DEI Document
DEI Document - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
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-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Limited Liability Company, Units Outstanding | 42,930,549 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,313 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 34 | $ 2,840 |
Receivable from related parties | 14,799 | 15,704 |
Income tax receivable | 1,212 | 1,211 |
Other receivables | 69 | 91 |
Deferred income tax assets, net | 0 | 724 |
Other current assets | 344 | 491 |
Total current assets | 16,458 | 21,061 |
Investment in NuStar Energy L.P. | 306,694 | 326,982 |
Long-term receivable from related party | 32,080 | 33,537 |
Deferred income tax assets, net | 5,258 | 3,570 |
Total assets | 360,490 | 385,150 |
Liabilities and Members’ Equity | ||
Short-term debt | 26,000 | 26,000 |
Accounts payable | 636 | 620 |
Accrued compensation expense | 8,990 | 9,944 |
Accrued liabilities | 340 | 437 |
Deferred income tax liabilities, net | 2,660 | 0 |
Taxes other than income tax | 1,935 | 1,751 |
Total current liabilities | 40,561 | 38,752 |
Long-term liabilities | $ 32,859 | $ 35,562 |
Commitments and contingencies (Note 11) | ||
Members’ equity | $ 295,734 | $ 316,611 |
Accumulated other comprehensive loss | (8,664) | (5,775) |
Total members’ equity | 287,070 | 310,836 |
Total liabilities and members’ equity | $ 360,490 | $ 385,150 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Equity in earnings (loss) of NuStar Energy L.P. | $ 79,673 | $ 65,380 | $ (6,741) |
General and administrative expenses | (3,338) | (3,396) | (3,105) |
Other (expense) income, net | (2,333) | (1,458) | 382 |
Interest expense, net | (893) | (885) | (778) |
Income (loss) before income tax (expense) benefit | 73,109 | 59,641 | (10,242) |
Income tax (expense) benefit | (901) | 1,786 | (792) |
Net income (loss) | 72,208 | 61,427 | (11,034) |
Other comprehensive (loss) income: | |||
Share of NuStar Energy L.P.’s other comprehensive loss | (3,107) | (665) | (674) |
Pension and other postretirement benefit plan adjustments: | |||
Net unrecognized gain (loss) arising during the year, net of income tax (expense) benefit of ($744), $6,298 and ($23,552) | 1,312 | (11,136) | 39,596 |
Net (gain) loss reclassified into income | (1,094) | (2,915) | 2,041 |
Pension and other postretirement benefit plan adjustments | 218 | (14,051) | 41,637 |
Total other comprehensive (loss) income | (2,889) | (14,716) | 40,963 |
Comprehensive income | $ 69,319 | $ 46,711 | $ 29,929 |
Basic net income (loss) per unit | $ 1.68 | $ 1.44 | $ (0.26) |
Diluted net income (loss) per unit | $ 1.68 | $ 1.44 | $ (0.26) |
Weighted-average number of basic units outstanding | 42,914,297 | 42,719,217 | 42,619,722 |
Weighted-average number of diluted units outstanding | 42,914,297 | 42,742,202 | 42,619,722 |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net unrecognized gain (loss) arising during the year, net of income tax (expense) benefit | $ (744) | $ 6,298 | $ (23,552) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 72,208 | $ 61,427 | $ (11,034) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Equity in (earnings) loss of NuStar Energy L.P. | (79,673) | (65,380) | 6,741 |
Distributions of equity in earnings from NuStar Energy L.P. | 79,673 | 65,380 | 0 |
Loss (gain) on sale of NuStar Energy L.P. limited partner units in connection with unit-based compensation | 2,333 | 1,458 | (382) |
Expense (benefit) for deferred income tax | 952 | (621) | 424 |
Changes in current assets and liabilities (Note 9) | 296 | (2,270) | (4,000) |
Decrease (increase) in long-term receivable from related party | 363 | (1,527) | (22,984) |
(Decrease) increase in long-term liabilities | (647) | 36 | 16,452 |
Other, net | 394 | 290 | 209 |
Net cash provided by (used in) operating activities | 75,899 | 58,793 | (14,574) |
Cash Flows from Investing Activities: | |||
Distributions in excess of equity in earnings from NuStar Energy L.P. | 16,357 | 30,632 | 96,134 |
Investment in NuStar Energy L.P. | (7,444) | (19,340) | (3,913) |
Proceeds from sale of NuStar Energy L.P. units in connection with unit-based compensation | 5,935 | 17,059 | 8,271 |
Net cash provided by investing activities | 14,848 | 28,351 | 100,492 |
Cash Flows from Financing Activities: | |||
Proceeds from short-term debt borrowings | 0 | 26,000 | 26,000 |
Repayment of short-term debt | 0 | (26,000) | (20,000) |
Distributions to unitholders | (93,567) | (93,098) | (92,912) |
Proceeds from the exercise of unit options | 0 | 7,206 | 0 |
Other, net | 14 | (15) | 0 |
Net cash used in financing activities | (93,553) | (85,907) | (86,912) |
Net (decrease) increase in cash and cash equivalents | (2,806) | 1,237 | (994) |
Cash and cash equivalents as of the beginning of the period | 2,840 | 1,603 | 2,597 |
Cash and cash equivalents as of the end of the period | $ 34 | $ 2,840 | $ 1,603 |
CONSOLIDATED STATEMENTS OF MEMB
CONSOLIDATED STATEMENTS OF MEMBERS’ EQUITY - USD ($) $ in Thousands | Total | Units | Members’ Equity | Accumulated Other Comprehensive (Loss) Income |
Balance at Dec. 31, 2012 | $ 412,822 | $ 444,844 | $ (32,022) | |
Balance in units at Dec. 31, 2012 | 42,600,191 | |||
Net income (loss) | (11,034) | (11,034) | 0 | |
Other comprehensive income (loss) | 40,963 | 0 | 40,963 | |
Distributions to unitholders | (92,912) | (92,912) | 0 | |
Unit-based compensation | 147 | 147 | 0 | |
Unit-based compensation in units | 56,090 | |||
Balance in units at Dec. 31, 2013 | 42,656,281 | |||
Balance at Dec. 31, 2013 | 349,986 | 341,045 | 8,941 | |
Net income (loss) | 61,427 | 61,427 | 0 | |
Other comprehensive income (loss) | (14,716) | 0 | (14,716) | |
Distributions to unitholders | (93,098) | (93,098) | 0 | |
Unit-based compensation | 7,251 | 7,251 | 0 | |
Unit-based compensation in units | 256,996 | |||
Other | (14) | (14) | 0 | |
Balance in units at Dec. 31, 2014 | 42,913,277 | |||
Balance at Dec. 31, 2014 | 310,836 | 316,611 | (5,775) | |
Net income (loss) | 72,208 | 72,208 | 0 | |
Other comprehensive income (loss) | (2,889) | 0 | (2,889) | |
Distributions to unitholders | (93,567) | (93,567) | 0 | |
Unit-based compensation | 468 | 468 | 0 | |
Unit-based compensation in units | 17,272 | |||
Other | 14 | 14 | 0 | |
Balance in units at Dec. 31, 2015 | 42,930,549 | |||
Balance at Dec. 31, 2015 | $ 287,070 | $ 295,734 | $ (8,664) |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION NuStar GP Holdings, LLC (NuStar GP Holdings) (NYSE: NSH), a publicly held Delaware limited liability company, was formed in June 2000. Unless otherwise indicated, the terms “NuStar GP Holdings,” “we,” “our” and “us” are used in this report to refer to NuStar GP Holdings, to one or more of our consolidated subsidiaries or to all of them taken as a whole. Our unitholders have no liability under our limited liability company agreement, or for any of our debts, obligations or liabilities, in their capacity as a unitholder. We have no operations or sources of income or cash flows other than our investment in NuStar Energy L.P. (NuStar Energy or NS) (NYSE: NS). On December 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 • 10,252,660 common units of NuStar Energy representing a 12.9% limited partner interest. NuStar Energy is a publicly held Delaware limited partnership engaged in the transportation of petroleum products and anhydrous ammonia, the terminalling and storage of petroleum products and the marketing of petroleum products. NuStar Energy has terminal and storage facilities in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, and the United Kingdom. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation The accompanying consolidated financial statements include the accounts of NuStar GP Holdings and subsidiaries in which it has a controlling interest. Intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, management reviews their estimates based on currently available information. Management may revise estimates due to changes in facts and circumstances. Cash and Cash Equivalents Cash equivalents are all highly liquid investments with an original maturity of three months or less when acquired. Investment in NuStar Energy We account for our 14.9% investment in NuStar Energy using the equity method, even though our ownership did not exceed 20% as of December 31, 2015 . As the general partner, we exercise significant influence over NuStar Energy. We evaluate our investment in NuStar Energy for impairment when there is evidence that we may not be able to recover the carrying amount of our investment or that the investee is unable to sustain an earnings capacity that justifies the carrying amount. We recognize a loss in the value of our investment that is other than a temporary decline currently in earnings based on the difference between the estimated current fair value of the investment and our carrying amount. We believe that the carrying amount of our investment in NuStar Energy as of December 31, 2015 is recoverable. Accounting for Sales of Units by NuStar Energy We account for issuances of common units by NuStar Energy as if we had sold a proportionate share of our investment, such that we record any gain or loss in earnings. Income Taxes We are a limited liability company taxed as a partnership and generally are not subject to federal or state income taxes. Accordingly, our taxable income or loss, which may vary substantially from income or loss reported for financial reporting purposes, is generally included in the federal and state income tax returns of our unitholders. For transfers of publicly held units subsequent to our initial public offering, we have made an election permitted by Section 754 of the Internal Revenue Code (the Code) to adjust the common unit purchaser’s tax basis in our underlying assets to reflect the purchase price of the units. This results in an allocation of taxable income and expenses to the purchaser of the common units, including depreciation deductions and gains and losses on sales of assets, based upon the new unitholder’s purchase price for the common units. On August 14, 2006, NuStar GP, LLC, our wholly owned subsidiary, elected to be treated as a corporation for federal income tax purposes under Treasury Regulation §301.7701-3(a). We account for income taxes under the asset and liability method. Under this method, we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred taxes using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. Income tax expense includes federal and state income and withholding taxes currently payable and deferred federal and state income taxes resulting from temporary differences between financial statement and tax bases of assets and liabilities when such differences exist. We, or certain of our subsidiaries, file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. For U.S. federal and state purposes, tax years subject to examination are 2011 through 2014, according to standard statute of limitations . We recognize a tax position if it is more likely than not that the tax position will be sustained, based on the technical merits of the position, upon examination. We record uncertain tax positions in the financial statements at the largest amount of benefit that is more likely than not to be realized. We had no unrecognized tax benefits as of December 31, 2015 and 2014 . Unit-Based Compensation We account for awards of NS unit options, performance awards and restricted units to employees and directors of NuStar GP, LLC and its affiliates at fair value, whereby a liability for the award is initially recorded and subsequent changes in the fair value are included in the determination of net income. The fair value of NS unit options is determined using the Black-Scholes model at each reporting date. The fair value of NS restricted units and performance awards equals the market price of NS common units at each reporting date. However, performance awards are earned only upon NuStar Energy’s achievement of an objective performance measure. We record compensation expense each reporting period such that the cumulative compensation expense equals the portion of the award’s current fair value that has vested. We record compensation expense related to NS unit options until such options are exercised, and we record compensation expense for NS restricted units and performance awards until the date of vesting. We account for awards of NSH restricted units and unit options granted to employees of NuStar GP, LLC and our directors based on the fair value of the awards at the grant date. The fair value of NSH unit options is determined using the Black-Scholes model at the grant date, and the fair value of the NSH restricted units equals the market price of NSH common units at the grant date. Compensation expense for NSH restricted units and unit options is recognized ratably over the vesting period based on the initial fair value determination. The liability for awards of NS unit options, performance awards and restricted units is included in “Accrued compensation expense” on our consolidated balance sheets. NuStar Energy reimburses us for the expenses resulting from NS awards and NSH awards to employees providing services to NuStar Energy. Expenses resulting from NSH awards to our non-employee directors are included in “General and administrative expenses” on our consolidated statements of comprehensive income. Under these long-term incentive plans, certain awards provide that the grantee’s award vests immediately upon retirement. Compensation expense is recognized immediately if these awards are granted to retirement-eligible employees, as defined in each award. In addition, if, during a vesting period of a grant, the grantee will become retirement-eligible, then compensation expense associated with the grant is recognized from the grant date through the grantee’s retirement eligibility date. Pension and Other Postretirement Benefits We recognize the overfunded or underfunded status of our defined benefit pension or postretirement plans as an asset or a liability as of the balance sheet dates. We record changes in the funded status of our plans as a component of comprehensive income (loss) in the year the changes occur. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS Financial Instruments In January 2016, the Financial Accounting Standards Board (FASB) issued new guidance that addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The changes are effective for annual and interim periods beginning after December 15, 2017, and amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. We will adopt these provisions January 1, 2018 , and we do not expect the guidance to have a material impact on our financial position, results of operations or disclosures. Deferred Taxes In November 2015, the FASB issued amended guidance that requires deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. The changes are effective for annual and interim periods beginning after December 15, 2016, using either a prospective or retrospective transition method, and early adoption is permitted. We will adopt these provisions on a prospective basis on January 1, 2017, and we do not expect the guidance to have a material impact on our financial position, results of operations or disclosures. Debt Issuance Costs In April 2015, the 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. Accordingly, we adopted the amended guidance on January 1, 2016 , and it will not have a material impact on our financial position, results of operations or disclosures. Consolidation 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. Accordingly, we adopted the guidance on January 1, 2016, and it will not impact our financial position, results of operations or disclosures. Revenue Recognition 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 | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN NUSTAR ENERGY | INVESTMENT IN NUSTAR ENERGY NuStar Energy’s Acquisitions and Dispositions On January 2, 2015, NuStar Energy acquired full ownership of a refined products terminal in Linden, NJ for $142.5 million (the Linden Acquisition). Prior to the Linden 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, a private investment firm. Effective February 27, 2014, NuStar Asphalt LLC changed its name to Axeon Specialty Products LLC (Axeon). On January 1, 2013, NuStar Energy sold its fuels refinery in San Antonio, Texas (the San Antonio Refinery) and related assets for approximately $117.0 million (the San Antonio Refinery Sale). Summary Financial Information Condensed consolidated financial information reported by NuStar Energy is presented below: December 31, 2015 2014 (Thousands of Dollars) Balance Sheet Information: Current assets $ 333,851 $ 389,147 Property, plant and equipment, net 3,683,571 3,460,732 Goodwill 696,637 617,429 Other non-current assets 435,203 451,488 Total assets $ 5,149,262 $ 4,918,796 Current liabilities $ 332,213 $ 365,192 Long-term debt 3,079,349 2,749,452 Other non-current liabilities 127,856 87,942 Total liabilities 3,539,418 3,202,586 NuStar Energy partners’ equity 1,609,844 1,716,210 Total liabilities and partners’ equity $ 5,149,262 $ 4,918,796 Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Statement of Income Information: Revenues $ 2,084,040 $ 3,075,118 $ 3,463,732 Operating income $ 390,704 $ 346,901 $ (19,121 ) Income from continuing operations $ 305,946 $ 214,169 $ (185,509 ) Income (loss) from discontinued operations, net of tax 774 (3,791 ) (99,162 ) Net income $ 306,720 $ 210,378 $ (284,671 ) Other Our investment in NuStar Energy reconciles to NuStar Energy’s total partners’ equity as follows: December 31, 2015 2014 (Thousands of Dollars) NuStar Energy’s partners’ equity $ 1,609,844 $ 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 239,867 255,715 Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other 66,827 71,267 Investment in NuStar Energy $ 306,694 $ 326,982 Valero Energy Corporation (Valero Energy) acquired us in connection with its December 31, 2001 acquisition of Ultramar Diamond Shamrock Corporation (2001 Acquisition). The step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, reflected in the table above relates to purchase accounting adjustments resulting from the 2001 Acquisition. The amount represents the unamortized excess of the fair value over carrying amount applicable to Valero Energy’s proportionate 73.6% interest in NuStar Energy’s identifiable assets and liabilities as of December 31, 2001, of which $81.8 million is being amortized as a reduction to equity in earnings of NuStar Energy over approximately 28 years. This amount also includes the portion of goodwill resulting from the 2001 Acquisition that was attributed to our investment in NuStar Energy. Since 26.4% of the equity interest in NuStar Energy was owned by public unitholders as of the date of the 2001 Acquisition, a significant portion of the total ownership interest in NuStar Energy was deemed to be held by the public according to GAAP, thereby preventing the adjustment of the reported financial statements of NuStar Energy. The following table summarizes our equity in earnings (loss) of NuStar Energy: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) NuStar GP Holdings’ Equity in Earnings (Loss) of NuStar Energy: General partner interest $ 5,270 $ 3,352 $ (6,338 ) General partner incentive distribution 43,220 43,220 43,220 General partner’s interest in earnings and incentive distributions of NuStar Energy 48,490 46,572 36,882 Limited partner interest in earnings (loss) of NuStar Energy 34,067 21,692 (40,739 ) Amortization of step-up in basis related to NuStar Energy’s assets and liabilities (2,884 ) (2,884 ) (2,884 ) Equity in earnings (loss) of NuStar Energy $ 79,673 $ 65,380 $ (6,741 ) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS General We manage NuStar Energy through our ownership of NuStar GP, LLC and Riverwalk Holdings, LLC, which own Riverwalk Logistics L.P., the general partner of NuStar Energy. Our officers are also officers of NuStar GP, LLC. The chairman of our board of directors, William E. Greehey, is also the chairman of the board of directors of NuStar GP, LLC. The board of directors of NuStar GP, LLC is responsible for overseeing NuStar GP, LLC’s role as the general partner of the general partner of NuStar Energy, and we, as the sole owner of NuStar GP, LLC, must also approve matters that have or would reasonably be expected to have a material effect on our interests as the sole owner of NuStar GP, LLC. We had a receivable from related parties of $14.8 million and $15.7 million , as of December 31, 2015 and 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 $32.1 million and $33.5 million as of December 31, 2015 and 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 reimbursed primarily by NuStar Energy: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Expenses for payroll, employee benefit plans and unit-based compensation $ 201,852 $ 197,745 $ 190,643 Other expenses $ 484 $ 482 $ 434 NuStar Energy GP Services Agreement. NuStar Energy and NuStar GP, LLC, our wholly owned subsidiary, entered into a services agreement, effective January 1, 2008 (the GP Services Agreement). The GP Services Agreement provides that NuStar GP, LLC will furnish administrative and certain operating services necessary to conduct the business of NuStar Energy. All employees providing services to both NuStar GP Holdings and NuStar Energy are employed by NuStar GP, LLC; therefore, NuStar Energy reimburses NuStar GP, LLC for all employee costs, other than the expenses allocated to NuStar GP Holdings (the Holdco Administrative Services Expense). The Holdco Administrative Services Expense is based on $1.1 million, plus 1.0% of NuStar GP, LLC’s domestic bonus and unit-based compensation expense, subject to certain other adjustments. The GP Services Agreement renews automatically every two years unless terminated by either party. For the years ended December 31, 2015 , 2014 and 2013 , the Holdco Administrative Services Expense totaled $1.5 million , $1.7 million and $1.4 million , respectively. Non-Compete Agreement. On July 19, 2006, in connection with our initial public offering, we entered into a non-compete agreement with NuStar Energy (the Non-Compete Agreement). Under the Non-Compete Agreement, we will have a right of first refusal with respect to the potential acquisition of general partner and other equity interests in publicly traded partnerships under common ownership with the general partner interest. NuStar Energy has a right of first refusal with respect to the potential acquisition of assets that relate to the transportation, storage or terminalling of crude oil, feedstocks or refined petroleum products (including petrochemicals) in the United States and internationally. With respect to any other business opportunities, neither we nor NuStar Energy are prohibited from engaging in any business, even if we and NuStar Energy would have a conflict of interest with respect to such other business opportunity. The Non-Compete Agreement remains in effect for so long as we or any of our affiliates own 20% or more of NuStar GP, LLC or Riverwalk Logistics, L.P. Please refer to Note 18 for a discussion of the employee transfer from NuStar GP, LLC. Axeon As a result of the 2014 Asphalt Sale, we ceased reporting transactions between us and Axeon as related party transactions in our consolidated financial statements on February 26, 2014. Axeon Services Agreement. NuStar GP, LLC and Axeon were a party to a services agreement, which provided that NuStar GP, LLC furnish certain administrative and other operating services necessary to conduct the business of Axeon for an annual fee totaling $10.0 million, subject to adjustment (the Axeon Services Agreement). The Axeon Services Agreement terminated on June 30, 2014 . The aggregate amount charged under the Axeon Services Agreement was $3.1 million and $7.9 million for the years ended December 31, 2014 and 2013, respectively. |
DISTRIBUTIONS FROM NUSTAR ENERG
DISTRIBUTIONS FROM NUSTAR ENERGY | 12 Months Ended |
Dec. 31, 2015 | |
DISTRIBUTIONS FROM NUSTAR ENERGY [Abstract] | |
DISTRIBUTIONS FROM NUSTAR ENERGY | DISTRIBUTIONS FROM NUSTAR ENERGY NuStar Energy’s partnership agreement, as amended, determines the amount and priority of cash distributions that NuStar Energy’s common unitholders and general partner may receive. We, as NuStar Energy’s general partner, are entitled to incentive distributions if the amount NuStar Energy distributes with respect to any quarter exceeds $0.60 per unit, with the maximum percentage of 23% of the amount of any quarterly distribution in excess of $0.66 per unit. We also receive a 2% distribution with respect to our general partner interest. The following table reflects the allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars, Except Per Unit Data) General partner interest $ 7,844 $ 7,844 $ 7,844 General partner incentive distribution 43,220 43,220 43,220 Total general partner distribution 51,064 51,064 51,064 Limited partner distribution 45,073 44,974 44,975 Total distributions to NuStar GP Holdings 96,137 96,038 96,039 Public unitholders’ distributions 296,067 296,166 296,165 Total cash distributions $ 392,204 $ 392,204 $ 392,204 Cash distributions per unit applicable to limited partners $ 4.380 $ 4.380 $ 4.380 The following table summarizes information related to NuStar Energy’s quarterly cash distributions: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) December 31, 2015 (a) $ 1.095 $ 98,051 February 8, 2016 February 12, 2016 September 30, 2015 $ 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 (a) The distribution was announced on January 29, 2016 . |
ACCRUED COMPENSATION EXPENSE AN
ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES [Abstract] | |
ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES | ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES Accrued compensation expense and long-term liabilities consisted of the following: Accrued Compensation Expense Long-term Liabilities December 31, December 31, 2015 2014 2015 2014 (Thousands of Dollars) NuStar Energy restricted units and performance awards $ 3,794 $ 5,369 $ — $ — Pension liabilities (Note 14) 71 60 21,425 23,423 Other postretirement benefit plan liabilities (Note 14) 304 304 9,738 10,180 Other employee-related liabilities 4,821 4,211 1,696 1,959 Total $ 8,990 $ 9,944 $ 32,859 $ 35,562 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 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 and are reported in “Accrued compensation expense” on the consolidated balance sheets: Level 1 Level 2 Level 3 Total (Thousands of Dollars) December 31, 2015: NuStar Energy restricted units and performance awards $ 3,794 $ — $ — $ 3,794 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 amount. The fair values of these financial instruments approximate their carrying amounts. The fair value measurement of our short-term debt would fall in Level 2 of the fair value hierarchy. |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2015 | |
Statement of Cash Flows [Abstract] | |
STATEMENTS OF CASH FLOWS | STATEMENTS OF CASH FLOWS Changes in current assets and current liabilities were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Decrease (increase) in current assets: Receivable from related parties $ 1,134 $ 105 $ 338 Income tax receivable (1 ) (13 ) 1,252 Other receivables 22 (14 ) 70 Other current assets (8 ) (407 ) (187 ) Increase (decrease) in current liabilities: Accounts payable 16 296 (678 ) Accrued compensation expense (954 ) (2,374 ) (4,743 ) Accrued liabilities (97 ) (99 ) 107 Taxes other than income tax 184 236 (159 ) Changes in current assets and current liabilities $ 296 $ (2,270 ) $ (4,000 ) Cash flows related to interest and income tax were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Cash paid for interest $ 736 $ 684 $ 561 Cash refunded for income tax, net $ (50 ) $ (1,149 ) $ (885 ) Non-cash investing and financing activities for the years ended December 31, 2015 , 2014 and 2013 mainly consisted of: • Adjustments to our investment in NuStar Energy and accumulated other comprehensive loss through recognition of our proportionate share of NuStar Energy’s accumulated other comprehensive loss; and • Pension funding adjustments recognized in accumulated other comprehensive loss. |
CREDIT FACILITY
CREDIT FACILITY | 12 Months Ended |
Dec. 31, 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. Borrowings under our revolving credit facility are used to fund capital contributions to NuStar Energy to maintain our 2% general partner interest when NuStar Energy issues additional common units and to meet other liquidity and capital resource requirements. As of December 31, 2015 , we had outstanding borrowings of $26.0 million and availability of $24.0 million for borrowings under our revolving credit facility. Interest on our revolving credit facility is based upon, at our option, either an alternative base rate or a LIBOR-based rate . The weighted-average interest rate related to borrowings under our revolving credit facility as of December 31, 2015 and 2014 was 2.4% and 2.2% , respectively. 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. As of December 31, 2015 , NuStar Energy’s consolidated debt coverage ratio was 4.5 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 our revolving credit facility as of December 31, 2015 . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 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. Commitments As of December 31, 2015 , we had no future minimum payments applicable to non-cancellable operating leases and purchase obligations. |
NET INCOME (LOSS) PER UNIT
NET INCOME (LOSS) PER UNIT | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER UNIT | NET INCOME (LOSS) PER UNIT We treat restricted units granted under our long-term incentive plan as participating securities in computing net income (loss) per unit pursuant to the two-class method. The computation of diluted net loss for the year ended December 31, 2013 excludes 289,100 outstanding options to purchase NuStar GP Holdings units, as the exercise price exceeded the average market price and their effect would have been anti-dilutive. There were no outstanding options to purchase NuStar GP Holdings units for the year ended December 31, 2015. Unit amounts used in the computation of basic and diluted net income (loss) per unit were as follows: Year Ended December 31, 2015 2014 2013 Basic units outstanding: Weighted-average number of basic units outstanding 42,914,297 42,719,217 42,619,722 Diluted units outstanding: Weighted-average number of basic units outstanding 42,914,297 42,719,217 42,619,722 Effect of dilutive securities — 22,985 — Weighted-average number of diluted units outstanding 42,914,297 42,742,202 42,619,722 |
