DEI Document
DEI Document - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document Information [Abstract] | ||
Entity Registrant Name | NuStar GP Holdings, LLC | |
Entity Central Index Key | 1,223,786 | |
Trading Symbol | nsh | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Limited Liability Company, Units Outstanding | 42,913,969 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 266 | $ 2,840 |
Receivable from related parties | 16,418 | 15,704 |
Income tax receivable | 1,211 | 1,211 |
Other receivables | 0 | 91 |
Deferred income tax assets, net | 2,278 | 724 |
Other current assets | 231 | 491 |
Total current assets | 20,404 | 21,061 |
Investment in NuStar Energy L.P. | 320,025 | 326,982 |
Long-term receivable from related party | 30,550 | 33,537 |
Deferred income tax assets, net | 1,752 | 3,570 |
Total assets | 372,731 | 385,150 |
Current liabilities: | ||
Short-term debt | 26,000 | 26,000 |
Accounts payable | 404 | 620 |
Accrued compensation expense | 13,893 | 9,944 |
Accrued liabilities | 475 | 437 |
Taxes other than income tax | 1,373 | 1,751 |
Total current liabilities | 42,145 | 38,752 |
Long-term liabilities | $ 33,396 | $ 35,562 |
Commitments and contingencies (Note 8) | ||
Members’ equity | $ 306,078 | $ 316,611 |
Accumulated other comprehensive loss | (8,888) | (5,775) |
Total members’ equity | 297,190 | 310,836 |
Total liabilities and members’ equity | $ 372,731 | $ 385,150 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Equity in earnings of NuStar Energy L.P. | $ 18,194 | $ 17,770 | $ 62,284 | $ 48,899 |
General and administrative expenses | (825) | (877) | (2,697) | (2,629) |
Other (expense) income, net | (3) | 354 | 536 | 567 |
Interest expense, net | (234) | (216) | (661) | (669) |
Income before income tax (expense) benefit | 17,132 | 17,031 | 59,462 | 46,168 |
Income tax (expense) benefit | (215) | 608 | (213) | 885 |
Net income | 16,917 | 17,639 | 59,249 | 47,053 |
Comprehensive income | $ 12,762 | $ 16,669 | $ 56,136 | $ 45,153 |
Basic net income per unit | $ 0.39 | $ 0.41 | $ 1.38 | $ 1.10 |
Diluted net income per unit | $ 0.39 | $ 0.41 | $ 1.38 | $ 1.10 |
Weighted-average number of basic units outstanding | 42,913,969 | 42,702,185 | 42,913,675 | 42,672,383 |
Weighted-average number of diluted units outstanding | 42,913,969 | 42,757,393 | 42,913,675 | 42,700,860 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Net income | $ 59,249 | $ 47,053 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in earnings of NuStar Energy L.P. | (62,284) | (48,899) |
Distributions of equity in earnings from NuStar Energy L.P. | 62,284 | 48,899 |
Gain on sale of NuStar Energy L.P. limited partner units in connection with unit-based compensation | (536) | (567) |
Provision (benefit) for deferred income tax | 264 | (472) |
Changes in current assets and liabilities (Note 6) | 3,130 | 10,457 |
Decrease in long-term receivable from related party | 2,167 | 8,272 |
Decrease in long-term liabilities | (2,166) | (8,840) |
Other, net | 282 | 219 |
Net cash provided by operating activities | 62,390 | 56,122 |
Cash Flows from Investing Activities: | ||
Distributions in excess of equity in earnings from NuStar Energy L.P. | 9,661 | 23,010 |
Investment in NuStar Energy L.P. | (6,417) | (18,019) |
Proceeds from sale of NuStar Energy L.P. units in connection with unit-based compensation | 1,956 | 6,464 |
Net cash provided by investing activities | 5,200 | 11,455 |
Cash Flows from Financing Activities: | ||
Proceeds from short-term debt borrowings | 0 | 26,000 |
Repayment of short-term debt | 0 | (26,000) |
Distributions to unitholders | (70,179) | (69,747) |
Proceeds from the exercise of unit options | 0 | 4,127 |
Other, net | 15 | (154) |
Net cash used in financing activities | (70,164) | (65,774) |
Net (decrease) increase in cash and cash equivalents | (2,574) | 1,803 |
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 | $ 266 | $ 3,406 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 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 September 30, 2015 , we owned approximately 15.0% 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 • 10,336,364 common units of NuStar Energy representing a 13.0% limited partner interest. NuStar Energy is a publicly held Delaware limited partnership engaged in the transportation of petroleum products and anhydrous ammonia, the terminalling and storage of petroleum products and the marketing of petroleum products. NuStar Energy has terminal and storage facilities in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, and the United Kingdom. Basis