DEI_Document
DEI Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 |
Document Information [Line Items] | |||
Entity Registrant Name | NuStar GP Holdings, LLC | ||
Entity Central Index Key | 1223786 | ||
Trading Symbol | nsh | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 42,913,277 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1,347 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $2,840 | $1,603 |
Receivable from related parties | 15,704 | 9,617 |
Income tax receivable | 1,211 | 1,198 |
Other receivables | 91 | 77 |
Deferred income tax assets, net | 724 | 1,047 |
Other current assets | 491 | 245 |
Total current assets | 21,061 | 13,787 |
Investment in NuStar Energy L.P. | 326,982 | 357,456 |
Long-term receivable from related party | 33,537 | 41,139 |
Deferred income tax assets, net | 3,570 | 0 |
Total assets | 385,150 | 412,382 |
Liabilities and Members’ Equity | ||
Short-term debt | 26,000 | 26,000 |
Accounts payable | 620 | 324 |
Accrued compensation expense | 9,944 | 12,318 |
Accrued liabilities | 437 | 536 |
Taxes other than income tax | 1,751 | 1,240 |
Total current liabilities | 38,752 | 40,418 |
Deferred income tax liabilities, net | 0 | 3,671 |
Long-term liabilities | 35,562 | 18,307 |
Commitments and contingencies (Note 11) | ||
Members’ equity | 316,611 | 341,045 |
Accumulated other comprehensive (loss) income | -5,775 | 8,941 |
Total members’ equity | 310,836 | 349,986 |
Total liabilities and members’ equity | $385,150 | $412,382 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Equity in earnings (loss) of NuStar Energy L.P. | $65,380 | ($6,741) | ($4,578) |
General and administrative expenses | -3,396 | -3,105 | -3,337 |
Other (expense) income, net | -1,458 | 382 | 9,801 |
Interest expense, net | -885 | -778 | -624 |
Income (loss) before income tax benefit (expense) | 59,641 | -10,242 | 1,262 |
Income tax benefit (expense) | 1,786 | -792 | 866 |
Net income (loss) | 61,427 | -11,034 | 2,128 |
Other comprehensive (loss) income: | |||
Share of NuStar Energy L.P.’s other comprehensive loss | -665 | -674 | -4,297 |
Pension and other postretirement benefit plan adjustments: | |||
Net unrecognized (loss) gain arising during the year, net of income tax benefit (expense) of $6,298, ($23,552) and $3,879 | -11,136 | 39,596 | -6,574 |
Net (gain) loss reclassified into income | -2,915 | 2,041 | 1,514 |
Pension and other postretirement benefit plan adjustments | -14,051 | 41,637 | -5,060 |
Total other comprehensive (loss) income | -14,716 | 40,963 | -9,357 |
Comprehensive income (loss) | $46,711 | $29,929 | ($7,229) |
Basic net income (loss) per unit | $1.44 | ($0.26) | $0.05 |
Diluted net income (loss) per unit | $1.44 | ($0.26) | $0.05 |
Weighted-average number of basic units outstanding | 42,719,217 | 42,619,722 | 42,576,858 |
Weighted-average number of diluted units outstanding | 42,742,202 | 42,619,722 | 42,584,667 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Net unrecognized (loss) gain arising during the year, tax benefit (expense) | $6,298 | ($23,552) | $3,879 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities: | |||
Net income (loss) | $61,427 | ($11,034) | $2,128 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Equity in (earnings) loss of NuStar Energy L.P. | -65,380 | 6,741 | 4,578 |
Distributions of equity in earnings from NuStar Energy L.P. | 65,380 | 0 | 0 |
Gain related to NuStar Energy L.P.’s issuance of limited partner units | 0 | 0 | -10,689 |
Loss (gain) on sale of NuStar Energy L.P. limited partner units in connection with unit-based compensation | 1,458 | -382 | 888 |
(Benefit) expense for deferred income tax | -621 | 424 | -443 |
Changes in current assets and liabilities (Note 9) | -2,270 | -4,000 | -3,638 |
Increase in long-term receivable from related party | -1,527 | -22,984 | -3,278 |
Increase in long-term liabilities | 36 | 16,452 | 12,528 |
Other, net | 290 | 209 | 471 |
Net cash provided by (used in) operating activities | 58,793 | -14,574 | 2,545 |
Cash Flows from Investing Activities: | |||
Distributions in excess of equity in earnings from NuStar Energy L.P. | 30,632 | 96,134 | 92,628 |
Investment in NuStar Energy L.P. | -19,340 | -3,913 | -18,005 |
Proceeds from sale of NuStar Energy L.P. units in connection with unit-based compensation | 17,059 | 8,271 | 8,552 |
Net cash provided by investing activities | 28,351 | 100,492 | 83,175 |
Cash Flows from Financing Activities: | |||
Proceeds from short-term debt borrowings | 26,000 | 26,000 | 21,000 |
Repayment of short-term debt | -26,000 | -20,000 | -17,500 |
Distributions to unitholders | -93,098 | -92,912 | -88,345 |
Proceeds from the exercise of unit options | 7,206 | 0 | 0 |
Other, net | -15 | 0 | 368 |
Net cash used in financing activities | -85,907 | -86,912 | -84,477 |
Net increase (decrease) in cash and cash equivalents | 1,237 | -994 | 1,243 |
Cash and cash equivalents as of the beginning of the period | 1,603 | 2,597 | 1,354 |
Cash and cash equivalents as of the end of the period | $2,840 | $1,603 | $2,597 |
CONSOLIDATED_STATEMENTS_OF_MEM
CONSOLIDATED STATEMENTS OF MEMBERS’ EQUITY (USD $) | Total | Units | Members’ Equity | Accumulated Other Comprehensive (Loss) Income |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 31, 2011 | $506,883 | $529,548 | ($22,665) | |
Balance in units at Dec. 31, 2011 | 42,558,500 | |||
Net income (loss) | 2,128 | 2,128 | 0 | |
Other comprehensive income (loss) | -9,357 | 0 | -9,357 | |
Distributions to unitholders | -88,345 | -88,345 | 0 | |
Unit-based compensation | 1,513 | 1,513 | 0 | |
Unit-based compensation in units | 41,691 | |||
Balance at Dec. 31, 2012 | 412,822 | 444,844 | -32,022 | |
Balance in units at Dec. 31, 2012 | 42,600,191 | |||
Net income (loss) | -11,034 | -11,034 | 0 | |
Other comprehensive income (loss) | 40,963 | 0 | 40,963 | |
Distributions to unitholders | -92,912 | -92,912 | 0 | |
Unit-based compensation | 147 | 147 | 0 | |
Unit-based compensation in units | 56,090 | |||
Balance at Dec. 31, 2013 | 349,986 | 341,045 | 8,941 | |
Balance in units at Dec. 31, 2013 | 42,656,281 | |||
Net income (loss) | 61,427 | 61,427 | 0 | |
Other comprehensive income (loss) | -14,716 | 0 | -14,716 | |
Distributions to unitholders | -93,098 | -93,098 | 0 | |
Unit-based compensation | 7,251 | 7,251 | 0 | |
Unit-based compensation in units | 256,996 | |||
Other | -14 | -14 | 0 | |
Balance at Dec. 31, 2014 | $310,836 | $316,611 | ($5,775) | |
Balance in units at Dec. 31, 2014 | 42,913,277 |
ORGANIZATION
ORGANIZATION | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
ORGANIZATION | ORGANIZATION | |
NuStar GP Holdings, LLC (NuStar GP Holdings) (NYSE: NSH), a publicly held Delaware limited liability company, was formed in June 2000. 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. | ||
Our unitholders have no liability under our limited liability company agreement, or for any of our debts, obligations or liabilities, in their capacity as a unitholder. | ||
We have no operations or sources of income or cash flows other than our investment in NuStar Energy L.P. (NuStar Energy) (NYSE: NS). On December 31, 2014, we owned approximately 14.9% of NuStar Energy, consisting of the following: | ||
• | the 2% general partner interest; | |
• | 100% of the incentive distribution rights 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 | |
• | 10,248,179 common units of NuStar Energy representing a 12.9% 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. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Consolidation | |
The accompanying 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. | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, management reviews their estimates based on currently available information. Management may revise estimates due to changes in facts and circumstances. | |
Cash and Cash Equivalents | |
Cash equivalents are all highly liquid investments with an original maturity of three months or less when acquired. | |
Investment in NuStar Energy | |
We account for our 14.9% investment in NuStar Energy using the equity method. As the general partner, we exercise significant influence over NuStar Energy, even though our ownership did not exceed 20% as of December 31, 2014. We evaluate our investment in NuStar Energy for impairment when there is evidence that we may not be able to recover the carrying amount of our investment or that the investee is unable to sustain an earnings capacity that justifies the carrying amount. We recognize a loss in the value of our investment that is other than a temporary decline currently in earnings based on the difference between the estimated current fair value of the investment and our carrying amount. We believe that the carrying amount of our investment in NuStar Energy as of December 31, 2014 is recoverable. | |
Accounting for Sales of Units by NuStar Energy | |
We account for issuances of common units by NuStar Energy as if we had sold a proportionate share of our investment, such that we record any gain or loss in earnings. Please refer to Note 4 for a description of the issuances of common units by NuStar Energy. | |
Income Taxes | |
We are a limited liability company taxed as a partnership and generally are not subject to federal or state income taxes. Accordingly, our taxable income or loss, which may vary substantially from income or loss reported for financial reporting purposes, is generally included in the federal and state income tax returns of our unitholders. For transfers of publicly held units subsequent to our initial public offering, we have made an election permitted by Section 754 of the Internal Revenue Code (the Code) to adjust the common unit purchaser’s tax basis in our underlying assets to reflect the purchase price of the units. This results in an allocation of taxable income and expenses to the purchaser of the common units, including depreciation deductions and gains and losses on sales of assets, based upon the new unitholder’s purchase price for the common units. | |
On August 14, 2006, NuStar GP, LLC, our wholly owned subsidiary, elected to be treated as a corporation for federal income tax purposes under Treasury Regulation §301.7701-3(a). We account for income taxes under the asset and liability method. Under this method, we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred taxes using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. | |
Income tax expense includes federal and state income and withholding taxes currently payable and deferred federal and state income taxes resulting from temporary differences between financial statement and tax bases of assets and liabilities when such differences exist. We, or certain of our subsidiaries, file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. For U.S. federal and state purposes, tax years subject to examination are 2010 through 2013. | |
We recognize a tax position if it is more likely than not that the tax position will be sustained, based on the technical merits of the position, upon examination. We record uncertain tax positions in the financial statements at the largest amount of benefit that is more likely than not to be realized. We had no unrecognized tax benefits as of December 31, 2014 and 2013. | |
Unit-Based Compensation | |
We account for awards of NS unit options, performance awards and restricted units to employees and directors of NuStar GP, LLC at fair value, whereby a liability for the award is initially recorded and subsequent changes in the fair value are included in the determination of net income. The fair value of NS unit options is determined using the Black-Scholes model at each reporting date. The fair value of NS restricted units and performance awards equals the market price of NS common units at each reporting date. However, performance awards are earned only upon NuStar Energy’s achievement of an objective performance measure. We record compensation expense each reporting period such that the cumulative compensation expense equals the portion of the award’s current fair value that has vested. We record compensation expense related to NS unit options until such options are exercised, and we record compensation expense for NS restricted units and performance awards until the date of vesting. | |
We account for awards of NSH restricted units and unit options granted to employees of NuStar GP, LLC and our directors based on the fair value of the awards at the grant date. The fair value of NSH unit options is determined using the Black-Scholes model at the grant date, and the fair value of the NSH restricted units equals the market price of NSH common units at the grant date. Compensation expense for NSH restricted units and unit options is recognized ratably over the vesting period based on the initial fair value determination. | |
The liability for awards of NS unit options, performance awards and restricted units is included in “Accrued compensation expense” on our consolidated balance sheets. NuStar Energy reimburses us for the expenses resulting from NS awards and NSH awards to employees providing services to NuStar Energy. Expenses resulting from NSH awards to our non-employee directors are included in “General and administrative expenses” on our consolidated statements of comprehensive income (loss). | |
Under these long-term incentive plans, certain awards provide that the grantee’s award vests immediately upon retirement. Compensation expense is recognized immediately if these awards are granted to retirement-eligible employees, as defined in each award. In addition, if, during a vesting period of a grant, the grantee will become retirement-eligible, then compensation expense associated with the grant is recognized from the grant date through the grantee’s retirement eligibility date. | |
Pension and Other Postretirement Benefits | |
We recognize the overfunded or underfunded status of our defined benefit pension or postretirement plans as an asset or a liability as of the balance sheet dates. We record changes in the funded status of our plans as a component of comprehensive income (loss) in the year the changes occur. |
NEW_ACCOUNTING_PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS |
Consolidation | |
In February 2015, the Financial Accounting Standards Board (FASB) issued new consolidation guidance that modifies the criterion involved in a reporting organization’s evaluation of whether certain legal entities are subject to consolidation under the standard. The standard is effective for public companies for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. We are currently assessing the impact of this new guidance on our financial statements and disclosures. | |
Revenue Recognition | |
In May 2014, the FASB 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 | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
INVESTMENT IN NUSTAR ENERGY | INVESTMENT IN NUSTAR ENERGY | |||||||||||
NuStar Energy’s Equity Offerings | ||||||||||||
On September 10, 2012, NuStar Energy issued 7,130,000 common units representing limited partner interests at a price of $48.94 per unit. NuStar Energy received proceeds of $336.8 million, net of issuance costs. In conjunction with NuStar Energy’s issuance of common units, we contributed $7.1 million to NuStar Energy in order to maintain our 2% general partner interest. This issuance resulted in a gain of $10.7 million for the year ended December 31, 2012, which is included in “Other (expense) income, net” on our consolidated statements of comprehensive income (loss), and represents the increase in the value of our proportionate share of NuStar Energy’s capital. | ||||||||||||
NuStar Energy’s Acquisitions and Dispositions | ||||||||||||
On September 28, 2012, NuStar Energy sold a 50% ownership interest in NuStar Asphalt LLC (the 2012 Asphalt Sale), previously a wholly owned subsidiary of NuStar Energy, to an affiliate of Lindsay Goldberg LLC (Lindsay Goldberg), a private investment firm. NuStar Asphalt LLC owns and operates the asphalt refining assets that were previously wholly owned by NuStar Energy (collectively, the Asphalt Operations). Upon closing, NuStar Energy deconsolidated NuStar Asphalt LLC and started reporting its remaining investment in NuStar Asphalt LLC using the equity method of accounting. On February 26, 2014, NuStar Energy sold its remaining 50% ownership interest in NuStar Asphalt LLC (the 2014 Asphalt Sale) to Lindsay Goldberg, which constitutes all of NuStar Energy’s equity interest in the entity that it retained after the first sale in 2012. Effective February 27, 2014, NuStar Asphalt LLC changed its name to Axeon Specialty Products LLC (Axeon). Lindsay Goldberg now owns 100% of Axeon. | ||||||||||||
On January 1, 2013, NuStar Energy sold its fuels refinery in San Antonio, Texas (the San Antonio Refinery) and related assets for approximately $117.0 million (the San Antonio Refinery Sale). NuStar Energy presented the results of operations for the San Antonio Refinery and related assets as discontinued operations for all periods presented. | ||||||||||||
