DEI Document
DEI Document - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document Information [Abstract] | ||
Entity Registrant Name | NuStar GP Holdings, LLC | |
Entity Central Index Key | 1,223,786 | |
Trading Symbol | nsh | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Limited Liability Company, Units Outstanding | 42,931,242 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 3,116 | $ 34 |
Receivable from related party | 0 | 14,799 |
Income tax receivable | 1,212 | 1,212 |
Other receivables | 0 | 69 |
Other current assets | 226 | 344 |
Total current assets | 4,554 | 16,458 |
Investment in NuStar Energy L.P. | 297,018 | 306,694 |
Long-term receivable from related party | 0 | 32,080 |
Deferred income tax assets, net | 4,981 | 5,258 |
Total assets | 306,553 | 360,490 |
Current liabilities: | ||
Short-term debt | 30,000 | 26,000 |
Payable to related party | 2,295 | 0 |
Accounts payable | 3 | 636 |
Accrued compensation expense | 0 | 8,990 |
Accrued liabilities | 259 | 340 |
Deferred income tax liabilities, net | 0 | 2,660 |
Taxes other than income tax | 188 | 1,935 |
Total current liabilities | 32,745 | 40,561 |
Long-term liabilities | $ 0 | $ 32,859 |
Commitments and contingencies (Note 8) | ||
Members’ equity | $ 289,190 | $ 295,734 |
Accumulated other comprehensive loss | (15,382) | (8,664) |
Total members’ equity | 273,808 | 287,070 |
Total liabilities and members’ equity | $ 306,553 | $ 360,490 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Equity in earnings of NuStar Energy L.P. | $ 17,015 | $ 27,522 |
General and administrative expenses | (832) | (951) |
Other income, net | 613 | 462 |
Interest expense, net | (246) | (213) |
Income before income tax benefit (expense) | 16,550 | 26,820 |
Income tax benefit (expense) | 126 | (15) |
Net income | 16,676 | 26,805 |
Comprehensive income | $ 9,958 | $ 23,540 |
Basic net income per unit | $ 0.39 | $ 0.62 |
Diluted net income per unit | $ 0.39 | $ 0.62 |
Weighted-average number of basic units outstanding | 42,930,549 | 42,913,277 |
Weighted-average number of diluted units outstanding | 42,930,549 | 42,913,277 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities: | ||
Net income | $ 16,676 | $ 26,805 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in earnings of NuStar Energy L.P. | (17,015) | (27,522) |
Distributions of equity in earnings from NuStar Energy L.P. | 17,015 | 23,968 |
Gain on sale of NuStar Energy L.P. limited partner units in connection with unit-based compensation | (613) | (462) |
Unit-based compensation expense | 114 | 56 |
(Benefit) provision for deferred income tax | (128) | 14 |
Changes in current assets and liabilities (Note 6) | (1,991) | (501) |
Increase in long-term receivable from related party | (900) | (1,956) |
Increase in long-term liabilities | 1,183 | 1,957 |
Other, net | 42 | 36 |
Net cash provided by operating activities | 14,383 | 22,395 |
Cash Flows from Investing Activities: | ||
Distributions in excess of equity in earnings from NuStar Energy L.P. | 6,937 | 0 |
Investment in NuStar Energy L.P. | (160) | (1,823) |
Proceeds from sale of NuStar Energy L.P. units in connection with unit-based compensation | 1,319 | 1,201 |
Net cash provided by (used in) investing activities | 8,096 | (622) |
Cash Flows from Financing Activities: | ||
Proceeds from short-term debt borrowings | 4,000 | 0 |
Distributions to unitholders | (23,397) | (23,403) |
Other, net | 0 | 15 |
Net cash used in financing activities | (19,397) | (23,388) |
Net increase (decrease) in cash and cash equivalents | 3,082 | (1,615) |
Cash and cash equivalents as of the beginning of the period | 34 | 2,840 |
Cash and cash equivalents as of the end of the period | $ 3,116 | $ 1,225 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Organization NuStar GP Holdings, LLC (NuStar GP Holdings) (NYSE: NSH) is a publicly held Delaware limited liability company. Unless otherwise indicated, the terms “NuStar GP Holdings,” “NSH,” “we,” “our” and “us” are used in this report to refer to NuStar GP Holdings, LLC, to one or more of our consolidated subsidiaries or to all of them taken as a whole. We have no operations or sources of income or cash flows other than our investment in NuStar Energy L.P. (NuStar Energy) (NYSE: NS). As of March 31, 2016 , we owned approximately 15% 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 • 10,214,626 common units of NuStar Energy representing limited partner interests. 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. Employee Transfer from NuStar GP, LLC. On March 1, 2016, NuStar GP, LLC, our wholly owned subsidiary, transferred and assigned to NuStar Services Company LLC (NuStar Services Co), a wholly owned subsidiary of NuStar Energy, all of NuStar GP, LLC’s employees and related benefit plans, programs, contracts and policies (the Employee Transfer). As a result of the Employee Transfer, NuStar Energy pays employee costs directly and sponsors the long-term incentive plan and other employee benefit plans. Please refer to Note 3 for a discussion of this transfer and our related party agreements and Note 11 for a discussion of the employee benefit plans and long-term incentive plan obligations transferred. Basis of Presentation These unaudited condensed consolidated financial statements include the accounts of NuStar GP Holdings and subsidiaries in which it has a controlling interest. Intercompany balances and transactions have been eliminated in consolidation. We account for our ownership interest in NuStar Energy using the equity method. Therefore, our financial results reflect a portion of NuStar Energy’s net income based on our ownership interest in NuStar Energy. We have no separate operating activities apart from those conducted by NuStar Energy and therefore generate no revenues from operations. These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included, and all disclosures are adequate. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three months ended March 31, 2016 and 2015 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited condensed consolidated financial statements. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The consolidated balance sheet as of December 31, 2015 has been derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 . Certain previously reported amounts in the 2015 consolidated financial statements and condensed notes have been reclassified to conform to 2016 presentation. New Accounting Pronouncements Unit-Based Payments. In March 2016, the Financial Accounting Standards Board (FASB) issued amended guidance that simplifies certain aspects of accounting for unit-based payments to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The changes are effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. The new requirements should be applied prospectively, retrospectively or using a modified retrospective transition method depending on the area affected by the amended guidance. We adopted this amended guidance effective January 1, 2016, which did not have a material impact on our financial position, results of operations or disclosures. Financial Instruments. In January 2016, the 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. |
INVESTMENT IN NUSTAR ENERGY
INVESTMENT IN NUSTAR ENERGY | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN NUSTAR ENERGY | INVESTMENT IN NUSTAR ENERGY On January 2, 2015, NuStar Energy acquired full ownership of a refined products terminal in Linden, NJ (the Linden Acquisition). Prior to the Linden Acquisition, the terminal operated as a joint venture between NuStar Energy and Linden Holding Corp, with each party owning 50% . Summary Financial Information Condensed consolidated financial information reported by NuStar Energy is presented below: March 31, December 31, (Thousands of Dollars) Balance Sheet Information: Current assets $ 333,573 $ 333,851 Property, plant and equipment, net 3,686,687 3,683,571 Goodwill 696,637 696,637 Other non-current assets 378,652 411,466 Total assets $ 5,095,549 $ 5,125,525 Current liabilities $ 272,790 $ 332,213 Long-term debt 3,125,650 3,055,612 Other non-current liabilities 139,457 127,856 Total liabilities 3,537,897 3,515,681 NuStar Energy partners’ equity 1,557,652 1,609,844 Total liabilities and partners’ equity $ 5,095,549 $ 5,125,525 Three Months Ended March 31, 2016 2015 (Thousands of Dollars) Statement of Comprehensive Income Information: Revenues $ 405,703 $ 554,944 Operating income $ 94,565 $ 99,281 Income from continuing operations $ 57,401 $ 127,125 Income from discontinued operations, net of tax — 774 Net income $ 57,401 $ 127,899 Other Our investment in NuStar Energy reconciles to NuStar Energy’s partners’ equity as follows: March 31, December 31, (Thousands of Dollars) NuStar Energy’s partners’ equity $ 1,557,652 $ 1,609,844 NuStar GP Holdings’ ownership interest in NuStar Energy 14.9 % 14.9 % NuStar GP Holdings’ share of NuStar Energy’s partners’ equity 232,090 239,867 Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other 64,928 66,827 Investment in NuStar Energy $ 297,018 $ 306,694 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS GP Services Agreement. Prior to the Employee Transfer, NuStar GP, LLC managed the operations of NuStar Energy under a services agreement effective January 1, 2008 pursuant to which employees of NuStar GP, LLC performed services for NuStar Energy’s U.S. operations. Employees of NuStar GP, LLC provided services to both NuStar Energy and NuStar GP Holdings; therefore, NuStar Energy reimbursed 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 totaled $0.3 million and $0.5 million for the three months ended March 31, 2016 and 2015 , respectively. In conjunction with the Employee Transfer, NuStar GP, LLC entered into an Amended and Restated Services Agreement with NuStar Services Co, effective March 1, 2016 (the Amended GP Services Agreement). The Amended GP Services Agreement provides that NuStar Services Co will furnish administrative services necessary to conduct our business. We will compensate NuStar Services Co for these services through an annual fee of $1.0 million, subject to adjustment based on the annual merit increase percentage applicable to NuStar Services Co employees for the most recently completed fiscal year and for changes in level of service. The Amended GP Services Agreement will terminate on March 1, 2020 and will automatically renew for successive two-year terms, unless terminated by either party. The following table summarizes