of Presentation These unaudited condensed consolidated financial statements include the accounts of NuStar GP Holdings and subsidiaries in which it has a controlling interest. Intercompany balances and transactions have been eliminated in consolidation. We account for our ownership interest in NuStar Energy using the equity method. Therefore, our financial results reflect a portion of NuStar Energy’s net income based on our ownership interest in NuStar Energy. We have no separate operating activities apart from those conducted by NuStar Energy and therefore generate no revenues from operations. These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included, and all disclosures are adequate. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three and nine months ended September 30, 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 and nine months ended September 30, 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. In August 2015, the FASB issued amended guidance that would allow debt issuance costs related to line-of-credit agreements to continue to be presented as an asset on the balance sheet. 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 will adopt these provisions January 1, 2016, and we do not expect the guidance to have a material impact on our financial position, results of operations or disclosures. In May 2014, the FASB and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard. In August 2015, the FASB deferred the effective date by one year. The standard is now effective for public entities for annual and interim periods beginning after December 15, 2017, using one of two retrospective transition methods. Early adoption is permitted, but not before the original effective date. 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 | 9 Months Ended |
Sep. 30, 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% . 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: September 30, December 31, (Thousands of Dollars) Balance Sheet Information: Current assets $ 338,357 $ 389,147 Property, plant and equipment, net 3,656,273 3,460,732 Goodwill 704,404 617,429 Other non-current assets 436,097 451,488 Total assets $ 5,135,131 $ 4,918,796 Current liabilities $ 255,373 $ 365,192 Long-term debt 3,109,359 2,749,452 Other non-current liabilities 116,499 87,942 Total liabilities 3,481,231 3,202,586 NuStar Energy partners’ equity 1,653,900 1,716,210 Total liabilities and partners’ equity $ 5,135,131 $ 4,918,796 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Thousands of Dollars) Statement of Comprehensive Income Information: Revenues $ 493,566 $ 794,422 $ 1,619,121 $ 2,393,380 Operating income $ 100,994 $ 95,098 $ 292,680 $ 265,555 Income from continuing operations $ 65,016 $ 59,117 $ 246,466 $ 159,300 Income (loss) from discontinued operations, net of tax — 2,831 774 (2,316 ) Net income $ 65,016 $ 61,948 $ 247,240 $ 156,984 Other Our investment in NuStar Energy reconciles to NuStar Energy’s partners’ equity as follows: September 30, December 31, (Thousands of Dollars) NuStar Energy’s partners’ equity $ 1,653,900 $ 1,716,210 NuStar GP Holdings’ ownership interest in NuStar Energy 15.0 % 14.9 % NuStar GP Holdings’ share of NuStar Energy’s partners’ equity 248,085 255,715 Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other 71,940 71,267 Investment in NuStar Energy $ 320,025 $ 326,982 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS We had a receivable from related parties of $16.4 million and $15.7 million as of September 30, 2015 and December 31, 2014 , respectively, mainly representing payroll, employee benefit plans and unit-based compensation for our employees providing services to NuStar Energy and NuStar Energy’s joint ventures. We also had a long-term receivable from related party of $30.6 million and $33.5 million as of September 30, 2015 and December 31, 2014 , respectively, representing long-term employee benefits. The following table summarizes information pertaining to related party transactions: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Thousands of Dollars) Expenses for payroll, employee benefit plans and unit-based compensation $ 49,864 $ 49,793 $ 150,598 $ 144,146 Other expenses $ 184 $ 197 $ 402 $ 377 NuStar Energy GP Services Agreement. NuStar Energy and NuStar GP, LLC, our wholly owned subsidiary, entered into a services agreement, effective January 1, 2008 (the GP Services Agreement). The GP Services Agreement provides that NuStar GP, LLC will furnish administrative and certain operating services necessary to conduct the business of NuStar Energy. All employees providing services to both NuStar GP Holdings and NuStar Energy are employed by NuStar GP, LLC; therefore, NuStar Energy reimburses NuStar GP, LLC for all employee costs, other than the expenses allocated to NuStar GP Holdings (the Holdco Administrative Services Expense). The GP Services Agreement will terminate on December 31, 2016, renewing automatically every two years unless terminated by either party upon six months’ prior written notice. For each of the three months ended September 30, 2015 and 2014 , the Holdco Administrative Services Expense totaled $0.4 million , and $1.3 million for each of the nine months ended September 30, 2015 and 2014 . 