On December 13, 2012, NuStar Energy acquired the TexStar Crude Oil Assets (as defined below) from TexStar Midstream Services, LP and certain of its affiliates (collectively, TexStar) for $325.4 million (the TexStar Asset Acquisition). The TexStar Crude Oil Assets consist of approximately 140 miles of crude oil pipelines and gathering lines, as well as five terminals and storage facilities providing 0.6 million barrels of storage capacity. | ||||||||||||
Summary Financial Information | ||||||||||||
Condensed consolidated financial information reported by NuStar Energy is presented below: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(Thousands of Dollars) | ||||||||||||
Balance Sheet Information: | ||||||||||||
Current assets | $ | 389,147 | $ | 633,549 | ||||||||
Property, plant and equipment, net | 3,460,732 | 3,310,653 | ||||||||||
Goodwill | 617,429 | 617,429 | ||||||||||
Other non-current assets | 451,488 | 470,555 | ||||||||||
Total assets | $ | 4,918,796 | $ | 5,032,186 | ||||||||
Current liabilities | $ | 365,192 | $ | 392,572 | ||||||||
Long-term debt | 2,749,452 | 2,655,553 | ||||||||||
Other non-current liabilities | 87,942 | 80,267 | ||||||||||
Total liabilities | 3,202,586 | 3,128,392 | ||||||||||
NuStar Energy partners’ equity | 1,716,210 | 1,902,136 | ||||||||||
Noncontrolling interest | — | 1,658 | ||||||||||
Total liabilities and partners’ equity | $ | 4,918,796 | $ | 5,032,186 | ||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Statement of Income (Loss) Information: | ||||||||||||
Revenues | $ | 3,075,118 | $ | 3,463,732 | $ | 5,945,736 | ||||||
Operating income (loss) | $ | 346,901 | $ | (19,121 | ) | $ | (18,168 | ) | ||||
Income (loss) from continuing operations | $ | 214,169 | $ | (185,509 | ) | $ | (166,001 | ) | ||||
Loss from discontinued operations, net of tax | (3,791 | ) | (99,162 | ) | (61,236 | ) | ||||||
Net income (loss) | $ | 210,378 | $ | (284,671 | ) | $ | (227,237 | ) | ||||
Other | ||||||||||||
Our investment in NuStar Energy reconciles to NuStar Energy’s total partners’ equity as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(Thousands of Dollars) | ||||||||||||
NuStar Energy’s partners’ equity | $ | 1,716,210 | $ | 1,902,136 | ||||||||
NuStar GP Holdings’ ownership interest in NuStar Energy | 14.9 | % | 14.9 | % | ||||||||
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity | 255,715 | 283,418 | ||||||||||
Step-up in basis related to NuStar Energy’s assets and liabilities, | 71,267 | 74,038 | ||||||||||
including equity method goodwill, and other | ||||||||||||
Investment in NuStar Energy | $ | 326,982 | $ | 357,456 | ||||||||
Valero Energy Corporation (Valero Energy) acquired us in connection with its December 31, 2001 acquisition of Ultramar Diamond Shamrock Corporation (2001 Acquisition). The step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, reflected in the table above relates to purchase accounting adjustments resulting from the 2001 Acquisition. The amount represents the unamortized excess of the fair value over carrying amount applicable to Valero Energy’s proportionate 73.6% interest in NuStar Energy’s identifiable assets and liabilities as of December 31, 2001, of which $81.8 million is being amortized as a reduction to equity in earnings of NuStar Energy over approximately 28 years. This amount also includes the portion of goodwill resulting from the 2001 Acquisition that was attributed to our investment in NuStar Energy. Since 26.4% of the equity interest in NuStar Energy was owned by public unitholders as of the date of the 2001 Acquisition, a significant portion of the total ownership interest in NuStar Energy was deemed to be held by the public according to GAAP, thereby preventing the adjustment of the reported financial statements of NuStar Energy. | ||||||||||||
The following table summarizes our equity in earnings (loss) of NuStar Energy: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Thousands of Dollars) | ||||||||||||
NuStar GP Holdings’ Equity in Earnings (Loss) of NuStar Energy: | ||||||||||||
General partner interest | $ | 3,352 | $ | (6,338 | ) | $ | (5,356 | ) | ||||
General partner incentive distribution | 43,220 | 43,220 | 41,242 | |||||||||
General partner’s interest in earnings and | 46,572 | 36,882 | 35,886 | |||||||||
incentive distributions of NuStar Energy | ||||||||||||
Limited partner interest in earnings (loss) of NuStar Energy | 21,692 | (40,739 | ) | (37,580 | ) | |||||||
Amortization of step-up in basis related to | (2,884 | ) | (2,884 | ) | (2,884 | ) | ||||||
NuStar Energy’s assets and liabilities | ||||||||||||
Equity in earnings (loss) of NuStar Energy | $ | 65,380 | $ | (6,741 | ) | $ | (4,578 | ) | ||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS | |||||||||||
General | ||||||||||||
We manage NuStar Energy through our ownership of NuStar GP, LLC and Riverwalk Holdings, LLC, which own Riverwalk Logistics L.P., the general partner of NuStar Energy. Our officers are also officers of NuStar GP, LLC. The chairman of our board of directors, William E. Greehey, is also the chairman of the board of directors of NuStar GP, LLC. The board of directors of NuStar GP, LLC is responsible for overseeing NuStar GP, LLC’s role as the general partner of the general partner of NuStar Energy, and we, as the sole owner of NuStar GP, LLC, must also approve matters that have or would reasonably be expected to have a material effect on our interests as the sole owner of NuStar GP, LLC. | ||||||||||||
We had a receivable from related parties of $15.7 million and $9.6 million, as of December 31, 2014 and 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 $33.5 million and $41.1 million as of December 31, 2014 and 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: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Expenses for payroll, employee benefit plans and unit-based compensation | $ | 197,745 | $ | 190,643 | $ | 225,135 | ||||||
Other expenses | $ | 482 | $ | 434 | $ | 437 | ||||||
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 Holdco Administrative Services Expense is based on $1.1 million, plus 1.0% of NuStar GP, LLC’s domestic bonus and unit-based compensation expense, subject to certain other adjustments. The GP Services Agreement had an original termination date of December 31, 2014, which was subsequently renewed automatically and will continue to renew automatically every two years unless terminated by either party upon six months’ prior written notice. For the years ended December 31, 2014, 2013 and 2012, the Holdco Administrative Services Expense totaled $1.7 million, $1.4 million and $1.3 million, respectively. | ||||||||||||
Non-Compete Agreement. On July 19, 2006, in connection with our initial public offering, we entered into a non-compete agreement with NuStar Energy (the Non-Compete Agreement). Under the Non-Compete Agreement, we will have a right of first refusal with respect to the potential acquisition of general partner and other equity interests in publicly traded partnerships under common ownership with the general partner interest. NuStar Energy has a right of first refusal with respect to the potential acquisition of assets that relate to the transportation, storage or terminalling of crude oil, feedstocks or refined petroleum products (including petrochemicals) in the United States and internationally. With respect to any other business opportunities, neither we nor NuStar Energy are prohibited from engaging in any business, even if we and NuStar Energy would have a conflict of interest with respect to such other business opportunity. The Non-Compete Agreement remains in effect for so long as we or any of our affiliates own 20% or more of NuStar GP, LLC or Riverwalk Logistics, L.P. | ||||||||||||
Axeon | ||||||||||||
As a result of the 2014 Asphalt Sale, we ceased reporting transactions between us and Axeon as related party transactions in our 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 $3.1 million, $7.9 million and $2.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Axeon Employee Services Agreement. In addition, NuStar GP, LLC entered into an employee services agreement with Axeon, effective September 28, 2012 (the Axeon Employee Services Agreement). The Axeon Employee Services Agreement provided that certain of NuStar GP, LLC employees would provide employee-services to Axeon. In exchange, Axeon would reimburse us for the compensation expense of those employees at the same rates that were in effect at the effective date of the Axeon Employee Services Agreement. The Axeon Employee Services Agreement terminated on December 31, 2012, and effective January 1, 2013, those employees became employees of Axeon. |
DISTRIBUTIONS_FROM_NUSTAR_ENER
DISTRIBUTIONS FROM NUSTAR ENERGY | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
DISTRIBUTIONS FROM NUSTAR ENERGY [Abstract] | |||||||||||||
DISTRIBUTIONS FROM NUSTAR ENERGY | DISTRIBUTIONS FROM NUSTAR ENERGY | ||||||||||||
NuStar Energy’s partnership agreement, as amended, determines the amount and priority of cash distributions that NuStar Energy’s common unitholders and general partner may receive. We, as NuStar Energy’s general partner, are entitled to incentive distributions if the amount NuStar Energy distributes with respect to any quarter exceeds $0.60 per unit, with the maximum percentage of 23% of the amount of any quarterly distribution in excess of $0.66 per unit. We also receive a 2% distribution with respect to our general partner interest. | |||||||||||||
The following table reflects the allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Thousands of Dollars, Except Per Unit Data) | |||||||||||||
General partner interest | $ | 7,844 | $ | 7,844 | $ | 7,486 | |||||||
General partner incentive distribution | 43,220 | 43,220 | 41,242 | ||||||||||
Total general partner distribution | 51,064 | 51,064 | 48,728 | ||||||||||
Limited partner distribution | 44,974 | 44,975 | 45,152 | ||||||||||
Total distributions to NuStar GP Holdings | 96,038 | 96,039 | 93,880 | ||||||||||
Public unitholders’ distributions | 296,166 | 296,165 | 280,374 | ||||||||||
Total cash distributions | $ | 392,204 | $ | 392,204 | $ | 374,254 | |||||||
Cash distributions per unit applicable to limited partners | $ | 4.38 | $ | 4.38 | $ | 4.38 | |||||||
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) | |||||||||||||
December 31, 2014 (a) | $ | 1.095 | $ | 98,051 | February 9, 2015 | February 13, 2015 | |||||||
30-Sep-14 | $ | 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 | |||||||
(a) | The distribution was announced on January 30, 2015. |
ACCRUED_COMPENSATION_EXPENSE_A
ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES [Abstract] | ||||||||||||||||
ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES | ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES | |||||||||||||||
Accrued compensation expense and long-term liabilities consisted of the following: | ||||||||||||||||
Accrued Compensation Expense | Long-term Liabilities | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
NuStar Energy restricted units and performance awards | $ | 5,369 | $ | 6,224 | $ | — | $ | — | ||||||||
Pension liabilities (Note 14) | 60 | 2,333 | 23,423 | 9,726 | ||||||||||||
Other postretirement benefit plan liabilities (Note 14) | 304 | 141 | 10,180 | 7,013 | ||||||||||||
Other employee-related liabilities | 4,211 | 3,620 | 1,959 | 1,568 | ||||||||||||
Total | $ | 9,944 | $ | 12,318 | $ | 35,562 | $ | 18,307 | ||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||
Dec. 31, 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: | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Accrued compensation expense: | ||||||||||||||||
NuStar Energy restricted units and performance awards | $ | 5,369 | $ | — | $ | — | $ | 5,369 | ||||||||
Total | $ | 5,369 | $ | — | $ | — | $ | 5,369 | ||||||||
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 | ||||||||
Total | $ | 6,224 | $ | — | $ | — | $ | 6,224 | ||||||||
Fair Value of Financial Instruments | ||||||||||||||||
We recognize cash equivalents, receivables, payables and short-term 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 short-term debt would fall in Level 2 of the fair value hierarchy. |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Statement of Cash Flows [Abstract] | ||||||||||||
STATEMENTS OF CASH FLOWS | STATEMENTS OF CASH FLOWS | |||||||||||
Changes in current assets and current liabilities were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Decrease (increase) in current assets: | ||||||||||||
Receivable from related parties | $ | 105 | $ | 338 | $ | 1,077 | ||||||
Income tax receivable | (13 | ) | 1,252 | (780 | ) | |||||||
Other receivables | (14 | ) | 70 | 211 | ||||||||
Other current assets | (407 | ) | (187 | ) | (210 | ) | ||||||
Increase (decrease) in current liabilities: | ||||||||||||
Accounts payable | 296 | (678 | ) | 542 | ||||||||
Accrued compensation expense | (2,374 | ) | (4,743 | ) | (4,557 | ) | ||||||
Accrued liabilities | (99 | ) | 107 | (33 | ) | |||||||
Income tax payable | — | — | — | |||||||||
Taxes other than income tax | 236 | (159 | ) | 112 | ||||||||
Changes in current assets and current liabilities | $ | (2,270 | ) | $ | (4,000 | ) | $ | (3,638 | ) | |||
Cash flows related to interest and income tax were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Cash paid for interest | $ | 684 | $ | 561 | $ | 475 | ||||||
Cash (refunded) paid for income tax, net | $ | (1,149 | ) | $ | (885 | ) | $ | 356 | ||||
Non-cash investing and financing activities for the years ended December 31, 2014, 2013 and 2012 mainly consisted of: | ||||||||||||
• | Adjustments to our investment in NuStar Energy and accumulated other comprehensive (loss) income through recognition of our proportionate share of NuStar Energy’s accumulated other comprehensive loss; and | |||||||||||
• | Pension funding adjustments recognized in accumulated other comprehensive (loss) income. |
CREDIT_FACILITY
CREDIT FACILITY | 12 Months Ended |
Dec. 31, 2014 | |
Line of Credit Facility [Abstract] | |
CREDIT FACILITY | CREDIT FACILITY |
Borrowings under our revolving credit facility are used to fund capital contributions to NuStar Energy to maintain our 2% general partner interest when NuStar Energy issues additional common units and to meet other liquidity and capital resource requirements. Our revolving credit facility 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. Our obligations under our revolving 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 December 31, 2014, we had outstanding borrowings of $26.0 million and availability of $14.0 million for borrowings under our revolving credit facility. Interest on our revolving credit facility is based upon, at our option, either an alternative base rate or a LIBOR-based rate. As of December 31, 2014, the interest rate was 2.2%. The weighted-average interest rate related to borrowings under our revolving credit facility for the year ended December 31, 2014 was 2.2% | |
Our revolving 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, our revolving credit facility requires NuStar Energy to maintain, as of the end of each rolling period of four consecutive fiscal quarters, a consolidated debt coverage ratio not to exceed 5.0-to-1.0. As of December 31, 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 our revolving credit facility as of December 31, 2014. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 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 ability to pay distributions. | |
Commitments | |
As of December 31, 2014, we had no future minimum payments applicable to non-cancellable operating leases and purchase obligations. |
NET_INCOME_LOSS_PER_UNIT
NET INCOME (LOSS) PER UNIT | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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 loss for the year ended December 31, 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 (loss) per unit were as follows: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Basic units outstanding: | |||||||||
Weighted-average number of basic units outstanding | 42,719,217 | 42,619,722 | 42,576,858 | ||||||
Diluted units outstanding: | |||||||||
Weighted-average number of basic units outstanding | 42,719,217 | 42,619,722 | 42,576,858 | ||||||
Effect of dilutive securities | 22,985 | — | 7,809 | ||||||
Weighted-average number of diluted units outstanding | 42,742,202 | 42,619,722 | 42,584,667 | ||||||
MEMBERS_EQUITY
MEMBERS' EQUITY | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Members' Equity [Abstract] | |||||||||||||
MEMBERS' EQUITY | MEMBERS’ EQUITY | ||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||
The following table presents changes in accumulated other comprehensive (loss) income by component: | |||||||||||||
Share of | Pension and | Total | |||||||||||
NuStar | Other | ||||||||||||
Energy’s Other | Postretirement | ||||||||||||
Comprehensive | Benefit Plan | ||||||||||||
Loss | Adjustments | ||||||||||||
(Thousands of Dollars) | |||||||||||||
Balance as of January 1, 2012 | $ | (4,446 | ) | $ | (18,219 | ) | $ | (22,665 | ) | ||||
Other comprehensive loss before reclassification adjustments | (4,297 | ) | (6,574 | ) | (10,871 | ) | |||||||
Amounts reclassified to general and administrative expenses (a) | — | 1,514 | 1,514 | ||||||||||
Other comprehensive loss | (4,297 | ) | (5,060 | ) | (9,357 | ) | |||||||
