NavSight (NSH) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

DEI_Document

DEI Document	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document Information [Abstract]
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-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		42,913,969

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$1,225	$2,840
Receivable from related parties	16,808	15,704
Income tax receivable	1,161	1,211
Other receivables	3	91
Deferred income tax assets, net	158	724
Other current assets	261	491
Total current assets	19,616	21,061
Investment in NuStar Energy L.P.	328,629	326,982
Long-term receivable from related party	35,220	33,537
Deferred income tax assets, net	4,122	3,570
Total assets	387,587	385,150
Current liabilities:
Short-term debt	26,000	26,000
Accounts payable	418	620
Accrued compensation expense	11,930	9,944
Accrued liabilities	322	437
Taxes other than income tax	283	1,751
Total current liabilities	38,953	38,752
Long-term liabilities	37,519	35,562
Commitments and contingencies (Note 8)
Members’ equity	320,155	316,611
Accumulated other comprehensive loss	-9,040	-5,775
Total members’ equity	311,115	310,836
Total liabilities and members’ equity	$387,587	$385,150

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Equity in earnings of NuStar Energy L.P.	$27,522	$14,390
General and administrative expenses	-951	-872
Other income, net	462	17
Interest expense, net	-213	-222
Income before income tax (expense) benefit	26,820	13,313
Income tax (expense) benefit	-15	333
Net income	26,805	13,646
Comprehensive income	$23,540	$12,698
Basic net income per unit	$0.62	$0.32
Diluted net income per unit	$0.62	$0.32
Weighted-average number of basic units outstanding	42,913,277	42,656,281
Weighted-average number of diluted units outstanding	42,913,277	42,656,281

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities:
Net income	$26,805	$13,646
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of NuStar Energy L.P.	-27,522	-14,390
Distributions of equity in earnings from NuStar Energy L.P.	23,968	14,390
Gain on sale of NuStar Energy L.P. limited partner units in connection with unit-based compensation	-462	-17
Provision (benefit) for deferred income tax	14	-334
Changes in current assets and liabilities (Note 6)	-501	-2,335
(Increase) decrease in long-term receivable from related party	-1,956	1,278
Increase in long-term liabilities	1,957	1,838
Other, net	92	77
Net cash provided by operating activities	22,395	14,153
Cash Flows from Investing Activities:
Distributions in excess of equity in earnings from NuStar Energy L.P.	0	9,570
Investment in NuStar Energy L.P.	-1,823	-1,363
Proceeds from sale of NuStar Energy L.P. units in connection with unit-based compensation	1,201	463
Net cash (used in) provided by investing activities	-622	8,670
Cash Flows from Financing Activities:
Distributions to unitholders	-23,403	-23,249
Other, net	15	0
Net cash used in financing activities	-23,388	-23,249
Net decrease in cash and cash equivalents	-1,615	-426
Cash and cash equivalents as of the beginning of the period	2,840	1,603
Cash and cash equivalents as of the end of the period	$1,225	$1,177

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION
	Organization
	NuStar GP Holdings, LLC (NuStar GP Holdings) (NYSE: NSH) is a publicly held Delaware limited liability company. Unless otherwise indicated, the terms “NuStar GP Holdings,” “we,” “our” and “us” are used in this report to refer to NuStar GP Holdings, LLC, to one or more of our consolidated subsidiaries or to all of them taken as a whole.
	We have no operations or sources of income or cash flows other than our investment in NuStar Energy L.P. (NuStar Energy) (NYSE: NS). As of March 31, 2015, 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
	•	10,258,166 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.
	Basis of Presentation
	These unaudited condensed consolidated financial statements include the accounts of NuStar GP Holdings and subsidiaries in which it has a controlling interest. Intercompany balances and transactions have been eliminated in consolidation.
	We account for our ownership interest in NuStar Energy using the equity method. Therefore, our financial results reflect a portion of NuStar Energy’s net income based on our ownership interest in NuStar Energy. We have no separate operating activities apart from those conducted by NuStar Energy and therefore generate no revenues from operations.
	These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included, and all disclosures are adequate. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three months ended March 31, 2015 and 2014 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited condensed consolidated financial statements. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The consolidated balance sheet as of December 31, 2014 has been derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014.
	New Accounting Pronouncements
	In April 2015, the Financial Accounting Standards Board (FASB) issued amended guidance for the presentation of debt issuance costs. Under the amended guidance, debt issuance costs will be presented on the balance sheet as a deduction from the carrying value of the associated debt liability. The changes are effective for annual and interim periods beginning after December 15, 2015, and retrospective application is required. Early adoption is permitted. We will adopt these provisions January 1, 2016, and we do not expect the amended guidance to have a material impact on our financial position, results of operations or disclosures.
	In February 2015, the 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, using one of two retrospective transition methods. Early adoption is permitted. We are currently assessing the impact of this new guidance on our financial statements and disclosures, and we have not yet selected a transition method.
	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, and we have not yet selected a transition method.