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 ENERG
DISTRIBUTIONS FROM NUSTAR ENERGY | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Thousands of Dollars, Except Per Unit Data) General partner interest $ 1,961 $ 1,961 $ 5,883 $ 5,883 General partner incentive distribution 10,805 10,805 32,415 32,415 Total general partner distribution 12,766 12,766 38,298 38,298 Limited partner distribution 11,318 11,380 33,846 33,814 Total distributions to NuStar GP Holdings 24,084 24,146 72,144 72,112 Public unitholders’ distributions 73,967 73,905 222,009 222,041 Total cash distributions $ 98,051 $ 98,051 $ 294,153 $ 294,153 Cash distributions per unit applicable to limited partners $ 1.095 $ 1.095 $ 3.285 $ 3.285 The following table summarizes information related to NuStar Energy’s quarterly cash distributions: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) September 30, 2015 (a) $ 1.095 $ 98,051 November 9, 2015 November 13, 2015 June 30, 2015 $ 1.095 $ 98,051 August 7, 2015 August 13, 2015 March 31, 2015 $ 1.095 $ 98,051 May 8, 2015 May 14, 2015 December 31, 2014 $ 1.095 $ 98,051 February 9, 2015 February 13, 2015 (a) The distribution was announced on October 30, 2015 . |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 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 and are reported in “Accrued compensation expense” on the consolidated balance sheets: Level 1 Level 2 Level 3 Total (Thousands of Dollars) September 30, 2015: NuStar Energy restricted units and performance awards $ 8,972 $ — $ — $ 8,972 December 31, 2014: NuStar Energy restricted units and performance awards $ 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 | 9 Months Ended |
Sep. 30, 2015 | |
Statement of Cash Flows [Abstract] | |
STATEMENTS OF CASH FLOWS | STATEMENTS OF CASH FLOWS Changes in current assets and current liabilities were as follows: Nine Months Ended September 30, 2015 2014 (Thousands of Dollars) Decrease (increase) in current assets: Receivable from related parties $ (501 ) $ 1,338 Income tax receivable — (403 ) Other receivables 91 (386 ) Other current assets 147 (27 ) Increase (decrease) in current liabilities: Accounts payable (216 ) (303 ) Accrued compensation expense 3,949 10,690 Accrued liabilities 38 (136 ) Taxes other than income tax (378 ) (316 ) Changes in current assets and current liabilities $ 3,130 $ 10,457 Cash flows related to interest and income tax were as follows: Nine Months Ended September 30, 2015 2014 (Thousands of Dollars) Cash paid for interest $ 548 $ 503 Cash refunded for income tax $ (50 ) $ (7 ) |
CREDIT FACILITY
CREDIT FACILITY | 9 Months Ended |
Sep. 30, 2015 | |
Line of Credit Facility [Abstract] | |
CREDIT FACILITY | CREDIT FACILITY Our revolving credit facility dated June 28, 2013, as most recently amended on June 17, 2015, will mature on June 27, 2016 and has a borrowing capacity of up to $50.0 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 September 30, 2015 , we had outstanding borrowings of $26.0 million and availability of $24.0 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 September 30, 2015 , the weighted-average interest rate was 2.3% . 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 September 30, 2015, NuStar Energy’s consolidated debt coverage ratio was 4.4 x. We are also required to receive cash distributions of at least $16.0 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 September 30, 2015 . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 59,249 Distributions to unitholders (70,179 ) Other comprehensive loss (3,113 ) Unit-based compensation 382 Other 15 Balance as of September 30, 2015 $ 297,190 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 (2,293 ) — (2,293 ) Amounts reclassified to general and administrative expenses (a) — (820 ) (820 ) Other comprehensive loss (2,293 ) (820 ) (3,113 ) Balance as of September 30, 2015 $ (12,375 ) $ 3,487 $ (8,888 ) (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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Thousands of Dollars, Except Per Unit Data) Cash distributions per unit $ 0.545 $ 0.545 $ 1.635 $ 1.635 Total cash distributions $ 23,388 $ 23,351 $ 70,164 $ 69,849 The following table summarizes information related to our quarterly cash distributions: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) September 30, 2015 (a) $ 0.545 $ 23,388 November 9, 2015 November 17, 2015 June 30, 2015 $ 0.545 $ 23,388 August 7, 2015 August 17, 2015 March 31, 2015 $ 0.545 $ 23,388 May 8, 2015 May 18, 2015 December 31, 2014 $ 0.545 $ 23,403 February 9, 2015 February 17, 2015 (a) The distribution was announced on October 30, 2015 . |
NET INCOME PER UNIT
NET INCOME PER UNIT | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Unit [Abstract] | |
NET INCOME PER UNIT | NET INCOME PER UNIT We treat restricted units granted under our long-term incentive plan as participating securities in computing net income per unit pursuant to the two-class method. The computation of diluted net income per unit for the three and nine months ended September 30, 2014 includes the dilutive effect of outstanding options to purchase NuStar GP Holdings units. There were no outstanding options to purchase NuStar GP Holdings units for the three and nine months ended September 30, 2015 . Unit amounts used in the computation of basic and diluted net income per unit were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic units outstanding: Weighted-average number of basic units outstanding 42,913,969 42,702,185 42,913,675 42,672,383 Diluted units outstanding: Weighted-average number of basic units outstanding 42,913,969 42,702,185 42,913,675 42,672,383 Effect of dilutive securities — 55,208 — 28,477 Weighted-average number of diluted units outstanding 42,913,969 42,757,393 42,913,675 42,700,860 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS In August 2015, we contributed $8.0 million to the pension plan. 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 September 30: Service cost $ 1,919 $ 2,012 $ 118 $ 94 Interest cost 1,097 1,056 111 93 Expected return on assets (1,254 ) (1,144 ) — — Amortization of prior service credit (516 ) (516 ) (285 ) (286 ) Amortization of net loss 461 197 67 29 Other (b) — 175 — — Net periodic benefit cost (income) $ 1,707 $ 1,780 $ 11 $ (70 ) For the nine months ended September 30: Service cost $ 5,757 $ 6,036 $ 354 $ 282 Interest cost 3,291 3,169 334 279 Expected return on assets (3,762 ) (3,432 ) — — Amortization of prior service credit (1,547 ) (1,548 ) (857 ) (858 ) Amortization of net loss (gain) 1,383 (18 ) 201 85 Other (b) — (39 ) — — Net periodic benefit cost (income) $ 5,122 $ 4,168 $ 32 $ (212 ) (a) Includes amounts related to the pension plan and the excess pension plan. (b) In 2014, other relates to a settlement credit associated with the supplemental executive retirement plan in the second quarter and a settlement charge associated with the excess pension plan in the third quarter. |
INVESTMENT IN NUSTAR ENERGY (Ta
INVESTMENT IN NUSTAR ENERGY (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, December 31, (Thousands of Dollars) Balance Sheet Information: Current assets $ 338,357 $ 389,147 Property, plant and equipment, net 3,656,273 3,460,732 Goodwill 704,404 617,429 Other non-current assets 436,097 451,488 Total assets $ 5,135,131 $ 4,918,796 Current liabilities $ 255,373 $ 365,192 Long-term debt 3,109,359 2,749,452 Other non-current liabilities 116,499 87,942 Total liabilities 3,481,231 3,202,586 NuStar Energy partners’ equity 1,653,900 1,716,210 Total liabilities and partners’ equity $ 5,135,131 $ 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Thousands of Dollars) Statement of Comprehensive Income Information: Revenues $ 493,566 $ 794,422 $ 1,619,121 $ 2,393,380 Operating income $ 100,994 $ 95,098 $ 292,680 $ 265,555 Income from continuing operations $ 65,016 $ 59,117 $ 246,466 $ 159,300 Income (loss) from discontinued operations, net of tax — 2,831 774 (2,316 ) Net income $ 65,016 $ 61,948 $ 247,240 $ 156,984 |
Reconciliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | Our investment in NuStar Energy reconciles to NuStar Energy’s partners’ equity as follows: September 30, December 31, (Thousands of Dollars) NuStar Energy’s partners’ equity $ 1,653,900 $ 1,716,210 NuStar GP Holdings’ ownership interest in NuStar Energy 15.0 % 14.9 % NuStar GP Holdings’ share of NuStar Energy’s partners’ equity 248,085 255,715 Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other 71,940 71,267 Investment in NuStar Energy $ 320,025 $ 326,982 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes information pertaining to related party transactions: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Thousands of Dollars) Expenses for payroll, employee benefit plans and unit-based compensation $ 49,864 $ 49,793 $ 150,598 $ 144,146 Other expenses $ 184 $ 197 $ 402 $ 377 |