MEMBERS' EQUITY
MEMBERS' EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Members' Equity [Abstract] | |
MEMBERS' EQUITY | MEMBERS’ EQUITY Accumulated Other Comprehensive Loss The following table presents 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, 2013 $ (8,743 ) $ (23,279 ) $ (32,022 ) Other comprehensive (loss) income before reclassification adjustments (674 ) 39,596 38,922 Amounts reclassified to general and administrative expenses (a) — 2,041 2,041 Other comprehensive (loss) income (674 ) 41,637 40,963 Balance as of December 31, 2013 (9,417 ) 18,358 8,941 Other comprehensive loss before reclassification adjustments (665 ) (11,136 ) (11,801 ) Amounts reclassified to general and administrative expenses (a) — (2,915 ) (2,915 ) Other comprehensive loss (665 ) (14,051 ) (14,716 ) Balance as of December 31, 2014 (10,082 ) 4,307 (5,775 ) Other comprehensive (loss) income before reclassification adjustments (3,107 ) 1,312 (1,795 ) Amounts reclassified to general and administrative expenses (a) — (1,094 ) (1,094 ) Other comprehensive (loss) income (3,107 ) 218 (2,889 ) Balance as of December 31, 2015 $ (13,189 ) $ 4,525 $ (8,664 ) (a) These amounts are components of net periodic pension cost (income), and NuStar Energy reimburses us for these employee costs. See Note 14 for further details. Cash Distributions Our limited liability company agreement requires that, within 50 days after the end of each quarter, we distribute all of our available cash to the holders of record of our units on the applicable record date. Available cash is defined as all cash on hand at the end of any calendar quarter, less the amount of cash reserves necessary or appropriate, as determined in good faith by our board of directors. The following table summarizes our cash distributions applicable to the period in which the distributions were earned: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars, Except Per Unit Data) Cash distributions per unit $ 2.18 $ 2.18 $ 2.18 Total cash distributions $ 93,561 $ 93,252 $ 92,938 The following table summarizes information related to our quarterly cash distributions: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) December 31, 2015 (a) $ 0.545 $ 23,397 February 8, 2016 February 16, 2016 September 30, 2015 $ 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 (a) The distribution was announced on January 29, 2016 . Rights Agreement On July 19, 2006, we entered into a rights agreement, as amended (the Rights Agreement), under which one preferred unit purchase right (a Right) is attached to each of our outstanding units. The Rights become exercisable under specified circumstances, including if any person or group (an acquiring person) becomes the beneficial owner of 15% or more of our outstanding units, subject to specified exceptions. Each Right entitles the registered holder to purchase from us one one-hundredth of a unit of junior participating preferred units, series I (Preferred Units) at an exercise price of $100, subject to adjustment under specified circumstances. If events specified in the Rights Agreement occur, each holder of Rights other than the acquiring person can exercise their Rights. When a holder exercises a Right, the holder will be entitled to receive units valued at a multiple of the exercise price of the Right specified in the Rights Agreement. In some cases, the holder will receive cash, property or other securities instead of units. We may redeem the Rights for $0.001 per Right at any time prior to the tenth day after a person or group becomes an acquiring person. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Thrift Plans The NuStar Thrift Plan (the Thrift Plan) is a qualified defined contribution plan that became effective June 26, 2006. Participation in the Thrift Plan is voluntary and is open to eligible NuStar GP, LLC employees upon their date of hire. Thrift Plan participants can contribute from 1% up to 30% of their total annual compensation to the Thrift Plan in the form of pre-tax and/or after tax employee contributions. NuStar GP, LLC makes matching contributions in an amount equal to 100% of each participant’s employee contributions up to a maximum of 6% of the participant’s total annual compensation. Our matching contributions to the Thrift Plan for the years ended December 31, 2015 , 2014 and 2013 totaled $6.3 million , $5.9 million and $5.9 million , respectively. NuStar GP, LLC also maintains an excess thrift plan (the Excess Thrift Plan) that became effective July 1, 2006. The Excess Thrift Plan is a nonqualified deferred compensation plan that provides benefits to those employees of NuStar GP, LLC whose compensation and/or annual contributions under the Thrift Plan are subject to the limitations applicable to qualified retirement plans under the Code. Pension and Other Postretirement Benefits The NuStar Pension Plan (the Pension Plan) is a qualified non-contributory defined benefit pension plan that provides eligible employees with retirement income as calculated under a cash balance formula. Under the cash balance formula, benefits are determined based on age, service and interest credits, and employees become fully vested in their benefits upon attaining three years of vesting service. Prior to January 1, 2014, eligible employees were covered under either a cash balance formula or a final average pay formula (FAP). Effective January 1, 2014, the Pension Plan was amended to freeze the FAP benefits as of December 31, 2013, and going forward, all eligible employees are covered under the cash balance formula discussed above. NuStar GP, LLC also maintains an excess pension plan (the Excess Pension Plan) which is a nonqualified deferred compensation plan that provides benefits to a select group of management or other highly compensated employees of NuStar GP, LLC. Neither the Excess Thrift Plan nor the Excess Pension Plan is intended to constitute either a qualified plan under the provisions of Section 401 of the Code or a funded plan subject to the Employee Retirement Income Security Act. NuStar GP, LLC also sponsors a contributory medical benefits plan for employees that retired prior to April 1, 2014. For employees that retire on or after April 1, 2014, we provide partial reimbursement for eligible third-party health care premiums. The Pension Plan, Excess Pension Plan and the supplemental executive retirement plan (the SERP), which has no participants following final payouts in 2014, are collectively referred to as the Pension Plans in the tables and discussion below. We use December 31 as the measurement date for our pension and other postretirement plans. The changes in the benefit obligation, the changes in fair value of plan assets, the funded status and the amounts recognized in our consolidated balance sheet for our Pension Plans and other postretirement benefit plans as of and for the years ended December 31, 2015 and 2014 were as follows: Pension Plans Other Postretirement Benefit Plans 2015 2014 2015 2014 (Thousands of Dollars) Change in benefit obligation: Benefit obligation, January 1 $ 106,848 $ 87,632 $ 10,484 $ 7,154 Service cost 7,676 8,049 470 374 Interest cost 4,389 4,225 448 373 Benefits paid (4,338 ) (9,296 ) (507 ) (341 ) Participants contributions — — 203 206 Actuarial (gain) loss (5,373 ) 16,238 (1,056 ) 2,718 Benefit obligation, December 31 $ 109,202 $ 106,848 $ 10,042 $ 10,484 Change in plan assets: Plan assets at fair value, January 1 $ 83,365 $ 75,573 $ — $ — Actual return on plan assets 645 6,135 — — Company contributions 8,034 10,953 304 135 Benefits paid (4,338 ) (9,296 ) (507 ) (341 ) Participants contributions — — 203 206 Plan assets at fair value, December 31 $ 87,706 $ 83,365 $ — $ — Reconciliation of funded status: Fair value of plan assets at December 31 $ 87,706 $ 83,365 $ — $ — Less: Benefit obligation at December 31 109,202 106,848 10,042 10,484 Funded status at December 31 $ (21,496 ) $ (23,483 ) $ (10,042 ) $ (10,484 ) Amounts recognized in the consolidated balance sheets: Accrued compensation expense $ (71 ) $ (60 ) $ (304 ) $ (304 ) Long-term liabilities (21,425 ) (23,423 ) (9,738 ) (10,180 ) Net pension liability $ (21,496 ) $ (23,483 ) $ (10,042 ) $ (10,484 ) The accumulated benefit obligation is the present value of benefits earned to date, assuming no future salary increases. The aggregate accumulated benefit obligation for our Pension Plans as of December 31, 2015 and 2014 was $108.2 million and $106.2 million , respectively. As of December 31, 2015 and 2014 , the aggregate accumulated benefit obligation for the Pension Plans exceeded plan assets. NuStar Energy reimbursed all costs incurred by us related to these employee benefit plans at cost. The components of net periodic benefit cost (income) related to our Pension Plans and other postretirement benefit plans, which are reimbursed to us by NuStar Energy, were as follows: Pension Plans Other Postretirement Benefit Plans Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 (Thousands of Dollars) Service cost $ 7,676 $ 8,049 $ 16,321 $ 470 $ 374 $ 1,171 Interest cost 4,389 4,225 5,036 448 373 940 Expected return on plan assets (5,018 ) (4,574 ) (4,535 ) — — — Amortization of prior service credit (2,063 ) (2,063 ) (41 ) (1,145 ) (1,145 ) (198 ) Amortization of net loss 1,845 179 2,071 269 114 209 Other (a) — (39 ) 847 — — — Net periodic benefit cost (income) $ 6,829 $ 5,777 $ 19,699 $ 42 $ (284 ) $ 2,122 (a) In 2013, other includes charges for the Pensions Plans related to an Excess Pension settlement, disposition charges and a curtailment gain associated with SERP retirement benefits. Adjustments recognized in other comprehensive (loss) income related to our Pension Plans and other postretirement benefit plans were as follows: Pension Plans Other Postretirement Benefit Plans Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 (Thousands of Dollars) Net unrecognized gain (loss) Net actuarial gain (loss) (a) $ 1,000 $ (14,716 ) $ 24,122 $ 1,056 $ (2,718 ) $ 2,690 Prior service credit — — 24,514 — — 11,822 Net (gain) loss reclassified into income: Amortization of prior service credit (2,063 ) (2,063 ) (41 ) (1,145 ) (1,145 ) (198 ) Amortization of net loss 1,845 179 2,071 269 114 209 Net (gain) loss reclassified into income (218 ) (1,884 ) 2,030 (876 ) (1,031 ) 11 Income tax (expense) benefit (362 ) 5,314 (18,053 ) (382 ) 984 (5,499 ) Total changes in other comprehensive income (loss) $ 420 $ (11,286 ) $ 32,613 $ (202 ) $ (2,765 ) $ 9,024 (a) Net actuarial gain (loss) for the Pension Plans includes an Excess Pension settlement for the year ended December 31, 2013. The amounts recorded as a component of accumulated other comprehensive loss related to our Pension Plans and other postretirement benefit plans were as follows: Pension Plans Other Postretirement Benefit Plans December 31, December 31, 2015 2014 2015 2014 (Thousands of Dollars) Unrecognized actuarial loss (a) $ (21,975 ) $ (24,820 ) $ (3,568 ) $ (4,893 ) Prior service credit (a) 20,727 22,790 11,754 12,899 Deferred tax asset (liability) 1,313 1,675 (3,726 ) (3,344 ) Accumulated other comprehensive income (loss), net of tax $ 65 $ (355 ) $ 4,460 $ 4,662 (a) Represents the balance of accumulated other comprehensive income (loss) that has not been recognized as a component of net periodic benefit cost (income). The following pre-tax amounts in accumulated other comprehensive loss as of December 31, 2015 are expected to be recognized as components of net periodic benefit cost (income) in 2016: Pension Plans Other Postretirement Benefit Plans (Thousands of Dollars) Actuarial loss $ 1,091 $ 181 Prior service credit $ (2,063 ) $ (1,145 ) Investment Policies and Strategies The investment policies and strategies for the assets of our qualified Pension Plan incorporate a well-diversified approach that is expected to earn long-term returns from capital appreciation and a growing stream of current income. This approach recognizes that assets are exposed to risk, and the market value of the Pension Plan’s assets may fluctuate from year to year. Risk tolerance is determined based on NuStar Energy’s financial ability to withstand risk within the investment program and the willingness to accept return volatility. In line with the investment return objective and risk parameters, the Pension Plan’s mix of assets includes a diversified portfolio of equity and fixed-income instruments. The aggregate asset allocation is reviewed on an annual basis. As of December 31, 2015 , the target allocations for plan assets are 65% equity securities and 35% fixed income investments. The overall expected long-term rate of return on plan assets for the Pension Plan is estimated using various models of asset returns. Model assumptions are derived using historical data with the assumption that capital markets are informationally efficient. Three models are used to derive the long-term expected returns for each asset class. Since each method has distinct advantages and disadvantages and differing results, an equal weighted average of the methods’ results is used. Fair Value of Plan Assets We disclose the fair value for each major class of plan assets in the Pension Plan into three levels: Level 1, defined as observable inputs such as quoted prices for identical assets or liabilities in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists. The major classes of plan assets measured at fair value for the Pension Plan, were as follows: December 31, 2015 Level 1 Level 2 Level 3 Total (Thousands of Dollars) Asset class: Cash equivalent securities $ 739 $ — $ — $ 739 Equity securities: U.S. large cap equity fund (a) — 52,086 — 52,086 International stock index fund (b) 8,522 — — 8,522 Fixed income securities: Bond market index fund (c) 26,359 — — 26,359 Total $ 35,620 $ 52,086 $ — $ 87,706 December 31, 2014 Level 1 Level 2 Level 3 Total (Thousands of Dollars) Asset class: Cash equivalent securities $ 1,225 $ — $ — $ 1,225 Equity securities: U.S. large cap equity fund (a) — 50,009 — 50,009 International stock index fund (b) 8,092 — — 8,092 Fixed income securities: Bond market index fund (c) 24,039 — — 24,039 Total $ 33,356 $ 50,009 $ — $ 83,365 (a) This fund is a low-cost equity index fund not actively managed that tracks the S&P 500. Fair values were estimated using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. (b) This fund tracks the performance of the Total International Composite Index. (c) This fund tracks the performance of the Barclays Capital U.S. Aggregate Bond Index. Contributions to the Pension Plans For the year ended December 31, 2015 , we contributed $8.0 million and $0.3 million to the Pension Plans and other postretirement benefit plans, respectively. During 2016, approximately $8.1 million and $0.3 million is expected to be contributed to the Pension Plans and other postretirement benefit plans, respectively, which principally represents contributions either required by regulations or laws, or with respect to unfunded plans, necessary to fund current benefits. Funding for these plans will be provided by NuStar Energy. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the years ending December 31: Pension Plans Other Postretirement Benefit Plans (Thousands of Dollars) 2016 $ 6,131 $ 304 2017 $ 6,767 $ 323 2018 $ 7,265 $ 327 2019 $ 8,202 $ 357 2020 $ 8,586 $ 404 Years 2021-2025 $ 51,786 $ 2,629 Assumptions The weighted-average assumptions used to determine the benefit obligations were as follows: Pension Plans Other Postretirement Benefit Plans December 31, December 31, 2015 2014 2015 2014 Discount rate 4.61 % 4.22 % 4.75 % 4.34 % Rate of compensation increase 3.51 % 3.51 % n/a n/a The weighted-average assumptions used to determine the net periodic benefit cost (income) were as follows: Pension Plans Other Postretirement Benefit Plans Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 Discount rate 4.22 % 5.04 % 4.48 % 4.34 % 5.28 % 4.51 % Expected long-term rate of return on plan assets 6.50 % 6.75 % 6.75 % n/a n/a n/a Rate of compensation increase 3.51 % 3.51 % 3.69 % n/a n/a n/a The assumed health care cost trend rates were as follows: December 31, 2015 2014 Health care cost trend rate assumed for next year 6.81 % 7.46 % Rate to which the cost trend rate was assumed to decrease to (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reached the ultimate trend rate 2026 2022 Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. We sponsor a contributory postretirement health care plan for employees that retired prior to April 1, 2014. The plan has an annual limitation (a cap) on the increase of the employer’s share of the cost of covered benefits. The cap on the increase in employer’s cost is 2.5% per year. The assumed increase in total health care cost exceeds the 2.5% indexed cap, so increasing or decreasing the health care cost trend rate by 1% does not materially change our obligation or expense for the postretirement health care plan. Please refer to Note 18 for a discussion of the employee transfer from NuStar GP, LLC. |