INVESTMENT_IN_NUSTAR_ENERGY

INVESTMENT IN NUSTAR ENERGY	3 Months Ended
	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN NUSTAR ENERGY	INVESTMENT IN NUSTAR ENERGY
	On January 2, 2015, NuStar Energy acquired full ownership of a refined products terminal in Linden, NJ (the Linden Acquisition). Prior to the acquisition, the terminal operated as a joint venture between NuStar Energy and Linden Holding Corp, with each party owning 50 percent.
	On February 26, 2014, NuStar Energy sold its remaining 50% ownership interest in NuStar Asphalt LLC (the 2014 Asphalt Sale) to Lindsay Goldberg LLC (Lindsay Goldberg), a private investment firm. Effective February 27, 2014, NuStar Asphalt LLC changed its name to Axeon Specialty Products LLC (Axeon). Lindsay Goldberg now owns 100% of Axeon.
	Summary Financial Information
	Condensed consolidated financial information reported by NuStar Energy is presented below:
		March 31,			December 31,
		2015			2014
		(Thousands of Dollars)
	Balance Sheet Information:
	Current assets	$	336,208		$	389,147
	Property, plant and equipment, net	3,592,286			3,460,732
	Goodwill	704,488			617,429
	Other non-current assets	451,165			451,488
	Total assets	$	5,084,147		$	4,918,796
	Current liabilities	$	260,285		$	365,192
	Long-term debt	2,987,413			2,749,452
	Other non-current liabilities	110,492			87,942
	Total liabilities	3,358,190			3,202,586
	NuStar Energy partners’ equity	1,725,957			1,716,210
	Total liabilities and partners’ equity	$	5,084,147		$	4,918,796
		Three Months Ended March 31,
		2015			2014
		(Thousands of Dollars)
	Statement of Comprehensive Income Information:
	Revenues	$	554,944		$	849,213
	Operating income	$	99,281		$	81,103
	Income from continuing operations	$	127,125		$	42,996
	Income (loss) from discontinued operations, net of tax	774			(3,359		)
	Net income	$	127,899		$	39,637
	Other
	Our investment in NuStar Energy reconciles to NuStar Energy’s partners’ equity as follows:
		March 31,			December 31,
		2015			2014
		(Thousands of Dollars)
	NuStar Energy’s partners’ equity	$	1,725,957		$	1,716,210
	NuStar GP Holdings’ ownership interest in NuStar Energy	14.9		%	14.9		%
	NuStar GP Holdings’ share of NuStar Energy’s partners’ equity	257,168			255,715
	Step-up in basis related to NuStar Energy’s assets and liabilities,	71,461			71,267
	including equity method goodwill, and other
	Investment in NuStar Energy	$	328,629		$	326,982

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS
	We had a receivable from related parties of $16.8 million and $15.7 million as of March 31, 2015 and December 31, 2014, 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 $35.2 million and $33.5 million as of March 31, 2015 and December 31, 2014, respectively, related to amounts payable for retiree medical benefits and other post-employment benefits. The following table summarizes information pertaining to related party transactions:
		Three Months Ended March 31,
		2015		2014
		(Thousands of Dollars)
	Expenses for payroll, employee benefit plans and unit-based compensation	$	48,546	$	44,337
	Other expenses	$	129	$	94
	NuStar Energy
	GP Services Agreement. NuStar Energy and NuStar GP, LLC, our wholly owned subsidiary, entered into a services agreement, effective January 1, 2008 (the GP Services Agreement). The GP Services Agreement provides that NuStar GP, LLC will furnish administrative and certain operating services necessary to conduct the business of NuStar Energy. All employees providing services to both NuStar GP Holdings and NuStar Energy are employed by NuStar GP, LLC; therefore, NuStar Energy reimburses NuStar GP, LLC for all employee costs, other than the expenses allocated to NuStar GP Holdings (the Holdco Administrative Services Expense). The GP Services Agreement 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 three months ended March 31, 2015 and 2014, the Holdco Administrative Services Expense totaled $0.5 million and $0.4 million, respectively.
	Axeon
	On February 26, 2014, NuStar Energy completed the 2014 Asphalt Sale to Lindsay Goldberg. 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.

