374 | 33,820 | 33,808 |
Total distributions to NuStar GP Holdings | 24,034 | ' | ' | ' | 24,140 | 72,118 | 69,770 |
Public unitholdersb distributions | 74,017 | ' | ' | ' | 73,911 | 222,035 | 206,433 |
Total cash distributions | $98,051 | $98,051 | $98,051 | $98,051 | $98,051 | $294,153 | $276,203 |
Cash distributions per unit applicable to limited partners | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $3.29 | $3.29 |
DISTRIBUTIONS_FROM_NUSTAR_ENER3
DISTRIBUTIONS FROM NUSTAR ENERGY Table 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Distributions from NuStar Energy (dates and totals) | ' | ' | ' | ' | ' | ' | ' |
NuStar Energy's Distibution announcement date (distribution earned) | 31-Oct-13 | ' | ' | ' | ' | ' | ' |
NuStar Energy [Member] | ' | ' | ' | ' | ' | ' | ' |
Distributions from NuStar Energy (dates and totals) | ' | ' | ' | ' | ' | ' | ' |
NuStar Energy's Cash distributions per unit applicable to limited partners (distribution earned) | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $3.29 | $3.29 |
NuStar Energy's Total cash distributions (distribution earned) | $98,051 | $98,051 | $98,051 | $98,051 | $98,051 | $294,153 | $276,203 |
NuStar Energy's Distribution date of record (distribution earned) | 11-Nov-13 | 5-Aug-13 | 6-May-13 | 11-Feb-13 | ' | ' | ' |
NuStar Energy's Distribution payment date (distribution earned) | 14-Nov-13 | 9-Aug-13 | 10-May-13 | 14-Feb-13 | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Table_
FAIR VALUE MEASUREMENTS Table 1 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued compensation expense: | ' | ' |
NuStar Energy restricted units | $12,132 | $10,376 |
NuStar Energy unit options | 2 | 70 |
Total | 12,134 | 10,446 |
Level 1 [Member] | ' | ' |
Accrued compensation expense: | ' | ' |
NuStar Energy restricted units | 12,132 | 10,376 |
NuStar Energy unit options | 0 | 0 |
Total | 12,132 | 10,376 |
Level 2 [Member] | ' | ' |
Accrued compensation expense: | ' | ' |
NuStar Energy restricted units | 0 | 0 |
NuStar Energy unit options | 2 | 70 |
Total | 2 | 70 |
Level 3 [Member] | ' | ' |
Accrued compensation expense: | ' | ' |
NuStar Energy restricted units | 0 | 0 |
NuStar Energy unit options | 0 | 0 |
Total | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_Table_1
FAIR VALUE MEASUREMENTS Table 2 (Details) (NS unit options [Member]) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
NS unit options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life in years | 5.9 | 6.5 |
Expected volatility | 24.10% | 22.40% |
Expected distribution yield | 10.90% | 10.30% |
Risk-free interest rate | 0.10% | 0.20% |
STATEMENTS_OF_CASH_FLOWS_Table1
STATEMENTS OF CASH FLOWS Table 1 (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Decrease (increase) in current assets: | ' | ' |
Receivable from related parties | ($9,654) | ($6,586) |
Income tax receivable | 885 | 2,619 |
Other receivables | 147 | 299 |
Other current assets | -60 | -98 |
Increase (decrease) in current liabilities: | ' | ' |
Accounts payable | -523 | 319 |
Accrued compensation expense | 2,058 | 1,741 |
Accrued liabilities | -24 | -23 |
Income tax payable | 0 | 249 |
Taxes other than income tax | -929 | -760 |
Changes in current assets and liabilities | ($8,100) | ($2,240) |
STATEMENTS_OF_CASH_FLOWS_Table2
STATEMENTS OF CASH FLOWS Table 2 (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows related to interest and income tax | ' | ' |
Cash paid for interest | $384 | $316 |
Cash (refunded) paid for income tax | ($885) | ($918) |