UNIT-BASED COMPENSATION
UNIT-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
UNIT-BASED COMPENSATION | UNIT-BASED COMPENSATION As of December 31, 2015 , we sponsored the following long-term incentive plans: • The Fourth Amended and Restated 2000 Long-Term Incentive Plan (the 2000 LTIP), under which NuStar GP, LLC may award up to 3,250,000 NS common units. Awards under the 2000 LTIP can include NS unit options, restricted units, performance awards, distribution equivalent rights (DER) and contractual rights to receive common units. As of December 31, 2015 , NS common units that remained available to be awarded totaled 1,260,634 under the 2000 LTIP. • The 2006 Long-Term Incentive Plan (the 2006 LTIP) under which NuStar GP Holdings may award up to 2,000,000 NSH units to our employees, consultants and directors who perform services for us or our affiliates. Awards under the 2006 LTIP can include NSH unit options, performance awards, DER, restricted units, phantom units, unit grants and unit appreciation rights. As of December 31, 2015 , a total of 1,492,327 NSH units remained available to be awarded under the 2006 LTIP. The 2003 Employee Unit Incentive Plan (the UIP), under which NuStar GP, LLC awarded NS common units to employees of NuStar GP, LLC or its affiliates, terminated on June 16, 2013. We purchased NS common units as needed to satisfy awards granted under the 2000 LTIP and the UIP. The number of awards granted under the above-noted plans were as follows: Year Ended December 31, Vesting 2015 2014 2013 2000 LTIP: Performance awards (a) 29,633 28,841 38,786 Restricted units (b) 1/5 per year 250,563 208,714 269,182 Restricted units (grants to non-employee directors of NuStar GP, LLC) 1/3 per year 7,553 7,009 8,904 2006 LTIP: Restricted units 1/5 per year 26,240 16,895 18,620 Restricted units (grants to non-employee directors of NuStar GP Holdings) (c) 1/3 per year 12,814 8,911 13,183 (a) Performance awards vest 1/3 per year if certain performance measures are met, as defined in the award agreements. (b) The 2000 LTIP restricted unit grants include 2,835 , 2,844 and 3,882 restricted unit awards granted to certain international employees for the years ended December 31, 2015 , 2014 and 2013 , respectively, that vest 1/3 per year, as defined in the award agreements. (c) Expenses resulting from our awards to non-employee directors are not reimbursed by NuStar Energy and are included in “General and administrative expenses” on our consolidated statements of comprehensive income. As of December 31, 2015 and 2014 , we had accrued $3.8 million and $5.4 million , respectively, for the outstanding awards of NS performance awards and restricted units in “Accrued compensation expense” on our consolidated balance sheets. The following table summarizes information pertaining to long-term incentive plan compensation expenses: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Long-term incentive plan compensation expense charged to NuStar Energy $ 6,397 $ 10,934 $ 7,369 Expenses resulting from NuStar GP Holdings awards to non-employee directors $ 239 $ 129 $ 19 Unit Options Under the terms of the 2006 LTIP, the exercise price of options granted is not less than the fair market value of our common units on the date of grant. Options become exercisable pursuant to the individual written agreements between the participants and us, usually in five equal annual installments beginning at the date of grant, with unexercised options expiring seven to ten years from the date of grant. The fair value of each NSH unit option grant was estimated using the Black-Scholes option-pricing model on the grant date. The expected life of NSH unit options granted is the period of time from the grant date to the date of expected exercise or other expected settlement. Expected volatility for NSH unit options is based on closing prices of NSH common units for periods corresponding to the life of options granted. Expected distribution yield is based on annualized distributions at the grant date for NSH unit options. The risk-free interest rate used is the implied yield currently available from the U.S. Treasury zero-coupon issues with a remaining term equal to the expected life of the options at the grant date for NSH unit options. On November 16, 2007, we granted 324,100 NSH unit options at $31.55, which was our only grant of options under the 2006 LTIP. These options expired seven years after the grant date and vested in annual one-third increments beginning on November 16, 2010. There were no NSH unit options outstanding and exercisable as of December 31, 2015 and 2014 . The number of NSH unit options exercised during the years ended December 31, 2014 and 2013 was 289,100 and 11,666 , respectively. The total intrinsic value of the unit options exercised during the years ended December 31, 2014 and 2013 was $2.8 million and $0.1 million , respectively. Restricted Units The following table summarizes information related to outstanding NSH restricted units awarded under the 2006 LTIP: Restricted Unit Grants to Employees Restricted Unit Grants to Non- Employee Directors Total Weighted- Average Grant-Date Fair Value Per Unit Balance as of January 1, 2015 39,090 20,425 59,515 $ 31.13 Granted 26,240 12,814 39,054 $ 23.80 Vested (11,403 ) (10,086 ) (21,489 ) $ 30.80 Balance as of December 31, 2015 53,927 23,153 77,080 $ 27.51 The weighted-average grant-date fair value of NSH restricted units granted during the years ended December 31, 2015 , 2014 and 2013 was $23.80 , $34.22 and $27.87 per unit, respectively. The total fair value of NSH restricted units that vested during the years ended December 31, 2015 , 2014 and 2013 was $0.4 million , $0.7 million and $1.5 million , respectively. Please refer to Note 18 for a discussion of the employee transfer from NuStar GP, LLC. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Components of income tax (expense) benefit were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Current: U.S. federal $ — $ 1,123 $ — U.S. state 51 42 (368 ) Total current 51 1,165 (368 ) Deferred: U.S. federal (940 ) 415 (599 ) U.S. state (12 ) 206 175 Total deferred (952 ) 621 (424 ) Total income tax (expense) benefit $ (901 ) $ 1,786 $ (792 ) The difference between income tax expense recorded in our consolidated statements of income and income taxes computed by applying the statutory federal income tax rate ( 35% for all years presented) to income before income tax expense is due to the fact that the majority of our income is not subject to federal income tax based on our status as a limited liability company. The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows: December 31, 2015 2014 (Thousands of Dollars) Deferred income tax assets: Unit/option compensation $ 2,115 $ 2,708 Pension 7,561 5,459 Capital loss 1,290 590 Other state 14 39 Net operating loss 4,346 4,419 Foreign tax credits 69 66 Total deferred income tax assets 15,395 13,281 Less: Valuation allowance (1,359 ) — Net deferred income tax assets 14,036 13,281 Deferred income tax liabilities: Investment in Riverwalk Logistics, L.P. and NuStar Energy (249 ) (216 ) Other employee benefits (11,189 ) (8,771 ) Deferred income tax liabilities (11,438 ) (8,987 ) Total net deferred income tax assets $ 2,598 $ 4,294 Reported on the consolidated balance sheets as: Deferred income tax assets, net (current) $ — $ 724 Deferred income tax assets, net (long-term) 5,258 3,570 Deferred income tax liabilities, net (current) (2,660 ) — Total net deferred income tax assets $ 2,598 $ 4,294 As of December 31, 2015 , our U.S. corporate operations have net operating loss carryforwards and capital loss carryforwards for tax purposes totaling approximately $12.4 million and $3.7 million , respectively, which are subject to a twenty-year and a five-year carryforward limitation , respectively, and are set to expire in 2031 and 2017 , respectively. As of December 31, 2015 , we recorded a valuation allowance of $1.4 million related to our deferred tax assets. We estimate the amount of valuation allowance based upon our expectations of taxable income and the period over which we can utilize those future deductions. The valuation allowance reflects uncertainties related to our ability to utilize certain capital loss carryforwards before they expire. The realization of deferred income tax assets recorded as of December 31, 2015 is dependent upon our ability to generate future taxable income in the United States. We believe it is more likely than not that the deferred income tax assets as of December 31, 2015 will be realized, based upon expected future taxable income and potential tax planning strategies. |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) The following table summarizes quarterly financial data for the years ended December 31, 2015 and 2014 : First Quarter Second Quarter Third Quarter Fourth Quarter Total (Thousands of Dollars, Except Per Unit Data) 2015: Net income $ 26,805 $ 15,527 $ 16,917 $ 12,959 $ 72,208 Basic and diluted net income per unit 0.62 0.37 0.39 0.30 1.68 Cash distributions per unit applicable to limited partners 0.545 0.545 0.545 0.545 2.180 2014: Net income $ 13,646 $ 15,768 $ 17,639 $ 14,374 $ 61,427 Basic and diluted net income per unit 0.32 0.37 0.41 0.34 1.44 Cash distributions per unit applicable to limited partners 0.545 0.545 0.545 0.545 2.180 |
SUBSEQUENT EVENT (Notes)
SUBSEQUENT EVENT (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT On March 1, 2016, NuStar GP, LLC intends to transfer and assign to NuStar Services Company LLC, a wholly owned subsidiary of NuStar Energy, all of its employees and related benefit plans. Following the transfer of employees, NuStar Energy will pay employee costs directly and sponsor the following related employee benefit plans, among others: • The NuStar Thrift Plan (the Thrift Plan), a qualified employee profit-sharing plan; • The NuStar Pension Plan, a qualified non-contributory defined benefit pension plan; • The NuStar Excess Thrift Plan, a benefit plan to those employees whose compensation and/or annual contributions under the Thrift Plan are subject to the limitations applicable to qualified retirement plans; • The NuStar Excess Pension Plan, a benefit plan to a select group of management or other highly compensated employees; and • The NuStar GP, LLC Retiree Welfare Benefits Plan, a medical benefits plan for certain retired employees. We do not expect this transfer of employees and related benefit plans to materially change our results of operations since NuStar Energy currently reimburses us for nearly all of NuStar GP, LLC’s employee costs. However, our consolidated balance sheet will no longer reflect employee-related payables or the corresponding receivables from NuStar Energy. On January 28, 2016, at a special meeting of unitholders, NuStar Energy’s unitholders approved the Fifth Amended and Restated 2000 Long-Term Incentive Plan (the Amended Plan), which, among other items, provided that NuStar Energy could use newly issued units from NuStar Energy to satisfy unit awards. At the time of the transfer of employees, NuStar Services Company LLC will assume obligations associated therewith, including all outstanding awards, and NuStar Energy intends to satisfy substantively all of the vestings of such awards with newly issued units of Nustar Energy. |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The accompanying consolidated financial statements include the accounts of NuStar GP Holdings and subsidiaries in which it has a controlling interest. Intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, management reviews their estimates based on currently available information. Management may revise estimates due to changes in facts and circumstances. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are all highly liquid investments with an original maturity of three months or less when acquired. |
Investment in NuStar Energy | Investment in NuStar Energy We account for our 14.9% investment in NuStar Energy using the equity method, even though our ownership did not exceed 20% as of December 31, 2015 . As the general partner, we exercise significant influence over NuStar Energy. We evaluate our investment in NuStar Energy for impairment when there is evidence that we may not be able to recover the carrying amount of our investment or that the investee is unable to sustain an earnings capacity that justifies the carrying amount. We recognize a loss in the value of our investment that is other than a temporary decline currently in earnings based on the difference between the estimated current fair value of the investment and our carrying amount. We believe that the carrying amount of our investment in NuStar Energy as of December 31, 2015 is recoverable. |
Accounting for Sales of Units by NuStar Energy | Accounting for Sales of Units by NuStar Energy We account for issuances of common units by NuStar Energy as if we had sold a proportionate share of our investment, such that we record any gain or loss in earnings. |