Balance as of December 31, 2012 | (8,743 | ) | (23,279 | ) | (32,022 | ) | |||||||
Other comprehensive (loss) income before reclassification adjustments | (674 | ) | 39,596 | 38,922 | |||||||||
Amounts reclassified to general and administrative expenses (a) | — | 2,041 | 2,041 | ||||||||||
Other comprehensive (loss) income | (674 | ) | 41,637 | 40,963 | |||||||||
Balance as of December 31, 2013 | (9,417 | ) | 18,358 | 8,941 | |||||||||
Other comprehensive loss before reclassification adjustments | (665 | ) | (11,136 | ) | (11,801 | ) | |||||||
Amounts reclassified to general and administrative expenses (a) | — | (2,915 | ) | (2,915 | ) | ||||||||
Other comprehensive loss | (665 | ) | (14,051 | ) | (14,716 | ) | |||||||
Balance as of December 31, 2014 | $ | (10,082 | ) | $ | 4,307 | $ | (5,775 | ) | |||||
(a) | We recognized the net loss (gain) reclassified into income as general and administrative expenses. NuStar Energy reimburses us for these employee costs. | ||||||||||||
Cash Distributions | |||||||||||||
Our limited liability company agreement requires that, within 50 days after the end of each quarter, we distribute all of our available cash to the holders of record of our units on the applicable record date. Available cash is defined as all cash on hand at the end of any calendar quarter, less the amount of cash reserves necessary or appropriate, as determined in good faith by our board of directors. The following table summarizes our cash distributions applicable to the period in which the distributions were earned: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Thousands of Dollars, Except Per Unit Data) | |||||||||||||
Cash distributions per unit | $ | 2.18 | $ | 2.18 | $ | 2.11 | |||||||
Total cash distributions | $ | 93,252 | $ | 92,938 | $ | 89,860 | |||||||
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) | |||||||||||||
December 31, 2014 (a) | $ | 0.545 | $ | 23,403 | February 9, 2015 | February 17, 2015 | |||||||
30-Sep-14 | $ | 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 | |||||||
(a) | The distribution was announced on January 30, 2015. | ||||||||||||
Rights Agreement | |||||||||||||
On July 19, 2006, we entered into a rights agreement with Computershare Investor Services, LLC, as amended effective February 28, 2008 and October 23, 2012 (the Rights Agreement), under which one preferred unit purchase right (a Right) is attached to each of our outstanding units. The Rights become exercisable under specified circumstances, including if any person or group (an acquiring person) becomes the beneficial owner of 15% or more of our outstanding units, subject to specified exceptions. Each Right entitles the registered holder to purchase from us one one-hundredth of a unit of junior participating preferred units, series I (Preferred Units) at an exercise price of $100, subject to adjustment under specified circumstances. If events specified in the Rights Agreement occur, each holder of Rights other than the acquiring person can exercise their Rights. When a holder exercises a Right, the holder will be entitled to receive units valued at a multiple of the exercise price of the Right specified in the Rights Agreement. In some cases, the holder will receive cash, property or other securities instead of units. We may redeem the Rights for $0.001 per Right at any time prior to the tenth day after a person or group becomes an acquiring person. | |||||||||||||
The Rights will expire on June 30, 2016, unless extended or earlier redeemed or exchanged, and are protected by customary anti-dilution provisions. Preferred Units purchasable upon exercise of the Rights will not be redeemable. Each Preferred Unit will be entitled to share in our distributions of available cash pro rata with the units. In the event of liquidation, the holders of the Preferred Units will be entitled to a minimum preferential liquidation payment of $100 per unit. Each Preferred Unit will have 100 votes, voting together with the units. Finally, in the event of any merger, consolidation or other transaction in which units are exchanged, each Preferred Unit will be entitled to receive 100 times the amount received per unit. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||||
The NuStar Thrift Plan | ||||||||||||||||||||||||
The NuStar Thrift Plan (the Thrift Plan) is a qualified defined contribution plan that became effective June 26, 2006. Participation in the Thrift Plan is voluntary and is open to eligible NuStar GP, LLC employees upon their date of hire. Thrift Plan participants can contribute from 1% up to 30% of their total annual compensation to the Thrift Plan in the form of pre-tax and/or after tax employee contributions. NuStar GP, LLC makes matching contributions in an amount equal to 100% of each participant’s employee contributions up to a maximum of 6% of the participant’s total annual compensation. Our matching contributions to the Thrift Plan for the years ended December 31, 2014, 2013 and 2012 totaled $5.9 million, $5.9 million and $6.9 million, respectively. | ||||||||||||||||||||||||
NuStar GP, LLC also maintains an excess thrift plan (the Excess Thrift Plan) that became effective July 1, 2006. The Excess Thrift Plan is a nonqualified deferred compensation plan that provides benefits to those employees of NuStar GP, LLC whose compensation and/or annual contributions under the Thrift Plan are subject to the limitations applicable to qualified retirement plans under the Code. | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits | ||||||||||||||||||||||||
The NuStar Pension Plan (the Pension Plan) is a qualified non-contributory defined benefit pension plan that provides eligible employees with retirement income as calculated under a cash balance formula. Under the cash balance formula, benefits are determined based on age, service and interest credits, and employees become fully vested in their benefits upon attaining three years of vesting service. Prior to January 1, 2014, eligible employees were covered under either a cash balance formula or a final average pay formula (FAP). Effective January 1, 2014, the Pension Plan was amended to freeze the FAP benefits as of December 31, 2013, and going forward, all eligible employees are covered under the cash balance formula discussed above. | ||||||||||||||||||||||||
NuStar GP, LLC also maintains an excess pension plan (the Excess Pension Plan) which is a nonqualified deferred compensation plan that provides benefits to a select group of management or other highly compensated employees of NuStar GP, LLC. | ||||||||||||||||||||||||
Neither the Excess Thrift Plan nor the Excess Pension Plan is intended to constitute either a qualified plan under the provisions of Section 401 of the Code or a funded plan subject to the Employee Retirement Income Security Act. | ||||||||||||||||||||||||
NuStar GP, LLC also sponsors a contributory medical benefits plan for employees that retired prior to April 1, 2014. For employees that retire on or after April 1, 2014, we provide partial reimbursement for eligible third-party health care premiums. | ||||||||||||||||||||||||
The Pension Plan, Excess Pension Plan and the supplemental executive retirement plan (the SERP), which terminated in 2014, are collectively referred to as the Pension Plans in the tables and discussion below. We use December 31 as the measurement date for our pension and other postretirement plans. | ||||||||||||||||||||||||
The changes in the benefit obligation, the changes in fair value of plan assets, the funded status and the amounts recognized in our consolidated balance sheet for our Pension Plans and other postretirement benefit plans as of and for the years ended December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Pension Plans | Other Postretirement | |||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation, January 1 | $ | 87,632 | $ | 114,046 | $ | 7,154 | $ | 20,962 | ||||||||||||||||
Service cost | 8,049 | 16,321 | 374 | 1,171 | ||||||||||||||||||||
Interest cost | 4,225 | 5,036 | 373 | 940 | ||||||||||||||||||||
Transfer to joint venture | — | — | — | (1,284 | ) | |||||||||||||||||||
Disposition charges (a) | — | 180 | — | — | ||||||||||||||||||||
Plan amendments | — | (24,560 | ) | — | (11,822 | ) | ||||||||||||||||||
Benefits paid | (9,296 | ) | (7,353 | ) | (341 | ) | (248 | ) | ||||||||||||||||
Participants contributions | — | — | 206 | 125 | ||||||||||||||||||||
Actuarial loss (gain) | 16,238 | (15,708 | ) | 2,718 | (2,690 | ) | ||||||||||||||||||
Curtailment (a) | — | (330 | ) | — | — | |||||||||||||||||||
Benefit obligation, December 31 | $ | 106,848 | $ | 87,632 | $ | 10,484 | $ | 7,154 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Plan assets at fair value, January 1 | $ | 75,573 | $ | 69,269 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 6,135 | 11,905 | — | — | ||||||||||||||||||||
Company contributions | 10,953 | 1,752 | 135 | 123 | ||||||||||||||||||||
Benefits paid | (9,296 | ) | (7,353 | ) | (341 | ) | (248 | ) | ||||||||||||||||
Participants contributions | — | — | 206 | 125 | ||||||||||||||||||||
Plan assets at fair value, December 31 | $ | 83,365 | $ | 75,573 | $ | — | $ | — | ||||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 83,365 | $ | 75,573 | $ | — | $ | — | ||||||||||||||||
Less: Benefit obligation at December 31 | 106,848 | 87,632 | 10,484 | 7,154 | ||||||||||||||||||||
Funded status at December 31 | $ | (23,483 | ) | $ | (12,059 | ) | $ | (10,484 | ) | $ | (7,154 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||||||||||||||
Accrued compensation expense | $ | (60 | ) | $ | (2,333 | ) | $ | (304 | ) | $ | (141 | ) | ||||||||||||
Long-term liabilities | (23,423 | ) | (9,726 | ) | (10,180 | ) | (7,013 | ) | ||||||||||||||||
Net pension liability | $ | (23,483 | ) | $ | (12,059 | ) | $ | (10,484 | ) | $ | (7,154 | ) | ||||||||||||
(a) | Disposition charge in 2013 relates to NuStar Energy’s San Antonio Refinery Sale and the curtailment in 2013 relates to the SERP retirement benefits. | |||||||||||||||||||||||
The accumulated benefit obligation is the present value of benefits earned to date, assuming no future salary increases. The aggregate accumulated benefit obligation for our Pension Plans as of December 31, 2014 and 2013 was $106.2 million and $86.9 million, respectively. As of December 31, 2014 and 2013, the aggregate accumulated benefit obligation for the Pension Plans exceeded plan assets. | ||||||||||||||||||||||||
NuStar Energy reimbursed and will continue to reimburse all costs incurred by us related to these employee benefit plans at cost. The components of net periodic benefit cost (income) related to our Pension Plans and other postretirement benefit plans, which are reimbursed to us by NuStar Energy, were as follows: | ||||||||||||||||||||||||
Pension Plans | Other Postretirement | |||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Service cost | $ | 8,049 | $ | 16,321 | $ | 15,614 | $ | 374 | $ | 1,171 | $ | 1,258 | ||||||||||||
Interest cost | 4,225 | 5,036 | 4,012 | 373 | 940 | 976 | ||||||||||||||||||
Expected return on plan assets | (4,574 | ) | (4,535 | ) | (3,917 | ) | — | — | — | |||||||||||||||
Amortization of prior service credit | (2,063 | ) | (41 | ) | (18 | ) | (1,145 | ) | (198 | ) | — | |||||||||||||
Amortization of net loss | 179 | 2,071 | 1,393 | 114 | 209 | 139 | ||||||||||||||||||
Other (a) | (39 | ) | 847 | 4,397 | — | — | 1,284 | |||||||||||||||||
Net periodic benefit cost (income) | $ | 5,777 | $ | 19,699 | $ | 21,481 | $ | (284 | ) | $ | 2,122 | $ | 3,657 | |||||||||||
(a) | In 2013, other includes charges for the Pensions Plans related to an Excess Pension settlement, disposition charges and a curtailment gain associated with SERP retirement benefits. Other charges in 2012 include disposition charges related to the 2012 Asphalt Sale. | |||||||||||||||||||||||
Adjustments recognized in other comprehensive (loss) income related to our Pension Plans and other postretirement benefit plans were as follows: | ||||||||||||||||||||||||
Pension Plans | Other Postretirement | |||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Net unrecognized (loss) gain | ||||||||||||||||||||||||
arising during the year: | ||||||||||||||||||||||||
Net actuarial (loss) gain (a) | $ | (14,716 | ) | $ | 24,122 | $ | (11,800 | ) | $ | (2,718 | ) | $ | 2,690 | $ | (1,368 | ) | ||||||||
Prior service credit | — | 24,514 | 295 | — | 11,822 | 2,420 | ||||||||||||||||||
Net (gain) loss reclassified into income: | ||||||||||||||||||||||||
Amortization of prior service credit | (2,063 | ) | (41 | ) | (18 | ) | (1,145 | ) | (198 | ) | — | |||||||||||||
Amortization of net loss | 179 | 2,071 | 1,393 | 114 | 209 | 139 | ||||||||||||||||||
Net (gain) loss reclassified into income | (1,884 | ) | 2,030 | 1,375 | (1,031 | ) | 11 | 139 | ||||||||||||||||
Income tax benefit (expense) | 5,314 | (18,053 | ) | 4,269 | 984 | (5,499 | ) | (390 | ) | |||||||||||||||
Total changes in other | $ | (11,286 | ) | $ | 32,613 | $ | (5,861 | ) | $ | (2,765 | ) | $ | 9,024 | $ | 801 | |||||||||
comprehensive (loss) income | ||||||||||||||||||||||||
(a) In 2013 net actuarial (loss) gain for the Pension Plans includes an Excess Pension settlement and in 2012 includes a curtailment related to the 2012 Asphalt Sale. | ||||||||||||||||||||||||
The amounts recorded as a component of accumulated other comprehensive (loss) income related to our Pension Plans and other postretirement benefit plans were as follows: | ||||||||||||||||||||||||
Pension Plans | Other Postretirement | |||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Unrecognized actuarial loss (a) | $ | (24,820 | ) | $ | (10,283 | ) | $ | (4,893 | ) | $ | (2,289 | ) | ||||||||||||
Prior service credit (a) | 22,790 | 24,853 | 12,899 | 14,044 | ||||||||||||||||||||
Deferred tax asset (liability) | 1,675 | (3,639 | ) | (3,344 | ) | (4,328 | ) | |||||||||||||||||
Accumulated other comprehensive (loss) income, net of tax | $ | (355 | ) | $ | 10,931 | $ | 4,662 | $ | 7,427 | |||||||||||||||
(a) | Represents the balance of accumulated other comprehensive (loss) income that has not been recognized as a component of net periodic benefit cost. | |||||||||||||||||||||||
The following pre-tax amounts in accumulated other comprehensive loss as of December 31, 2014 are expected to be recognized as components of net periodic benefit cost (income) in 2015: | ||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Unrecognized actuarial loss | $ | 1,845 | $ | 269 | ||||||||||||||||||||
Prior service credit | $ | (2,063 | ) | $ | (1,145 | ) | ||||||||||||||||||
Investment Policies and Strategies | ||||||||||||||||||||||||
The investment policies and strategies for the assets of our qualified Pension Plan incorporate a well-diversified approach that is expected to earn long-term returns from capital appreciation and a growing stream of current income. This approach recognizes that assets are exposed to risk, and the market value of the Pension Plan’s assets may fluctuate from year to year. Risk tolerance is determined based on NuStar Energy’s financial ability to withstand risk within the investment program and the willingness to accept return volatility. In line with the investment return objective and risk parameters, the Pension Plan’s mix of assets includes a diversified portfolio of equity and fixed-income instruments. The aggregate asset allocation is reviewed on an annual basis. As of December 31, 2014, the target allocations for plan assets are 65% equity securities and 35% fixed income investments. | ||||||||||||||||||||||||
The overall expected long-term rate of return on plan assets for the Pension Plan is estimated using models of asset returns. Model assumptions are derived using historical data with the assumption that capital markets are informationally efficient. Three models are used to derive the long-term expected returns for each asset class. Since each method has distinct advantages and disadvantages and differing results, an equal weighted average of the methods’ results is used. | ||||||||||||||||||||||||
Fair Value of Plan Assets | ||||||||||||||||||||||||
We disclose the fair value for each major class of plan assets in the Pension Plan 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 major classes of plan assets measured at fair value for the Pension Plan, were as follows: | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Asset class: | ||||||||||||||||||||||||
Cash equivalent securities | $ | 1,225 | $ | — | $ | — | $ | 1,225 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. large cap equity fund (a) | — | 50,009 | — | 50,009 | ||||||||||||||||||||
International stock index fund (b) | 8,092 | — | — | 8,092 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Bond market index fund (c) | 24,039 | — | — | 24,039 | ||||||||||||||||||||
Total | $ | 33,356 | $ | 50,009 | $ | — | $ | 83,365 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Asset class: | ||||||||||||||||||||||||
Cash equivalent securities | $ | 1,552 | $ | — | $ | — | $ | 1,552 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. large cap equity fund (a) | — | 45,756 | — | 45,756 | ||||||||||||||||||||