information pertaining to related party transactions: Three Months Ended March 31, 2016 2015 (Thousands of Dollars) Expenses for payroll, employee benefit plans and unit-based compensation $ 31,980 $ 48,546 Other expenses $ 121 $ 129 Assignment and Assumption Agreement. Also on March 1, 2016 and in connection with the Employee Transfer, NuStar Services Co and NuStar GP, LLC entered into an Assignment and Assumption Agreement (the Assignment Agreement). Under the Assignment Agreement, NuStar GP, LLC assigned all of its employee benefit plans, programs, contracts, policies, and various of its other agreements and contracts with certain employees, affiliates and third-party service providers (collectively, the Assigned Programs) to NuStar Services Co. In addition, NuStar Services Co agreed to assume the sponsorship and all obligations relating to the ongoing maintenance and administration of each of the plans and agreements in the Assigned Programs. The following table summarizes the related party transactions and changes to amounts reported on our consolidated balance sheet as a result of the Employee Transfer on March 1, 2016 (thousands of dollars): Decrease in related party receivable: Current $ 16,014 Long-term 32,656 Decrease in related party receivable $ 48,670 Decreases to our consolidated balance sheet: Current and long-term assets $ (506 ) Current liabilities 10,933 Other long-term liabilities 34,042 Accumulated other comprehensive loss 4,201 Decreases to our consolidated balance sheet $ 48,670 We had a payable to related party of $2.3 million as of March 31, 2016 , mainly representing service fees and expenses paid on behalf of NuStar GP Holdings. As of December 31, 2015 , we had a receivable from related party of $14.8 million , mainly representing payroll, employee benefit plan expenses and unit-based compensation prior to the Employee Transfer and none as of March 31, 2016 . We also had a long-term receivable from related party as of December 31, 2015 of $32.1 million , representing long-term employee benefits prior to the Employee Transfer and none as of March 31, 2016 . |
DISTRIBUTIONS FROM NUSTAR ENERG
DISTRIBUTIONS FROM NUSTAR ENERGY | 3 Months Ended |
Mar. 31, 2016 | |
DISTRIBUTIONS FROM NUSTAR ENERGY [Abstract] | |
DISTRIBUTIONS FROM NUSTAR ENERGY | DISTRIBUTIONS FROM NUSTAR ENERGY The following table reflects the allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners: Three Months Ended March 31, 2016 2015 (Thousands of Dollars, Except Per Unit Data) General partner interest $ 1,961 $ 1,961 General partner incentive distribution 10,805 10,805 Total general partner distribution 12,766 12,766 Limited partner distribution 11,144 11,316 Total distributions to NuStar GP Holdings 23,910 24,082 Public unitholders’ distributions 74,141 73,969 Total cash distributions $ 98,051 $ 98,051 Cash distributions per unit applicable to limited partners $ 1.095 $ 1.095 The following table summarizes information related to NuStar Energy’s quarterly cash distributions: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) March 31, 2016 (a) $ 1.095 $ 98,051 May 9, 2016 May 13, 2016 December 31, 2015 $ 1.095 $ 98,051 February 8, 2016 February 12, 2016 (a) The distribution was announced on April 27, 2016 . |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2016 | |
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. As of December 31, 2015, NuStar Energy restricted and performance unit liabilities of $3.8 million was measured at fair value on a recurring basis and categorized as a Level 1 in the fair value hierarchy. As a result of the Employee Transfer, our consolidated balance sheet as of March 31, 2016 no longer reflects these liabilities which were reported in “Accrued compensation expense” on our consolidated balance sheet as of December 31, 2015. Please refer to Note 3 and Note 11 for a discussion of the employee-related obligations transferred. We recognize cash equivalents, receivables, payables and short-term debt in our consolidated balance sheets at their carrying amounts. The fair values of these financial instruments approximate their carrying amounts. The fair value of our short-term debt would fall in Level 2 of the fair value hierarchy. |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS | 3 Months Ended |
Mar. 31, 2016 | |
Statement of Cash Flows [Abstract] | |
STATEMENTS OF CASH FLOWS | STATEMENTS OF CASH FLOWS Changes in current assets and current liabilities were as follows: Three Months Ended March 31, 2016 2015 (Thousands of Dollars) Decrease (increase) in current assets: Receivable from related party, net $ 1,143 $ (1,034 ) Income tax receivable — 50 Other receivables (32 ) 88 Other current assets 76 194 Increase (decrease) in current liabilities: Accounts payable (220 ) (202 ) Accrued compensation expense (1,339 ) 1,986 Accrued liabilities (81 ) (115 ) Taxes other than income tax (1,538 ) (1,468 ) Changes in current assets and current liabilities $ (1,991 ) $ (501 ) The above changes in current assets and current liabilities differ from changes between amounts reflected in our consolidated balance sheets due to the non-cash related party transactions associated with the Employee Transfer. Please refer to Note 3 for further details. Cash flows related to interest and income tax were as follows: Three Months Ended March 31, 2016 2015 (Thousands of Dollars) Cash paid for interest $ 200 $ 174 Cash refunded for income tax $ — $ (49 ) |