DISTRIBUTIONS_FROM_NUSTAR_ENER

DISTRIBUTIONS FROM NUSTAR ENERGY	3 Months Ended
	Mar. 31, 2015
DISTRIBUTIONS FROM NUSTAR ENERGY [Abstract]
DISTRIBUTIONS FROM NUSTAR ENERGY	DISTRIBUTIONS FROM NUSTAR ENERGY
	The following table reflects the allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners:
		Three Months Ended March 31,
		2015			2014
		(Thousands of Dollars, Except Per Unit Data)
	General partner interest	$	1,961		$	1,961
	General partner incentive distribution	10,805			10,805
	Total general partner distribution	12,766			12,766
	Limited partner distribution	11,316			11,211
	Total distributions to NuStar GP Holdings	24,082			23,977
	Public unitholders’ distributions	73,969			74,074
	Total cash distributions	$	98,051		$	98,051
	Cash distributions per unit applicable to limited partners	$	1.095		$	1.095
	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)
	March 31, 2015 (a)		$	1.095		$	98,051	May 8, 2015	May 14, 2015
	31-Dec-14		$	1.095		$	98,051	February 9, 2015	February 13, 2015
	(a)	The distribution was announced on April 22, 2015.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2015
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:
		March 31, 2015
		Level 1		Level 2		Level 3		Total
		(Thousands of Dollars)
	Accrued compensation expense:
	NuStar Energy restricted units and performance awards	$	7,021	$	—	$	—	$	7,021
	Total	$	7,021	$	—	$	—	$	7,021
		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
	Fair Value of Financial Instruments
	We recognize cash equivalents, receivables, payables and short-term debt in our consolidated balance sheets at their carrying amounts. The fair values of these financial instruments approximate their carrying amounts. The fair value of our short-term debt would fall in Level 2 of the fair value hierarchy.

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS	3 Months Ended
	Mar. 31, 2015
Statement of Cash Flows [Abstract]
STATEMENTS OF CASH FLOWS	STATEMENTS OF CASH FLOWS
	Changes in current assets and current liabilities were as follows:
		Three Months Ended March 31,
		2015			2014
		(Thousands of Dollars)
	Decrease (increase) in current assets:
	Receivable from related parties	$	(1,034	)	$	(4,497	)
	Income tax receivable	50			—
	Other receivables	88			(429		)
	Other current assets	194			(23		)
	Increase (decrease) in current liabilities:
	Accounts payable	(202		)	73
	Accrued compensation expense	1,986			3,642
	Accrued liabilities	(115		)	—
	Taxes other than income tax	(1,468		)	(1,101		)
	Changes in current assets and current liabilities	$	(501	)	$	(2,335	)
	Cash flows related to interest and income tax were as follows:
		Three Months Ended March 31,
		2015			2014
		(Thousands of Dollars)
	Cash paid for interest	$	174		$	172
	Cash (refunded) paid for income tax	$	(49	)	$	1