International stock index fund (b) | 7,652 | — | — | 7,652 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Bond market index fund (c) | 20,613 | — | — | 20,613 | ||||||||||||||||||||
Total | $ | 29,817 | $ | 45,756 | $ | — | $ | 75,573 | ||||||||||||||||
(a) | This fund is a low-cost equity index fund not actively managed that tracks the S&P 500. Fair values were estimated using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. | |||||||||||||||||||||||
(b) | This fund tracks the performance of the Total International Composite Index. | |||||||||||||||||||||||
(c) | This fund tracks the performance of the Barclays Capital U.S. Aggregate Bond Index. | |||||||||||||||||||||||
Contributions to the Pension Plans | ||||||||||||||||||||||||
For the year ended December 31, 2014, we contributed $11.0 million and $0.1 million to the Pension Plans and other postretirement benefit plans, respectively. We expect to contribute approximately $8.1 million to the Pension Plans and $0.3 million to our other postretirement benefit plans during 2015, which principally represents contributions either required by regulations or laws, or with respect to unfunded plans, necessary to fund current benefits. Since costs incurred by us related to the Pension Plan and our other postretirement benefit plan are reimbursed by NuStar Energy, funding for these plans will primarily be provided by NuStar Energy. | ||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the years ending December 31: | ||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
2015 | $ | 5,763 | $ | 304 | ||||||||||||||||||||
2016 | $ | 6,163 | $ | 323 | ||||||||||||||||||||
2017 | $ | 6,850 | $ | 327 | ||||||||||||||||||||
2018 | $ | 7,407 | $ | 357 | ||||||||||||||||||||
2019 | $ | 8,234 | $ | 404 | ||||||||||||||||||||
Years 2020-2024 | $ | 49,390 | $ | 2,629 | ||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||
The weighted-average assumptions used to determine the benefit obligations were as follows: | ||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 4.22 | % | 5.04 | % | 4.34 | % | 5.28 | % | ||||||||||||||||
Rate of compensation increase | 3.51 | % | 3.51 | % | n/a | n/a | ||||||||||||||||||
The weighted-average assumptions used to determine the net periodic benefit cost (income) were as follows: | ||||||||||||||||||||||||
Pension Plans | Other Postretirement | |||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 5.04 | % | 4.48 | % | 5.21 | % | 5.28 | % | 4.51 | % | 5.25 | % | ||||||||||||
Expected long-term rate of | 6.75 | % | 6.75 | % | 7 | % | n/a | n/a | n/a | |||||||||||||||
return on plan assets | ||||||||||||||||||||||||
Rate of compensation increase | 3.51 | % | 3.69 | % | 4.05 | % | n/a | n/a | n/a | |||||||||||||||
The assumed health care cost trend rates were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Health care cost trend rate assumed for next year | 7.46 | % | 7.45 | % | ||||||||||||||||||||
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reached the ultimate trend rate | 2022 | 2020 | ||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. We sponsor a contributory postretirement health care plan for employees that retired prior to April 1, 2014. The plan has an annual limitation (a cap) on the increase of the employer’s share of the cost of covered benefits. The cap on the increase in employer’s cost is 2.5% per year. The assumed increase in total health care cost exceeds the 2.5% indexed cap, so increasing or decreasing the health care cost trend rate by 1% does not materially change our obligation or expense for the postretirement health care plan. |
UNITBASED_COMPENSATION
UNIT-BASED COMPENSATION | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
UNIT-BASED COMPENSATION | UNIT-BASED COMPENSATION | ||||||||||||||
As of December 31, 2014, we sponsored the following long-term incentive plans: | |||||||||||||||
• | The Fourth Amended and Restated 2000 Long-Term Incentive Plan (the 2000 LTIP), under which NuStar GP, LLC may award up to 3,250,000 NuStar Energy (NS) common units. Awards under the 2000 LTIP can include NS unit options, restricted units, performance awards, distribution equivalent rights (DER) and contractual rights to receive common units. As of December 31, 2014, NS common units that remained available to be awarded totaled 1,441,988 under the 2000 LTIP. | ||||||||||||||
• | The 2006 Long-Term Incentive Plan (the 2006 LTIP) under which NuStar GP Holdings may award up to 2,000,000 NuStar GP Holdings (NSH) units to our employees, consultants and directors who perform services for us or our affiliates. Awards under the 2006 LTIP can include NSH unit options, performance awards, DER, restricted units, phantom units, unit grants and unit appreciation rights. As of December 31, 2014, a total of 1,527,164 NSH units remained available to be awarded under the 2006 LTIP. | ||||||||||||||
The 2003 Employee Unit Incentive Plan (the UIP), under which NuStar GP, LLC awarded NS common units to employees of NuStar GP, LLC or its affiliates, terminated on June 16, 2013. The 2002 Unit Option Plan (the UOP), under which NuStar GP, LLC awarded NS unit options to officers and directors of NuStar GP, LLC or its affiliates, terminated on March 22, 2012. | |||||||||||||||
We purchase NS common units as needed to satisfy awards granted under the 2000 LTIP, the UOP and the UIP. | |||||||||||||||
The number of awards granted under the above-noted plans were as follows: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Granted | Vesting | Granted | Vesting | Granted | Vesting | ||||||||||
2000 LTIP: | |||||||||||||||
Performance awards | 28,841 | (a) | 38,786 | (a) | 33,445 | (a) | |||||||||
Restricted units (b) | 208,714 | 1/5 per year | 269,182 | 1/5 per year | 231,855 | 1/5 per year | |||||||||
Restricted units (grants to non-employee directors of NuStar GP, LLC) | 7,009 | 1/3 per year | 8,904 | 1/3 per year | 8,170 | 1/3 per year | |||||||||
UIP: | |||||||||||||||
Restricted units (c) | — | — | — | — | 15,382 | 1/5 per year | |||||||||
2006 LTIP: | |||||||||||||||
Restricted units | 16,895 | 1/5 per year | 18,620 | 1/5 per year | 25,640 | 1/5 per year | |||||||||
Restricted units (grants to non-employee directors of NuStar GP Holdings) (d) | 8,911 | 1/3 per year | 13,183 | 1/3 per year | 10,601 | 1/3 per year | |||||||||
(a) | Performance awards vest 1/3 per year if certain performance measures are met, as defined in the award agreements. | ||||||||||||||
(b) | The 2000 LTIP restricted unit grants include 2,844 and 3,882 restricted unit awards granted to certain international employees for the years ended December 31, 2014 and 2013, respectively, that vest 1/3 per year, as defined in the award agreements. | ||||||||||||||
(c) | The UIP restricted unit grants include 3,392 restricted unit awards granted to certain international employees for the year ended December 31, 2012, that vest 1/3 per year, as defined in the award agreements. | ||||||||||||||
(d) | Expenses resulting from our awards to non-employee directors are not reimbursed by NuStar Energy and are included in “General and administrative expenses” on our consolidated statements of comprehensive income (loss). | ||||||||||||||
As of December 31, 2014 and 2013, we had accrued $5.4 million and $6.2 million, respectively, for the outstanding awards of NS performance awards and restricted units in “Accrued compensation expense” on our consolidated balance sheets. | |||||||||||||||
The following table summarizes information pertaining to long-term incentive plan compensation expenses: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | |||||||||||||||
Long-term incentive plan compensation expense | $ | 10,934 | $ | 7,369 | $ | 5,831 | |||||||||
charged to NuStar Energy | |||||||||||||||
Expenses resulting from NuStar GP Holdings awards | $ | 129 | $ | 19 | $ | 305 | |||||||||
to non-employee directors | |||||||||||||||
Unit Options | |||||||||||||||
Under the terms of our unit option plan, the exercise price of options granted is not less than the fair market value of our common units on the date of grant. Options become exercisable pursuant to the individual written agreements between the participants and us, usually in five equal annual installments beginning at the date of grant, with unexercised options expiring seven to ten years from the date of grant. | |||||||||||||||
The fair value of each NSH unit option grant was estimated using the Black-Scholes option-pricing model on the grant date. The expected life of NSH unit options granted is the period of time from the grant date to the date of expected exercise or other expected settlement. Expected volatility for NSH unit options is based on closing prices of NSH common units for periods corresponding to the life of options granted. Expected distribution yield is based on annualized distributions at the grant date for NSH unit options. The risk-free interest rate used is the implied yield currently available from the U.S. Treasury zero-coupon issues with a remaining term equal to the expected life of the options at the grant date for NSH unit options. | |||||||||||||||
On November 16, 2007, we granted 324,100 NSH unit options at $31.55, which was our only grant of options under the 2006 LTIP. These options expired seven years after the grant date and vested in annual one-third increments beginning on November 16, 2010. The total intrinsic value of unit options exercised during each of the years ended December 31, 2014, 2013 and 2012 was $2.8 million, $0.1 million and $0.1 million, respectively. The number of NSH unit options exercised during each of the years ended December 31, 2014, 2013 and 2012 was 289,100, 11,666 and 11,667, respectively. There were no NSH unit options outstanding as of December 31, 2014. There were 289,100 NSH unit options outstanding and exercisable as of December 31, 2013. | |||||||||||||||
Restricted Units | |||||||||||||||
The following table summarizes information related to outstanding NSH restricted units awarded under the 2006 LTIP: | |||||||||||||||
Restricted | Restricted | Total | Weighted- | ||||||||||||
Unit Grants | Unit Grants | Average | |||||||||||||
to Employees | to Non- | Grant-Date | |||||||||||||
Employee | Fair Value | ||||||||||||||
Directors | Per Unit | ||||||||||||||
Balance as of January 1, 2014 | 39,204 | 21,194 | 60,398 | $ | 28.83 | ||||||||||
Granted | 16,895 | 8,911 | 25,806 | $ | 34.22 | ||||||||||
Vested | (12,264 | ) | (9,680 | ) | (21,944 | ) | $ | 29.22 | |||||||
Forfeited | (4,745 | ) | — | (4,745 | ) | $ | 27.46 | ||||||||
Balance as of December 31, 2014 | 39,090 | 20,425 | 59,515 | $ | 31.13 | ||||||||||
The weighted-average grant-date fair value of NSH restricted units granted during the years ended December 31, 2014, 2013 and 2012 was $34.22, $27.87 and $28.77 per unit, respectively. The total fair value of NSH restricted units that vested during the years ended December 31, 2014, 2013 and 2012 was $0.7 million, $1.5 million and $1.0 million, respectively. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
INCOME TAXES | INCOME TAXES | |||||||||||
Components of income tax benefit (expense) were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Current: | ||||||||||||
U.S. federal | $ | 1,123 | $ | — | $ | 465 | ||||||
U.S. state | 42 | (368 | ) | (42 | ) | |||||||
Total current | 1,165 | (368 | ) | 423 | ||||||||
Deferred: | ||||||||||||
U.S. federal | 415 | (599 | ) | 433 | ||||||||
U.S. state | 206 | 175 | 10 | |||||||||
Total deferred | 621 | (424 | ) | 443 | ||||||||
Total income tax benefit (expense) | $ | 1,786 | $ | (792 | ) | $ | 866 | |||||
The difference between income tax expense recorded in our consolidated statements of income and income taxes computed by applying the statutory federal income tax rate (35% for all years presented) to income before income tax expense is due to the fact that the majority of our income is not subject to federal income tax based on our status as a limited liability company. | ||||||||||||
The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(Thousands of Dollars) | ||||||||||||
Deferred income tax assets: | ||||||||||||
Share/option compensation | $ | 2,708 | $ | 2,976 | ||||||||
Pension | 5,459 | 4,318 | ||||||||||
Capital loss | 590 | 474 | ||||||||||
Other state | 39 | — | ||||||||||
Net operating loss | 4,419 | 3,519 | ||||||||||
Foreign tax credits | 66 | 44 | ||||||||||
Deferred income tax assets | 13,281 | 11,331 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Investment in Riverwalk Logistics, L.P. and NuStar Energy | (216 | ) | (233 | ) | ||||||||
Other state | — | (191 | ) | |||||||||
Other employee benefits | (8,771 | ) | (13,531 | ) | ||||||||
Total net deferred income tax assets (liabilities) | $ | 4,294 | $ | (2,624 | ) | |||||||
At December 31, 2014, our U.S. corporate operations had capital loss carryforwards for tax purposes, which were subject to a five-year carryforward limitation and were set to expire in 2018. The realization of deferred income tax assets recorded as of December 31, 2014 is dependent upon our ability to generate future taxable income in the United States. We believe that it is more-likely-than-not that the deferred tax assets as of December 31, 2014 will be realized, based upon expected future taxable income and potential tax planning strategies. |
QUARTERLY_FINANCIAL_DATA_UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||
The following table summarizes quarterly financial data for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||||||
2014:00:00 | ||||||||||||||||||||
Net income | $ | 13,646 | $ | 15,768 | $ | 17,639 | $ | 14,374 | $ | 61,427 | ||||||||||
Basic and diluted net income per unit | 0.32 | 0.37 | 0.41 | 0.34 | 1.44 | |||||||||||||||
Cash distributions per unit applicable to limited | 0.545 | 0.545 | 0.545 | 0.545 | 2.18 | |||||||||||||||
partners | ||||||||||||||||||||
2013:00:00 | ||||||||||||||||||||
Net income (loss) | $ | 11,075 | $ | 12,559 | $ | 12,035 | $ | (46,703 | ) | $ | (11,034 | ) | ||||||||
Basic and diluted net income (loss) per unit | 0.26 | 0.29 | 0.29 | (1.10 | ) | (0.26 | ) | |||||||||||||
Cash distributions per unit applicable to limited | 0.545 | 0.545 | 0.545 | 0.545 | 2.18 | |||||||||||||||
partners |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation |
The accompanying 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. | |
Use of Estimates | Use of Estimates |
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, management reviews their estimates based on currently available information. Management may revise estimates due to changes in facts and circumstances. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash equivalents are all highly liquid investments with an original maturity of three months or less when acquired. | |
Investment in NuStar Energy | Investment in NuStar Energy |
We account for our 14.9% investment in NuStar Energy using the equity method. As the general partner, we exercise significant influence over NuStar Energy, even though our ownership did not exceed 20% as of December 31, 2014. We evaluate our investment in NuStar Energy for impairment when there is evidence that we may not be able to recover the carrying amount of our investment or that the investee is unable to sustain an earnings capacity that justifies the carrying amount. We recognize a loss in the value of our investment that is other than a temporary decline currently in earnings based on the difference between the estimated current fair value of the investment and our carrying amount. We believe that the carrying amount of our investment in NuStar Energy as of December 31, 2014 is recoverable. | |
Accounting for Sales of Units by NuStar Energy | Accounting for Sales of Units by NuStar Energy |
We account for issuances of common units by NuStar Energy as if we had sold a proportionate share of our investment, such that we record any gain or loss in earnings. Please refer to Note 4 for a description of the issuances of common units by NuStar Energy. | |
Income Taxes | Income Taxes |
We are a limited liability company taxed as a partnership and generally are not subject to federal or state income taxes. Accordingly, our taxable income or loss, which may vary substantially from income or loss reported for financial reporting purposes, is generally included in the federal and state income tax returns of our unitholders. For transfers of publicly held units subsequent to our initial public offering, we have made an election permitted by Section 754 of the Internal Revenue Code (the Code) to adjust the common unit purchaser’s tax basis in our underlying assets to reflect the purchase price of the units. This results in an allocation of taxable income and expenses to the purchaser of the common units, including depreciation deductions and gains and losses on sales of assets, based upon the new unitholder’s purchase price for the common units. | |
On August 14, 2006, NuStar GP, LLC, our wholly owned subsidiary, elected to be treated as a corporation for federal income tax purposes under Treasury Regulation §301.7701-3(a). We account for income taxes under the asset and liability method. Under this method, we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred taxes using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. | |