CREDIT FACILITY
CREDIT FACILITY | 3 Months Ended |
Mar. 31, 2016 | |
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 common 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 March 31, 2016 , we had outstanding borrowings of $30.0 million and availability of $20.0 million for borrowings under our revolving credit facility. Interest on our revolving credit facility is based upon, at our option, either an alternative base rate or a LIBOR-based rate . As of March 31, 2016 , the weighted-average interest rate was 2.4% . As of March 31, 2016, NuStar Energy's consolidated debt coverage ratio (as defined in our revolving credit agreement) could not exceed 5.00-to-1.00. As of March 31, 2016 , NuStar Energy’s consolidated debt coverage ratio was 4.6 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 March 31, 2016 . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Contingencies We are not currently a party to any material legal proceedings and have not recorded any accruals for loss contingencies. NuStar Energy is a party to claims and legal proceedings arising in the ordinary course of its business, which it believes are not material to its financial position or results of operations. However, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on NuStar Energy’s results of operations and ability to pay distributions, which would impact our results of operations and ability to pay distributions. |
MEMBERS' EQUITY
MEMBERS' EQUITY | 3 Months Ended |
Mar. 31, 2016 | |
Members' Equity [Abstract] | |
MEMBERS' EQUITY | MEMBERS’ EQUITY The following table presents changes to our members’ equity (in thousands of dollars): Balance as of December 31, 2015 $ 287,070 Net income 16,676 Distributions to unitholders (23,397 ) Other comprehensive loss (6,718 ) Unit-based compensation 177 Balance as of March 31, 2016 $ 273,808 Accumulated Other Comprehensive Loss The following table presents balances of and changes in accumulated other comprehensive loss by component: Share of NuStar Energy’s Other Comprehensive Loss Pension and Other Postretirement Benefit Plan Adjustments Total (Thousands of Dollars) Balance as of January 1, 2016 $ (13,189 ) $ 4,525 $ (8,664 ) Other comprehensive loss before reclassification adjustments (2,193 ) — (2,193 ) Amounts reclassified to general and administrative expenses (a) — (324 ) (324 ) Employee Transfer (b) — (4,201 ) (4,201 ) Other comprehensive loss (2,193 ) (4,525 ) (6,718 ) Balance as of March 31, 2016 $ (15,382 ) $ — $ (15,382 ) (a) These amounts are components of net periodic pension cost (income), and prior to the Employee Transfer on March 1, 2016, NuStar Energy reimbursed us for these employee costs. (b) Represents the balance of accumulated other comprehensive loss related to the unrecognized components of net periodic benefit cost (income), net of income tax expense of $2.3 million , that was transferred to NuStar Services Co in connection with the Employee Transfer as described in Notes 3 and 11. Cash Distributions The following table summarizes our cash distributions applicable to the period in which the distributions were earned: Three Months Ended March 31, 2016 2015 (Thousands of Dollars, Except Per Unit Data) Cash distributions per unit $ 0.545 $ 0.545 Total cash distributions $ 23,397 $ 23,388 The following table summarizes information related to our quarterly cash distributions: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) March 31, 2016 (a) $ 0.545 $ 23,397 May 9, 2016 May 17, 2016 December 31, 2015 $ 0.545 $ 23,397 February 8, 2016 February 16, 2016 (a) The distribution was announced on April 27, 2016 . |
NET INCOME PER UNIT
NET INCOME PER UNIT | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Unit [Abstract] | |
NET INCOME PER UNIT | NET INCOME PER UNIT We treat restricted units granted under our long-term incentive plan as participating securities in computing net income per unit pursuant to the two-class method. Basic and diluted net income per unit are the same for the three months ended March 31, 2016 and 2015 because we have no potentially dilutive securities outstanding. |
EMPLOYEE BENEFIT PLANS AND UNIT
EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION | EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION Prior to the Employee Transfer, NuStar GP, LLC sponsored and maintained the following employee related benefit plans: • The NuStar Thrift Plan (the Thrift Plan), a qualified employee profit-sharing 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 Pension Plan, a qualified non-contributory defined benefit pension plan; • The NuStar Excess Pension Plan, a benefit plan to a select group of management or other highly compensated employees (the NuStar Pension Plan and the NuStar Excess Pension Plan are collectively referred to as the Pension Plans); • The NuStar GP, LLC Retiree Welfare Benefits Plan, a medical benefits plan for certain retired employees; and • The Fifth Amended and Restated 2000 Long-Term Incentive Plan (the Amended 2000 LTIP). Prior to the Employee Transfer, NuStar