CREDIT_FACILITY_Narrative_Deta
CREDIT FACILITY Narrative (Details) (USD $) | 9 Months Ended | 3 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
NuStar Energy Consolidated Debt Coverage Ratio [Member] | Cash Distributions Covenant [Member] | 2013 Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Credit Facility, Name | ' | ' | ' | ' | '364-day revolving credit agreement |
Line of Credit Facility, Initiation Date | ' | ' | ' | ' | 28-Jun-13 |
Credit Facility, Maturity Date | ' | ' | ' | ' | 27-Jun-14 |
Credit Facility, Borrowing Capacity | ' | ' | ' | ' | $40,000,000 |
Credit Facility, Letters of Credit Capacity | ' | ' | ' | ' | 10,000,000 |
Line of Credit Facility, Collateral | ' | ' | ' | ' | 'Our obligations under the 2013 Credit Facility are guaranteed by Riverwalk Holdings, LLC (Riverwalk), our wholly owned subsidiary. Riverwalk pledged 1,792,918 NuStar Energy units that it owns to secure its guarantee |
Outstanding Borrowings Under the Credit Facility | 26,000,000 | 20,000,000 | ' | ' | ' |
Credit Facility, Borrowing Availability | $14,000,000 | ' | ' | ' | ' |
Credit Facility, Interest Rate Description | ' | ' | ' | ' | 'Interest on the 2013 Credit Facility is based upon, at our option, either an alternative base rate plus 1.00% or a LIBOR-based rate plus 2.00% |
Credit Facility, Interest Rate | 2.80% | ' | ' | ' | ' |
Credit Facility, Covenant Terms | ' | ' | 'The terms of the 2013 Credit Facility require NuStar Energy to maintain, as of the end of each rolling period, which consists of any period of four consecutive fiscal quarters, a consolidated debt coverage ratio not to exceed 5.0-to-1.0. If NuStar Energy consummates an acquisition for an aggregate net consideration of at least $50.0 million, the maximum consolidated debt coverage ratio will increase to 5.5-to-1.0 for two rolling periods. | 'receive cash distributions of at least $12.5 million in respect of our ownership interests in NuStar Energy each fiscal quarter | ' |
NuStar Energy's Consolidated Debt Coverage Ratio | '4.3 | ' | ' | ' | ' |
MEMBERS_EQUITY_Table_1_Details
MEMBERS' EQUITY Table 1 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Changes in Members' Equity [Roll Forward] | ' | ' | ' | ' |
Balance as of December 31, 2012 | ' | ' | $412,822 | ' |
Net income (loss) | 12,035 | 19,165 | 35,669 | -2,997 |
Distributions to unitholders | ' | ' | -69,681 | -65,141 |
Other comprehensive income (loss) | ' | ' | 2,752 | ' |
Unit-based compensation | ' | ' | 449 | ' |
Balance as of September 30, 2013 | $382,011 | ' | $382,011 | ' |
MEMBERS_EQUITY_Table_2_Details
MEMBERS' EQUITY Table 2 (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
AccumulatedOtherComprehensiveIncomeLoss [Roll Forward] | ' |
Beginning balance | ($32,022) |
Other comprehensive income (loss) | 2,752 |
Ending balance | -29,270 |
Share of NS Energy's OCI [Member] | ' |
AccumulatedOtherComprehensiveIncomeLoss [Roll Forward] | ' |
Beginning balance | -8,743 |
NuStar Energy other comprehensive loss adjustment | 178 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 |
Other comprehensive income (loss) | 178 |
Ending balance | -8,565 |
Pension and Other Postretirement Benefit Plan Adjustment [Member] | ' |
AccumulatedOtherComprehensiveIncomeLoss [Roll Forward] | ' |
Beginning balance | -23,279 |
NuStar Energy other comprehensive loss adjustment | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,574 |
Other comprehensive income (loss) | 2,574 |