Income tax expense includes federal and state income and withholding taxes currently payable and deferred federal and state income taxes resulting from temporary differences between financial statement and tax bases of assets and liabilities when such differences exist. We, or certain of our subsidiaries, file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. For U.S. federal and state purposes, tax years subject to examination are 2010 through 2013. | |
We recognize a tax position if it is more likely than not that the tax position will be sustained, based on the technical merits of the position, upon examination. We record uncertain tax positions in the financial statements at the largest amount of benefit that is more likely than not to be realized. We had no unrecognized tax benefits as of December 31, 2014 and 2013. | |
Unit-Based Compensation | Unit-Based Compensation |
We account for awards of NS unit options, performance awards and restricted units to employees and directors of NuStar GP, LLC at fair value, whereby a liability for the award is initially recorded and subsequent changes in the fair value are included in the determination of net income. The fair value of NS unit options is determined using the Black-Scholes model at each reporting date. The fair value of NS restricted units and performance awards equals the market price of NS common units at each reporting date. However, performance awards are earned only upon NuStar Energy’s achievement of an objective performance measure. We record compensation expense each reporting period such that the cumulative compensation expense equals the portion of the award’s current fair value that has vested. We record compensation expense related to NS unit options until such options are exercised, and we record compensation expense for NS restricted units and performance awards until the date of vesting. | |
We account for awards of NSH restricted units and unit options granted to employees of NuStar GP, LLC and our directors based on the fair value of the awards at the grant date. The fair value of NSH unit options is determined using the Black-Scholes model at the grant date, and the fair value of the NSH restricted units equals the market price of NSH common units at the grant date. Compensation expense for NSH restricted units and unit options is recognized ratably over the vesting period based on the initial fair value determination. | |
The liability for awards of NS unit options, performance awards and restricted units is included in “Accrued compensation expense” on our consolidated balance sheets. NuStar Energy reimburses us for the expenses resulting from NS awards and NSH awards to employees providing services to NuStar Energy. Expenses resulting from NSH awards to our non-employee directors are included in “General and administrative expenses” on our consolidated statements of comprehensive income (loss). | |
Under these long-term incentive plans, certain awards provide that the grantee’s award vests immediately upon retirement. Compensation expense is recognized immediately if these awards are granted to retirement-eligible employees, as defined in each award. In addition, if, during a vesting period of a grant, the grantee will become retirement-eligible, then compensation expense associated with the grant is recognized from the grant date through the grantee’s retirement eligibility date. | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits |
We recognize the overfunded or underfunded status of our defined benefit pension or postretirement plans as an asset or a liability as of the balance sheet dates. We record changes in the funded status of our plans as a component of comprehensive income (loss) in the year the changes occur. |
INVESTMENT_IN_NUSTAR_ENERGY_Ta
INVESTMENT IN NUSTAR ENERGY (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(Thousands of Dollars) | ||||||||||||
Balance Sheet Information: | ||||||||||||
Current assets | $ | 389,147 | $ | 633,549 | ||||||||
Property, plant and equipment, net | 3,460,732 | 3,310,653 | ||||||||||
Goodwill | 617,429 | 617,429 | ||||||||||
Other non-current assets | 451,488 | 470,555 | ||||||||||
Total assets | $ | 4,918,796 | $ | 5,032,186 | ||||||||
Current liabilities | $ | 365,192 | $ | 392,572 | ||||||||
Long-term debt | 2,749,452 | 2,655,553 | ||||||||||
Other non-current liabilities | 87,942 | 80,267 | ||||||||||
Total liabilities | 3,202,586 | 3,128,392 | ||||||||||
NuStar Energy partners’ equity | 1,716,210 | 1,902,136 | ||||||||||
Noncontrolling interest | — | 1,658 | ||||||||||
Total liabilities and partners’ equity | $ | 4,918,796 | $ | 5,032,186 | ||||||||
NuStar Energy's Statement of Income (Loss) Information | Condensed consolidated financial information reported by NuStar Energy is presented below: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Statement of Income (Loss) Information: | ||||||||||||
Revenues | $ | 3,075,118 | $ | 3,463,732 | $ | 5,945,736 | ||||||
Operating income (loss) | $ | 346,901 | $ | (19,121 | ) | $ | (18,168 | ) | ||||
Income (loss) from continuing operations | $ | 214,169 | $ | (185,509 | ) | $ | (166,001 | ) | ||||
Loss from discontinued operations, net of tax | (3,791 | ) | (99,162 | ) | (61,236 | ) | ||||||
Net income (loss) | $ | 210,378 | $ | (284,671 | ) | $ | (227,237 | ) | ||||
Reconciliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | Our investment in NuStar Energy reconciles to NuStar Energy’s total partners’ equity as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(Thousands of Dollars) | ||||||||||||
NuStar Energy’s partners’ equity | $ | 1,716,210 | $ | 1,902,136 | ||||||||
NuStar GP Holdings’ ownership interest in NuStar Energy | 14.9 | % | 14.9 | % | ||||||||
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity | 255,715 | 283,418 | ||||||||||
Step-up in basis related to NuStar Energy’s assets and liabilities, | 71,267 | 74,038 | ||||||||||
including equity method goodwill, and other | ||||||||||||
Investment in NuStar Energy | $ | 326,982 | $ | 357,456 | ||||||||
Summary of Equity in Earnings (Loss) of NuStar Energy | The following table summarizes our equity in earnings (loss) of NuStar Energy: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Thousands of Dollars) | ||||||||||||
NuStar GP Holdings’ Equity in Earnings (Loss) of NuStar Energy: | ||||||||||||
General partner interest | $ | 3,352 | $ | (6,338 | ) | $ | (5,356 | ) | ||||
General partner incentive distribution | 43,220 | 43,220 | 41,242 | |||||||||
General partner’s interest in earnings and | 46,572 | 36,882 | 35,886 | |||||||||
incentive distributions of NuStar Energy | ||||||||||||
Limited partner interest in earnings (loss) of NuStar Energy | 21,692 | (40,739 | ) | (37,580 | ) | |||||||
Amortization of step-up in basis related to | (2,884 | ) | (2,884 | ) | (2,884 | ) | ||||||
NuStar Energy’s assets and liabilities | ||||||||||||
Equity in earnings (loss) of NuStar Energy | $ | 65,380 | $ | (6,741 | ) | $ | (4,578 | ) | ||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Schedule of total related party transactions | The following table summarizes information pertaining to related party transactions: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Expenses for payroll, employee benefit plans and unit-based compensation | $ | 197,745 | $ | 190,643 | $ | 225,135 | ||||||
Other expenses | $ | 482 | $ | 434 | $ | 437 | ||||||
DISTRIBUTIONS_FROM_NUSTAR_ENER1
DISTRIBUTIONS FROM NUSTAR ENERGY (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
DISTRIBUTIONS FROM NUSTAR ENERGY [Abstract] | |||||||||||||
Schedule of Distributions To General and Limited Partners | The following table reflects the allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Thousands of Dollars, Except Per Unit Data) | |||||||||||||
General partner interest | $ | 7,844 | $ | 7,844 | $ | 7,486 | |||||||
General partner incentive distribution | 43,220 | 43,220 | 41,242 | ||||||||||
Total general partner distribution | 51,064 | 51,064 | 48,728 | ||||||||||
Limited partner distribution | 44,974 | 44,975 | 45,152 | ||||||||||
Total distributions to NuStar GP Holdings | 96,038 | 96,039 | 93,880 | ||||||||||
Public unitholders’ distributions | 296,166 | 296,165 | 280,374 | ||||||||||
Total cash distributions | $ | 392,204 | $ | 392,204 | $ | 374,254 | |||||||
Cash distributions per unit applicable to limited partners | $ | 4.38 | $ | 4.38 | $ | 4.38 | |||||||
Distributions Made to Limited Partner, by Distribution | 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) | |||||||||||||
December 31, 2014 (a) | $ | 1.095 | $ | 98,051 | February 9, 2015 | February 13, 2015 | |||||||
30-Sep-14 | $ | 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 | |||||||
(a) | The distribution was announced on January 30, 2015. |
ACCRUED_COMPENSATION_EXPENSE_A1
ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES [Abstract] | ||||||||||||||||
Schedule of Accrued Compensation Expense and Long-term Liabilities | Accrued compensation expense and long-term liabilities consisted of the following: | |||||||||||||||
Accrued Compensation Expense | Long-term Liabilities | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
NuStar Energy restricted units and performance awards | $ | 5,369 | $ | 6,224 | $ | — | $ | — | ||||||||
Pension liabilities (Note 14) | 60 | 2,333 | 23,423 | 9,726 | ||||||||||||
Other postretirement benefit plan liabilities (Note 14) | 304 | 141 | 10,180 | 7,013 | ||||||||||||
Other employee-related liabilities | 4,211 | 3,620 | 1,959 | 1,568 | ||||||||||||
Total | $ | 9,944 | $ | 12,318 | $ | 35,562 | $ | 18,307 | ||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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: | |||||||||||||||
December 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Accrued compensation expense: | ||||||||||||||||
NuStar Energy restricted units and performance awards | $ | 5,369 | $ | — | $ | — | $ | 5,369 | ||||||||
Total | $ | 5,369 | $ | — | $ | — | $ | 5,369 | ||||||||
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 | ||||||||
Total | $ | 6,224 | $ | — | $ | — | $ | 6,224 | ||||||||
STATEMENTS_OF_CASH_FLOWS_Table
STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Statement of Cash Flows [Abstract] | ||||||||||||
Changes in current assets and current liabilities | Changes in current assets and current liabilities were as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Decrease (increase) in current assets: | ||||||||||||
Receivable from related parties | $ | 105 | $ | 338 | $ | 1,077 | ||||||
Income tax receivable | (13 | ) | 1,252 | (780 | ) | |||||||
Other receivables | (14 | ) | 70 | 211 | ||||||||
Other current assets | (407 | ) | (187 | ) | (210 | ) | ||||||
Increase (decrease) in current liabilities: | ||||||||||||
Accounts payable | 296 | (678 | ) | 542 | ||||||||
Accrued compensation expense | (2,374 | ) | (4,743 | ) | (4,557 | ) | ||||||
Accrued liabilities | (99 | ) | 107 | (33 | ) | |||||||
Income tax payable | — | — | — | |||||||||
Taxes other than income tax | 236 | (159 | ) | 112 | ||||||||
Changes in current assets and current liabilities | $ | (2,270 | ) | $ | (4,000 | ) | $ | (3,638 | ) | |||
Cash flows related to interest and income tax | Cash flows related to interest and income tax were as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Cash paid for interest | $ | 684 | $ | 561 | $ | 475 | ||||||
Cash (refunded) paid for income tax, net | $ | (1,149 | ) | $ | (885 | ) | $ | 356 | ||||
NET_INCOME_LOSS_PER_UNIT_Table
NET INCOME (LOSS) PER UNIT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Unit amounts used in the computation of basic and diluted net income (loss) per unit | Unit amounts used in the computation of basic and diluted net income (loss) per unit were as follows: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Basic units outstanding: | |||||||||
Weighted-average number of basic units outstanding | 42,719,217 | 42,619,722 | 42,576,858 | ||||||
Diluted units outstanding: | |||||||||
Weighted-average number of basic units outstanding | 42,719,217 | 42,619,722 | 42,576,858 | ||||||
Effect of dilutive securities | 22,985 | — | 7,809 | ||||||
Weighted-average number of diluted units outstanding | 42,742,202 | 42,619,722 | 42,584,667 | ||||||
MEMBERS_EQUITY_Tables
MEMBERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Members' Equity [Abstract] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in accumulated other comprehensive (loss) income by component: | ||||||||||||
Share of | Pension and | Total | |||||||||||
NuStar | Other | ||||||||||||
Energy’s Other | Postretirement | ||||||||||||
Comprehensive | Benefit Plan | ||||||||||||
Loss | Adjustments | ||||||||||||
(Thousands of Dollars) | |||||||||||||
Balance as of January 1, 2012 | $ | (4,446 | ) | $ | (18,219 | ) | $ | (22,665 | ) | ||||
Other comprehensive loss before reclassification adjustments | (4,297 | ) | (6,574 | ) | (10,871 | ) | |||||||
Amounts reclassified to general and administrative expenses (a) | — | 1,514 | 1,514 | ||||||||||
Other comprehensive loss | (4,297 | ) | (5,060 | ) | (9,357 | ) | |||||||
Balance as of December 31, 2012 | (8,743 | ) | (23,279 | ) | (32,022 | ) | |||||||
Other comprehensive (loss) income before reclassification adjustments | (674 | ) | 39,596 | 38,922 | |||||||||
Amounts reclassified to general and administrative expenses (a) | — | 2,041 | 2,041 | ||||||||||
Other comprehensive (loss) income | (674 | ) | 41,637 | 40,963 | |||||||||
Balance as of December 31, 2013 | (9,417 | ) | 18,358 | 8,941 | |||||||||
Other comprehensive loss before reclassification adjustments | (665 | ) | (11,136 | ) | (11,801 | ) | |||||||
Amounts reclassified to general and administrative expenses (a) | — | (2,915 | ) | (2,915 | ) | ||||||||
Other comprehensive loss | (665 | ) | (14,051 | ) | (14,716 | ) | |||||||
Balance as of December 31, 2014 | $ | (10,082 | ) | $ | 4,307 | $ | (5,775 | ) | |||||
(a) | We recognized the net loss (gain) 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: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Thousands of Dollars, Except Per Unit Data) | |||||||||||||
Cash distributions per unit | $ | 2.18 | $ | 2.18 | $ | 2.11 | |||||||
Total cash distributions | $ | 93,252 | $ | 92,938 | $ | 89,860 | |||||||
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) | |||||||||||||
December 31, 2014 (a) | $ | 0.545 | $ | 23,403 | February 9, 2015 | February 17, 2015 | |||||||
30-Sep-14 | $ | 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 | |||||||
(a) | The distribution was announced on January 30, 2015. |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Disclosures for our Pension Plans and other postretirement benefit plans | The changes in the benefit obligation, the changes in fair value of plan assets, the funded status and the amounts recognized in our consolidated balance sheet for our Pension Plans and other postretirement benefit plans as of and for the years ended December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||
Pension Plans | Other Postretirement | |||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation, January 1 | $ | 87,632 | $ | 114,046 | $ | 7,154 | $ | 20,962 | ||||||||||||||||
Service cost | 8,049 | 16,321 | 374 | 1,171 | ||||||||||||||||||||
Interest cost | 4,225 | 5,036 | 373 | 940 | ||||||||||||||||||||
Transfer to joint venture | — | — | — | (1,284 | ) | |||||||||||||||||||
Disposition charges (a) | — | 180 | — | — | ||||||||||||||||||||
Plan amendments | — | (24,560 | ) | — | (11,822 | ) | ||||||||||||||||||
Benefits paid | (9,296 | ) | (7,353 | ) | (341 | ) | (248 | ) | ||||||||||||||||
Participants contributions | — | — | 206 | 125 | ||||||||||||||||||||
Actuarial loss (gain) | 16,238 | (15,708 | ) | 2,718 | (2,690 | ) | ||||||||||||||||||
Curtailment (a) | — | (330 | ) | — | — | |||||||||||||||||||
Benefit obligation, December 31 | $ | 106,848 | $ | 87,632 | $ | 10,484 | $ | 7,154 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Plan assets at fair value, January 1 | $ | 75,573 | $ | 69,269 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 6,135 | 11,905 | — | — | ||||||||||||||||||||
Company contributions | 10,953 | 1,752 | 135 | 123 | ||||||||||||||||||||
Benefits paid | (9,296 | ) | (7,353 | ) | (341 | ) | (248 | ) | ||||||||||||||||
Participants contributions | — | — | 206 | 125 | ||||||||||||||||||||
Plan assets at fair value, December 31 | $ | 83,365 | $ | 75,573 | $ | — | $ | — | ||||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 83,365 | $ | 75,573 | $ | — | $ | — | ||||||||||||||||
Less: Benefit obligation at December 31 | 106,848 | 87,632 | 10,484 | 7,154 | ||||||||||||||||||||
Funded status at December 31 | $ | (23,483 | ) | $ | (12,059 | ) | $ | (10,484 | ) | $ | (7,154 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||||||||||||||
Accrued compensation expense | $ | (60 | ) | $ | (2,333 | ) | $ | (304 | ) | $ | (141 | ) | ||||||||||||
Long-term liabilities | (23,423 | ) | (9,726 | ) | (10,180 | ) | (7,013 | ) | ||||||||||||||||
Net pension liability | $ | (23,483 | ) | $ | (12,059 | ) | $ | (10,484 | ) | $ | (7,154 | ) | ||||||||||||