CREDIT_FACILITY

CREDIT FACILITY	3 Months Ended
	Mar. 31, 2015
Line of Credit Facility [Abstract]
CREDIT FACILITY	CREDIT FACILITY
	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 March 31, 2015, we had outstanding borrowings of $26.0 million and availability of $14.0 million for borrowings under the revolving credit facility. Interest on the revolving credit facility is based upon, at our option, either an alternative base rate or a LIBOR-based rate. As of March 31, 2015, the weighted-average interest rate was 2.2%.
	The 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, the 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 5.00-to-1.00. However, if NuStar Energy consummates one or more acquisitions for an aggregate net consideration of at least $50.0 million, the maximum consolidated debt coverage ratio will increase to 5.50-to-1.00 for two rolling periods. As of March 31, 2015, NuStar Energy’s consolidated debt coverage ratio was 4.1x and the maximum allowed amount was 5.50-to-1.00, as a result of the Linden Acquisition. We are also required to receive cash distributions of at least $12.5 million in respect of our ownership interests in NuStar Energy each fiscal quarter. Our management believes that we are in compliance with the covenants of the revolving credit facility as of March 31, 2015.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES
	Contingencies
	We are not currently a party to any material legal proceedings and have not recorded any accruals for loss contingencies. NuStar Energy is a party to claims and legal proceedings arising in the ordinary course of its business, which it believes are not material to its financial position or results of operations. However, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on NuStar Energy’s results of operations and ability to pay distributions, which would impact our results of operations and ability to pay distributions.

MEMBERS_EQUITY

MEMBERS' EQUITY	3 Months Ended
	Mar. 31, 2015
Members' Equity [Abstract]
MEMBERS' EQUITY	MEMBERS’ EQUITY
	The following table presents changes to our members’ equity (in thousands of dollars):
	Balance as of December 31, 2014	$	310,836
	Net income	26,805
	Distributions to unitholders	(23,403		)
	Other comprehensive loss	(3,265		)
	Unit-based compensation	126
	Other	16
	Balance as of March 31, 2015	$	311,115
	Accumulated Other Comprehensive Loss
	The following table presents balances of and changes in accumulated other comprehensive loss by component:
		Share of NuStar Energy’s Other Comprehensive Loss			Pension and Other Postretirement Benefit Plan Adjustments			Total
		(Thousands of Dollars)
	Balance as of January 1, 2015	$	(10,082	)	$	4,307		$	(5,775	)
	Other comprehensive loss before reclassification adjustments	(2,991		)	—			(2,991		)
	Amounts reclassified to general and administrative expenses (a)	—			(274		)	(274		)
	Other comprehensive loss	(2,991		)	(274		)	(3,265		)
	Balance as of March 31, 2015	$	(13,073	)	$	4,033		$	(9,040	)
	(a)	These amounts are components of net periodic pension cost (income), and NuStar Energy reimburses us for these employee costs. See Note 11 for further details.
	Cash Distributions
	The following table summarizes our cash distributions applicable to the period in which the distributions were earned:
		Three Months Ended March 31,
		2015			2014
		(Thousands of Dollars, Except Per Unit Data)
	Cash distributions per unit	$	0.545		$	0.545
	Total cash distributions	$	23,388		$	23,248
	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)
	March 31, 2015 (a)		$	0.545		$	23,388		May 8, 2015		May 18, 2015
	31-Dec-14		$	0.545		$	23,403		February 9, 2015		February 17, 2015
	(a)	The distribution was announced on April 22, 2015.

NET_INCOME_PER_UNIT

NET INCOME PER UNIT	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
NET INCOME PER UNIT	NET INCOME PER UNIT
	We treat restricted units granted under our long-term incentive plan as participating securities in computing net income per unit pursuant to the two-class method. The computation of diluted net income per unit for the three months ended March 31, 2014 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. There were no outstanding options to purchase NuStar GP Holdings units for the three months ended March 31, 2015.

EMPLOYEE_BENEFIT_PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS
	The components of net periodic benefit cost (income) related to our defined benefit plans were as follows:
		Pension Plans (a)						Other Postretirement
								Benefit Plans
		2015			2014			2015			2014
		(Thousands of Dollars)
	For the three months ended March 31:
	Service cost	$	1,919		$	2,012		$	118		$	94
	Interest cost	1,097			1,057			112			93
	Expected return on assets	(1,254		)	(1,144		)	—			—
	Amortization of prior service credit	(516		)	(516		)	(286		)	(286		)
	Amortization of net loss	461			45			67			28
	Net periodic benefit cost (income)	$	1,707		$	1,454		$	11		$	(71	)
	(a)	Includes amounts related to the pension plan and the excess pension plan.