DISTRIBUTIONS FROM NUSTAR ENE18
DISTRIBUTIONS FROM NUSTAR ENERGY (Tables) - NuStar Energy [Member] | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Thousands of Dollars, Except Per Unit Data) General partner interest $ 1,961 $ 1,961 $ 5,883 $ 5,883 General partner incentive distribution 10,805 10,805 32,415 32,415 Total general partner distribution 12,766 12,766 38,298 38,298 Limited partner distribution 11,318 11,380 33,846 33,814 Total distributions to NuStar GP Holdings 24,084 24,146 72,144 72,112 Public unitholders’ distributions 73,967 73,905 222,009 222,041 Total cash distributions $ 98,051 $ 98,051 $ 294,153 $ 294,153 Cash distributions per unit applicable to limited partners $ 1.095 $ 1.095 $ 3.285 $ 3.285 |
Distributions Made to Limited and General Partners, 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) September 30, 2015 (a) $ 1.095 $ 98,051 November 9, 2015 November 13, 2015 June 30, 2015 $ 1.095 $ 98,051 August 7, 2015 August 13, 2015 March 31, 2015 $ 1.095 $ 98,051 May 8, 2015 May 14, 2015 December 31, 2014 $ 1.095 $ 98,051 February 9, 2015 February 13, 2015 (a) The distribution was announced on October 30, 2015 . |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 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 and are reported in “Accrued compensation expense” on the consolidated balance sheets: Level 1 Level 2 Level 3 Total (Thousands of Dollars) September 30, 2015: NuStar Energy restricted units and performance awards $ 8,972 $ — $ — $ 8,972 December 31, 2014: NuStar Energy restricted units and performance awards $ 5,369 $ — $ — $ 5,369 |
STATEMENTS OF CASH FLOWS (Table
STATEMENTS OF CASH FLOWS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Statement of Cash Flows [Abstract] | |
Changes in current assets and liabilities | Changes in current assets and current liabilities were as follows: Nine Months Ended September 30, 2015 2014 (Thousands of Dollars) Decrease (increase) in current assets: Receivable from related parties $ (501 ) $ 1,338 Income tax receivable — (403 ) Other receivables 91 (386 ) Other current assets 147 (27 ) Increase (decrease) in current liabilities: Accounts payable (216 ) (303 ) Accrued compensation expense 3,949 10,690 Accrued liabilities 38 (136 ) Taxes other than income tax (378 ) (316 ) Changes in current assets and current liabilities $ 3,130 $ 10,457 |
Cash flows related to interest and income tax | Cash flows related to interest and income tax were as follows: Nine Months Ended September 30, 2015 2014 (Thousands of Dollars) Cash paid for interest $ 548 $ 503 Cash refunded for income tax $ (50 ) $ (7 ) |
MEMBERS' EQUITY (Tables)
MEMBERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 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 59,249 Distributions to unitholders (70,179 ) Other comprehensive loss (3,113 ) Unit-based compensation 382 Other 15 Balance as of September 30, 2015 $ 297,190 |
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 (2,293 ) — (2,293 ) Amounts reclassified to general and administrative expenses (a) — (820 ) (820 ) Other comprehensive loss (2,293 ) (820 ) (3,113 ) Balance as of September 30, 2015 $ (12,375 ) $ 3,487 $ (8,888 ) (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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Thousands of Dollars, Except Per Unit Data) Cash distributions per unit $ 0.545 $ 0.545 $ 1.635 $ 1.635 Total cash distributions $ 23,388 $ 23,351 $ 70,164 $ 69,849 |
Distributions Made to Limited Liability Company (LLC) Member, by Distribution | The following table summarizes information related to our quarterly cash distributions: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) September 30, 2015 (a) $ 0.545 $ 23,388 November 9, 2015 November 17, 2015 June 30, 2015 $ 0.545 $ 23,388 August 7, 2015 August 17, 2015 March 31, 2015 $ 0.545 $ 23,388 May 8, 2015 May 18, 2015 December 31, 2014 $ 0.545 $ 23,403 February 9, 2015 February 17, 2015 (a) The distribution was announced on October 30, 2015 . |
NET INCOME PER UNIT (Tables)