Income Taxes | Income Taxes We are a limited liability company taxed as a partnership and generally are not subject to federal or state income taxes. Accordingly, our taxable income or loss, which may vary substantially from income or loss reported for financial reporting purposes, is generally included in the federal and state income tax returns of our unitholders. For transfers of publicly held units subsequent to our initial public offering, we have made an election permitted by Section 754 of the Internal Revenue Code (the Code) to adjust the common unit purchaser’s tax basis in our underlying assets to reflect the purchase price of the units. This results in an allocation of taxable income and expenses to the purchaser of the common units, including depreciation deductions and gains and losses on sales of assets, based upon the new unitholder’s purchase price for the common units. On August 14, 2006, NuStar GP, LLC, our wholly owned subsidiary, elected to be treated as a corporation for federal income tax purposes under Treasury Regulation §301.7701-3(a). We account for income taxes under the asset and liability method. Under this method, we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred taxes using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. Income tax expense includes federal and state income and withholding taxes currently payable and deferred federal and state income taxes resulting from temporary differences between financial statement and tax bases of assets and liabilities when such differences exist. We, or certain of our subsidiaries, file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. For U.S. federal and state purposes, tax years subject to examination are 2011 through 2014, according to standard statute of limitations . We recognize a tax position if it is more likely than not that the tax position will be sustained, based on the technical merits of the position, upon examination. We record uncertain tax positions in the financial statements at the largest amount of benefit that is more likely than not to be realized. We had no unrecognized tax benefits as of December 31, 2015 and 2014 . |
Unit-Based Compensation | Unit-Based Compensation We account for awards of NS unit options, performance awards and restricted units to employees and directors of NuStar GP, LLC and its affiliates at fair value, whereby a liability for the award is initially recorded and subsequent changes in the fair value are included in the determination of net income. The fair value of NS unit options is determined using the Black-Scholes model at each reporting date. The fair value of NS restricted units and performance awards equals the market price of NS common units at each reporting date. However, performance awards are earned only upon NuStar Energy’s achievement of an objective performance measure. We record compensation expense each reporting period such that the cumulative compensation expense equals the portion of the award’s current fair value that has vested. We record compensation expense related to NS unit options until such options are exercised, and we record compensation expense for NS restricted units and performance awards until the date of vesting. We account for awards of NSH restricted units and unit options granted to employees of NuStar GP, LLC and our directors based on the fair value of the awards at the grant date. The fair value of NSH unit options is determined using the Black-Scholes model at the grant date, and the fair value of the NSH restricted units equals the market price of NSH common units at the grant date. Compensation expense for NSH restricted units and unit options is recognized ratably over the vesting period based on the initial fair value determination. The liability for awards of NS unit options, performance awards and restricted units is included in “Accrued compensation expense” on our consolidated balance sheets. NuStar Energy reimburses us for the expenses resulting from NS awards and NSH awards to employees providing services to NuStar Energy. Expenses resulting from NSH awards to our non-employee directors are included in “General and administrative expenses” on our consolidated statements of comprehensive income. Under these long-term incentive plans, certain awards provide that the grantee’s award vests immediately upon retirement. Compensation expense is recognized immediately if these awards are granted to retirement-eligible employees, as defined in each award. In addition, if, during a vesting period of a grant, the grantee will become retirement-eligible, then compensation expense associated with the grant is recognized from the grant date through the grantee’s retirement eligibility date. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits We recognize the overfunded or underfunded status of our defined benefit pension or postretirement plans as an asset or a liability as of the balance sheet dates. We record changes in the funded status of our plans as a component of comprehensive income (loss) in the year the changes occur. |
INVESTMENT IN NUSTAR ENERGY (Ta
INVESTMENT IN NUSTAR ENERGY (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 2014 (Thousands of Dollars) Balance Sheet Information: Current assets $ 333,851 $ 389,147 Property, plant and equipment, net 3,683,571 3,460,732 Goodwill 696,637 617,429 Other non-current assets 435,203 451,488 Total assets $ 5,149,262 $ 4,918,796 Current liabilities $ 332,213 $ 365,192 Long-term debt 3,079,349 2,749,452 Other non-current liabilities 127,856 87,942 Total liabilities 3,539,418 3,202,586 NuStar Energy partners’ equity 1,609,844 1,716,210 Total liabilities and partners’ equity $ 5,149,262 $ 4,918,796 |
NuStar Energy's Statement of Income (Loss) Information | Condensed consolidated financial information reported by NuStar Energy is presented below: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Statement of Income Information: Revenues $ 2,084,040 $ 3,075,118 $ 3,463,732 Operating income $ 390,704 $ 346,901 $ (19,121 ) Income from continuing operations $ 305,946 $ 214,169 $ (185,509 ) Income (loss) from discontinued operations, net of tax 774 (3,791 ) (99,162 ) Net income $ 306,720 $ 210,378 $ (284,671 ) |
Reconciliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | Our investment in NuStar Energy reconciles to NuStar Energy’s total partners’ equity as follows: December 31, 2015 2014 (Thousands of Dollars) NuStar Energy’s partners’ equity $ 1,609,844 $ 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 239,867 255,715 Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other 66,827 71,267 Investment in NuStar Energy $ 306,694 $ 326,982 |
Summary of Equity in Earnings (Loss) of NuStar Energy | The following table summarizes our equity in earnings (loss) of NuStar Energy: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) NuStar GP Holdings’ Equity in Earnings (Loss) of NuStar Energy: General partner interest $ 5,270 $ 3,352 $ (6,338 ) General partner incentive distribution 43,220 43,220 43,220 General partner’s interest in earnings and incentive distributions of NuStar Energy 48,490 46,572 36,882 Limited partner interest in earnings (loss) of NuStar Energy 34,067 21,692 (40,739 ) Amortization of step-up in basis related to NuStar Energy’s assets and liabilities (2,884 ) (2,884 ) (2,884 ) Equity in earnings (loss) of NuStar Energy $ 79,673 $ 65,380 $ (6,741 ) |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of total related party transactions | The following table summarizes information pertaining to related party transactions reimbursed primarily by NuStar Energy: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Expenses for payroll, employee benefit plans and unit-based compensation $ 201,852 $ 197,745 $ 190,643 Other expenses $ 484 $ 482 $ 434 |
DISTRIBUTIONS FROM NUSTAR ENE28
DISTRIBUTIONS FROM NUSTAR ENERGY (Tables) - NuStar Energy [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Distributions To General and Limited Partners | The following table reflects the allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars, Except Per Unit Data) General partner interest $ 7,844 $ 7,844 $ 7,844 General partner incentive distribution 43,220 43,220 43,220 Total general partner distribution 51,064 51,064 51,064 Limited partner distribution 45,073 44,974 44,975 Total distributions to NuStar GP Holdings 96,137 96,038 96,039 Public unitholders’ distributions 296,067 296,166 296,165 Total cash distributions $ 392,204 $ 392,204 $ 392,204 Cash distributions per unit applicable to limited partners $ 4.380 $ 4.380 $ 4.380 |
Distributions Made to Limited Partner, by Distribution | The following table summarizes information related to NuStar Energy’s quarterly cash distributions: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) December 31, 2015 (a) $ 1.095 $ 98,051 February 8, 2016 February 12, 2016 September 30, 2015 $ 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 (a) The distribution was announced on January 29, 2016 . |
ACCRUED COMPENSATION EXPENSE 29
ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES [Abstract] | |
Schedule of Accrued Compensation Expense and Long-term Liabilities | Accrued compensation expense and long-term liabilities consisted of the following: Accrued Compensation Expense Long-term Liabilities December 31, December 31, 2015 2014 2015 2014 (Thousands of Dollars) NuStar Energy restricted units and performance awards $ 3,794 $ 5,369 $ — $ — Pension liabilities (Note 14) 71 60 21,425 23,423 Other postretirement benefit plan liabilities (Note 14) 304 304 9,738 10,180 Other employee-related liabilities 4,821 4,211 1,696 1,959 Total $ 8,990 $ 9,944 $ 32,859 $ 35,562 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 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 and are reported in “Accrued compensation expense” on the consolidated balance sheets: Level 1 Level 2 Level 3 Total (Thousands of Dollars) December 31, 2015: NuStar Energy restricted units and performance awards $ 3,794 $ — $ — $ 3,794 December 31, 2014: NuStar Energy restricted units and performance awards $ 5,369 $ — $ — $ 5,369 |
STATEMENTS OF CASH FLOWS (Table
STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Statement of Cash Flows [Abstract] | |
Changes in current assets and current liabilities | Changes in current assets and current liabilities were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Decrease (increase) in current assets: Receivable from related parties $ 1,134 $ 105 $ 338 Income tax receivable (1 ) (13 ) 1,252 Other receivables 22 (14 ) 70 Other current assets (8 ) (407 ) (187 ) Increase (decrease) in current liabilities: Accounts payable 16 296 (678 ) Accrued compensation expense (954 ) (2,374 ) (4,743 ) Accrued liabilities (97 ) (99 ) 107 Taxes other than income tax 184 236 (159 ) Changes in current assets and current liabilities $ 296 $ (2,270 ) $ (4,000 ) |
Cash flows related to interest and income tax | Cash flows related to interest and income tax were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Cash paid for interest $ 736 $ 684 $ 561 Cash refunded for income tax, net $ (50 ) $ (1,149 ) $ (885 ) |
NET INCOME (LOSS) PER UNIT (Tab
NET INCOME (LOSS) PER UNIT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Unit amounts used in the computation of basic and diluted net income (loss) per unit | Unit amounts used in the computation of basic and diluted net income (loss) per unit were as follows: Year Ended December 31, 2015 2014 2013 Basic units outstanding: Weighted-average number of basic units outstanding 42,914,297 42,719,217 42,619,722 Diluted units outstanding: Weighted-average number of basic units outstanding 42,914,297 42,719,217 42,619,722 Effect of dilutive securities — 22,985 — Weighted-average number of diluted units outstanding 42,914,297 42,742,202 42,619,722 |
MEMBERS' EQUITY (Tables)
MEMBERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Members' Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents 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, 2013 $ (8,743 ) $ (23,279 ) $ (32,022 ) Other comprehensive (loss) income before reclassification adjustments (674 ) 39,596 38,922 Amounts reclassified to general and administrative expenses (a) — 2,041 2,041 Other comprehensive (loss) income (674 ) 41,637 40,963 Balance as of December 31, 2013 (9,417 ) 18,358 8,941 Other comprehensive loss before reclassification adjustments (665 ) (11,136 ) (11,801 ) Amounts reclassified to general and administrative expenses (a) — (2,915 ) (2,915 ) Other comprehensive loss (665 ) (14,051 ) (14,716 ) Balance as of December 31, 2014 (10,082 ) 4,307 (5,775 ) Other comprehensive (loss) income before reclassification adjustments (3,107 ) 1,312 (1,795 ) Amounts reclassified to general and administrative expenses (a) — (1,094 ) (1,094 ) Other comprehensive (loss) income (3,107 ) 218 (2,889 ) Balance as of December 31, 2015 $ (13,189 ) $ 4,525 $ (8,664 ) (a) These amounts are components of net periodic pension cost (income), and NuStar Energy reimburses us for these employee costs. See Note 14 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: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars, Except Per Unit Data) Cash distributions per unit $ 2.18 $ 2.18 $ 2.18 Total cash distributions $ 93,561 $ 93,252 $ 92,938 |
Distributions Made to Limited Liability Company (LLC) Member, by Distribution | The following table summarizes information related to our quarterly cash distributions: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) December 31, 2015 (a) $ 0.545 $ 23,397 February 8, 2016 February 16, 2016 September 30, 2015 $ 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 (a) The distribution was announced on January 29, 2016 . |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Disclosures for our Pension Plans and other postretirement benefit plans | The changes in the benefit obligation, the changes in fair value of plan assets, the funded status and the amounts recognized in our consolidated balance sheet for our Pension Plans and other postretirement benefit plans as of and for the years ended December 31, 2015 and 2014 were as follows: Pension Plans Other Postretirement Benefit Plans 2015 2014 2015 2014 (Thousands of Dollars) Change in benefit obligation: Benefit obligation, January 1 $ 106,848 $ 87,632 $ 10,484 $ 7,154 Service cost 7,676 8,049 470 374 Interest cost 4,389 4,225 448 373 Benefits paid (4,338 ) (9,296 ) (507 ) (341 ) Participants contributions — — 203 206 Actuarial (gain) loss (5,373 ) 16,238 (1,056 ) 2,718 Benefit obligation, December 31 $ 109,202 $ 106,848 $ 10,042 $ 10,484 Change in plan assets: Plan assets at fair value, January 1 $ 83,365 $ 75,573 $ — $ — Actual return on plan assets 645 6,135 — — Company contributions 8,034 10,953 304 135 Benefits paid (4,338 ) (9,296 ) (507 ) (341 ) Participants contributions — — 203 206 Plan assets at fair value, December 31 $ 87,706 $ 83,365 $ — $ — Reconciliation of funded status: Fair value of plan assets at December 31 $ 87,706 $ 83,365 $ — $ — Less: Benefit obligation at December 31 109,202 106,848 10,042 10,484 Funded status at December 31 $ (21,496 ) $ (23,483 ) $ (10,042 ) $ (10,484 ) Amounts recognized in the consolidated balance sheets: Accrued compensation expense $ (71 ) $ (60 ) $ (304 ) $ (304 ) Long-term liabilities (21,425 ) (23,423 ) (9,738 ) (10,180 ) Net pension liability $ (21,496 ) $ (23,483 ) $ (10,042 ) $ (10,484 ) |
The components of net periodic benefit cost (income) | The components of net periodic benefit cost (income) related to our Pension Plans and other postretirement benefit plans, which are reimbursed to us by NuStar Energy, were as follows: Pension Plans Other Postretirement Benefit Plans Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 (Thousands of Dollars) Service cost $ 7,676 $ 8,049 $ 16,321 $ 470 $ 374 $ 1,171 Interest cost 4,389 4,225 5,036 448 373 940 Expected return on plan assets (5,018 ) (4,574 ) (4,535 ) — — — Amortization of prior service credit (2,063 ) (2,063 ) (41 ) (1,145 ) (1,145 ) (198 ) Amortization of net loss 1,845 179 2,071 269 114 209 Other (a) — (39 ) 847 — — — Net periodic benefit cost (income) $ 6,829 $ 5,777 $ 19,699 $ 42 $ (284 ) $ 2,122 (a) In 2013, other includes charges for the Pensions Plans related to an Excess Pension settlement, disposition charges and a curtailment gain associated with SERP retirement benefits. |