(a) | Disposition charge in 2013 relates to NuStar Energy’s San Antonio Refinery Sale and the curtailment in 2013 relates to the SERP retirement benefits. | |||||||||||||||||||||||
The components of net periodic benefit cost (income) | The components of net periodic benefit cost (income) related to our Pension Plans and other postretirement benefit plans, which are reimbursed to us by NuStar Energy, were as follows: | |||||||||||||||||||||||
Pension Plans | Other Postretirement | |||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Service cost | $ | 8,049 | $ | 16,321 | $ | 15,614 | $ | 374 | $ | 1,171 | $ | 1,258 | ||||||||||||
Interest cost | 4,225 | 5,036 | 4,012 | 373 | 940 | 976 | ||||||||||||||||||
Expected return on plan assets | (4,574 | ) | (4,535 | ) | (3,917 | ) | — | — | — | |||||||||||||||
Amortization of prior service credit | (2,063 | ) | (41 | ) | (18 | ) | (1,145 | ) | (198 | ) | — | |||||||||||||
Amortization of net loss | 179 | 2,071 | 1,393 | 114 | 209 | 139 | ||||||||||||||||||
Other (a) | (39 | ) | 847 | 4,397 | — | — | 1,284 | |||||||||||||||||
Net periodic benefit cost (income) | $ | 5,777 | $ | 19,699 | $ | 21,481 | $ | (284 | ) | $ | 2,122 | $ | 3,657 | |||||||||||
(a) | In 2013, other includes charges for the Pensions Plans related to an Excess Pension settlement, disposition charges and a curtailment gain associated with SERP retirement benefits. Other charges in 2012 include disposition charges related to the 2012 Asphalt Sale. | |||||||||||||||||||||||
Adjustments recognized in other comprehensive (loss) income | Adjustments recognized in other comprehensive (loss) income related to our Pension Plans and other postretirement benefit plans were as follows: | |||||||||||||||||||||||
Pension Plans | Other Postretirement | |||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Net unrecognized (loss) gain | ||||||||||||||||||||||||
arising during the year: | ||||||||||||||||||||||||
Net actuarial (loss) gain (a) | $ | (14,716 | ) | $ | 24,122 | $ | (11,800 | ) | $ | (2,718 | ) | $ | 2,690 | $ | (1,368 | ) | ||||||||
Prior service credit | — | 24,514 | 295 | — | 11,822 | 2,420 | ||||||||||||||||||
Net (gain) loss reclassified into income: | ||||||||||||||||||||||||
Amortization of prior service credit | (2,063 | ) | (41 | ) | (18 | ) | (1,145 | ) | (198 | ) | — | |||||||||||||
Amortization of net loss | 179 | 2,071 | 1,393 | 114 | 209 | 139 | ||||||||||||||||||
Net (gain) loss reclassified into income | (1,884 | ) | 2,030 | 1,375 | (1,031 | ) | 11 | 139 | ||||||||||||||||
Income tax benefit (expense) | 5,314 | (18,053 | ) | 4,269 | 984 | (5,499 | ) | (390 | ) | |||||||||||||||
Total changes in other | $ | (11,286 | ) | $ | 32,613 | $ | (5,861 | ) | $ | (2,765 | ) | $ | 9,024 | $ | 801 | |||||||||
comprehensive (loss) income | ||||||||||||||||||||||||
(a) In 2013 net actuarial (loss) gain for the Pension Plans includes an Excess Pension settlement and in 2012 includes a curtailment related to the 2012 Asphalt Sale. | ||||||||||||||||||||||||
The amounts recorded as a component of accumulated other comprehensive (loss) income | The amounts recorded as a component of accumulated other comprehensive (loss) income related to our Pension Plans and other postretirement benefit plans were as follows: | |||||||||||||||||||||||
Pension Plans | Other Postretirement | |||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Unrecognized actuarial loss (a) | $ | (24,820 | ) | $ | (10,283 | ) | $ | (4,893 | ) | $ | (2,289 | ) | ||||||||||||
Prior service credit (a) | 22,790 | 24,853 | 12,899 | 14,044 | ||||||||||||||||||||
Deferred tax asset (liability) | 1,675 | (3,639 | ) | (3,344 | ) | (4,328 | ) | |||||||||||||||||
Accumulated other comprehensive (loss) income, net of tax | $ | (355 | ) | $ | 10,931 | $ | 4,662 | $ | 7,427 | |||||||||||||||
(a) | Represents the balance of accumulated other comprehensive (loss) income that has not been recognized as a component of net periodic benefit cost. | |||||||||||||||||||||||
Schedule of pre-tax amounts in accumulated other comprehensive loss to be recognized over next fiscal year | The following pre-tax amounts in accumulated other comprehensive loss as of December 31, 2014 are expected to be recognized as components of net periodic benefit cost (income) in 2015: | |||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Unrecognized actuarial loss | $ | 1,845 | $ | 269 | ||||||||||||||||||||
Prior service credit | $ | (2,063 | ) | $ | (1,145 | ) | ||||||||||||||||||
Schedule of fair value of plan assets | The major classes of plan assets measured at fair value for the Pension Plan, were as follows: | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Asset class: | ||||||||||||||||||||||||
Cash equivalent securities | $ | 1,225 | $ | — | $ | — | $ | 1,225 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. large cap equity fund (a) | — | 50,009 | — | 50,009 | ||||||||||||||||||||
International stock index fund (b) | 8,092 | — | — | 8,092 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Bond market index fund (c) | 24,039 | — | — | 24,039 | ||||||||||||||||||||
Total | $ | 33,356 | $ | 50,009 | $ | — | $ | 83,365 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Asset class: | ||||||||||||||||||||||||
Cash equivalent securities | $ | 1,552 | $ | — | $ | — | $ | 1,552 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. large cap equity fund (a) | — | 45,756 | — | 45,756 | ||||||||||||||||||||
International stock index fund (b) | 7,652 | — | — | 7,652 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Bond market index fund (c) | 20,613 | — | — | 20,613 | ||||||||||||||||||||
Total | $ | 29,817 | $ | 45,756 | $ | — | $ | 75,573 | ||||||||||||||||
(a) | This fund is a low-cost equity index fund not actively managed that tracks the S&P 500. Fair values were estimated using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. | |||||||||||||||||||||||
(b) | This fund tracks the performance of the Total International Composite Index. | |||||||||||||||||||||||
(c) | This fund tracks the performance of the Barclays Capital U.S. Aggregate Bond Index. | |||||||||||||||||||||||
Schedule of expected benefit payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the years ending December 31: | |||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
2015 | $ | 5,763 | $ | 304 | ||||||||||||||||||||
2016 | $ | 6,163 | $ | 323 | ||||||||||||||||||||
2017 | $ | 6,850 | $ | 327 | ||||||||||||||||||||
2018 | $ | 7,407 | $ | 357 | ||||||||||||||||||||
2019 | $ | 8,234 | $ | 404 | ||||||||||||||||||||
Years 2020-2024 | $ | 49,390 | $ | 2,629 | ||||||||||||||||||||
Assumptions used to determine the benefit obligations | The weighted-average assumptions used to determine the benefit obligations were as follows: | |||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 4.22 | % | 5.04 | % | 4.34 | % | 5.28 | % | ||||||||||||||||
Rate of compensation increase | 3.51 | % | 3.51 | % | n/a | n/a | ||||||||||||||||||
Assumptions used to determine the net periodic benefit cost (income) | The weighted-average assumptions used to determine the net periodic benefit cost (income) were as follows: | |||||||||||||||||||||||
Pension Plans | Other Postretirement | |||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 5.04 | % | 4.48 | % | 5.21 | % | 5.28 | % | 4.51 | % | 5.25 | % | ||||||||||||
Expected long-term rate of | 6.75 | % | 6.75 | % | 7 | % | n/a | n/a | n/a | |||||||||||||||
return on plan assets | ||||||||||||||||||||||||
Rate of compensation increase | 3.51 | % | 3.69 | % | 4.05 | % | n/a | n/a | n/a | |||||||||||||||
Schedule of assumed health care cost trend rates | The assumed health care cost trend rates were as follows: | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Health care cost trend rate assumed for next year | 7.46 | % | 7.45 | % | ||||||||||||||||||||
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reached the ultimate trend rate | 2022 | 2020 | ||||||||||||||||||||||
UNITBASED_COMPENSATION_Tables
UNIT-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
The number of awards granted under long-term incentive plans | The number of awards granted under the above-noted plans were as follows: | ||||||||||||||
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Granted | Vesting | Granted | Vesting | Granted | Vesting | ||||||||||
2000 LTIP: | |||||||||||||||
Performance awards | 28,841 | (a) | 38,786 | (a) | 33,445 | (a) | |||||||||
Restricted units (b) | 208,714 | 1/5 per year | 269,182 | 1/5 per year | 231,855 | 1/5 per year | |||||||||
Restricted units (grants to non-employee directors of NuStar GP, LLC) | 7,009 | 1/3 per year | 8,904 | 1/3 per year | 8,170 | 1/3 per year | |||||||||
UIP: | |||||||||||||||
Restricted units (c) | — | — | — | — | 15,382 | 1/5 per year | |||||||||
2006 LTIP: | |||||||||||||||
Restricted units | 16,895 | 1/5 per year | 18,620 | 1/5 per year | 25,640 | 1/5 per year | |||||||||
Restricted units (grants to non-employee directors of NuStar GP Holdings) (d) | 8,911 | 1/3 per year | 13,183 | 1/3 per year | 10,601 | 1/3 per year | |||||||||
(a) | Performance awards vest 1/3 per year if certain performance measures are met, as defined in the award agreements. | ||||||||||||||
(b) | The 2000 LTIP restricted unit grants include 2,844 and 3,882 restricted unit awards granted to certain international employees for the years ended December 31, 2014 and 2013, respectively, that vest 1/3 per year, as defined in the award agreements. | ||||||||||||||
(c) | The UIP restricted unit grants include 3,392 restricted unit awards granted to certain international employees for the year ended December 31, 2012, that vest 1/3 per year, as defined in the award agreements. | ||||||||||||||
(d) | Expenses resulting from our awards to non-employee directors are not reimbursed by NuStar Energy and are included in “General and administrative expenses” on our consolidated statements of comprehensive income (loss). | ||||||||||||||
Summary of long-term incentive plan compensation expenses | The following table summarizes information pertaining to long-term incentive plan compensation expenses: | ||||||||||||||
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | |||||||||||||||
Long-term incentive plan compensation expense | $ | 10,934 | $ | 7,369 | $ | 5,831 | |||||||||
charged to NuStar Energy | |||||||||||||||
Expenses resulting from NuStar GP Holdings awards | $ | 129 | $ | 19 | $ | 305 | |||||||||
to non-employee directors | |||||||||||||||
NSH restricted units award activity | The following table summarizes information related to outstanding NSH restricted units awarded under the 2006 LTIP: | ||||||||||||||
Restricted | Restricted | Total | Weighted- | ||||||||||||
Unit Grants | Unit Grants | Average | |||||||||||||
to Employees | to Non- | Grant-Date | |||||||||||||
Employee | Fair Value | ||||||||||||||
Directors | Per Unit | ||||||||||||||
Balance as of January 1, 2014 | 39,204 | 21,194 | 60,398 | $ | 28.83 | ||||||||||
Granted | 16,895 | 8,911 | 25,806 | $ | 34.22 | ||||||||||
Vested | (12,264 | ) | (9,680 | ) | (21,944 | ) | $ | 29.22 | |||||||
Forfeited | (4,745 | ) | — | (4,745 | ) | $ | 27.46 | ||||||||
Balance as of December 31, 2014 | 39,090 | 20,425 | 59,515 | $ | 31.13 | ||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components of income tax benefit (expense) | Components of income tax benefit (expense) were as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Thousands of Dollars) | ||||||||||||
Current: | ||||||||||||
U.S. federal | $ | 1,123 | $ | — | $ | 465 | ||||||
U.S. state | 42 | (368 | ) | (42 | ) | |||||||
Total current | 1,165 | (368 | ) | 423 | ||||||||
Deferred: | ||||||||||||
U.S. federal | 415 | (599 | ) | 433 | ||||||||
U.S. state | 206 | 175 | 10 | |||||||||
Total deferred | 621 | (424 | ) | 443 | ||||||||
Total income tax benefit (expense) | $ | 1,786 | $ | (792 | ) | $ | 866 | |||||
The tax effects of significant temporary differences representing deferred income tax assets and liabilities | The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(Thousands of Dollars) | ||||||||||||
Deferred income tax assets: | ||||||||||||
Share/option compensation | $ | 2,708 | $ | 2,976 | ||||||||
Pension | 5,459 | 4,318 | ||||||||||
Capital loss | 590 | 474 | ||||||||||
Other state | 39 | — | ||||||||||
Net operating loss | 4,419 | 3,519 | ||||||||||
Foreign tax credits | 66 | 44 | ||||||||||
Deferred income tax assets | 13,281 | 11,331 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Investment in Riverwalk Logistics, L.P. and NuStar Energy | (216 | ) | (233 | ) | ||||||||
Other state | — | (191 | ) | |||||||||
Other employee benefits | (8,771 | ) | (13,531 | ) | ||||||||
Total net deferred income tax assets (liabilities) | $ | 4,294 | $ | (2,624 | ) | |||||||
QUARTERLY_FINANCIAL_DATA_UNAUD1
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||
Schedule of Quarterly Financial Information | The following table summarizes quarterly financial data for the years ended December 31, 2014 and 2013: | |||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||||||
2014:00:00 | ||||||||||||||||||||
Net income | $ | 13,646 | $ | 15,768 | $ | 17,639 | $ | 14,374 | $ | 61,427 | ||||||||||
Basic and diluted net income per unit | 0.32 | 0.37 | 0.41 | 0.34 | 1.44 | |||||||||||||||
Cash distributions per unit applicable to limited | 0.545 | 0.545 | 0.545 | 0.545 | 2.18 | |||||||||||||||
partners | ||||||||||||||||||||
2013:00:00 | ||||||||||||||||||||
Net income (loss) | $ | 11,075 | $ | 12,559 | $ | 12,035 | $ | (46,703 | ) | $ | (11,034 | ) | ||||||||
Basic and diluted net income (loss) per unit | 0.26 | 0.29 | 0.29 | (1.10 | ) | (0.26 | ) | |||||||||||||
Cash distributions per unit applicable to limited | 0.545 | 0.545 | 0.545 | 0.545 | 2.18 | |||||||||||||||
partners |
ORGANIZATION_Narrative_Details
ORGANIZATION Narrative (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||
Percent ownership in NuStar Energy | 14.90% | 14.90% |
General partner interest percentage | 2.00% | |
Percent of incentive distribution rights (IDR) issued by NuStar Energy | 100.00% | |
Incentive distribution rights maximum cash percentage | 23.00% | |
Common units of NuStar Energy | 10,248,179 | |
Percent of limited partner interest | 12.90% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ||
Percent ownership in NuStar Energy | 14.90% | 14.90% |
Equity Method Investment, Additional Information | 0.2 | |
Tax Years Subject to Examination | We, or certain of our subsidiaries, file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. For U.S. federal and state purposes, tax years subject to examination are 2010 through 2013 | |
Unrecognized Tax Benefits | $0 | $0 |
INVESTMENT_IN_NUSTAR_ENERGY_Na
INVESTMENT IN NUSTAR ENERGY Narrative 1 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subsidiary, Sale of Stock [Line Items] | |||
Investment in NuStar Energy in order to maintain 2% interest | $19,340,000 | $3,913,000 | $18,005,000 |
General partner interest percentage | 2.00% | ||
Gain related to NuStar Energy L.P.'s issuance of limited partner units | 0 | 0 | 10,689,000 |
NuStar Energy - September 2012 Offering [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Limited partner units issued by NuStar Energy | 7,130,000 | ||
Price of limited partner units issued by NuStar Energy, per unit | $48.94 | ||
Proceeds, net of issuance cost, from issuance of NuStar Energy limited partner units | 336,800,000 | ||
Investment in NuStar Energy in order to maintain 2% interest | $7,100,000 |
INVESTMENT_IN_NUSTAR_ENERGY_Na1
INVESTMENT IN NUSTAR ENERGY Narrative 2 (Details) (NuStar Energy [Member], USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 13, 2012 | Feb. 26, 2014 | Sep. 28, 2012 |
bbl | |||||
TexStar Asset Acquisition [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
NuStar Energy's purchase price of acquired entity | $325.40 | ||||
NuStar Energy's acquired pipeline miles | 140 miles | ||||
NuStar Energy's acquired storage capacity (in barrels) | 600,000 | ||||
Sale of Asphalt Operations [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
NuStar Energy's percent ownership interest sold | 50.00% | 50.00% | |||
Ownership percentage of acquiring entity | 100.00% | ||||
San Antonio Refinery Sale [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
NuStar Energy's proceeds from sale or disposition of assets | $117 |
INVESTMENT_IN_NUSTAR_ENERGY_Ta1
INVESTMENT IN NUSTAR ENERGY Table 1 (Details) (NuStar Energy [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
NuStar Energy [Member] | ||
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ||
Current assets | $389,147 | $633,549 |
Property, plant and equipment, net | 3,460,732 | 3,310,653 |
Goodwill | 617,429 | 617,429 |
Other non-current assets | 451,488 | 470,555 |
Total assets | 4,918,796 | 5,032,186 |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] | ||
Current liabilities | 365,192 | 392,572 |
Long-term debt | 2,749,452 | 2,655,553 |
Other non-current liabilities | 87,942 | 80,267 |
Total liabilities | 3,202,586 | 3,128,392 |
NuStar Energy partners' equity | 1,716,210 | 1,902,136 |
Noncontrolling interest | 0 | 1,658 |
Total liabilities and partners’ equity | $4,918,796 | $5,032,186 |
INVESTMENT_IN_NUSTAR_ENERGY_Ta2
