DEI_Document
DEI Document | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
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-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 42,823,907 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $3,406 | $1,603 |
Receivable from related parties | 14,393 | 9,617 |
Income tax receivable | 1,601 | 1,198 |
Other receivables | 526 | 77 |
Deferred income tax assets, net | 4,516 | 1,047 |
Other current assets | 146 | 245 |
Total current assets | 24,588 | 13,787 |
Investment in NuStar Energy L.P. | 347,047 | 357,456 |
Long-term receivable from related party | 30,489 | 41,139 |
Total assets | 402,124 | 412,382 |
Liabilities and Members' Equity | ' | ' |
Short-term debt | 26,000 | 26,000 |
Accounts payable | 21 | 324 |
Accrued compensation expense | 23,008 | 12,318 |
Accrued liabilities | 400 | 536 |
Taxes other than income tax | 924 | 1,240 |
Total current liabilities | 50,353 | 40,418 |
Deferred income tax liabilities, net | 6,668 | 3,671 |
Long-term liabilities | 15,467 | 18,307 |
Commitments and contingencies (Note 8) | ' | ' |
Members’ equity | 322,595 | 341,045 |
Accumulated other comprehensive income | 7,041 | 8,941 |
Total members’ equity | 329,636 | 349,986 |
Total liabilities and members’ equity | $402,124 | $412,382 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Equity in earnings of NuStar Energy L.P. | $17,770 | $13,462 | $48,899 | $39,023 |
General and administrative expenses | -877 | -941 | -2,629 | -2,359 |
Other income (expense), net | 354 | -9 | 567 | 90 |
Interest expense, net | -216 | -191 | -669 | -534 |
Income before income tax benefit (expense) | 17,031 | 12,321 | 46,168 | 36,220 |
Income tax benefit (expense) | 608 | -286 | 885 | -551 |
Net income | 17,639 | 12,035 | 47,053 | 35,669 |
Comprehensive income | $16,669 | $14,501 | $45,153 | $38,421 |
Basic net income per unit | $0.41 | $0.29 | $1.10 | $0.84 |
Diluted net income per unit | $0.41 | $0.29 | $1.10 | $0.84 |
Weighted-average number of basic units outstanding | 42,702,185 | 42,624,518 | 42,672,383 | 42,616,256 |
Weighted-average number of diluted units outstanding | 42,757,393 | 42,624,518 | 42,700,860 | 42,616,256 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $47,053 | $35,669 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Equity in earnings of NuStar Energy L.P. | -48,899 | -39,023 |
Distributions of equity in earnings from NuStar Energy L.P. | 48,899 | 39,023 |
Gain on sale of NuStar Energy L.P. limited partner units in connection with unit-based compensation | -567 | -90 |
(Benefit) provision for deferred income tax | -472 | 551 |
Changes in current assets and liabilities (Note 6) | 10,457 | -8,100 |
Decrease (increase) in long-term receivable from related party | 8,272 | -11,503 |
(Decrease) increase in long-term liabilities | -8,840 | 11,129 |
Other, net | 219 | 141 |
Net cash provided by operating activities | 56,122 | 27,797 |
Cash Flows from Investing Activities: | ' | ' |
Distributions in excess of equity in earnings from NuStar Energy L.P. | 23,010 | 33,120 |
Investment in NuStar Energy L.P. | -18,019 | 0 |
Proceeds from sale of NuStar Energy L.P. units in connection with unit-based compensation | 6,464 | 1,380 |
Net cash provided by investing activities | 11,455 | 34,500 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from short-term debt borrowings | 26,000 | 26,000 |
Repayment of short-term debt | -26,000 | -20,000 |
Distributions to unitholders | -69,747 | -69,681 |
Proceeds from the exercise of unit options | 4,127 | 0 |
Other, net | -154 | 0 |
Net cash used in financing activities | -65,774 | -63,681 |
Net increase (decrease) in cash and cash equivalents | 1,803 | -1,384 |
Cash and cash equivalents as of the beginning of the period | 1,603 | 2,597 |
Cash and cash equivalents as of the end of the period | $3,406 | $1,213 |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended | |
Sep. 30, 2014 | ||
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, 2014, we owned approximately 15.1% 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 | |
• | 10,409,101 common units of NuStar Energy representing a 13.1% limited partner interest. | |
NuStar Energy is a publicly held Delaware limited partnership engaged in the transportation of petroleum products and anhydrous ammonia, the terminalling and storage of petroleum products and the marketing of petroleum products. NuStar Energy has terminal and storage facilities in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, and the United Kingdom. | ||
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 the Quarterly Report on 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, and all disclosures are adequate. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three and nine months ended September 30, 2014 and 2013 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, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The consolidated balance sheet as of December 31, 2013 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, 2013. | ||
New Accounting Pronouncement | ||
In May 2014, the Financial Accounting Standards Board and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016, using one of two retrospective transition methods. Early adoption is not permitted for public entities. We are currently assessing the impact of this new guidance on our financial statements and disclosures. |
INVESTMENT_IN_NUSTAR_ENERGY
INVESTMENT IN NUSTAR ENERGY | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Balance Sheet Information: | ||||||||||||||||
Current assets | $ | 407,949 | $ | 633,549 | ||||||||||||