Adjustments recognized in other comprehensive (loss) income | Adjustments recognized in other comprehensive (loss) income related to our Pension Plans and other postretirement benefit plans were as follows: Pension Plans Other Postretirement Benefit Plans Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 (Thousands of Dollars) Net unrecognized gain (loss) Net actuarial gain (loss) (a) $ 1,000 $ (14,716 ) $ 24,122 $ 1,056 $ (2,718 ) $ 2,690 Prior service credit — — 24,514 — — 11,822 Net (gain) loss reclassified into income: Amortization of prior service credit (2,063 ) (2,063 ) (41 ) (1,145 ) (1,145 ) (198 ) Amortization of net loss 1,845 179 2,071 269 114 209 Net (gain) loss reclassified into income (218 ) (1,884 ) 2,030 (876 ) (1,031 ) 11 Income tax (expense) benefit (362 ) 5,314 (18,053 ) (382 ) 984 (5,499 ) Total changes in other comprehensive income (loss) $ 420 $ (11,286 ) $ 32,613 $ (202 ) $ (2,765 ) $ 9,024 (a) Net actuarial gain (loss) for the Pension Plans includes an Excess Pension settlement for the year ended December 31, 2013. |
The amounts recorded as a component of accumulated other comprehensive (loss) income | The amounts recorded as a component of accumulated other comprehensive loss related to our Pension Plans and other postretirement benefit plans were as follows: Pension Plans Other Postretirement Benefit Plans December 31, December 31, 2015 2014 2015 2014 (Thousands of Dollars) Unrecognized actuarial loss (a) $ (21,975 ) $ (24,820 ) $ (3,568 ) $ (4,893 ) Prior service credit (a) 20,727 22,790 11,754 12,899 Deferred tax asset (liability) 1,313 1,675 (3,726 ) (3,344 ) Accumulated other comprehensive income (loss), net of tax $ 65 $ (355 ) $ 4,460 $ 4,662 (a) Represents the balance of accumulated other comprehensive income (loss) that has not been recognized as a component of net periodic benefit cost (income). |
Schedule of pre-tax amounts in accumulated other comprehensive loss to be recognized over next fiscal year | The following pre-tax amounts in accumulated other comprehensive loss as of December 31, 2015 are expected to be recognized as components of net periodic benefit cost (income) in 2016: Pension Plans Other Postretirement Benefit Plans (Thousands of Dollars) Actuarial loss $ 1,091 $ 181 Prior service credit $ (2,063 ) $ (1,145 ) |
Schedule of fair value of plan assets | The major classes of plan assets measured at fair value for the Pension Plan, were as follows: December 31, 2015 Level 1 Level 2 Level 3 Total (Thousands of Dollars) Asset class: Cash equivalent securities $ 739 $ — $ — $ 739 Equity securities: U.S. large cap equity fund (a) — 52,086 — 52,086 International stock index fund (b) 8,522 — — 8,522 Fixed income securities: Bond market index fund (c) 26,359 — — 26,359 Total $ 35,620 $ 52,086 $ — $ 87,706 December 31, 2014 Level 1 Level 2 Level 3 Total (Thousands of Dollars) Asset class: Cash equivalent securities $ 1,225 $ — $ — $ 1,225 Equity securities: U.S. large cap equity fund (a) — 50,009 — 50,009 International stock index fund (b) 8,092 — — 8,092 Fixed income securities: Bond market index fund (c) 24,039 — — 24,039 Total $ 33,356 $ 50,009 $ — $ 83,365 (a) This fund is a low-cost equity index fund not actively managed that tracks the S&P 500. Fair values were estimated using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. (b) This fund tracks the performance of the Total International Composite Index. (c) This fund tracks the performance of the Barclays Capital U.S. Aggregate Bond Index. |
Schedule of expected benefit payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the years ending December 31: Pension Plans Other Postretirement Benefit Plans (Thousands of Dollars) 2016 $ 6,131 $ 304 2017 $ 6,767 $ 323 2018 $ 7,265 $ 327 2019 $ 8,202 $ 357 2020 $ 8,586 $ 404 Years 2021-2025 $ 51,786 $ 2,629 |
Assumptions used to determine the benefit obligations | The weighted-average assumptions used to determine the benefit obligations were as follows: Pension Plans Other Postretirement Benefit Plans December 31, December 31, 2015 2014 2015 2014 Discount rate 4.61 % 4.22 % 4.75 % 4.34 % Rate of compensation increase 3.51 % 3.51 % n/a n/a |
Assumptions used to determine the net periodic benefit cost (income) | The weighted-average assumptions used to determine the net periodic benefit cost (income) were as follows: Pension Plans Other Postretirement Benefit Plans Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 Discount rate 4.22 % 5.04 % 4.48 % 4.34 % 5.28 % 4.51 % Expected long-term rate of return on plan assets 6.50 % 6.75 % 6.75 % n/a n/a n/a Rate of compensation increase 3.51 % 3.51 % 3.69 % n/a n/a n/a |
Schedule of assumed health care cost trend rates | The assumed health care cost trend rates were as follows: December 31, 2015 2014 Health care cost trend rate assumed for next year 6.81 % 7.46 % Rate to which the cost trend rate was assumed to decrease to (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reached the ultimate trend rate 2026 2022 |
UNIT-BASED COMPENSATION (Tables
UNIT-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
The number of awards granted under long-term incentive plans | The number of awards granted under the above-noted plans were as follows: Year Ended December 31, Vesting 2015 2014 2013 2000 LTIP: Performance awards (a) 29,633 28,841 38,786 Restricted units (b) 1/5 per year 250,563 208,714 269,182 Restricted units (grants to non-employee directors of NuStar GP, LLC) 1/3 per year 7,553 7,009 8,904 2006 LTIP: Restricted units 1/5 per year 26,240 16,895 18,620 Restricted units (grants to non-employee directors of NuStar GP Holdings) (c) 1/3 per year 12,814 8,911 13,183 (a) Performance awards vest 1/3 per year if certain performance measures are met, as defined in the award agreements. (b) The 2000 LTIP restricted unit grants include 2,835 , 2,844 and 3,882 restricted unit awards granted to certain international employees for the years ended December 31, 2015 , 2014 and 2013 , respectively, that vest 1/3 per year, as defined in the award agreements. (c) Expenses resulting from our awards to non-employee directors are not reimbursed by NuStar Energy and are included in “General and administrative expenses” on our consolidated statements of comprehensive income. |
Summary of long-term incentive plan compensation expenses | The following table summarizes information pertaining to long-term incentive plan compensation expenses: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Long-term incentive plan compensation expense charged to NuStar Energy $ 6,397 $ 10,934 $ 7,369 Expenses resulting from NuStar GP Holdings awards to non-employee directors $ 239 $ 129 $ 19 |
NSH restricted units award activity | The following table summarizes information related to outstanding NSH restricted units awarded under the 2006 LTIP: Restricted Unit Grants to Employees Restricted Unit Grants to Non- Employee Directors Total Weighted- Average Grant-Date Fair Value Per Unit Balance as of January 1, 2015 39,090 20,425 59,515 $ 31.13 Granted 26,240 12,814 39,054 $ 23.80 Vested (11,403 ) (10,086 ) (21,489 ) $ 30.80 Balance as of December 31, 2015 53,927 23,153 77,080 $ 27.51 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of income tax (expense) benefit | Components of income tax (expense) benefit were as follows: Year Ended December 31, 2015 2014 2013 (Thousands of Dollars) Current: U.S. federal $ — $ 1,123 $ — U.S. state 51 42 (368 ) Total current 51 1,165 (368 ) Deferred: U.S. federal (940 ) 415 (599 ) U.S. state (12 ) 206 175 Total deferred (952 ) 621 (424 ) Total income tax (expense) benefit $ (901 ) $ 1,786 $ (792 ) |
The tax effects of significant temporary differences representing deferred income tax assets and liabilities | The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows: December 31, 2015 2014 (Thousands of Dollars) Deferred income tax assets: Unit/option compensation $ 2,115 $ 2,708 Pension 7,561 5,459 Capital loss 1,290 590 Other state 14 39 Net operating loss 4,346 4,419 Foreign tax credits 69 66 Total deferred income tax assets 15,395 13,281 Less: Valuation allowance (1,359 ) — Net deferred income tax assets 14,036 13,281 Deferred income tax liabilities: Investment in Riverwalk Logistics, L.P. and NuStar Energy (249 ) (216 ) Other employee benefits (11,189 ) (8,771 ) Deferred income tax liabilities (11,438 ) (8,987 ) Total net deferred income tax assets $ 2,598 $ 4,294 Reported on the consolidated balance sheets as: Deferred income tax assets, net (current) $ — $ 724 Deferred income tax assets, net (long-term) 5,258 3,570 Deferred income tax liabilities, net (current) (2,660 ) — Total net deferred income tax assets $ 2,598 $ 4,294 |
QUARTERLY FINANCIAL DATA (UNA37
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | The following table summarizes quarterly financial data for the years ended December 31, 2015 and 2014 : First Quarter Second Quarter Third Quarter Fourth Quarter Total (Thousands of Dollars, Except Per Unit Data) 2015: Net income $ 26,805 $ 15,527 $ 16,917 $ 12,959 $ 72,208 Basic and diluted net income per unit 0.62 0.37 0.39 0.30 1.68 Cash distributions per unit applicable to limited partners 0.545 0.545 0.545 0.545 2.180 2014: Net income $ 13,646 $ 15,768 $ 17,639 $ 14,374 $ 61,427 Basic and diluted net income per unit 0.32 0.37 0.41 0.34 1.44 Cash distributions per unit applicable to limited partners 0.545 0.545 0.545 0.545 2.180 |
ORGANIZATION Narrative (Details
ORGANIZATION Narrative (Details) | 12 Months Ended |
Dec. 31, 2015shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percent ownership in NuStar Energy | 14.90% |
General partner interest percentage | 2.00% |
Percent of incentive distribution rights issued by NuStar Energy | 100.00% |
Incentive distribution rights maximum cash percentage | 23.00% |
Common units of NuStar Energy | 10,252,660 |
Percent of limited partner interest | 12.90% |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Percent ownership in NuStar Energy | 14.90% | |
Equity Method Investment, Additional Information | 0.2 | |
Tax Years Subject to Examination | We, or certain of our subsidiaries, file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. For U.S. federal and state purposes, tax years subject to examination are 2011 through 2014, according to standard statute of limitations | |
Unrecognized Tax Benefits | $ 0 | $ 0 |
INVESTMENT IN NUSTAR ENERGY Nar
INVESTMENT IN NUSTAR ENERGY Narrative 1 (Details) - NuStar Energy [Member] - USD ($) | Jan. 01, 2013 | Jan. 02, 2015 | Feb. 26, 2014 |
Axeon [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage by acquiring entity | 50.00% | ||
San Antonio Refinery Sale [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
NuStar Energy's proceeds from sale or disposition of assets | $ 117,000,000 | ||
Linden Acquisition [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment acquisition, ownership interest before transaction | 50.00% | ||
NuStar Energy's purchase price of acquired entity | $ 142,500,000 |
INVESTMENT IN NUSTAR ENERGY Tab
INVESTMENT IN NUSTAR ENERGY Table 1 (Details) - NuStar Energy [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ||
Current assets | $ 333,851 | $ 389,147 |
Property, plant and equipment, net | 3,683,571 | 3,460,732 |
Goodwill | 696,637 | 617,429 |
Other non-current assets | 435,203 | 451,488 |
Total assets | 5,149,262 | 4,918,796 |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] | ||
Current liabilities | 332,213 | 365,192 |
Long-term debt | 3,079,349 | 2,749,452 |
Other non-current liabilities | 127,856 | 87,942 |
Total liabilities | 3,539,418 | 3,202,586 |
NuStar Energy partners' equity | 1,609,844 | 1,716,210 |
Total liabilities and partners’ equity | $ 5,149,262 | $ 4,918,796 |
INVESTMENT IN NUSTAR ENERGY T42
INVESTMENT IN NUSTAR ENERGY Table 2 (Details) - NuStar Energy [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Income Information: | |||
Revenues | $ 2,084,040 | $ 3,075,118 | $ 3,463,732 |
Operating income | 390,704 | 346,901 | (19,121) |
Income from continuing operations | 305,946 | 214,169 | (185,509) |
Income (loss) from discontinued operations, net of tax | 774 | (3,791) | (99,162) |
Net income | $ 306,720 | $ 210,378 | $ (284,671) |
INVESTMENT IN NUSTAR ENERGY T43
INVESTMENT IN NUSTAR ENERGY Table 3 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Reconciliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | ||
NuStar GP Holdings’ ownership interest in NuStar Energy | 14.90% | |
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity | $ 239,867 | $ 255,715 |
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other | 66,827 | 71,267 |
Investment in NuStar Energy | 306,694 | 326,982 |
NuStar Energy [Member] | ||
Reconciliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | ||
NuStar Energy’s partners’ equity | $ 1,609,844 | $ 1,716,210 |
NuStar GP Holdings’ ownership interest in NuStar Energy | 14.90% | 14.90% |
INVESTMENT IN NUSTAR ENERGY N44
INVESTMENT IN NUSTAR ENERGY Narrative 2 (Details) $ in Millions | Dec. 31, 2001USD ($) |
Description of step-up in basis related to NuStar Energy's assets and liabilities [Abstract] | |
Unamortized step-up in basis related to NuStar Energy's assets and liabilities | $ 81.8 |
Step-up in basis related to NuStar Energy's assets and liabilities, amortization period, in years | 28 |
NuStar Energy [Member] | |
Description of step-up in basis related to NuStar Energy's assets and liabilities [Abstract] | |
Valero Energy's proportionate interest in NuStar Energy's identifiable assets and liabilies | 73.60% |
Percent of equity interest in NuStar Energy owned by public unitholders | 26.40% |
INVESTMENT IN NUSTAR ENERGY T45
INVESTMENT IN NUSTAR ENERGY Table 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
NuStar GP Holdings’ Equity in Earnings (Loss) of NuStar Energy: | |||
General partner interest | $ 5,270 | $ 3,352 | $ (6,338) |
General partner incentive distribution | 43,220 | 43,220 | 43,220 |
General partner’s interest in earnings and incentive distributions of NuStar Energy | 48,490 | 46,572 | 36,882 |
Limited partner interest in earnings (loss) of NuStar Energy | 34,067 | 21,692 | (40,739) |
Amortization of step-up in basis related to NuStar Energy’s assets and liabilities | (2,884) | (2,884) | (2,884) |
Equity in earnings (loss) of NuStar Energy | $ 79,673 | $ 65,380 | $ (6,741) |
RELATED PARTY TRANSACTIONS Narr
RELATED PARTY TRANSACTIONS Narrative 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transactions [Abstract] | ||
Receivable from related parties | $ 14,799 | $ 15,704 |
Long-term receivable from related party | $ 32,080 | $ 33,537 |
RELATED PARTY TRANSACTIONS Tabl
RELATED PARTY TRANSACTIONS Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | |||
Expenses for payroll, employee benefit plans and unit-based compensation | $ 201,852 | $ 197,745 | $ 190,643 |
Other expenses | $ 484 | $ 482 | $ 434 |
RELATED PARTY TRANSACTIONS Na48
RELATED PARTY TRANSACTIONS Narrative 2 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Axeon Services Agreement [Member] | Axeon [Member] | |||
Related Party Transaction [Line Items] | |||
Services Agreements, description | provided that NuStar GP, LLC furnish certain administrative and other operating services necessary to conduct the business of Axeon for an annual fee totaling $10.0 million, subject to adjustment (the Axeon Services Agreement). | ||