INVESTMENT IN NUSTAR ENERGY Table 2 (Details) (NuStar Energy [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
NuStar Energy [Member] | |||
Statement of Income (Loss) Information: | |||
Revenues | $3,075,118 | $3,463,732 | $5,945,736 |
Operating income (loss) | 346,901 | -19,121 | -18,168 |
Income (loss) from continuing operations | 214,169 | -185,509 | -166,001 |
Loss from discontinued operations, net of tax | -3,791 | -99,162 | -61,236 |
Net income (loss) | $210,378 | ($284,671) | ($227,237) |
INVESTMENT_IN_NUSTAR_ENERGY_Ta3
INVESTMENT IN NUSTAR ENERGY Table 3 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Reconciliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | ||
NuStar GP Holdings’ ownership interest in NuStar Energy | 14.90% | 14.90% |
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity | $255,715 | $283,418 |
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other | 71,267 | 74,038 |
Investment in NuStar Energy | 326,982 | 357,456 |
NuStar Energy [Member] | ||
Reconciliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | ||
NuStar Energy’s partners’ equity | $1,716,210 | $1,902,136 |
INVESTMENT_IN_NUSTAR_ENERGY_Na2
INVESTMENT IN NUSTAR ENERGY Narrative 3 (Details) (USD $) | Dec. 31, 2001 |
In Millions, unless otherwise specified | |
Description of step-up in basis related to NuStar Energy's assets and liabilities [Abstract] | |
Unamortized step-up in basis related to NuStar Energy's assets and liabilities | $81.80 |
Step-up in basis related to NuStar Energy's assets and liabilities, amortization period, in years | 28 |
NuStar Energy [Member] | |
Description of step-up in basis related to NuStar Energy's assets and liabilities [Abstract] | |
Valero Energy's proportionate interest in NuStar Energy's identifiable assets and liabilies | 73.60% |
Percent of equity interest in NuStar Energy owned by public unitholders | 26.40% |
INVESTMENT_IN_NUSTAR_ENERGY_Ta4
INVESTMENT IN NUSTAR ENERGY Table 4 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
NuStar GP Holdings’ Equity in Earnings (Loss) of NuStar Energy: | |||
General partner interest | $3,352 | ($6,338) | ($5,356) |
General partner incentive distribution | 43,220 | 43,220 | 41,242 |
General partner’s interest in earnings and incentive distributions of NuStar Energy | 46,572 | 36,882 | 35,886 |
Limited partner interest in earnings (loss) of NuStar Energy | 21,692 | -40,739 | -37,580 |
Amortization of step-up in basis related to NuStar Energy’s assets and liabilities | -2,884 | -2,884 | -2,884 |
Equity in earnings (loss) of NuStar Energy | $65,380 | ($6,741) | ($4,578) |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS Narrative 1 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transactions [Abstract] | ||
Receivable from related parties | $15,704 | $9,617 |
Long-term receivable from related party | $33,537 | $41,139 |
RELATED_PARTY_TRANSACTIONS_Tab1
RELATED PARTY TRANSACTIONS Table (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transactions [Abstract] | |||
Expenses for payroll, employee benefit plans and unit-based compensation | $197,745 | $190,643 | $225,135 |
Other expenses | $482 | $434 | $437 |
RELATED_PARTY_TRANSACTIONS_Nar1
RELATED PARTY TRANSACTIONS Narrative 2 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Axeon Services Agreement [Member] | Axeon [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). | ||
Services Agreements, termination date | 30-Jun-14 | ||
Administrative services expense | $3.10 | $7.90 | $2.60 |
Axeon Employee Services Agreement [Member] | Axeon [Member] | |||
Related Party Transaction [Line Items] | |||
Services Agreements, description | The Axeon Employee Services Agreement provided that certain of NuStar GP, LLC employees would provide employee-services to Axeon. In exchange, Axeon would reimburse us for the compensation expense of those employees at the same rates that were in effect at the effective date of the Axeon Employee Services Agreement. | ||
Services Agreements, termination date | 31-Dec-12 | ||
NuStar Energy [Member] | |||
Related Party Transaction [Line Items] | |||
Non-Compete Agreement, description | The Non-Compete Agreement remains in effect for so long as we or any of our affiliates own 20% or more of NuStar GP, LLC or Riverwalk Logistics, L.P. | ||
GP Services Agreement [Member] | NuStar Energy [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 (the Holdco Administrative Services Expense). The Holdco Administrative Services Expense is based on $1.1 million, plus 1.0% of NuStar GP, LLC’s domestic bonus and unit-based compensation expense, subject to certain other adjustments. | ||
Administrative services expense | $1.70 | $1.40 | $1.30 |
DISTRIBUTIONS_FROM_NUSTAR_ENER2
DISTRIBUTIONS FROM NUSTAR ENERGY Narrative 1 (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
DISTRIBUTIONS FROM NUSTAR ENERGY [Abstract] | |
Incentive distribution rights entitlement, minimum per unit | $0.60 |
Incentive distribution rights maximum cash percentage | 23.00% |
Incentive distribution rights entitlement, maximum per unit | $0.66 |
General partner interest percentage | 2.00% |
DISTRIBUTIONS_FROM_NUSTAR_ENER3
DISTRIBUTIONS FROM NUSTAR ENERGY Table 1 (Details) (NuStar Energy [Member], USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | $7,844 | $7,844 | $7,486 | ||||
General partner incentive distribution | 43,220 | 43,220 | 41,242 | ||||
Total general partner distribution | 51,064 | 51,064 | 48,728 | ||||
Limited partner distribution | 44,974 | 44,975 | 45,152 | ||||
Total distributions to NuStar GP Holdings | 96,038 | 96,039 | 93,880 | ||||
Public unitholders’ distributions | 296,166 | 296,165 | 280,374 | ||||
Total cash distributions | $98,051 | $98,051 | $98,051 | $98,051 | $392,204 | $392,204 | $374,254 |
Cash distributions per unit applicable to limited partners | $1.09 | $1.09 | $1.09 | $1.09 | $4.38 | $4.38 | $4.38 |
DISTRIBUTIONS_FROM_NUSTAR_ENER4
DISTRIBUTIONS FROM NUSTAR ENERGY Table 2 (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 30, 2015 |
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 | $4.38 | $4.38 | $4.38 | |
NuStar Energy's total cash distributions (distribution earned) | $98,051 | $98,051 | $98,051 | $98,051 | $392,204 | $392,204 | $374,254 | |
NuStar Energy's distribution date of record (distribution earned) | 9-Feb-15 | 10-Nov-14 | 6-Aug-14 | 7-May-14 | ||||
NuStar Energy's distribution payment date (distribution earned) | 13-Feb-15 | 14-Nov-14 | 11-Aug-14 | 12-May-14 | ||||
Subsequent Event [Member] | ||||||||
Distributions from NuStar Energy (dates and totals) | ||||||||
NuStar Energy's distribution announcement date (distribution earned) | 30-Jan-15 |
ACCRUED_COMPENSATION_EXPENSE_A2
ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued compensation expense | ||
NuStar Energy restricted units and performance awards | $5,369 | $6,224 |
Pension liabilities (Note 14) | 60 | 2,333 |
Other postretirement benefit plan liabilities (Note 14) | 304 | 141 |
Other employee-related liabilities | 4,211 | 3,620 |
Accrued compensation expense | 9,944 | 12,318 |
Long-term liabilities | ||
NuStar Energy restricted units and performance awards | 0 | 0 |
Pension liabilities (Note 14) | 23,423 | 9,726 |
Other postretirement benefit plan liabilities (Note 14) | 10,180 | 7,013 |
Other employee-related liabilities | 1,959 | 1,568 |
Long-term liabilities | $35,562 | $18,307 |
FAIR_VALUE_MEASUREMENTS_Table_
FAIR VALUE MEASUREMENTS Table 1 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued compensation expense: | ||
NuStar Energy restricted units and performance awards | $5,369 | $6,224 |
Total | 5,369 | 6,224 |
Level 1 [Member] | ||
Accrued compensation expense: | ||
NuStar Energy restricted units and performance awards | 5,369 | 6,224 |
Total | 5,369 | 6,224 |
Level 2 [Member] | ||
Accrued compensation expense: | ||
NuStar Energy restricted units and performance awards | 0 | 0 |
Total | 0 | 0 |
Level 3 [Member] | ||
Accrued compensation expense: | ||
NuStar Energy restricted units and performance awards | 0 | 0 |
Total | $0 | $0 |
STATEMENTS_OF_CASH_FLOWS_Table1
STATEMENTS OF CASH FLOWS Table 1 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Decrease (increase) in current assets: | |||
Receivable from related parties | $105 | $338 | $1,077 |
Income tax receivable | -13 | 1,252 | -780 |
Other receivables | -14 | 70 | 211 |
Other current assets | -407 | -187 | -210 |
Increase (decrease) in current liabilities: | |||
Accounts payable | 296 | -678 | 542 |
Accrued compensation expense | -2,374 | -4,743 | -4,557 |
Accrued liabilities | -99 | 107 | -33 |
Income tax payable | 0 | 0 | 0 |
Taxes other than income tax | 236 | -159 | 112 |
Changes in current assets and liabilities | ($2,270) | ($4,000) | ($3,638) |
STATEMENTS_OF_CASH_FLOWS_Table2
STATEMENTS OF CASH FLOWS Table 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows related to interest and income tax | |||
Cash paid for interest | $684 | $561 | $475 |
Cash (refunded) paid for income tax, net | ($1,149) | ($885) | $356 |
CREDIT_FACILITY_Narrative_Deta
CREDIT FACILITY Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ||
General partner interest percentage | 2.00% | |
Outstanding borrowings | $26,000,000 | $26,000,000 |
Borrowing availability | 14,000,000 | |
NuStar Energy's consolidated debt coverage ratio | 4 | |
NuStar Energy Consolidated Debt Coverage Ratio [Member] | ||
Line of Credit Facility [Line Items] | ||
Covenant terms | Our revolving 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, our revolving credit facility requires NuStar Energy to maintain, as of the end of each rolling period of four consecutive fiscal quarters, a consolidated debt coverage ratio not to exceed 5.0-to-1.0. | |
Cash Distributions Covenant [Member] | ||
Line of Credit Facility [Line Items] | ||
Covenant terms | 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 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Initiation date | 28-Jun-13 | |
Maturity date | 27-Jun-15 | |
Borrowing capacity | 40,000,000 | |
Letters of credit capacity | $10,000,000 | |
Collateral | Our obligations under our revolving 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. | |
Interest rate description | Interest on our revolving credit facility is based upon, at our option, either an alternative base rate or a LIBOR-based rate | |
Interest rate | 2.20% | |
Weighted-average interest rate related to borrowings | 2.20% |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES Narrative (Details) (USD $) | Dec. 31, 2014 |
Other Commitments [Line Items] | |
Operating leases, future minimum payments due | $0 |
NET_INCOME_LOSS_PER_UNIT_Narra
NET INCOME (LOSS) PER UNIT Narrative (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Outstanding options to purchase NuStar GP Holdings units | 289,100 |
NET_INCOME_LOSS_PER_UNIT_Table1
NET INCOME (LOSS) PER UNIT Table (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Weighted-average number of basic units outstanding | 42,719,217 | 42,619,722 | 42,576,858 |
Effect of dilutive securities | 22,985 | 0 | 7,809 |
Weighted-average number of diluted units outstanding | 42,742,202 | 42,619,722 | 42,584,667 |
MEMBERS_EQUITY_Table_1_Details
MEMBERS' EQUITY Table 1 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $8,941 | ||
Other comprehensive income (loss) | -14,716 | 40,963 | -9,357 |
Ending Balance | -5,775 | 8,941 | |
Share of NuStar Energy's Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -9,417 | -8,743 | -4,446 |
Other comprehensive income (loss) before reclassification adjustments | -665 | -674 | -4,297 |
Amounts reclassified to general and administrative expenses (a) | 0 | 0 | 0 |
Other comprehensive income (loss) | -665 | -674 | -4,297 |
Ending Balance | -10,082 | -9,417 | -8,743 |
Pension and Other Postretirement Benefit Plan Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 18,358 | -23,279 | -18,219 |
Other comprehensive income (loss) before reclassification adjustments | -11,136 | 39,596 | -6,574 |
Amounts reclassified to general and administrative expenses (a) | -2,915 | 2,041 | 1,514 |
Other comprehensive income (loss) | -14,051 | 41,637 | -5,060 |
Ending Balance | 4,307 | 18,358 | -23,279 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 8,941 | -32,022 | -22,665 |
Other comprehensive income (loss) before reclassification adjustments | -11,801 | 38,922 | -10,871 |
Amounts reclassified to general and administrative expenses (a) | -2,915 | 2,041 | 1,514 |
Other comprehensive income (loss) | -14,716 | 40,963 | -9,357 |
Ending Balance | ($5,775) | $8,941 | ($32,022) |
MEMBERS_EQUITY_Narrative_1_Det
MEMBERS' EQUITY Narrative 1 (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Members' Equity [Abstract] | |
Cash distributions, timing description | Our limited liability company agreement requires that, within 50 days after the end of each quarter, we distribute all of our available cash to the holders of record of our units on the applicable record date. |
MEMBERS_EQUITY_Table_2_Details
MEMBERS' EQUITY Table 2 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 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 | $2.18 | $2.18 | $2.11 |
Total cash distributions | $23,403 | $23,351 | $23,250 | $23,248 | $93,252 | $92,938 | $89,860 |
MEMBERS_EQUITY_Table_3_Details
MEMBERS' EQUITY Table 3 (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 30, 2015 |
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 | $2.18 | $2.18 | $2.11 | |
Total cash distributions (distribution earned) | $23,403 | $23,351 | $23,250 | $23,248 | $93,252 | $92,938 | $89,860 | |
Distribution date of record (distribution earned) | 9-Feb-15 | 10-Nov-14 | 6-Aug-14 | 7-May-14 | ||||
Distribution payment date (distribution earned) | 17-Feb-15 | 19-Nov-14 | 14-Aug-14 | 15-May-14 | ||||
Subsequent Event [Member] | ||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||
Distribution announcement date (distribution earned) | 30-Jan-15 |
MEMBERS_EQUITY_Narrative_2_Det
MEMBERS' EQUITY Narrative 2 (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Members' Equity [Abstract] | |
Rights Agreement, description | On July 19, 2006, we entered into a rights agreement with Computershare Investor Services, LLC, as amended effective February 28, 2008 and October 23, 2012 (the Rights Agreement), under which one preferred unit purchase right (a Right) is attached to each of our outstanding units. The Rights become exercisable under specified circumstances, including if any person or group (an acquiring person) becomes the beneficial owner of 15% or more of our outstanding units, subject to specified exceptions. Each Right entitles the registered holder to purchase from us one one-hundredth of a unit of junior participating preferred units, series I (Preferred Units) at an exercise price of $100, subject to adjustment under specified circumstances. If events specified in the Rights Agreement occur, each holder of Rights other than the acquiring person can exercise their Rights. When a holder exercises a Right, the holder will be entitled to receive units valued at a multiple of the exercise price of the Right specified in the Rights Agreement. In some cases, the holder will receive cash, property or other securities instead of units. We may redeem the Rights for $0.001 per Right at any time prior to the tenth day after a person or group becomes an acquiring person. The Rights will expire on June 30, 2016, unless extended or earlier redeemed or exchanged, and are protected by customary anti-dilution provisions. Preferred Units purchasable upon exercise of the Rights will not be redeemable. Each Preferred Unit will be entitled to share in our distributions of available cash pro rata with the units. In the event of liquidation, the holders of the Preferred Units will be entitled to a minimum preferential liquidation payment of $100 per unit. Each Preferred Unit will have 100 votes, voting together with the units. Finally, in the event of any merger, consolidation or other transaction in which units are exchanged, each Preferred Unit will be entitled to receive 100 times the amount received per unit. |
EMPLOYEE_BENEFIT_PLANS_Narrati
EMPLOYEE BENEFIT PLANS Narrative 1 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Thrift Plan, description | The NuStar Thrift Plan (the Thrift Plan) is a qualified defined contribution plan that became effective June 26, 2006. Participation in the Thrift Plan is voluntary and is open to eligible NuStar GP, LLC employees upon their date of hire. Thrift Plan participants can contribute from 1% up to 30% of their total annual compensation to the Thrift Plan in the form of pre-tax and/or after tax employee contributions. NuStar GP, LLC makes matching contributions in an amount equal to 100% of each participant’s employee contributions up to a maximum of 6% of the participant’s total annual compensation. | ||
Thrift Plan matching contributions | $5.90 | $5.90 | $6.90 |