Property, plant and equipment, net | 3,391,430 | 3,310,653 | ||||||||||||||
Goodwill | 617,429 | 617,429 | ||||||||||||||
Other non-current assets | 460,559 | 470,555 | ||||||||||||||
Total assets | $ | 4,877,367 | $ | 5,032,186 | ||||||||||||
Current liabilities | $ | 299,122 | $ | 392,572 | ||||||||||||
Long-term debt | 2,731,551 | 2,655,553 | ||||||||||||||
Other non-current liabilities | 78,049 | 80,267 | ||||||||||||||
Total liabilities | 3,108,722 | 3,128,392 | ||||||||||||||
NuStar Energy partners’ equity | 1,768,645 | 1,902,136 | ||||||||||||||
Noncontrolling interest | — | 1,658 | ||||||||||||||
Total liabilities and partners’ equity | $ | 4,877,367 | $ | 5,032,186 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Statement of Comprehensive Income Information: | ||||||||||||||||
Revenues | $ | 794,422 | $ | 778,145 | $ | 2,393,380 | $ | 2,678,345 | ||||||||
Operating income | $ | 95,098 | $ | 68,751 | $ | 265,555 | $ | 209,081 | ||||||||
Income from continuing operations | $ | 59,117 | $ | 35,682 | $ | 159,300 | $ | 89,993 | ||||||||
Income (loss) from discontinued operations, net of tax | 2,831 | (2,446 | ) | (2,316 | ) | 616 | ||||||||||
Net income | $ | 61,948 | $ | 33,236 | $ | 156,984 | $ | 90,609 | ||||||||
Other | ||||||||||||||||
Our investment in NuStar Energy reconciles to NuStar Energy’s partners’ equity as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
NuStar Energy’s partners’ equity | $ | 1,768,645 | $ | 1,902,136 | ||||||||||||
NuStar GP Holdings’ ownership interest in NuStar Energy | 15.1 | % | 14.9 | % | ||||||||||||
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity | 267,065 | 283,418 | ||||||||||||||
Step-up in basis related to NuStar Energy’s assets and liabilities, | 79,982 | 74,038 | ||||||||||||||
including equity method goodwill, and other | ||||||||||||||||
Investment in NuStar Energy | $ | 347,047 | $ | 357,456 | ||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
RELATED PARTY TRANSACTIONS | ' | |||||||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||||||
We had a receivable from related parties of $14.4 million and $9.6 million as of September 30, 2014 and December 31, 2013, 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 $30.5 million and $41.1 million as of September 30, 2014 and December 31, 2013, 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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Expenses for payroll, employee benefit plans and unit- | $ | 49,793 | $ | 42,736 | $ | 144,146 | $ | 141,933 | ||||||||
based compensation | ||||||||||||||||
Other expenses | $ | 197 | $ | 167 | $ | 377 | $ | 344 | ||||||||
NuStar Energy | ||||||||||||||||
GP Services Agreement. NuStar Energy and NuStar GP, LLC, our wholly owned subsidiary, 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 for the three months ended September 30, 2014 and 2013, and $1.3 million and $1.0 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||
Axeon | ||||||||||||||||
On February 26, 2014, NuStar Energy sold its remaining 50% ownership interest in NuStar Asphalt LLC to Lindsay Goldberg LLC (Lindsay Goldberg), a private investment firm (the Asphalt JV Sale). Effective February 27, 2014, NuStar Asphalt LLC changed its name to Axeon Specialty Products LLC (Axeon). Lindsay Goldberg now owns 100% of Axeon. As a result of the Asphalt JV Sale, we ceased reporting transactions between us and Axeon as related party transactions in consolidated financial statements on February 26, 2014. | ||||||||||||||||
Axeon Services Agreement. NuStar GP, LLC and Axeon were a party to a services agreement, which provided that NuStar GP, LLC furnish certain administrative and other operating services necessary to conduct the business of Axeon for an annual fee totaling $10.0 million, subject to adjustment (the Axeon Services Agreement). The Axeon Services Agreement terminated on June 30, 2014. The aggregate amount charged under the Axeon Services Agreement was $1.6 million for the three months ended September 30, 2013, and $3.1 million and $6.3 million for the nine months ended September 30, 2014 and 2013, respectively. |
DISTRIBUTIONS_FROM_NUSTAR_ENER
DISTRIBUTIONS FROM NUSTAR ENERGY | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||
General partner interest | $ | 1,961 | $ | 1,961 | $ | 5,883 | $ | 5,883 | ||||||||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 32,415 | ||||||||||||
Total general partner distribution | 12,766 | 12,766 | 38,298 | 38,298 | ||||||||||||
Limited partner distribution | 11,380 | 11,268 | 33,814 | 33,820 | ||||||||||||
Total distributions to NuStar GP Holdings | 24,146 | 24,034 | 72,112 | 72,118 | ||||||||||||
Public unitholders’ distributions | 73,905 | 74,017 | 222,041 | 222,035 | ||||||||||||
Total cash distributions | $ | 98,051 | $ | 98,051 | $ | 294,153 | $ | 294,153 | ||||||||
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 | Record Date | Payment Date | ||||||||||||
(Thousands of Dollars) | ||||||||||||||||
September 30, 2014 (a) | $ | 1.095 | $ | 98,051 | November 10, 2014 | November 14, 2014 | ||||||||||
30-Jun-14 | $ | 1.095 | $ | 98,051 | August 6, 2014 | August 11, 2014 | ||||||||||
31-Mar-14 | $ | 1.095 | $ | 98,051 | May 7, 2014 | May 12, 2014 | ||||||||||
31-Dec-13 | $ | 1.095 | $ | 98,051 | February 10, 2014 | February 14, 2014 | ||||||||||
(a) | The distribution was announced on October 31, 2014. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Accrued compensation expense: | ||||||||||||||||
NuStar Energy restricted units and performance awards | $ | 15,421 | $ | — | $ | — | $ | 15,421 | ||||||||