Services Agreements, termination date | Jun. 30, 2014 | ||
Administrative services expense | $ 3.1 | $ 7.9 | |
NuStar Energy [Member] | GP Services Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Services Agreements, description | The GP Services Agreement provides that NuStar GP, LLC will furnish administrative and certain operating services necessary to conduct the business of NuStar Energy. All employees providing services to both NuStar GP Holdings and NuStar Energy are employed by NuStar GP, LLC; therefore, NuStar Energy reimburses NuStar GP, LLC for all employee costs, other than the expenses allocated to NuStar GP Holdings (the Holdco Administrative Services Expense). The Holdco Administrative Services Expense is based on $1.1 million, plus 1.0% of NuStar GP, LLC’s domestic bonus and unit-based compensation expense, subject to certain other adjustments. | ||
Administrative services expense | $ 1.5 | $ 1.7 | $ 1.4 |
NuStar Energy [Member] | |||
Related Party Transaction [Line Items] | |||
Non-Compete Agreement, description | The Non-Compete Agreement remains in effect for so long as we or any of our affiliates own 20% or more of NuStar GP, LLC or Riverwalk Logistics, L.P. |
DISTRIBUTIONS FROM NUSTAR ENE49
DISTRIBUTIONS FROM NUSTAR ENERGY Narrative 1 (Details) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
DISTRIBUTIONS FROM NUSTAR ENERGY [Abstract] | |
Incentive distribution rights entitlement, minimum per unit | $ 0.60 |
Incentive distribution rights maximum cash percentage | 23.00% |
Incentive distribution rights entitlement, maximum per unit | $ 0.66 |
General partner interest percentage | 2.00% |
DISTRIBUTIONS FROM NUSTAR ENE50
DISTRIBUTIONS FROM NUSTAR ENERGY Table 1 (Details) - NuStar Energy [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
The allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners | |||||||
General partner interest | $ 7,844 | $ 7,844 | $ 7,844 | ||||
General partner incentive distribution | 43,220 | 43,220 | 43,220 | ||||
Total general partner distribution | 51,064 | 51,064 | 51,064 | ||||
Limited partner distribution | 45,073 | 44,974 | 44,975 | ||||
Total distributions to NuStar GP Holdings | 96,137 | 96,038 | 96,039 | ||||
Public unitholders’ distributions | 296,067 | 296,166 | 296,165 | ||||
Total cash distributions | $ 98,051 | $ 98,051 | $ 98,051 | $ 98,051 | $ 392,204 | $ 392,204 | $ 392,204 |
Cash distributions per unit applicable to limited partners | $ 1.095 | $ 1.095 | $ 1.095 | $ 1.095 | $ 4.380 | $ 4.380 | $ 4.380 |
DISTRIBUTIONS FROM NUSTAR ENE51
DISTRIBUTIONS FROM NUSTAR ENERGY Table 2 (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 29, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
NuStar Energy [Member] | ||||||||
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 | $ 4.380 | $ 4.380 | $ 4.380 | |
NuStar Energy's total cash distributions (distribution earned) | $ 98,051 | $ 98,051 | $ 98,051 | $ 98,051 | $ 392,204 | $ 392,204 | $ 392,204 | |
NuStar Energy's distribution date of record (distribution earned) | Feb. 8, 2016 | Nov. 9, 2015 | Aug. 7, 2015 | May 8, 2015 | ||||
NuStar Energy's distribution payment date (distribution earned) | Feb. 12, 2016 | Nov. 13, 2015 | Aug. 13, 2015 | May 14, 2015 | ||||
Subsequent Event [Member] | ||||||||
Distributions from NuStar Energy (dates and totals) | ||||||||
NuStar Energy's distribution announcement date (distribution earned) | Jan. 29, 2016 |
ACCRUED COMPENSATION EXPENSE 52
ACCRUED COMPENSATION EXPENSE AND LONG-TERM LIABILITIES Table (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued compensation expense | ||
NuStar Energy restricted units and performance awards | $ 3,794 | $ 5,369 |
Pension liabilities (Note 14) | 71 | 60 |
Other postretirement benefit plan liabilities (Note 14) | 304 | 304 |
Other employee-related liabilities | 4,821 | 4,211 |
Accrued compensation expense | 8,990 | 9,944 |
Long-term liabilities | ||
NuStar Energy restricted units and performance awards | 0 | 0 |
Pension liabilities (Note 14) | 21,425 | 23,423 |
Other postretirement benefit plan liabilities (Note 14) | 9,738 | 10,180 |
Other employee-related liabilities | 1,696 | 1,959 |
Long-term liabilities | $ 32,859 | $ 35,562 |
FAIR VALUE MEASUREMENTS Table 1
FAIR VALUE MEASUREMENTS Table 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
NuStar Energy restricted units and performance awards | $ 3,794 | $ 5,369 |
Level 1 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
NuStar Energy restricted units and performance awards | 3,794 | 5,369 |
Level 2 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
NuStar Energy restricted units and performance awards | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
NuStar Energy restricted units and performance awards | $ 0 | $ 0 |
STATEMENTS OF CASH FLOWS Table
STATEMENTS OF CASH FLOWS Table 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Decrease (increase) in current assets: | |||
Receivable from related parties | $ 1,134 | $ 105 | $ 338 |
Income tax receivable | (1) | (13) | 1,252 |
Other receivables | 22 | (14) | 70 |
Other current assets | (8) | (407) | (187) |
Increase (decrease) in current liabilities: | |||
Accounts payable | 16 | 296 | (678) |
Accrued compensation expense | (954) | (2,374) | (4,743) |
Accrued liabilities | (97) | (99) | 107 |
Taxes other than income tax | 184 | 236 | (159) |
Changes in current assets and liabilities | $ 296 | $ (2,270) | $ (4,000) |
STATEMENTS OF CASH FLOWS Tabl55
STATEMENTS OF CASH FLOWS Table 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows related to interest and income tax | |||
Cash paid for interest | $ 736 | $ 684 | $ 561 |
Cash refunded for income tax, net | $ (50) | $ (1,149) | $ (885) |
CREDIT FACILITY Narrative (Deta
CREDIT FACILITY Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
General partner interest percentage | 2.00% | |
Outstanding borrowings | $ 26,000 | $ 26,000 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Initiation date | Jun. 28, 2013 | |
Maturity date | Jun. 27, 2016 | |
Borrowing capacity | $ 50,000 | |
Letters of credit capacity | $ 10,000 | |
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 | |
Borrowing availability | $ 24,000 | |
Interest rate description | Interest on our revolving credit facility is based upon, at our option, either an alternative base rate or a LIBOR-based rate | |
Interest rate | 2.40% | 2.20% |
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. | |
NuStar Energy's consolidated debt coverage ratio | 4.5 | |
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 $16.0 million in respect of our ownership interests in NuStar Energy each fiscal quarter |
COMMITMENTS AND CONTINGENCIES N
COMMITMENTS AND CONTINGENCIES Narrative (Details) | Dec. 31, 2015USD ($) |
Other Commitments [Line Items] | |
Operating leases, future minimum payments due | $ 0 |
NET INCOME (LOSS) PER UNIT Narr
NET INCOME (LOSS) PER UNIT Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Outstanding options to purchase NuStar GP Holdings units | 0 | 289,100 |
NET INCOME (LOSS) PER UNIT Tabl
NET INCOME (LOSS) PER UNIT Table (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Weighted-average number of basic units outstanding | 42,914,297 | 42,719,217 | 42,619,722 |
Effect of dilutive securities | 0 | 22,985 | 0 |
Weighted-average number of diluted units outstanding | 42,914,297 | 42,742,202 | 42,619,722 |
MEMBERS' EQUITY Table 1 (Detail
MEMBERS' EQUITY Table 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (5,775) | ||
Other comprehensive income (loss) | (2,889) | $ (14,716) | $ 40,963 |
Ending Balance | (8,664) | (5,775) | |
Share of NuStar Energy's Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (10,082) | (9,417) | (8,743) |
Other comprehensive income (loss) before reclassification adjustments | (3,107) | (665) | (674) |
Amounts reclassified to general and administrative expenses (a) | 0 | 0 | 0 |
Other comprehensive income (loss) | (3,107) | (665) | (674) |
Ending Balance | (13,189) | (10,082) | (9,417) |
Pension and Other Postretirement Benefit Plan Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 4,307 | 18,358 | (23,279) |
Other comprehensive income (loss) before reclassification adjustments | 1,312 | (11,136) | 39,596 |
Amounts reclassified to general and administrative expenses (a) | (1,094) | (2,915) | 2,041 |
Other comprehensive income (loss) | 218 | (14,051) | 41,637 |
Ending Balance | 4,525 | 4,307 | 18,358 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (5,775) | 8,941 | (32,022) |
Other comprehensive income (loss) before reclassification adjustments | (1,795) | (11,801) | 38,922 |
Amounts reclassified to general and administrative expenses (a) | (1,094) | (2,915) | 2,041 |
Other comprehensive income (loss) | (2,889) | (14,716) | 40,963 |
Ending Balance | $ (8,664) | $ (5,775) | $ 8,941 |
MEMBERS' EQUITY Narrative 1 (De
MEMBERS' EQUITY Narrative 1 (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Members' Equity [Abstract] | |
Cash distributions, timing description | Our limited liability company agreement requires that, within 50 days after the end of each quarter, we distribute all of our available cash to the holders of record of our units on the applicable record date. |
MEMBERS' EQUITY Table 2 (Detail
MEMBERS' EQUITY Table 2 (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 2.18 | $ 2.180 | $ 2.180 |
Total cash distributions | $ 23,397 | $ 23,388 | $ 23,388 | $ 23,388 | $ 93,561 | $ 93,252 | $ 92,938 |
MEMBERS' EQUITY Table 3 (Detail
MEMBERS' EQUITY Table 3 (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 29, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
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 | $ 2.18 | $ 2.180 | $ 2.180 | |
Total cash distributions (distribution earned) | $ 23,397 | $ 23,388 | $ 23,388 | $ 23,388 | $ 93,561 | $ 93,252 | $ 92,938 | |
Distribution date of record (distribution earned) | Feb. 8, 2016 | Nov. 9, 2015 | Aug. 7, 2015 | May 8, 2015 | ||||
Distribution payment date (distribution earned) | Feb. 16, 2016 | Nov. 17, 2015 | Aug. 17, 2015 | May 18, 2015 | ||||
Subsequent Event [Member] | ||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||
Distribution announcement date (distribution earned) | Jan. 29, 2016 |
MEMBERS' EQUITY Narrative 2 (De
MEMBERS' EQUITY Narrative 2 (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Members' Equity [Abstract] | |
Rights Agreement, description | On July 19, 2006, we entered into a rights agreement, as amended (the Rights Agreement), under which one preferred unit purchase right (a Right) is attached to each of our outstanding units. The Rights become exercisable under specified circumstances, including if any person or group (an acquiring person) becomes the beneficial owner of 15% or more of our outstanding units, subject to specified exceptions. Each Right entitles the registered holder to purchase from us one one-hundredth of a unit of junior participating preferred units, series I (Preferred Units) at an exercise price of $100, subject to adjustment under specified circumstances. If events specified in the Rights Agreement occur, each holder of Rights other than the acquiring person can exercise their Rights. When a holder exercises a Right, the holder will be entitled to receive units valued at a multiple of the exercise price of the Right specified in the Rights Agreement. In some cases, the holder will receive cash, property or other securities instead of units. We may redeem the Rights for $0.001 per Right at any time prior to the tenth day after a person or group becomes an acquiring person. The Rights will expire on June 30, 2016, unless extended or earlier redeemed or exchanged, and are protected by customary anti-dilution provisions. Preferred Units purchasable upon exercise of the Rights will not be redeemable. Each Preferred Unit will be entitled to share in our distributions of available cash pro rata with the units. In the event of liquidation, the holders of the Preferred Units will be entitled to a minimum preferential liquidation payment of $100 per unit. Each Preferred Unit will have 100 votes, voting together with the units. Finally, in the event of any merger, consolidation or other transaction in which units are exchanged, each Preferred Unit will be entitled to receive 100 times the amount received per unit. |
EMPLOYEE BENEFIT PLANS Narrativ
EMPLOYEE BENEFIT PLANS Narrative 1 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Thrift Plan, description | The NuStar Thrift Plan (the Thrift Plan) is a qualified defined contribution plan that became effective June 26, 2006. Participation in the Thrift Plan is voluntary and is open to eligible NuStar GP, LLC employees upon their date of hire. Thrift Plan participants can contribute from 1% up to 30% of their total annual compensation to the Thrift Plan in the form of pre-tax and/or after tax employee contributions. NuStar GP, LLC makes matching contributions in an amount equal to 100% of each participant’s employee contributions up to a maximum of 6% of the participant’s total annual compensation. | ||
Thrift Plan matching contributions | $ 6.3 | $ 5.9 | $ 5.9 |
Pension Plan, description | The NuStar Pension Plan (the Pension Plan) is a qualified non-contributory defined benefit pension plan that provides eligible employees with retirement income as calculated under a cash balance formula. Under the cash balance formula, benefits are determined based on age, service and interest credits, and employees become fully vested in their benefits upon attaining three years of vesting service. Prior to January 1, 2014, eligible employees were covered under either a cash balance formula or a final average pay formula (FAP). Effective January 1, 2014, the Pension Plan was amended to freeze the FAP benefits as of December 31, 2013, and going forward, all eligible employees are covered under the cash balance formula discussed above. | ||
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for the Pension Plans | $ 108.2 | $ 106.2 |
EMPLOYEE BENEFIT PLANS Table 1
EMPLOYEE BENEFIT PLANS Table 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |||||
Change in benefit obligation: | |||||
Benefit obligation, January 1 | $ 106,848 | $ 87,632 | |||
Service cost | 7,676 | 8,049 | $ 16,321 | ||
Interest cost | 4,389 | 4,225 | 5,036 | ||
Benefits paid | (4,338) | (9,296) | |||
Participants contributions | 0 | 0 | |||
Actuarial (gain) loss | (5,373) | 16,238 | |||
Benefit obligation, December 31 | 109,202 | 106,848 | 87,632 | ||
Change in plan assets: | |||||
Plan assets at fair value, January 1 | 83,365 | 75,573 | |||
Actual return on plan assets | 645 | 6,135 | |||
Company contributions | 8,034 | 10,953 | |||
Benefits paid | (4,338) | (9,296) | |||
Participants contributions | 0 | 0 | |||
Plan assets at fair value, December 31 | 87,706 | 83,365 | 75,573 | ||
Reconciliation of funded status: | |||||
Fair value of plan assets at December 31 | 83,365 | 75,573 | 75,573 | $ 87,706 | $ 83,365 |
Less: Benefit obligation at December 31 | 106,848 | 87,632 | 87,632 | 109,202 | 106,848 |
Funded status at December 31 | (21,496) | (23,483) | |||
Amounts recognized in the consolidated balance sheets: | |||||
Accrued compensation expense | (71) | (60) | |||
Long-term liabilities | (21,425) | (23,423) | |||
Net pension liability | (21,496) | (23,483) | |||
Other Postretirement Benefit Plans [Member] | |||||
Change in benefit obligation: | |||||
Benefit obligation, January 1 | 10,484 | 7,154 | |||