Energy reimbursed NuStar GP, LLC for expenses incurred under these plans. Effective March 1, 2016, NuStar Services Co pays employee costs directly and assumed sponsorship and responsibility for the above employee related benefit plans. Employee Benefit Plans On March 1, 2016, and in conjunction with the Employee Transfer, we transferred to NuStar Services Co $32.7 million in benefit obligations associated with the Pension Plans and other postretirement benefit plans. As a result of the Employee Transfer, our consolidated balance sheet as of March 31, 2016 no longer reflects these liabilities which were primarily reported in “Long-term liabilities” on our consolidated balance sheet as of December 31, 2015. Additionally, we transferred an accumulated other comprehensive income balance related to the unrecognized components of net periodic benefit cost (income) of $4.2 million out of accumulated other comprehensive loss. Unit-Based Compensation On March 1, 2016, we transferred to NuStar Services Co all outstanding awards under the Amended 2000 LTIP, which represented 688,647 units, and removed the obligation related to these unit-based awards from our consolidated balance sheet. We continue to sponsor and maintain the 2006 Long-Term Incentive Plan (the 2006 LTIP), which was not impacted by the Employee Transfer. Under the 2006 LTIP, awards of NSH units may be awarded to NuStar GP Holdings employees, consultants and directors who perform services for us or our affiliates. For further details on the 2006 LTIP, please see Note 15 of the Notes to Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data” contained in our Annual Report on Form 10-K for the year ended December 31, 2015 . |
INVESTMENT IN NUSTAR ENERGY (Ta
INVESTMENT IN NUSTAR ENERGY (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
NuStar Energy's Balance Sheet Information | Condensed consolidated financial information reported by NuStar Energy is presented below: March 31, December 31, (Thousands of Dollars) Balance Sheet Information: Current assets $ 333,573 $ 333,851 Property, plant and equipment, net 3,686,687 3,683,571 Goodwill 696,637 696,637 Other non-current assets 378,652 411,466 Total assets $ 5,095,549 $ 5,125,525 Current liabilities $ 272,790 $ 332,213 Long-term debt 3,125,650 3,055,612 Other non-current liabilities 139,457 127,856 Total liabilities 3,537,897 3,515,681 NuStar Energy partners’ equity 1,557,652 1,609,844 Total liabilities and partners’ equity $ 5,095,549 $ 5,125,525 |
NuStar Energy's Statement of Comprehensive Income Information | Condensed consolidated financial information reported by NuStar Energy is presented below: Three Months Ended March 31, 2016 2015 (Thousands of Dollars) Statement of Comprehensive Income Information: Revenues $ 405,703 $ 554,944 Operating income $ 94,565 $ 99,281 Income from continuing operations $ 57,401 $ 127,125 Income from discontinued operations, net of tax — 774 Net income $ 57,401 $ 127,899 |
Reconciliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | Our investment in NuStar Energy reconciles to NuStar Energy’s partners’ equity as follows: March 31, December 31, (Thousands of Dollars) NuStar Energy’s partners’ equity $ 1,557,652 $ 1,609,844 NuStar GP Holdings’ ownership interest in NuStar Energy 14.9 % 14.9 % NuStar GP Holdings’ share of NuStar Energy’s partners’ equity 232,090 239,867 Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other 64,928 66,827 Investment in NuStar Energy $ 297,018 $ 306,694 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes information pertaining to related party transactions: Three Months Ended March 31, 2016 2015 (Thousands of Dollars) Expenses for payroll, employee benefit plans and unit-based compensation $ 31,980 $ 48,546 Other expenses $ 121 $ 129 |
Schedule of Employee Transfer | The following table summarizes the related party transactions and changes to amounts reported on our consolidated balance sheet as a result of the Employee Transfer on March 1, 2016 (thousands of dollars): Decrease in related party receivable: Current $ 16,014 Long-term 32,656 Decrease in related party receivable $ 48,670 Decreases to our consolidated balance sheet: Current and long-term assets $ (506 ) Current liabilities 10,933 Other long-term liabilities 34,042 Accumulated other comprehensive loss 4,201 Decreases to our consolidated balance sheet $ 48,670 |
DISTRIBUTIONS FROM NUSTAR ENE18
DISTRIBUTIONS FROM NUSTAR ENERGY (Tables) - NuStar Energy [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Distributions To General and Limited Partners | The following table reflects the allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners: Three Months Ended March 31, 2016 2015 (Thousands of Dollars, Except Per Unit Data) General partner interest $ 1,961 $ 1,961 General partner incentive distribution 10,805 10,805 Total general partner distribution 12,766 12,766 Limited partner distribution 11,144 11,316 Total distributions to NuStar GP Holdings 23,910 24,082 Public unitholders’ distributions 74,141 73,969 Total cash distributions $ 98,051 $ 98,051 Cash distributions per unit applicable to limited partners $ 1.095 $ 1.095 |