NuStar Energy unit options | — | 1,477 | — | 1,477 | ||||||||||||
Total | $ | 15,421 | $ | 1,477 | $ | — | $ | 16,898 | ||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Accrued compensation expense: | ||||||||||||||||
NuStar Energy restricted units and performance awards | $ | 6,224 | $ | — | $ | — | $ | 6,224 | ||||||||
NuStar Energy unit options | — | 29 | — | 29 | ||||||||||||
Total | $ | 6,224 | $ | 29 | $ | — | $ | 6,253 | ||||||||
The fair value of our accrued compensation expense for NuStar Energy restricted units and performance awards 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, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Expected life in years | 5.4 | 5.8 | ||||||||||||||
Expected volatility | 25.1 | % | 26.4 | % | ||||||||||||
Expected distribution yield | 6.6 | % | 8.6 | % | ||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | ||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
We recognize cash equivalents, receivables, payables and short-term debt in our consolidated balance sheets at their carrying amounts. The fair values of these financial instruments approximate their carrying amounts. The fair value of our short-term debt would fall in Level 2 of the fair value hierarchy. |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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, | ||||||||
2014 | 2013 | |||||||
(Thousands of Dollars) | ||||||||
Decrease (increase) in current assets: | ||||||||
Receivable from related parties | $ | 1,338 | $ | (9,654 | ) | |||
Income tax receivable | (403 | ) | 885 | |||||
Other receivables | (386 | ) | 147 | |||||
Other current assets | (27 | ) | (60 | ) | ||||
Increase (decrease) in current liabilities: | ||||||||
Accounts payable | (303 | ) | (523 | ) | ||||
Accrued compensation expense | 10,690 | 2,058 | ||||||
Accrued liabilities | (136 | ) | (24 | ) | ||||
Taxes other than income tax | (316 | ) | (929 | ) | ||||
Changes in current assets and current liabilities | $ | 10,457 | $ | (8,100 | ) | |||
Cash flows related to interest and income tax were as follows: | ||||||||
Nine Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
(Thousands of Dollars) | ||||||||
Cash paid for interest | $ | 503 | $ | 384 | ||||
Cash refunded for income tax | $ | (7 | ) | $ | (885 | ) |
CREDIT_FACILITY
CREDIT FACILITY | 9 Months Ended |
Sep. 30, 2014 | |
Line of Credit Facility [Abstract] | ' |
CREDIT FACILITY | ' |
CREDIT FACILITY | |
Our revolving credit agreement dated June 28, 2013, as amended on June 17, 2014, will mature on June 27, 2015 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), a wholly owned subsidiary. Riverwalk pledged 1,792,918 NuStar Energy units that it owns to secure its guarantee. | |
As of September 30, 2014, 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 or a LIBOR-based rate. As of September 30, 2014, the weighted-average interest rate was 2.2%. | |
The 2013 Credit Facility contains customary restrictive covenants, such as limitations on indebtedness, liens, dispositions of material property, mergers, asset transfers and certain investing activities. In addition, the 2013 Credit Facility requires 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. As of September 30, 2014, NuStar Energy’s consolidated debt coverage ratio was 4.0x. 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, 2014. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014 | ||||||||||||||||
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, 2013 | $ | 349,986 | ||||||||||||||
Net income | 47,053 | |||||||||||||||
Distributions to unitholders | (69,747 | ) | ||||||||||||||
Other comprehensive loss | (1,900 | ) | ||||||||||||||
Unit-based compensation | 4,270 | |||||||||||||||
Other | (26 | ) | ||||||||||||||
Balance as of September 30, 2014 | $ | 329,636 | ||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||
The following table presents balances of and changes in accumulated other comprehensive income by component: | ||||||||||||||||
Share of NuStar Energy’s Other Comprehensive (Loss) Income | Pension and Other Postretirement Benefit Plan Adjustments | Total | ||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Balance as of January 1, 2014 | $ | (9,417 | ) | $ | 18,358 | $ | 8,941 | |||||||||
Other comprehensive income before reclassification adjustments | 478 | — | 478 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss (a) | — | (2,378 | ) | (2,378 | ) | |||||||||||
Other comprehensive income (loss) | 478 | (2,378 | ) | (1,900 | ) | |||||||||||
Balance as of September 30, 2014 | $ | (8,939 | ) | $ | 15,980 | $ | 7,041 | |||||||||
(a) | We recognized the net loss reclassified into income as general and administrative expenses. These amounts are components of net periodic pension cost and NuStar Energy reimburses us for these employee costs. See Note 11 for details of our net periodic pension cost. | |||||||||||||||
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||
Cash distributions per unit | $ | 0.545 | $ | 0.545 | $ | 1.635 | $ | 1.635 | ||||||||
Total cash distributions | $ | 23,351 | $ | 23,231 | $ | 69,849 | $ | 69,689 | ||||||||
The following table summarizes information related to our quarterly cash distributions: | ||||||||||||||||
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions | Record Date | Payment Date | ||||||||||||
(Thousands of Dollars) | ||||||||||||||||
September 30, 2014 (a) | $ | 0.545 | $ | 23,351 | November 10, 2014 | November 19, 2014 | ||||||||||
30-Jun-14 | $ | 0.545 | $ | 23,250 | August 6, 2014 | August 14, 2014 | ||||||||||
31-Mar-14 | $ | 0.545 | $ | 23,248 | May 7, 2014 | May 15, 2014 | ||||||||||