INVESTMENT_IN_NUSTAR_ENERGY_Ta

INVESTMENT IN NUSTAR ENERGY (Tables)	3 Months Ended
	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
NuStar Energy's Balance Sheet Information	Condensed consolidated financial information reported by NuStar Energy is presented below:
		March 31,			December 31,
		2015			2014
		(Thousands of Dollars)
	Balance Sheet Information:
	Current assets	$	336,208		$	389,147
	Property, plant and equipment, net	3,592,286			3,460,732
	Goodwill	704,488			617,429
	Other non-current assets	451,165			451,488
	Total assets	$	5,084,147		$	4,918,796
	Current liabilities	$	260,285		$	365,192
	Long-term debt	2,987,413			2,749,452
	Other non-current liabilities	110,492			87,942
	Total liabilities	3,358,190			3,202,586
	NuStar Energy partners’ equity	1,725,957			1,716,210
	Total liabilities and partners’ equity	$	5,084,147		$	4,918,796
NuStar Energy's Statement of Comprehensive Income Information	Condensed consolidated financial information reported by NuStar Energy is presented below:
		Three Months Ended March 31,
		2015			2014
		(Thousands of Dollars)
	Statement of Comprehensive Income Information:
	Revenues	$	554,944		$	849,213
	Operating income	$	99,281		$	81,103
	Income from continuing operations	$	127,125		$	42,996
	Income (loss) from discontinued operations, net of tax	774			(3,359		)
	Net income	$	127,899		$	39,637
Reconciliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy	Our investment in NuStar Energy reconciles to NuStar Energy’s partners’ equity as follows:
		March 31,			December 31,
		2015			2014
		(Thousands of Dollars)
	NuStar Energy’s partners’ equity	$	1,725,957		$	1,716,210
	NuStar GP Holdings’ ownership interest in NuStar Energy	14.9		%	14.9		%
	NuStar GP Holdings’ share of NuStar Energy’s partners’ equity	257,168			255,715
	Step-up in basis related to NuStar Energy’s assets and liabilities,	71,461			71,267
	including equity method goodwill, and other
	Investment in NuStar Energy	$	328,629		$	326,982

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes information pertaining to related party transactions:
		Three Months Ended March 31,
		2015		2014
		(Thousands of Dollars)
	Expenses for payroll, employee benefit plans and unit-based compensation	$	48,546	$	44,337
	Other expenses	$	129	$	94

DISTRIBUTIONS_FROM_NUSTAR_ENER1

DISTRIBUTIONS FROM NUSTAR ENERGY (Tables)	3 Months Ended
	Mar. 31, 2015
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:
		Three Months Ended March 31,
		2015			2014
		(Thousands of Dollars, Except Per Unit Data)
	General partner interest	$	1,961		$	1,961
	General partner incentive distribution	10,805			10,805
	Total general partner distribution	12,766			12,766
	Limited partner distribution	11,316			11,211
	Total distributions to NuStar GP Holdings	24,082			23,977
	Public unitholders’ distributions	73,969			74,074
	Total cash distributions	$	98,051		$	98,051
	Cash distributions per unit applicable to limited partners	$	1.095		$	1.095
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)
	March 31, 2015 (a)		$	1.095		$	98,051	May 8, 2015	May 14, 2015
	31-Dec-14		$	1.095		$	98,051	February 9, 2015	February 13, 2015
	(a)	The distribution was announced on April 22, 2015.

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
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:
		March 31, 2015
		Level 1		Level 2		Level 3		Total
		(Thousands of Dollars)
	Accrued compensation expense:
	NuStar Energy restricted units and performance awards	$	7,021	$	—	$	—	$	7,021
	Total	$	7,021	$	—	$	—	$	7,021
		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

STATEMENTS_OF_CASH_FLOWS_Table

STATEMENTS OF CASH FLOWS (Tables)	3 Months Ended
	Mar. 31, 2015
Statement of Cash Flows [Abstract]
Changes in current assets and liabilities	Changes in current assets and current liabilities were as follows:
		Three Months Ended March 31,
		2015			2014
		(Thousands of Dollars)
	Decrease (increase) in current assets:
	Receivable from related parties	$	(1,034	)	$	(4,497	)
	Income tax receivable	50			—
	Other receivables	88			(429		)
	Other current assets	194			(23		)
	Increase (decrease) in current liabilities:
	Accounts payable	(202		)	73
	Accrued compensation expense	1,986			3,642
	Accrued liabilities	(115		)	—
	Taxes other than income tax	(1,468		)	(1,101		)
	Changes in current assets and current liabilities	$	(501	)	$	(2,335	)
Cash flows related to interest and income tax	Cash flows related to interest and income tax were as follows:
		Three Months Ended March 31,
		2015			2014
		(Thousands of Dollars)
	Cash paid for interest	$	174		$	172
	Cash (refunded) paid for income tax	$	(49	)	$	1