Distributions Made to Limited and General Partners, by Distribution | The following table summarizes information related to NuStar Energy’s quarterly cash distributions: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) March 31, 2016 (a) $ 1.095 $ 98,051 May 9, 2016 May 13, 2016 December 31, 2015 $ 1.095 $ 98,051 February 8, 2016 February 12, 2016 (a) The distribution was announced on April 27, 2016 . |
STATEMENTS OF CASH FLOWS (Table
STATEMENTS OF CASH FLOWS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Statement of Cash Flows [Abstract] | |
Changes in current assets and liabilities | Changes in current assets and current liabilities were as follows: Three Months Ended March 31, 2016 2015 (Thousands of Dollars) Decrease (increase) in current assets: Receivable from related party, net $ 1,143 $ (1,034 ) Income tax receivable — 50 Other receivables (32 ) 88 Other current assets 76 194 Increase (decrease) in current liabilities: Accounts payable (220 ) (202 ) Accrued compensation expense (1,339 ) 1,986 Accrued liabilities (81 ) (115 ) Taxes other than income tax (1,538 ) (1,468 ) Changes in current assets and current liabilities $ (1,991 ) $ (501 ) |
Cash flows related to interest and income tax | Cash flows related to interest and income tax were as follows: Three Months Ended March 31, 2016 2015 (Thousands of Dollars) Cash paid for interest $ 200 $ 174 Cash refunded for income tax $ — $ (49 ) |
MEMBERS' EQUITY (Tables)
MEMBERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Members' Equity [Abstract] | |
Changes in Members’ Equity | The following table presents changes to our members’ equity (in thousands of dollars): Balance as of December 31, 2015 $ 287,070 Net income 16,676 Distributions to unitholders (23,397 ) Other comprehensive loss (6,718 ) Unit-based compensation 177 Balance as of March 31, 2016 $ 273,808 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents balances of and changes in accumulated other comprehensive loss by component: Share of NuStar Energy’s Other Comprehensive Loss Pension and Other Postretirement Benefit Plan Adjustments Total (Thousands of Dollars) Balance as of January 1, 2016 $ (13,189 ) $ 4,525 $ (8,664 ) Other comprehensive loss before reclassification adjustments (2,193 ) — (2,193 ) Amounts reclassified to general and administrative expenses (a) — (324 ) (324 ) Employee Transfer (b) — (4,201 ) (4,201 ) Other comprehensive loss (2,193 ) (4,525 ) (6,718 ) Balance as of March 31, 2016 $ (15,382 ) $ — $ (15,382 ) (a) These amounts are components of net periodic pension cost (income), and prior to the Employee Transfer on March 1, 2016, NuStar Energy reimbursed us for these employee costs. (b) Represents the balance of accumulated other comprehensive loss related to the unrecognized components of net periodic benefit cost (income), net of income tax expense of $2.3 million , that was transferred to NuStar Services Co in connection with the Employee Transfer as described in Notes 3 and 11. |
Our cash distributions applicable to the period in which the distributions were earned | The following table summarizes our cash distributions applicable to the period in which the distributions were earned: Three Months Ended March 31, 2016 2015 (Thousands of Dollars, Except Per Unit Data) Cash distributions per unit $ 0.545 $ 0.545 Total cash distributions $ 23,397 $ 23,388 |
Distributions Made to Limited Liability Company (LLC) Member, by Distribution | The following table summarizes information related to our quarterly cash distributions: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) March 31, 2016 (a) $ 0.545 $ 23,397 May 9, 2016 May 17, 2016 December 31, 2015 $ 0.545 $ 23,397 February 8, 2016 February 16, 2016 (a) The distribution was announced on April 27, 2016 . |
ORGANIZATION AND BASIS OF PRE21
ORGANIZATION AND BASIS OF PRESENTATION Narrative (Details) | 3 Months Ended |
Mar. 31, 2016shares | |
Schedule of Equity Method Investments [Line Items] | |
Percent ownership in NuStar Energy | 15.00% |
General partner interest percentage | 2.00% |
Percent of incentive distribution rights issued by NuStar Energy | 100.00% |
Maximum percentage of cash distributed by NuStar Energy | 23.00% |
Common units of NuStar Energy | 10,214,626 |
INVESTMENT IN NUSTAR ENERGY Nar
INVESTMENT IN NUSTAR ENERGY Narrative (Details) - Linden Acquisition [Member] - NuStar Energy [Member] | Jan. 02, 2015 |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment acquisition, ownership interest before transaction | 50.00% |
Equity method investment acquisition, ownership interest after transaction | 100.00% |
INVESTMENT IN NUSTAR ENERGY Tab
INVESTMENT IN NUSTAR ENERGY Table 1 (Details) - NuStar Energy [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ||
Current assets | $ 333,573 | $ 333,851 |
Property, plant and equipment, net | 3,686,687 | 3,683,571 |
Goodwill | 696,637 | 696,637 |
Other non-current assets | 378,652 | 411,466 |
Total assets | 5,095,549 | 5,125,525 |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] | ||
Current liabilities | 272,790 | 332,213 |
Long-term debt | 3,125,650 | 3,055,612 |
Other non-current liabilities | 139,457 | 127,856 |
Total liabilities | 3,537,897 | 3,515,681 |
NuStar Energy partners' equity | 1,557,652 | 1,609,844 |
Total liabilities and partners’ equity | $ 5,095,549 | $ 5,125,525 |