31-Dec-13 | $ | 0.545 | $ | 23,249 | February 10, 2014 | February 18, 2014 | ||||||||||
(a) | The distribution was announced on October 31, 2014. |
NET_INCOME_PER_UNIT
NET INCOME PER UNIT | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
NET INCOME PER UNIT | ' | |||||||||||
NET INCOME PER UNIT | ||||||||||||
We treat restricted units granted under our long-term incentive plan as participating securities in computing net income per unit pursuant to the two-class method. The computation of diluted net income per unit for the three and nine months ended September 30, 2013 excludes 289,100 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. Unit amounts used in the computation of basic and diluted net income per unit were as follows: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Basic units outstanding: | ||||||||||||
Weighted-average number of basic units outstanding | 42,702,185 | 42,624,518 | 42,672,383 | 42,616,256 | ||||||||
Diluted units outstanding: | ||||||||||||
Weighted-average number of basic units outstanding | 42,702,185 | 42,624,518 | 42,672,383 | 42,616,256 | ||||||||
Effect of dilutive securities | 55,208 | — | 28,477 | — | ||||||||
Weighted-average number of diluted units outstanding | 42,757,393 | 42,624,518 | 42,700,860 | 42,616,256 | ||||||||
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||
In August 2014, we contributed $8.0 million to the pension plan. The components of net periodic benefit cost related to our defined benefit plans were as follows: | ||||||||||||||||
Pension Plans (a) | Other Postretirement | |||||||||||||||
Benefit Plans | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
For the three months ended September 30: | ||||||||||||||||
Service cost | $ | 2,012 | $ | 4,080 | $ | 94 | $ | 293 | ||||||||
Interest cost | 1,056 | 1,259 | 93 | 235 | ||||||||||||
Expected return on assets | (1,144 | ) | (1,134 | ) | — | — | ||||||||||
Amortization of prior service credit | (516 | ) | (10 | ) | (286 | ) | (50 | ) | ||||||||
Amortization of net loss | 197 | 518 | 29 | 52 | ||||||||||||
Other (b) | 175 | 1,044 | — | — | ||||||||||||
Net periodic benefit cost | $ | 1,780 | $ | 5,757 | $ | (70 | ) | $ | 530 | |||||||
For the nine months ended September 30: | ||||||||||||||||
Service cost | $ | 6,036 | $ | 12,240 | $ | 282 | $ | 879 | ||||||||
Interest cost | 3,169 | 3,777 | 279 | 705 | ||||||||||||
Expected return on assets | (3,432 | ) | (3,402 | ) | — | — | ||||||||||
Amortization of prior service credit | (1,548 | ) | (30 | ) | (858 | ) | (150 | ) | ||||||||
Amortization of net (gain) loss | (18 | ) | 1,554 | 85 | 156 | |||||||||||
Other (b) | (39 | ) | 1,224 | — | — | |||||||||||
Net periodic benefit cost | $ | 4,168 | $ | 15,363 | $ | (212 | ) | $ | 1,590 | |||||||
(a) | Includes amounts related to the pension plan, the excess pension plan and the supplemental executive retirement plan (the SERP). | |||||||||||||||
(b) | In 2014, other relates to a settlement credit associated with the SERP in the second quarter and a settlement charge associated with the excess pension plan in the third quarter. In 2013, other includes settlement charges for retirees under the excess pension plan in the third quarter and a 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, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
NuStar Energy's Balance Sheet Information | ' | |||||||||||||||
Condensed consolidated financial information reported by NuStar Energy is presented below: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Balance Sheet Information: | ||||||||||||||||
Current assets | $ | 407,949 | $ | 633,549 | ||||||||||||
Property, plant and equipment, net | 3,391,430 | 3,310,653 | ||||||||||||||
Goodwill | 617,429 | 617,429 | ||||||||||||||
Other non-current assets | 460,559 | 470,555 | ||||||||||||||
Total assets | $ | 4,877,367 | $ | 5,032,186 | ||||||||||||
Current liabilities | $ | 299,122 | $ | 392,572 | ||||||||||||
Long-term debt | 2,731,551 | 2,655,553 | ||||||||||||||
Other non-current liabilities | 78,049 | 80,267 | ||||||||||||||
Total liabilities | 3,108,722 | 3,128,392 | ||||||||||||||
NuStar Energy partners’ equity | 1,768,645 | 1,902,136 | ||||||||||||||
Noncontrolling interest | — | 1,658 | ||||||||||||||
Total liabilities and partners’ equity | $ | 4,877,367 | $ | 5,032,186 | ||||||||||||
NuStar Energy's Statement of Comprehensive Income Information | ' | |||||||||||||||
Condensed consolidated financial information reported by NuStar Energy is presented below: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Statement of Comprehensive Income Information: | ||||||||||||||||
Revenues | $ | 794,422 | $ | 778,145 | $ | 2,393,380 | $ | 2,678,345 | ||||||||
Operating income | $ | 95,098 | $ | 68,751 | $ | 265,555 | $ | 209,081 | ||||||||
Income from continuing operations | $ | 59,117 | $ | 35,682 | $ | 159,300 | $ | 89,993 | ||||||||
Income (loss) from discontinued operations, net of tax | 2,831 | (2,446 | ) | (2,316 | ) | 616 | ||||||||||
Net income | $ | 61,948 | $ | 33,236 | $ | 156,984 | $ | 90,609 | ||||||||
Reconciliation of NuStar Energy’s total partners’ 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, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
NuStar Energy’s partners’ equity | $ | 1,768,645 | $ | 1,902,136 | ||||||||||||
NuStar GP Holdings’ ownership interest in NuStar Energy | 15.1 | % | 14.9 | % | ||||||||||||
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity | 267,065 | 283,418 | ||||||||||||||
Step-up in basis related to NuStar Energy’s assets and liabilities, | 79,982 | 74,038 | ||||||||||||||
including equity method goodwill, and other | ||||||||||||||||