MEMBERS_EQUITY_Tables

MEMBERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2015
Members' Equity [Abstract]
Changes in Members’ Equity	The following table presents changes to our members’ equity (in thousands of dollars):
	Balance as of December 31, 2014	$	310,836
	Net income	26,805
	Distributions to unitholders	(23,403		)
	Other comprehensive loss	(3,265		)
	Unit-based compensation	126
	Other	16
	Balance as of March 31, 2015	$	311,115
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents balances of and changes in accumulated other comprehensive loss by component:
		Share of NuStar Energy’s Other Comprehensive Loss			Pension and Other Postretirement Benefit Plan Adjustments			Total
		(Thousands of Dollars)
	Balance as of January 1, 2015	$	(10,082	)	$	4,307		$	(5,775	)
	Other comprehensive loss before reclassification adjustments	(2,991		)	—			(2,991		)
	Amounts reclassified to general and administrative expenses (a)	—			(274		)	(274		)
	Other comprehensive loss	(2,991		)	(274		)	(3,265		)
	Balance as of March 31, 2015	$	(13,073	)	$	4,033		$	(9,040	)
	(a)	These amounts are components of net periodic pension cost (income), and NuStar Energy reimburses us for these employee costs. See Note 11 for further details.
Our cash distributions applicable to the period in which the distributions were earned	The following table summarizes our cash distributions applicable to the period in which the distributions were earned:
		Three Months Ended March 31,
		2015			2014
		(Thousands of Dollars, Except Per Unit Data)
	Cash distributions per unit	$	0.545		$	0.545
	Total cash distributions	$	23,388		$	23,248
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)
	March 31, 2015 (a)		$	0.545		$	23,388		May 8, 2015		May 18, 2015
	31-Dec-14		$	0.545		$	23,403		February 9, 2015		February 17, 2015
	(a)	The distribution was announced on April 22, 2015.

EMPLOYEE_BENEFIT_PLANS_Tables

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
The components of net periodic benefit cost (income) related to our defined benefit plans	The components of net periodic benefit cost (income) related to our defined benefit plans were as follows:
		Pension Plans (a)						Other Postretirement
								Benefit Plans
		2015			2014			2015			2014
		(Thousands of Dollars)
	For the three months ended March 31:
	Service cost	$	1,919		$	2,012		$	118		$	94
	Interest cost	1,097			1,057			112			93
	Expected return on assets	(1,254		)	(1,144		)	—			—
	Amortization of prior service credit	(516		)	(516		)	(286		)	(286		)
	Amortization of net loss	461			45			67			28
	Net periodic benefit cost (income)	$	1,707		$	1,454		$	11		$	(71	)
	(a)	Includes amounts related to the pension plan and the excess pension plan.

ORGANIZATION_AND_BASIS_OF_PRES1

ORGANIZATION AND BASIS OF PRESENTATION Narrative (Details)	0 Months Ended
	Mar. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
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%
Maximum percentage of cash distributed by NuStar Energy		23.00%
Common units of NuStar Energy		10,258,166
Percent of limited partner interest	12.90%

INVESTMENT_IN_NUSTAR_ENERGY_Na

INVESTMENT IN NUSTAR ENERGY Narrative (Details) (NuStar Energy [Member])	Feb. 26, 2014	Jan. 02, 2015
Axeon [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment percent voting interest sold	50.00%
Ownership percentage by acquiring entity	100.00%
Linden Acquisition [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment acquisition, ownership interest before transaction		50.00%
Equity method investment acquisition, ownership interest after transaction		100.00%