Ending balance | -20,705 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' |
AccumulatedOtherComprehensiveIncomeLoss [Roll Forward] | ' |
Beginning balance | -32,022 |
NuStar Energy other comprehensive loss adjustment | 178 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,574 |
Other comprehensive income (loss) | 2,752 |
Ending balance | ($29,270) |
MEMBERS_EQUITY_Table_3_Details
MEMBERS' EQUITY Table 3 (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' |
Prior service credit | ($60) | ($180) |
Net actuarial loss | 570 | 1,710 |
Settlement charge | 1,044 | 1,044 |
Total reclassifications for the period | $1,554 | $2,574 |
MEMBERS_EQUITY_Table_4_Details
MEMBERS' EQUITY Table 4 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Our cash distributions applicable to the period in which the distributions were earned | ' | ' | ' | ' | ' | ' | ' |
Cash distributions per unit | $0.55 | $0.55 | $0.55 | $0.55 | $0.55 | $1.64 | $1.56 |
Total cash distributions | $23,231 | $23,236 | $23,222 | $23,223 | $23,204 | $69,689 | $66,637 |
MEMBERS_EQUITY_Table_5_Details
MEMBERS' EQUITY Table 5 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cash distributions per unit applicable to members (distribution earned) | $0.55 | $0.55 | $0.55 | $0.55 | $0.55 | $1.64 | $1.56 |
Total cash distributions (distribution earned) | $23,231 | $23,236 | $23,222 | $23,223 | $23,204 | $69,689 | $66,637 |
Distribution date of record (distribution earned) | 11-Nov-13 | 5-Aug-13 | 6-May-13 | 11-Feb-13 | ' | ' | ' |
Distribution payment date (distribution earned) | 19-Nov-13 | 14-Aug-13 | 15-May-13 | 19-Feb-13 | ' | ' | ' |
Distribution announcement date (distribution earned) | 31-Oct-13 | ' | ' | ' | ' | ' | ' |
NET_INCOME_LOSS_PER_UNIT_Table
NET INCOME (LOSS) PER UNIT Table (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Basic and diluted units outstanding: | ' | ' | ' | ' |
Weighted-average number of basic units outstanding | 42,624,518 | 42,575,563 | 42,616,256 | 42,575,183 |
Weighted-average number of diluted units outstanding | 42,624,518 | 42,575,563 | 42,616,256 | 42,575,183 |
NET_INCOME_LOSS_PER_UNIT_Narra
NET INCOME (LOSS) PER UNIT Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Outstanding options to purchase NuStar GP Holdings units | 289,100 | 300,766 | 293,715 | 301,107 |
EMPLOYEE_BENEFIT_PLANS_Table_D
EMPLOYEE BENEFIT PLANS Table (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans (the pension plan, the excess pension plan and the SERP) [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $4,080 | $3,904 | $12,240 | $11,712 |
Interest cost | 1,259 | 1,003 | 3,777 | 3,009 |
Expected return on assets | -1,134 | -979 | -3,402 | -2,937 |
Amortization of prior service credit | -10 | -4 | -30 | -12 |
Amortization of net loss | 518 | 348 | 1,554 | 1,044 |
Net periodic benefit cost before other charges | 4,713 | 4,272 | 14,139 | 12,816 |
Defined Benefit Plan, Other Changes | 1,044 | 0 | 1,224 | 0 |
Net periodic benefit cost | 5,757 | 4,272 | 15,363 | 12,816 |
Other Postretirement Benefit Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 293 | 315 | 879 | 945 |
Interest cost | 235 | 244 | 705 | 732 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of prior service credit | -50 | 0 | -150 | 0 |
Amortization of net loss | 52 | 35 | 156 | 105 |
Net periodic benefit cost before other charges | 530 | 594 | 1,590 | 1,782 |
Defined Benefit Plan, Other Changes | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $530 | $594 | $1,590 | $1,782 |