Investment in NuStar Energy | $ | 347,047 | $ | 357,456 | ||||||||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | |||||||||||||||
The following table summarizes information pertaining to related party transactions: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Expenses for payroll, employee benefit plans and unit- | $ | 49,793 | $ | 42,736 | $ | 144,146 | $ | 141,933 | ||||||||
based compensation | ||||||||||||||||
Other expenses | $ | 197 | $ | 167 | $ | 377 | $ | 344 | ||||||||
DISTRIBUTIONS_FROM_NUSTAR_ENER1
DISTRIBUTIONS FROM NUSTAR ENERGY (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||
General partner interest | $ | 1,961 | $ | 1,961 | $ | 5,883 | $ | 5,883 | ||||||||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 32,415 | ||||||||||||
Total general partner distribution | 12,766 | 12,766 | 38,298 | 38,298 | ||||||||||||
Limited partner distribution | 11,380 | 11,268 | 33,814 | 33,820 | ||||||||||||
Total distributions to NuStar GP Holdings | 24,146 | 24,034 | 72,112 | 72,118 | ||||||||||||
Public unitholders’ distributions | 73,905 | 74,017 | 222,041 | 222,035 | ||||||||||||
Total cash distributions | $ | 98,051 | $ | 98,051 | $ | 294,153 | $ | 294,153 | ||||||||
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 | Record Date | Payment Date | ||||||||||||
(Thousands of Dollars) | ||||||||||||||||
September 30, 2014 (a) | $ | 1.095 | $ | 98,051 | November 10, 2014 | November 14, 2014 | ||||||||||
30-Jun-14 | $ | 1.095 | $ | 98,051 | August 6, 2014 | August 11, 2014 | ||||||||||
31-Mar-14 | $ | 1.095 | $ | 98,051 | May 7, 2014 | May 12, 2014 | ||||||||||
31-Dec-13 | $ | 1.095 | $ | 98,051 | February 10, 2014 | February 14, 2014 | ||||||||||
(a) | The distribution was announced on October 31, 2014. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Accrued compensation expense: | ||||||||||||||||
NuStar Energy restricted units and performance awards | $ | 15,421 | $ | — | $ | — | $ | 15,421 | ||||||||
NuStar Energy unit options | — | 1,477 | — | 1,477 | ||||||||||||
Total | $ | 15,421 | $ | 1,477 | $ | — | $ | 16,898 | ||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Accrued compensation expense: | ||||||||||||||||
NuStar Energy restricted units and performance awards | $ | 6,224 | $ | — | $ | — | $ | 6,224 | ||||||||
NuStar Energy unit options | — | 29 | — | 29 | ||||||||||||
Total | $ | 6,224 | $ | 29 | $ | — | $ | 6,253 | ||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | ' | |||||||||||||||
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, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Expected life in years | 5.4 | 5.8 | ||||||||||||||
Expected volatility | 25.1 | % | 26.4 | % | ||||||||||||
Expected distribution yield | 6.6 | % | 8.6 | % | ||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % |
STATEMENTS_OF_CASH_FLOWS_Table
STATEMENTS OF CASH FLOWS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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, | ||||||||
2014 | 2013 | |||||||
(Thousands of Dollars) | ||||||||
Decrease (increase) in current assets: | ||||||||
Receivable from related parties | $ | 1,338 | $ | (9,654 | ) | |||
Income tax receivable | (403 | ) | 885 | |||||
Other receivables | (386 | ) | 147 | |||||
Other current assets | (27 | ) | (60 | ) | ||||
Increase (decrease) in current liabilities: | ||||||||
Accounts payable | (303 | ) | (523 | ) | ||||
Accrued compensation expense | 10,690 | 2,058 | ||||||
Accrued liabilities | (136 | ) | (24 | ) | ||||
Taxes other than income tax | (316 | ) | (929 | ) | ||||
Changes in current assets and current liabilities | $ | 10,457 | $ | (8,100 | ) | |||
Cash flows related to interest and income tax | ' | |||||||
Cash flows related to interest and income tax were as follows: | ||||||||
Nine Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
(Thousands of Dollars) | ||||||||
Cash paid for interest | $ | 503 | $ | 384 | ||||
Cash refunded for income tax | $ | (7 | ) | $ | (885 | ) |
MEMBERS_EQUITY_Tables
MEMBERS' EQUITY (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Members' Equity [Abstract] | ' | |||||||||||||||
Changes in Members’ Equity | ' | |||||||||||||||
The following table presents changes to our members’ equity (in thousands of dollars): | ||||||||||||||||
Balance as of December 31, 2013 | $ | 349,986 | ||||||||||||||
Net income | 47,053 | |||||||||||||||
Distributions to unitholders | (69,747 | ) | ||||||||||||||
Other comprehensive loss | (1,900 | ) | ||||||||||||||
Unit-based compensation | 4,270 | |||||||||||||||
Other | (26 | ) | ||||||||||||||
Balance as of September 30, 2014 | $ | 329,636 | ||||||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | |||||||||||||||
The following table presents balances of and changes in accumulated other comprehensive income by component: | ||||||||||||||||
Share of NuStar Energy’s Other Comprehensive (Loss) Income | Pension and Other Postretirement Benefit Plan Adjustments | Total | ||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Balance as of January 1, 2014 | $ | (9,417 | ) | $ | 18,358 | $ | 8,941 | |||||||||
Other comprehensive income before reclassification adjustments | 478 | — | 478 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss (a) | — | (2,378 | ) | (2,378 | ) | |||||||||||
Other comprehensive income (loss) | 478 | (2,378 | ) | (1,900 | ) | |||||||||||
Balance as of September 30, 2014 | $ | (8,939 | ) | $ | 15,980 | $ | 7,041 | |||||||||
(a) | We recognized the net loss reclassified into income as general and administrative expenses. These amounts are components of net periodic pension cost and NuStar Energy reimburses us for these employee costs. See Note 11 for details of our net periodic pension cost. | |||||||||||||||