NET INCOME PER UNIT (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Unit [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 per unit were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic units outstanding: Weighted-average number of basic units outstanding 42,913,969 42,702,185 42,913,675 42,672,383 Diluted units outstanding: Weighted-average number of basic units outstanding 42,913,969 42,702,185 42,913,675 42,672,383 Effect of dilutive securities — 55,208 — 28,477 Weighted-average number of diluted units outstanding 42,913,969 42,757,393 42,913,675 42,700,860 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 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 September 30: Service cost $ 1,919 $ 2,012 $ 118 $ 94 Interest cost 1,097 1,056 111 93 Expected return on assets (1,254 ) (1,144 ) — — Amortization of prior service credit (516 ) (516 ) (285 ) (286 ) Amortization of net loss 461 197 67 29 Other (b) — 175 — — Net periodic benefit cost (income) $ 1,707 $ 1,780 $ 11 $ (70 ) For the nine months ended September 30: Service cost $ 5,757 $ 6,036 $ 354 $ 282 Interest cost 3,291 3,169 334 279 Expected return on assets (3,762 ) (3,432 ) — — Amortization of prior service credit (1,547 ) (1,548 ) (857 ) (858 ) Amortization of net loss (gain) 1,383 (18 ) 201 85 Other (b) — (39 ) — — Net periodic benefit cost (income) $ 5,122 $ 4,168 $ 32 $ (212 ) (a) Includes amounts related to the pension plan and the excess pension plan. (b) In 2014, other relates to a settlement credit associated with the supplemental executive retirement plan in the second quarter and a settlement charge associated with the excess pension plan in the third quarter. |
ORGANIZATION AND BASIS OF PRE24
ORGANIZATION AND BASIS OF PRESENTATION Narrative (Details) | Sep. 30, 2015shares |
Schedule of Equity Method Investments [Line Items] | |
Percent ownership in NuStar Energy | 15.00% |
General partner interest percentage | 2.00% |
Percent of incentive distribution rights issued by NuStar Energy | 100.00% |
Maximum percentage of cash distributed by NuStar Energy | 23.00% |
Common units of NuStar Energy | 10,336,364 |
Percent of limited partner interest | 13.00% |
INVESTMENT IN NUSTAR ENERGY Nar
INVESTMENT IN NUSTAR ENERGY Narrative (Details) - NuStar Energy [Member] | Jan. 02, 2015 | Feb. 26, 2014 |
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 Tab
INVESTMENT IN NUSTAR ENERGY Table 1 (Details) - NuStar Energy [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ||
Current assets | $ 338,357 | $ 389,147 |
Property, plant and equipment, net | 3,656,273 | 3,460,732 |
Goodwill | 704,404 | 617,429 |
Other non-current assets | 436,097 | 451,488 |
Total assets | 5,135,131 | 4,918,796 |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] | ||
Current liabilities | 255,373 | 365,192 |
Long-term debt | 3,109,359 | 2,749,452 |
Other non-current liabilities | 116,499 | 87,942 |
Total liabilities | 3,481,231 | 3,202,586 |
NuStar Energy partners' equity | 1,653,900 | 1,716,210 |
Total liabilities and partners’ equity | $ 5,135,131 | $ 4,918,796 |
INVESTMENT IN NUSTAR ENERGY T27
INVESTMENT IN NUSTAR ENERGY Table 2 (Details) - NuStar Energy [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income Information: | ||||
Revenues | $ 493,566 | $ 794,422 | $ 1,619,121 | $ 2,393,380 |
Operating income | 100,994 | 95,098 | 292,680 | 265,555 |
Income from continuing operations | 65,016 | 59,117 | 246,466 | 159,300 |
Income (loss) from discontinued operations, net of tax | 0 | 2,831 | 774 | (2,316) |
Net income | $ 65,016 | $ 61,948 | $ 247,240 | $ 156,984 |
INVESTMENT IN NUSTAR ENERGY T28
INVESTMENT IN NUSTAR ENERGY Table 3 (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Reconcilliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | ||
NuStar GP Holdings’ ownership interest in NuStar Energy | 15.00% | |
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity | $ 248,085 | $ 255,715 |
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other | 71,940 | 71,267 |
Investment in NuStar Energy | 320,025 | 326,982 |
NuStar Energy [Member] | ||
Reconcilliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | ||
NuStar Energy’s partners’ equity | $ 1,653,900 | $ 1,716,210 |
NuStar GP Holdings’ ownership interest in NuStar Energy | 15.00% | 14.90% |
RELATED PARTY TRANSACTIONS Narr
RELATED PARTY TRANSACTIONS Narrative 1 (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Related Party Transactions [Abstract] | ||
Receivable from related parties | $ 16,418 | $ 15,704 |
Long-term receivable from related party | $ 30,550 | $ 33,537 |
RELATED PARTY TRANSACTIONS Tabl
RELATED PARTY TRANSACTIONS Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ||||