INVESTMENT_IN_NUSTAR_ENERGY_Ta1

INVESTMENT IN NUSTAR ENERGY Table 1 (Details) (NuStar Energy [Member], USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
NuStar Energy [Member]
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Current assets	$336,208	$389,147
Property, plant and equipment, net	3,592,286	3,460,732
Goodwill	704,488	617,429
Other non-current assets	451,165	451,488
Total assets	5,084,147	4,918,796
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Current liabilities	260,285	365,192
Long-term debt	2,987,413	2,749,452
Other non-current liabilities	110,492	87,942
Total liabilities	3,358,190	3,202,586
NuStar Energy partners' equity	1,725,957	1,716,210
Total liabilities and partners’ equity	$5,084,147	$4,918,796

INVESTMENT_IN_NUSTAR_ENERGY_Ta2

INVESTMENT IN NUSTAR ENERGY Table 2 (Details) (NuStar Energy [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
NuStar Energy [Member]
Statement of Comprehensive Income Information:
Revenues	$554,944	$849,213
Operating income	99,281	81,103
Income from continuing operations	127,125	42,996
Income (loss) from discontinued operations, net of tax	774	-3,359
Net income	$127,899	$39,637

INVESTMENT_IN_NUSTAR_ENERGY_Ta3

INVESTMENT IN NUSTAR ENERGY Table 3 (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Reconcilliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy
NuStar GP Holdings’ ownership interest in NuStar Energy	14.90%	14.90%
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity	$257,168	$255,715
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	71,461	71,267
Investment in NuStar Energy	328,629	326,982
NuStar Energy [Member]
Reconcilliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy
NuStar Energy’s partners’ equity	$1,725,957	$1,716,210

RELATED_PARTY_TRANSACTIONS_Nar

RELATED PARTY TRANSACTIONS Narrative 1 (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Related Party Transactions [Abstract]
Receivable from related parties	$16,808	$15,704
Long-term receivable from related party	$35,220	$33,537

RELATED_PARTY_TRANSACTIONS_Tab1

RELATED PARTY TRANSACTIONS Table (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Related Party Transactions [Abstract]
Expenses for payroll, employee benefit plans and unit-based compensation	$48,546	$44,337
Other expenses	$129	$94

RELATED_PARTY_TRANSACTIONS_Nar1

RELATED PARTY TRANSACTIONS Narrative 2 (Details) (GP Services Agreement [Member], NuStar Energy [Member], USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
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
Services agreements, termination date	31-Dec-14
Administrative services expense	$0.50	$0.40

DISTRIBUTIONS_FROM_NUSTAR_ENER2

DISTRIBUTIONS FROM NUSTAR ENERGY Table 1 (Details) (NuStar Energy [Member], USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
NuStar Energy [Member]
The allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners
General partner interest	$1,961		$1,961
General partner incentive distribution	10,805		10,805
Total general partner distribution	12,766		12,766
Limited partner distribution	11,316		11,211
Total distributions to NuStar GP Holdings	24,082		23,977
Public unitholders’ distributions	73,969		74,074
Total cash distributions	$98,051	$98,051	$98,051
Cash distributions per unit applicable to limited partners	$1.09	$1.09	$1.09

DISTRIBUTIONS_FROM_NUSTAR_ENER3

DISTRIBUTIONS FROM NUSTAR ENERGY Table 2 (Details) (USD $)	3 Months Ended			0 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Apr. 22, 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
NuStar Energy's total cash distributions (distribution earned)	$98,051	$98,051	$98,051
NuStar Energy's distribution date of record (distribution earned)	8-May-15	9-Feb-15
NuStar Energy's distribution payment date (distribution earned)	14-May-15	13-Feb-15
Subsequent Event [Member]
Distributions from NuStar Energy (dates and totals)
NuStar Energy's distribution announcement date (distribution earned)				22-Apr-15

FAIR_VALUE_MEASUREMENTS_Table_

FAIR VALUE MEASUREMENTS Table 1 (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accrued compensation expense:
NuStar Energy restricted units and performance awards	$7,021	$5,369
Total	7,021	5,369
Level 1 [Member]
Accrued compensation expense:
NuStar Energy restricted units and performance awards	7,021	5,369
Total	7,021	5,369
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 $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Decrease (increase) in current assets:
Receivable from related parties	($1,034)	($4,497)
Income tax receivable	50	0
Other receivables	88	-429
Other current assets	194	-23
Increase (decrease) in current liabilities:
Accounts payable	-202	73
Accrued compensation expense	1,986	3,642
Accrued liabilities	-115	0
Taxes other than income tax	-1,468	-1,101
Changes in current assets and liabilities	($501)	($2,335)