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||
Cash distributions per unit | $ | 0.545 | $ | 0.545 | $ | 1.635 | $ | 1.635 | ||||||||
Total cash distributions | $ | 23,351 | $ | 23,231 | $ | 69,849 | $ | 69,689 | ||||||||
Distributions Made to Limited Liability Company (LLC) Member, by Distribution | ' | |||||||||||||||
The following table summarizes information related to our quarterly cash distributions: | ||||||||||||||||
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions | Record Date | Payment Date | ||||||||||||
(Thousands of Dollars) | ||||||||||||||||
September 30, 2014 (a) | $ | 0.545 | $ | 23,351 | November 10, 2014 | November 19, 2014 | ||||||||||
30-Jun-14 | $ | 0.545 | $ | 23,250 | August 6, 2014 | August 14, 2014 | ||||||||||
31-Mar-14 | $ | 0.545 | $ | 23,248 | May 7, 2014 | May 15, 2014 | ||||||||||
31-Dec-13 | $ | 0.545 | $ | 23,249 | February 10, 2014 | February 18, 2014 | ||||||||||
(a) | The distribution was announced on October 31, 2014. |
NET_INCOME_PER_UNIT_Tables
NET INCOME PER UNIT (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Unit amounts used in the computation of basic and diluted net (loss) income per unit | ' | |||||||||||
Unit amounts used in the computation of basic and diluted net income per unit were as follows: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Basic units outstanding: | ||||||||||||
Weighted-average number of basic units outstanding | 42,702,185 | 42,624,518 | 42,672,383 | 42,616,256 | ||||||||
Diluted units outstanding: | ||||||||||||
Weighted-average number of basic units outstanding | 42,702,185 | 42,624,518 | 42,672,383 | 42,616,256 | ||||||||
Effect of dilutive securities | 55,208 | — | 28,477 | — | ||||||||
Weighted-average number of diluted units outstanding | 42,757,393 | 42,624,518 | 42,700,860 | 42,616,256 | ||||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
For the three months ended September 30: | ||||||||||||||||
Service cost | $ | 2,012 | $ | 4,080 | $ | 94 | $ | 293 | ||||||||
Interest cost | 1,056 | 1,259 | 93 | 235 | ||||||||||||
Expected return on assets | (1,144 | ) | (1,134 | ) | — | — | ||||||||||
Amortization of prior service credit | (516 | ) | (10 | ) | (286 | ) | (50 | ) | ||||||||
Amortization of net loss | 197 | 518 | 29 | 52 | ||||||||||||
Other (b) | 175 | 1,044 | — | — | ||||||||||||
Net periodic benefit cost | $ | 1,780 | $ | 5,757 | $ | (70 | ) | $ | 530 | |||||||
For the nine months ended September 30: | ||||||||||||||||
Service cost | $ | 6,036 | $ | 12,240 | $ | 282 | $ | 879 | ||||||||
Interest cost | 3,169 | 3,777 | 279 | 705 | ||||||||||||
Expected return on assets | (3,432 | ) | (3,402 | ) | — | — | ||||||||||
Amortization of prior service credit | (1,548 | ) | (30 | ) | (858 | ) | (150 | ) | ||||||||
Amortization of net (gain) loss | (18 | ) | 1,554 | 85 | 156 | |||||||||||
Other (b) | (39 | ) | 1,224 | — | — | |||||||||||
Net periodic benefit cost | $ | 4,168 | $ | 15,363 | $ | (212 | ) | $ | 1,590 | |||||||
(a) | Includes amounts related to the pension plan, the excess pension plan and the supplemental executive retirement plan (the SERP). | |||||||||||||||
(b) | In 2014, other relates to a settlement credit associated with the SERP in the second quarter and a settlement charge associated with the excess pension plan in the third quarter. In 2013, other includes settlement charges for retirees under the excess pension plan in the third quarter and a 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, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Percent ownership in NuStar Energy | 15.10% | 14.90% |
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 | 10,409,101 | ' |
Percent of limited partner interest | 13.10% | ' |
INVESTMENT_IN_NUSTAR_ENERGY_Ta1
INVESTMENT IN NUSTAR ENERGY Table 1 (Details) (NuStar Energy [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
NuStar Energy [Member] | ' | ' |
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ' | ' |
Current assets | $407,949 | $633,549 |
Property, plant and equipment, net | 3,391,430 | 3,310,653 |
Goodwill | 617,429 | 617,429 |
Other non-current assets | 460,559 | 470,555 |
Total assets | 4,877,367 | 5,032,186 |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] | ' | ' |
Current liabilities | 299,122 | 392,572 |
Long-term debt | 2,731,551 | 2,655,553 |
Other non-current liabilities | 78,049 | 80,267 |
Total liabilities | 3,108,722 | 3,128,392 |
NuStar Energy partners' equity | 1,768,645 | 1,902,136 |
Noncontrolling interest | 0 | 1,658 |
Total liabilities and partners’ equity | $4,877,367 | $5,032,186 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
NuStar Energy [Member] | ' | ' | ' | ' |
Statement of Comprehensive Income Information: | ' | ' | ' | ' |
Revenues | $794,422 | $778,145 | $2,393,380 | $2,678,345 |
Operating income | 95,098 | 68,751 | 265,555 | 209,081 |
Income from continuing operations | 59,117 | 35,682 | 159,300 | 89,993 |
Income (loss) from discontinued operations, net of tax | 2,831 | -2,446 | -2,316 | 616 |
Net income | $61,948 | $33,236 | $156,984 | $90,609 |
INVESTMENT_IN_NUSTAR_ENERGY_Ta3
INVESTMENT IN NUSTAR ENERGY Table 3 (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Reconcilliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | ' | ' |
NuStar GP Holdings’ ownership interest in NuStar Energy | 15.10% | 14.90% |
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity | $267,065 | $283,418 |
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other | 79,982 | 74,038 |