Pension Plan, description | The NuStar Pension Plan (the Pension Plan) is a qualified non-contributory defined benefit pension plan that provides eligible employees with retirement income as calculated under a cash balance formula. Under the cash balance formula, benefits are determined based on age, service and interest credits, and employees become fully vested in their benefits upon attaining three years of vesting service. Prior to January 1, 2014, eligible employees were covered under either a cash balance formula or a final average pay formula (FAP). Effective January 1, 2014, the Pension Plan was amended to freeze the FAP benefits as of December 31, 2013, and going forward, all eligible employees are covered under the cash balance formula discussed above. | ||
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for the Pension Plans | $106.20 | $86.90 |
EMPLOYEE_BENEFIT_PLANS_Table_1
EMPLOYEE BENEFIT PLANS Table 1 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, January 1 | $87,632 | $114,046 | |
Service cost | 8,049 | 16,321 | 15,614 |
Interest cost | 4,225 | 5,036 | 4,012 |
Transfer to joint venture | 0 | 0 | |
Disposition charges (a) | 0 | 180 | |
Plan amendments | 0 | -24,560 | |
Benefits paid | -9,296 | -7,353 | |
Participants contributions | 0 | 0 | |
Actuarial loss (gain) | 16,238 | -15,708 | |
Curtailment (a) | 0 | -330 | |
Benefit obligation, December 31 | 106,848 | 87,632 | 114,046 |
Change in plan assets: | |||
Plan assets at fair value, January 1 | 75,573 | 69,269 | |
Actual return on plan assets | 6,135 | 11,905 | |
Company contributions | 10,953 | 1,752 | |
Benefits paid | -9,296 | -7,353 | |
Participants contributions | 0 | 0 | |
Plan assets at fair value, December 31 | 83,365 | 75,573 | 69,269 |
Reconciliation of funded status: | |||
Fair value of plan assets at December 31 | 83,365 | 75,573 | 69,269 |
Less: Benefit obligation at December 31 | 106,848 | 87,632 | 114,046 |
Funded status at December 31 | -23,483 | -12,059 | |
Amounts recognized in the consolidated balance sheets: | |||
Accrued compensation expense | -60 | -2,333 | |
Long-term liabilities | -23,423 | -9,726 | |
Net pension liability | -23,483 | -12,059 | |
Other Postretirement Benefit Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, January 1 | 7,154 | 20,962 | |
Service cost | 374 | 1,171 | 1,258 |
Interest cost | 373 | 940 | 976 |
Transfer to joint venture | 0 | -1,284 | |
Disposition charges (a) | 0 | 0 | |
Plan amendments | 0 | -11,822 | |
Benefits paid | -341 | -248 | |
Participants contributions | 206 | 125 | |
Actuarial loss (gain) | 2,718 | -2,690 | |
Curtailment (a) | 0 | 0 | |
Benefit obligation, December 31 | 10,484 | 7,154 | 20,962 |
Change in plan assets: | |||
Plan assets at fair value, January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 135 | 123 | |
Benefits paid | -341 | -248 | |
Participants contributions | 206 | 125 | |
Plan assets at fair value, December 31 | 0 | 0 | 0 |
Reconciliation of funded status: | |||
Fair value of plan assets at December 31 | 0 | 0 | 0 |
Less: Benefit obligation at December 31 | 10,484 | 7,154 | 20,962 |
Funded status at December 31 | -10,484 | -7,154 | |
Amounts recognized in the consolidated balance sheets: | |||
Accrued compensation expense | -304 | -141 | |
Long-term liabilities | -10,180 | -7,013 | |
Net pension liability | ($10,484) | ($7,154) |
EMPLOYEE_BENEFIT_PLANS_Table_2
EMPLOYEE BENEFIT PLANS Table 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $8,049 | $16,321 | $15,614 |
Interest cost | 4,225 | 5,036 | 4,012 |
Expected return on plan assets | -4,574 | -4,535 | -3,917 |
Amortization of prior service credit | -2,063 | -41 | -18 |
Amortization of net loss | 179 | 2,071 | 1,393 |
Other (a) | -39 | 847 | 4,397 |
Net periodic benefit cost (income) | 5,777 | 19,699 | 21,481 |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 374 | 1,171 | 1,258 |
Interest cost | 373 | 940 | 976 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credit | -1,145 | -198 | 0 |
Amortization of net loss | 114 | 209 | 139 |
Other (a) | 0 | 0 | 1,284 |
Net periodic benefit cost (income) | ($284) | $2,122 | $3,657 |
EMPLOYEE_BENEFIT_PLANS_Table_3
EMPLOYEE BENEFIT PLANS Table 3 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Net (gain) loss reclassified into income | ($2,915) | $2,041 | $1,514 |
Pension and other postretirement benefit plan adjustments | -14,051 | 41,637 | -5,060 |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial (loss) gain (a) | -14,716 | 24,122 | -11,800 |
Prior service credit | 0 | 24,514 | 295 |
Amortization of prior service credit | -2,063 | -41 | -18 |
Amortization of net loss | 179 | 2,071 | 1,393 |
Net (gain) loss reclassified into income | -1,884 | 2,030 | 1,375 |
Income tax benefit (expense) | 5,314 | -18,053 | 4,269 |
Pension and other postretirement benefit plan adjustments | -11,286 | 32,613 | -5,861 |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial (loss) gain (a) | -2,718 | 2,690 | -1,368 |
Prior service credit | 0 | 11,822 | 2,420 |
Amortization of prior service credit | -1,145 | -198 | 0 |
Amortization of net loss | 114 | 209 | 139 |
Net (gain) loss reclassified into income | -1,031 | 11 | 139 |
Income tax benefit (expense) | 984 | -5,499 | -390 |
Pension and other postretirement benefit plan adjustments | ($2,765) | $9,024 | $801 |
EMPLOYEE_BENEFIT_PLANS_Table_4
EMPLOYEE BENEFIT PLANS Table 4 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial loss (a) | ($24,820) | ($10,283) |
Prior service credit (a) | 22,790 | 24,853 |
Deferred tax asset (liability) | 1,675 | -3,639 |
Accumulated other comprehensive (loss) income, net of tax | -355 | 10,931 |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial loss (a) | -4,893 | -2,289 |
Prior service credit (a) | 12,899 | 14,044 |
Deferred tax asset (liability) | -3,344 | -4,328 |
Accumulated other comprehensive (loss) income, net of tax | $4,662 | $7,427 |
EMPLOYEE_BENEFIT_PLANS_Table_5
EMPLOYEE BENEFIT PLANS Table 5 (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized actuarial loss | $1,845 |
Prior service credit | -2,063 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized actuarial loss | 269 |
Prior service credit | ($1,145) |
EMPLOYEE_BENEFIT_PLANS_Narrati1
EMPLOYEE BENEFIT PLANS Narrative 2 (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 65.00% |
Fixed income investments [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 35.00% |
EMPLOYEE_BENEFIT_PLANS_Table_6
EMPLOYEE BENEFIT PLANS Table 6 (Details) (Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $83,365 | $75,573 | $69,269 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 33,356 | 29,817 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 50,009 | 45,756 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash equivalent securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,225 | 1,552 | |
Cash equivalent securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,225 | 1,552 | |
Cash equivalent securities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash equivalent securities [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. large cap equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 50,009 | 45,756 | |
U.S. large cap equity fund [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. large cap equity fund [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 50,009 | 45,756 | |
U.S. large cap equity fund [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International stock index fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,092 | 7,652 | |
International stock index fund [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,092 | 7,652 | |
International stock index fund [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International stock index fund [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bond market index fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24,039 | 20,613 | |
Bond market index fund [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24,039 | 20,613 | |
Bond market index fund [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bond market index fund [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $0 | $0 |
EMPLOYEE_BENEFIT_PLANS_Narrati2
EMPLOYEE BENEFIT PLANS Narrative 3 (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan contributions | $10,953,000 | $1,752,000 |
Estimated future employer contributions in next fiscal year | 8,100,000 | |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan contributions | 135,000 | 123,000 |
Estimated future employer contributions in next fiscal year | $300,000 |
EMPLOYEE_BENEFIT_PLANS_Table_7
EMPLOYEE BENEFIT PLANS Table 7 (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |
Estimated Future Benefit Payments | |
2015 | $5,763 |
2016 | 6,163 |
2017 | 6,850 |
2018 | 7,407 |
2019 | 8,234 |
Years 2020-2024 | 49,390 |
Other Postretirement Benefit Plans [Member] | |
Estimated Future Benefit Payments | |
2015 | 304 |
2016 | 323 |
2017 | 327 |
2018 | 357 |
2019 | 404 |
Years 2020-2024 | $2,629 |
EMPLOYEE_BENEFIT_PLANS_Table_8
EMPLOYEE BENEFIT PLANS Table 8 (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.22% | 5.04% |
Rate of compensation increase | 3.51% | 3.51% |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.34% | 5.28% |
EMPLOYEE_BENEFIT_PLANS_Table_9
EMPLOYEE BENEFIT PLANS Table 9 (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.04% | 4.48% | 5.21% |
Expected long-term rate of return on plan assets | 6.75% | 6.75% | 7.00% |
Rate of compensation increase | 3.51% | 3.69% | 4.05% |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.28% | 4.51% | 5.25% |
EMPLOYEE_BENEFIT_PLANS_Table_11
EMPLOYEE BENEFIT PLANS Table 10 (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 7.46% | 7.45% |
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reached the ultimate trend rate | 2022 | 2020 |
Effect of one percentage point increase, description | The cap on the increase in employer’s cost is 2.5% per year. The assumed increase in total health care cost exceeds the 2.5% indexed cap, so increasing or decreasing the health care cost trend rate by 1% does not materially change our obligation or expense for the postretirement health care plan. |
UNITBASED_COMPENSATION_Narrati
UNIT-BASED COMPENSATION Narrative 1 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accrued compensation expense | $5,369 | $6,224 |
The 2000 LTIP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unit-based compensation, number of units authorized | 3,250,000 | |
Unit-based compensation, number of units available to be awarded | 1,441,988 | |
The 2006 LTIP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unit-based compensation, number of units authorized | 2,000,000 | |
Unit-based compensation, number of units available to be awarded | 1,527,164 |
UNITBASED_COMPENSATION_Table_1
UNIT-BASED COMPENSATION Table 1 (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
The 2000 LTIP [Member] | Performance awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 28,841 | 38,786 | 33,445 |
Vesting | Performance awards vest 1/3Â per year if certain performance measures are met, as defined in the award agreements. | Performance awards vest 1/3Â per year if certain performance measures are met, as defined in the award agreements. | Performance awards vest 1/3Â per year if certain performance measures are met, as defined in the award agreements. |
The 2000 LTIP [Member] | Restricted units, employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 208,714 | 269,182 | 231,855 |
Vesting | 1/5 per year | 1/5 per year | 1/5 per year |
The 2000 LTIP [Member] | Restricted units, non-employee directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 7,009 | 8,904 | 8,170 |
Vesting | 1/3 per year | 1/3 per year | 1/3 per year |
The 2000 LTIP [Member] | Restricted units, certain international employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 2,844 | 3,882 | |
Vesting | 1/3 per year | 1/3 per year | |
The UIP [Member] | Restricted units, employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 0 | 0 | 15,382 |
Vesting | 0 | 0 | 1/5 per year |
The UIP [Member] | Restricted units, certain international employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 3,392 | ||
Vesting | 1/3 per year | ||
The 2006 LTIP [Member] | Restricted units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 25,806 | ||
The 2006 LTIP [Member] | Restricted units, employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 16,895 | 18,620 | 25,640 |
Vesting | 1/5 per year | 1/5 per year | 1/5 per year |
The 2006 LTIP [Member] | Restricted units, non-employee directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 8,911 | 13,183 | 10,601 |
Vesting | 1/3 per year | 1/3 per year | 1/3 per year |
UNITBASED_COMPENSATION_Table_2
UNIT-BASED COMPENSATION Table 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Long-term incentive plan compensation expense charged to NuStar Energy | $10,934 | $7,369 | $5,831 |
Expenses resulting from NuStar GP Holdings awards to non-employee directors | $129 | $19 | $305 |
UNITBASED_COMPENSATION_Narrati1
UNIT-BASED COMPENSATION Narrative 2 (Details) (The 2006 LTIP [Member], Unit options [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
The 2006 LTIP [Member] | Unit options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NSH unit options, description | On November 16, 2007, we granted 324,100 NSH unit options at $31.55, which was our only grant of options under the 2006 LTIP. | ||
NSH unit options, terms | These options expired seven years after the grant date and vested in annual one-third increments beginning on November 16, 2010. | ||
The total intrinsic value of unit options exercised during the period | $2.80 | $0.10 | $0.10 |
NSH unit options, units exercised | 289,100 | 11,666 | 11,667 |
Balance of NSH unit options outstanding | 0 | 289,100 |
UNITBASED_COMPENSATION_Table_3
UNIT-BASED COMPENSATION Table 3 (Details) (The 2006 LTIP [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NSH restricted units, beginning balance | 60,398 | ||
NSH restricted units, granted | 25,806 | ||
NSH restricted units, vested | -21,944 | ||
NSH restricted units, forfeited | -4,745 | ||
NSH restricted units, ending balance | 59,515 | 60,398 | |
Weighted-average grant date fair value, period start | $28.83 | ||
Weighted-average grant-date fair value, granted | $34.22 | $27.87 | $28.77 |
Weighted-average grant date fair value, vested | $29.22 | ||
Weighted-average grant date fair value, forfeited | $27.46 | ||
Weighted-average grant date fair value, period end | $31.13 | $28.83 | |
Restricted units, employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NSH restricted units, beginning balance | 39,204 | ||
NSH restricted units, granted | 16,895 | 18,620 | 25,640 |
NSH restricted units, vested | -12,264 | ||
NSH restricted units, forfeited | -4,745 | ||
NSH restricted units, ending balance | 39,090 | 39,204 | |
Restricted units, non-employee directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NSH restricted units, beginning balance | 21,194 | ||
NSH restricted units, granted | 8,911 | 13,183 | 10,601 |
NSH restricted units, vested | -9,680 | ||
NSH restricted units, forfeited | 0 | ||
NSH restricted units, ending balance | 20,425 | 21,194 |
UNITBASED_COMPENSATION_Narrati2
UNIT-BASED COMPENSATION Narrative 3 (Details) (The 2006 LTIP [Member], Restricted units [Member], USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
The 2006 LTIP [Member] | Restricted units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of restricted units | $34.22 | $27.87 | $28.77 |
Total fair value of NSH restricted units that vested during the period | $0.70 | $1.50 | $1 |
INCOME_TAXES_Table_1_Details
INCOME TAXES Table 1 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
U.S. federal | $1,123 | $0 | $465 |
U.S. state | 42 | -368 | -42 |
Total current | 1,165 | -368 | 423 |
Deferred: | |||
U.S. federal | 415 | -599 | 433 |
U.S. state | 206 | 175 | 10 |
Total deferred | 621 | -424 | 443 |
Total income tax benefit (expense) | $1,786 | ($792) | $866 |
INCOME_TAXES_Table_2_Details
INCOME TAXES Table 2 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ||
Share/option compensation | $2,708 | $2,976 |
Pension | 5,459 | 4,318 |
Capital loss | 590 | 474 |
Other state | 39 | 0 |
Net operating loss | 4,419 | 3,519 |
Foreign tax credits | 66 | 44 |
Deferred income tax assets | 13,281 | 11,331 |
Deferred income tax liabilities: | ||
Investment in Riverwalk Logistics, L.P. and NuStar Energy | -216 | -233 |
Other state | 0 | -191 |
Other employee benefits | -8,771 | -13,531 |
Total net deferred income tax assets (liabilities) | $4,294 | ($2,624) |
INCOME_TAXES_Narrative_Details
INCOME TAXES Narrative (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Statutory federal income tax rate | 35.00% |
Operating loss carryforwards, limitations on use | five-year carryforward limitation |
Operating loss carryforwards, expiration date | 1-Jan-18 |
QUARTERLY_FINANCIAL_DATA_UNAUD2
QUARTERLY FINANCIAL DATA (UNAUDITED) Table (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | |||||||||||
Net income (loss) | $14,374 | $17,639 | $15,768 | $13,646 | ($46,703) | $12,035 | $12,559 | $11,075 | $61,427 | ($11,034) | $2,128 |
Basic net income (loss) per unit | $0.34 | $0.41 | $0.37 | $0.32 | ($1.10) | $0.29 | $0.29 | $0.26 | $1.44 | ($0.26) | $0.05 |
Diluted net income (loss) per unit | $0.34 | $0.41 | $0.37 | $0.32 | ($1.10) | $0.29 | $0.29 | $0.26 | $1.44 | ($0.26) | $0.05 |
Cash distributions per unit applicable to limited partners | $0.55 | $0.55 | $0.55 | $0.55 | $0.55 | $0.55 | $0.55 | $0.55 | $2.18 | $2.18 |