STATEMENTS_OF_CASH_FLOWS_Table2

STATEMENTS OF CASH FLOWS Table 2 (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows related to interest and income tax
Cash paid for interest	$174	$172
Cash (refunded) paid for income tax	($49)	$1

CREDIT_FACILITY_Narrative_Deta

CREDIT FACILITY Narrative (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Outstanding borrowings	26,000,000	$26,000,000
Borrowing availability	14,000,000
Weighted-average interest rate	2.20%
NuStar Energy Consolidated Debt Coverage Ratio [Member]
Line of Credit Facility [Line Items]
Covenant terms	The 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, the 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 5.00-to-1.00. However, if NuStar Energy consummates one or more acquisitions for an aggregate net consideration of at least $50.0 million, the maximum consolidated debt coverage ratio will increase to 5.50-to-1.00 for two rolling periods. As of March 31, 2015, NuStar Energy’s consolidated debt coverage ratio was 4.1x and the maximum allowed amount was 5.50-to-1.00, as a result of the Linden Acquisition.
NuStar Energy's consolidated debt coverage ratio	4.1
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]
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.

MEMBERS_EQUITY_Table_1_Details

MEMBERS' EQUITY Table 1 (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Changes in Members' Equity [Roll Forward]
Balance as of December 31, 2014	$310,836
Net income	26,805	13,646
Distributions to unitholders	-23,403	-23,249
Other comprehensive income (loss)	-3,265
Unit-based compensation	126
Other	16
Balance as of March 31, 2015	$311,115

MEMBERS_EQUITY_Table_2_Details

MEMBERS' EQUITY Table 2 (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of January 1, 2015	($5,775)
Other comprehensive income (loss)	-3,265
Balance as of March 31, 2015	-9,040
Share of NuStar Energy's Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of January 1, 2015	-10,082
Other comprehensive income (loss) before reclassification adjustments	-2,991
Amounts reclassified to general and administrative expenses (a)	0
Other comprehensive income (loss)	-2,991
Balance as of March 31, 2015	-13,073
Pension and Other Postretirement Benefit Plan Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of January 1, 2015	4,307
Other comprehensive income (loss) before reclassification adjustments	0
Amounts reclassified to general and administrative expenses (a)	-274
Other comprehensive income (loss)	-274
Balance as of March 31, 2015	4,033
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of January 1, 2015	-5,775
Other comprehensive income (loss) before reclassification adjustments	-2,991
Amounts reclassified to general and administrative expenses (a)	-274
Other comprehensive income (loss)	-3,265
Balance as of March 31, 2015	($9,040)

MEMBERS_EQUITY_Table_3_Details

MEMBERS' EQUITY Table 3 (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Our cash distributions applicable to the period in which the distributions were earned
Cash distributions per unit	$0.55	$0.55	$0.55
Total cash distributions	$23,388	$23,403	$23,248

MEMBERS_EQUITY_Table_4_Details

MEMBERS' EQUITY Table 4 (Details) (USD $)	3 Months Ended			0 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Apr. 22, 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
Total cash distributions (distribution earned)	$23,388	$23,403	$23,248
Distribution date of record (distribution earned)	8-May-15	9-Feb-15
Distribution payment date (distribution earned)	18-May-15	17-Feb-15
Subsequent Event [Member]
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution announcement date (distribution earned)				22-Apr-15

NET_INCOME_PER_UNIT_Narrative_

NET INCOME PER UNIT Narrative (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding options to purchase NuStar GP Holdings units	0	289,100

EMPLOYEE_BENEFIT_PLANS_Table_D

EMPLOYEE BENEFIT PLANS Table (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Pension Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$1,919	$2,012
Interest cost	1,097	1,057
Expected return on assets	-1,254	-1,144
Amortization of prior service credit	-516	-516
Amortization of net loss	461	45
Net periodic benefit cost (income)	1,707	1,454
Other Postretirement Benefit Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	118	94
Interest cost	112	93
Expected return on assets	0	0
Amortization of prior service credit	-286	-286
Amortization of net loss	67	28
Net periodic benefit cost (income)	$11	($71)