INVESTMENT IN NUSTAR ENERGY T24
INVESTMENT IN NUSTAR ENERGY Table 2 (Details) - NuStar Energy [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income Information: | ||
Revenues | $ 405,703 | $ 554,944 |
Operating income | 94,565 | 99,281 |
Income from continuing operations | 57,401 | 127,125 |
Income from discontinued operations, net of tax | 0 | 774 |
Net income | $ 57,401 | $ 127,899 |
INVESTMENT IN NUSTAR ENERGY T25
INVESTMENT IN NUSTAR ENERGY Table 3 (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Reconcilliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | ||
NuStar GP Holdings’ ownership interest in NuStar Energy | 15.00% | |
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity | $ 232,090 | $ 239,867 |
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other | 64,928 | 66,827 |
Investment in NuStar Energy | 297,018 | 306,694 |
NuStar Energy [Member] | ||
Reconcilliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy | ||
NuStar Energy’s partners’ equity | $ 1,557,652 | $ 1,609,844 |
NuStar GP Holdings’ ownership interest in NuStar Energy | 14.90% | 14.90% |
RELATED PARTY TRANSACTIONS Narr
RELATED PARTY TRANSACTIONS Narrative 1 (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transactions [Abstract] | ||
Holdco Administrative Services Expense | $ 0.3 | $ 0.5 |
Amended GP Services Agreement, Description | The Amended GP Services Agreement provides that NuStar Services Co will furnish administrative services necessary to conduct our business. We will compensate NuStar Services Co for these services through an annual fee of $1.0 million, subject to adjustment based on the annual merit increase percentage applicable to NuStar Services Co employees for the most recently completed fiscal year and for changes in level of service. |
RELATED PARTY TRANSACTIONS Tabl
RELATED PARTY TRANSACTIONS Table 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transactions [Abstract] | ||
Expenses for payroll, employee benefit plans and unit-based compensation | $ 31,980 | $ 48,546 |
Other expenses | $ 121 | $ 129 |
RELATED PARTY TRANSACTIONS Ta28
RELATED PARTY TRANSACTIONS Table 2 (Details) - USD ($) $ in Thousands | Mar. 01, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Decrease in related party receivable: | |||
Current | $ 16,014 | ||
Long-term | 32,656 | $ 900 | $ 1,956 |
Decrease in related party receivable | 48,670 | ||
Decreases to our consolidated balance sheet: | |||
Current and long-term assets | (506) | ||
Current liabilities | 10,933 | ||
Other long-term liabilities | 34,042 | ||
Accumulated other comprehensive loss | 4,201 | ||
Decrease in related party receivable | $ 48,670 |
RELATED PARTY TRANSACTIONS Na29
RELATED PARTY TRANSACTIONS Narrative 2 (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Related Party Transactions [Abstract] | ||
Payable to related party | $ 2,295 | $ 0 |
Receivable from related party | 0 | 14,799 |
Long-term receivable from related party | $ 0 | $ 32,080 |
DISTRIBUTIONS FROM NUSTAR ENE30
DISTRIBUTIONS FROM NUSTAR ENERGY Table 1 (Details) - NuStar Energy [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
The allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners | |||
General partner interest | $ 1,961 | $ 1,961 | |
General partner incentive distribution | 10,805 | 10,805 | |
Total general partner distribution | 12,766 | 12,766 | |
Limited partner distribution | 11,144 | 11,316 | |
Total distributions to NuStar GP Holdings | 23,910 | 24,082 | |
Public unitholders’ distributions | 74,141 | 73,969 | |
Total cash distributions | $ 98,051 | $ 98,051 | $ 98,051 |
Cash distributions per unit applicable to limited partners | $ 1.095 | $ 1.095 | $ 1.095 |
DISTRIBUTIONS FROM NUSTAR ENE31
DISTRIBUTIONS FROM NUSTAR ENERGY Table 2 (Details) - NuStar Energy [Member] - USD ($) $ / shares in Units, $ in Thousands | Apr. 27, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
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 | |
NuStar Energy's total cash distributions (distribution earned) | $ 98,051 | $ 98,051 | $ 98,051 | |
NuStar Energy's distribution date of record (distribution earned) | May 9, 2016 | Feb. 8, 2016 | ||
NuStar Energy's distribution payment date (distribution earned) | May 13, 2016 | Feb. 12, 2016 | ||
Subsequent Event [Member] | ||||
Distributions from NuStar Energy (dates and totals) | ||||
NuStar Energy's distribution announcement date (distribution earned) | Apr. 27, 2016 |
FAIR VALUE MEASUREMENTS Narrati
FAIR VALUE MEASUREMENTS Narrative (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Level 1 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
NuStar Energy restricted units and performance awards | $ 0 | $ 3,800,000 |
STATEMENTS OF CASH FLOWS Table
STATEMENTS OF CASH FLOWS Table 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Decrease (increase) in current assets: | ||
Receivable from related party, net | $ 1,143 | $ (1,034) |
Income tax receivable | 0 | 50 |
Other receivables | (32) | 88 |
Other current assets | 76 | 194 |
Increase (decrease) in current liabilities: | ||
Accounts payable | (220) | (202) |
Accrued compensation expense | (1,339) | 1,986 |
Accrued liabilities | (81) | (115) |
Taxes other than income tax | (1,538) | (1,468) |