Expenses for payroll, employee benefit plans and unit-based compensation | $ 49,864 | $ 49,793 | $ 150,598 | $ 144,146 |
Other expenses | $ 184 | $ 197 | $ 402 | $ 377 |
RELATED PARTY TRANSACTIONS Na31
RELATED PARTY TRANSACTIONS Narrative 2 (Details) - NuStar Energy LP [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Related Party Transaction [Line Items] | ||||
Services Agreement, 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 | |||
Administrative services expense | $ 0.4 | $ 0.4 | $ 1.3 | $ 1.3 |
DISTRIBUTIONS FROM NUSTAR ENE32
DISTRIBUTIONS FROM NUSTAR ENERGY Table 1 (Details) - NuStar Energy [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
The allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners | |||||||
General partner interest | $ 1,961 | $ 1,961 | $ 5,883 | $ 5,883 | |||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 32,415 | |||
Total general partner distribution | 12,766 | 12,766 | 38,298 | 38,298 | |||
Limited partner distribution | 11,318 | 11,380 | 33,846 | 33,814 | |||
Total distributions to NuStar GP Holdings | 24,084 | 24,146 | 72,144 | 72,112 | |||
Public unitholders’ distributions | 73,967 | 73,905 | 222,009 | 222,041 | |||
Total cash distributions | $ 98,051 | $ 98,051 | $ 98,051 | $ 98,051 | $ 98,051 | $ 294,153 | $ 294,153 |
Cash distributions per unit applicable to limited partners | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 3.285 | $ 3.285 |
DISTRIBUTIONS FROM NUSTAR ENE33
DISTRIBUTIONS FROM NUSTAR ENERGY Table 2 (Details) - NuStar Energy [Member] - USD ($) $ / shares in Units, $ in Thousands | Oct. 30, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Distributions from NuStar Energy (dates and totals) | ||||||||
NuStar Energy's cash distributions per unit applicable to limited partners (distribution earned) | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 3.285 | $ 3.285 | |
NuStar Energy's total cash distributions (distribution earned) | $ 98,051 | $ 98,051 | $ 98,051 | $ 98,051 | $ 98,051 | $ 294,153 | $ 294,153 | |
NuStar Energy's distribution date of record (distribution earned) | Nov. 9, 2015 | Aug. 7, 2015 | May 8, 2015 | Feb. 9, 2015 | ||||
NuStar Energy's distribution payment date (distribution earned) | Nov. 13, 2015 | Aug. 13, 2015 | May 14, 2015 | Feb. 13, 2015 | ||||
Subsequent Event [Member] | ||||||||
Distributions from NuStar Energy (dates and totals) | ||||||||
NuStar Energy's distribution announcement date (distribution earned) | Oct. 30, 2015 |
FAIR VALUE MEASUREMENTS Table 1
FAIR VALUE MEASUREMENTS Table 1 (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accrued compensation expense: | ||
NuStar Energy restricted units and performance awards | $ 8,972 | $ 5,369 |
Level 1 [Member] | ||
Accrued compensation expense: | ||
NuStar Energy restricted units and performance awards | 8,972 | 5,369 |
Level 2 [Member] | ||
Accrued compensation expense: | ||
NuStar Energy restricted units and performance awards | 0 | 0 |
Level 3 [Member] | ||
Accrued compensation expense: | ||
NuStar Energy restricted units and performance awards | $ 0 | $ 0 |
STATEMENTS OF CASH FLOWS Table
STATEMENTS OF CASH FLOWS Table 1 (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Decrease (increase) in current assets: | ||
Receivable from related parties | $ (501) | $ 1,338 |
Income tax receivable | 0 | (403) |
Other receivables | 91 | (386) |
Other current assets | 147 | (27) |
Increase (decrease) in current liabilities: | ||
Accounts payable | (216) | (303) |
Accrued compensation expense | 3,949 | 10,690 |
Accrued liabilities | 38 | (136) |
Taxes other than income tax | (378) | (316) |
Changes in current assets and liabilities | $ 3,130 | $ 10,457 |
STATEMENTS OF CASH FLOWS Tabl36
STATEMENTS OF CASH FLOWS Table 2 (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows related to interest and income tax | ||
Cash paid for interest | $ 548 | $ 503 |
Cash refunded for income tax | $ (50) | $ (7) |
CREDIT FACILITY Narrative (Deta
CREDIT FACILITY Narrative (Details) | 9 Months Ended | |
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Line of Credit Facility [Line Items] | ||
Outstanding borrowings | $ 26,000,000 | $ 26,000,000 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowing capacity | 50,000,000 | |
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. | |
Outstanding borrowings | $ 26,000,000 | |
Borrowing availability | $ 24,000,000 | |
Weighted-average interest rate | 2.30% | |
Revolving Credit Facility [Member] | NuStar Energy Consolidated Debt Coverage Ratio [Member] | ||
Line of Credit Facility [Line Items] | ||