Investment in NuStar Energy | 347,047 | 357,456 |
NuStar Energy [Member] | ' | ' |
Reconcilliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | ' | ' |
NuStar Energy’s partners’ equity | $1,768,645 | $1,902,136 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS Narrative 1 (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Receivable from related parties | $14,393 | $9,617 |
Long-term receivable from related party | $30,489 | $41,139 |
RELATED_PARTY_TRANSACTIONS_Tab1
RELATED PARTY TRANSACTIONS Table (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Expenses for payroll, employee benefit plans and unit-based compensation | $49,793 | $42,736 | $144,146 | $141,933 |
Other expenses | $197 | $167 | $377 | $344 |
RELATED_PARTY_TRANSACTIONS_Nar1
RELATED PARTY TRANSACTIONS Narrative 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 26, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Axeon Services Agreement [Member] | Axeon Services Agreement [Member] | Axeon Services Agreement [Member] | Axeon [Member] | GP Services Agreement [Member] | GP Services Agreement [Member] | GP Services Agreement [Member] | GP Services Agreement [Member] | |
Axeon [Member] | Axeon [Member] | Axeon [Member] | NuStar Energy [Member] | NuStar Energy [Member] | NuStar Energy [Member] | NuStar Energy [Member] | NuStar Energy [Member] | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Services Agreements, Description | ' | 'provided that NuStar GP, LLC furnish certain administrative and other operating services necessary to conduct the business of Axeon for an annual fee totaling $10.0 million, subject to adjustment (the Axeon 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 | ' |
Services Agreements, Termination Date | ' | ' | ' | ' | ' | ' | 31-Dec-14 | ' |
Administrative services expense | ' | ' | ' | ' | $0.40 | $0.40 | $1.30 | $1 |
Equity Method Investment Percent Voting Interest Sold | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Ownership Percentage By Acquiring Entity | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Administrative Agreement, Termination Date | ' | 30-Jun-14 | ' | ' | ' | ' | ' | ' |
Administrative Services Expense | $1.60 | $3.10 | $6.30 | ' | ' | ' | ' | ' |
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, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
NuStar Energy [Member] | ' | ' | ' | ' | ' | ' | ' |
The allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners | ' | ' | ' | ' | ' | ' | ' |
General partner interest | $1,961 | ' | ' | ' | $1,961 | $5,883 | $5,883 |
General partner incentive distribution | 10,805 | ' | ' | ' | 10,805 | 32,415 | 32,415 |
Total general partner distribution | 12,766 | ' | ' | ' | 12,766 | 38,298 | 38,298 |
Limited partner distribution | 11,380 | ' | ' | ' | 11,268 | 33,814 | 33,820 |
Total distributions to NuStar GP Holdings | 24,146 | ' | ' | ' | 24,034 | 72,112 | 72,118 |
Public unitholders’ distributions | 73,905 | ' | ' | ' | 74,017 | 222,041 | 222,035 |
Total cash distributions | $98,051 | $98,051 | $98,051 | $98,051 | $98,051 | $294,153 | $294,153 |
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 | 0 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2014 |
NuStar Energy [Member] | NuStar Energy [Member] | NuStar Energy [Member] | NuStar Energy [Member] | NuStar Energy [Member] | NuStar Energy [Member] | NuStar Energy [Member] | Subsequent Event [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 | $294,153 | ' |
NuStar Energy's Distribution date of record (distribution earned) | 10-Nov-14 | 6-Aug-14 | 7-May-14 | 10-Feb-14 | ' | ' | ' | ' |
NuStar Energy's Distribution payment date (distribution earned) | 14-Nov-14 | 11-Aug-14 | 12-May-14 | 14-Feb-14 | ' | ' | ' | ' |
NuStar Energy's Distibution announcement date (distribution earned) | ' | ' | ' | ' | ' | ' | ' | 31-Oct-14 |
FAIR_VALUE_MEASUREMENTS_Table_
FAIR VALUE MEASUREMENTS Table 1 (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued compensation expense: | ' | ' |
NuStar Energy restricted units and performance awards | $15,421 | $6,224 |
NuStar Energy unit options | 1,477 | 29 |
Total | 16,898 | 6,253 |
Level 1 [Member] | ' | ' |
Accrued compensation expense: | ' | ' |
NuStar Energy restricted units and performance awards | 15,421 | 6,224 |
NuStar Energy unit options | 0 | 0 |
Total | 15,421 | 6,224 |
Level 2 [Member] | ' | ' |
Accrued compensation expense: | ' | ' |
NuStar Energy restricted units and performance awards | 0 | 0 |
NuStar Energy unit options | 1,477 | 29 |
Total | 1,477 | 29 |
Level 3 [Member] | ' | ' |
Accrued compensation expense: | ' | ' |
NuStar Energy restricted units and performance awards | 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]) | Sep. 30, 2014 | Dec. 31, 2013 |
NS unit options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life in years | 5.4 | 5.8 |
Expected volatility | 25.10% | 26.40% |
Expected distribution yield | 6.60% | 8.60% |
Risk-free interest rate | 0.10% | 0.10% |
STATEMENTS_OF_CASH_FLOWS_Table1
STATEMENTS OF CASH FLOWS Table 1 (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Decrease (increase) in current assets: | ' | ' |
Receivable from related parties | $1,338 | ($9,654) |
Income tax receivable | -403 | 885 |
Other receivables | -386 | 147 |
Other current assets | -27 | -60 |
Increase (decrease) in current liabilities: | ' | ' |
Accounts payable | -303 | -523 |
Accrued compensation expense | 10,690 | 2,058 |
Accrued liabilities | -136 | -24 |
Taxes other than income tax | -316 | -929 |
Changes in current assets and liabilities | $10,457 | ($8,100) |
STATEMENTS_OF_CASH_FLOWS_Table2