Service cost | 470 | 374 | 1,171 | ||
Interest cost | 448 | 373 | 940 | ||
Benefits paid | (507) | (341) | |||
Participants contributions | 203 | 206 | |||
Actuarial (gain) loss | (1,056) | 2,718 | |||
Benefit obligation, December 31 | 10,042 | 10,484 | 7,154 | ||
Change in plan assets: | |||||
Plan assets at fair value, January 1 | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Company contributions | 304 | 135 | |||
Benefits paid | (507) | (341) | |||
Participants contributions | 203 | 206 | |||
Plan assets at fair value, December 31 | 0 | 0 | 0 | ||
Reconciliation of funded status: | |||||
Fair value of plan assets at December 31 | 0 | 0 | 0 | 0 | 0 |
Less: Benefit obligation at December 31 | $ 10,484 | $ 7,154 | $ 7,154 | 10,042 | 10,484 |
Funded status at December 31 | (10,042) | (10,484) | |||
Amounts recognized in the consolidated balance sheets: | |||||
Accrued compensation expense | (304) | (304) | |||
Long-term liabilities | (9,738) | (10,180) | |||
Net pension liability | $ (10,042) | $ (10,484) |
EMPLOYEE BENEFIT PLANS Table 2
EMPLOYEE BENEFIT PLANS Table 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 7,676 | $ 8,049 | $ 16,321 |
Interest cost | 4,389 | 4,225 | 5,036 |
Expected return on plan assets | (5,018) | (4,574) | (4,535) |
Amortization of prior service credit | (2,063) | (2,063) | (41) |
Amortization of net loss | 1,845 | 179 | 2,071 |
Other (a) | 0 | (39) | 847 |
Net periodic benefit cost (income) | 6,829 | 5,777 | 19,699 |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 470 | 374 | 1,171 |
Interest cost | 448 | 373 | 940 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credit | (1,145) | (1,145) | (198) |
Amortization of net loss | 269 | 114 | 209 |
Other (a) | 0 | 0 | 0 |
Net periodic benefit cost (income) | $ 42 | $ (284) | $ 2,122 |
EMPLOYEE BENEFIT PLANS Table 3
EMPLOYEE BENEFIT PLANS Table 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net (gain) loss reclassified into income | $ (1,094) | $ (2,915) | $ 2,041 |
Total changes in other comprehensive income (loss) | 218 | (14,051) | 41,637 |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial gain (loss) (a) | 1,000 | (14,716) | 24,122 |
Prior service credit | 0 | 0 | 24,514 |
Amortization of prior service credit | (2,063) | (2,063) | (41) |
Amortization of net loss | 1,845 | 179 | 2,071 |
Net (gain) loss reclassified into income | (218) | (1,884) | 2,030 |
Income tax (expense) benefit | (362) | 5,314 | (18,053) |
Total changes in other comprehensive income (loss) | 420 | (11,286) | 32,613 |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial gain (loss) (a) | 1,056 | (2,718) | 2,690 |
Prior service credit | 0 | 0 | 11,822 |
Amortization of prior service credit | (1,145) | (1,145) | (198) |
Amortization of net loss | 269 | 114 | 209 |
Net (gain) loss reclassified into income | (876) | (1,031) | 11 |
Income tax (expense) benefit | (382) | 984 | (5,499) |
Total changes in other comprehensive income (loss) | $ (202) | $ (2,765) | $ 9,024 |
EMPLOYEE BENEFIT PLANS Table 4
EMPLOYEE BENEFIT PLANS Table 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial loss (a) | $ (21,975) | $ (24,820) |
Prior service credit (a) | 20,727 | 22,790 |
Deferred tax asset (liability) | 1,313 | 1,675 |
Accumulated other comprehensive income (loss), net of tax | 65 | (355) |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial loss (a) | (3,568) | (4,893) |
Prior service credit (a) | 11,754 | 12,899 |
Deferred tax asset (liability) | (3,726) | (3,344) |
Accumulated other comprehensive income (loss), net of tax | $ 4,460 | $ 4,662 |
EMPLOYEE BENEFIT PLANS Table 5
EMPLOYEE BENEFIT PLANS Table 5 (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | $ 1,091 |
Prior service credit | (2,063) |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | 181 |
Prior service credit | $ (1,145) |
EMPLOYEE BENEFIT PLANS Narrat71
EMPLOYEE BENEFIT PLANS Narrative 2 (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 65.00% |
Fixed income investments [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 35.00% |
EMPLOYEE BENEFIT PLANS Table 6
EMPLOYEE BENEFIT PLANS Table 6 (Details) - Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 87,706 | $ 83,365 | $ 75,573 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 35,620 | 33,356 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,086 | 50,009 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash equivalent securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 739 | 1,225 | |
Cash equivalent securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 739 | 1,225 | |
Cash equivalent securities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash equivalent securities [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. large cap equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,086 | 50,009 | |
U.S. large cap equity fund [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. large cap equity fund [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,086 | 50,009 | |
U.S. large cap equity fund [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International stock index fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,522 | 8,092 | |
International stock index fund [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,522 | 8,092 | |
International stock index fund [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International stock index fund [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bond market index fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,359 | 24,039 | |
Bond market index fund [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,359 | 24,039 | |
Bond market index fund [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bond market index fund [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
EMPLOYEE BENEFIT PLANS Narrat73
EMPLOYEE BENEFIT PLANS Narrative 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan contributions | $ 8,034 | $ 10,953 |
Estimated future employer contributions in next fiscal year | 8,100 | |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan contributions | 304 | $ 135 |
Estimated future employer contributions in next fiscal year | $ 300 |
EMPLOYEE BENEFIT PLANS Table 7
EMPLOYEE BENEFIT PLANS Table 7 (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |
Estimated Future Benefit Payments | |
2,016 | $ 6,131 |
2,017 | 6,767 |
2,018 | 7,265 |
2,019 | 8,202 |
2,020 | 8,586 |
Years 2021-2025 | 51,786 |
Other Postretirement Benefit Plans [Member] | |
Estimated Future Benefit Payments | |
2,016 | 304 |
2,017 | 323 |
2,018 | 327 |
2,019 | 357 |
2,020 | 404 |
Years 2021-2025 | $ 2,629 |
EMPLOYEE BENEFIT PLANS Table 8
EMPLOYEE BENEFIT PLANS Table 8 (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.61% | 4.22% |
Rate of compensation increase | 3.51% | 3.51% |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.75% | 4.34% |
EMPLOYEE BENEFIT PLANS Table 9
EMPLOYEE BENEFIT PLANS Table 9 (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans (The Pension Plan, Excess Pension Plan and SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.22% | 5.04% | 4.48% |
Expected long-term rate of return on plan assets | 6.50% | 6.75% | 6.75% |
Rate of compensation increase | 3.51% | 3.51% | 3.69% |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.34% | 5.28% | 4.51% |
EMPLOYEE BENEFIT PLANS Table 10
EMPLOYEE BENEFIT PLANS Table 10 (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 6.81% | 7.46% |
Rate to which the cost trend rate was assumed to decrease to (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reached the ultimate trend rate | 2,026 | 2,022 |
Effect of one percentage point increase, description | The cap on the increase in employer’s cost is 2.5% per year. The assumed increase in total health care cost exceeds the 2.5% indexed cap, so increasing or decreasing the health care cost trend rate by 1% does not materially change our obligation or expense for the postretirement health care plan. |
UNIT-BASED COMPENSATION Narrati
UNIT-BASED COMPENSATION Narrative 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accrued compensation expense | $ 3,794 | $ 5,369 |
The 2000 LTIP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unit-based compensation, number of units authorized | 3,250,000 | |
Unit-based compensation, number of units available to be awarded | 1,260,634 | |
The 2006 LTIP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unit-based compensation, number of units authorized | 2,000,000 | |
Unit-based compensation, number of units available to be awarded | 1,492,327 |
UNIT-BASED COMPENSATION Table 1
UNIT-BASED COMPENSATION Table 1 (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
The 2000 LTIP [Member] | Performance awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 29,633 | 28,841 | 38,786 |
Vesting | Performance awards vest 1/3 per year if certain performance measures are met, as defined in the award agreements. | Performance awards vest 1/3 per year if certain performance measures are met, as defined in the award agreements. | Performance awards vest 1/3 per year if certain performance measures are met, as defined in the award agreements. |
The 2000 LTIP [Member] | Restricted units, employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 250,563 | 208,714 | 269,182 |
Vesting | 1/5 per year | 1/5 per year | 1/5 per year |
The 2000 LTIP [Member] | Restricted units, non-employee directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 7,553 | 7,009 | 8,904 |
Vesting | 1/3 per year | 1/3 per year | 1/3 per year |
The 2000 LTIP [Member] | Restricted units certain international employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 2,835 | 2,844 | 3,882 |
Vesting | 1/3 per year | 1/3 per year | 1/3 per year |
The 2006 LTIP [Member] | Restricted units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 39,054 | ||
The 2006 LTIP [Member] | Restricted units, employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 26,240 | 16,895 | 18,620 |
Vesting | 1/5 per year | 1/5 per year | 1/5 per year |
The 2006 LTIP [Member] | Restricted units, non-employee directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted (units) | 12,814 | 8,911 | 13,183 |
Vesting | 1/3 per year | 1/3 per year | 1/3 per year |
UNIT-BASED COMPENSATION Table 2
UNIT-BASED COMPENSATION Table 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Long-term incentive plan compensation expense charged to NuStar Energy | $ 6,397 | $ 10,934 | $ 7,369 |
Expenses resulting from NuStar GP Holdings awards to non-employee directors | $ 239 | $ 129 | $ 19 |
UNIT-BASED COMPENSATION Narra81
UNIT-BASED COMPENSATION Narrative 2 (Details) - The 2006 LTIP [Member] - Unit options [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NSH unit options, description | On November 16, 2007, we granted 324,100 NSH unit options at $31.55, which was our only grant of options under the 2006 LTIP. | ||
NSH unit options, terms | These options expired seven years after the grant date and vested in annual one-third increments beginning on November 16, 2010. | ||
Balance of NSH unit options outstanding | 0 | 0 | |
NSH unit options, units exercised | 289,100 | 11,666 | |
The total intrinsic value of unit options exercised during the period | $ 2.8 | $ 0.1 |
UNIT-BASED COMPENSATION Table 3
UNIT-BASED COMPENSATION Table 3 (Details) - The 2006 LTIP [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NSH restricted units, beginning balance | 59,515 | ||
NSH restricted units, granted | 39,054 | ||
NSH restricted units, vested | (21,489) | ||
NSH restricted units, ending balance | 77,080 | 59,515 | |
Weighted-average grant date fair value, period start | $ 31.13 | ||
Weighted-average grant-date fair value, granted | 23.80 | $ 34.22 | $ 27.87 |
Weighted-average grant date fair value, vested | 30.80 | ||
Weighted-average grant date fair value, period end | $ 27.51 | $ 31.13 | |
Restricted units, employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NSH restricted units, beginning balance | 39,090 | ||
NSH restricted units, granted | 26,240 | 16,895 | 18,620 |
NSH restricted units, vested | (11,403) | ||
NSH restricted units, ending balance | 53,927 | 39,090 | |
Restricted units, non-employee directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NSH restricted units, beginning balance | 20,425 | ||
NSH restricted units, granted | 12,814 | 8,911 | 13,183 |
NSH restricted units, vested | (10,086) | ||
NSH restricted units, ending balance | 23,153 | 20,425 |
UNIT-BASED COMPENSATION Narra83
UNIT-BASED COMPENSATION Narrative 3 (Details) - The 2006 LTIP [Member] - Restricted units [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of restricted units | $ 23.80 | $ 34.22 | $ 27.87 |
Total fair value of NSH restricted units that vested during the period | $ 0.4 | $ 0.7 | $ 1.5 |
INCOME TAXES Table 1 (Details)
INCOME TAXES Table 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
U.S. federal | $ 0 | $ 1,123 | $ 0 |
U.S. state | 51 | 42 | (368) |
Total current | 51 | 1,165 | (368) |
Deferred: | |||
U.S. federal | (940) | 415 | (599) |
U.S. state | (12) | 206 | 175 |
Total deferred | (952) | 621 | (424) |
Total income tax (expense) benefit | $ (901) | $ 1,786 | $ (792) |
INCOME TAXES Table 2 (Details)
INCOME TAXES Table 2 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax assets: | ||
Unit/option compensation | $ 2,115 | $ 2,708 |
Pension | 7,561 | 5,459 |
Capital loss | 1,290 | 590 |
Other state | 14 | 39 |
Net operating loss | 4,346 | 4,419 |
Foreign tax credits | 69 | 66 |
Total deferred income tax assets | 15,395 | 13,281 |
Less: Valuation allowance | (1,359) | 0 |
Net deferred income tax assets | 14,036 | 13,281 |
Deferred income tax liabilities: | ||
Investment in Riverwalk Logistics, L.P. and NuStar Energy | (249) | (216) |
Other employee benefits | (11,189) | (8,771) |
Deferred income tax liabilities | (11,438) | (8,987) |
Total net deferred income tax assets | 2,598 | 4,294 |
Reported on the consolidated balance sheets as: | ||
Deferred income tax assets, net (current) | 0 | 724 |
Deferred income tax assets, net (long-term) | 5,258 | 3,570 |
Deferred income tax liabilities, net (current) | (2,660) | 0 |
Total net deferred income tax assets | $ 2,598 | $ 4,294 |
INCOME TAXES Narrative (Details
INCOME TAXES Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Operating loss carryforwards | $ 12,400 | ||
Capital loss carryforwards | $ 3,700 | ||
Operating loss carryforwards, limitations on use | twenty-year carryforward limitation | ||
Capital loss carryforwards, limitations on use | five-year carryforward limitation | ||
Operating loss carryforwards, expiration date | Jan. 1, 2031 | ||
Capital loss carryforwards, expiration date | Jan. 1, 2017 | ||
Deferred tax assets, valuation allowance | $ 1,359 | $ 0 |
QUARTERLY FINANCIAL DATA (UNA87
QUARTERLY FINANCIAL DATA (UNAUDITED) Table (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net income (loss) | $ 12,959 | $ 16,917 | $ 15,527 | $ 26,805 | $ 14,374 | $ 17,639 | $ 15,768 | $ 13,646 | $ 72,208 | $ 61,427 | $ (11,034) |
Basic net income (loss) per unit | $ 0.30 | $ 0.39 | $ 0.37 | $ 0.62 | $ 0.34 | $ 0.41 | $ 0.37 | $ 0.32 | $ 1.68 | $ 1.44 | $ (0.26) |
Diluted net income (loss) per unit | 0.30 | 0.39 | 0.37 | 0.62 | 0.34 | 0.41 | 0.37 | 0.32 | 1.68 | 1.44 | $ (0.26) |
Cash distributions per unit applicable to limited partners | $ 0.545 | $ 0.545 | $ 0.545 | $ 0.545 | $ 0.545 | $ 0.545 | $ 0.545 | $ 0.545 | $ 2.18 | $ 2.18 |