Covenant terms | 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. | |
NuStar Energy's consolidated debt coverage ratio | 4.4 | |
Revolving Credit Facility [Member] | Cash Distributions Covenant [Member] | ||
Line of Credit Facility [Line Items] | ||
Covenant terms | We are also required to receive cash distributions of at least $16.0 million in respect of our ownership interests in NuStar Energy each fiscal quarter |
MEMBERS' EQUITY Table 1 (Detail
MEMBERS' EQUITY Table 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Changes in Members' Equity [Roll Forward] | ||||
Balance as of December 31, 2014 | $ 310,836 | |||
Net income | $ 16,917 | $ 17,639 | 59,249 | $ 47,053 |
Distributions to unitholders | (70,179) | $ (69,747) | ||
Other comprehensive income (loss) | (3,113) | |||
Unit-based compensation | 382 | |||
Other | 15 | |||
Balance as of September 30, 2015 | $ 297,190 | $ 297,190 |
MEMBERS' EQUITY Table 2 (Detail
MEMBERS' EQUITY Table 2 (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance as of January 1, 2015 | $ (5,775) |
Other comprehensive income (loss) | (3,113) |
Balance as of September 30, 2015 | (8,888) |
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 | (2,293) |
Amounts reclassified to general and administrative expenses (a) | 0 |
Other comprehensive income (loss) | (2,293) |
Balance as of September 30, 2015 | (12,375) |
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) | (820) |
Other comprehensive income (loss) | (820) |
Balance as of September 30, 2015 | 3,487 |
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 | (2,293) |
Amounts reclassified to general and administrative expenses (a) | (820) |
Other comprehensive income (loss) | (3,113) |
Balance as of September 30, 2015 | $ (8,888) |
MEMBERS' EQUITY Table 3 (Detail
MEMBERS' EQUITY Table 3 (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Our cash distributions applicable to the period in which the distributions were earned | |||||||
Cash distributions per unit | $ 0.545 | $ 0.545 | $ 0.545 | $ 0.545 | $ 0.545 | $ 1.635 | $ 1.635 |
Total cash distributions | $ 23,388 | $ 23,388 | $ 23,388 | $ 23,403 | $ 23,351 | $ 70,164 | $ 69,849 |
MEMBERS' EQUITY Table 4 (Detail
MEMBERS' EQUITY Table 4 (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 30, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||
Cash distributions per unit applicable to members (distribution earned) | $ 0.545 | $ 0.545 | $ 0.545 | $ 0.545 | $ 0.545 | $ 1.635 | $ 1.635 | |
Total cash distributions (distribution earned) | $ 23,388 | $ 23,388 | $ 23,388 | $ 23,403 | $ 23,351 | $ 70,164 | $ 69,849 | |
Distribution date of record (distribution earned) | Nov. 9, 2015 | Aug. 7, 2015 | May 8, 2015 | Feb. 9, 2015 | ||||
Distribution payment date (distribution earned) | Nov. 17, 2015 | Aug. 17, 2015 | May 18, 2015 | Feb. 17, 2015 | ||||
Subsequent Event [Member] | ||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||
Distribution announcement date (distribution earned) | Oct. 30, 2015 |
NET INCOME PER UNIT Narrative (
NET INCOME PER UNIT Narrative (Details) - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Outstanding options to purchase NuStar GP Holdings units | 0 | 0 |
NET INCOME PER UNIT Table (Deta
NET INCOME PER UNIT Table (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted-average number of basic units outstanding | 42,913,969 | 42,702,185 | 42,913,675 | 42,672,383 |
Effect of dilutive securities | 0 | 55,208 | 0 | 28,477 |
Weighted-average number of diluted units outstanding | 42,913,969 | 42,757,393 | 42,913,675 | 42,700,860 |
EMPLOYEE BENEFIT PLANS Narrativ
EMPLOYEE BENEFIT PLANS Narrative (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Defined benefit plan employer contribution | $ 8 |
EMPLOYEE BENEFIT PLANS Table (D
EMPLOYEE BENEFIT PLANS Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 1,919 | $ 2,012 | $ 5,757 | $ 6,036 |
Interest cost | 1,097 | 1,056 | 3,291 | 3,169 |
Expected return on assets | (1,254) | (1,144) | (3,762) | (3,432) |
Amortization of prior service credit | (516) | (516) | (1,547) | (1,548) |
Amortization of net loss (gain) | 461 | 197 | 1,383 | (18) |
Other (b) | 0 | 175 | 0 | (39) |
Net periodic benefit cost (income) | 1,707 | 1,780 | 5,122 | 4,168 |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 118 | 94 | 354 | 282 |
Interest cost | 111 | 93 | 334 | 279 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of prior service credit | (285) | (286) | (857) | (858) |
Amortization of net loss (gain) | 67 | 29 | 201 | 85 |
Other (b) | 0 | 0 | 0 | 0 |
Net periodic benefit cost (income) | $ 11 | $ (70) | $ 32 | $ (212) |