STATEMENTS OF CASH FLOWS Table 2 (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows related to interest and income tax | ' | ' |
Cash paid for interest | $503 | $384 |
Cash refunded for income tax | ($7) | ($885) |
CREDIT_FACILITY_Narrative_Deta
CREDIT FACILITY Narrative (Details) (USD $) | 9 Months Ended | 15 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
NuStar Energy Consolidated Debt Coverage Ratio [Member] | Cash Distributions Covenant [Member] | 2013 Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
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), a 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 | 26,000,000 | ' | ' | ' |
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 or a LIBOR-based rate |
Credit Facility, Interest Rate | 2.20% | ' | ' | ' | ' |
Credit Facility, Covenant Terms | ' | ' | 'The 2013 Credit Facility contains customary restrictive covenants, such as limitations on indebtedness, liens, dispositions of material property, mergers, asset transfers and certain investing activities. In addition, the 2013 Credit Facility requires 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. | '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 | '4.0 | ' | ' | ' | ' |
MEMBERS_EQUITY_Table_1_Details
MEMBERS' EQUITY Table 1 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Changes in Members' Equity [Roll Forward] | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | $349,986 | ' |
Net income | 17,639 | 12,035 | 47,053 | 35,669 |
Distributions to unitholders | ' | ' | -69,747 | -69,681 |
Other comprehensive income (loss) | ' | ' | -1,900 | ' |
Unit-based compensation | ' | ' | 4,270 | ' |
Other | ' | ' | -26 | ' |
Balance as of September 30, 2014 | $329,636 | ' | $329,636 | ' |
MEMBERS_EQUITY_Table_2_Details
MEMBERS' EQUITY Table 2 (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of January 1, 2014 | $8,941 |
Other comprehensive income (loss) | -1,900 |
Balance as of September 30, 2014 | 7,041 |
Share of NS Energy's OCI [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of January 1, 2014 | -9,417 |
Other comprehensive income (loss) before reclassification adjustments | 478 |
Amounts reclassified from accumulated other comprehensive income (loss) (a) | 0 |
Other comprehensive income (loss) | 478 |
Balance as of September 30, 2014 | -8,939 |
Pension and Other Postretirement Benefit Plan Adjustments [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of January 1, 2014 | 18,358 |
Other comprehensive income (loss) before reclassification adjustments | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) (a) | -2,378 |
Other comprehensive income (loss) | -2,378 |
Balance as of September 30, 2014 | 15,980 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of January 1, 2014 | 8,941 |
Other comprehensive income (loss) before reclassification adjustments | 478 |
Amounts reclassified from accumulated other comprehensive income (loss) (a) | -2,378 |
Other comprehensive income (loss) | -1,900 |
Balance as of September 30, 2014 | $7,041 |
MEMBERS_EQUITY_Table_3_Details
MEMBERS' EQUITY Table 3 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
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 | $1.64 |
Total cash distributions | $23,351 | $23,250 | $23,248 | $23,249 | $23,231 | $69,849 | $69,689 |
MEMBERS_EQUITY_Table_4_Details
MEMBERS' EQUITY Table 4 (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2014 |
Subsequent Event [Member] | ||||||||
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 | $1.64 | ' |
Total cash distributions (distribution earned) | $23,351 | $23,250 | $23,248 | $23,249 | $23,231 | $69,849 | $69,689 | ' |
Distribution date of record (distribution earned) | 10-Nov-14 | 6-Aug-14 | 7-May-14 | 10-Feb-14 | ' | ' | ' | ' |
Distribution payment date (distribution earned) | 19-Nov-14 | 14-Aug-14 | 15-May-14 | 18-Feb-14 | ' | ' | ' | ' |
Distribution announcement date (distribution earned) | ' | ' | ' | ' | ' | ' | ' | 31-Oct-14 |
NET_INCOME_PER_UNIT_Narrative_
NET INCOME PER UNIT Narrative (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Outstanding options to purchase NuStar GP Holdings units | 289,100 | 289,100 |
NET_INCOME_PER_UNIT_Table_Deta
NET INCOME PER UNIT Table (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | ' |
Weighted-average number of basic units outstanding | 42,702,185 | 42,624,518 | 42,672,383 | 42,616,256 |
Effect of dilutive securities | 55,208 | 0 | 28,477 | 0 |
Weighted-average number of diluted units outstanding | 42,757,393 | 42,624,518 | 42,700,860 | 42,616,256 |
EMPLOYEE_BENEFIT_PLANS_Table_D
EMPLOYEE BENEFIT PLANS Table (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | $2,012 | $4,080 | $6,036 | $12,240 |
Interest cost | 1,056 | 1,259 | 3,169 | 3,777 |
Expected return on assets | -1,144 | -1,134 | -3,432 | -3,402 |
Amortization of prior service credit | -516 | -10 | -1,548 | -30 |
Amortization of net (gain) loss | 197 | 518 | -18 | 1,554 |
Other (b) | 175 | 1,044 | -39 | 1,224 |
Net periodic benefit cost | 1,780 | 5,757 | 4,168 | 15,363 |
Other Postretirement Benefit Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | 94 | 293 | 282 | 879 |
Interest cost | 93 | 235 | 279 | 705 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of prior service credit | -286 | -50 | -858 | -150 |
Amortization of net (gain) loss | 29 | 52 | 85 | 156 |
Other (b) | 0 | 0 | 0 | 0 |
Net periodic benefit cost | ($70) | $530 | ($212) | $1,590 |
EMPLOYEE_BENEFIT_PLANS_Narrati
EMPLOYEE BENEFIT PLANS Narrative (Details) (USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' |
Defined Benefit Plan, Contributions by Employer | $8 |