Changes in current assets and current liabilities | $ (1,991) | $ (501) |
STATEMENTS OF CASH FLOWS Tabl34
STATEMENTS OF CASH FLOWS Table 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows related to interest and income tax | ||
Cash paid for interest | $ 200 | $ 174 |
Cash refunded for income tax | $ 0 | $ (49) |
CREDIT FACILITY Narrative (Deta
CREDIT FACILITY Narrative (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Line of Credit Facility [Line Items] | ||
General partner interest percentage | 2.00% | |
Outstanding borrowings | $ 30,000,000 | $ 26,000,000 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowing capacity | 50,000,000 | |
Letters of credit capacity | $ 10,000,000 | |
Collateral | Our obligations under our revolving credit facility are guaranteed by Riverwalk Holdings, LLC (Riverwalk), a wholly owned subsidiary. Riverwalk pledged 1,792,918 NuStar Energy common units that it owns to secure its guarantee. | |
Outstanding borrowings | $ 30,000,000 | |
Borrowing availability | $ 20,000,000 | |
Weighted-average interest rate | 2.40% | |
Revolving Credit Facility [Member] | NuStar Energy Consolidated Debt Coverage Ratio [Member] | ||
Line of Credit Facility [Line Items] | ||
Covenant terms | As of March 31, 2016, NuStar Energy's consolidated debt coverage ratio (as defined in our revolving credit agreement) could not exceed 5.00-to-1.00. | |
NuStar Energy's consolidated debt coverage ratio | 4.6 | |
Revolving Credit Facility [Member] | Cash Distributions Covenant [Member] | ||
Line of Credit Facility [Line Items] | ||
Covenant terms | We are also required to receive cash distributions of at least $16.0 million in respect of our ownership interests in NuStar Energy each fiscal quarter |
MEMBERS' EQUITY Table 1 (Detail
MEMBERS' EQUITY Table 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Changes in Members' Equity [Roll Forward] | ||
Balance as of December 31, 2015 | $ 287,070 | |
Net income | 16,676 | $ 26,805 |
Distributions to unitholders | (23,397) | $ (23,403) |
Other comprehensive income (loss) | (6,718) | |
Unit-based compensation | 177 | |
Balance as of March 31, 2016 | $ 273,808 |
MEMBERS' EQUITY Table 2 (Detail
MEMBERS' EQUITY Table 2 (Details) - USD ($) $ in Thousands | Mar. 01, 2016 | Mar. 31, 2016 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of January 1, 2016 | $ (8,664) | |
Employee Transfer (b) | $ (4,200) | |
Other comprehensive loss | (6,718) | |
Balance as of March 31, 2016 | (15,382) | |
Share of NuStar Energy's Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of January 1, 2016 | (13,189) | |
Other comprehensive loss before reclassification adjustments | (2,193) | |
Amounts reclassified to general and administrative expenses (a) | 0 | |
Employee Transfer (b) | 0 | |
Other comprehensive loss | (2,193) | |
Balance as of March 31, 2016 | (15,382) | |
Pension and Other Postretirement Benefit Plan Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of January 1, 2016 | 4,525 | |
Other comprehensive loss before reclassification adjustments | 0 | |
Amounts reclassified to general and administrative expenses (a) | (324) | |
Employee Transfer (b) | (4,201) | |
Other comprehensive loss | (4,525) | |
Balance as of March 31, 2016 | 0 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax [Abstract] | ||
Tax effect of Employee Transfer | 2,300 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance as of January 1, 2016 | (8,664) | |
Other comprehensive loss before reclassification adjustments | (2,193) | |
Amounts reclassified to general and administrative expenses (a) | (324) | |
Employee Transfer (b) | (4,201) | |
Other comprehensive loss | (6,718) | |
Balance as of March 31, 2016 | $ (15,382) |
MEMBERS' EQUITY Table 3 (Detail
MEMBERS' EQUITY Table 3 (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Our cash distributions applicable to the period in which the distributions were earned | |||
Cash distributions per unit | $ 0.545 | $ 0.545 | $ 0.545 |
Total cash distributions | $ 23,397 | $ 23,397 | $ 23,388 |
MEMBERS' EQUITY Table 4 (Detail
MEMBERS' EQUITY Table 4 (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 27, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
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 | |
Total cash distributions (distribution earned) | $ 23,397 | $ 23,397 | $ 23,388 | |
Distribution date of record (distribution earned) | May 9, 2016 | Feb. 8, 2016 | ||
Distribution payment date (distribution earned) | May 17, 2016 | Feb. 16, 2016 | ||
Subsequent Event [Member] | ||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||
Distribution announcement date (distribution earned) | Apr. 27, 2016 |
NET INCOME PER UNIT Narrative (
NET INCOME PER UNIT Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Unit [Abstract] | ||
Dilutive securities outstanding | 0 | 0 |
EMPLOYEE BENEFIT PLANS AND UN41
EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION Narrative (Details) - USD ($) | Mar. 01, 2016 | Mar. 31, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Employee benefit plans, obligations transferred | $ 32,700,000 | |
Employee benefit plans, amounts recognized in balance sheet | $ 0 | |
Accumulated other comprehensive loss impact of Employee Transfer | $ 4,200,000 | |
Unit-based awards transferred | 688,647 |